# EDGAR Filing Document

**Accession Number:** 0002058976
**File Stem:** 0001493152-25-024047
**Filing Date:** 2025-11
**Character Count:** 2453622
**Document Hash:** 223c5b237c30339b05b8dadad849f991
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-024047.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001493152-25-024047

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 78

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RIKU DINING GROUP Ltd
- **CENTRAL INDEX KEY:** 0002058976
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING & DRINKING PLACES [5810]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290212
- **FILM NUMBER:** 251494099

**BUSINESS ADDRESS:**
- **STREET 1:** 46/F, LEE GARDEN ONE, 33 HYSAN AVENUE
- **CITY:** CAUSEWAY BAY
- **STATE:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852-90187860

**MAIL ADDRESS:**
- **STREET 1:** 46/F, LEE GARDEN ONE, 33 HYSAN AVENUE
- **CITY:** CAUSEWAY BAY
- **STATE:** K3
- **ZIP:** 00000

**As filed with the U.S. Securities and Exchange Commission on November 18, 2025.**

**Registration No. 333-290212**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Amendment No. 2** 

**to**

**Form F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**RIKU DINING GROUP LIMITED**

(Exact name of Registrant as specified in its charter)

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

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **5810** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer <br> Identification Number) |

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**130 Dynamic Drive, Units 4-5**

**Scarborough, ON**

**M1V 5C8, Canada**

**(416) 901-8860**

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

**Cogency Global Inc**.

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

**New York**, **NY 10168**

**(800) 221-0102**

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

*With a Copy to:*

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| | | |
|:---|:---|:---|
| **Henry Yin, Esq.**<br> **Loeb & Loeb LLP**<br> **2206-19 Jardine House**<br> **1 Connaught Place, Central**<br> **Hong Kong SAR**<br> **Telephone**: **+852-39231111** | **Janeane Ferrari, Esq.**<br> **Loeb & Loeb LLP**<br> **345 Park Avenue**<br> **New York, NY 10154**<br> **Telephone**: **+1 212 407 4000**<br>| **Joan Wu, Esq.**<br> **Hunter Taubman Fischer & Li LLC**<br> **950 Third Avenue**<br> **19<sup>th</sup> Floor**<br> **New York, NY 10022**<br> **Telephone**: **+1 212 530 2208** |

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

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

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

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

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

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

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

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

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

**EXPLANATORY NOTE**

This Registration Statement contains two prospectuses, as set forth below.

● Public Offering Prospectus. A prospectus to be used for the initial public offering of Class A ordinary shares (the "Class A Ordinary Shares") of the registrant, consisting of a maximum of 2,587,500 Class A Ordinary Shares (comprising of a firm commitment offering of 2,250,000 Class A Ordinary Shares and the overallotment option of a maximum of 337,500 Class A Ordinary Shares) to be offered by the Company (the "Public Offering Prospectus"), through the underwriters named in the Underwriting section of the Public Offering Prospectus.

● Resale Prospectus. A prospectus to be used for the resale by the Selling Shareholders set forth therein of 1,643,334 Class A Ordinary Shares of the Registrant (the "Resale Prospectus").

The Resale Prospectus is substantively identical to the Public Offering Prospectus, except for the following principal points:

● they contain different outside and inside front covers and back covers;

● they contain different Offering sections in the Prospectus Summary section beginning on page 1;

● the Capitalization and Dilution sections are deleted from the Resale Prospectus;

● they contain different Use of Proceeds sections on page 58;

● a Selling Shareholders section is included in the Resale Prospectus;

● the Underwriting section from the Public Offering Prospectus is deleted from the Resale Prospectus and a Plan of Distribution is inserted in its place; and

● the Legal Matters section in the Resale Prospectus on page Alt-26 deletes the reference to counsel for the underwriters.

The Registrant has included in this Registration Statement, after the financial statements, a set of alternate pages after the back cover page of the Public Offering Prospectus (the "Alternate Pages") to reflect the foregoing differences in the Resale Prospectus as compared to the Public Offering Prospectus. The Public Offering Prospectus will exclude the Alternate Pages and will be used for the public offering by the Registrant. The Resale Prospectus will be substantively identical to the Public Offering Prospectus except for the addition or substitution of the Alternate Pages and will be used for the resale offering by the Selling Shareholders.

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

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| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION, DATED NOVEMBER 18, 2025** |

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**Riku Dining Group Limited**

**2,250,000** **Class A Ordinary Shares**

This is an initial public offering ("IPO") of our Class A ordinary shares, par value US$0.01 per share ("Class A Ordinary Shares"), of Riku Dining Group Limited ("Riku"). We are offering 2,250,000 Class A Ordinary Shares of Riku, representing approximately 11.1% of the issued and outstanding ordinary shares, par value US$0.01 per share of Riku following completion of this offering, assuming the underwriters do not exercise their over-allotment option. Following the offering, 11.1% of the issued and outstanding Ordinary Shares will be held by public shareholders, assuming the underwriters do not exercise their over-allotment option.

This registration statement also contains a resale prospectus (the "Resale Prospectus"), pursuant to which the selling shareholders listed therein (the "Selling Shareholders") are offering 1,643,334 Class A Ordinary Shares (the "Resale Offering"), to be sold in one or more transactions that may take place in ordinary brokers' transactions, privately negotiated transactions or through sales to one or more dealers for resale of such securities as principals after the trading of our Class A Ordinary Shares on the Nasdaq begins. We will not receive any proceeds from the sale of the Class A Ordinary Shares to be sold by the Selling Shareholders. The Resale Offering is separate from our initial public offering. No sales of the Class A Ordinary Shares covered by the Resale Prospectus shall occur until the Ordinary Shares sold in our IPO begin trading on the Nasdaq Capital Market.

The Class A Ordinary Shares registered for resale as part of the Resale Prospectus, once registered, will constitute a considerable percentage of our public float. The sales of a substantial number of registered shares could result in a significant decline in the public trading price of our Class A Ordinary Shares and could impair our ability to raise capital through the sale or issuance of additional Class A Ordinary Shares. We are unable to predict the effect that such sales may have on the prevailing market price of our Class A Ordinary Shares. Despite such a decline in the public trading price, certain Selling Shareholders may still experience a positive rate of return on their Class A Ordinary Shares due to the lower price at which they purchased the Class A Ordinary Shares compared to other public investors and may be incentivized to sell their Class A Ordinary Shares when others are not. See "Risk Factors —Risks Related to our Class A Ordinary Shares and this Offering—The future sales of Ordinary Shares by existing shareholders, including the sales pursuant to the Resale Prospectus, may adversely affect the market price of our Class A Ordinary Shares."

Prior to this offering, there has been no public market for our Class A Ordinary Shares. The offering price of our Class A Ordinary Shares in this offering is expected to be between US$4 and US$6 per share. We have applied to have our Class A Ordinary Shares listed on the Nasdaq Capital Market under the symbol "RIKU." There is no assurance that our listing application will be approved by the Nasdaq Capital Market, and if our listing application is not approved by the Nasdaq Capital Market, this initial public offering will be terminated. No sales of the Class A Ordinary Shares covered by the Resale Prospectus shall occur until the Ordinary Shares sold in our IPO begin trading on the Nasdaq Capital Market.

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share and each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Due to the disparate voting powers associated with our two classes of ordinary shares, Integrated Winners International Limited, our controlling shareholder (the "Controlling Shareholder") will beneficially own approximately 67.6% of the aggregate voting power of our Company immediately following the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, assuming that the underwriters do not exercise their over-allotment option. See "Risk Factors — Risks Related to our Class A Ordinary Shares and this Offering — Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial."

We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, our Controlling Shareholder will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option. As a result, our Controlling Shareholder will have the ability to control the outcome of certain matters submitted to shareholders for approval through his controlling ownership of the Company, such as the election of directors, amendments to our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions. See "Risk Factors — Risks Related to our Class A Ordinary Shares and this Offering— Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of our other shareholders" for further information. If we are deemed as a "controlled company", we intend to avail ourselves of the corporate governance exemptions afforded a "controlled company" under the Nasdaq Stock Market Rules. See "Risk Factors — Risks Related to our Class A Ordinary Shares and this Offering – We are a "controlled company" within the meaning if the Nasdaq listing rules, and intend to follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders."

Riku is a holding company incorporated in the Cayman Islands. As a holding company with no material operations, Riku conducts its operations in Canada through its operating subsidiaries in Canada, including Ajisen Ramen (Canada) Inc., 2750039 Ontario Inc., 2512118 Ontario Inc., 2770933 Ontario Inc., 2811387 Ontario Inc. and 1000047451 Ontario Limited (collectively the "CA Operating Subsidiaries") and in Hong Kong through its operating subsidiaries in Hong Kong, including C& NTP Limited, C& Hospitality Limited, ES Concept (F&B) Co., Limited, ES& TWP Limited, ES& Yoho Limited and ES& Granville Limited (collectively the "HK Operating Subsidiaries"). Investors are cautioned that they are buying shares of a Cayman Islands holding company with operations conducted in Hong Kong and Canada through its Operating Subsidiaries. Riku is not a Chinese or Hong Kong operating company but is a holding company incorporated in the Cayman Islands. This is an offering of the Class A Ordinary Shares of Riku, the holding company incorporated in the Cayman Islands, instead of shares of its HK Operating Subsidiaries and/or its CA Operating Subsidiaries. You may never directly hold any equity interest in its HK Operating Subsidiaries and/or its CA Operating Subsidiaries. This structure involves unique risks to investors, and the PRC regulatory authorities could disallow this structure, which would likely result in a material change in Riku's operations and/or a material change in the value of the securities Riku is registering for sale, including that such event could cause the value of such securities to significantly decline or become worthless, and further:

● could result in a material change in our operations and/or the value of our Class A Ordinary Shares;

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

● could significantly limit or hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors; and

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

We are aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding its efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on our HK Operating Subsidiaries' daily business operations, their ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchange. These actions could result in a material change in our operations and/or to the value of our Class A Ordinary Shares and could significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors. See "*Risk Factors — Risks Related to Doing Business in Hong Kong —Part of our operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of the HK Operating Subsidiaries and/or the value of our Class A Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale" for further information.*

Unless otherwise stated, references to the "Company", "we", "us", and "our" in the prospectus are to Riku, the Cayman Islands entity that will issue the Class A Ordinary Shares being offered in this prospectus. References to "Operating Subsidiaries" refer to our CA Operating Subsidiaries and HK Operating Subsidiaries. References to "Group" are to Riku and its Subsidiaries, unless otherwise specified.

Recent statements by the PRC government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in China--based issuers. On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities markets and promote the high-quality development of the capital markets, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

On December 24, 2021, the China Securities Regulatory Commission (the "CSRC") released the Draft Administrative Provisions and the Draft Filing Measures, both of which had a comment period that expired on January 23, 2022. The Draft Administrative Provisions and Draft Filing Measures regulate the administrative system, record-filing management, and other related rules in respect of the direct or indirect overseas issuance of listed and traded securities by "domestic enterprises". The Draft Administrative Provisions specify that the CSRC has regulatory authority over the "overseas securities offering and listing by domestic enterprises", and requires "domestic enterprises" to complete filing procedures with the CSRC if they wish to list overseas. On February 17, 2023, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; any failure to comply with such filling procedures may result in administrative penalties, such as an order to rectify, warnings, and fines. On April 2, 2022, the CSRC published the Draft Archives Rules, for public comment. These rules state that in the overseas listing activities of domestic companies, domestic companies, as well as securities companies and securities service institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall not disclose state secrets, or harm the state and public interests.

Under the Trial Measures and the Guidance Rules and Notice, Chinese domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following their submission of initial public offerings or listing application. The companies that have already been listed on overseas stock exchanges or have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing and will complete their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for its listing, yet need to make filings for subsequent offerings in accordance with the Trial Measures. Companies that have already submitted an application for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing, shall arrange for the filing within a reasonable time period and shall complete the filing procedure before such companies' overseas issuance and listing.

As of the date of this prospectus, given that the Group has no operations in China, the Company believes it is not required to complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures. While the Group has no current operations in China, should we have any future operations in China and should we (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may also impose fines and penalties on our potential operations in China, as well as limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds from this offering into China or take other actions that could have a material adverse effect on our business as well as the trading price of our Class A Ordinary Shares.

We may be required to restructure our operations to comply with such regulations or potentially cease operations in the PRC entirely. The CSRC, the CAC or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of our Class A Ordinary Shares. In addition, if the CSRC, the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any action taken by the PRC government could significantly limit or completely hinder our operations in the PRC and our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

Furthermore, on July 10, 2021, the Cyberspace Administration of China (the "CAC") issued a revised draft of the Measures for Cybersecurity Review for public comment, which required that, among others, in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant activities. On December 28, 2021, the CAC, the National Development and Reform Commission ("NDRC"), and several other administrations jointly issued the revised Measures for Cybersecurity Review, which became effective and replaced the existing Measures for Cybersecurity Review on February 15, 2022. According to the Revised Review Measures, if an "online platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. Based on a set of Q&A published on the official website of the State Cipher Code Administration in connection with the issuance of the Revised Review Measures, an official of the said administration indicated that an online platform operator should apply for a cybersecurity review prior to the submission of its listing application with non-PRC securities regulators. Moreover, the CAC released the draft of the Regulations on Network Data Security Management in November 2021 for public consultation, which among other things, stipulates that a data processor listed overseas must conduct an annual data security review by itself or by engaging a data security service provider and submit the annual data security review report for a given year to the municipal cybersecurity department before January 31 of the following year. Given the recency of the issuance of the Revised Review Measures and their pending effectiveness, there is a general lack of guidance and substantial uncertainties exist with respect to their interpretation and implementation. It remains unclear whether a Hong Kong company which collects personal information from PRC individuals shall be subject to the Revised Review Measures. We do not currently expect the Revised Review Measures to have an impact on our business, our operations or this offering as we do not believe that our HK Operating Subsidiaries would be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that would be required to file for cybersecurity review before listing in the U.S. This conclusion is based on the following factual circumstances: (i) our HK Operating Subsidiaries operate restaurants solely within Hong Kong, engaging exclusively in routine commercial activities unrelated to critical information infrastructure; (ii) their processing of personal information such as customer reservations, payments, and related restaurant operations, involves significantly fewer than one million users; (iii) their operations are confined to Hong Kong, and they do not process personal data of individuals within mainland China or conduct cross-border data transfers from mainland China; and (iv) as of the date of this prospectus, we have not received any notification, inquiry, warning, or request from the CAC or any other PRC regulatory authorities indicating that we are or may be classified as an "operator of critical information infrastructure" or a "data processor," nor have we received requests to submit to a cybersecurity review. Accordingly, we believe that our HK Operating Subsidiaries are not subject to the Revised Review Measures. However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Revised Review Measures are adopted into law in the future and any of our HK Operating Subsidiaries is deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, our operation and the listing of our Class A Ordinary Shares in the U.S. could be subject to CAC's cybersecurity review.

We have been advised by Hastings & Co., our Hong Kong counsel, that based on their understanding of the current Hong Kong laws, as of the date of this prospectus, the Company and its HK Operating Subsidiaries, are not required to obtain any permissions or approvals from Hong Kong authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors. No such permissions or approvals have been applied for by the Company and/or its subsidiaries or denied by any relevant authorities. Part of our operations are conducted in Hong Kong, which is a part of the PRC. As of the date of this prospectus, our HK Operating Subsidiaries received all requisite permissions or approvals from the Hong Kong authorities to operate their businesses in Hong Kong, including but not limited to their business registration certificates. However, we have been advised by Hastings & Co. that uncertainties still exist, due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future.

Based on management's internal assessment that the Company and its subsidiaries currently have no material operations in the PRC, the Company's management believes that as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors, including the CAC or the CSRC. We also believe that our HK Operating Subsidiaries are not required to obtain any permissions or approvals from any Chinese authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

As of the date of this prospectus, Hong Kong does not have similar regulations as of the PRC to extend oversight and control over offerings that are conducted overseas. Hong Kong does not have similar regulation as of the Trial Measures and the Guidance Rules and Notice, and Measures for Cybersecurity Review of the PRC. In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC or if applicable laws, regulations or interpretations change and we are required to obtain such permissions or approvals, (ii) we inadvertently conclude that relevant permissions or approvals were not required or (iii) we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

Under the PRC Enterprise Income Tax Law ("EIT Law") and its implementing rules, an enterprise established outside of the PRC with its "de facto management body" within the PRC is considered a PRC resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In 2009, the State Administration of Taxation ("SAT") issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.

As all of our board members and management are residents of Hong Kong and Canada, and substantially all of our assets and the primary location of the day-to-day operational management are located in Hong Kong and Canada, we are not a "de facto management body" as defined in the Circular 82. Therefore, we are not subject to EIT Law.

As of the date of this prospectus, our subsidiaries and business operations are not subject to the specific laws and regulations adopted by the PRC. Accordingly, we do not believe it is necessary to obtain a legal opinion from PRC counsel, as there are no applicable PRC regulations that would impact our operations.

We also may face risks relating to the lack of Public Company Accounting Oversight Board (the "PCAOB") inspection on our auditor, which may cause our securities to be delisted from a U.S. stock exchange or prohibited from being traded over-the-counter in the future under the Holding Foreign Companies Accountable Act (the "HFCAA" or the "HFCA Act"), if the U.S. Securities and Exchange Commission (the "SEC") determines that we have filed an annual report containing an audit report issued by a registered public accounting firm that the PCAOB has determined it is unable to inspect or investigate completely for three consecutive years beginning in 2021. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act and on December 29, 2022, a legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President Biden, which contained, among other things, an identical provision to Accelerating Holding Foreign Companies Accountable Act and amended the Holding Foreign Companies Accountable Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before our Class A Ordinary Shares may be prohibited from trading or delisted. The delisting or the cessation of trading of our Class A Ordinary Shares, or the threat of their being delisted or prohibited from being traded, may materially and adversely affect the value of your investment.

On April 21, 2020, SEC Chairman Jay Clayton and PCAOB Chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated with investing in companies based in or having substantial operations in emerging markets including China. The joint statement emphasized the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China and higher risks of fraud in emerging markets. On May 18, 2020, Nasdaq filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating in "Restrictive Market", (ii) adopt a new requirement relating to the qualification of management or board of directors for Restrictive Market companies, and (iii) apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company's auditors.

On December 16, 2021, the PCAOB issued a determination report which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (1) mainland China of the PRC; and (2) Hong Kong, a Special Administrative Region of the PRC, because of positions taken by PRC authorities in those jurisdictions, which determinations were vacated on December 15, 2022. Our current auditor, Golden Eagle CPAs LLC, is not headquartered in mainland China or Hong Kong and was not identified by the PCAOB in its report on December 16, 2021 as a firm subject to the PCAOB's determinations, which determinations were vacated on December 15, 2022.

On August 26, 2022, the PCAOB signed a Statement of Protocol, or SOP, Agreement with the CSRC and China's Ministry of Finance. The SOP, together with two protocol agreements governing inspections and investigation, establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB announced it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward and is already making plans to resume regular inspections in the second half of 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed. If the PCAOB in the future again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the companies audited by those auditors would be subject to a trading prohibition on U.S. markets pursuant to the HFCAA.

If the PCAOB in the future again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the lack of access to the PCAOB inspection in China would prevent the PCAOB from fully evaluating audits and quality control procedures of the auditors based in China. As a result, investors could be deprived of the benefits of such PCAOB inspections, if the PCAOB again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong. The inability of the PCAOB to conduct inspections of auditors in China would make it more difficult to evaluate the effectiveness of these accounting firms' audit procedures or quality control procedures, which could cause existing and potential investors in our stock to lose confidence in our audit procedures and reported financial information and the quality of our financial statements. Although our auditor was not identified by the PCAOB in its report as a firm subject to the PCAOB's determinations, which determinations were vacated on December 15, 2022, should the PCAOB be unable to fully conduct inspection of our auditor's work papers in China, this could adversely affect us and our securities for the reasons noted above.

Our auditor, Golden Eagle CPAs LLC, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as a firm headquartered in New Jersey and registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections on a regular basis. Our auditor is not headquartered in mainland China or Hong Kong and was not identified in the 2021 Determination Report as a firm subject to the PCAOB's determination. As a firm located in the U.S. and registered with the PCAOB, Golden Eagle CPAs LLC is subject to laws in the United States which provide that the PCAOB shall conduct regular inspections to assess the auditor's compliance with the applicable professional standards. As such, as of the date of this prospectus, this offering is not affected by the HFCA Act and related regulations. However, the recent developments in connection with the implementation of the HFCA Act as described above, including the recent joint statement by the SEC and the PCAOB, the proposed rule changes by Nasdaq, and actions by the PCAOB, would add uncertainties to this offering and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. See "Prospectus Summary—Holding Foreign Companies Accountable Act" and "Risk Factors — Risks Relating to our Class A Ordinary Shares and this Offering *—* Although the audit report included in this prospectus is prepared by a U.S. auditor who are subject to the PCAOB inspection on a regular basis, there is no guarantee that future audit reports will be prepared by an auditor inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by an auditor that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before the securities may be prohibited from trading or delisted."

As of the date of this prospectus, no dividends or distributions have been made to date to investors in the Company. See "Risk Factors — Risks Related to Our Corporate Structure— We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash."

**Investing in our Class A Ordinary Shares is highly speculative and involves a high degree of risk. Before buying any shares, you should carefully read the discussion of material risks of investing in our Class A Ordinary Shares in "Risk Factors" beginning on page 15 of this prospectus.**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Share** | **Per Share** | **Total<sup>(2)</sup>** | **Total<sup>(2)</sup>** |
| Initial public offering price | US$ | 5<sup>(3)</sup> | US$ | 11250000  |
| Underwriting discounts<sup>(1)</sup> | US$ | 0.35 | US$ | 787500  |
| Proceeds to the Company before expenses<sup>(2)</sup> | US$ | 4.65 | US$ | 10462500  |

---

(1) Represents underwriting discounts equal to 7% per Class A Ordinary Share.

(2) Assumes that the underwriters do not exercise any portion of their over-allotment option.

(3) Based on an assumed initial public offering price of $5 per Class A Ordinary Share, the midpoint of the price range of the initial public offering price shown on the cover page of this prospectus.

We expect our total cash expenses for this offering (including the underwriters' accountable expenses but excluding the underwriters' non-accountable expenses) to be approximately US$2,181,103, exclusive of the above discounts.

This offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the shares if any such shares are taken. We have granted the underwriters an option for a period of forty-five (45) days after the closing of this offering to purchase up to fifteen percent (15%) of the total number of our Class A Ordinary Shares offered by us pursuant to this offering (excluding shares subject to this option), solely for the purpose of covering over-allotments, at the initial public offering price less the underwriting discounts. If the underwriters exercise the option in full, the total underwriting discounts payable will be US$905,625.00 based on an assumed initial public offering price of US$5 per Class A Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), and the total gross proceeds to us, before underwriting discounts and expenses, will be US$12,031,875.00.

If we complete this offering, net proceeds will be delivered to us on the closing date.

The underwriters expect to deliver the Class A Ordinary Shares against payment as set forth under "Underwriting" on or about [●], 2025.

**Eddid Securities USA Inc.**

The date of this prospectus is [●], 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Special Note Regarding Forward-Looking Statements](#hk_001) | vii |
| [Prospectus Summary](#hk_002) | 1 |
| [Risk Factors](#hk_003) | 15 |
| [Industry Review](#Aa_001) | 48 |
| [Use of Proceeds](#Aa_002) | 58 |
| [Dividend Policy](#Aa_003) | 59 |
| [Capitalization](#Aa_004) | 60 |
| [Dilution](#Aa_005) | 61 |
| [Exchange Rate Information](#Aa_006) | 62 |
| [Corporate History and Structure](#Aa_007) | 63 |
| [Selected Consolidated Financial and Operating Data](#Aa_008) | 66 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Aa_009) | 67 |
| [Business](#sk_001) | 104 |
| [Our Relationship with Certain Franchisors](#sk_002) | 119 |
| [Regulations](#sk_003) | 125 |
| [Management](#sk_004) | 135 |
| [Related Party Transactions](#sk_005) | 142 |
| [Principal Shareholders](#sk_006) | 145 |
| [Description of Share Capital](#sk_007) | 146 |
| [Shares Eligible for Future Sale](#sk_008) | 155 |
| [Material Taxation Considerations](#sk_009) | 157 |
| [Enforcement of Civil Liabilities](#sk_010) | 163 |
| [Underwriting](#sk_011) | 164 |
| [Expenses Related to this Offering](#sk_012) | 168 |
| [Legal Matters](#sk_013) | 169 |
| [Experts](#sk_014) | 169 |
| [Where You Can Find Additional Information](#sk_015) | 169 |
| [Index to Consolidated Financial Statements](#sk_016) | F-1 |

---

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

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

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

**Until and including [●], 2025 (twenty-five (25) days after the date of this prospectus), all dealers that buy, sell or trade our Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

i

**CONVENTIONS THAT APPLY TO THIS PROSPECTUS**

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

● "Articles" or "Articles of Association" are to the articles of association of our Company (as may be amended, restated or replaced from time to time) conditionally adopted on November 17, 2025 which shall become effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares;

● "ARCI" are to Ajisen Ramen (Canada) Inc., a company incorporated in Canada which is a direct wholly-owned subsidiary of Rich Plenty, and an indirect wholly-owned subsidiary of Riku;

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

● "Board" are to the board of directors of Riku;

● "BVI" are to the British Virgin Islands;

● "BVI Act" are to the BVI Business Companies Act, as amended, supplemented or otherwise modified from time to time;

● "C& Hospitality" are to C& Hospitality Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "C& NTP" are to C& NTP Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "CAD" or "CA$" are to Canadian Dollar(s), the lawful currency of Canada;

● "CA Operating Subsidiaries" or "CA Operating Subsidiary" are to Ajisen Ramen (Canada) Inc., 2750039 Ontario Inc., 2512118 Ontario Inc., 2770933 Ontario Inc., 2811387 Ontario Inc., and 1000047451 Ontario Limited, individually or collectively;

● "CK Inc." are to 2750039 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "China" or the "PRC" refers to the People's Republic of China, including Hong Kong and Macau. For reference to specific laws and regulations adopted by the PRC, the definition of "China" or the "PRC" refers to the People's Republic of China, excluding Hong Kong and Macau;

● "Church Ltd" are to 1000047451 Ontario Limited, a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "Class A Ordinary Shares" are to the Class A ordinary shares with a par value of US$0.01 each of Riku;

● "Class B Ordinary Shares" are to the Class B ordinary shares with a par value of US$0.01 each of Riku;

● "Company", "we", "us", "our" and "Riku" are to Riku Dining Group Limited, an exempted company incorporated in the Cayman Islands with limited liability under the Companies Act on February 14, 2025, that will issue the Class A Ordinary Shares being offered;

● "Companies Act" are to the Companies Act (as revised) of the Cayman Islands, as amended, supplemented or otherwise modified from time to time;

● "Controlling Shareholder" is to Integrated Winners International Limited, who, immediately after the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option;

● "Corporate Reorganization" refers to the reorganization of the legal structure of entities under common control as described in "Corporate History and Structure," which was completed on November 17, 2025;

ii

● "COVID-19" are to the Coronavirus Disease 2019;

● "ES Concept" are to ES Concept (F&B) Co., Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "ES& Granville" are to ES& Granville Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "ES& TWP" are to ES& TWP Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "ES& Yoho" are to ES& Yoho Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "Exchange Act" are to the U.S. Securities Exchange Act of 1934, as amended;

● "Founders" are to Mr. Johnny Luk Ching Po ("Mr. Johnny Luk") and Mr. Mark Luk Siu Fung ("Mr. Mark Luk");

● "Group" are to Riku and its Subsidiaries, unless otherwise specified;

● "HKD" or "HK$" are to Hong Kong dollar(s), the lawful currency of Hong Kong;

● "Hong Kong" or "HKSAR" are to the Hong Kong Special Administrative Region of the PRC;

● "HK Operating Subsidiaries" or "HK Operating Subsidiary" are to C& NTP Limited, C& Hospitality Limited, ES Concept (F&B) Co., Limited, ES& TWP Limited, ES& Yoho Limited and ES& Granville Limited, individually or collectively;

● "IPO" are to this initial public offering of securities as covered under this prospectus;

● "Kennedy Inc." are to 2512118 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "Macau" are to the Macau Special Administrative Region of the PRC;

● "Mainland China" are to the mainland of the People's Republic of China, excluding for the purpose of this prospectus only, the special administrative regions of Hong Kong and Macau, and Taiwan;

● "Master Central" are to Master Central Holdings Limited, a company limited by shares incorporated under the laws of the BVI, which is the direct subsidiary of Riku;

● "Memorandum" or "Memorandum of Association" are to the memorandum of association of our Company (as may be amended, restated or replaced from time to time) conditionally adopted on November 17, 2025 which shall become effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares;

● "Midland Inc." are to 2811387 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "Operating Subsidiaries" are to both our CA Operating Subsidiaries and HK Operating Subsidiaries;

● "Ordinary Shares" or "Shares" refers to the Class A Ordinary Shares and the Class B Ordinary Shares;

iii

● "Our parent company" are to Riku;

● "PRC authorities", "PRC government" are to the government or regulatory authorities of Mainland China for the purpose of this prospectus only;

● "Resale Offering" is to the resale of Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus;

● "Rich Plenty" are to Rich Plenty Group Limited, a company incorporated under the laws of the BVI, which serves as the holding company of the CA Operating Subsidiaries, and is a directly wholly-owned subsidiary of Master Central and an indirectly wholly-owned subsidiary of Riku;

● "SEC" or "Securities and Exchange Commission" are to the United States Securities and Exchange Commission;

● "Securities Act" are to the U.S. Securities Act of 1933, as amended;

● "Selling Shareholders" are to San River International Sdn. Bhd. and DFK Limited, the shareholders of the Company selling their Class A Ordinary Shares pursuant to the Resale Prospectus;

● "Subsidiary" or "Subsidiaries" or "Our Subsidiary" or "Our Subsidiaries" are to any one or more of our HK Operating Subsidiaries, CA Operating Subsidiaries, Master Central, or Waraku or Rich Plenty, collectively or individually;

● "US" or "U.S." are to the United States of America;

● "U.S. GAAP" refers to generally accepted accounting principles in the United States;

● "U.S. dollars" or "US$" or "USD" or "dollars" are to United States dollar(s), the lawful currency of the United States;

● "Vaughan Inc." are to 2770933 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku; and

● "Waraku" are to Waraku Group Limited, a company incorporated in Hong Kong with limited liability on March 15, 2024 which serves as the intermediate holding company of the HK Operating Subsidiaries, and is a directly wholly-owned subsidiary of Master Central and an indirectly wholly-owned subsidiary of Riku.

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

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

Riku is an exempted company with limited liability, registered and incorporated in the Cayman Islands, that operates in Hong Kong and Canada through the Operating Subsidiaries. The reporting currency of the HK Operating Subsidiaries is HKD and the reporting currency of the CA Operating Subsidiaries is CAD. This prospectus contains translations of HKD and CAD into U.S. dollars solely for the convenience of the readers. Unless otherwise noted, all translations from HKD to U.S. dollars and from U.S. dollars to HKD in this prospectus were calculated at the noon buying rate of US$1 = HK$7.7799 on March 31, 2025, as published in H.10 statistical release of the Board of Governors of the Federal Reserve System. Similarly, all translations from CAD to U.S. dollars and from U.S. dollars to CAD in this prospectus were calculated at the noon buying rate of US$ = CA$1.4379 on March 31, 2025, as published in the same H.10 statistical release. We make no representation that the HKD or CAD or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or HKD or CAD, as the case may be, at any particular rate or at all. See also, "Exchange Rate Information."

Riku's fiscal year ends on September 30. References to a particular "fiscal year" are to our fiscal year ended September 30 of that calendar year. References to a particular "year" are also to our fiscal year ended September 30 of that calendar year unless the text indicates otherwise.

iv

**INDUSTRY AND MARKET DATA**

This prospectus includes statistics, other data and descriptive information relating to markets, market sizes, and other industry data pertaining to our business that we have obtained from industry publications and surveys, government publications, surveys and studies conducted by third parties, and other information available to us, including an industry report (the "Frost & Sullivan Report") commissioned by us and prepared by Frost & Sullivan, an independent research firm, as well estimates by our management based on such data. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not guaranteed. We have not independently verified any of the data from third-party sources nor have we ascertained the underlying economic assumptions relied upon therein. Market data and statistics are inherently predictive and speculative and are not necessarily reflective of actual market conditions. Such statistics are based on market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market. The market data and estimates used in this prospectus involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. In addition, the value of comparisons of statistics for different markets is limited by many factors, including that (i) the markets are defined differently, (ii) the underlying information was gathered by different methods, and (iii) different assumptions were applied in compiling the data. Accordingly, the market statistics included in this prospectus should be viewed with caution. Additionally, forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus.

While we believe that the information from these industry publications, surveys and studies is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in the section titled "Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

v

**TRADEMARKS, SERVICE MARKS, AND TRADE NAMES**

Solely for convenience, the trademarks, service marks, and trade names referred to in this prospectus are without the <sup>®</sup> and <sup>TM</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. This prospectus contains additional trademarks, service marks, and trade names of others, which are the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

vi

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

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

● changes in competitive conditions and our ability to compete under such conditions;

● fluctuations in consumer spending and broader economic factors;

● changes in customers' preferences or other factors could reduce demand for our products;

● our ability to anticipate and respond to changes in the industry in which we operate, and in client demands, trends and preferences;

● our ability to operate franchised restaurants in Hong Kong and Canada being dependent on key franchise agreements;

● disruptions to or issues with our supply chain and the impact it may have on the Company's operations;

● failure in obtaining or renewing any of the licenses, approvals and permits for our operations;

● the impact of government policies and regulations relating to our industry;

● specific risks relating to doing business in Canada and Hong Kong;

● specific risks relating to our corporate structure, including that we rely on dividends and other distributions on equity paid by our subsidiaries to fund our cash and financing requirements and that we are a "controlled company"; and

● other risks, uncertainties and factors set forth in this prospectus, including those set forth under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business."

We describe certain material risks, uncertainties, and assumptions that could affect our business, including our financial condition and results of operations, under "Risk Factors." We base our forward-looking statements on our management's beliefs and assumptions based on information available to our management at the time the statements are made. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the heading "Risk Factors" and elsewhere in this prospectus If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Although we will become a public company after this offering and have ongoing disclosure obligations under United States federal securities laws, we do not intend to update or otherwise revise the forward-looking statements in this prospectus, whether as a result of new information, future events or otherwise.

vii

**PROSPECTUS SUMMARY**

*The following summary highlights information contained elsewhere in this prospectus and does not contain all of the information you should consider before investing in our Class A Ordinary Shares. You should read the entire prospectus carefully, including "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements and the related notes thereto, in each case included in this prospectus. Unless the context otherwise requires, all references in this prospectus to "we", "us", "our", "our company", and "Riku" refer to Riku, "our Group" refers to Riku and its Subsidiaries. You should carefully consider, among other things, the matters discussed in the section of this prospectus titled "Business" before making an investment decision.*

**Overview**

We are a dynamic and growing international restaurant operator with a diverse portfolio of Japanese-themed dining concepts across Canada and Hong Kong. Through our Operating Subsidiaries, we deliver authentic Japanese culinary experiences by holding exclusive franchise rights for distinguished Japanese restaurant brands in Hong Kong and Canada.

In Canada, we have established a robust presence with our exclusive franchise of Ajisen Ramen, one of Japan's most iconic ramen brands. Ajisen Ramen was brought to Canada by one of our founders, Mr. Johnny Luk, in 2007 as one of the first ramen shops in Toronto. Since then, we have expanded to 13 locations across Ontario, including four (4) directly managed restaurants and nine (9) sub-franchisees. Unlike typical ramen bars, our Ajisen Ramen outlets are full-service Japanese restaurants, offering a broad and diverse menu that extends beyond ramen to include dishes like gyoza, karaage, and sizzling hot plates. We also cater to a wide range of customer preferences by offering a variety of soup bases, from traditional pork bone broth to modern flavors like spicy mala, appealing to different tastes and dietary needs. This versatility has allowed us to thrive in Canada's competitive ramen market and continues to drive strong demand.

In Hong Kong, we franchise Yakiniku Kakura, Yakiniku 801, and Ufufu Café, three distinct concepts that cater to various segments of the dining market. Yakiniku Kakura, a premier Japanese barbecue restaurant from Saga, Kyushu, is renowned for its premium A5 black Wagyu beef, offering a luxurious yet accessible dining experience where each cut is meticulously selected for flavor and texture. Yakiniku 801 provides a more casual yet high-quality yakiniku experience, serving affordable grilled meat that appeal to diners seeking excellent value in a relaxed setting. Yakiniku experience aims to bring along the atmosphere and culture in Japan to HK, which differs from other barbeque restaurants. We are sourcing high quality ingredients from Japan which shipped to HK and ensure our customers to enjoy the premier meat at affordable price with comfortable environment. Finally, Ufufu Café blends Western-influenced Japanese cuisine, such as the Japanese style spaghetti and matcha desserts, with traditional desserts, offering a unique and diverse menu that attracts a broad customer base, from food enthusiasts to families. Together, these three franchises solidify our position as a leader in both upscale and casual dining in Hong Kong.

As of the date of this prospectus, we directly operate four (4) Ajisen Ramen restaurants and sub-franchise nine (9), making a total of thirteen (13) Ajisen Ramen restaurants in Canada, alongside three (3) self-operated and two (2) sub-franchised Yakiniku Kakura restaurants, one (1) self-operated Yakiniku 801 restaurant and one (1) self-operated Ufufu Cafe restaurant in Hong Kong. Our strategic goal is to continue expanding our footprint through new restaurant openings in key markets, leveraging our established brand recognition and operational expertise to meet the growing demand for premium Japanese dining experiences across Asia and North America.

**Our Competitive Strengths**

We believe that the following strengths differentiate us and serve as a platform for the future growth of our business across our territories:

● **Diverse portfolio of Japanese-themed dining concepts**: We offer a diverse range of Japanese-themed dining concepts, from premium yakiniku to family-friendly Western-Japanese cafés and full-service ramen restaurants, catering to a wide array of customer preferences across Asia and North America;

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● **Exclusive franchise rights for renowned Japanese brands**: We hold exclusive franchise rights for prestigious Japanese brands in Hong Kong and Canada, enabling us to bring authentic dining experiences to international markets with long-term, trust-based partnerships;

● **Commitment to quality and consistency**: Our unwavering focus on sourcing premium ingredients and maintaining strict quality controls ensures a consistently high standard of food and service across all our locations, fostering customer loyalty.

● **Proven leadership and operational expertise**: Our experienced leadership team, with deep industry knowledge in both Canada and Hong Kong, drives operational excellence and sustainable growth through strategic management and strong supplier relationships;

**Our Strategies**

We aim to further strengthen our market position and continue to be a competitive international restaurant operator by pursing the following key strategies:

● **Expansion of restaurant footprint in key markets**: We intend to expand our global presence by opening new restaurants and utilizing strategic sub-franchising in high-demand regions, including the U.S., Canada, and Singapore, to capture a larger share of the international dining market;

● **Innovation in menu and customer experience**: We intend to enhance customer loyalty and brand differentiation by diversifying our menus with seasonal and plant-based options, while improving the dining experience through technology integration and personalized services;

● **Operational efficiency and scalability**: We intend to optimize our operations by refining workflows, controlling costs, and integrating technology, which should provide for scalability and profitability across all locations as we expand.

**Corporate History and Structure**

Riku was incorporated under the laws of the Cayman Islands as an exempted company with limited liability on February 14, 2025. Riku was incorporated with nominal assets and liabilities for the purpose of becoming the ultimate holding company for the Subsidiaries and consummating the Corporate Reorganization described herein. See "Corporate History and Structure."

The following diagram illustrates the corporate structure of our Group upon consummation of the Corporate Organization and as of the closing of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, assuming the over-allotment option is not exercised:

![](formdrs_001.jpg)

The Corporate Reorganization was completed on November 17, 2025 through the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Waraku became the direct
 holding company of the HK Operating Subsidiaries through a share-for-share exchange;

(ii) Rich Plenty became the
 direct holding company of the CA Operating Subsidiaries through a share-for-share exchange;

(iii) Waraku and Rich Plenty
 became wholly-owned subsidiaries of Master Central, the intermediary holding company incorporated in the BVI;

(iv) The Company acquired
 Master Central through a share-for-share exchange, making the HK Operating Subsidiaries and CA Operating Subsidiaries indirect wholly-owned
 subsidiaries of the Company;

(v) The Company redesignated
 its share capital into Class A and Class B ordinary shares; and

(iv) The Company increased
 its share capital from $50,000 to $5,000,000, and its authorized Ordinary Shares from 5,000,000 to 500,000,000, comprising of 430,000,000
 Class A Ordinary Shares and 70,000,000 Class B Ordinary Shares, and issued new shares to its existing shareholders without any change
 to the percentage of shares held by each existing shareholder.

We are offering 2,250,000 Class A Ordinary Shares, representing 11.1% of the Ordinary Shares following the completion of this offering, assuming the underwriters do not exercise their over-allotment option.

We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, our Controlling Shareholder will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, and will have the ability to determine all matters requiring approval by shareholders.

Investors are purchasing securities of our holding company, Riku, instead of securities of our Operating Subsidiaries, through which our operations are conducted.

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

Our management monitors the cash position of our subsidiaries regularly and prepares budgets on a monthly basis to ensure it has the necessary funds to fulfil its obligations for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential liquidity issue, it will be reported to our chief financial officer and our board of directors.

Riku is a holding company with no operations of its own. It conducts its operations in Hong Kong and Canada through its Operating Subsidiaries. Riku may rely on dividends or payments to be paid by its Operating Subsidiaries to fund its cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and U.S. investors, to service any debt we may incur and to pay our operating expenses. Cash will be transferred through our organization in the following manner: (i) funds will be transferred to our HK Operating Subsidiaries, from Riku as needed through Waraku in the form of capital contributions or shareholder loans, as the case may be; and (ii) dividends or other distributions may be paid by our HK Operating Subsidiaries to Riku through Waraku; (iii) funds will be transferred to our CA Operating Subsidiaries, from Riku as needed through Master Central in the form of capital contributions or shareholder loans, as the case may be; and (iv) dividends or other distributions may be paid by our CA Operating Subsidiaries to Riku through Master Central.

For Riku to transfer cash to its Subsidiaries, Riku is permitted under Companies Act and the Memorandum and Articles to provide funding to its subsidiaries incorporated in the BVI, Hong Kong and Canada through loans or capital contributions. Riku's subsidiary incorporated under the laws of the BVI, Master Central, is permitted under the laws of the BVI and its memorandum and articles of association (as amended from time to time) to provide funding to our CA Operating Subsidiaries. Riku's subsidiary incorporated under the laws of Hong Kong, Waraku, is permitted under the laws of Hong Kong and its articles of association (as amended from time to time) to provide funding to our HK Operating Subsidiaries.

As of the date of this prospectus, no transfers were made from the Company to its Operating Subsidiaries and our Operating Subsidiaries have not encountered difficulties or limitations with respect to their ability to transfer cash between each other. As of the date of this prospectus, neither the holding company nor our Operating Subsidiaries maintains cash management policies or procedures dictating the amount of such funding or how funds are transferred.

There are no statutory prohibitions in the Cayman Islands on the granting of financial assistance by a company to another person for the purchase of, or subscription for, its own, its holding company's or a subsidiary's shares. Therefore, a company may provide financial assistance provided the directors of the company, when proposing to grant such financial assistance, discharge their duties of care and act in good faith, for a proper purpose and in the interests of the company. Such assistance should be on an arm's-length basis. Subject to the satisfaction of the solvency test provisions under the Companies Act, the holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. Our Memorandum and Articles provide that dividends may be declared and paid out of profits of our Company, realized or unrealized, or from any reserve set aside from profits which our board of directors determines is no longer needed. Dividends may also be declared and paid out of share premium account or any other fund or account which can be authorized for this purpose in accordance with the Companies Act. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium account if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business. The Cayman Islands does not impose any tax on payments of dividends to shareholders.

Under the BVI Business Companies Act 2004 (as amended) and subject to its memorandum and articles of association, a BVI company may authorize and declare a dividend to shareholders at such time and of such an amount as the board of directors thinks fit to the extent that they are satisfied that immediately following the distribution, the value of the company's assets exceeds its liabilities and that such company is able to pay its debts as they fall due.

According to the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), dividends could only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves, as permitted under Hong Kong law. Dividends cannot be paid out of share capital. As at the date of this prospectus, there are no restrictions or limitation under the laws of Hong Kong imposed on the conversion of HK dollar into foreign currencies and the remittance of currencies out of Hong Kong, nor is there any restriction on foreign exchange to transfer cash between Riku and its HK Operating Subsidiaries, across borders and to U.S. investors, nor are there any restrictions and limitations to distribute earnings from our business and subsidiaries, to Riku and U.S. investors and amounts owed. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect to dividends paid by us. The PRC laws and regulations do not currently have any material impact on transfers of cash from Riku to our HK Operating Subsidiaries or our HK Operating Subsidiaries to Riku, our shareholders and U.S. investors. However, the Chinese government may, in the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings and pay dividends to and from the other entities within our organization, or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our HK Operating Subsidiaries in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless.

According to Section 43(1) of the Canada Business Corporations Act ("**CBCA**"), which is applicable to ARCI, and Section 38 of the Business Corporations Act (Ontario) ("**OBCA**"), which is applicable to the CA Operating Subsidiaries (except ARCI), our CA Operating Subsidiaries may pay dividends by issuing fully paid shares of the corporation or in money or property. However our CA Operating Subsidiaries may not declare or pay a dividend if, as provided under Section 42 of the CBCA or Section38 of the OBCA, there are reasonable grounds for believing that the corporation is, or would after payment be, unable to pay its liabilities as they become due, or the realizable value of the corporation's assets would thereby be less than the aggregate of its liabilities and stated capital of all classes. As of the date of this prospectus, no transfers were made from the Company to its CA Operating Subsidiaries. During fiscal year 2024, the CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payments of an aggregate amount of $254,376 to its shareholders out of the additional paid-in capital balance. In addition, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. For more information, see our consolidated financial statements and related notes thereto, in each case included in this prospectus*.* Except for the dividend payment mentioned above, the Company, and its CA Operating Subsidiaries and HK Operating Subsidiaries currently intend to retain any future earnings to finance the operation and expansion of their businesses, and the Company does not expect to declare or pay any dividends in the foreseeable future. As of the date of this prospectus, our CA Operating Subsidiaries do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. Further, as of the date of this prospectus, no dividends or distributions have been made to date to investors in the Company. See "Risk Factors — Risks Related to Our Corporate Structure—We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash".

Canada does not impose any foreign exchange control restrictions which would restrict or prohibit the repatriation of funds by a Canadian corporation out of Canada, including to pay dividends to its foreign shareholder(s), except for transactions that will violate the *Criminal Code* and the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act*.

Other than the above, we did not adopt or maintain any cash management policies and procedures dictating the amount of such funding or how funds are transferred and our subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between each other, to distribute earnings from our subsidiaries to Riku and to settle amounts owed under any applicable agreements as of the date of this prospectus.

Since incorporation, Riku has not declared or paid any dividends or distributions. There will not be any transfer of assets among Riku and its Subsidiaries.

We do not expect to pay dividends on our Shares and settle amounts owed under our operating structure in the foreseeable future. We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of the businesses of our Operating Subsidiaries. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. See "*Risk Factors — Risks related to our Corporate Structure — We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash*" on page 36.

**Summary of Risk Factors**

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

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

● The restaurant industry is highly competitive, and we may face challenges in maintaining our competitive edge.

● Fluctuations in consumer spending and broader economic factors may impact our business.

● Changes in consumer preferences or other factors could reduce demand for our products.

● Our ability to operate franchised restaurants, and sub-franchise restaurants in Hong Kong and Canada depends on key franchise agreements, the expiration or termination of which could harm our business.

● Our success relies on the international reputation of the brands we operate, and adverse developments in their global operations or reputation could negatively affect our business and financial performance.

● Our Operating Subsidiaries require various licenses, approvals and permits to operate our business. Any failure in obtaining or renewing any of the licenses, approvals and permits for our operations could materially adversely affect our business, results of operations and financial condition.

● Disruptions to or issues with our supply chain could negatively impact our business operations and profitability.

● We currently rely on our central kitchen to supply certain food ingredients used in our restaurant outlets in Canada. Any disruption of operations in our central kitchen could adversely affect our reputation and results of operations.

● Leasing a broad portfolio of real estate exposes us to potential losses and liabilities.

● Newly developed restaurants may not meet our expectations, and we cannot guarantee that our expansion plans will be successful.

● The economic viability of our restaurant locations may change, and we may face challenges in securing new locations at favorable terms.

● We have limited control over the operations of our sub-franchisees, and their actions could negatively affect our brand and business.

● Our financial condition and results of operations in Canada depend, to a certain extent, on the financial condition of our sub-franchisees and their ability to fulfill their obligations under their sub-franchise agreements.

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

● Part of our operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of our HK Operating Subsidiaries and/or the value of our Class A Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale.

● Recently in 2023, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In the future, we may be subject to PRC laws and regulations related to the current business operations of our HK Operating Subsidiaries and any changes in such laws and regulations and interpretations may impair its ability to operate profitably, which could result in a material negative impact on its operations and/or the value of our Class A Ordinary Shares.

● We may become subject to a variety of PRC laws and other obligations regarding M&A Rules, the Trial Measures and data security, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.

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

● Compliance with Hong Kong's Personal Data (Privacy) Ordinance and any such other existing or future data privacy related laws, regulations and governmental orders may entail significant expenses and could materially affect our business.

● The enforcement of laws rules and regulations in the PRC can change quickly with little advance notice. Additionally, the PRC laws and regulations and the enforcement of such that apply or are to be applied to Hong Kong can change quickly with little or no advance notice. As a result, the Hong Kong legal system embodies uncertainties that could limit the availability of legal protections, which could result in a material change in our HK Operating Subsidiaries' operations and/or the value of the securities we are offering.

● The enactment of the Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") could impact our HK Operating Subsidiaries, which forms part of our business.

● There are political risks associated with conducting business in Hong Kong.

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

● Because our business is conducted in Hong Kong dollars and the price of our Class A Ordinary Shares is quoted in United States dollars, changes in currency conversion rates may affect the value of your investments.

**Risks Related to Doing Business in Canada**

● Our operations are subject to various laws and regulations in Canada.

● Changes in Canadian laws, regulations, or government policies may negatively impact our business.

● Economic conditions in Canada may adversely affect consumer spending and our business.

● Social, political, and regulatory developments in Canada may have a material adverse impact on our business.

**Risks Related to Our Corporate Structure**

● We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash.

● You may experience difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited.

● You may have more difficulties protecting your interests than you would as a shareholder of a U.S. corporation.

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

● Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of other shareholders.

● We may have conflicts of interest with our Controlling Shareholder, because of our Controlling Shareholder's controlling ownership interest in our Company, we may not be able to resolve such conflicts on terms favorable to us.

● We are a "controlled company" within the meaning of the Nasdaq listing rules, and intend to follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.

**Risks Related to our Class A Ordinary Shares and this Offering**

● The audit report included in this prospectus is prepared by U.S. auditor Golden Eagle CPAs LLC ("GEC"), is headquartered in New Jersey, and is subjected to the PCAOB inspection on a regular basis. As a firm located in the U.S. and registered with the PCAOB, Golden Eagle CPAs LLC is subject to laws in the United States which provide that the PCAOB shall conduct regular inspections to assess the auditor's compliance with the applicable professional standards. Our auditor is not headquartered in mainland China or Hong Kong and was not identified in the 2021 Determination Report as a firm subject to the PCAOB's determination . As such, as of the date of this prospectus, this offering is not affected by the HFCA Act and related regulations. However, there is no guarantee that future audit reports will be prepared by auditor inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our Class A Ordinary Shares may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by auditor that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus, reducing the time before the securities may be prohibited from trading or delisted.

● Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial.

● We cannot predict the effect our dual-class structure may have on the market price of our Class A Ordinary Shares.

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

● The market price of our Class A Ordinary Shares may be highly volatile, and you could lose all or part of your investment.

● Volatility in the price of our Class A Ordinary Shares may subject us to securities litigation.

● If we fail to meet applicable listing requirements, Nasdaq may not approve our listing application, or may delist our Class A Ordinary Shares from trading, in which case the liquidity and market price of our Class A Ordinary Shares could decline.

● Our Class A Ordinary Shares are expected to initially trade under US$5.00 per share and thus would be known as "penny stock." Trading in penny stocks has certain restrictions and these restrictions could negatively affect the price and liquidity of our Class A Ordinary Shares.

● The IPO price and sale price for resales of Class A Ordinary Shares sold under the Resale Prospectus could differ.

● The future sales of Ordinary Shares by existing shareholders, including the sales pursuant to the Resale Prospectus, may adversely affect the market price of our Class A Ordinary Shares.

● Our pre-IPO shareholders, including our Controlling Shareholder, will be able to sell their shares after completion of this offering subject to restrictions under Rule 144.

**Recent Development in the PRC**

We do not have any operations in mainland China and currently do not have or intend to have any operating subsidiary established in mainland China or any contractual arrangement to establish a variable interest entity ("VIE") structure with any entity in mainland China, but because part of our operations are conducted in Hong Kong through our HK Operating Subsidiaries, and Hong Kong is a Special Administrative Region of China, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares.

In the event that the PRC regulatory authorities disallow our business structure, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability and to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless. See "*Risk Factors — Risks Related to Doing Business in Hong Kong — "If the Chinese government chooses to extend oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless*." for further details.

We may be subject to unique risks due to uncertainty of the interpretation and the application of the PRC laws and regulations. We are also subject to the risks of uncertainty about any future actions of the Chinese government or authorities in Hong Kong in this regard. Should the Chinese government choose to exercise significant oversight and discretion over the conduct of our business, they may intervene in or influence our operations. Such governmental actions:

● could result in a material change in our operations and/or the value of our Class A Ordinary Shares;

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

● could significantly limit or hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors; and

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

Part of our operations are conducted through our HK Operating Subsidiaries in Hong Kong, which is a part of the PRC. We are aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding its efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on our HK Operating Subsidiaries' daily business operations, their ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchange. These actions could result in a material change in our operations and/or to the value of our Class A Ordinary Shares and could significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors. See "*Risk Factors — Risks Related to Doing Business in Hong Kong —Part of our operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of the HK Operating Subsidiaries and/or the value of our Class A Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale." for further information.*

Recent statements by the PRC government have indicated an intent to exert more exert oversight and control over offerings that are conducted overseas and/or foreign investments in China based issuers. On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities markets and promote the high-quality development of the capital markets, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

On December 24, 2021, the China Securities Regulatory Commission (the "CSRC") released the Draft Administrative Provisions and the Draft Filing Measures, both of which had a comment period that expired on January 23, 2022. The Draft Administrative Provisions and Draft Filing Measures regulate the administrative system, record-filing management, and other related rules in respect of the direct or indirect overseas issuance of listed and traded securities by "domestic enterprises". The Draft Administrative Provisions specify that the CSRC has regulatory authority over the "overseas securities offering and listing by domestic enterprises", and requires "domestic enterprises" to complete filing procedures with the CSRC if they wish to list overseas. On February 17, 2023, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; any failure to comply with such filling procedures may result in administrative penalties, such as an order to rectify, warnings, and fines. On April 2, 2022, the CSRC published the Draft Archives Rules, for public comment. These rules state that in the overseas listing activities of domestic companies, domestic companies, as well as securities companies and securities service institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall not disclose state secrets, or harm the state and public interests.

Under the Trial Measures and the Guidance Rules and Notice, Chinese domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following their submission of initial public offerings or listing application. The companies that have already been listed on overseas stock exchanges or have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing and will complete their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for its listing, yet need to make filings for subsequent offerings in accordance with the Trial Measures. Companies that have already submitted an application for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing, shall arrange for the filing within a reasonable time period and shall complete the filing procedure before such companies' overseas issuance and listing.

As of the date of this prospectus, given that the Group has no operations in China, the Company believes it is not required to complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures. While the Group has no current operations in China, should we have any future operations in China and should we (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may also impose fines and penalties on our potential operations in China, as well as limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds from this offering into China or take other actions that could have a material adverse effect on our business as well as the trading price of our Class A Ordinary Shares

We may be required to restructure our operations to comply with such regulations or potentially cease operations in the PRC entirely. The CSRC, the CAC or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of our Class A Ordinary Shares. In addition, if the CSRC, the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any action taken by the PRC government could significantly limit or completely hinder our operations in the PRC and our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

Furthermore, on July 10, 2021, the Cyberspace Administration of China (the "CAC") issued a revised draft of the Measures for Cybersecurity Review for public comment, which required that, among others, in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant activities. On December 28, 2021, the CAC, the National Development and Reform Commission ("NDRC"), and several other administrations jointly issued the revised Measures for Cybersecurity Review, which became effective and replaced the existing Measures for Cybersecurity Review on February 15, 2022. According to the Revised Review Measures, if an "online platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. Based on a set of Q&A published on the official website of the State Cipher Code Administration in connection with the issuance of the Revised Review Measures, an official of the said administration indicated that an online platform operator should apply for a cybersecurity review prior to the submission of its listing application with non-PRC securities regulators. Moreover, the CAC released the draft of the Regulations on Network Data Security Management in November 2021 for public consultation, which among other things, stipulates that a data processor listed overseas must conduct an annual data security review by itself or by engaging a data security service provider and submit the annual data security review report for a given year to the municipal cybersecurity department before January 31 of the following year. Given the recency of the issuance of the Revised Review Measures and their pending effectiveness, there is a general lack of guidance and substantial uncertainties exist with respect to their interpretation and implementation. It remains unclear whether a Hong Kong company which collects personal information from PRC individuals shall be subject to the Revised Review Measures. We do not currently expect the Revised Review Measures to have an impact on our business, our operations or this offering as we do not believe that our HK Operating Subsidiaries would be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that would be required to file for cybersecurity review before listing in the U.S. This conclusion is based on the following factual circumstances: (i) our HK Operating Subsidiaries operate restaurants solely within Hong Kong, engaging exclusively in routine commercial activities unrelated to critical information infrastructure; (ii) their processing of personal information such as customer reservations, payments, and related restaurant operations, involves significantly fewer than one million users; (iii) their operations are confined to Hong Kong, and they do not process personal data of individuals within mainland China or conduct cross-border data transfers from mainland China; and (iv) as of the date of this prospectus, we have not received any notification, inquiry, warning, or request from the CAC or any other PRC regulatory authorities indicating that we are or may be classified as an "operator of critical information infrastructure" or a "data processor," nor have we received requests to submit to a cybersecurity review. Accordingly, we believe that our HK Operating Subsidiaries are not subject to the Revised Review Measures. However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Revised Review Measures are adopted into law in the future and any of our HK Operating Subsidiaries is deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, our operation and the listing of our Class A Ordinary Shares in the U.S. could be subject to CAC's cybersecurity review.

We have been advised by Hastings & Co., our Hong Kong counsel, that based on their understanding of the current Hong Kong laws, as of the date of this prospectus, the Company and its HK Operating Subsidiaries, are not required to obtain any permissions or approvals from Hong Kong authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Ordinary Shares to foreign investors. No such permissions or approvals have been applied for by the Company and/or its subsidiaries or denied by any relevant authorities. Part of our operations are conducted in Hong Kong, which is a part of the PRC. As of the date of this prospectus, our HK Operating Subsidiaries received all requisite permissions or approvals from the Hong Kong authorities to operate their businesses in Hong Kong, including but not limited to their business registration certificates. However, we have been advised by Hastings & Co. that uncertainties still exist, due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future.

Based on management's internal assessment that the Company and its subsidiaries currently have no material operations in the PRC, the Company's management believes that as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors, including the CAC or the CSRC. We also believe that our HK Operating Subsidiaries are not required to obtain any permissions or approvals from any Chinese authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

As of the date of this prospectus, Hong Kong does not have similar regulations as of the PRC to extend oversight and control over offerings that are conducted overseas. Hong Kong does not have similar regulation as of the Trial Measures and the Guidance Rules and Notice, and Measures for Cybersecurity Review of the PRC. In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC or if applicable laws, regulations or interpretations change and we are required to obtain such permissions or approvals, (ii) we inadvertently conclude that relevant permissions or approvals were not required or (iii) we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

Under the PRC Enterprise Income Tax Law ("EIT Law") and its implementing rules, an enterprise established outside of the PRC with its "de facto management body" within the PRC is considered a PRC resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In 2009, the State Administration of Taxation ("SAT") issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.

As all of our board members and management are residents of Hong Kong and Canada, and substantially all of our assets and the primary location of the day-to-day operational management are located in Hong Kong and Canada, we are not a "de facto management body" as defined in the Circular 82. Therefore, we are not subject to EIT Law.

To the date of this prospectus, our subsidiaries and business operations are not subject to the specific laws and regulations adopted by the PRC. Accordingly, we do not believe it is necessary to obtain a legal opinion from PRC counsel, as there are no applicable PRC regulations that would impact our operations.

**Implications Of Being an "Emerging Growth Company"**

As a company with less than US$1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act (the "**JOBS Act**"), enacted in April 2012. An "emerging growth company" may take advantage of reduced reporting requirements that are otherwise applicable to larger public companies. In particular, as an emerging growth company, we:

● may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations;

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

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

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

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

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

● will not be required to conduct an evaluation of our internal control over financial reporting.

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

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

**Implications Of Being a Foreign Private Issuer**

We are a "foreign private issuer" within the meaning of the rules under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). As such, we are exempt from certain provisions of the Exchange Act that are applicable to United States domestic public companies. For example:

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

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

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

● we are exempt from provisions of Regulation Fair Disclosure aimed at preventing issuers from making selective disclosures of material information;

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

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

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

We will be required to file an annual report on Form 20-F within four months of the end of each financial year. As a foreign private issuer, we are not generally required to provide quarterly financial information to the shareholders. However, once listed on Nasdaq, we will be required to file an interim balance sheet and income statement as of the end of our second quarter. These interim financial statements are not required to reconcile to US GAAP, but they must be provided no later than 6 months following the end of our second quarter. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely than that required to be filed with the SEC by U.S. domestic issuers. A foreign private issuer that follows a home country practice in lieu of one or more of the listing rules is required to disclose in its annual reports filed with the SEC each requirement that it does not follow and describe the home country practice followed by the issuer in lieu of such requirements. If we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer. Although we are permitted to follow certain corporate governance rules that conform to Cayman requirements in lieu of many of the Nasdaq corporate governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers.

**Holding Foreign Companies Accountable Act**

The Holding Foreign Companies Accountable Act the "HFCAA" or the "HFCA Act"), was enacted on December 18, 2020. The HFCAA states if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit our shares from being traded on a national securities exchange or in the over-the-countertrading market in the United States.

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA. A company will be required to comply with these rules if the SEC identifies it as having a "non-inspection" year under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCAA, including the listing and trading prohibition requirements described above. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "**AHFCAA**"), which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions. On December 16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (i) Mainland China, and (ii) Hong Kong.

On August 26, 2022, the PCAOB announced and signed a Statement of Protocol (the "**SOP**") with the China Securities Regulatory Commission and the Ministry of Finance of the PRC. The Protocol provides the PCAOB with: (1) sole discretion to select the firms, audit engagements and potential violations it inspects and investigates, without any involvement of Chinese authorities; (2) procedures for PCAOB inspectors and investigators to view complete audit work papers with all information included and for the PCAOB to retain information as needed; (3) direct access to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates.

On December 15, 2022, the PCAOB issued a new Determination Report which: (1) vacated the December 16, 2021 Determination Report; and (2) concluded that the PCAOB has been able to conduct inspections and investigations completely in the PRC in 2022. The December 15, 2022 Determination Report cautions, however, that authorities in the PRC might take positions at any time that would prevent the PCAOB from continuing to inspect or investigate completely. As required by the HFCAA, if in the future the PCAOB determines it no longer can inspect or investigate completely because of a position taken by an authority in the PRC, the PCAOB will act expeditiously to consider whether it should issue a new determination.

Our auditor, Golden Eagle CPAs LLC, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as a firm headquartered in New Jersey and registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections on a regular basis. Our auditor is not headquartered in mainland China or Hong Kong and was not identified in the 2021 Determination Report as a firm subject to the PCAOB's determination. As a firm located in the U.S. and registered with the PCAOB, Golden Eagle CPAs LLC is subject to laws in the United States which provide that the PCAOB shall conduct regular inspections to assess the auditor's compliance with the applicable professional standards. As such, as of the date of this prospectus, this offering is not affected by the HFCA Act and related regulations.

However, in the event it is later determined that the PCAOB is unable to inspect or investigate completely the auditor because of a position taken by an authority in a foreign jurisdiction, such as the PRC authorities, then such lack of inspection could cause trading in the Company's securities to be prohibited under the HFCAA, and ultimately result in a determination by a securities exchange to delist the Company's securities. Furthermore, as more stringent criteria have been imposed by the SEC and the PCAOB, recently, which would add uncertainties to this offering, and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. See "Risk Factors — Risks Relating to our Class A Ordinary Shares and this Offering *—* Although the audit report included in this prospectus is prepared by a U.S. auditor who are subject to the PCAOB inspection on a regular basis, there is no guarantee that future audit reports will be prepared by an auditor inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by an auditor that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before the securities may be prohibited from trading or delisted."

**Implications Of Being a Controlled Company**

Public companies that qualify as a "controlled company" with securities listed on the Nasdaq, must comply with the exchange's continued listing standards to maintain their listings. Nasdaq has adopted qualitative listing standards. Companies that do not comply with these corporate governance requirements may lose their listing status. Under the Nasdaq rules, a "controlled company" is a company with more than 50% of its voting power held by a single person, entity or group. Under Nasdaq rules, a "controlled company" is exempt from certain corporate governance requirements including:

● the requirement that a majority of the board of directors consist of independent directors;

● the requirement that a listed company have a nominating and governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities;

● the requirement that a listed company have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

● the requirement for an annual performance evaluation of the nominating and governance committee and compensation committee.

Controlled companies must still comply with the exchange's other corporate governance standards. These include having an audit committee and the special meetings of independent or non-management directors.

Upon the completion of this offering, the outstanding shares of Riku will consist of 19,916,666 Class A Ordinary Shares and 333,334 Class B Ordinary Shares, assuming the underwriters do not exercise their over-allotment option to purchase additional Class A Ordinary Shares, or 20,254,166 Class A Ordinary Shares and 333,334 Class B Ordinary Shares, assuming the over-allotment option is exercised in full. Immediately after completion of this offering, our Controlling Shareholder will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares representing approximately 58.6% of our total issued and outstanding Ordinary Shares and approximately 66.7% of the total voting power, assuming that the over-allotment option is exercised in full. As a result, we will be a "controlled company" as defined under Nasdaq Listing Rule 5615(c) because our Controlling Shareholder will hold more than 50% of the voting power for the election of directors, and our Controlling Shareholder will have the ability to determine all matters requiring approval by shareholders. As a "controlled company", we are permitted to elect not to comply with certain corporate governance requirements, and we intend to elect to rely on these exemptions from certain corporate governance requirements under the Nasdaq Listing rules, such as that a majority of the members of our board of directors will not be independent directors and our nominating and corporate governance and compensation committees will not consist entirely of independent directors.

**Corporate Information**

Our principal executive office is located at 130 Dynamic Drive, Units 4-5, Scarborough, ON, M1V 5C8, Canada. The telephone number of our principal executive office (416) 901-8860. Our registered agent in the Cayman Islands is CO Services Cayman Limited. Our registered office and our registered agent's office in the Cayman Islands are both located at the office of CO Services Cayman Limited, P.O. Box 10008, Willow House, Cricket Square, Grand Cayman KY1-1001, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc. located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168. We maintain a website at www.rikugroup.com. We do not incorporate the information on our website into this prospectus and you should not consider any information on, or that can be accessed through, our website as part of this prospectus.

**The Offering**

Below is a summary of the terms of the offering:

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| Issuer: | Riku Dining Group Limited |
| Securities being offered: | 2,250,000 Class A Ordinary Shares. |
| Initial public offering price: | We estimate the initial public offering price will be between US$4 and US$6 per Class A Ordinary Share |
| Number of Ordinary Shares issued and outstanding prior to this offering: | 18,000,000 Ordinary Shares including 17,666,666 Class A Ordinary Shares and 333,334 Class B Ordinary Shares |
| Number of Ordinary Shares issued and outstanding after this offering: | <br> 20,250,000 Ordinary Shares, including 19,916,666 Class A Ordinary Shares and 333,334 Class B Ordinary Shares, assuming no exercise of the underwriters' over-allotment option.<br>20,587,500 Ordinary Shares, including 20,254,166 Class A Ordinary Shares and 333,334 Class B Ordinary Shares, assuming full exercise of the underwriters' over-allotment option. |
| Voting Rights | Class A Ordinary Shares are entitled to one (1) vote per share.<br>Class B Ordinary Shares are entitled to twenty (20) votes per share.<br>Holders of Class A Ordinary Shares and Class B Ordinary Shares will vote together as a single class, unless otherwise required by law or our Memorandum and Articles. Each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time by the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Upon any transfer of Class B Ordinary Shares by a holder to any person or entity other than holders of Class B Ordinary Shares or their affiliates, such Class B Ordinary Shares shall be automatically and immediately converted into the equivalent number of Class A Ordinary Shares. The holders of our Class B Ordinary Shares will hold approximately 72.2% of the total votes for our issued and outstanding Shares including 47.1% of the total votes from their Class A Ordinary Shares and 25.1% of the total votes from their Class B Ordinary Shares, following the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, assuming no exercise of the underwriters' over-allotment option, and will have the ability to control the outcome of matters submitted to our shareholders for approval, including the election of our directors and the approval of any change in control transaction. See the sections titled "Principal Shareholders" and "Description of Share Capital" for additional information. |
| Over-allotment option: | We have granted the underwriter the right to purchase up to 337,500 additional Class A Ordinary Shares from us at the public offering price less the underwriting discount within 45 days from the date of this prospectus to cover over-allotment |
| Use of proceeds: | Based upon an initial public offering price of US$5 per Class A Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), we estimate that we will receive net proceeds from this offering, after deducting the estimated underwriting discounts and the estimated offering expenses payable by us (inclusive of the underwriters' non-accountable expense of 1% of the gross proceeds from this offering and accountable expenses of a maximum of $300,000), of approximately US$$8,168,897.00 if the underwriters do not exercise their over-allotment option, and US$$9,721,397.00 if the underwriters exercise their over-allotment option in full.<br>We plan to use the net proceeds of this offering as follows: |

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 For more information on the use of proceeds, see "Use of Proceeds" on page 58.

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| Lock-up: | All of our directors, officers and principal shareholders (defined as owners of 5% or more of our Ordinary Shares) have agreed with the underwriters, subject to certain exceptions, not to offer, issue, sell, transfer, contract to sell, encumber, grant any option for the sale of or otherwise dispose of, directly or indirectly, any of our Ordinary Shares or securities convertible into or exercisable or exchangeable for our Ordinary Shares for a period of six (6) months after the effective date of the registration statement of which this prospectus forms a part of this prospectus.<br>Notwithstanding the foregoing, these restrictions do not apply to the Selling Shareholders with respect to Class A Ordinary Shares sold by them pursuant to the Resale Prospectus.<br>See "Shares Eligible for Future Sale" and "Underwriting" for more information. |
| Transfer Agent | Transhare Corporation |
| Proposed Nasdaq Capital Market symbol | We have applied to have our Class A Ordinary Shares listed on the Nasdaq Capital Market under the symbol "RIKU." |
| Risk factors: | Investing in our Class A Ordinary Shares is highly speculative and involves a high degree of risk. As an investor you should be able to bear a complete loss of your investment. You should carefully consider the information set forth in the "Risk Factors" section beginning on page 15. |

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Unless otherwise indicated, all information contained in this prospectus assumes or gives effect to:

● no exercise of the underwriters' over-allotment option; and

● an initial public offering price of $5, the midpoint of the price range set forth on the cover page of this prospectus.

**RISK FACTORS**

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

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

***The restaurant industry is highly competitive, and we may face challenges in maintaining our competitive edge.***

The restaurant industry is highly competitive, with numerous well-established chains and a diverse range of competitors, from large national and international brands to smaller, independent restaurants. Competition centers on factors such as price, brand reputation, food quality, promotions, customer service, location, and convenience. The industry's relatively low barriers to entry further intensify this dynamic landscape. As competitors expand, introduce new menu items, and enhance their marketing efforts, we expect competition to grow even fiercer.

Many competitors possess significantly greater financial resources, enabling them to quickly respond to market trends, secure prime locations, and invest heavily in advertising. Local competitors may also benefit from established brand loyalty within their communities. As more competitors expand or enter the market, we could face challenges in maintaining customer traffic if our marketing efforts do not match or exceed those of our competitors.

If competitors offer better prices, cater more effectively to customer preferences, or execute superior promotional strategies, it may negatively affect our market share and financial performance.

***Fluctuations in consumer spending and broader economic factors could adversely impact our business.***

Our financial performance is influenced by a variety of industry-specific and broader economic factors in both Hong Kong and Canada, many of which are outside of our control. The restaurant industry is sensitive to changes in national, regional, and local economic conditions, as well as shifts in consumer spending and seasonal fluctuations. Additionally, factors such as demographic changes, adverse weather conditions, traffic patterns, and the number and proximity of competing restaurants can affect the performance of individual locations.

General economic trends can also have a significant impact on our results. Economic downturns, prolonged periods of stagnation, rising unemployment, food inflation, higher energy costs, and increasing interest rates may all influence consumer behavior, leading to reduced spending on dining out. Economic challenges, such as job losses, foreclosures, and bankruptcies, may cause customers to cut back on discretionary spending, which could result in lower customer traffic and reduced average transaction values, negatively affecting our financial performance.

Increased costs for energy, such as gasoline, natural gas, and electricity, could also reduce disposable income for our customers, leading them to dine out less frequently or spend less per visit.

Unfavorable changes in these or other macroeconomic factors could increase our operational costs, reduce customer traffic at our restaurants, or limit our ability to raise prices, all of which could adversely affect our profit margins and overall financial health.

***Our ability to operate franchised restaurants***, ***and sub-franchise restaurants in Hong Kong and Canada depends on key franchise agreements, the expiration or termination of which could harm our business.***

Our ability to develop and operate branded restaurants in Hong Kong and Canada is contingent on rights granted to us through exclusive franchise agreements. The continuation of our operations in these markets as the exclusive franchisee for Yakiniku Kakura, Ufufu Café, and Yakiniku 801 in Hong Kong, and Ajisen Ramen in Canada, depends on the maintenance and renewals of these agreements. For more details, see "Business—Our Relationships with Certain Franchisors."

In Canada, we operate under a master franchise agreement with Shigemitsu Industry Co. Ltd. and Ajisen Overseas Franchising Company Limited (collectively, the "**Ajisen Franchisor**"). Our rights to develop Ajisen-branded restaurants in Canada extend for 20 years, beginning on January 1, 2020, and ending on December 31, 2039, with an option to renew for an additional 10-year term. However, we cannot guarantee that the agreement will be renewed on terms that are as favorable as the current ones, or that such renewal will occur at all. The Ajisen Franchisor retains the right to terminate the agreement if we fail to comply with the terms and conditions of the agreement. While we intend to comply with all such terms and conditions, if for any reason we fail to do so, the Ajisen Franchisor may seek to terminate the agreement. For a fuller discussion of the circumstances in which Ajisen Franchisor may limit or terminate our rights under the agreement, see "Business—Our Relationships with Certain Franchisors—Ajisen Ramen - Canada."

In Hong Kong, we operate under three franchise agreements with Unico Co., Ltd and Unico HK Corporation Limited (collectively "**Unico**") who grant us the exclusive rights to operate restaurants under the names of Yakiniku Kakura, Yakiniku 801, and Ufufu Café. These agreements have a 15-year term, set to expire in 2036, 2037, and 2038, respectively, with an option to renew for an additional 15-year term. However, we cannot guarantee that the agreements will be renewed on terms as favorable as the current ones, or that a renewal will occur at all. Unico retains the right to terminate our rights under the three agreements if we fail to comply with the terms and conditions of the agreements. For a fuller discussion of the circumstances in which Unico may limit or terminate our rights under the three agreements, see "Business—Our Relationships with Certain Franchisors—Unico**–**Hong Kong".

While our agreements with Unico and the Ajisen Franchisor are in place until 2036 and 2040, respectively, there is no guarantee that these agreements will be renewed on terms that are as favorable as the current ones, or that they will be renewed at all. If any of the agreements expires or is terminated, it would have a significant negative impact on our business, our financial results, and our future growth prospects.

***Changes in consumer preferences or other factors could reduce demand for our products.***

Our ability to remain competitive relies on our capacity to consistently offer menu items that appeal to consumer tastes. If there are shifts in consumer dining preferences due to changing demographics, tastes, dietary habits, trends in food sourcing or preparation, or if customers begin to prefer other dining options, our financial performance could suffer.

Our success depends on our ability to anticipate changes in consumer preferences and adapt by introducing new menu items that meet these preferences in a timely manner. Failure to effectively respond to evolving customer tastes could result in a material adverse effect on our business and financial results.

***Failure to cost-effectively acquire new customers or retain existing customers could materially affect our business.***

There is a trial run of membership program for our Yakiniku 801 sub-brand in Hong Kong that started in late March 2025. Such program is expected to facilitate the Company's ability to track new and existing customers. As the trial run is still in progress, we are closely monitoring the growth of new customers through such program and no quantified data can be provided at this moment. For our Canadian operations, there is no membership or rewards program at the moment. The success of our business depends on our ability to attract new customers while retaining existing ones and maintaining customer loyalty. If we fail to cost-effectively acquire new customers, whether due to increased competition, ineffective marketing strategies, or changing consumer preferences, our ability to grow revenue may be adversely affected. Similarly, if we fail to retain our existing customers or to derive revenue from them at levels consistent with our historical performance, our financial results could suffer. For instance, if customers perceive our menu offerings as less appealing, less affordable, or less aligned with their dietary preferences, they may choose to dine elsewhere. Additionally, adverse publicity, poor customer experiences, or food safety incidents could further reduce customer loyalty. A failure to address these risks could materially and adversely impact our business, financial condition, and results of operations.

***Food safety and food-borne illness incidents could adversely affect our business.***

The success of our restaurants depends on our ability to provide high-quality and safe food to our customers. Any incident involving food contamination, food-borne illness, or other safety concerns—whether originating from our suppliers, franchisees, or restaurant operations—could result in negative publicity, reduced customer traffic, and financial losses. For example, an outbreak of food-borne illness linked to one of our restaurants could lead to lawsuits, regulatory enforcement actions, product recalls, or even temporary closures of affected locations. Such incidents could also increase our operating costs and harm our reputation, materially adversely affecting our business and financial results.

***Our success relies on the international reputation of the brands we operate, and adverse developments in their global operations or reputation could negatively affect our business and financial performance.***

Our financial success is closely tied to the global reputation and management of the brands we operate under, including Yakiniku Kakura, Ufufu Café, Yakiniku 801, and Ajisen Ramen, which are managed by Unico and the Ajisen Franchisor. All of these brands originate in Japan. While Yakiniku Kakura, Ufufu Café, and Yakiniku 801 operate in Japan and Hong Kong, Ajisen Ramen has a broader global presence, operating in multiple countries worldwide, including Japan, Hong Kong, Canada, Australia, China and other markets. Adverse developments in Japan, the home market for all of these brands, or in other countries where Ajisen Ramen operates, could negatively affect the brands' global reputation and, in turn, harm our business and financial performance.

As a franchisee, we depend heavily on the franchisors' leadership, marketing efforts, and the performance of other franchisees within their networks. We have limited control over how the franchisors manage these brands or how other franchisees operate their businesses. Any mismanagement, operational issues, or negative publicity involving the franchisors or other franchisees could damage the brands' reputation and negatively impact our operations and financial performance.

Additionally, any failure by Unico or the Ajisen Franchisor to safeguard their intellectual property, including trademarks and proprietary content, could weaken brand strength and diminish our competitive edge.

***We may be subject to intellectual property disputes, which may result in significant legal cost and may disrupt our business and operations***.

We depend, to a large extent, on our ability to effectively develop and maintain intellectual property rights relating to our business. However, we cannot assure that we will not be subject to claims and litigation in relation to any alleged infringement of trademarks, copyrights, designs or other intellectual property rights held by third parties, including our competitors. As we grow our business, expand our expertise and face increasing competition, we may be subject to an increased risks of intellectual property right claims and other assertions. If any claims are brought against us, we may be forced to defend our rights. Defending against intellectual property claims is costly and can impose a significant burden on our management and resources. Furthermore, there is no guarantee that the outcomes in all cases are favorable to us. Such intellectual property claims may also cause reputational harm and may dissuade potential customers from subscribing our services. If we were unsuccessful in these claims and were found to be in violation of any intellectual property rights, we may be subject to considerable licensing fees and damages, prohibited to continue using such intellectual property, and may be forced to redevelop substitutions which could require significant effort and expense. Any claims, regardless of its merits, would be time consuming and costly, and would materially adversely affect our business, financial condition and results of operations.

***Our financial condition and results of operations in Canada depend, to a certain extent, on the financial condition of our sub-franchisees and their ability to fulfill their obligations under their sub-franchise agreements***.

Nine (9) of our restaurants in Canada are sub-franchised as of the date of this prospectus. Under our sub-franchise agreements, we receive monthly royalty payments which are set at 3% of the sub-franchisee's gross sales (see "Our Relationships with Certain Franchisors" for more detail on specific franchise fees). Sub-franchisees are independent operators over whom we exercise control through the sub-franchise agreements, by leasing the real estate upon which their restaurants are located and through our operating manual that specifies certain operating items such as menu choices, permitted advertising, equipment, food handling procedures, product quality and approved suppliers. Our operating results depend to a certain extent on the restaurant profitability and financial viability of our sub-franchisees. The concurrent failure by a significant number of sub-franchisees to meet their financial obligations to us could jeopardize our ability to meet our obligations.

In addition, we are liable for our sub-franchisees' monthly payment of a continuing royalty fee to Ajisen Franchisor, which represents a percentage of those sub-franchised restaurants' gross sales. To the extent that our sub-franchisees fail to pay this fee in full, we are responsible for any shortfall. As such, the concurrent failure by a significant number of sub-franchisees to pay their continuing royalty fees could have a material adverse effect on our results of operations and financial condition. While we may be entitled to recover such royalty fees, the enforcement of these rights may be limited by applicable laws, particularly in the event of a sub-franchisee's bankruptcy or insolvency. In such cases, we may be restricted from enforcing our claims or recovering amounts owed, or may only recover a portion of such amounts, if at all. Pursuing legal remedies could also result in significant litigation costs and management time, further impacting our financial condition.

If any of our sub-franchisees become insolvent or bankrupt, we will be an unsecured creditor of such sub-franchisees. As an unsecured creditor, if the bankrupt sub-franchisee's assets are liquidated, we will only be paid after all secured creditors (such as secured lenders of the sub-franchisee) and preferred creditors (such as the government for taxes owed, and employees for wages owed) have been paid. After such creditors are paid, there may not be any assets remaining to pay us and other unsecured creditors. If such remaining assets exist, they will be paid to all unsecured creditors with proven claims on a proportionate basis.

***We have limited control over the operations of our sub-franchisees, and their actions could negatively affect our brand and business.***

In Canada, a significant portion of our restaurants are operated by sub-franchisees, while the remainder are directly managed by us. For these sub-franchised restaurants, we rely on our sub-franchisees to uphold the quality, service, and cleanliness standards that define our restaurant brands. If sub-franchisees fail to maintain these standards, it could damage our brand reputation and hinder our growth potential. While sub-franchisees are obligated by contract to adhere to our operational guidelines and comply with all relevant health and safety regulations, they retain some operational flexibility, such as hiring staff and choosing certain service providers.

Sub-franchisees are responsible for the day-to-day operations of their restaurants, and their employees are not directly employed by us. Although we apply rigorous criteria when selecting sub-franchisees, we cannot guarantee that every sub-franchisee will possess the business acumen or financial resources required for success, or that every sub-franchisee will maintain our standards. In some cases, local franchise laws may limit our ability to terminate or refuse to renew franchise agreements, even if a sub-franchisee is underperforming.

If any sub-franchisees fail to meet our quality, service, or hygiene standards, it could harm our reputation. Although we take corrective actions when necessary, we may not always be able to address issues quickly enough to prevent damage to our brand or business performance. Also, sub-franchisees may not be willing or able to renew their sub-franchise agreements with us due to low sales volumes, high real estate costs, or the failure to secure lease renewals. If our sub-franchisees fail to renew their sub-franchise agreements with us, we have a limited ability to recoup costs which in turn could materially and adversely affect our operating results, brand and business.

***Our Operating Subsidiaries require various licenses, approvals and permits to operate our business. Any failure in obtaining or renewing any of the licenses, approvals and permits for our operations could materially adversely affect our business, results of operations and financial condition.***

Our Operating Subsidiaries are required to obtain and maintain various licenses for their operations in both Canada and Hong Kong, respectively. In Hong Kong, this includes general restaurant license and liquor license. In Canada, each of Church Ltd. and Midland Inc. requires a eating or drinking establishment licence issued by the City of Toronto to operate; each of Church Ltd., Midland Inc. and CK Inc. requires the "DineSafe" inspection report to operate; and each of Vaughan Inc. and Kennedy Inc. requires York Region's Inspection Report to operate.

As of the date of this prospectus, all our Operating Subsidiaries have obtained all applicable licenses and/or fulfilled all applicable licensing requirements and are in compliance with the applicable laws and regulations. For details, see "Business—Regulations" in this prospectus. There is no assurance that our Operating Subsidiaries' existing licenses, approvals or permits can be successfully renewed upon their expiry, or that our Operating Subsidiaries can obtain all the requisite licenses, approvals or permits for the business operations of our new restaurant outlets which we open. Failure to obtain or renew some or all of the requisite licenses, approvals or permits in a timely manner or at all for factors within or beyond our control may require us to suspend part or all of our operations and delay planned new business operations, hence interrupting our existing restaurant business and expansion plan, which could materially adversely affect our business, results of operations and financial condition.

***Disruptions to or issues with our supply chain could negatively impact our business operations and profitability.***

A reliable and efficient supply chain is crucial to our operations, but we face several risks related to the sourcing of food ingredients. In Canada, we manage our supply chain through a centralized procurement system, sourcing key seasonings and sauces from Japan to maintain the authenticity of our dishes, while fresh meats are sourced locally. In Hong Kong, we use a combination of imported and local ingredients, with premium products such as beef and matcha powder imported from Japan to meet our high standards.

However, we do not have long-term contracts with our suppliers, which limits our control over the prices and availability of food ingredients. The prices of these ingredients may fluctuate and be volatile, driven by factors beyond our control, including availability, seasonal fluctuations, climate conditions, natural disasters, general economic conditions, global demand, governmental policies and regulations, and fluctuations in exchange rates. Our suppliers may also face rising costs due to increasing labor expenses, importation fees, and other operational costs, which they may pass on to us, leading to higher food ingredient costs. If we are unable to pass these increased costs on to our customers, our profit margins, business, and results of operations could be adversely affected.

In addition, there is no assurance that our suppliers will always meet our quality control standards. If any supplier ceases or fails to provide quality food ingredients, or if perishable ingredients, such as fresh or frozen goods, deteriorate due to delays in delivery, refrigeration failures, or improper handling during transportation, these ingredients may need to be rejected. There is no guarantee that we will be able to find alternative suppliers on acceptable terms in a timely manner. Any such failure to secure replacement supplies could increase our food costs and cause shortages in our restaurant outlets.

Moreover, any failure to source food ingredients that meet our quality standards, in sufficient quantities, at competitive prices, and within the necessary timeframes, may prevent us from fulfilling customer orders. This could lead to disruptions in our restaurant operations, increased food costs, and, in turn, adversely affect our profit margins, business performance, and overall financial results.

***We currently rely on our central kitchen to supply certain food ingredients used in our restaurant outlets in Canada. Any disruption of operations in our central kitchen could adversely affect our reputation and results of operations.***

Some of the food ingredients used in our Ajisen restaurants in Canada is pre-processed at our central kitchen before delivery to our restaurants and sub-franchised restaurants. Any disruption of operations at our central kitchen, such as power outages, water supply issues, or labor strikes, could delay the delivery of ingredients to our restaurants in a timely manner, potentially increasing our cost and time required for dish preparation. Additionally, such disruptions may force our restaurants to temporarily remove popular items from the menu, which could lead to a loss of customers to competitors and negatively impact our reputation and operational results.

***Rising commodity prices or other operating costs, or disruptions in the availability of the supplies and utilities on which we rely, could adversely affect our financial performance.***

Our business depends on the availability and price stability of essential commodities such as beef, produce, dairy, and beverages. These prices can fluctuate due to various factors, including supply and demand dynamics, weather conditions, currency exchange rates, and trade policies.

We do not currently hedge against price or currency fluctuations, leaving us vulnerable to sudden increases in commodity costs. Additionally, utility costs—such as electricity and natural gas—can rise due to inflation or other factors beyond our control.

Since our Operating Subsidiaries generally do not enter into long-term contracts with suppliers, we have limited control over ingredient pricing. However, we do have alternative suppliers available for most of our ingredients to address any potential uncertainties. Nonetheless, suppliers may also pass on higher costs, such as increased labor or importation expenses, which could raise our food costs. If we are unable to pass these increased costs on to customers, our profit margins could be further pressured. Moreover, the highly competitive restaurant industry may limit our ability to raise menu prices without risking customer attrition.

Additionally, we are required to purchase specialty sauces and other proprietary products exclusively from our franchisors or their approved suppliers, further restricting our ability to source these essential items at competitive prices.

Furthermore, any disruption in the availability of essential utilities—such as gas, electricity, or water—due to infrastructure failures, natural disasters, or accidents could disrupt our restaurant operations and negatively affect our financial performance. Similarly, any issues with suppliers failing to meet our quality or delivery standards could result in ingredient shortages or increased costs, further impacting our ability to operate effectively.

Any inability to source quality ingredients, utilities, and other commodities at competitive prices and in sufficient quantities could disrupt our operations, increase costs, and adversely affect our profit margins and overall business performance.

Our Operating Subsidiaries are impacted by inflationary increases in wages, benefits and other costs. If inflation or other factors were to significantly increase our Operating Subsidiaries' business costs, they may be unable to pass through price increases to their customers. If our Operating Subsidiaries are not able to pass increased wage and other costs resulting from inflation onto their clients our profitability may decline. There can be no assurance that future cost increases can be offset by increased menu prices or that increased menu prices will be fully absorbed by our Operating Subsidiaries customers without resulting in any change to their visit frequencies or spending patterns.

***A potential tariff war between the United States and Canada may result in 25% tariffs imposed on certain goods imported from the United States, thereby causing rising costs, or disruptions in the availability of the supplies and utilities on which we rely, which could adversely affect our financial performance.***

In retaliation to threats by the United States government to impose tariff on goods exported to the United States from Canada, the Canadian government is contemplating the imposition of a 25% tariff on $30 billion in goods imported from the United States into Canada. As the United States government has delayed in effecting the United States tariff, the Canadian government has also put the Canadian tariff on hold. It is uncertain whether the Canadian tariffs will be imposed in the future. The Canadian government has published a list of goods that will be subject to the tariff, and there are many food supplies and raw ingredients on such list. If the CA Operating Subsidiaries purchase supplies from the United States, such supplies may be subject to the Canadian tariffs, thereby causing an increase in cost and a lower profit margin. This could adversely affect our financial performance.

***Changes in U.S. and international trade policies, including the export and import controls and laws, may adversely impact our business and operating results.***

We partner with international suppliers all over the world. This subjects us to risks associated with international trade conflicts including between the United States and Canada, Japan, and other countries, particularly with respect to export and import controls and laws. President Donald J. Trump has advocated for greater restrictions on international trade in general, which could result in significantly increased tariffs on certain goods imported into the United States, particularly from China. For example, in recent years the United States government has renegotiated or terminated certain existing bilateral or multi-lateral trade agreements. It has also imposed tariffs on certain foreign goods which resulted in increased costs for goods imported into the United States. In response to these tariffs, a number of United States trading partners have imposed retaliatory tariffs on a wide range of United States products, making it more costly for companies to export products to those countries.

Rising political tensions could reduce trade volume, investment, technological exchange and other economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets. Additionally, the resulting environment of tariffs, retaliatory trade or other practices or additional trade restrictions or barriers, if implemented on a broader range of products or raw materials, could harm our ability to obtain necessary raw materials and product components or sell our products and services at prices customers are willing to pay, which could have a material adverse effect on our business, prospects, results of operations, and cash flows

***Increases in labor costs or shortages of qualified staff could negatively affect our profitability.***

Our profitability is highly dependent on the ability to manage labor costs effectively. As of the date of this prospectus, we employed 191 individuals across our restaurants in Hong Kong and in Canada (which reflect only employees directly hired by us).

Any significant increases in labor costs, whether due to adverse changes in United States visa and immigration policies, changes in minimum wage laws, labor regulations, or general wage inflation, could substantially raise our operating expenses. In addition, wage hikes may cascade to other employees earning above the minimum wage, further inflating our labor costs. If we are unable to adjust our pricing or increase revenue to compensate for these rising costs, our profit margins could be adversely affected, thereby impacting our overall financial performance.

***Our growth and operational success depend on our ability to attract, train, and retain qualified management and restaurant staff.***

Our operational success and long-term growth depend heavily on the strength of our management team, which includes leaders with expertise in human resources, restaurant operations, marketing, product development, supply chain management, and finance. As our business expands, the demands on our management team increase, making strong leadership and effective decision-making even more critical to our operations.

The loss of key management personnel, particularly those with significant industry experience, could disrupt our business operations and strategic initiatives. If we are unable to attract, recruit, and retain qualified replacements in a timely manner, it could negatively affect our decision-making, operational efficiency, and overall business performance. Additionally, the departure of senior management could be perceived negatively by investors and analysts, potentially diminishing confidence in our ability to execute our growth plans and threatening the market's perception of our business and its value.

As we expand into new markets, our ability to manage this growth will increasingly depend on recruiting and retaining experienced and capable management personnel. Failure to do so could hinder our expansion efforts, compromise service quality, and ultimately limit our long-term growth potential.

***Our business and results of operations could be adversely affected by difficulties in recruitment and retention of our employees.***

Our ability to operate efficiently and maintain high service standards is contingent upon attracting, retaining, and motivating a sufficient number of skilled employees, including restaurant managers, chefs, kitchen staff, and front-line service personnel. The restaurant industry is highly competitive and often faces labor shortages, making it difficult to find and retain qualified staff. High employee turnover, a common issue in the industry, further exacerbates this challenge and can lead to operational disruptions.

Failure to recruit and retain adequate front-line staff could result in increased recruitment and training costs, operational inefficiencies, and delays in opening new restaurant locations. Additionally, the competition for skilled workers may require us to offer higher wages, enhanced benefits, or other incentives, further driving up labor expenses. Given the competitive nature of the restaurant industry, we may not always be able to pass these increased costs on to customers through higher menu prices without negatively affecting demand, which could ultimately impact our profitability.

Any sustained difficulties in maintaining a stable and well-trained workforce could damage our reputation, limit our growth potential, and adversely affect our financial performance.

***Any failure to maintain effective quality control systems could harm our reputation and financial performance.***

The quality and safety of the food we serve is essential to our success. We depend on the effectiveness of our quality control systems, as well as those of our suppliers and sub-franchisees, to ensure that our food meets high standards. This requires rigorous compliance with food safety regulations and thorough implementation of internal policies.

Despite our best efforts, there can be no guarantee that these systems will always work effectively. Any significant failure in our quality control processes could lead to food safety issues, which would harm our business, damage our reputation, and result in financial losses.

***Challenges in the performance or relationships with third-party delivery services could harm our delivery business and overall performance.***

In Canada, online food delivery is an increasingly important aspect of our business. Delivery orders have grown significantly as a proportion of our restaurant sales, driven by our own delivery vans and partnerships with third-party aggregators. The growing reliance on mobile apps and third-party delivery platforms has made this an integral part of our operations.

However, we depend on these third-party aggregators to provide a high standard of service. Any decline in the quality or reliability of these services could harm our reputation and result in customer dissatisfaction. Moreover, if we are unable to renew or extend agreements with these aggregators on favorable terms, our delivery business may suffer, leading to a potential loss of revenue.

***Newly developed restaurants may not meet our expectations, and we cannot guarantee that our expansion plans will be successful.***

The future growth of our Group depends on our ability to open and operate new restaurant outlets and expand our network profitably. The restaurant industry is highly competitive, and our Operating Subsidiaries face various risks and uncertainties in successfully launching new outlets, including but not limited to:

● Challenges in identifying suitable locations and securing leases on favorable terms;

● Delays in obtaining necessary government approvals, licenses, and permits;

● Difficulties in managing renovation and development costs;

● Risk of not completing renovation projects on schedule;

● Challenges in hiring, training, and retaining qualified staff, including restaurant managers;

● Varying consumer preferences in different regions and the potential for differing levels of acceptance of our products;

● Newly opened restaurants may not meet anticipated sales or cash flow targets;

● Issues with securing reliable suppliers and ensuring timely delivery of inventory that meets our quality standards; and

● Adverse fluctuations in economic and business conditions.

As a result, we cannot guarantee that our expansion efforts will be successful, as we may not fully anticipate the challenges associated with growing our operations. Our growth strategy, along with the significant investment required for each new restaurant, could cause fluctuations in our operating results, making them unpredictable or negatively affecting our business, financial condition, or operational performance. If we are unable to expand within existing markets or enter new ones, our ability to grow sales and profitability could be significantly impaired, potentially leading to losses.

***Expanding into new markets can pose additional challenges due to our lack of familiarity with those regions.***

Venturing into new markets brings a host of additional challenges, especially in regions where our brand is less recognized. For example, as we explore expanding the Ajisen Ramen brand into the U.S., we must adapt to competitive pressures, varying consumer preferences, and differing discretionary spending habits, all of which may differ greatly from those in our established markets. The U.S. restaurant market is also highly saturated and subject to intense competition. Consequently, new locations may take longer to achieve the expected sales and profitability levels, and may incur higher construction, occupancy, or operational costs than those in our existing markets.

In new markets, limited brand awareness could require significantly higher investments in advertising and promotions than initially anticipated. Additionally, attracting, motivating, and retaining employees who align with our vision and culture may be more difficult, further complicating our expansion efforts. Unfamiliar consumer tastes and unpredictable competitive conditions could make it harder to meet market demands, prolonging the time it takes for new locations to reach their full potential.

If we fail to successfully navigate these challenges, our overall profitability could be materially impacted, and our efforts to expand into new regions may not yield the desired results, adversely affecting our business, financial condition, and operating performance.

***Opening new restaurants in existing markets may negatively impact sales at our existing restaurants.***

The consumer target area of our restaurants varies by location, depending on a number of factors, including population density, other local retail and business attractions, area demographics and geography. As a result, if we open new restaurants in or near markets in which we already have restaurants, it could have a material adverse effect on sales at these existing restaurants. Existing restaurants could also make it more difficult to build our consumer base for a new restaurant in the same market. Our core business strategy does not entail opening new restaurants that we believe will materially affect sales at our existing restaurants in the long term. However, due to brand recognition and logistical synergies, as part of our growth strategy, we also intend to open new restaurants in areas where we have existing restaurants. This plan could have a material adverse effect on the results of operations and same-restaurant sales for our restaurants in such markets due to the close proximity with our other restaurants and market saturation. Unintentional sales cannibalization or sales cannibalization in excess of what was intended may become significant in the future as we continue to open new restaurants, and could affect our sales growth, which could, in turn, have a material adverse effect on our business, financial condition and results of operations.

***Our ability to manage future growth effectively is crucial to our financial performance.***

Our growth trajectory is partially dependent on our ability to open new restaurants, and this expansion may vary from period to period. Opening new locations comes with several challenges, including, but not limited to, securing prime locations, sourcing reliable suppliers, recruiting and training staff, obtaining necessary permits, and negotiating favorable lease agreements. In addition, our future growth in same-store sales will largely depend on continued economic growth in the regions where we operate, as well as our ability to adapt to evolving consumer preferences.

We also plan our capital expenditures annually, taking into account various factors such as historical performance, market conditions, and investment requirements outlined in our franchise agreements. However, factors beyond our control—such as economic downturns, construction delays, or changes in consumer demand—could impact our ability to achieve the expected returns on these investments.

Moreover, as we grow, we must ensure that our systems, procedures, and controls are capable of handling increased operational complexity, which may require significant investment in technology and personnel. If we fail to manage our growth effectively, it could have a negative impact on our business and financial results.

***Our expansion into new markets is contingent on approval from our franchisors.***

As a franchisee, our ability to expand into new markets beyond Canada and Hong Kong is subject to obtaining approval from our franchisors. While we have secured the necessary approvals from our franchisors for our current expansion plans, any future expansion into additional markets will still require such approvals. If our franchisors impose delays, restrictions, or unfavorable terms on future approvals, it could limit our ability to capitalize on growth opportunities in key markets. Any inability to expand as planned could adversely impact our business strategy, financial performance, and overall growth prospects.

***The economic viability of our restaurant locations may change, and we may face challenges in securing new locations at favorable terms.***

The success of our restaurants is heavily dependent on their locations. However, the economic viability of these locations may change due to factors such as demographic shifts, renovations, or poor maintenance, which could reduce customer traffic and negatively affect our sales performance. There is no guarantee that these locations will remain attractive or that the malls and buildings where our restaurants are located will continue to operate without closure, renovation, or demolition.

In addition, competition for prime retail spaces is intense, especially in Hong Kong, and our competitors may secure more favorable lease terms or exclusivity rights with landlords, limiting our access to desirable locations. Should our current locations become less viable or attractive, and if we are unable to secure new sites or renew existing leases on favorable terms, our growth strategy and overall financial performance could be adversely affected.

***Our ability to attract sub-franchisees is critical to our growth strategy.***

A key component of our growth strategy is expanding our footprint through sub-franchisees, particularly for our Ajisen Ramen brand in Canada. However, our ability to attract qualified sub-franchisees depends on factors such as the perceived profitability of our franchise model, the availability of desirable locations, and competition from other franchisors. If we fail to attract or retain sub-franchisees, or if our sub-franchisees fail to operate successfully, our growth plans and financial performance could be materially impacted. Additionally, disputes with sub-franchisees over operational or financial issues could harm our reputation and disrupt our business operations.

***We are subject to environmental regulations, which could increase our compliance costs and adversely affect our business.***

Our operations are subject to a wide range of environmental regulations and laws in the jurisdictions in which we operate, including those related to waste disposal, water use, emissions, and energy efficiency. Any changes to existing laws, the imposition of new regulations, or increased enforcement of current regulations could result in higher compliance costs, operational restrictions, or other liabilities. For example, stricter requirements on waste management or energy use could increase our operating expenses across our restaurant locations. Failure to comply with environmental laws could also subject us to fines, penalties, or reputational damage, any of which could adversely affect our financial performance and business operations.

***Our results of operations may fluctuate due to seasonality.***

Our sales in Hong Kong and Canada are influenced by seasonality, driven by cultural celebrations and festivals. For example, we consistently experience higher sales during major festive periods such as Chinese New Year, Christmas, and New Year's celebrations, as customers dine out to commemorate these occasions. However, outside of these festive seasons, customer traffic and sales may decline, which could negatively impact our overall financial results. See also "Business—Seasonality" and "Management's Discussion and Analysis—Seasonality."

Seasonal fluctuations in sales may result in uneven financial performance throughout the year. If we experience softer sales during periods in which we have historically achieved higher sales, it could disproportionately affect our annual results. Additionally, comparisons of sales and operating performance across different periods within a financial year may not reliably indicate future performance. Any seasonal variations that deviate from historical patterns could negatively affect investor expectations and confidence in our business.

***The international nature of our business may subject us to additional risks.***

As an international restaurant operator with operations in Canada and Hong Kong, we are exposed to additional risks inherent in operating across multiple jurisdictions. These risks include compliance with differing regulatory requirements, currency exchange rate fluctuations, political instability, and cultural differences that may affect consumer preferences. For example, changes in local labor laws or tax regulations could increase our operating expenses, while political or economic instability in Hong Kong could disrupt our operations there. Additionally, international operations increase the complexity of our business, which may strain our management resources or expose us to unforeseen liabilities. These factors could adversely affect our financial performance and growth prospects.

***Leasing a broad portfolio of real estate exposes us to potential losses and liabilities.***

We lease the premises for all of our restaurants. Our property rent costs may increase our vulnerability to adverse economic conditions, limit our ability to obtain additional financing and reduce our cash for other purposes. Our property rent costs may further increase in line with our restaurant network expansion.

We normally negotiate with the landlords to renew our leases upon their expiration. If we are unable to renew the leases, we may have to close or relocate a restaurant. We may not be able to identify suitable premises at commercially reasonable prices and we may incur significant relocation and decoration costs in relation to the new premises we lease. In addition, the revenue and profit generated from any such restaurant may be adversely affected.

Even though we are able to renew the lease agreements, we cannot assure you that we will be able to renew without substantial additional costs or increase in rental cost. If a lease agreement is renewed at a rent substantially higher than the historical rate, or any historical favorable terms granted by the lessor to us are not extended, our business and results of operations may be materially and adversely affected. As a result, any inability to obtain leases for desirable restaurant locations or renew existing leases on commercially reasonable terms could have a material and adverse effect on our business, financial condition and results of operations.

We are also subject to risks generally associated with the property rental market. These risks mainly include changes in market rental rates, relocation of business districts or communities, supply or demand for the products of our restaurants and potential liability for environmental contamination. In addition, we are also subject to risks in relation to potential title defects of the premises we lease, which sometimes are beyond our control.

***The advertising and promotional strategies of our competitors could negatively impact our business.***

In an industry where brand visibility and customer awareness are critical to success, effective advertising and promotions are key to attracting and retaining customers. Our competitors, including well-established brands, often have larger advertising budgets and may be able to invest heavily in promotional activities. If competitors increase their spending on advertising, or if the costs of media advertising (such as television or radio) rise, we may struggle to keep up with these efforts, particularly if our own advertising budgets are strained or if our promotional efforts are not as effective.

If our franchisors or we fail to implement successful marketing campaigns, or if competing brands are more effective in their promotional efforts, we could lose customers to rivals, which would have a negative impact on our revenues and overall financial performance.

***Our inability to effectively manage the rapid and widespread impact of social media could significantly harm our business.***

The growing influence of social media platforms such as Instagram, TikTok, Facebook, Threads, etc. presents both opportunities and risks for our business. These channels allow individuals to reach a large audience, often without any oversight regarding the accuracy of the information shared. Negative or misleading information about our brand, whether true or false, can spread quickly and cause immediate damage to our reputation, financial condition, and operating results.

Many of our competitors are increasing their presence on social media, and new platforms are continually emerging. To stay relevant, we must innovate and adapt our digital marketing strategies, ensuring that we remain visible and appealing to our target customers. While we invest heavily in search engine marketing, social media platforms, and other digital initiatives to build customer engagement and loyalty, these efforts may not always yield the desired results. If our social media strategies fail, we could incur costs without seeing a corresponding increase in revenue, brand recognition, or customer engagement.

Additional risks associated with social media include the potential for misuse of proprietary information, negative comments that damage our brand, and unauthorized disclosure of personal data. Should we fail to manage these risks effectively, the resulting negative publicity could lead to litigation, increased operational costs, and significant harm to our overall reputation and business performance.

***Unpredictable events such as natural disasters, political unrest, health-related outbreaks, food-borne illnesses or other disruptions could adversely impact our operations.***

Our business is vulnerable to various unpredictable events, including natural disasters (such as earthquakes, floods, typhoons, and fires), political unrest, terrorist attacks, severe weather conditions, and health-related outbreaks or food-borne illnesses (such as COVID-19, Ebola, avian flu, and other epidemics). These events could significantly disrupt our operations, those of our sub-franchisees or suppliers, and adversely impact our financial condition.

For example, adverse weather, transportation delays, or traffic accidents could result in missed deliveries of perishable goods, leading to food spoilage and loss of revenue. Additionally, widespread health outbreaks or natural disasters could result in the temporary closure of offices, production facilities, or restaurants, and disrupt the supply chain, altering our ability to maintain the consistent quality and availability of our menu items, which is critical to our reputation and customer satisfaction.

In the event of a severe epidemic or natural disaster affecting Hong Kong or Canada—where most of our employees and operations are based—we may experience major disruptions, including staff shortages, suspension of services, and technological interruptions (such as loss of power, telecommunications failures, or system breakdowns). Such disruptions could materially and adversely affect our business, financial performance, and results of operations.

***We are subject to risks related to sustainability and corporate social responsibility.***

The growing focus on environmental, social, and governance ("ESG") issues presents risks for our business. Consumer expectations around sustainability, ethical sourcing, and corporate responsibility are rising, and failure to meet these expectations could harm our reputation and customer loyalty. For instance, concerns over the environmental impact of our packaging, energy use, or sourcing practices for ingredients such as beef could lead to adverse publicity or reduced demand for our products. Additionally, increased regulatory scrutiny of ESG matters or the adoption of new sustainability laws could raise our compliance and operational costs. If we fail to align our business practices with evolving ESG standards, we could face reputational damage, reduced customer loyalty, or other financial and operational challenges.

***The estimates of market opportunity and forecasts of market growth may prove inaccurate, and our business may fail to grow at similar rates.***

This prospectus contains estimates and forecasts regarding the market opportunity for Japanese-themed dining concepts and the projected growth of this market. These projections are based on various assumptions and third-party data, which may prove to be inaccurate. Even if the market in which we operate achieves the forecasted growth, we may not grow at similar rates or may fail to capture our projected market share. Factors such as increased competition, changing consumer preferences, or operational challenges could prevent us from achieving anticipated growth. Any failure to meet market expectations could adversely affect investor confidence and the value of our business.

***We may require additional financing to achieve our growth goals.***

To achieve our strategic growth goals, including opening new restaurant locations and expanding into new markets, we may require additional financing. If we are unable to secure the necessary capital on acceptable terms, or at all, we may be forced to delay or scale back our expansion plans, which could limit our growth potential. Additionally, any future financing could result in increased debt obligations or dilution of existing shareholders or new equity that we issue could have rights, preferences or privileges superior to those of our Class A Ordinary Shares, which may adversely affect our financial condition or the value of our shares. Our ability to obtain financing may be influenced by factors outside of our control, including market conditions, interest rates, and investor sentiment.

***Our insurance may not be sufficient to cover certain losses.***

We purchase and maintain insurance policies that we believe are customary with the standard commercial practice in our industry and as required under the relevant laws and regulations. However, we cannot guarantee that our insurance policies will provide adequate coverage for all the risks in connection with our business operations. If we were to incur substantial losses and liabilities that are not covered by our insurance policies, we could suffer significant costs and diversion of our resources, which could have a material and adverse effect on our financial conditions and results of operations. We may be required to bear our losses to the extent that our insurance coverage is insufficient.

***Failures or breaches of our information technology systems could disrupt our operations and expose us to litigation or reputational damage.***

Our Operating Subsidiaries use computerized point of sale ("POS") systems in our restaurant locations across Hong Kong and Canada. These systems are essential for recording invoices, tracking sales revenue, and managing operating expenses. We rely on the POS systems and our network infrastructure to oversee daily operations and collect accurate, real-time financial and operational data for business analysis. Any damage to or failure of these systems that disrupts our operations could adversely impact our business and financial results.

Additionally, we collect and store certain personal information from our customers, including during credit card transactions, online reservations, and feedback submissions. If our network security is compromised and this data is accessed by unauthorized individuals or misused, we may be held liable for the breach, potentially facing litigation or other legal actions. Such incidents could divert management's attention, incur substantial liabilities, and result in unexpected losses and expenses. Moreover, a data breach could harm consumer trust in our Group and brands, further damaging our business and operating performance.

***Changes to international trade policies, tariffs, and treaties could adversely impact our business.***

Our business is influenced by international trade policies and agreements, as we rely on the importation of certain specialty ingredients and proprietary products from Japan and other regions. Changes in trade policies, tariffs, or treaties, including those driven by shifting political administrations or the emergence of trade wars, could increase the cost of importing these essential products. For example, the imposition of new tariffs on food imports from Japan or other countries could significantly increase our supply chain costs. Any such changes could adversely affect our ability to source ingredients at competitive prices, disrupt our supply chain, and negatively impact our financial results.

***We may be adversely affected by legal actions or claims with respect to our business.***

We could be adversely affected by legal actions and claims brought by consumers or regulatory authorities in relation to the quality of our products and eventual health problems or other consequences caused by our products or by any of their ingredients. We could also be affected by legal actions and claims brought against us for products made in a jurisdiction outside of our territories. Because we conduct our business in two different countries, we may be subject to multi-jurisdictional private and governmental lawsuits, including, but not limited to, lawsuits relating to labor and employment practices, occupational health and safety, taxes, trade and business practices, franchising, intellectual property, consumer protection, product safety, licensing, real property, landlord/tenant, environmental, advertising, nutrition and anti-trust matters.

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

Our revenues and expenses will be denominated predominantly in Hong Kong dollars and Canadian dollars. Although the exchange rates between HKD to USD have been pegged since 1983, we cannot assure you that HKD will remain pegged to USD. Any significant fluctuations in the exchange rates between HKD to USD or CAD to USD, particularly when converting USD proceeds from this offering into HKD or CAD for our operations, could have an adverse effect on the amounts we receive from such conversions. We have not used any forward contracts, futures, swaps, or currency borrowings to hedge our exposure to foreign currency risk.

***Our financial result for the year ending September 30, 2025 is expected to be adversely affected by non-recurring listing expenses.***

Our management is of the view that our financial results for the year ending September 30, 2025 are expected to be adversely affected by the listing expenses in relation to the offering, the nature of which is non-recurring. See "- Expenses Related to this Offering" for further information. Part of the listing expenses is expected to be accounted for as a deduction from equity upon listing while part of the listing expenses has been and is expected to be recognized as expenses in the consolidated statements of income which is expected to be recognized for the year ending September 30, 2025. Accordingly, the results of operation and financial performance for the year ending September 30, 2025 may be adversely impacted, and may or may not be comparable to our financial performance in the past.

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

***Part of our operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of our HK Operating Subsidiaries and/or the value of our Class A Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale.***

Riku is a holding company, and we conduct a part of our operations in Hong Kong through our HK Operating Subsidiaries. We have no operations in Mainland China. However, our HK Operating Subsidiaries are located and operate their business in Hong Kong, which is a special administrative region of the PRC. Pursuant to the Basic Law of Hong Kong ("Basic Law"), national laws of Mainland China do not apply in Hong Kong unless they are listed in Annex III of the Basic Law and applied locally by promulgation or local legislation. National laws that may be listed in Annex III are currently limited under the Basic Law to those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong Kong National laws and regulations relating to data protection, cybersecurity and the anti-monopoly have not been listed in Annex III and so do not apply directly to Hong Kong.

However, due to long-arm provisions under the current PRC laws and regulations, there remains regulatory and legal uncertainty with respect to the implementation of the PRC laws and regulations to Hong Kong. As a result, there is no guarantee that the PRC government may not choose to implement the PRC laws and regulations to Hong Kong and exercise significant direct influence and discretion over the operation of our HK Operating Subsidiaries in the future and, it will not have a material adverse impact on our business, financial condition and results of operations, due to changes in laws, political environment or other unforeseeable reasons.

In the event that we or our HK Operating Subsidiaries become subject to the PRC laws and regulations, the legal and operational risks associated with being based in and having operations in Mainland China could also apply to our operations in Hong Kong. We would face the risks and uncertainties associated with the PRC legal system, complex and evolving PRC laws and regulation, and whether and how the recent PRC government statements and regulatory developments, such as those relating to data and cyberspace security and anti-monopoly concerns, would apply to companies like our HK Operating Subsidiaries and us, given the substantial operations of our HK Operating Subsidiaries in Hong Kong. The Chinese government may exercise significant oversight over the conduct of business in Hong Kong.

The laws and regulations in Mainland China are evolving, and their enactment timetable, interpretation, enforcement, and implementation involve significant uncertainties and may change quickly with little advance notice, along with the risk that the PRC government may intervene or influence our HK Operating Subsidiaries' operations at any time could result in a material change in our operations and/or the value of our securities. Moreover, there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including, but not limited to, the laws and regulations related to our business and the enforcement and performance of our arrangements with clients in certain circumstances. The laws and regulations are sometimes vague and may be subject to future changes, and their official interpretation and enforcement may involve substantial uncertainty. The effectiveness and interpretation of newly enacted laws or regulations, including amendments to existing laws and regulations, may be delayed, and our business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a manner different from our understanding of these laws and regulations. New laws and regulations that affect existing and proposed future businesses may also be applied retroactively. We cannot predict what effect the interpretation of existing or new PRC laws or regulations may have on our business.

The laws, regulations, and other government directives of the PRC may also be costly to comply with, and such compliance or any associated inquiries or investigations or any other government actions may:

● delay or impede our business development;

● increase our operating expenses or reputational risks;

● require significant management time and resources;

● cause devaluation of our securities or delisting; and

● subject us to potential administrative penalties, legal liabilities, or operational restrictions.

We are aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in Mainland China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over Mainland China-based companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. We have no operations in Mainland China. Based on our understanding of the PRC laws and regulations currently in effect as of the date of this prospectus, as our HK Operating Subsidiaries are located in Hong Kong, we are not currently required to obtain permission from the PRC government to list on a U.S. securities exchange and consummate this offering. However, there is no guarantee that this will continue to be the case in the future in relation to the continued listing of our securities on a securities exchange outside of the PRC, or even when such permission is obtained, that it will not be subsequently denied or rescinded.

The PRC government may intervene or influence our operations at any time or may exert control over offerings conducted overseas and foreign investment in Hong Kong-based issuers, which may result in a material change in our operations and/or the value of our Ordinary Shares. For example, there is currently no restriction or limitation under the laws of Hong Kong on the conversion of HK dollar into foreign currencies and the transfer of currencies out of Hong Kong and the laws and regulations of the PRC on currency conversion control do not currently have any material impact on the transfer of cash between the ultimate holding company and the HK Operating Subsidiaries in Hong Kong.

The PRC government may, in the future, impose restrictions or limitations on our ability to move money out of Hong Kong to distribute earnings and pay dividends to and from the other entities within our organization or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to the outside of Hong Kong and may affect our ability to receive funds from our HK Operating Subsidiaries in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measured could materially decrease the value of our Ordinary Shares, potentially rendering it worthless.

***Recently in 2023, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In the future, we may be subject to PRC laws and regulations related to the current business operations of our HK Operating Subsidiaries and any changes in such laws and regulations and interpretations may impair its ability to operate profitably, which could result in a material negative impact on its operations and/or the value of our Class A Ordinary Shares.***

Although we currently do not have or intend to have any subsidiary or any contractual arrangement to establish a VIE structure with any entity in mainland China, we are still subject to certain legal and operational risks associated with our HK Operating Subsidiaries being based in Hong Kong. Additionally, the legal and operational risks associated in mainland China may also apply to operations in Hong Kong, and we face the risks and uncertainties associated with the complex and evolving PRC laws and regulations and as to whether and how the recent PRC government statements and regulatory developments, such as those relating to data and cyberspace security and anti-monopoly concerns, would be applicable to companies such as our HK Operating Subsidiaries given the operations of our HK Operating Subsidiaries in Hong Kong and the Chinese government may exercise significant oversight over the conduct of business in Hong Kong. In the event we or our HK Operating Subsidiaries were to become subject to PRC laws and regulations, we could incur material costs to ensure compliance, and we or our HK Operating Subsidiaries might be subject to fines, experienced evaluation of securities or delisting, no longer be permitted to conduct offerings to foreign investors, and/or no longer be permitted to continue business operations as presently conducted. Our organizational structure involves risks to the investors, and Chinese regulatory authorities could disallow this structure, which would likely result in a material change in our HK Operating Subsidiaries' operations and/or a material change in the value of our Class A Ordinary Shares, including the risk that such event could cause the value of such securities to significantly decline or become worthless. Moreover, there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including, but not limited to, the laws and regulations related to our business and the enforcement and performance of our arrangements with customers in certain circumstances. The laws and regulations may be subject to future changes, and their official interpretation and enforcement may involve substantial uncertainty. The effectiveness and interpretation of newly enacted laws or regulations, including amendments to existing laws and regulations, may be delayed, and our business may be affected if we rely on laws and regulations which are subsequently adopted or interpreted in a manner different from our understanding of these laws and regulations. We cannot predict what effect the interpretation of existing or new PRC laws or regulations may have on our business.

***We may become subject to a variety of PRC laws and other obligations regarding M&A Rules, the Trial Measures and data security, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.***

The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies on August 8, 2006, and amended on June 22, 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of domestic companies in mainland China and controlled by companies or individuals of mainland China to obtain the approval of the CSRC, prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. In addition, on December 24, 2021, the CSRC released the Administrative Regulations of the State Council Concerning the Oversea Issuance of Security and Listing by Domestic Enterprise (Draft for Comments) (the "Draft Administrative Regulations") and the Measures for the Overseas Issuance of Securities and Listing Record-Filings by Domestic Enterprises (Draft for Comments) (the "Draft Filing Measures"), collectively the "Draft Rules on Overseas Listing", for public opinion.

Riku is a holding company incorporated in the Cayman Islands with subsidiaries based in Hong Kong and Canada. As of the date of this prospectus, we have no subsidiary, VIE structure or any direct operations in mainland China, nor do we intend to have any subsidiary or VIE structure or to acquire any equity interests in any domestic companies in mainland China, and we are not controlled by any companies or individuals of mainland China. Further, our HK Operating Subsidiaries are headquartered in Hong Kong and all of their revenues and profits are generated in Hong Kong, and not in mainland China. Additionally, we do not intend to operate in mainland China in the foreseeable future. As such, we do not believe we would be subject to the M&A Rules, or would be required to file with the CSRC under the Trial Measures. Moreover, pursuant to the Basic Law of the Hong Kong Special Administrative Region, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy).Therefore, we believe, as of the date of this prospectus, the CSRC's approval or review is not required for the listing and trading of our Class A Ordinary Shares in the U.S. exchange as provided under the M&A Rules and the Trial Measures.

Part of our operations are conducted in Hong Kong, which is a part of the PRC. We are aware that recently, in 2023, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding its efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on our HK Operating Subsidiaries' daily business operations, their ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchange. These actions could result in a material change in our operations and/or to the value of our Class A Ordinary Shares and could significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors.

In addition, on December 28, 2021, the Measures were published and became effective February 15, 2022, and require that, among other things, and in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and which further elaborate on the factors to be considered when assessing the national security risks of the relevant activities. The publication of the Measures indicates greater oversight by the CAC over data security, which may impact our business and this Offering in the future. As of the date of this prospectus, our Operating Subsidiary does not have any mainland China individuals as clients. We do not expect the Measures to have an impact on our business, operations or this Offering to subject us or our HK Operating Subsidiaries to permission requirements from the CAC or any other government agency that is required to approve our HK Operating Subsidiaries' operations, as we do not believe we will be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that are required to file for cybersecurity review before listing in the U.S. However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If we were deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, or if other regulations promulgated in relation to the Measures are deemed to apply to us, our subsidiary's business operations and the listing of our Class A Ordinary Shares in the U.S. could be subject to CAC's cybersecurity review or we and our subsidiary might be covered by permission from the CAC or any other government agency that is required to approve our HK Operating Subsidiaries' operations in the future. Nevertheless, since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It also remains uncertain what the potential impact such modified or new laws and regulations will have on our subsidiary's daily business operations, its ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchanges. If any or all of the foregoing were to occur, it may significantly limit or completely hinder our ability to complete this Offering or cause the value of our Class A Ordinary Shares to significantly decline or become worthless. As of the date of this prospectus, there are no commensurate laws or regulations in Hong Kong which result in similar significant oversight over data security for companies seeking to offer securities on a foreign exchange. However, we cannot guarantee that, if, in the future, such laws or regulations were issued in Hong Kong, we would be compliant with such laws or regulations in a timely manner or at all. In addition, we may have to spend significant time and costs to become compliant. If we are unable to do so, on commercially reasonable terms, in a timely manner or otherwise, we may become subject to sanctions imposed by the relevant regulatory authorities, and our ability to conduct our business, or offer securities on a U.S. or other international securities exchange may be restricted. As a result of the foregoing, our business, reputation, financial condition, and results of operations may be materially and adversely affected.

Recent statements by the PRC government have indicated an intent to exert more exert oversight and control over offerings that are conducted overseas and/or foreign investments in China based issuers. On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities markets and promote the high-quality development of the capital markets, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

On December 24, 2021, the China Securities Regulatory Commission (the "CSRC") released the Draft Administrative Provisions and the Draft Filing Measures, both of which had a comment period that expired on January 23, 2022. The Draft Administrative Provisions and Draft Filing Measures regulate the administrative system, record-filing management, and other related rules in respect of the direct or indirect overseas issuance of listed and traded securities by "domestic enterprises". The Draft Administrative Provisions specify that the CSRC has regulatory authority over the "overseas securities offering and listing by domestic enterprises", and requires "domestic enterprises" to complete filing procedures with the CSRC if they wish to list overseas. On February 17, 2023, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; any failure to comply with such filling procedures may result in administrative penalties, such as an order to rectify, warnings, and fines. On April 2, 2022, the CSRC published the Draft Archives Rules, for public comment. These rules state that in the overseas listing activities of domestic companies, domestic companies, as well as securities companies and securities service institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall not disclose state secrets, or harm the state and public interests.

Under the Trial Measures and the Guidance Rules and Notice, Chinese domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following their submission of initial public offerings or listing application. The companies that have already been listed on overseas stock exchanges or have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing and will complete their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for its listing, yet need to make filings for subsequent offerings in accordance with the Trial Measures. Companies that have already submitted an application for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing, shall arrange for the filing within a reasonable time period and shall complete the filing procedure before such companies' overseas issuance and listing.

As of the date of this prospectus, given that the Group has no operations in China, the Company believes it is not required to complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures. While the Group has no current operations in China, should we have any future operations in China and should we (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may also impose fines and penalties on our potential operations in China, as well as limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds from this offering into China or take other actions that could have a material adverse effect on our business as well as the trading price of our Class A Ordinary Shares.

Furthermore, on July 10, 2021, the Cyberspace Administration of China (the "CAC") issued a revised draft of the Measures for Cybersecurity Review for public comment, which required that, among others, in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant activities. On December 28, 2021, the CAC, the National Development and Reform Commission ("NDRC"), and several other administrations jointly issued the revised Measures for Cybersecurity Review, which became effective and replaced the existing Measures for Cybersecurity Review on February 15, 2022. According to the Revised Review Measures, if an "online platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. Based on a set of Q&A published on the official website of the State Cipher Code Administration in connection with the issuance of the Revised Review Measures, an official of the said administration indicated that an online platform operator should apply for a cybersecurity review prior to the submission of its listing application with non-PRC securities regulators. Moreover, the CAC released the draft of the Regulations on Network Data Security Management in November 2021 for public consultation, which among other things, stipulates that a data processor listed overseas must conduct an annual data security review by itself or by engaging a data security service provider and submit the annual data security review report for a given year to the municipal cybersecurity department before January 31 of the following year. Given the recency of the issuance of the Revised Review Measures and their pending effectiveness, there is a general lack of guidance and substantial uncertainties exist with respect to their interpretation and implementation. It remains unclear whether a Hong Kong company which collects personal information from PRC individuals shall be subject to the Revised Review Measures. We do not currently expect the Revised Review Measures to have an impact on our business, our operations or this offering as we do not believe that our HK Operating Subsidiaries would be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that would be required to file for cybersecurity review before listing in the U.S. This conclusion is based on the following factual circumstances: (i) our HK Operating Subsidiaries operate restaurants solely within Hong Kong, engaging exclusively in routine commercial activities unrelated to critical information infrastructure; (ii) their processing of personal information such as customer reservations, payments, and related restaurant operations, involves significantly fewer than one million users; (iii) their operations are confined to Hong Kong, and they do not process personal data of individuals within mainland China or conduct cross-border data transfers from mainland China; and (iv) as of the date of this prospectus, we have not received any notification, inquiry, warning, or request from the CAC or any other PRC regulatory authorities indicating that we are or may be classified as an "operator of critical information infrastructure" or a "data processor," nor have we received requests to submit to a cybersecurity review. Accordingly, we believe that our HK Operating Subsidiaries are not subject to the Revised Review Measures. However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Revised Review Measures are adopted into law in the future and any of our HK Operating Subsidiaries is deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, our operation and the listing of our Class A Ordinary Shares in the U.S. could be subject to CAC's cybersecurity review.

We have been advised by Hastings & Co., our Hong Kong counsel, that based on their understanding of the current Hong Kong laws, as of the date of this prospectus, the Company and its HK Operating Subsidiaries, are not required to obtain any permissions or approvals from Hong Kong authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors. No such permissions or approvals have been applied for by the Company and/or its subsidiaries or denied by any relevant authorities. Part of our operations are conducted in Hong Kong, which is a part of the PRC. As of the date of this prospectus, our HK Operating Subsidiaries received all requisite permissions or approvals from the Hong Kong authorities to operate their businesses in Hong Kong, including but not limited to their business registration certificates. However, we have been advised by Hastings & Co. that uncertainties still exist, due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future.

Based on management's internal assessment that the Company and its subsidiaries currently have no material operations in the PRC, the Company's management believes that as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors, including the CAC or the CSRC. We also believe that our HK Operating Subsidiaries are not required to obtain any permissions or approvals from any Chinese authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

As of the date of this prospectus, Hong Kong does not have similar regulations as of the PRC to extend oversight and control over offerings that are conducted overseas. Hong Kong does not have similar regulation as of the Trial Measures and the Guidance Rules and Notice, and Measures for Cybersecurity Review of the PRC. In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC or if applicable laws, regulations or interpretations change and we are required to obtain such permissions or approvals, (ii) we inadvertently conclude that relevant permissions or approvals were not required or (iii) we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

Under the PRC Enterprise Income Tax Law ("EIT Law") and its implementing rules, an enterprise established outside of the PRC with its "de facto management body" within the PRC is considered a PRC resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In 2009, the State Administration of Taxation ("SAT") issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.

As all of our board members and management are residents of Hong Kong and Canada, and substantially all of our assets and the primary location of the day-to-day operational management are located in Hong Kong and Canada, we are not a "de facto management body" as defined in the Circular 82. Therefore, we are not subject to EIT Law.

To the date of this prospectus, our subsidiaries and business operations are not subject to the specific laws and regulations adopted by the PRC. Accordingly, we do not believe it is necessary to obtain a legal opinion from PRC counsel, as there are no applicable PRC regulations that would impact our operations.

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

Recent statements, laws and regulations by the Chinese government in 2022 and 2023, including the Measures, the PRC Personal Information Protection Law and the Trial Measures have already indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in mainland China-based issuers. We could be subject to approval or review by Chinese regulatory authorities to pursue this offering. We do not have any operations in mainland China and currently do not have or intend to have any operating subsidiary established in mainland China or any contractual arrangement to establish a VIE structure with any entity in mainland China, but because part of our operations are conducted in Hong Kong through our HK Operating Subsidiaries, and Hong Kong is a Special Administrative Region of China, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares.

In the event that the PRC regulatory authorities disallow our business structure, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability and to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

***Compliance with Hong Kong's Personal Data (Privacy) Ordinance and any such other existing or future data privacy related laws, regulations and governmental orders may entail significant expenses and could materially affect our business.***

Our HK Operating Subsidiaries are subject to a variety of laws and other obligations regarding data privacy and protection in Hong Kong. The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) (the "PDPO") provides that a data user shall not do an act, or engage in a practice, that contravenes a data protection principle unless the act or practice, as the case may be, is required or permitted under the PDPO. The PDPO also places a statutory duty on data users to comply with the requirements of the six data protection principles contained in Schedule 1 of this ordinance. The six data protection principles are as follows: (i) principle 1 — purpose and manner of collection of personal data; (ii) principle 2 — accuracy and duration of retention of personal data; (iii) principle 3 — use of personal data; (iv) principle 4 — security of personal data; (v) principle 5 — information to be generally available; and (vi) principle 6 — access to personal data. The PDPO also gives data subjects to the following rights: (i) the right to be informed of whether any data user holds their personal data; (ii) the right to be supplied with a copy of such data; and (iii) the right to request correction of any data they consider to be inaccurate. Non-compliance with a data protection principle may lead to a complaint to the Privacy Commissioner for Personal Data.

We believe that we have been in compliance with the data privacy and personal information requirements of the PDPO. Given the nature of our business as an international restaurant operator, we do not expect to be subject to any cybersecurity review by Hong Kong and PRC government authorities for this Offering. However, if we or our HK Operating Subsidiaries have violated certain provisions of the PDPO, we could face significant civil penalties and/or criminal prosecution, which could adversely affect our business, financial condition, and results of operations. Nonetheless, as advised by our Hong Kong legal counsel, we do not believe that existing or future data privacy or cybersecurity laws in Hong Kong will materially restrict our business operations, limit our ability to accept foreign investment, or impair our ability to list on a U.S. or foreign stock exchange. This conclusion is based on an assessment of our current business activities, which primarily involve operating restaurants and handling limited personal data such as customer contact information, reservations, payments, and employee records, and do not involve large-scale processing of sensitive or high-risk personal data that would typically attract heightened regulatory scrutiny under the PDPO or other applicable Hong Kong data privacy and cybersecurity requirements. Furthermore, as of the date of this prospectus, we are not aware of any existing or reasonably foreseeable Hong Kong laws, regulations, or governmental orders imposing restrictions specifically applicable to foreign investment or overseas listings of businesses similar to ours, provided such businesses remain in compliance with the PDPO and related laws.

However, given the evolving and dynamic nature of data privacy and cybersecurity regulations in Hong Kong, future legislative or regulatory developments could result in additional compliance obligations, unexpected restrictions, or heightened scrutiny. Any failure to comply with current or future Hong Kong data privacy and cybersecurity laws or regulations could result in regulatory actions, fines, penalties, or litigation, any of which could adversely affect our business, financial condition, and results of operations.

***The enactment of the Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") could impact our HK Operating Subsidiaries, which forms part of our business.***

On June 30, 2020, the Standing Committee of the PRC National People's Congress adopted the Hong Kong National Security Law. This law defines the duties and government bodies of the Hong Kong National Security Law for safeguarding national security and four categories of offenses — secession, subversion, terrorist activities, and collusion with a foreign country or external elements to endanger national security — and their corresponding penalties. On July 14, 2020, the former U.S. President Donald Trump signed the Hong Kong Autonomy Act, or HKAA, into law, authorizing the U.S. administration to impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's autonomy. On August 7, 2020, the U.S. government imposed HKAA-authorized sanctions on eleven individuals, including former HKSAR chief executive Carrie Lam. On October 14, 2020, the U.S. State Department submitted to relevant committees of Congress the report required under HKAA, identifying persons materially contributing to "the failure of the Government of China to meet its obligations under the Joint Declaration or the Basic Law." The HKAA further authorizes secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect the foreign financial institutions as well as any third parties or customers dealing with any foreign financial institution that is targeted. It is difficult to predict the full impact of the Hong Kong National Security Law and HKAA on Hong Kong and companies located in Hong Kong, which forms part of our business. If our HK Operating Subsidiaries are determined to be in violation of the Hong Kong National Security Law or the HKAA by competent authorities, our business operations, financial position, and results of operations could be materially and adversely affected.

***There are political risks associated with conducting business in Hong Kong.***

Any adverse economic, social and/or political conditions, material social unrest, strike, riot, civil disturbance, or disobedience, as well as significant natural disasters, may affect the market and may adversely affect the business operations of the Company. Hong Kong is a special administrative region of the PRC and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law, namely, Hong Kong's constitutional document, which provides Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems". However, there is no assurance that there will not be any changes in the economic, political, and legal environment in Hong Kong in the future. Since part of our operation is based in Hong Kong, any change of such political arrangements may pose immediate threat to the stability of the economy in Hong Kong, thereby directly and adversely affecting our results of operations and financial positions.

Under the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China, Hong Kong is exclusively in charge of its internal affairs and external relations while the government of the PRC is responsible for its foreign affairs and defense. As a separate customs territory, Hong Kong maintains and develops relations with foreign states and regions. Based on certain recent development including the Hong Kong National Security Law issued by the Standing Committee of the PRC National People's Congress in June 2020, the U.S. State Department has indicated that the United States no longer considers Hong Kong to have significant autonomy from China and at the time President Trump signed an executive order and Hong Kong Autonomy Act, or HKAA, to remove Hong Kong's preferential trade status and to authorize the U.S. administration to impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's autonomy. The United States may impose the same tariffs and other trade restrictions on exports from Hong Kong that it places on goods from Mainland China. In addition, the United States has suspended several bilateral agreements with Hong Kong, including its extradition treaty, tax information exchange agreement, and a reciprocal agreement on tax exemptions for international shipping. More recently, the U.S. has expanded enforcement of export restrictions and sanctions to include Hong Kong-based entities, reflecting a broader policy shift toward treating Hong Kong as a conduit for restricted trade with Mainland China. These developments may represent an escalation in political and trade tensions involving the U.S., China, and Hong Kong, which could potentially harm our business.

Given the relatively small geographical size of Hong Kong, any of such incidents may have a widespread effect on our business operations, which could in turn adversely and materially affect our business, results of operations and financial condition. It is difficult to predict the full impact of the HKAA on Hong Kong and companies with operations in Hong Kong like us. Furthermore, legislative, or administrative actions in respect of China-U.S. relations could cause investor uncertainty for affected issuers, including us, and the market price of our Class A Ordinary Shares could be adversely affected.

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

Hong Kong is a Special Administrative Region of the PRC. Following British colonial rule from 1842 to 1997, China assumed sovereignty under the "one country, two systems" principle. The Hong Kong SAR's constitutional document, the Basic Law, ensures that the current political situation will remain in effect for 50 years. Hong Kong has enjoyed the freedom to function with a high degree of autonomy for its affairs, including currencies, immigration and customs operations, and its independent judiciary system and parliamentary system. On July 14, 2020, the United States signed an executive order to end the special status enjoyed by Hong Kong post-1997. As the autonomy currently enjoyed may be compromised, it could potentially impact Hong Kong's common law legal system and may, in turn, bring about uncertainty in, for example, the enforcement of our contractual rights. This could, in turn, materially and adversely affect our business and operations. Additionally, intellectual property rights and confidentiality protections in Hong Kong may not be as effective as in the United States or other countries. Accordingly, we cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the pre-emption of local regulations by national laws. These uncertainties could limit the legal protections available to us, including our ability to enforce our agreements with our clients.

***Because our business is conducted in Hong Kong dollars and the price of our Class A Ordinary Shares is quoted in United States dollars, changes in currency conversion rates may affect the value of your investments.***

Since part of our business is conducted by our HK Operating Subsidiaries in Hong Kong, our books and records are maintained in Hong Kong dollars, which is the currency of Hong Kong, but the financial statements that we file with the SEC and provide to our shareholders are presented in United States dollars. Changes in the exchange rate between the Hong Kong dollar and U.S. dollar affect the value of our assets and the results of our operations in United States dollars. The value of the Hong Kong dollar against the United States dollar and other currencies may fluctuate and is affected by, among other things, changes in the Hong Kong's political and economic conditions and perceived changes in the economy of Hong Kong and the United States. Any significant revaluation of the Hong Kong dollar may materially and adversely affect our cash flows, revenue and financial condition. Further, our Class A Ordinary Shares offered by this prospectus are denominated in United States dollars, and we will need to convert the net proceeds we receive into Hong Kong dollars in order to use the funds for our business. Changes in the conversion rate between the United States dollar and the Hong Kong dollar will affect that amount of proceeds we will have available for our business.

Since 1983, Hong Kong dollars have been pegged to the U.S. dollars at the rate of approximately HK$7.80 to US$1.00. We cannot assure you that this policy will not be changed in the future. If the pegging system collapses and Hong Kong dollars suffer devaluation, the Hong Kong dollar cost of our expenditures denominated in foreign currency may increase. This would in turn adversely affect the operations and profitability of our business.

**Risks Related to Doing Business in Canada**

***Our operations are subject to various laws and regulations in Canada.***

Our Canadian business, which currently consists of four directly managed Ajisen Ramen restaurants, nine sub-franchised locations, and a central kitchen, operates entirely within Ontario. We are subject to a wide range of federal, provincial, and municipal laws, including those governing franchise operations, labor and employment, health and safety, food handling, environmental protection, and data privacy. Failure to comply with these regulations could result in penalties, fines, or other legal actions, which may adversely affect our business. For instance, non-compliance with the applicable municipality's stringent food safety regulations or Ontario's labor laws could lead to temporary closures of our restaurants or central kitchen, negatively impacting our financial performance. Furthermore, any failure by our sub-franchisees to adhere to these standards could harm the Ajisen brand and affect our overall business reputation.

Provincial laws in Ontario govern franchise relationships, and we are required to comply with franchise disclosure obligations under the Arthur Wishart Act (Franchise Disclosure), 2000, as amended. This requires us to provide prospective franchisees with comprehensive disclosure documents outlining the terms and conditions of the franchise arrangement. Failure to meet these requirements could result in disputes, the voiding of franchise agreements, or legal action, which may impede our expansion plans in Ontario and potentially other provinces in the future.

***Changes in Canadian laws, regulations, or government policies may negatively impact our business***.

The legislative and regulatory environment in Canada is subject to changes, and new laws or regulations may be introduced that could impact our profitability. For example, amendments to labor laws in Ontario, such as increases in the minimum wage or new employee benefits requirements, could raise our operating costs and reduce profitability.

We also face risk from changes in government policies that could affect our ability to operate efficiently. For instance, new regulations related to food safety, environmental sustainability, anti-trust and competition or data privacy could require us to modify our operations, potentially incurring additional costs. Furthermore, changes in franchise-related laws and new court decisions, or the interpretation of related laws and regulations could impact our relationships with sub-franchisees, leading to disputes or legal challenges that may harm our financial performance.

***Economic conditions in Canada may adversely affect consumer spending and our business.***

Our revenue in Canada, particularly in Ontario, is closely tied to consumer discretionary spending, which can be influenced by broader economic conditions. Economic downturns, inflationary pressures, or rising interest rates could reduce consumer confidence and disposable income, leading to lower foot traffic and reduced sales at both our directly managed and sub-franchised locations. Additionally, the rising cost of living in urban centers like Toronto could deter consumers from dining out, further impacting our sales.

Economic uncertainty could also result in higher operating costs, particularly in the areas of labor, food supplies, and rent. For instance, labor shortages in the food service industry have been a challenge in Ontario, and increasing wages or benefits could raise our staffing costs significantly. Additionally, disruptions in our supply chain—whether due to inflation, logistical issues, or fluctuations in the cost of imported goods—could affect the pricing and availability of key ingredients, putting pressure on our profit margins.

***Social, political, and regulatory developments in Canada may have a material adverse impact on our business.***

We are also exposed to risks stemming from social, political, and regulatory developments in Canada, particularly in Ontario. Changes in the political landscape, including shifts in government leadership or policy priorities, could lead to new regulations that impact our operations. For example, increases in taxes, imposition of tariffs, new environmental regulations, or changes in food safety standards could impose additional costs or operational challenges. Social developments, such as a growing emphasis on sustainability or ethical sourcing, may also influence consumer behavior and regulatory expectations, requiring us to adapt our business practices at potentially significant costs.

Additionally, any negative media coverage or social media amplification of issues related to food safety, labor practices, or environmental concerns could harm our reputation and reduce customer traffic. This risk is heightened by the widespread use of mobile technology and social media platforms, which can rapidly spread complaints or concerns, even if they are based on rumors or isolated incidents. Negative publicity, whether affecting our specific restaurants or the broader restaurant industry, could have a lasting adverse impact on our business in Ontario and beyond.

**Risks Related to Our Corporate Structure**

***We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash.***

Riku is a holding company, and we will in the future rely on dividends and other distributions on equity paid by our Operating Subsidiaries for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and to service any debt we may incur. We do not expect to pay dividends in the foreseeable future. We anticipate that we will retain any earnings to support operations and to finance the growth and development of our business. If any of our Operating Subsidiaries incur debt on its own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us.

There are no statutory prohibitions in the Cayman Islands on the granting of financial assistance by a company to another person for the purchase of, or subscription for, its own, its holding company's or a subsidiary's shares. Therefore, a company may provide financial assistance provided the directors of the company, when proposing to grant such financial assistance, discharge their duties of care and act in good faith, for a proper purpose and in the interests of the company. Such assistance should be on an arm's-length basis. Subject to the Companies Act and our Articles of Association, our Company in general meeting may declare dividends in any currency but no dividends shall be declared in excess of the amount recommended by our board of directors. Subject to a solvency test, as prescribed in the Companies Act, and the provisions, if any, of the company's memorandum and articles of association, a company may pay dividends and distributions out of its share premium account. In addition, based upon English case law that is likely to be persuasive in the Cayman Islands, dividends may be paid out of profits. The Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. For more details, please see "Description of Share Capital."

Under the BVI Business Companies Act 2004 (as amended) and subject to its memorandum and articles of association, a BVI company may authorize and declare a dividend to shareholders at such time and of such an amount as the board of directors thinks fit to the extent that immediately following the distribution, the value of the company's assets exceeds its liabilities and that such company is able to pay its debts as they fall due.

According to the Companies Ordinance of Hong Kong, dividends could only be paid by our HK Operating Subsidiaries out of its distributable profits (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves, as permitted under Hong Kong law. Dividends cannot be paid out of share capital. There are no restrictions or limitation under the laws of Hong Kong imposed on the conversion of HKD into foreign currencies and the remittance of currencies out of Hong Kong, nor there is any restriction on foreign exchange to transfer cash between Riku and its Subsidiaries, across borders and to U.S. investors, nor are there any restrictions and limitations to distribute earnings from our business and Subsidiaries to Riku and U.S. investors.

Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us. The PRC laws and regulations do not currently have any material impact on transfers of cash from Riku to our HK Operating Subsidiaries or our HK Operating Subsidiaries to Riku, our shareholders and U.S. investors. However, the Chinese government may, in the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings and pay dividends to and from the other entities within our organization, or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our HK Operating Subsidiaries in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless.

According to Section 43(1) of the Canada Business Corporations Act ("**CBCA**"), which is applicable to ARCI, and Section 38 of the Business Corporations Act (Ontario) ("**OBCA**"), which is applicable to the CA Operating Subsidiaries (except ARCI), our CA Operating Subsidiaries may pay dividends by issuing fully paid shares of the corporation or in money or property. However, our CA Operating Subsidiaries may not declare or pay a dividend if, as provided under Section 42 of the CBCA or Section 38 of the OBCA, as applicable, there are reasonable grounds for believing that the corporation is, or would after payment be, unable to pay its liabilities as they become due, or the realizable value of the corporation's assets would thereby be less than the aggregate of its liabilities and stated capital of all classes. Canada does not impose any foreign exchange control restrictions which would restrict or prohibit the repatriation of funds by a Canadian corporation out of Canada, including to pay dividends to its foreign shareholder(s), except for transactions that will violate the *Criminal Code* and the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act*.

Dividends paid by the CA Subsidiaries to its non-resident shareholder (situated in British Virgin Island) are subject to a withholding tax at a rate of 25%. During fiscal year 2024, our CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payments of an aggregate amount of $254,376 to its shareholders out of the additional paid-in capital balance. In addition, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. For more information, see our consolidated financial statements and related notes thereto, in each case included in this prospectus. Except for the dividend payments mentioned above, the Company, and its CA Operating Subsidiaries, currently intend to retain any future earnings to finance the operation and expansion of their businesses, and the Company does not expect to declare or pay any dividends in the foreseeable future.

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

***You may experience difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited.***

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We conduct our operations in Canada through our CA Operating Subsidiaries and in Hong Kong through our HK Operating Subsidiaries. All of our assets are located in Canada and Hong Kong. In addition, all of our directors and executive officers named in this prospectus reside in Hong Kong and Canada, and most of their assets are located in Hong Kong and Canada*.* As a result, it may be difficult or impossible for you to bring an action against us or our directors and officers in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands, Hong Kong, or other relevant jurisdictions may render you unable to enforce a judgment against our assets or the assets of our directors and officers.

Carey Olsen Hong Kong LLP, our counsel as to the laws of the Cayman Islands, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of the United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States. For more details, see "Enforcement of Civil Liabilities."

***You may have more difficulties protecting your interests than you would as a shareholder of a U.S. corporation.***

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

Shareholders of Cayman Islands exempted companies have no general rights under Cayman Islands law to inspect or obtain copies of the register of members or corporate records of the company. Our directors have discretion but are not obliged to, under our Articles to determine whether or not, and under what conditions, our corporate records may be made available to our shareholders for their inspection. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest. A Cayman Islands exempted company may maintain its principal register of members and any branch registers in any country or territory, whether within or outside the Cayman Islands, as the company may determine from time to time. There is no requirement for an exempted company to make any returns of members to the Registrar of Companies in the Cayman Islands. The names and addresses of the members are, accordingly, not a matter of public record and are not available for public inspection.

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

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

For a discussion of significant differences between the provisions of the Companies Act and the laws applicable to companies incorporated in the United States and their shareholders, see "Description of Share Capital — Certain Cayman Islands Company Considerations — Differences in Corporate Law".

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

Pursuant to the Cayman Islands' International Tax Co-operation (Economic Substance) Act (as revised) of the Cayman Islands ("ES Act"), a "relevant entity'' that is engaged in "relevant activities" including, for example, a financing and leasing business or an intellectual property business, and receive "relevant income" (i.e., gross income generated from the "relevant activities") is required to satisfy the economic substance test set out in the ES Act and related compliance requirements including performance of substantive functions in the Cayman Islands. A "relevant entity'' includes an exempted company incorporated in the Cayman Islands as is the Company and the Company may be subject to the compliance obligations to ensure the Company satisfies the requirements of the ES Act. If the Company is subject to ES Act and are unable to comply with the ES Act, the Company may be subject to significant fines and penalties and, if the authorities determines that the Company has failed to satisfy the ES Act for a period of time, the Registrar of Companies of the Cayman Islands may apply to the Grand Court of the Cayman Islands for an order to struck off the Company.

***Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of other shareholders.***

Immediately after completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, our Controlling Shareholder will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 58.6% of our total issued and outstanding Ordinary Shares and approximately 66.7% of the total voting power, assuming that the over-allotment option is exercised in full. Because the Controlling Shareholder will control a majority of our outstanding voting power, we will be a "controlled company" under corporate governance rules for NASDAQ-listed companies. Therefore, the Controlling Shareholder will be able to exert significant control over our management and affairs requiring shareholder approval, including approval of significant corporate transactions.

***Our Controlling Shareholder may result in strategic business decisions that favor our Controlling Shareholder rather than the interests of our other shareholders.***

Although our company is a stand-alone company, we expect to operate, for as long as our Controlling Shareholder is our controlling shareholder, as an affiliate of Integrated Winners International Limited. Our Controlling Shareholder may from time to time make strategic decisions that it believes are in the best interests of the Group as a whole, including our Company. These decisions may be different from the decision that we would have made on our own. Notwithstanding the duty of our Board to act in the best interests of the Company, in particular with respect to matters over which our shareholders retain control, our Controlling Shareholder's decisions with respect to us or our business may be resolved in ways that favor our Controlling Shareholder, which may not coincide with the interests of our other shareholders. We may not be able to resolve any potential conflicts, and even if we do so, the resolution may be less favorable to us than if we were dealing with a non-controlling shareholder. Even if both parties seek to transact business on terms intended to approximate those that could have been achieved among unaffiliated parties, this may not succeed in practice.

***We may have conflicts of interest with our Controlling Shareholder, because of our Controlling Shareholder's controlling ownership interest in our Company, we may not be able to resolve such conflicts on terms favorable to us.***

Immediately after completion of this offering, our Controlling Shareholder will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 58.6% of our total issued and outstanding Ordinary Shares and approximately 66.7% of the total voting power, assuming that the over-allotment option is exercised in full. Accordingly, our Controlling Shareholder will continue to be our controlling shareholder immediately upon the completion of this offering and may have significant influence in determining the outcome of any corporate actions or other matters that require shareholder approval, such as mergers, consolidations, change of our name, and amendments of our memorandum and articles of association.

The concentration of ownership and voting power may cause transactions to occur in a way that may not be beneficial to you as a holder of our Class A Ordinary Shares and may prevent us from doing transactions that would be beneficial to you.

***We are a "controlled company" within the meaning of the Nasdaq listing rules, and intend to follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.***

Following this offering, our largest shareholder will continue to own more than a majority of the voting power of our outstanding Ordinary Shares. Under the Nasdaq listing rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and is permitted to phase in its compliance with the independent committee requirements. As a "controlled company", we intend to elect to rely on these exemptions from certain corporate governance requirements under the Nasdaq Listing rules, such as that a majority of the members of our board of directors will not be independent directors and our nominating and corporate governance and compensation committees will not consist entirely of independent directors. Accordingly, if we rely on the exemptions, during the period we remain a "controlled company" and during any transition period following a time when we are no longer a "controlled company", you would not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. See "Management—Controlled Company."

**Risks Related to our Class A Ordinary Shares and this Offering**

***Although the audit report included in this prospectus is prepared by U.S. auditors who are subject to the PCAOB inspection on a regular basis, there is no guarantee that future audit reports will be prepared by auditors inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before the securities may be prohibited from trading or delisted.***

The Holding Foreign Companies Accountable Act, or the HFCAA, was enacted on December 18, 2020. The HFCAA states if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit the company's shares from being traded on a national securities exchange or in the over-the-counter trading market in the United States.

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA. A company will be required to comply with these rules if the SEC identifies it as having a "non-inspection" year under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCAA, including the listing and trading prohibition requirements described above. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "**AHFCAA**"), which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions. On December 16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (i)Mainland China, and (ii) Hong Kong.

On August 26, 2022, the PCAOB announced and signed a Statement of Protocol (the "**SOP**") with the China Securities Regulatory Commission and the Ministry of Finance of the PRC. The Protocol provides the PCAOB with: (1) sole discretion to select the firms, audit engagements and potential violations it inspects and investigates, without any involvement of Chinese authorities; (2) procedures for PCAOB inspectors and investigators to view complete audit work papers with all information included and for the PCAOB to retain information as needed; (3) direct access to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates.

On December 15, 2022, the PCAOB issued a new Determination Report which: (1) vacated the December 16, 2021 Determination Report; and (2) concluded that the PCAOB has been able to conduct inspections and investigations completely in the PRC in 2022. The December 15, 2022 Determination Report cautions, however, that authorities in the PRC might take positions at any time that would prevent the PCAOB from continuing to inspect or investigate completely. As required by the HFCAA, if in the future the PCAOB determines it no longer can inspect or investigate completely because of a position taken by an authority in the PRC, the PCAOB will act expeditiously to consider whether it should issue a new determination.

Our auditor, Golden Eagle CPAs LLC, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as a firm headquartered in New Jersey and registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards. Our auditor is not headquartered in mainland China or Hong Kong and is not subject to and not affected by to the PCAOB's December 2021 Determination Report. As a firm located in the U.S. and registered with the PCAOB, Golden Eagle CPAs LLC is subject to laws in the United States which provide that the PCAOB shall conduct regular inspections to assess the auditor's compliance with the applicable professional standards. As such, as of the date of this prospectus, this offering is not affected by the HFCA Act and related regulations. However, in the event it is later determined that the PCAOB is unable to inspect or investigate completely the auditor because of a position taken by an authority in a foreign jurisdiction, such as the PRC authorities, then such lack of inspection could cause trading in the Company's securities to be prohibited under the HFCAA, and ultimately result in a determination by a securities.

The SEC may propose additional rules or guidance that could impact us if our auditor is not subject to PCAOB inspection. For example, on August 6, 2020, the President's Working Group on Financial Markets, or the PWG, issued the Report on Protecting United States Investors from Significant Risks from Chinese Companies to the then President of the United States. This report recommended the SEC implement five recommendations to address companies from jurisdictions that do not provide the PCAOB with sufficient access to fulfil its statutory mandate. Some of the concepts of these recommendations were implemented with the enactment of the HFCAA. However, some of the recommendations were more stringent than the HFCAA. For example, if a company's auditor was not subject to PCAOB inspection, the report recommended that the transition period before a company would be delisted would end on January 1, 2022.

The SEC has announced that the SEC staff is preparing a consolidated proposal for the rules regarding the implementation of the HFCAA and to address the recommendations in the PWG report. It is unclear when the SEC will complete its rulemaking and when such rules will become effective and what, if any, of the PWG recommendations will be adopted. The implications of this possible regulation in addition to the requirements of the HFCAA are uncertain. Such uncertainty could cause the market price of our Class A Ordinary Shares to be materially and adversely affected, and our securities could be delisted or prohibited from being traded on the national securities exchange earlier than would be required by the HFCAA. If our Class A Ordinary Shares are unable to be listed on another securities exchange by then, such a delisting would substantially impair your ability to sell or purchase our Class A Ordinary Shares when you wish to do so, and the risk and uncertainty associated with a potential delisting would have a negative impact on the price of our Class A Ordinary Shares.

Further, new laws and regulations or changes in laws and regulations in both the United States and the PRC could affect our ability to list our Class A Ordinary Shares, which could materially impair the market for and market price of our Class A Ordinary Shares.

***Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial.***

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share and each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Due to the disparate voting powers associated with our two classes of ordinary shares, our Controlling Shareholder will beneficially own 67.6% of the aggregate voting power of our Company immediately following the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, assuming that the underwriters do not exercise their over-allotment option. The interests of our Controlling Shareholder may not coincide with your interests, and it may make decisions with which you disagree, including decisions on important topics such as the composition of the board of directors, compensation, management succession, and our business and financial strategy. To the extent that the interests of our Controlling Shareholder differ from your interests, you may be disadvantaged by any action that they may seek to pursue. This concentrated control could also discourage others from pursuing any potential merger, takeover or other change of control transactions, which could have the effect of depriving the holders of our Class A Ordinary Shares of the opportunity to sell their shares at a premium over the prevailing market price.

***We cannot predict the effect our dual-class structure may have on the market price of our Class A Ordinary Shares.***

We cannot predict whether our dual-class structure will result in a lower or more volatile market price of our Class A Ordinary Shares, adverse publicity or other adverse consequences. For example, certain index providers have announced and implemented restrictions on including companies with multiple-class share structures in certain of their indices. In July 2017, FTSE Russell announced that it would require new constituents of its indices to have greater than 5% of the company's voting rights in the hands of public stockholders, and S&P Dow Jones announced that it would no longer admit companies with multiple-class share structures to certain of its indices. Affected indices include the Russell 2000 and the S&P 500, S&P MidCap 400 and S&P SmallCap 600, which together make up the S&P Composite 1500. Also in 2017, MSCI, a leading stock index provider, opened public consultations on its treatment of no-vote and multi-class structures and temporarily barred new multi-class listings from certain of its indices; however, in October 2018, MSCI announced its decision to include equity securities "with unequal voting structures" in its indices and to launch a new index that specifically includes voting rights in its eligibility criteria. Under such announced and implemented policies, the dual-class structure of our Ordinary Shares would make us ineligible for inclusion in certain indices and, as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track those indices would not invest in our Class A Ordinary Shares. These policies are relatively new and it is unclear what effect, if any, they will have on the valuations of publicly-traded companies excluded from such indices, but it is possible that they may adversely affect valuations, as compared to similar companies that are included. Due to the dual-class structure of our ordinary shares, we will likely be excluded from certain indices and we cannot assure you that other stock indices will not take similar actions. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from certain stock indices would likely preclude investment by many of these funds and could make our Class A Ordinary Shares less attractive to other investors. As a result, the market price of our Class A Ordinary Shares could be adversely affected.

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

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

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

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

***The market price of our Class A Ordinary Shares may be highly volatile, and you could lose all or part of your investment.***

The trading price of our Class A Ordinary Shares is likely to be volatile. Upon the consummation of this offering, we will have a relatively small public float due to the relatively small size of this offering, and the concentrated ownership of our Class A Ordinary Shares among our executive officers and directors. As a result of our small public float, our Class A Ordinary Shares may be less liquid and have greater stock price volatility than the shares of companies with broader public ownership. Our stock price could be subject to wide fluctuations in response to a variety of other factors, which include:

● whether we achieve our anticipated corporate objectives;

● changes in financial or operational estimates or projections;

● termination of the lock-up agreement or other restrictions on the ability of our shareholders and other security holders to sell shares after this offering; and

● general economic or political conditions in Hong Kong, Canada and the United States or elsewhere.

In addition, the stock price of a number of companies involved in initial public offerings, particularly among companies with relatively smaller public floats, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies. Such rapid and substantial price volatility, including any stock run-up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our stock. This volatility may prevent you from being able to sell your securities at or above the price you paid for your securities. If the market price of our Class A Ordinary Shares after this offering does not exceed the initial public offering price, you may not realize any return on your investment in us and may lose some or all of your investment.

***Volatility in the price of our Class A Ordinary Shares may subject us to securities litigation.***

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

***If we fail to meet applicable listing requirements, Nasdaq may not approve our listing application, or may delist our Class A Ordinary Shares from trading, in which case the liquidity and market price of our Class A Ordinary Shares could decline.***

We have applied to have our Class A Ordinary Shares listed on Nasdaq Capital Market. We expect that our Class A Ordinary Shares will be listed on Nasdaq Capital Market on or promptly after the date of this prospectus. However, we cannot assure you that we will be able to meet Nasdaq's initial listing standards or that we will be able to meet the continued listing standards of Nasdaq in the future. If we fail to comply with the applicable listing standards and Nasdaq delists our Class A Ordinary Shares, we and our shareholders could face significant material adverse consequences, including:

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

● reduced liquidity for our Class A Ordinary Shares;

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

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

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

***Our Class A Ordinary Shares are expected to initially trade under US$5.00 per share and thus would be known as "penny stock." Trading in penny stocks has certain restrictions and these restrictions could negatively affect the price and liquidity of our Class A Ordinary Shares.***

Our Class A Ordinary Shares are expected to initially trade below US$5.00 per share. As a result, our Class A Ordinary Shares would be known as a "penny stock", which is subject to various regulations involving disclosures to be given to you prior to the purchase of any penny stock. The SEC has adopted regulations which generally define a "penny stock" to be any equity security that has a market price of less than US$5.00 per share, subject to certain exceptions. Depending on market fluctuations, our Class A Ordinary Shares could be considered to be "penny stock." A penny stock is subject to rules that impose additional sales practice requirements on brokers/dealers who sell these securities to persons other than established members and accredited investors. For transactions covered by these rules, the broker/dealer must make a special suitability determination for the purchase of these securities. In addition, a broker/dealer must receive the purchaser's written consent to the transaction prior to the purchase and must also provide certain written disclosures to the purchaser. Consequently, the "penny stock" rules may restrict the ability of brokers/dealers to sell our Class A Ordinary Shares, and may negatively affect the ability of holders of our Class A Ordinary Shares to resell them. These disclosures require you to acknowledge that you understand the risks associated with buying penny stocks and that you can absorb the loss of your entire investment. Penny stocks generally do not have a very high trading volume. Consequently, the price of the stock is often volatile and you may not be able to buy or sell the stock when you want to do so.

***The IPO price and sale price for resales of Class A Ordinary Shares sold under the Resale Prospectus could differ.***

The initial public offering price of our Class A Ordinary Shares in the IPO has been determined by negotiations between the Company and the underwriters. The offering price in the IPO bears no relationship to our assets, earnings or book value, or any other objective standard of value. The Selling Shareholders may sell their Class A Ordinary Shares under the Resale Prospectus in one or more transactions that may take place in ordinary brokers' transactions, privately negotiated transactions or through sales to one or more dealers for resale of such securities as principals as further described in the "Selling Shareholders Plan of Distribution" in the Resale Prospectus after close of the IPO and listing of the Class A Ordinary Shares on Nasdaq. Therefore, the initial public offering price of the IPO and the sale price for resales of Class A Ordinary Shares sold under the Resale Prospectus could differ. As a result, the purchasers in the Resale Offering could pay more or less than the initial public offering price in the IPO.

***The future sales of Ordinary Shares by existing shareholders, including the sales pursuant to the Resale Prospectus, may adversely affect the market price of our Class A Ordinary Shares.***

As a relatively small-capitalization company with relatively small public float we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. The Class A Ordinary Shares registered for resale as part of the Resale Prospectus, once registered, will constitute a considerable percentage of our public float. Sales of a substantial number of our Class A Ordinary Shares in the public market could occur at any time. The sales of a substantial number of registered shares could result in a significant decline in the public trading price of our Class A Ordinary Shares and could impair our ability to raise capital through the sale or issuance of additional Ordinary Shares. We are unable to predict the effect that such sales may have on the prevailing market price of our Class A Ordinary Shares. Despite such a decline in the public trading price, the Selling Shareholders may still experience a positive rate of return on the Class A Ordinary Shares due to the lower price at which they purchased their Class A Ordinary Shares compared to other public investors and may be incentivized to sell their Class A Ordinary Shares when others are not.

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

Our pre-IPO shareholders, including our Controlling Shareholder, may be able to sell their Ordinary Shares pursuant to Rule 144 under the Securities Act after completion of this offering and after expiration of the applicable lock-up period. Because these shareholders have paid a lower price per Class A Ordinary Share than participants in this offering, when they are able to sell their pre-IPO shares under Rule 144, they may be more willing to accept a lower sales price than the IPO price. This fact could impact the trading price of our Class A Ordinary Shares following completion of the offering, to the detriment of participants in this offering. Under Rule 144, before our pre-IPO shareholders can sell their shares, in addition to meeting other requirements, they must meet the required holding period. We do not expect any of the Ordinary Shares to be sold pursuant to Rule 144 during the pendency of this offering.

***Substantial future sales or perceived sales of our Ordinary Shares in the public market could cause the price of our Class A Ordinary Shares to decline.***

Sales of our Ordinary Shares in the public market, or the perception that these sales could occur, could cause their market price to decline. Such sales might make it more difficult for us to sell equity or equity-related securities in the future at a time and price that we deem appropriate. Additionally, if any existing shareholder or shareholders sell a substantial amount of our Ordinary Shares, this, in turn, could have a material adverse effect on their price.

In particular, as we are registering 1,643,334 Class A Ordinary Shares for resale by certain selling shareholders, such resale shares would be immediately available for resale in the public market, which may cause or accelerate our market price to decline.

***Because our initial public offering price is substantially higher than our pro-forma net tangible book value per share, you will incur immediate and substantial dilution in the book value of your Class A Ordinary Shares.***

Investors purchasing our Class A Ordinary Shares in this offering will pay a price per share that substantially exceeds the pro forma net tangible book value per Class A Ordinary Share. As a result, investors purchasing Class A Ordinary Shares in this offering will incur immediate dilution of $4.40 per Class A Ordinary Share, based on the assumed initial public offering price of $5 per Class A Ordinary Share, which is the midpoint of the estimated offering price range described on the cover of this prospectus assuming no exercise of over-allotment options. Investors in this offering will pay a price per unit that substantially exceeds the book value of our assets after subtracting our liabilities. See "Dilution" for more information on the dilution you may experience as a result of investing in this offering.

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

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

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

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

We anticipate that we will use the net proceeds from this offering as follows: approximately 50%, or $4,084,448.50, for expansion into new markets; approximately 20%, or $1,633,779.40, for existing markets capital expenditure; and approximately 30%, or $2,450,669.10, for general working capital. See "Use of Proceeds". We have not determined a specific use for a portion of the net proceeds of this offering now earmarked for working capital and other general corporate purposes, and our management will have considerable discretion in deciding how to apply these proceeds. You will not have the opportunity to assess whether the proceeds would be used appropriately before you make your investment decision, and you must therefore rely on the judgment of our management regarding the application of the net proceeds of this offering. We cannot assure you that the net proceeds will be used in a manner that would improve our results of operations or increase the price of our Class A Ordinary Shares, nor that these net proceeds will be placed only in investments that generate income or appreciate in value.

***We do not intend to pay dividends for the foreseeable future.***

We currently intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare or pay any dividends in the foreseeable future. As a result, you may only receive a return on your investment in our Class A Ordinary Shares if the market price of our Class A Ordinary Shares increases. Our board of directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our directors. Under Cayman Islands law, we may only pay dividends if we are solvent before and after the dividend payment in the sense that we will be able to satisfy our liabilities as they become due in the ordinary course of business.

***Because the amount, timing, and whether or not we distribute dividends at all is entirely at the discretion of our board of directors, you must rely on price appreciation of our Class A Ordinary Shares for return on your investment.***

Our board of directors has complete discretion as to whether to distribute dividends. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. In either case, all dividends are subject to certain restrictions under the Cayman Islands law, namely that the Company may only pay dividends out of profits or share premium, and provided that under no circumstances may a dividend be paid if this would result in the Company being unable to pay its debts as they fall due in the ordinary course of business. Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our Class A Ordinary Shares will likely depend entirely upon any future price appreciation of our Class A Ordinary Shares. We cannot assure you that our Class A Ordinary Shares will appreciate in value after this offering or even maintain the price at which you purchased our Class A Ordinary Shares. You may not realize a return on your investment in our Class A Ordinary Shares and you may even lose your entire investment in our Class A Ordinary Shares.

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

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

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

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

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

***If we fail to implement and maintain an effective system of internal controls, we may fail to meet our reporting obligations or be unable to accurately report our results of operations or prevent fraud, and investor confidence and the market price of our Class A common stock may be materially and adversely affected.***

Prior to this offering, we were a private company with limited accounting personnel and other resources with which to address our internal controls and procedures. Our management has not completed an assessment of the effectiveness of our internal controls over financial reporting, and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. In the course of auditing our consolidated financial statements for the years ended September 30, 2024 and 2023, we identified material weaknesses in our internal control over financial reporting and other control deficiencies as of September 30, 2024. A "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses identified to date relate to (i) there was no accountant with adequate U.S. GAAP knowledge working in the Company's Accounting Department. Part of the Company's U.S. GAAP reporting function was outsourced to external consultant; (ii) the Company does not have internal audit function in place to monitor the control execution which may lead to material audit adjustments to the financial statements; and (iii) lack of assessment and implementation of internal control over financial reporting in accordance with the requirement of COSO 2013 framework.

Following the identification of the material weaknesses and control deficiencies, we plan to take remedial measures including (i) hiring more qualified accounting personnel with relevant U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function and to set up a financial and system control framework; (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting training programs for our accounting and financial reporting personnel; (iii) setting up an internal audit function as well as engaging an external consulting firm to assist us with the assessment of Sarbanes-Oxley compliance requirements and improvement of overall internal control; and (iv) appointing independent directors and strengthening corporate governance.

However, the implementation of these measures may not fully address the material weaknesses in our internal control over financial reporting. Our failure to correct the material weaknesses or our failure to discover and address any other material weaknesses or control deficiencies could result in inaccuracies in our financial statements and could also impair our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. As a result, our business, financial condition, results of operations, and prospects, as well as the trading price of our Class A common stock, may be materially and adversely affected. Moreover, ineffective internal control over financial reporting significantly hinders our ability to prevent fraud.

Upon completion of this offering, we will become a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002 will require that we include a report of management on our internal control over financial reporting in our annual report on Form 20-F beginning with our annual report for the fiscal year ending September 30, 2025. However, our auditors will not be required to formally attest to the effectiveness of our internal control over financial reporting pursuant to Section 404 until we are no longer a smaller reporting company. Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified, if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated, or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public company, our reporting obligations may place a significant strain on our management, operational, and financial resources and systems for the foreseeable future. We may be unable to complete our evaluation testing and any required remediation in a timely manner.

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

As a foreign private issuer, we are permitted to take advantage of certain provisions in the Nasdaq rules that allow us to follow our home country law for certain governance matters. Certain corporate governance practices in our home country, the Cayman Islands, may differ significantly from corporate governance listing standards. Currently, we intend to rely on certain corporate governance practices commonly followed in the Cayman Islands after we complete this offering. If we rely on corporate governance practices commonly followed in the Cayman Islands in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

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

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

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

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

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

Further, we cannot predict if investors will find our Class A Ordinary Shares less attractive because we may rely on these exemptions. If some investors find our Class A Ordinary Shares less attractive as a result, there may be a less active trading market for our Class A Ordinary Shares and the price of our Class A Ordinary Shares may be more volatile.

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

Upon consummation of this offering, we will incur significant legal, accounting and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley, as well as rules subsequently implemented by the SEC, impose various requirements on the corporate governance practices of public companies. We are an "emerging growth company" as defined in the JOBS Act and will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenues of at least US$1.07 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (iii) the date on which we have, during the preceding three-year period, issued more than US$1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the market value of our Class A Ordinary Shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 in the assessment of the emerging growth company's internal control over financial reporting and permission to delay the adoption of new or revised accounting standards until such time as those standards apply to private companies.

Compliance with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming and costlier. After we are no longer an "emerging growth company", or until five years following the completion of our initial public offering, whichever is earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of Sarbanes-Oxley and the other rules and regulations of the SEC. For example, as a public company, we will be required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We will incur additional costs in obtaining director and officer liability insurance. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

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

In general, we will be treated as a PFIC for any taxable year in which either (1) at least 75% of our gross income (looking through certain 25% or more-owned subsidiaries) is passive income or (2) at least 50% of the average value of our assets (looking through certain 25% or more-owned subsidiaries) is attributable to assets that produce, or are held for the production of, passive income. Passive income generally includes, without limitation, dividends, interest, rents, royalties, and gains from the disposition of passive assets. If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the Section of this prospectus captioned "*Material United States Federal Income Tax Considerations*") of our securities, the U.S. Holder may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements. The determination of whether we are a PFIC is a fact-intensive determination made on an annual basis applying principles and methodologies that in some circumstances are unclear and subject to varying interpretation. Our actual PFIC status for any taxable year will not be determinable until after the end of such taxable year. Accordingly, there can be no assurance with respect to our status as a PFIC for our current taxable year or any subsequent taxable year. We urge U.S. Holders to consult their own tax advisors regarding the possible application of the PFIC rules in light of their individual circumstances.

***Changes in our tax rates or exposure to additional tax liabilities or assessments could affect our profitability, and audits by tax authorities could result in additional tax payments.***

We operate in Hong Kong and Canada, which are subject to distinct tax regimes and regulations. Our effective tax rates could be impacted by changes in tax laws, treaties, or regulations, or by differing interpretations or enforcement of such laws in these jurisdictions. Factors such as amendments to tax rates, changes in government policy, or the introduction of new tax rules - whether in Hong Kong, Canada, or any other jurisdiction in which we may expand in the future, could materially affect our financial performance.

Moreover, audits or investigations by tax authorities could result in additional tax liabilities, penalties, or assessments. Any such changes or developments could adversely impact our profitability, results of operations, and financial condition.

**INDUSTRY REVIEW**

In connection with the offering, we have engaged Frost & Sullivan, an independent research firm, to conduct a detailed analysis and prepare an industry report on the markets in which we operate (the "Frost & Sullivan Report"). Except for the Frost & Sullivan Report, we did not commission any other industry report in connection with this offering. All the information and data presented in this section have been derived from the Frost & Sullivan Report, unless otherwise indicated. See "Industry and Market Data" for additional information.

While we believe that the information set forth herein is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in the section titled "Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

**Overview of the restaurant industry**

The global foodservice industry remains a vital component of the world economy. In 2023, the global foodservice market was valued at USD 3,028.3 billion, and it is projected to reach USD4,248.8 billion in 2028, representing a compound annual growth rate ("CAGR") of 7.0% since 2023.This growth is primarily driven by rising disposable incomes, evolving consumer lifestyles and the rapid expansion of cafés, restaurants, and online food delivery platforms. This trend is particularly evident in markets like Hong Kong and Canada, where the restaurant sectors are both dynamic and competitive.

**Hong Kong Restaurant Market**

Hong Kong is a dynamic hub for the food and beverage industry in Asia, renowned for its unique culinary landscape that blends local traditions with global influences. With a population of approximately 7.5 million, Hong Kong is home to around 15,000 dining establishments, making the restaurant industry a vital part of its economy and cultural identity. The restaurant industry refers to the commercial activities of cooking, preparing, and selling food to customers in specific locations. The restaurant industry in Hong Kong can be categorized into three primary types: full-service restaurants, fast-food restaurants, and other establishments such as cafés and food stalls. Full-service restaurants are traditional dining establishments where meals are served directly to customers at their tables by waiters, with payment typically made after the meal. These restaurants are distinguished by their attentive table service, superior food quality, more comfortable dining environment, and a broader variety of cuisine options compared to fast-food restaurants. They are often situated in high-end shopping malls or commercial districts and primarily cater to customers with mid-to-high spending capacity. Fast-food restaurants are dining venues that specialize in quick meal preparation and efficient service, offering customers a fast-paced and convenient dining experience. These establishments typically feature limited menus focusing on standardized dishes such as burgers, fried chicken, and noodles, allowing for rapid service and cost efficiency. Fast food restaurants are commonly found in busy urban areas, transport hubs, and shopping centers, targeting customers who value speed, affordability, and convenience. The others category encompasses a wide variety of dining formats beyond full-service and fast-food restaurants, including cafés, bars, food stalls, dessert shops, and takeaway-only outlets. These establishments offer a range of food and beverage options, from snacks and drinks to specialized cuisines, catering to diverse consumer preferences.

The restaurant industry in Hong Kong experienced a significant downturn from 2018 to 2022, primarily due to the COVID-19 pandemic (the "COVID-19 pandemic" or the "pandemic"), with the market size shrinking from HKD 119.6 billion in 2018 to HKD 86.8 billion in 2022. However, the industry began recovering in 2023, driven by better market conditions and the easing of pandemic-related restrictions. Looking forward, the sector is anticipated to recover steadily, with an expected CAGR of 3.6% from 2023 to 2028.

Among the various segments, full-service restaurants were the hardest hit during the pandemic, suffering the largest decline, marked by a CAGR of -2.7% from 2018 to 2023. This was due to strict dine-in restrictions, social distancing measures, and reduced spending on upscale dining. In contrast, fast-food restaurants and others restaurants, such as takeaway-focused businesses, showed greater resilience, benefiting from changing consumer preferences for convenience and affordability. As the market recovers, full-service restaurants are expected to regain momentum as demand for premium dining experiences increases along with improving consumer confidence.

***Market Size of Hong Kong's Restaurant Industry, 2018 - 2028E***

*Source: Census and Statistics Department, Frost & Sullivan Analysis*

Japanese cuisine has been steadily gaining popularity among Hong Kong consumers, largely due to its mild flavors, delicate presentation, and use of fresh, high-quality ingredients. Known for being relatively healthier, Japanese food has become particularly appealing to those seeking balanced diets. There are approximately 3,000 Japanese restaurants in Hong Kong, offering a variety of dining experiences, including sushi bars, ramen shops, izakayas, and Japanese barbeque restaurants. These diverse restaurant types cater to different consumer preferences, from casual dining to more sophisticated, fine-dining experiences.

Despite the overall decline in Hong Kong's restaurant industry from 2018 to 2023, the Japanese restaurant market in Hong Kong has shown resilience, growing from HKD 12.1 billion in 2018 to HKD 12.6 billion in 2023, with a CAGR of 0.8%. This growth was maintained despite significant challenges, including the COVID-19 pandemic and a ban on certain Japanese seafood imports, both of which disrupted supply chains and consumer confidence. Looking ahead, the Japanese restaurant industry in Hong Kong is expected to maintain its growth and reach HKD 15.5 billion by 2028. The continued rise in consumer demand for healthier and lighter dining options, coupled with the enduring appeal of Japanese culinary traditions, is expected to drive this growth.

***Market Size of Japanese Restaurants in Hong Kong, by Value, 2018 - 2028E***

![](formdrs_a002.jpg)

*Source: Frost & Sullivan Analysis*

Japanese barbecue, also known as yakiniku, is a popular type of dining experience within the Japanese restaurant sector in Hong Kong. From 2018 to 2023, the market size for Japanese barbecue restaurants in Hong Kong grew from HKD 1,018.6 million to HKD 1,157.9 million with a CAGR of 2.6%. This growth reflects the growing popularity of Japanese barbecue, where diners grill high-quality meats and vegetables at the table.

Looking ahead, the Japanese barbecue market is expected to continue expanding and reaching HKD 1,516.5 million by 2028. This growth is likely to be driven by factors such as the rising popularity of grilled meat and the appeal of unique, hands-on dining experiences.

***Market Size of Japanese Barbecue Restaurants in Hong Kong, by Value, 2018 - 2028E***

![](formdrs_a003.jpg)

*Source: Frost & Sullivan Analysis*

***Major market drivers***

*Robust Economic Expansion*

The growth of the Japanese barbecue restaurants market in Hong Kong is strongly supported by the city's ongoing economic expansion. As Hong Kong's economy continues to thrive, disposable income levels rise, allowing consumers to spend more on dining out. This increased purchasing power encourages people to indulge in premium dining experiences, such as Japanese barbecue, which typically offers higher-quality ingredients and a more interactive, social dining experience compared to other food options. With a more affluent middle class and a rising demand for unique culinary experiences, the economic growth of Hong Kong plays a key role in driving the market for upscale, experiential dining concepts like Japanese barbecue.

*Increasing Popularity of Japanese Culture*

In 2023, the number of Hong Kong visitors to Japan reached 2,114,402, nearly recovering to pre-pandemic levels, according to the Japan National Tourism Organisation. This resurgence underscores the growing appeal of Japanese culture among Hong Kong residents, which is driving increased demand for Japanese cuisine. Hong Kong has long been influenced by Japanese culture, with Japanese manga, anime, dramas, and fashion trends capturing the local imagination. This cultural influence has led to a greater appreciation for authentic Japanese dining experiences, with barbeque standing out as a popular choice. The rise of Japanese TV shows and anime, along with the increasing presence of Japanese brands and products, has created a strong cultural connection that fuels demand for Japanese food. As Hong Kong consumers continue to embrace Japanese culture, the popularity of Japanese barbecue restaurants has surged, offering both a unique culinary experience and a taste of modern Japan.

*Increasing Social Gatherings Among Families and Friends*

Another important driver of the Japanese barbecue restaurants market in Hong Kong is the growing trend of social gatherings among families and friends. Japanese barbeque, with its interactive and communal dining style, is particularly well-suited for group dining experiences. The social aspect of grilling food together at the table encourages a sense of togetherness, making it an ideal choice for family meals, celebrations, and gatherings with friends. With people increasingly prioritizing quality time with loved ones, Japanese barbecue offers a perfect setting with its interactive and vibrant dining experience, making it a popular choice for social occasions.

*Increasingly Popular Awareness of Healthy and High-quality Diet*

The growing awareness of healthy eating and the demand for high-quality, nutritious food is another key driver for the Japanese barbecue restaurants market in Hong Kong. Japanese cuisine, known for its emphasis on fresh ingredients and balanced flavors, aligns well with the rising trend of health-conscious dining. Japanese barbecue, which typically features premium cuts of meat, fresh vegetables, and a focus on grilling rather than frying, appeals to consumers seeking healthier meal options without compromising on taste. As more people in Hong Kong prioritize nutritious diets and seek out meals that are both delicious and healthy, the appeal of Japanese barbecue continues to grow.

*Development of Tourism Industry and Increasing Number of Tourists*

The growth of Hong Kong's tourism industry has also contributed to the expansion of the Japanese barbecue restaurants market. As a major financial hub in the Asia Pacific, Hong Kong attracts a significant number of international visitors. In 2024, Hong Kong recorded nearly 36.7 million visitor arrivals as of October, marking a year-on-year increase of nearly 40%. With more tourists visiting the city, there is an increasing demand for diverse and authentic dining experiences, including Japanese barbecue. Tourists often seek out local and international cuisines that reflect cultural authenticity, and Japanese barbecue offers a unique and engaging option. As tourism continues to grow, Japanese barbecue restaurants are well-positioned to cater to both local and international diners, benefiting from the influx of tourists eager to explore Hong Kong's culinary scene.

***Future trends***

*Switching Spending Pattern*

One notable trend in the future of the Japanese barbecue restaurants market is the shift in the spending patterns of Hong Kong residents following the pandemic. As more people have adapted to spending more time at home, dining habits have changed. Many consumers are now more selective about where and how they spend their money, with a growing preference for higher-quality food when dining out. This trend is driven by a desire for more meaningful and elevated dining experiences. As a result, a larger portion of the consumer base that dines out is seeking premium, high-quality options, such as Japanese barbecue, which offers both a superior dining experience and a focus on fresh, high-end ingredients. This shift toward quality over quantity presents a growth opportunity for Japanese barbecue restaurants, positioning them well to cater to this demand for premium meals.

*Increasing Market Consolidation*

As competition intensifies and the market matures, smaller players may find it difficult to maintain profitability, leading to greater consolidation among larger, more established restaurant chains. This trend is particularly influenced by the high demands placed on ingredients and supply chains in the Japanese barbecue industry. Japanese barbecue restaurants require premium cuts of meat, which can lead to higher costs and more complex supply chain management. Larger restaurant groups or successful brands may acquire smaller establishments to streamline operations, secure better supply agreements, and ensure consistent quality.

*Increasing Attractiveness for the Young Generations*

As millennials and Gen Z increasingly prioritize unique dining experiences, Japanese barbecue offers a perfect fit with its interactive and social dining style. Younger consumers are drawn to experiences that go beyond just eating, favoring restaurants that offer an engaging atmosphere where they can participate in the cooking process. The communal nature of Japanese barbecue, combined with the emphasis on high-quality ingredients, makes it an attractive option for those seeking both fun and high-end dining. As younger diners continue to explore diverse cuisines and look for memorable food experiences, Japanese barbecue is poised to become an even more popular choice in Hong Kong's dining landscape.

***Competitive Landscape***

The Japanese barbeque restaurants market in Hong Kong is relatively fragmented, with over 100 players in the industry. Most of these are independent, non-chain brand operating a single location. The Group was the third largest Japanese barbeque restaurants in Hong Kong in terms of number of restaurants in 2023.

***Ranking of Leading Players in Hong Kong's Japanese Barbeque Restaurants Market, by Group, 2023***

*Source: Frost & Sullivan Analysis*

**Canada Restaurant Market**

The restaurant industry in Canada experienced a significant downturn from 2018 to 2022, primarily due to the COVID-19 pandemic, with the market size shrinking from CAD 94.9 billion in 2018 to CAD 62.4 billion in 2020. However, the industry began recovering in 2021, driven by better market conditions and the easing of pandemic-related restrictions. Looking forward, the sector is anticipated to recover steadily, with a CAGR of 6.3% from 2023 to 2028.

Among the various segments, fast-food restaurants were the hardest hit during the pandemic, suffering the largest decline, marked by a CAGR of -0.6% from 2018 to 2023. This was due to strict dine-in restrictions, social distancing measures, and reduced spending on upscale dining. In contrast, full-service restaurants and others restaurants, such as takeaway-focused businesses, showed greater resilience, benefiting from changing consumer preferences for convenience and affordability. As the market recovers, full-service restaurants are expected to regain momentum as demand for premium dining experiences increases along with improving consumer confidence.

***Market Size of Canada's Restaurant Industry, 2018 - 2028E***

![](formdrs_a005.jpg)

*Source: Restaurant Canada, Frost & Sullivan Analysis*

Japanese cuisine has been steadily gaining popularity among Canada consumers, largely due to its mild flavors, delicate presentation, and use of fresh, high-quality ingredients. Known for being relatively healthier, Japanese food has become particularly appealing to those seeking balanced diets. There are approximately 2,800 Japanese restaurants in Canada, offering a variety of dining experiences, including sushi bars, ramen shops, izakayas, and Japanese barbeque restaurants. These diverse restaurant types cater to different consumer preferences, from casual dining to more sophisticated, fine-dining experiences.

Despite the overall decline in Canada's restaurant industry from 2018 to 2023, the Japanese restaurant market in Canada has shown resilience, growing from CAD 3.8 billion in 2018 to CAD 5.1 billion in 2023, with a CAGR of 5.8%. This growth was maintained despite significant challenges, including the COVID-19 pandemic and a ban on certain Japanese seafood imports, both of which disrupted supply chains and consumer confidence. Looking ahead, the Japanese restaurants industry in Canada is expected to maintain its growth and reach CAD 7.4 billion by 2028. The continued rise in consumer demand for healthier and lighter dining options, coupled with the enduring appeal of Japanese culinary traditions, is expected to drive this growth.

***Market Size of Japanese Restaurants in Canada, by Value, 2018 - 2028E***

![](formdrs_a006.jpg)

*Source: Frost & Sullivan Analysis*

Ramen restaurants in Canada have gained significant popularity over the past few years, offering a diverse range of authentic and fusion ramen dishes to cater to a growing appetite for Japanese cuisine. From 2018 to 2023, the market size for ramen restaurants in Canada grew from CAD 411.1 million to CAD 597.2 million with a CAGR of 7.8%.

Looking ahead, the ramen restaurants market is expected to continue expanding and reaching CAD 943.1 million by 2028 with a CAGR of 9.6%.

**Market Size of Ramen Restaurants in Canada, by Value, 2018 - 2028E**

![](formdrs_a007.jpg)

*Source: Frost & Sullivan Analysis*

***Major market drivers***

*Growth of the economy*

As the pandemic gradually recovers and the global economy rebounds, Canada's economy is also experiencing new growth. With the increase in the frequency of normal social activities and dining out, the food service market is expanding. According to data from Statistics Canada, as of 2023, the food service industry contributes nearly 4% to GDP. At the same time, the job market is gradually recovering, people's income levels are rising, and consequently, their dining consumption capacity and willingness are increasing. Canada's food service market size was CAD 113.6 billion in 2023. Looking forward, Canada's food service market is anticipated to recover steadily, with an expected CAGR of 6.3% from 2023 to 2028. The food service industry has also enhanced service efficiency and customer experience through digital transformation, such as delivery platforms, online reservations, and smart payments, further stimulating market growth. The country's hectic lifestyle and rising convenience preferences have culminated in an increased demand for online food deliveries, thereby driving growth in the Canada food service market. The rising popularity of convenience products, including sushi on-the-go, due to its portability and instant preparation, are significantly contributing to drive market growth. Further, the increased opening of new establishments in the food service sector is contributing to market growth.

*Rise of the population and inflow of immigrants and the favorable policy of Canada Government to immigrants*

Canada is the third-most populous country in North America. The current population of Canada is 39,949,738 as of January 02, 2025, based on interpolation of the latest United Nations data. Immigration is a significant factor in Canadian population growth, accounting for nearly 80% of recent increases. Canada is a major destination for immigrants worldwide, with the government setting high annual immigration quotas and maintaining lenient policies, attracting a large influx of young labor. In recent years, the number of immigrants has continued to rise, especially in major cities like Toronto, Vancouver and Montreal. According to Canadian government data, the number of immigrants in Canada reached 468,817,000 in 2023, primarily from Asia, Europe, and the Middle East. Over 80% of Canada's population growth is attributed to permanent and nonpermanent immigrants. Population predictions indicate that Canada's immigrant population may make up 24.5% to 30% of Canada's total population by 2036. With targets of 485,000 newcomers in 2024 and 500,000 in both 2025 and 2026, Canada aims to harness immigration as a key driver for economic growth and cultural diversity. This has contributed to an increase in diverse food cultures and consumption habits.

*Rising demand from the tourists*

Canada is a globally renowned tourist destination, attracting a large number of visitors from around the world. Canada's natural landscapes, rich cultural activities, and diverse urban attractions make it one of the most popular travel destinations in North America. Since 2022, Canada's tourism industry has gradually recovered, especially after the pandemic, with the increase in tourist numbers directly driving the growth of the dining market and increasing the demand for local dining services. International tourists not only choose traditional restaurants but also express a strong interest in local specialties and global foods. The food service market in Canada is steadily growing. The total revenue of the food service industry in Canada was CAD 113.6 billion in 2024, and is projected to reach CAD 154.1 billion by 2028, growing at a CAGR of 3.7%. Canada's foodservice market is likely to increase drastically as it is expected to grow to CAD 154.1 billion in 2028.

*Booming popularity of Japanese culture*

The rise of Japanese culture globally, particularly Japanese cuisine (such as sushi, ramen, tempura and izakaya), has become an important part of the Canadian food service market. Japanese dining is not only popular among young people but also loved by many middle-aged individuals and families. The popularity of Japanese dining culture has promoted the expansion of related dining forms and driven market innovation. Sushi, as a representative of Japanese cuisine, has become a common dining choice in major Canadian cities. Japanese ramen, izakayas, and teishoku are also gradually emerging in the market, especially in big cities, where many restaurants are adopting original or innovative versions of Japanese dishes, attracting a large number of customers. Japanese cultural elements such as anime, movies, fashion, and lifestyle have also profoundly influenced the younger generation in Canada, further driving the popularity of Japanese cuisine. In particular, the pursuit of novel dining experiences by young people, has made Japanese cuisine a symbol of fashion and lifestyle. Many well-known Japanese restaurant chains are expanding into the Canadian market, while also making certain innovations based on local consumer tastes and needs, making the dining market more diverse.

***Future trends***

*Innovation and Fusion*

In the ever-evolving Canadian food service market, innovation and fusion play crucial roles in shaping the dining landscape. For example, creative menu offerings: Japanese restaurants in Canada may focus on innovating their menu offerings by introducing unique and creative dishes that blend traditional Japanese flavors with local Canadian ingredients. This fusion of cuisines can provide customers with new and exciting dining experiences. Also, cross-cultural culinary experiences: Japanese restaurants could embrace fusion by incorporating elements from other global cuisines into their menu. This approach can cater to the diverse tastes of Canadian diners and offer a refreshing twist on traditional Japanese dishes. And finally, interactive Dining Experiences, to engage customers and create memorable experiences: Japanese restaurants could incorporate interactive elements into their dining experiences. This may include live cooking stations, DIY sushi workshops, or chef's table experiences that offer a behind-the-scenes look at the culinary process. Japanese restaurants may also explore innovative approaches by fusing Japanese flavors and cooking techniques with local Canadian ingredients. This fusion cuisine trend can appeal to a wider audience looking for unique dining experiences.

*A heightened focus on sustainability and local sourcing*

A significant development in the Canadian food service market involves a heightened focus on sustainability and local sourcing. Consumers are increasingly mindful of environmental impact and seek restaurants that prioritize eco-friendly practices, such as reducing food waste, using sustainable packaging, and sourcing ingredients locally. This movement aligns with a growing interest in supporting local communities and reducing carbon footprints, prompting restaurants to adapt their sourcing practices, menus, and operational strategies to emphasize sustainability. It has led to collaborations between restaurants and local farmers or suppliers, promoting transparency in the supply chain and resonating positively with environmentally conscious consumers.

***Entry barriers***

*Understanding of Japanese food culture and local customers' taste*

Canada is a diverse country with significant regional and cultural differences, especially in food preferences. While Japanese cuisine enjoys wide popularity, its acceptance varies across regions and consumer groups. Japanese restaurants must strike a balance between maintaining "authenticity" and catering to local tastes. Some diners prefer traditional dishes like sushi, sashimi, and tempura, while others, particularly those without a Japanese background, may lean toward localized or fusion options, such as California rolls, fried chicken katsu sushi, or Japanese-style barbecue. In cities like Vancouver and Toronto, many restaurants offer fusion dishes combining Japanese flavors with local Canadian ingredients, such as Hokkaido-style grilled salmon or Japanese cream stews, to appeal to a broader audience. Freshness is critical for Japanese cuisine, especially for sushi and sashimi. While Canada has abundant seafood resources, many high-end Japanese restaurants still import ingredients from Japan to maintain authentic flavors. This requires a significant financial investment in sourcing and ensuring ingredient quality. In addition, with the growing trend of healthy eating, there is increasing consumer demand for low-calorie, gluten-free, organic, or vegetarian options. To meet this demand, Japanese restaurants must incorporate these choices into their menus, such as using organic ingredients or offering low-fat or vegetarian sushi.

*Capital Investment*

Capital investment is essential for both the startup and long-term operation of a restaurant. High-end Japanese restaurants, in particular, require substantial initial investment due to the specialized equipment, ingredients, and restaurant design needed to serve authentic cuisine. These restaurants often use expensive imported ingredients, such as sushi-grade fish and Wagyu beef, which demand careful attention to freshness and quality. Establishing reliable supplier relationships is crucial, though it may take time and increase procurement costs for new establishments. Moreover, high-quality Japanese restaurants need specialized kitchen equipment, such as sushi counters, sashimi displays, fine tableware, and precision cooking tools, all of which come with high purchase and maintenance costs. Renting space in prime business districts, such as downtown Toronto or Vancouver, is typically expensive. To attract customers, restaurants must also invest in designing an ambiance that reflects Japanese culture, often incorporating elements like Japanese gardens or minimalist interiors. In Canada, the restaurant industry's low gross profit margins and high operating costs can make it challenging for new restaurants, which may experience long-term losses in their early stages. As a result, investors need substantial financial reserves to support initial losses and help the restaurant establish a strong foothold in the market.

*Brand reputation*

Brand reputation is crucial in the highly competitive Japanese restaurant market. Restaurants must focus on staff training to ensure they understand Japanese culture and dining etiquette. High-end restaurants often rely on word-of-mouth and renowned chefs to build their brand. Media coverage, social media promotion, and celebrity endorsements also play a significant role in increasing brand awareness. With the rise of social media, customer reviews are key to brand marketing. Restaurants should manage online reviews, respond promptly to feedback, and address negative comments. By continuously improving food quality, service and innovation, restaurants can earn positive reviews and strengthen their brand image.

*Talents*

High-end Japanese restaurants need skilled sushi chefs with years of experience, often including time in Japan. Sushi making requires precision and expertise, so hiring the right chef can be costly and time-consuming. Additionally, significant resources must be invested in training waiter staff to understand and convey Japanese cultural values and dining etiquette.

*Industry know-how*

Restaurants must conduct thorough research on the local market, understanding customer preferences, popular dishes, and the competitive landscape. Canada's food and beverage industry is heavily regulated, with strict food safety standards, labor laws, and environmental requirements. Restaurants must ensure compliance with these regulations and ensure their management team has the necessary legal knowledge. Japanese restaurants, particularly, rely on high-quality ingredients, especially fresh seafood. Therefore, selecting reliable suppliers and ensuring a stable, consistent supply of quality ingredients is crucial.

*R&D*

Japanese restaurants need to continuously innovate their menus, blending traditional and fusion dishes to meet evolving market demand. The research and development team should analyze trends, customer feedback, and seasonal ingredients to ensure a diverse and appealing offering. Embracing technology, such as smart ordering systems, kitchen automation, and delivery platforms, can enhance both operational efficiency and customer experience. Additionally, upgrading kitchen equipment is key to optimizing overall operations.

***Competitive Landscape***

The ramen restaurants market in Canada is relatively fragmented, with over 100 players in the industry. Most of these are independent, non-chain brand operating restaurants in a single location. The Group was the third largest ramen restaurant in Canada in terms of number of restaurants in 2023.

***Ranking of Leading Players in Canada's Ramen Restaurants, by Group, 2023***

*Source: Frost & Sullivan Analysis*

**USE OF PROCEEDS**

Based upon an initial public offering price of US$5 per Class A Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), we estimate that we will receive net proceeds from this offering, after deducting the estimated underwriting discounts and the estimated offering expenses payable by us (inclusive of the underwriters' non-accountable expense of 1% of the gross proceeds from this offering and accountable expenses of a maximum of $300,000), of approximately US$8,168,897.00 if the underwriters do not exercise their over-allotment option, and $9,721,397.00 if the underwriters exercise their over-allotment option in full.

Each US$1.00 increase (decrease) in the assumed initial public offering price of US$5 per Class A Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus) would increase (decrease) the net proceeds to us from this offering by US$2,070,000, assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts and estimated offering expenses payable by us. An increase (decrease) of 1.0 million in the number of Class A Ordinary Shares we are offering would increase (decrease) the net proceeds to us from this offering by US$4,600,000, assuming the assumed initial public offering price remains the same, and after deducting the underwriting discounts and estimated offering expenses payable by us.

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

● Approximately 50%, or $4,084,448.50, for expansion into new markets;

● Approximately 20%, or $1,633,779.40, for existing markets capital expenditure; and

● Approximately 30%, or $2,450,669.10, for general working capital.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management, however, will have significant flexibility and discretion to apply the net proceeds of this offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this offering differently than as described in this registration statement. We reserve the right to change the use of proceeds that we presently anticipate and describe in this prospectus. See "Risk Factors —Risks Related to our Class A Ordinary Shares and this Offering —Our management has broad discretion to determine how to use the funds raised in the offering and may use them in ways that may not enhance our results of operations or the price of our Class A Ordinary Shares" for more information.

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

**DIVIDEND POLICY**

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

Since incorporation, Riku did not declare or pay any dividends or distributions and there was no transfer of assets among Riku and its subsidiaries. If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our subsidiaries by way of dividend payments.

The declaration, amount and payment of any future dividends will be at the sole discretion of our board of directors, subject to compliance with applicable Cayman Islands laws regarding solvency. Our board of directors will take into account general economic and business conditions, our financial condition and results of operations, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions and other implications on the payment of dividends by us to our shareholders or by our subsidiaries to us, and such other factors as our board of directors may deem relevant. Subject to the satisfaction of the solvency test provisions under the Companies Act, the holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. The payment of dividends will be determined at the discretion of our board of directors, and is also subject to Cayman Islands law and our Memorandum and Articles. Under the laws of the Cayman Islands, a Cayman Islands company may pay a dividend out of profits or its share premium account, provided that in no circumstances may a dividend be paid out of the share premium account unless, immediately following the date on which the dividend is proposed to be paid, the company shall be able to pay its debts as they fall due in the ordinary course of business.

The holders of our Ordinary Shares are entitled to such dividends the Company in general meeting may declare but no dividend shall exceed the amount recommended by our board of directors. No dividend may be declared or paid other than out of profits and reserves of the Company lawfully available for distribution, including share premium. Our Memorandum and Articles provide that dividends may be declared and paid out of profits of our Company, realized or unrealized, or from any reserve set aside from profits which our board of directors determines is no longer needed, or not in the same amount. Dividends may also be declared and paid out of share premium account or any other fund or account which can be authorized for this purpose in accordance with the Companies Act. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business.

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

Under the BVI Business Companies Act 2004 (as amended) and subject to its memorandum and articles of association, a BVI company may authorize and declare a dividend to shareholders at such time and of such an amount as the board of directors thinks fit to the extent that immediately following the distribution, the value of the company's assets exceeds its liabilities and that such company is able to pay its debts as they fall due.

Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us. See "Risk Factors — Risks Related to Our Corporate Structure — We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on our ability or that of our HK Operating Subsidiaries by the PRC government to transfer cash." and "Prospectus Summary—Summary of Risk Factors—Risks Related to Our Corporate Structure" for more information.

According to Section 43(1) of the Canada Business Corporations Act ("CBCA"), which is applicable to ARCI, and Section 38 of the Business Corporations Act (Ontario) ("**OBCA**"), which is applicable to the CA Operating Subsidiaries (except ARCI), our CA Operating Subsidiaries may pay dividends by issuing fully paid shares of the corporation or in money or property. However, our CA Operating Subsidiaries may not declare or pay a dividend if, as provided under Section Article 42 of the CBCA or Section 38 of the OBCA, as applicable, there are reasonable grounds for believing that the corporation is, or would after payment be, unable to pay its liabilities as they become due, or the realizable value of the corporation's assets would thereby be less than the aggregate of its liabilities and stated capital of all classes. Canada does not impose any foreign exchange control restrictions which would restrict or prohibit the repatriation of funds by a Canadian corporation out of Canada, including to pay dividends to its foreign shareholder(s), except for transactions that will violate the *Criminal Code* and the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act*.

Dividends paid by the CA Subsidiaries to its non-resident shareholder (situated in British Virgin Island) are subject to a withholding tax at a rate of 25%. During fiscal year 2024, the CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payments of an aggregate amount of $254,376 to its shareholders out of the additional paid-in capital balance. In addition, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. For more information, see our consolidated financial statements and related notes thereto, in each case included in this prospectus. Except for the dividend payments mentioned above, the Company, and its CA Operating Subsidiaries and HK Operating Subsidiaries, currently intend to retain any future earnings to finance the operation and expansion of their businesses, and the Company does not expect to declare or pay any dividends in the foreseeable future.

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

**CAPITALIZATION**

The following table sets forth our capitalization as of March 31, 2025 on:

● an actual basis;

● an as adjusted basis to give effect to (i) the Corporate Reorganization and (ii) the sale of 2,250,000 Class A Ordinary Shares in this offering at the assumed initial public offering price of US$5 per Class A Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus) after deducting the underwriting discounts and estimated offering expenses payable by us, assuming the underwriters do not exercise the over-allotment option.

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

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| | | |
|:---|:---|:---|
|  | As of March 31, 2025 | As of March 31, 2025 |
|  | Actual | As adjusted,<br> assuming underwriter<br> over-allotment <br> not exercised |
| Bank borrowings | $1824526 | $1824526 |
| Equity: |  |  |
| Class A Ordinary Shares, $0.01 par value, 430,000,000 Class A Ordinary Shares authorized, 17,666,666 Class A Ordinary Shares issued and outstanding; 19,916,666 Class A Ordinary Shares issued and outstanding, as adjusted assuming the over-allotment option is not exercised | 176667 | 199167  |
| Class B Ordinary Shares, $0.01 par value, 70,000,000 shares authorized, 333,334 shares issued and outstanding | 3333 | 3333  |
| Additional paid-in capital | 711387 | 10860284  |
| Retained earnings | 3420365 | 3420365  |
| Accumulated other comprehensive loss | (126975) | (126975 ) |
| Total Shareholders' Equity | 4184777 | 14356174  |
| **Total capitalization** | $**6009303** | $**16180700**  |

---

\* The share amounts are presented on a retrospective basis to reflect the Corporate Reorganization.

(1) Reflects the sale of Class
 A Ordinary Shares in this offering at an assumed initial public offering price of US$5 per Class A Ordinary Share (the midpoint
 of the price range set forth on the cover page of this prospectus), and after deducting the underwriting discounts and estimated offering
 expenses payable by us. The pro forma as adjusted information is illustrative only, and we will adjust this information based on the
 actual initial public offering price and other terms of this offering determined at pricing. Additional paid-in capital reflects the
 net proceeds we expect to receive, after deducting the underwriting discounts (underwriting discount equal to 7% per Class A
 Ordinary Share), underwriters' non-accountable expense (non-accountable expense of 1% of the gross proceeds from this offering),
 underwriters' accountable expenses of a maximum of $300,000, and estimated offering expenses payable by us (US$1,881,103).
 We estimate that such net proceeds will be approximately US$8,168,897.00. For an itemization of an estimation of the total offering
 expenses payable by us, see "Expenses Related to this Offering".

**DILUTION**

If you invest in our Class A Ordinary Shares in this offering, your interest will be immediately diluted to the extent of the difference between the initial public offering price per Class A Ordinary Share in this offering and the net tangible book value per Class A Ordinary Share after this offering. Dilution results from the fact that the initial public offering price per Class A Ordinary Share is substantially in excess of the net tangible book value per Class A Ordinary Share. As of March 31, 2025, we had a historical net tangible book value of US$4,021,173, (as calculated by deducting intangible assets and deferred IPO costs from the net equity amount) or US$0.22 per ordinary share (both Class A and Class B Ordinary Share). Our net tangible book value per ordinary share represents total net tangible assets less intangible asset and deferred initial public offering costs, all divided by the number of ordinary share (both Class A and Class B Ordinary Share) outstanding as of March 31, 2025.

After giving effect to the sale of Class A Ordinary Shares in this offering at the assumed initial public offering price of US$5 per Class A Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), we will have 20,250,000 ordinary share, including 19,916,666 Class A Ordinary Shares and 333,334 Class B Ordinary Shares outstanding, and after deducting the underwriting discounts and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value at March 31, 2025 would have been US$8,828,937, or US$0.22 per ordinary share (both Class A and Class B Ordinary Share). This represents an immediate increase in pro forma as adjusted net tangible book value of US$0.60 per ordinary share (both Class A and Class B Ordinary Share) to existing investors and immediate dilution of US$4.40 per Class A Ordinary Share to new investors. The following table illustrates this dilution to new investors purchasing Class A Ordinary Shares in this offering:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Post-<br> Offering<sup>(1)</sup>** | **Post-<br> Offering<sup>(1)</sup>** | **Full Exercise of<br> Over-allotment<br> Option<sup>(2)</sup>** | **Full Exercise of<br> Over-allotment<br> Option<sup>(2)</sup>** |
| Assumed initial public offering price per Class A Ordinary Share | US$ | 5.00  | US$ | 5.00  |
| Net tangible book value per ordinary share (both Class A and Class B Ordinary Share) as of March 31, 2025 | US$ | 0.22  | US$ | 0.22  |
| Increase in pro forma as adjusted net tangible book value per ordinary share (both Class A and Class B Ordinary Share) attributable to new investors purchasing Class A Ordinary Shares in this offering | US$ | 0.38  | US$ | 0.45  |
| Pro forma as adjusted net tangible book value per ordinary share (both Class A and Class B Ordinary Share) after this offering | US$ | 0.60  | US$ | 0.67  |
| Dilution per Class A ordinary share to new investors in this offering | US$ | 4.40  | US$ | 4.33  |

---

(1) Assumes gross proceeds from
 the offering of 2,250,000 Class A Ordinary Shares, and assumes that the underwriters' over-allotment option has not been
 exercised.

(2) Assumes gross proceeds from
 the offering of 337,500 Class A Ordinary Shares, and assumes that the underwriters' over-allotment option has been exercised
 in full.

Each US$1.00 increase (decrease) in the assumed initial public offering price of US$5 per Class A Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus) would increase (decrease) our pro forma as adjusted net tangible book value as of March 31, 2025 after this offering by approximately US$0.10 per ordinary share (both Class A and Class B Ordinary Share), and would increase (decrease) dilution to new investors by US$0.90 per Class A Ordinary Share, assuming that the number of Class A Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts and estimated offering expenses payable by us.

If the underwriters exercise their over-allotment option in full, the pro forma as adjusted net tangible book value per ordinary share (both Class A and Class B Ordinary Share) after this offering would be US$0.67, the increase in net tangible book value per ordinary share (both Class A and Class B Ordinary Share) to existing shareholders would be US$0.45, and the immediate dilution in net tangible book value per Class A Ordinary Share to new investors in this offering would be US$4.33.

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

The following table summarizes, on a pro forma basis as described above as of March 31, 2025 (which is presented on a retrospective basis to reflect the Corporate Reorganization), the differences between the existing shareholders and the new investors with respect to the number of Class A Ordinary Shares purchased from us in this offering, the total consideration paid and the average price per Class A Ordinary Shares paid at the assumed initial public offering price of US$5 per Class A Ordinary Share, the midpoint of the price range set forth on the cover page of this prospectus, before deducting estimated underwriting discounts and estimated offering expenses. The total number of Class A Ordinary Shares does not include Class A Ordinary Shares issuable upon the exercise of the over-allotment option granted to the underwriters.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares purchased** | **Shares purchased** | **Total consideration** | **Total consideration** | **Total consideration** | **Average<br> price per<br>Ordinary** | **Average<br> price per<br>Ordinary** |
|  | **Number** | **Percent** | **Amount** | **Amount** | **Percent** | **Share** | **Share** |
| Existing shareholders\* | 18000000 | 88.89% | US$ | 891387 | 7.34% | US$ | 0.05 |
| New investors | 2250000 | 11.11% | US$ | 11250000 | 92.66% | US$ | 5.00 |
| Total | 20250000 | 100.00% | US$ | 12141387 | 100.00% | US$ | 0.60 |

---

\* The share amounts are presented on a retrospective basis to reflect the Corporate Reorganization.

**EXCHANGE RATE INFORMATION**

Riku is an exempted company with limited liability, registered and incorporated in the Cayman Islands, that operates in Hong Kong and Canada through the Operating Subsidiaries. The reporting currency of the HK Operating Subsidiaries is HKD and the reporting currency of the CA Operating Subsidiaries is CAD. This prospectus contains translations of HKD and CAD into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from HKD to U.S. dollars and from U.S. dollars to HKD in this prospectus were calculated at the noon buying rate of US$1 = HK$7.7799 on March 31, 2025, as published in H.10 statistical release of the Board of Governors of the Federal Reserve System. Similarly, all translations from CAD to U.S. dollars and from U.S. dollars to CAD in this prospectus were calculated at the noon buying rate of US$ = CA$1.4379 on March 31, 2025, as published in the same H.10 statistical release. We make no representation that the HKD or CAD or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or HKD or CAD, as the case may be, at any particular rate or at all.

**CORPORATE HISTORY AND STRUCTURE**

**Corporate History and Structure**

Riku was incorporated under the laws of the Cayman Islands as an exempted company with limited liability on February 14, 2025. Riku was incorporated with nominal assets and liabilities for the purpose of becoming the ultimate holding company for the Subsidiaries and consummating the Corporate Reorganization described below. Riku is a holding company with no material operations on its own. We conduct our core business operations in Hong Kong through our HK Operating Subsidiaries and in Canada through our CA Operating Subsidiaries.

**Corporate Reorganization**

Riku amended its Memorandum and Articles of Association in connection with the Corporate Reorganization, and has completed the Corporate Reorganization on November 17, 2025 through the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Waraku
 became the direct holding company of the HK Operating Subsidiaries through a share-for-share exchange;

(ii) Rich
 Plenty became the direct holding company of the CA Operating Subsidiaries through a share-for-share exchange;

(iii) Waraku
 and Rich Plenty became wholly-owned subsidiaries of Master Central, the intermediary holding company incorporated in
 the BVI;

(iv) The
 Company acquired Master Central through a share-for-share exchange, making the HK Operating Subsidiaries and CA Operating
 Subsidiaries indirect wholly-owned subsidiaries of the Company;

(v) The
 Company redesignated its share capital into Class A and Class B ordinary shares; and

(iv) The Company increased its share capital from $50,000
 to $5,000,000, and its authorized Ordinary Shares from 5,000,000 to 500,000,000, comprising of 430,000,000 Class A Ordinary Shares
 and 70,000,000 Class B Ordinary Shares, and issued new shares to its existing shareholders without any change to the percentage of
 shares held by each existing shareholder.

Therefore, investors in this offering will only acquire, and this prospectus only describes the offering of the Class A ordinary shares of Riku after the Corporate Reorganization.

Each step of the Corporate Reorganization that was undertaken is described in further detail below:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Share Exchange between Waraku and HK Operating Subsidiaries** 

The former shareholders of the HK Operating Subsidiaries exchanged their shares for newly issued shares in Waraku. As a result, Waraku became the direct holding company of the HK Operating Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Share Exchange between Waraku and Master Central** 

The sole shareholder of Waraku exchanged all its shares in Waraku for newly issued shares in Master Central, making Waraku a wholly owned subsidiary of Master Central.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Share Exchange between Rich Plenty and CA Operating Subsidiaries** 

The former shareholder of the CA Operating Subsidiaries exchanged their shares for newly issued shares in Rich Plenty. As a result, Rich Plenty became the direct holding company of the CA Operating Subsidiaries, acquiring full ownership of all entities.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Share Exchange between Rich Plenty and Master Central** 

The sole shareholder of Rich Plenty exchanged its shares in Rich Plenty for newly issued shares in Master Central, following which Rich Plenty became a wholly-owned subsidiary of Master Central.

&nbsp;&nbsp;&nbsp;&nbsp;5. **Acquisition of Master Central by the Company** 

The Company acquired 100% of the issued shares of Master Central from its existing shareholders in exchange for newly issued shares of the Company. Upon completion of this step, Master Central, Waraku, Rich Plenty, and their respective subsidiaries (the HK Operating Subsidiaries and the CA Operating Subsidiaries) became wholly-owned subsidiaries of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;6. **Re-designation of share capital of the Company** 

The Company re-designated its share capital into Class A and Class B ordinary shares. Class B Ordinary Shares will carry twenty (20) votes per share and be convertible into Class A Ordinary Shares at any time, while Class A Ordinary Shares will carry one (1) vote per share and will not be convertible into Class B Ordinary Shares under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Increase of share capital of the Company and issuance of new shares** 

The Company increased its share capital from $50,000 to $5,000,000, and its authorized Ordinary Shares from 5,000,000 to 500,000,000, comprising of 430,000,000 Class A Ordinary Shares and 70,000,000 Class B Ordinary Shares, and issued new shares to its existing shareholders without any change to the percentage of shares held by each existing shareholder.

The chart below illustrates our corporate structure and identifies our subsidiaries as of the closing of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, assuming the over-allotment option is not exercised:

![](formdrs_002.jpg)

---

| | | |
|:---|:---|:---|
| **Name** | **Background** | **Ownership** |
| Master Central Holdings Limited | — A BVI company<br> — Incorporated on July 2, 2021<br> — Issued share capital of US50,000<br>— Intermediate holding company | 100% owned by Riku |
| Waraku Group Limited | — A Hong Kong company<br> — Incorporated on March 15, 2024<br> — Issued share capital of HK$10,000<br> — Intermediate holding company | 100% owned by Master Central |
| Rich Plenty Group Limited | — A BVI company<br> — Incorporated on October 30, 2024<br> — Issued share capital of US$50,000<br> — Intermediate holding company | 100% owned by Master Central |
| C& Hospitality Limited | — A Hong Kong company<br> — Incorporated on June 16, 2021<br> — Issued share capital of HK$10,000<br> — Engaged in the operation of restaurants | 100% owned by Waraku Group Limited |
| ES& TWP Limited | — A Hong Kong company<br> — Incorporated on February 27, 2023<br> — Issued share capital of HK$10,000<br> — Engaged in the operation of restaurants | 100% owned by Waraku Group Limited |
| ES& Yoho Limited | — A Hong Kong company<br> — Incorporated on January 6, 2023<br> — Issued share capital of HK$10,000<br> — Engaged in the operation of restaurants | 100% owned by Waraku Group Limited |
| ES& Granville Limited | — A Hong Kong company<br> — Incorporated on June 8, 2022<br> — Issued share capital of HK$10,000<br> — Engaged in the operation of restaurants | 100% owned by Waraku Group Limited |
| C& NTP Limited | — A Hong Kong company<br> — Incorporated on July 12, 2021<br> — Issued share capital of HK$10,000<br> — Engaged in the operation of restaurants | 100% owned by Waraku Group Limited |
| ES Concept (F&B) Co., Limited | — A Hong Kong company<br> — Incorporated on May 26, 2020<br> — Issued share capital of HK$34,782,609<br> — Engaged in the operation of restaurants | 100% owned by Waraku Group Limited |
| Ajisen Ramen (Canada) Inc. | — A Canadian company<br> — Incorporated on July 18, 2007<br> — Issued share capital of CA$100.00<br> — Engaged as the Canadian sub-franchisor and in the operation of the central kitchen and restaurants | 100% owned by Master Central Holdings Limited |
| 2750039 Ontario Inc. | — An Ontario company<br> — Incorporated on March 26, 2020<br> — Issued share capital of CA$100.00<br> —Engaged in the holding of the real property where the central kitchen is located | 100% owned by Master Central Holdings Limited |
| 2512118 Ontario Inc. | — An Ontario company<br> — Incorporated on April 5, 2016<br> — Issued share capital of CA$100.00<br> — Engaged in the operation of restaurants<br>| 100% owned by Master Central Holdings Limited |
| 2770933 Ontario Inc. | — An Ontario company<br> — Incorporated on August 10, 2020<br> — Issued share capital of CA$100.00<br> — Engaged in the operation of restaurants | 100% owned by Master Central Holdings Limited |
| 2811387 Ontario Inc. | — An Ontario company<br> — Incorporated on January 27, 2021<br> — Issued share capital of CA$100.00<br> — Engaged in the operation of restaurants | 100% owned by Master Central Holdings Limited |
| 1000047451 Ontario Limited | — A Canadian company<br> — Incorporated on December 7, 2021<br> — Issued share capital of CA$100.00<br> — Engaged in the operation of restaurants | 100% owned by Master Central Holdings Limited |

---

The Controlling Shareholder will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of the total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, immediately after the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, assuming the underwriters do not exercise their over-allotment option. We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, our Controlling Shareholder, will own approximately 59.6% of our total issued and outstanding Shares, representing 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, and may have the ability to determine matters requiring approval by shareholders.

At each general meeting, each Class A shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have one (1) vote for each Class A Ordinary Share which such shareholder holds and each Class B shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have twenty (20) votes for each Class B Ordinary Share which such shareholder holds. There are no prohibitions to cumulative voting under the laws of the Cayman Islands, but our Articles of Association do not provide for cumulative voting.

**SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA**

The following tables summarize our consolidated financial data for the periods and as of the dates indicated. The following summary consolidated financial data for the years ended September 30, 2024 and 2023 are derived from our audited consolidated financial statements included elsewhere in this prospectus, and the summary of the unaudited financial data as of and for the six months ended March 31, 2025 and 2024 are derived from our unaudited condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. Our historical results are not necessarily indicative of the results that may be expected in the future. The following summary consolidated financial data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Corporate History and Structure" and our consolidated financial statements for the years ended September 30, 2024 and 2023 and unaudited condensed consolidated financial statements for the six months ended March 31, 2025 and 2024, and the related notes included elsewhere in this prospectus.

On February 14, 2025, Riku was incorporated under the laws of the Cayman Islands as an exempted company with limited liability and as a holding company. See "Corporate History and Structure—Corporate Reorganization." Prior to this offering, Riku has only engaged in activities incidental to its formation, the Corporate Reorganization and this offering. Accordingly, a discussion and analysis of the results of operations and financial condition of Riku itself for the period of its operations prior to the consummation of the Corporate Reorganization would not be meaningful and are not presented. We have historically conducted our business through our operating subsidiaries in Canada and Hong Kong, and therefore our historical consolidated financial statements present the consolidated results of our Group, which include the operations of our subsidiaries in Canada and Hong Kong, as entities under common control. All significant intercompany balances and transactions have been eliminated in consolidation. See Note 1 of the consolidated financial statements included elsewhere in this prospectus.

The following table presents our summary combined and consolidated statements of operations for the periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31** | **For the six months ended March 31** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  | **(Unaudited)** | **(Unaudited)** | | |
| Revenues | $9143635 | $8492197 | $18089745 | $17617309 |
| Gross profit | $2196559 | $2272258 | $4128655 | $4492225 |
| Operating expenses | $1880208 | $1534608 | $2331336 | $2065735 |
| Income from operations | $316351 | $737650 | $1797319 | $2426490 |
| Other income (expenses) | $30943 | $(11062) | $(53492) | $(44925) |
| Income tax expenses | $146353 | $166378 | $346886 | $269814 |
| Net income | $200941 | $560210 | $1396941 | $2111751 |
| Comprehensive income | $39460 | $558703 | $1420112 | $2116033 |
| Earnings per share, basic and diluted | $0.19 | $0.52 | $1.29 | $1.96 |
| Weighted average ordinary shares outstanding, basic and diluted | 1080000 | 1080000 | 1080000 | 1080000 |

---

The following table presents our combined and consolidated balance sheets data as of the dates presented.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of September 30,** | **As of September 30,** |
|  | **2025** | **2024** | **2023** |
|  | **(Unaudited)** | | |
| Current assets | $3762840 | $4246110 | $3173587 |
| Non-current assets | $7551343 | $8894746 | $7999135 |
| Total assets | $11314183 | $13140856 | $11172722 |
| Total liabilities | $7129406 | $8995539 | $8049785 |
| Total shareholders' equity | $4184777 | $4145317 | $3122937 |

---

The following table sets forth a summary of our combined and consolidated cash flows for the periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31** | **For the six months ended March 31** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  | **(Unaudited)** | **(Unaudited)** | | |
| Net cash provided by (used in) operating activities | $(55231) | $789243 | $2276214 | $2056188 |
| Net cash used in investing activities | $(211668) | $(626895) | $(1787919) | $(1213312) |
| Net cash used in financing activities | $(275442) | $(617389) | $(940508) | $(900596) |

---

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

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

**Overview**

We are a holding company incorporated in the Cayman Islands. We are a dynamic international restaurant operator with a diverse portfolio of Japanese-themed dining concepts, strategically positioned in key markets such as Hong Kong and Canada. Through our operating subsidiaries located in Canada and Hong Kong, we deliver authentic Japanese culinary experiences to customers by holding exclusive franchise rights for prestigious Japanese brands in Hong Kong and Canada.

***<u>Organization</u>***

Riku Dining Group Limited ("Riku" or the "Company") was incorporated under the laws of the Cayman Islands on February 14, 2025 as an exempted company with limited liability.

Prior to this offering, Riku has only engaged in activities incidental to its formation, the Corporate Reorganization and this offering. Accordingly, a discussion and analysis of the results of operations and financial condition of Riku itself for the period of its operations prior to the consummation of the Corporate Reorganization would not be meaningful and are not presented. We have historically conducted our business through our operating subsidiaries in Canada and Hong Kong, and therefore our historical consolidated financial statements present the consolidated results of our Group, which include the operations of our subsidiaries in Canada and Hong Kong, as entities under common control. All significant intercompany balances and transactions have been eliminated in consolidation. See Note 1 of the consolidated financial statements included elsewhere in this prospectus.

The Company has no substantive operations other than holding all of the outstanding share capital of Master Central Holdings Ltd. ("Master Central"), a limited liability company incorporated under the laws of British Virgin Islands ("BVI"). Master Central has no substantive operations other than holding all of the outstanding share capital of (1) Rich Plenty Group Limited ("Rich Plenty"), a limited liability company formed under the laws of BVI and (2) Waraku Group Limited ("Waraku"), a limited liability company formed under the laws of Hong Kong.

Riku, Master Central, Rich Plenty and Waraku are currently not engaging in any active business operations and merely acting as holding companies.

The Group's business operations were conducted by the following operating subsidiaries in Canada and Hong Kong, including (1) Ajisen Ramen (Canada) Inc. ("ARCI"), a company incorporated in Canada on July 18, 2007; (2) 2750039 Ontario Inc. ("CK Inc."), a company incorporated in Ontario on March 26, 2020; (3) 2512118 Ontario Inc. ("Kennedy Inc."), a company incorporated in Ontario on April 5, 2016; (4) 2770933 Ontario Inc. ("Vaughan Inc."), a company incorporated in Ontario on August 10, 2020; (5) 2811387 Ontario Inc. ("Midland Inc."), a company incorporated in Ontario on January 27, 2021; (6) 1000047451 Ontario Limited ("Church Limited"), a company incorporated in Ontario on December 7, 2021; (7) C & Hospitality Limited ("C& Hospitality"), a limited company incorporated in Hong Kong on June 16, 2021; (8) ES Concept (F&B) Co., Limited ("ES Concept"), a limited company incorporated in Hong Kong on May 26, 2020; (9) ES&TWP Limited ("ES&TWP"), a limited company incorporated in Hong Kong on February 27, 2023; (10) ES & Yoho Limited ("ES&Yoho"), a limited company incorporated in Hong Kong on January 6, 2023; (11) C&NTP Limited ("C & NTP"), a limited company incorporated in Hong Kong on July 12, 2021; and (12) ES & Granville Limited ("ES & Granville"), a limited company incorporated in Hong Kong on June 8, 2022. Please refer to section headed "Corporate History and Structure – Corporate Reorganization" for additional information.

ARCI, CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited are our operating subsidiaries in Canada and collectively referred to as the "CA Operating Subsidiaries". ARCI is primarily engaged in providing management services to the franchisees and operating the central kitchen, CK Inc. is holding the real property where the central kitchen is located, and Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited are primarily engaged in running full-service Japanese dining restaurants in Canada under the brand name of Ajisen Ramen, with a featured menu of a wide range of dishes, including its signature Kyushu-style tonkotsu ramen, famous in-house made gyoza, chicken karaage, and AAA striploin served on a sizzling hot plate. The menu also includes vegan and customizable options to cater to diverse dietary preferences.

C&NTP, C& Hospitality, ES Concept, ES&TWP, ES &Yoho and ES& Granville are our operating subsidiaries in Hong Kong and collectively referred to as the "HK Operating Subsidiaries" (and the CA Operating Subsidiaries, together with the HK Operating Subsidiaries, the "Operating Subsidiaries"). ES Concept, ES &Yoho and C&NTP are primarily running the franchised full-service Japanese barbecue restaurant under the prestigious brand name of Yakiniku Kakura. ES&TWP and ES& Granville are primarily running the franchised restaurant business under the brand name of Yakiniku 801, specializing in high-quality beef cuts while ensuring affordability. ES&TWP also runs the restaurant business under the brand name of Ufufu Café, a Japanese-inspired cafe that blends Western-influenced Japanese cuisine (yoshoku) with Japanese-style desserts.

***<u>Reorganization</u>***

A reorganization of our legal structure ("Reorganization") was consummated on November 17, 2025. The reorganization involved the incorporation of Riku on February 14, 2025, and thereafter involved (1) the incorporation of Rich Plenty and Master Central; (2) the transfer of the entire issued share capital of CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Inc. and ARCI to Rich Plenty; (3) the acquisition of the entire issued share capital of Rich Plenty by Master Central, following which Rich Plenty became wholly-owned by Master Central and the CA Operating Subsidiaries became indirectly owned by Master Central; (4) the transfer of the issued share capital of the HK Operating Subsidiaries to Waraku, and (5) the acquisition of the entire issued share capital of Waraku and Rich Plenty by Master Central and Riku, following which, Waraku and Rich Plenty became wholly-owned by Riku and the HK Operating Subsidiaries became indirectly wholly-owned by Riku. Consequently, Riku, through its subsidiaries Master Central. Rich Plenty and Waraku, directly controls the CA Operating Subsidiaries and HK Operating Subsidiaries, and has become the ultimate holding company of all other entities mentioned above.

The Reorganization was accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.

**Key Factors Affecting Our Results of Operations**

Our financial condition and results of operation have been and will continue to be affected by a number of factors, many of which may be beyond our control, including those factors set out in the section headed "Risk Factors" and those set out below:

***<u>Macroeconomic Conditions</u>***

Food service businesses depend on consumer discretionary spending and are often affected by changes in consumer tastes, national, regional and local economic conditions. Factors such as traffic patterns, weather, number and locations of competing restaurants may adversely affect the performances of individual locations. In addition, economic downturns, geopolitical tensions, inflation or increased food or energy costs have harmed and could continue to harm the restaurant industry in general. Adverse changes in any of these factors could reduce consumer traffic or impose practical limits on pricing that could have a material adverse effect on our business, financial condition and results of operations. It is possible that consumers may no longer regard our menu offerings favorably, that we will no longer be able to develop new menu items that appeal to consumer preferences or that there will be a drop in consumer demands for restaurant dining. Restaurant traffic and our resulting sales depend in part on our ability to anticipate, identify and respond to changing consumer preferences and economic conditions. In addition, the restaurant industry is subject to scrutiny due to the perception that restaurant company practices have contributed to poor nutrition, high caloric intake, obesity or other health concerns of their customers. If we are unable to adapt to changes in consumer preferences and trends, we may lose customers, which could have a material adverse effect on our business, financial condition and results of operations. Please refer to sections headed "Risk Factors – Risks Related to Our Industry and Our Business - Fluctuations in consumer spending and broader economic factors could adversely impact our business." and "Risk Factors – Risks Related to Our Industry and Our Business - Changes in consumer preferences or other factors could reduce demand for our products." for additional information.

***<u>Efficient Restaurant Operations</u>***

We have historically focused on driving high revenue growth through expansion. The growth of our business is dependent on our ability to improve operating efficiency, which is determined by our ability to monitor and adjust costs and expenses. The costs and expenses of our Operating Subsidiaries in Hong Kong and Canada primarily consist of food and beverage, payroll and employee benefits, occupancy, and other operating expenses. Going forward, as we work to continue to expand our restaurant network, our profitability will largely depend on our ability to effectively control these expenses by implementing various measures such as leveraging our scale to negotiate more favorable supply and occupancy terms, increasing our staff's efficiency, and implementing technology to further automate and streamline our operations. If we fail to implement initiatives to control costs and improve our operating efficiency over time, our profitability will be negatively impacted Please refer to sections headed "Risk Factors – Risks Related to Our Industry and Our Business - Failure to cost-effectively acquire new customers or retain existing customers could materially affect our business.", "Risk Factors – Risks Related to Our Industry and Our Business - Rising commodity prices or other operating costs, or disruptions in the availability of the supplies and utilities on which we rely, could adversely affect our financial performance." and "Risk Factors – Risks Related to Our Industry and Our Business - Increases in labor costs or shortages of qualified staff could negatively affect our profitability." for additional information.

Our Operating Subsidiaries are impacted by inflationary increases in wages, benefits and other costs. If inflation or other factors were to significantly increase our Operating Subsidiaries' business costs, they may be unable to pass through price increases to their customers. If our Operating Subsidiaries are not able to pass increased wage and other costs resulting from inflation onto their clients our profitability may decline. There can be no assurance that future cost increases can be offset by increased menu prices or that increased menu prices will be fully absorbed by our Operating Subsidiaries customers without resulting in any change to their visit frequencies or spending patterns.

***<u>Customer Demand for Quality Japanese Cuisine and Related Products</u>***

Our results of operations have been and will continue to be influenced by consumer spending on Japanese cuisine and related products, which is largely affected by the continuous improvements in living standards and Japanese food consumption behavior in Hong Kong and Canada. As a result of economic growth, Hong Kong and Canada have experienced an increase in per capita disposable income, which in turn drives the growth of the Japanese food market in Hong Kong and Canada. Our Operating Subsidiaries have in the past benefitted from the growth of the industry, and we believe that the macro-economy in Hong Kong and Canada and its growth will continue to drive the growth of the Japanese food market as well as our business Please refer to section headed "Risk Factors – Risks Related to Our Industry and Our Business - Changes in consumer preferences or other factors could reduce demand for our products.", "Risk Factors – Risks Related to Doing Business in Canada - Economic conditions in Canada may adversely affect consumer spending and our business" for additional information.

***<u>Our Ability to Compete Successfully</u>***

The restaurant industry is highly competitive and fragmented, with restaurants competing directly and indirectly with regard to dining experience, food quality, service, price and location. In addition, there is active competition for management personnel, real estate sites, supplies and restaurant employees. Competition is also influenced strongly by marketing and brand reputation. We face competition from larger restaurant chains, many of which possess significant brand recognition, sales volume and a broad customer base. Some of the current and potential competitors have significantly greater financial, technical or marketing resources than we do. In addition, some of the competitors or new entrants may be acquired by, receive investment from, or enter into strategic relationships with, well-established and well-financed companies or investors which would help enhance their competitive positions. Our failure to properly respond to increased competition and the above challenges may reduce our operating margins, market share and brand recognition, or force us to incur losses, which will have a material adverse effect on our business, prospects, financial condition and results of operations Please refer to section headed "Risk Factors – Risks Related to Our Industry and Our Business - The restaurant industry is highly competitive, and we may face challenges in maintaining our competitive edge." for additional information.

***<u>Impact of COVID-19</u>***

The COVID-19 pandemic had negatively affected our business and financial results in fiscal years 2020 through2022. When the COVID-19 pandemic was at its peak, our Operating Subsidiaries in Hong Kong and Canada recorded lower revenue due to reduced customer traffic, shortened operating hours, occupancy restrictions, and temporary closures of our restaurant outlets. In mid-2022, our operating results started to recover with the improvement in public health conditions and the easing of social distancing measures.

Although the spread of COVID-19 appears to be under control as of the date of this prospectus, the extent to which the COVID-19 pandemic may impact our future financial results will depend on future developments, such as new information on the effectiveness of the mitigation strategies, the duration, spread, severity, and recurrence of COVID-19 and COVID-19 variants, if any, any related travel advisories and restrictions, and the overall impact of the COVID-19 pandemic on the global economy and capital markets, all of which remain uncertain and unpredictable. Given this uncertainty, the Company is currently unable to quantify the expected impact of the COVID-19 pandemic on its future operations, financial condition, liquidity, and results of operations Please refer to section headed "Risk Factors – Risks Related to Our Industry and Our Business - Unpredictable events such as natural disasters, political unrest, or other disruptions could adversely impact our operations." for additional information.

**Revenues**

The Company has determined that it has four operating segments, based on revenue generated by service type, which consist of: (i) self-operated restaurant revenue, (ii) franchise revenue, (iii) management service fees and (iv) sales of food ingredients. Our revenues increased by $472,436, or 2.7%, from $17,617,309 for the fiscal year ended September 30, 2023 ("fiscal year 2023") to $18,089,745 for the fiscal year ended September 30, 2024 ("fiscal year 2024"). Revenue from self-operated restaurants accounted for 86.5% and 91.3% of our total revenues, franchise revenue accounted for 0.7% and 0.7% of our total revenues, management services fees accounted for 6.5% and 6.0% of our total revenues and sales of food ingredients accounted for 6.3% and 2.0% of our total revenue, in each case for fiscal year 2024 and 2023, respectively.

Our revenues increased by $651,438, or 7.7%, from $8,492,197 for the six months ended March 31, 2024 to $9,143,635 for the six months ended March 31, 2025. Revenue from self-operated restaurants accounted for 86.4% and 90.3% of our total revenues, franchise revenue accounted for 1.0% and 0.6% of our total revenues, management services fees accounted for 3.8% and 5.5% of our total revenues and sales of food ingredients accounted for 8.8% and 3.6% of our total revenue, in each case for the six months ended March 31, 2025 and 2024, respectively.

In terms of geographic regions, revenue from Hong Kong accounted for 51.9% and 50.9% of the total revenue for the six months ended March 31, 2025 and 2024, and accounted for 51.9% and 53.2% of the total revenues for the fiscal year 2024 and 2023, and revenue from Canada accounted for 48.1% and 49.1% of our total revenue for the six months ended March 31, 2025 and 2024, and accounted for 48.1% and 46.8% of our total revenues for the fiscal year 2024 and 2023, respectively.

From time to time, we also sell restaurant products and provide management services to related parties. Revenue from third party customers accounted for 94.3% and 98.2% of our total revenue in each case for the six months ended March 31, 2025 and 2024, and accounted for 94.2% and 93.7% of our total revenues in each case for the fiscal year 2024 and 2023, and revenue from related party customers accounted for 5.7% and 1.8% of our total revenue in each case for the six months ended March 31, 2025 and 2024, and accounted for 5.8% and 6.3% of our total revenues, in each case for fiscal year 2024 and 2023, respectively.

The following tables illustrate the amount and percentage of our revenue by service type for the six months ended March 31, 2025 and 2024, and for the years ended September 30, 2024 and 2023, respectively:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Self-operated restaurant revenue | $7896546 | 86.4% | $7668894 | 90.3% | $227652 | 3.0% |
| Franchise revenue | 90961 | 1.0% | 48770 | 0.6% | 42191 | 86.5% |
| Management service fees | 348025 | 3.8% | 466118 | 5.5% | (118093) | (25.3)% |
| Sales of food ingredients | 808103 | 8.8% | 308415 | 3.6% | 499688 | 162.0% |
| **Total revenues** | $**9143635** | **100.0%** | $**8492197** | **100.0%** | $**651438** | **7.7%** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Self-operated restaurant revenue | $15653963 | 86.5% | $16081232 | 91.3% | $(427269) | (2.7)% |
| Franchise revenue | 124097 | 0.7% | 125786 | 0.7% | (1689) | (1.3)% |
| Management service fees | 1172930 | 6.5% | 1064186 | 6.0% | 108744 | 10.2% |
| Sales of food ingredients | 1138755 | 6.3% | 346105 | 2.0% | 792650 | 229.0% |
| **Total revenues** | $**18089745** | **100.0%** | $**17617309** | **100.0%** | $**472436** | **2.7%** |

---

The following tables illustrate the amount and percentage of our revenue by geographic regions for the six months ended March 31, 2025 and 2024, and for the years ended September 30, 2024 and 2023, respectively:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Revenue from Hong Kong | $4748251 | 51.9% | $4321780 | 50.9% | $426471 | 9.9% |
| Revenue from Canada | 4395384 | 48.1% | 4170417 | 49.1% | 224967 | 5.4% |
| Total revenues | $9143635 | 100.0% | $8492197 | 100.0% | $651438 | 7.7% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Revenue from Hong Kong | $9394208 | 51.9% | $9366691 | 53.2% | $27517 | 0.3% |
| Revenue from Canada | 8695537 | 48.1% | 8250618 | 46.8% | 444919 | 5.4% |
| Total revenues | $18089745 | 100.0% | $17617309 | 100.0% | $472436 | 2.7% |

---

The following table illustrates the amount and percentage of our revenue derived from our customer types for the six months ended March 31, 2025 and 2024, and for the years ended September 30, 2024 and 2023, respectively:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Revenue from third party customers | $8624811 | 94.3% | $8335490 | 98.2% | $289321 | 3.5% |
| Revenue from related party customers | 518824 | 5.7% | 156707 | 1.8% | 362117 | 231.1% |
| Total revenues | $9143635 | 100.0% | $8492197 | 100.0% | $651438 | 7.7% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Revenue from third party customers | $17049452 | 94.2% | $16509584 | 93.7% | $539868 | 3.3% |
| Revenue from related party customers | 1040293 | 5.8% | 1107725 | 6.3% | (67432) | (6.1)% |
| Total revenues | $18089745 | 100.0% | $17617309 | 100.0% | $472436 | 2.7% |

---

**Key Financial Performance Metrics** 

Throughout "Management's Discussion and Analysis of Financial Condition and Results of Operations" we commonly discuss the following key operating metrics that we believe will drive our financial results and long-term growth model. We believe these metrics are useful to investors because management uses these metrics to evaluate performance and assess the growth of our business as well as the effectiveness of our marketing and operational strategies. The key measures that we use to evaluate the performance of our business are set forth below and are discussed in greater detail under "Results of Operations."

***For the Six Months Ended March 31, 2025 and 2024***

The below table sets forth such key operating metrics for the six months ended March 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2024** | **Variance** | **Variance** |
| Self-operated restaurants sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | $4614973 | $4263236 | $351737 | 8.3% |
| &nbsp;&nbsp;&nbsp;Canada | 3281573 | 3405658 | (124085) | (3.6)% |
| Total | $7896546 | $7668894 | $227652 | 3.0% |
| Operating weeks | 26 | 26 | - | 0.0% |
| Number of Self-operated restaurants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | 6 | 5 | 1 | 20.0% |
| &nbsp;&nbsp;&nbsp;Canada | 4 | 4 | - | 0.0% |
| Total | 10 | 9 | 1 | 11.1% |
| Number of new self-operated restaurants opening |  |  |  | 0.0% |
| Number of sub-franchised restaurants | 2 | 2 | - | 0.0% |
| Average sales volume ("ASV") by self-operated restaurant stores |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | $769162 | $852647 | $(83485) | (9.8)% |
| &nbsp;&nbsp;&nbsp;Canada | 820393 | 851415 | (31021) | (3.6)% |
| Total ASV | $1589555 | $1704062 | $(114506) | (6.7)% |

---

***Self-operated restaurants sales***: means the sales generated by restaurants directly owned and managed by the Company's CA Operating Subsidiaries and HK Operating Subsidiaries and not from sales generated by our franchised restaurants. The Company maintains full control over the operations, branding, quality and customer experiences of these self-operated restaurants. There were total of 10 self-operated restaurants in the six months ended March 31, 2025 and 9 self-operated restaurants in the six months ended March 31, 2024. The Company also reviews this metric by geographic area: Hong Kong and Canada.

***New Self-Operated Restaurant Openings***: means the number of new self-operated restaurants commencing operations during the period. There were no new self-operated restaurants opened during the six months ended March 31, 2025 and 2024.

***Sub-franchised Restaurants***: means the number of new sub-franchised restaurants commencing operations during the period. Number of sub-franchised restaurants was two and two in the six months ended March 31, 2025 and 2024, respectively.

***Average Sales Volume*** ("ASV"): the total self-operated restaurant sales divided by the number of restaurants in the comparable restaurant base during the period. This measurement allows management to assess changes in consumer spending patterns at our restaurants and the overall performance of our restaurant base. The Company also reviews this metric by geographic area: Hong Kong and Canada.

**Key Components of Results of Operations**

***Revenue***

Our revenues are derived by four different service types: self-operated restaurant revenue, franchise revenue, management service fees and sales of food ingredients.

For self-operated restaurant revenue, sales in any period are directly influenced by the number of operating weeks in the period, the number of open restaurants, customer traffic and average check. Average check is driven by our menu price increase or decrease and changes to our menu mix. For franchise revenue, royalty is normally charged 3% of the monthly gross revenues of the sub-franchisee and additional lump sum based on the kilograms of noodle and oil consumed by each sub-franchisee on a monthly basis. Management service fees are charged to the sub-franchisees at 1.5% to 10% of the monthly revenue of the sub-franchised restaurants. Revenue from sales of food ingredients to the sub-franchised restaurants is affected by the selling price we charged to sub-franchised restaurants and the sale volume. See "Our Relationships with Certain Franchisors" for more detail on specific franchise fees.

Revenue from self-operated restaurants accounted for 86.4% and 90.3% of our total revenues, franchise revenue accounted for 1.0% and 0.6% of our total revenues, management services fees accounted for 3.8% and 5.5% of our total revenues and sales of food ingredients accounted for 8.8% and 3.6% of our total revenue, in each case for the six months ended March 31, 2025 and 2024, respectively.

In terms of geographic regions, revenue from Hong Kong accounted for 51.9% and 50.9% of the total revenues, and revenue from Canada accounted for 48.1% and 49.1% of our total revenues, in each case for the six months ended March 31, 2025 and 2024, respectively.

From time to time, we also sell restaurant products and provide management services to related parties. Revenue from third party customers accounted for 94.3% and 98.2% of our total revenues, and revenue from related party customers accounted for 5.7% and 1.8% of our total revenues, in each case for the six months ended March 31, 2025 and 2024, respectively.

***Cost of Revenues***

Cost of revenues primarily consists of food and beverage and other inventory costs, labor costs, restaurant rent expenses, royalty fee, franchise fee, depreciation, utilities and insurance. We expect our cost of revenues to increase in absolute dollars to support our growth. However, we expect that, over time, cost of revenues will decrease as a percentage of net revenue, as a result of the scaling of our business.

***Gross Profit***

Gross profit is equal to net revenue minus cost of revenues. Cost of revenues primarily includes food and beverage and other inventory costs, labor costs, restaurant rent expenses, royalty fee, franchise fee, depreciation, utilities and insurance. Our cost of revenues accounted for 76.0% and 73.3% of our total revenue for the six months ended March 31, 2025 and 2024, respectively. We expect our cost of revenues to increase as we further expand our operations in the foreseeable future.

Our gross margin was 24.0% for the six months ended March 31, 2025, a decrease by 2.7 percentage points from gross margin of 26.7% in the six months ended March 31, 2024. Our gross profit and gross margin is affected by sales of different product and service mix during each reporting period. Our gross margin increases when more products and services with lower costs and higher margin are sold, while our gross margin decreases when more products and services with higher costs and lower margin are sold. The decrease in our gross profit by $75,699 and decrease in gross margin by 2.7 percentage points in the six months ended March 31, 2025 as compared to six months ended March 31, 2024 was largely affected by increased payroll expense and restaurant rent expense when we opened a new self-operated restaurant store in later half of fiscal year 2024, this led to higher payroll expense and restaurant rent expense in the six months ended March 31, 2025 as compared to the six months ended March 31, 2024. See detailed discussion under "–Results of Operation."

***Operating Expenses***

Our operating expenses consist of selling expenses, and general and administrative expenses.

Our selling expenses primarily include advertising and promotion expenses to enhance our brand awareness and attract customers. As a percentage of revenues, our selling expenses accounted for 1.2% and 0.6% of our total revenue for the six months ended March 31, 2025 and 2024, respectively.

Our general and administrative expenses primarily consist of employee salaries, insurance and welfare expenses, office and utility expenses, consulting and professional service fees, business travel and meals expenses, and other expenses. General and administrative expenses were 19.4% and 17.5% of our revenue for the six months ended March 31, 2025 and 2024, respectively. We expect our general and administrative expenses, including, but not limited to, salaries and business consulting expenses, to continue to increase in the foreseeable future, as we plan to hire additional personnel and incur additional expenses in connection with the expansion of our business operations. We expect our professional fees for legal, audit, and advisory services to increase as we become a public company upon the completion of this offering.

**Results of Operations**

The following table summarizes our operating results as reflected in our statements of income during the six months ended March 31, 2025 and 2024, respectively, and provides information regarding the dollar and percentage increase or (decrease) during such periods.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| **REVENUE** |  |  |  |  |  |  |
| Revenue - third parties | $8624811 | 94.3% | $8335490 | 98.2% | $289321 | 3.5% |
| Revenue - related parties | 518824 | 5.7% | 156707 | 1.8% | 362117 | 231.1% |
| &nbsp;&nbsp;&nbsp;Total revenue | 9143635 | 100.0% | 8492197 | 100.0% | 651438 | 7.7% |
| **COST OF REVENUES** |  |  |  |  |  |  |
| Cost of revenues - third parties | 6552888 | 71.7% | 6105162 | 71.9% | 447726 | 7.3% |
| Cost of revenues - related parties | 394188 | 4.3% | 114777 | 1.4% | 279411 | 243.4% |
| &nbsp;&nbsp;&nbsp;Total cost of revenues | 6947076 | 76.0% | 6219939 | 73.3% | 727137 | 11.7% |
| **GROSS PROFIT** | 2196559 | 24.0% | 2272258 | 26.7% | (75699) | (3.3)% |
| **OPERATING EXPENSES** |  |  |  |  |  |  |
| Selling expenses | 110161 | 1.2% | 52472 | 0.6% | 57689 | 109.9% |
| General and administrative expenses | 1770047 | 19.4% | 1482136 | 17.5% | 287911 | 19.4% |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 1880208 | 20.6% | 1534608 | 18.1% | 345600 | 22.5% |
| **INCOME FROM OPERATIONS** | **316351** | **3.4%** | **737650** | **8.6%** | **(421299)** | **(57.1)%** |
| **OTHER INCOME (EXPENSE)** |  |  |  |  |  |  |
| Interest expense, net | (46785) | (0.5)% | (67229) | (0.8)% | 20444 | (30.4)% |
| Other income, net | 77728 | 0.9% | 56167 | 0.7% | 21561 | 38.4% |
| &nbsp;&nbsp;&nbsp;Total other income (expenses), net | 30943 | 0.4% | (11062) | (0.1)% | 42005 | (379.7)% |
| **INCOME BEFORE INCOME TAX PROVISION** | **347294** | **3.8%** | **726588** | **8.5%** | **(379294)** | **(52.2)%** |
| **PROVISION FOR INCOME TAXES** | 146353 | 1.6% | 166378 | 2.0% | (20025) | (12.0)% |
| **NET INCOME** | $**200941** | **2.2%** | $**560210** | **6.5%** | $**(359269)** | **(64.1)%** |

---

***Revenue***

Our total revenues increased by $651,438, or 7.7%, to $9,143,635 in the six months ended March 31, 2025 from $8,492,197 in the six months ended March 31, 2024. The increase in our total revenue was due to (1) a $227,652 increase in revenue from self-operated restaurants because of a new self-operated restaurant has been opened in later half of fiscal year 2024 and contributed to the revenue growth in the six months ended March 31, 2025; (2) a $499,688 increase in revenue from sales of pre-processed food ingredients at our central kitchen before delivery to the sub-franchised restaurants; and (3) offset by a $118,093 decrease in management services fees derived from managing the sub-franchised restaurant stores in Canada and Hong Kong self-operated restaurants during the six months ended March 31, 2025 as compared to the six months ended March 31, 2024.

Our revenue by service type is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Self-operated restaurant revenue | $7896546 | 86.4% | $7668894 | 90.3% | $227652 | 3.0% |
| Franchise revenue | 90961 | 1.0% | 48770 | 0.6% | 42191 | 86.5% |
| Management service fees | 348025 | 3.8% | 466118 | 5.5% | (118093) | (25.3)% |
| Sales of food ingredients | 808103 | 8.8% | 308415 | 3.6% | 499688 | 162.0% |
| **Total revenues** | $**9143635** | **100.0%** | $**8492197** | **100.0%** | $**651438** | **7.7%** |

---

*Self-operated restaurant revenue*

With our exclusive franchise right of Ajisen Ramen in Canada, we have four directly managed Ajisen Ramen restaurants in Canada. In Hong Kong, we have three directly managed Japanese barbecue restaurants under the brand name of Yakiniku Kakura, two directly managed restaurants under the brand name of Yakiniku 801 and one directly managed restaurant under the brand name of Ufufu Café. Restaurant sales represent the aggregate sales of food and beverages, net of discounts, at self-operated restaurants. Revenues from self-operated restaurants are recognized at point when food and beverage products are delivered to customers and payment is tendered at the time of sale. Restaurant sales in any period are directly influenced by the number of operating weeks in the period, the number of open restaurants, customer traffic and average check. Average check is driven by our menu price increase or decrease and changes to our menu mix. In addition, average sales volume ("ASV") measurement also allows management to assess changes in consumer spending patterns at our restaurants and the overall performance of our restaurant base. Operating weeks for the six months ended March 31, 2025 and 2024 were 26 weeks in each case. Number of self-operated restaurants were 10 restaurants in six months ended March 31, 2025 and 9 restaurants in six months ended March 31, 2024. There were no additional new openings of self-operated restaurants in the six months ended March 31, 2025 and 2024. Therefore, for the six months ended March 31, 2025 and 2024, 100% of the revenue was generated from existing self-operated restaurant stores. Revenue from self-operated restaurants increased by $227,652 or 3.0%, from $7,668,894 in six months ended March 31, 2024 to $7,896,546 in six months ended March 31, 2025, primarily because we had 10 self-operated restaurant stores in six months ended March 31, 2025 as compared to 9 self-operated restaurant stores in six months ended March 31, 2024. We did not materially change our restaurant menus or related food and beverage prices during the six months ended March 31, 2025 and 2024, and accordingly our revenue fluctuation from six months ended March 31, 2024 to the six months ended March 31, 2025 was not due to price changes. In terms of customer traffic volume, ASV decreased by $114,506 or 6.7%, from $1,704,062 in six months ended March 31, 2024 to $1,589,555 in six months ended March 31, 2024, among which ASV in Hong Kong decreased by $83,485 or 9.8% from $852,647 in six months ended March 31, 2024 to $769,162 in six months ended March 31, 2025, and ASV in Canada decreased by $31,021 or 3.6%, from $851,415 in six months ended March 31, 2024 to $820,393 in six months ended March 31, 2025. The decrease in ASV reflected the decrease in customer traffic volume in six months ended March 31, 2025 as compared to six months ended March 31, 2024, especially in self-operated restaurants located in Hong Kong. The decrease in customer traffic in Canada was affected by restaurant competition in local market. The decrease in customer traffic in Hong Kong was affected by several factors, including (i) post-COVID 19 pandemic economic slowdown challenges has impacted consumer spending and shifted consumer behaviors: many Hong Kong locals have adopted habits of dining out less, seeking more affordable dining options or cooking at home to cut costs; (ii) a significant wave of emigration in Hong Kong, driven by political unrest and the National Security Law, has reduced the local customer base; (iii) Hong Kong locals are dining out less in Hong Kong, opting for more affordable and competitive dining experiences in nearby cities like Shenzhen in mainland of China. This trend is driven by lower prices and attractive dining environments across the border. These factors collectively and negatively impacted our restaurant business operations in Hong Kong. As a result of the above, restaurant traffic in our self-operated restaurant stores has decreased in six months ended March 31, 2025 as compared to six months ended March 31, 2024.

*Franchise revenue*

Franchise revenues in any period are directly influenced by the number of open sub-franchised restaurants. We have 2 sub-franchised restaurant stores in six months ended March 31, 2025 and 2024. Franchise revenues increased by $42,191 or 86.5%, from $48,770 in the six months ended March 31, 2024 to $90,961 in the six months ended March 31, 2025 primarily due to better operating performance of the sub-franchised restaurants located in Canada.

*Management service fees*

To better manage the sub-franchised restaurant stores, we provide upfront site selection, lease assistance, supply of necessary franchise equipment, employee training services and other store management skills to the sub-franchisee to ensure that the sub-franchised restaurants conform to the general settings and requirements of the brand name over the contracted sub-franchise period. Management service fees are charged to the sub-franchisees at 1.5% to 10% of the monthly revenue of the sub-franchised restaurants (see "Our Relationships with Certain Franchisors" for more detail on specific franchise fees). Revenue from management service fees decreased by $118,093 or 25.3%, from $466,118 in six months ended March 31, 2024 to $348,025 in six months ended March 31, 2025. The decrease was due to decreased level of revenue generated by the sub-franchised restaurants in Hong Kong during the six months ended March 31, 2025.

*Sales of food ingredients*

Some of the food ingredients used in Ajisen restaurants in Canada are pre-processed at our central kitchen before delivery to the sub-franchised restaurants. We recognize revenue net of discounts and sales returns when the food ingredient products are delivered and the title is passed to the sub-franchisees. Revenue from sales of food ingredients to the sub-franchised restaurants increased by $499,688 or 162.0%, from $308,415 in six months ended March 31, 2024 to $808,103 in six months ended March 31, 2025, primarily due to increased sales volume of pre-processed noodle and other food ingredients to sub-franchised restaurants.

***Cost of Revenues***

The following table breakdowns the components of our cost of revenues for the six months ended March 31, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variances** | **Variances** |
|  | Amount | % | Amount | % | Amount | % |
| Food, beverage and other inventory costs | $2963287 | 42.7% | $2725957 | 43.8% | $237330 | 8.7% |
| Payroll and employees benefit expenses | 1679385 | 24.2% | 1283842 | 20.6% | 395543 | 30.8% |
| Restaurant rent expenses | 1134825 | 16.3% | 1049484 | 16.9% | 85341 | 8.1% |
| Royalty fee | 346486 | 5.0% | 266923 | 4.3% | 79563 | 29.8% |
| Franchise fee | 268875 | 3.9% | 405656 | 6.5% | (136781) | (33.7)% |
| Depreciation | 382792 | 5.5% | 345905 | 5.6% | 36887 | 10.7% |
| Utilities | 110527 | 1.6% | 87643 | 1.4% | 22884 | 26.1% |
| Insurance | 60899 | 0.8% | 54529 | 0.9% | 6370 | 11.7% |
| **Total cost of revenues** | $**6947076** | **100.0%** | $**6219939** | **100.0%** | $**727137** | **11.7%** |

---

Our cost of revenues primarily consists of food and beverage and other inventory costs, labor costs, restaurant rent expenses, royalty fee, franchise fee, depreciation, utilities and insurance. Our total cost of revenues increased by $727,137 or 11.7%, from $6,219,939 in six months ended March 31, 2024 to $6,947,076 in six months ended March 31, 2025, primarily due to (i) an increase in food, beverage and inventory costs by $237,330 or 8.7%, from $2,725,957 in six months ended March 31, 2024 to $2,963,287 in six months ended March 31, 2025. The increase was affected by the change in sales mix of food and beverage which led to increase in related inventory purchase costs; (ii) an increase in payroll and employee benefit expenses by $395,543 or 30.8%, from $1,283,842 in six months ended March 31, 2024 to $1,679,385 in six months ended March 31, 2025 due to increased number of employees as we opened a new self-operated restaurant in Hong Kong since later half of fiscal year 2024; (iii) restaurant rent expense increased by $85,341 or 8.1%, from $1,049,484 in six months ended March 31, 2024 to $1,134,825 in six months ended March 31, 2025 and an increase in royalty fee by $79,563 or 29.8%, from $226,923 in six months ended March 31, 2024 to $346,486 in six months ended March 31, 2025; (iv) due to running 10 self-operated restaurants in six months ended March 31, 2025 as compared to 9 self-operated restaurant stores in six months ended March 31, 2024, depreciation costs and utilities costs also increased by $36,887 or 10.7%, and $22,884 or 26.1% when comparing six months ended March 31, 2025 to the six months ended March 31, 2024, respectively. The overall increase in our cost of revenues for six months ended March 31, 2025 as compared to six months ended March 31, 2024 reflected the above combined factors.

***Gross profit***

Our gross profit decreased by $75,699, or 3.3%, from $2,272,258 in the six months ended March 31, 2024 to $2,196,559 in the six months ended March 31, 2025, primarily due to an increased cost of revenues by $727,137 due to increased food and beverage costs because of changes in sales mix and increased payroll and restaurant rent expense when we had 10 self-operated restaurants in six months ended March 31, 2025 as compared to 9 self-operated restaurants in six months ended March 31, 2024. Our gross margin decreased by 2.7% from 26.7% in six months ended March 31, 2024 to 24.0% in six months ended March 31, 2025 primarily due to an increased cost of revenues outpacing the increase in revenue. During the six months ended March 31, 2025, our revenue increased by $651,438 or 7.7%, but cost of revenue increased by $727,137 or 11.7% as compared to that of in the six months ended March 31, 2024.

***Operating Expenses***

The following table sets forth the breakdown of our operating expenses for the six months ended March 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  |<br>**Amount** | **% of**<br>**revenue** |<br>**Amount** | **% of**<br>**revenue** |<br>**Amount** |<br>**% of** |
| **Total Revenue** | $**9143635** | **100.0%** | $**8492197** | **100.0%** | $**651438** | **7.7%** |
| **Operating Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling expenses | 110161 | 1.2% | 52472 | 0.6% | 57689 | 109.9% |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 1770047 | 19.4% | 1482136 | 17.5% | 287911 | 19.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $1880208 | 20.6% | $1534608 | 18.1% | $345600 | 22.5% |

---

*Selling expenses*

Our selling expenses primarily include advertising and promotion expenses. Our selling expenses increased by $57,689, or 109.9%, to $110,161 for the six months ended March 31, 2025 from $52,472 for the six months ended March 31, 2024 primarily due to an increase in advertising and promotion expense. Due to the expansion of our business operation, we spent more on advertising and promotion activities to enhance our brand awareness and attract more customers. Especially, we joined and tried to promote our business on an online restaurant guide and review platform in Hong Kong, as the platform allows users to find restaurants based on various criteria, read and write reviews, browse menus, and view photos. As a percentage of revenues, our selling expenses accounted for 1.2% and 0.6% of our total revenue for the six months ended March 31, 2025 and 2024, respectively.

*General and administrative expenses*

Our general and administrative expenses primarily consist of employee salaries, insurance and welfare expenses, office and utility expenses, consulting and professional service fees, business travel and meals expenses, and other expenses.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** | **For the six months ended March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **Amount** | **% of** | **Amount** | **% of** | **Amount** | **% of** |
| **General and Administrative Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salary, employee insurance and welfare expenses | $757778 | 42.8% | $870748 | 58.7% | $(112970) | (13.0)% |
| &nbsp;&nbsp;&nbsp;Office and utility expenses | 275419 | 15.6% | 200196 | 13.5% | 75223 | 37.6% |
| &nbsp;&nbsp;&nbsp;Consulting and professional service fees | 545197 | 30.8% | 113877 | 7.7% | 431320 | 378.8% |
| &nbsp;&nbsp;&nbsp;Travel and meals expenses | 106211 | 6.0% | 74106 | 5.0% | 32105 | 43.3% |
| &nbsp;&nbsp;&nbsp;Other expenses | 85442 | 4.8% | 223209 | 15.1% | (137767) | (61.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total general and administrative expenses | $1770047 | 100.0% | $1482136 | 100.0% | $287911 | 19.4% |

---

Our general and administrative expenses increased by $287,911, or 19.4%, to $1,770,047 for the six months ended March 31, 2025 from $1,482,136 for the six months ended March 31, 2024, primarily attributable to (i) an increase in office and utility expenses by $75,223 or 37.6%, to $275,419 for the six months ended March 31, 2025 from $200,196 for six months ended March 31, 2024 due to the expansion of our business operation; (ii) an increase in our consulting and professional fees by $431,320, or 378.8%, to $545,197 for the six months ended March 31, 2025 from $113,877 for the six months ended March 31, 2025, primarily due to the increased fees paid for professional services such as audit services and financial consulting services during the six months ended March 31, 2025; (iii) an increase in our travel and meals expenses by $32,105, or 43.3%, to $106,211 for the six months ended March 31, 2025 from $74,106 for the six months ended March 31, 2025 as our management travelled frequently for site inspection to assess potential locations for new restaurants during the six months ended March 31, 2025; (iv) a decrease in salary, employee insurance and welfare expenses by $112,970, or 13.0%, to $757,778 for the six months ended March 31, 2025 from $870,748 for the six months ended March 31, 2024 due to the decreased headcount (v) a decrease in other expenses by $137,767, or 61.7% for the six months ended March 31, 2025, as compared to the same period last year. General and administrative expenses accounted for 19.4% and 17.5% of our total revenue for the six months ended March 31, 2025 and 2024, respectively.

 ****

***Provision for Income Taxes***

Our provision for income taxes was $146,353 for the six months ended March 31, 2025, a decrease of $20,025, or 12.0%, from provision for income taxes of $166,378 for the six months ended March 31, 2024 and the effective tax rate for the six months ended March 31, 2025 was 42.1%, increased by 19.2% when compared to 22.9% for the six months ended March 31, 2024. The decrease in income tax expenses for the six months ended March 31, 2025 was primarily due to reduced taxable income from our entities in Hong Kong as affected reduced customer traffic.

***Net Income***

As a result of the foregoing, we reported a net income of $200,941 for the six months ended March 31, 2025, representing a $359,269, or 64.1% decrease from a net income of $560,210 for the six months ended March 31, 2024.

**Key Financial Performance Metrics**

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

The below table sets forth such key operating metrics for the years ended September 30, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2023** | **Variances** | **Variances** |
| Self-operated restaurants sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | $6476882 | $7077797 | $(600915) | (8.5)% |
| &nbsp;&nbsp;&nbsp;Canada | 9177083 | 9003426 | 173657 | 1.9% |
| Total | $15653965 | $16081223 | $(427258) | (2.7)% |
| Operating weeks | 52 | 52 | - | - |
| Number of Self-operated restaurants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | 6 | 5 | 1 | 20.0% |
| &nbsp;&nbsp;&nbsp;Canada | 4 | 4 | - | 0.0% |
| Total | 10 | 9 | 1 | 11.1% |
| Number of new self-operated restaurants opening | 1 | 0 | 1 | 100.0% |
| Number of sub-franchised restaurants opening | 2 | 2 | - | 0.0% |
| Average sales volume ("ASV") by self-operated restaurant stores |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | $1079480 | $1415559 | $(336079) | (23.7)% |
| &nbsp;&nbsp;&nbsp;Canada | 2294271 | 2250857 | 43414 | 1.9% |
| Total ASV | $3373751 | $3666416 | $(292665) | (8.0)% |

---

***Self-operated restaurants sales***: means the sales generated by restaurants directly owned and managed by the Company's CA Operating Subsidiaries and HK Operating Subsidiaries and not from sales generated by our franchised restaurants. The Company maintains full control over the operations, branding, quality and customer experiences of these self-operated restaurants. There were total of 10 self-operated restaurants in fiscal year 2024 and 9 self-operated restaurants in fiscal year 2023. The Company also reviews this metric by geographic area: Hong Kong and Canada.

***New Self-Operated Restaurant Openings***: means the number of new self-operated restaurants commencing operations during the period.

***Sub-franchised Restaurants***: means the number of new sub-franchised restaurants commencing operations during the period. Number of sub-franchised restaurants was two and two in fiscal year 2024 and 2023, respectively.

***Average Sales Volume*** ("ASV"): the total self-operated restaurant sales divided by the number of restaurants in the comparable restaurant base during the period. This measurement allows management to assess changes in consumer spending patterns at our restaurants and the overall performance of our restaurant base. The Company also reviews this metric by geographic area: Hong Kong and Canada.

**Key Components of Results of Operations**

***Revenue***

Our revenues are derived by four different service types: self-operated restaurant revenue, franchise revenue, management service fees and sales of food ingredients.

For self-operated restaurant revenue, sales in any period are directly influenced by the number of operating weeks in the period, the number of open restaurants, customer traffic and average check. Average check is driven by our menu price increase or decrease and changes to our menu mix. For franchise revenue, royalty is normally charged 3% of the monthly gross revenues of the sub-franchisee and additional lump sum based on the kilograms of noodle and oil consumed by each sub-franchisee on a monthly basis. Management service fees are charged to the sub-franchisees at 1.5% to 10% of the monthly revenue of the sub-franchised restaurants. Revenue from sales of food ingredients to the sub-franchised restaurants is affected by the selling price we charged to sub-franchised restaurants and the sale volume. See "Our Relationships with Certain Franchisors" for more detail on specific franchise fees.

Revenue from self-operated restaurants accounted for 86.5% and 91.3% of our total revenues, franchise revenue accounted for 0.7% and 0.7% of our total revenues, management services fees accounted for 6.5% and 6.0% of our total revenues and sales of food ingredients accounted for 6.3% and 2.0% of our total revenue, in each case for fiscal year 2024 and 2023, respectively.

In terms of geographic regions, revenue from Hong Kong accounted for 51.9% and 53.2% of the total revenues for the fiscal year 2024, and revenue from Canada accounted for 48.1% and 46.8% of our total revenues for the fiscal year 2024 and 2023, respectively.

From time to time, we also sell restaurant products and provide management services to related parties. Revenue from third party customers accounted for 94.2% and 93.7% of our total revenues, and revenue from related party customers accounted for 5.8% and 6.3% of our total revenues, in each case for fiscal year 2024 and 2023, respectively.

***Cost of Revenues***

Cost of revenues primarily consists of food and beverage and other inventory costs, labor costs, restaurant rent expenses, royalty fee, franchise fee, depreciation, utilities and insurance. We expect our cost of revenues to increase in absolute dollars to support our growth. However, we expect that, over time, cost of revenues will decrease as a percentage of net revenue, as a result of the scaling of our business.

***Gross Profit***

Gross profit is equal to net revenue minus cost of revenues. Cost of revenues primarily includes food and beverage and other inventory costs, labor costs, restaurant rent expenses, royalty fee, franchise fee, depreciation, utilities and insurance. Our cost of revenues accounted for 77.2% and 74.5% of our total revenue for the fiscal year 2024 and 2023, respectively. We expect our cost of revenues to increase as we further expand our operations in the foreseeable future.

Our gross margin was 22.8% for fiscal year 2024, a decrease by 2.7 percentage points from gross margin of 25.5% in fiscal year 2023. Our gross profit and gross margin is affected by sales of different product and service mix during each reporting period. Our gross margin increases when more products and services with lower costs and higher margin are sold, while our gross margin decreases when more products and services with higher costs and lower margin are sold. The decrease in our gross profit and gross margin in fiscal year 2024 was largely affected by increased payroll expense and restaurant rent expense when we opened a new self-operated restaurant store in fiscal year 2024. See detailed discussion under "–Results of Operation."

***Operating Expenses***

Our operating expenses consist of selling expenses, and general and administrative expenses.

Our selling expenses primarily include advertising and promotion expenses to enhance our brand awareness and attract customers. As a percentage of revenues, our selling expenses accounted for 0.7% and 0.5% of our total revenue for the years ended September 30, 2024 and 2023, respectively.

Our general and administrative expenses primarily consist of employee salaries, insurance and welfare expenses, office and utility expenses, consulting and professional service fees, business travel and meals expenses, and other expenses. General and administrative expenses were 12.2% and 11.3% of our revenue for the years ended September 30, 2024 and 2023, respectively. We expect our general and administrative expenses, including, but not limited to, salaries and business consulting expenses, to continue to increase in the foreseeable future, as we plan to hire additional personnel and incur additional expenses in connection with the expansion of our business operations. We expect our professional fees for legal, audit, and advisory services to increase as we become a public company upon the completion of this offering.

**Results of Operations**

The following table summarizes our operating results as reflected in our statements of income during the years ended September 30, 2024 and 2023, respectively, and provides information regarding the dollar and percentage increase or (decrease) during such periods.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| **REVENUE** |  |  |  |  |  |  |
| Revenue - third parties | $17049452 | 94.2% | $16509584 | 93.7% | $539868 | 3.3% |
| Revenue - related parties | 1040293 | 5.8% | 1107725 | 6.3% | (67432) | (6.1)% |
| &nbsp;&nbsp;&nbsp;Total revenue | 18089745 | 100.0% | 17617309 | 100.0% | 472436 | 2.7% |
| **COST OF REVENUES** |  |  |  |  |  |  |
| Cost of revenues - third parties | 13158225 | 72.7% | 12299817 | 69.8% | 858408 | 7.0% |
| Cost of revenues - related parties | 802865 | 4.5% | 825267 | 4.7% | (22402) | (2.6)% |
| &nbsp;&nbsp;&nbsp;Total cost of revenues | 13961090 | 77.2% | 13125084 | 74.5% | 836006 | 6.4% |
| **GROSS PROFIT** | 4128655 | 22.8% | 4492225 | 25.5% | (363570) | (8.1)% |
| **OPERATING EXPENSES** |  |  |  |  |  |  |
| Selling expenses | 124775 | 0.7% | 81015 | 0.5% | 43760 | 54.0% |
| General and administrative expenses | 2206561 | 12.2% | 1984720 | 11.3% | 221841 | 11.2% |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 2331336 | 12.9% | 2065735 | 11.7% | 265601 | 12.9% |
| **INCOME FROM OPERATIONS** | **1797319** | **9.9%** | **2426490** | **13.8%** | **(629171)** | **(25.9)%** |
| **OTHER INCOME (EXPENSE)** |  |  |  |  |  |  |
| Interest expense, net | (136916) | (0.8)% | (139544) | (0.8)% | 2628 | (1.9)% |
| Other income, net | 83424 | 0.5)% | 94619 | 0.5)% | (11195) | (11.8)% |
| &nbsp;&nbsp;&nbsp;Total other expenses, net | (53492) | (0.3)% | (44925) | (0.3)% | (8567) | 19.1% |
| **INCOME BEFORE INCOME TAX PROVISION** | **1743827** | **9.6%** | **2381565** | **13.5%** | **(637738)** | **(26.8)%** |
| **PROVISION FOR INCOME TAXES** | 346886 | 1.9% | 269814 | 1.5% | 77072 | 28.6% |
| **NET INCOME** | $**1396941** | **7.7%** | $**2111751** | **12.0%** | $**(714810)** | **(33.8)%** |

---

***Revenue***

Our total revenues increased by $472,436, or 2.7%, to $18,089,745 in the fiscal year 2024 from $17,617,309 in the fiscal year 2023. The increase in our total revenue was due to (1) a $108,774 increase in management services fees derived from managing the sub-franchised restaurant stores in Canada and Hong Kong; (2) a $792,650 increase in revenue from sales of pre-processed food ingredients at our central kitchen before delivery to the sub-franchised restaurants; and (3) offset by a $427,269 decrease in self-operated restaurants during fiscal year 2024 as compared to fiscal year 2023.

Our revenue by service type is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variances** | **Variances** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Self-operated restaurant revenue | $15653963 | 86.5% | $16081232 | 91.3% | $(427269) | (2.7)% |
| Franchise revenue | 124097 | 0.7% | 125786 | 0.7% | (1689) | (1.3)% |
| Management service fees | 1172930 | 6.5% | 1064186 | 6.0% | 108744 | 10.2% |
| Sales of food ingredients | 1138755 | 6.3% | 346105 | 2.0% | 792650 | 229.0% |
| **Total revenues** | $**18089745** | **100.0%** | $**17617309** | **100.0%** | $**472436** | **2.7%** |

---

*Self-operated restaurant revenue*

With our exclusive franchise right of Ajisen Ramen in Canada, we have four directly managed Ajisen Ramen restaurants in Canada. In Hong Kong, we have three directly managed Japanese barbecue restaurants under the brand name of Yakiniku Kakura, two directly managed restaurants under the brand name of Yakiniku 801 and one directly managed restaurant under the brand name of Ufufu Café. Restaurant sales represent the aggregate sales of food and beverages, net of discounts, at self-operated restaurants. Revenues from self-operated restaurants are recognized at point when food and beverage products are delivered to customers and payment is tendered at the time of sale. Restaurant sales in any period are directly influenced by the number of operating weeks in the period, the number of open restaurants, customer traffic and average check. Average check is driven by our menu price increase or decrease and changes to our menu mix. In addition, average sales volume ("ASV") measurement also allows management to assess changes in consumer spending patterns at our restaurants and the overall performance of our restaurant base. Operating weeks for both fiscal year 2024 and 2023 were 52 weeks. Number of self-operated restaurants were 10 restaurants in fiscal year 2024 and 9 restaurants in fiscal year 2023. There was one newly opened self-operated restaurant store in Hong Kong in fiscal year 2024. Revenue from new restaurant opening accounted for approximately $663,147, or 4.1%, while revenue from existing self-operated restaurant stores accounted for $15,418,085 or 95.9% of the total self-operated restaurant revenue for the year ended September 30, 2024, respectively. In contrast, for the year ended September 30, 2023, there were no new openings of self-operated restaurants and 100% of the revenue was generated from existing self-operated restaurant stores. Revenue from self-operated restaurants decreased by $427,269 or 2.7%, from $16,081,232 in fiscal year 2023 to $15,653,963 in fiscal year 2024, primarily due to decreased customer traffic. We did not materially change our restaurant menus or related food and beverage prices during the fiscal years 2024 and 2023, and accordingly our revenue fluctuation from fiscal year 2023 to fiscal year 2024 was not due to price changes, but rather primarily due to a decrease in customer traffic. ASV decreased by $292,665 or 8.0%, from $3,666,416 in fiscal year 2023 to $3,373,751 in fiscal year 2024, among which ASV in Hong Kong decreased by $336,079 or 23.7% from $1,415,559 in fiscal year 2023 to $1,079,480 in fiscal year 2024, while ASV in Canada increased by $43,414 or 1.9%, from $2,250,857 in fiscal year 2023 to $2,294,271 in fiscal year 2024. The decrease in ASV reflected the decrease in customer traffic volume in fiscal year 2024 as compared to fiscal year 2023, especially in self-operated restaurants located in Hong Kong. The decrease in customer traffic in Hong Kong was affected by several factors, including (i) post-COVID 19 pandemic economic slowdown challenges has impacted consumer spending and shifted consumer behaviors: many Hong Kong locals have adopted habits of dining out less, seeking more affordable dining options or cooking at home to cut costs; (ii) a significant wave of emigration in Hong Kong, driven by political unrest and the National Security Law, has reduced the local customer base; (iii) Hong Kong locals are dining out less in Hong Kong, opting for more affordable and competitive dining experiences in nearby cities like Shenzhen in mainland of China. This trend is driven by lower prices and attractive dining environments across the border. These factors collectively and negatively impacted our restaurant business operations in Hong Kong and restaurant traffic in our self-operated restaurant stores in Hong Kong has decreased in fiscal year 2024 as compared to fiscal year 2023.

*Franchise revenue*

Franchise revenues in any period are directly influenced by the number of open sub-franchised restaurants. We have 2 sub-franchised restaurant stores in fiscal year 2023. In fiscal year 2024, we opened two sub-franchised restaurants and also closed two sub-franchised restaurant stores during the year, which led to 2 active sub-franchised restaurants as of September 30, 2024. Franchise revenues slightly decreased by $1,689 or 1.3%, from $125,786 in fiscal year 2023 to $124,097 in fiscal year 2024, primarily due to foreign currency exchange rate fluctuations when average exchange rates were used in converting CAD and HK$ into USD.

*Management service fees*

To better manage the sub-franchised restaurant stores, we provide upfront site selection, lease assistance, supply of necessary franchise equipment, employee training services and other store management skills to the sub-franchisee to ensure that the sub-franchised restaurants conform to the general settings and requirements of the brand name over the contracted sub-franchise period. Management service fees are charged to the sub-franchisees at 1.5% to 10% of the monthly revenue of the sub-franchised restaurants (see "Our Relationships with Certain Franchisors" for more detail on specific franchise fees). Revenue from management service fees increased by $108,744 or 10.2%, from $1,064,186 in fiscal year 2023 to $1,172,930 in fiscal year 2024. The increase was due to increased level of revenue generated by the sub-franchised restaurants.

*Sales of food ingredients*

Some of the food ingredients used in Ajisen restaurants in Canada are pre-processed at our central kitchen before delivery to the sub-franchised restaurants. We recognize revenue net of discounts and sales returns when the food ingredient products are delivered and the title is passed to the sub-franchisees. Revenue from sales of food ingredients to the sub-franchised restaurants increased by $792,650 or 229.0%, from $346,105 in fiscal year 2023 to $1,138,755 in fiscal year 2024, primarily due to increased sales volume of pre-processed noodle and other food ingredients to sub-franchised restaurants.

***Cost of Revenues***

The following table breakdowns the components of our cost of revenues for the fiscal years ended September 30, 2024 and 2023:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variances** | **Variances** |
|  | Amount | % | Amount | % | Amount | % |
| Food, beverage and other inventory costs | $5595305 | 40.1% | $6111258 | 46.6% | $(515953) | (8.4)% |
| Payroll and employees benefit expenses | 3357773 | 24.1% | 2642371 | 20.1% | 715402 | 27.1% |
| Restaurant rent expenses | 2370404 | 17.0% | 1689896 | 12.9% | 680508 | 40.3% |
| Royalty fee | 583336 | 4.2% | 491874 | 3.7% | 91462 | 18.6% |
| Franchise fee | 711737 | 5.1% | 662725 | 5.0% | 49012 | 7.4% |
| Depreciation | 777064 | 5.6% | 797146 | 6.1% | (20082) | (2.5)% |
| Utilities | 462080 | 3.3% | 652913 | 5.0% | (190833) | (29.2)% |
| Insurance | 103391 | 0.7% | 76901 | 0.6% | 26490 | 34.4% |
| **Total cost of revenues** | $**13961090** | **100.0%** | $**13125084** | **100.0%** | $**836006** | **6.4%** |

---

Our cost of revenues primarily consists of food and beverage and other inventory costs, labor costs, restaurant rent expenses, royalty fee, franchise fee, depreciation, utilities and insurance. Our total cost of revenues increased by $836,006 or 6.4%, from $13,125,084 in fiscal year 2023 to $13,961,090 in fiscal year 2024, primarily due to (i) an increase in payroll and employee benefit expenses by $715,402 or 27.1%, from $2,642,371 in fiscal year 2023 to $3,357,773 due to increased number of employees as we opened a new self-operated restaurant in Hong Kong; (ii) restaurant rent expense increased by $680,508 or 40.3%, from $1,689,896 in fiscal year 2023 to $2,370,404 in fiscal year 2024 due to increased decoration and leasehold improvement costs on the newly added self-operated restaurant store; this also led to an increase in franchise fee by $49,012 or 7.4%, from $662,725 in fiscal year 2023 to $711,737 and an increase in royalty fee by $91,462 or 18.6%, from $491,874 in fiscal year 2023 to $583,336 in fiscal year 2024; (iii) food, beverage and inventory costs decreased by $515,953 or 8.4%, from $6,111,258 in fiscal year 2023 to $5,595,305 in fiscal year 2024, and utility costs also decreased by $190,833 or 29.2%, which was in line with a 2.7% decrease in revenue from self-operated restaurants due to decrease in customer traffic when ASV decreased by $292,665 or 8.0%, from $3,666,416 in fiscal year 2023 to $3,373,751 in fiscal year 2024, among which ASV in Hong Kong decreased by $336,079 or 23.7% from $1,415,559 in fiscal year 2023 to $1,079,480 in fiscal year 2024, while ASV in Canada increased by $43,414 or 1.9%, from $2,250,857 in fiscal year 2023 to $2,294,271 in fiscal year 2024. The overall increase in our cost of revenues for the fiscal year 2024 as compared to fiscal year 2023 reflected the above combined factors.

***Gross profit***

Our gross profit decreased by $363,570, or 8.1%, from $4,492,225 in the fiscal year 2023 to $4,128,655 in the fiscal year 2024, primarily due to an increased cost of revenues by $836,006 due to increased payroll expense and restaurant rent expense when we opened a new self-operated restaurant store in fiscal year 2024. Our gross margin decreased by 2.7% from 25.5% fiscal year 2023 to 22.8% in fiscal year 2024 primarily due to an increased cost of revenues outpacing the increase in revenue.

***Operating Expenses***

The following table sets forth the breakdown of our operating expenses for the years ended September 30, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** |
|  |<br>**Amount** | **% of**<br>**revenue** |<br>**Amount** | **% of**<br>**revenue** |<br>**Amount** |<br>**% of** |
| **Total Revenue** | $18089745 | 100.0% | $17617309 | 100.0% | $472436 | 2.7% |
| **Operating Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling expenses | 124775 | 0.7% | 81015 | 0.5% | 43760 | 54.0% |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 2206561 | 12.2% | 1984720 | 11.3% | 221841 | 11.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | $2331336 | 12.9% | $2065735 | 11.8% | $265601 | 12.9% |

---

*Selling expenses*

Our selling expenses primarily include advertising and promotion expenses. Our selling expenses increased by $43,760, or 54.0%, to $124,775 for the year ended September 30, 2024 from $81,015 for the year ended September 30, 2023 primarily due to an increase in advertising and promotion expense. Due to the expansion of our business operation, we spent more on advertising and promotion activities to enhance our brand awareness and attract more customers. Especially, we joined and tried to promote our business on an online restaurant guide and review platform in Hong Kong, as the platform allows users to find restaurants based on various criteria, read and write reviews, browse menus, and view photos. As a percentage of revenues, our selling expenses accounted for 0.7% and 0.5% of our total revenue for the years ended September 30, 2024 and 2023, respectively.

*General and administrative expenses*

Our general and administrative expenses primarily consist of employee salaries, insurance and welfare expenses, office and utility expenses, consulting and professional service fees, business travel and meals expenses, and other expenses.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** | **For the Years ended September 30,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** |
|  | **Amount** | **% of** | **Amount** | **% of** | **Amount** | **% of** |
| **General and Administrative Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salary, employee insurance and welfare expenses | $1015119 | 46.0% | $786748 | 39.6% | $228371 | 29.0% |
| &nbsp;&nbsp;&nbsp;Office and utility expenses | 445037 | 20.2% | 405879 | 20.5% | 39158 | 9.6% |
| &nbsp;&nbsp;&nbsp;Consulting and professional service fees | 252917 | 11.5% | 229523 | 11.6% | 23394 | 10.2% |
| &nbsp;&nbsp;&nbsp;Travel and meals expenses | 73497 | 3.3% | 135596 | 6.8% | (62099) | (45.8)% |
| &nbsp;&nbsp;&nbsp;Other expenses | 419991 | 19.0% | 426974 | 21.5% | (6983) | (1.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total general and administrative expenses | $2206561 | 100.0% | $1984720 | 100.0% | $221841 | 11.2% |

---

Our general and administrative expenses increased by $221,841, or 11.2%, to $2,206,561 for the year ended September 30, 2024 from $1,984,720 for the year ended September 30, 2023, primarily attributable to (i) an increase in salary, employee insurance and welfare expenses by $228,371, or 29.0%, to $1,015,119 for the year ended September 30, 2024 from $786,748 for the year ended September 30, 2023due to the increased headcount causing by the expansion of our business operation as we opened more restaurants during the year ended September 30, 2024; (ii) an increase in office and utility expenses by $39,158, or 9.6%, to $445,037 for the year ended September 30, 2024 from $405,879 for the year ended September 30, 2023 due to the expansion of our business operation as we opened more restaurants during the year ended September 30, 2024; (iii) an increase in our consulting and professional fees by $23,394, or 10.2%, to $252,917 for the year ended September 30, 2024 from $229,523 for the year ended September 30, 2023, primarily due to the increased fees paid for professional services such as audit services and financial consulting services during the year ended September 30, 2024; (iv) a decrease in our travel and meals expenses by $62,099, or 45.8%, to $73,497 for the year ended September 30, 2024 from $135,596 for the year ended September 30, 2023 as our management travelled frequently for site inspection to assess potential locations for new restaurants during the year ended September 30, 2023, and subsequently, shifted the focus on the management of existing restaurants, hence, our travel and meals expenses decreased for the year ended September 30, 2024; and (vi) a decrease in other expenses by $6,983, or 1.6% for the year ended September 30, 2024, as compared to the same period last year. General and administrative expenses accounted for 12.2% and 12.0% of our total revenue for the years ended September 30, 2024 and 2023, respectively.

***Provision for Income Taxes***

Our provision for income taxes was $346,886 for the year ended September 30, 2024, an increase of $77,072, or 28.6%, from provision for income taxes of $269,814 for the year ended September 30, 2023 and the effective tax rate for the year ended September 30, 2024 was 19.9%, increased by 8.6% when compared to 11.3% for the year ended September 30, 2023, primarily due to increased taxable income generated from our entities in Canada which are subjected to higher income tax rate for the year ended September 30, 2024 as compared to the same period of last year.

***Net Income***

As a result of the foregoing, we reported a net income of $1,396,941 for the year ended September 30, 2024, representing a $714,810, or 33.8% decrease from a net income of $2,111,751 for the year ended September 30, 2023.

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

***Cash Flows for the Six Months Ended March 31, 2025 Compared to the Six Months Ended March 31, 2024***

The following table set forth our current assets and current liabilities as of the dates indicated:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2025 (Unaudited)** | **September 30,**<br>**2024** |
| **CURRENT ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $954352 | $1543500 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 182133 | 401604 |
| &nbsp;&nbsp;&nbsp;Accounts receivable - related parties, net | 748940 | 425192 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 328112 | 358466 |
| &nbsp;&nbsp;&nbsp;Due from related parties | 1121281 | 992340 |
| &nbsp;&nbsp;&nbsp;Short-term investments |  | 148028 |
| &nbsp;&nbsp;&nbsp;Deferred initial public offering costs | 150259 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 277763 | 376980 |
| **TOTAL CURRENT ASSETS** | **3762840** | **4246110** |
| **CURRENT LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of long-term loans | $229860 | $261128 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 174776 | 668566 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 313394 | 270135 |
| &nbsp;&nbsp;&nbsp;Taxes payable | 335472 | 762851 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 1636912 | 1818946 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities, current | 34001 | 43546 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 1044879 | 825559 |
| **TOTAL CURRENT LIABILITIES** | $**3769294** | $**4650731** |

---

We were incorporated in the Cayman Islands as a holding company and our Cayman Islands holding company did not have active business operations as of September 30, 2024 and as of the date of this prospectus. Our consolidated assets and liabilities and consolidated revenue and net income are the consolidated operation results of our CA Operating Subsidiaries and HK Operating Subsidiaries. The ability of our CA Operating Subsidiaries and HK Operating Subsidiaries to transfer funds to us in the form of loans or advances or cash dividends is not materially restricted by regulatory provisions in accordance with laws and regulations in Canada and Hong Kong. During fiscal year 2024, the CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payments of an aggregate amount of $254,376 to its shareholders out of the additional paid-in capital balance. There was no additional dividend payment during the six months ended March 31, 2025. In addition, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. For more information, see our consolidated financial statements and related notes thereto, in each case included in this prospectus. Except for the dividend payments mentioned above, the Company, and its CA Operating Subsidiaries and HK Operating Subsidiaries, currently intend to retain any future earnings to finance the operation and expansion of their businesses, and the Company does not expect to declare or pay any dividends in the foreseeable future. In addition, during the six months ended March 31, 2025 and during the fiscal year 2023 and fiscal year 2024, there was no cash transfer between Riku, CA operating Subsidiaries and HK Operating Subsidiaries.

As of March 31, 2025, we had $954,352 in cash and cash equivalents as compared to $1,543,500 as of September 30, 2024. We also had $182,133 in accounts receivable as of March 31, 2025 as compared to $401,604 as of September 30, 2024. Our accounts receivable primarily includes balance due from customers when the Company's products are sold and delivered to customers. As of date of this prospectus, the Company's account receivable balance at September 30, 2024 has been fully collected. For the accounts receivable balance as of March 31, 2025, approximately 41% has been subsequently collected and the remaining balance is expected to be collected by the end of September 2025.

As of March 31, 2025 and September 30, 2024, our inventory balance amounted to $328,112 and $358,466, respectively, primarily consisting of cost of food, beverages and supplies used in the restaurant business.

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
| Food and beverages | $73561 | $19077 |
| Food ingredients | 237037 | 322942 |
| Other kitchen materials | 17514 | 16447 |
| Inventory valuation allowance | - | - |
| Total inventory, net | $328112 | $358466 |

---

Our inventories decreased by approximately $30,354 or 8.5% from approximately $358,466 as at September 30, 2024 to approximately $328,112 as at March 31, 2025, primarily due to increased sales of food and beverage during the six months ended March 31, 2025. We believe our inventories are able to be sold quickly based on the analysis of the current trends in demand for our restaurant food and beverage products.

As of March 31, 2025 and September 30, 2024, we had due from related parties balance of $1,121,281 and $992,340, respectively. Our CA Operating Subsidiaries and HK Operating Subsidiaries, in the past, advanced cash to related parties for business purposes and recorded advances as due from related parties in the consolidated financial statements. Such advances were non-interest bearing. Subsequent to the balance sheet date, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, who controls C& 535 Limited and ES& Cubus Limited. As a result, the amount due from C& 535 Limited and ES& Cubus Limited as of September 30, 2024 has been reduced. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. In addition, in April 2025, the Company's CA Operating Subsidiaries collected back approximately $89,000 from related parties. In August 2025, the Company further collected back $427,506 from related parties. As of the date of this prospectus, approximately $788,000, or 70.3% of the March 31, 2025 due from related parties balance has been collected and the remaining balance is expected to be collected by the end of September 2025. The Company does not have the intention to make further cash advances to related parties in the future.

As of March 31, 2025, we had taxes payable of approximately $335,472. We have substantially settled our tax liabilities when we file the 2024 tax returns with relevant tax authorities in Hong Kong and Canada.

As of March 31, 2025, we had trade accounts payable of $174,776, comprised of amounts due to our suppliers for purchase of food, beverage and food ingredients. We expect to settle the accounts payable with our suppliers upon receiving their invoices within three to six months.

As of March 31, 2025, we had approximately $1,824,526 in long-term loans (including current portion of long-term loans of $229,860 and long-term loans of $1,594,666), including:

&nbsp;&nbsp;&nbsp;&nbsp;1. on April 8, 2022, our subsidiary in Canada, Church Limited, entered
 into a term loan facility agreement with RBC to borrow CAD 345,000 ($255,347) as working capital, with a loan maturity date on April
 26, 2027. The loan bears variable interests, with interest charged at 3.0% p.a. above the royal bank prime rate quoted by the RBC
 from time to time. The effective interest rate was 10.20% per annum;

&nbsp;&nbsp;&nbsp;&nbsp;2. on November 23, 2020, our subsidiary in Canada, Vaughan Inc., entered
 into a term loan facility agreement with RBC to borrow CAD 278,250 ($205,943) as working capital, with a loan maturity date on December
 30, 2025. The loan bears variable interests, with interest charged at 3.0% p.a. above the royal bank prime rate quoted by the RBC
 from time to time. The effective interest rate was 10.20% per annum. The outstanding principal and interest shall be paid by 60 installment
 payments of CAD 4,638 each with all outstanding principal and interests is payable in full at the end of the term; and

&nbsp;&nbsp;&nbsp;&nbsp;3. on March 23, 2020, our subsidiary in Canada, CK Inc., entered into
 a term loan facility agreement with BDC to borrow CAD 1,450,000 (approximately $1.1 million) to finance the purchase of 2 condominium
 units as central kitchen and warehouse, with a loan maturity date on September 15, 2045. The loan bears variable interests, with
 interest charged at 0.75% p.a. below the floating base rate quoted by the BDC from time to time. The effective interest rate was
 8.20% per annum. The outstanding principal and interest shall be paid by 300 installment payments, the first payment is CAD 5,830
 and the remaining 299 payments is CAD 4,830 each.

&nbsp;&nbsp;&nbsp;&nbsp;4. On April 1, 2022, our subsidiary in Hong Kong, ARCI,
 entered into a term loan facility agreement with BOAHK to borrow HK$9 million (approximately $1.2 million) as working capital, with
 loan maturity date on April 20, 2032. The loan bears variable interests, with interest charged at 2.5% p.a. below the Hong Kong dollars
 prime rate quoted by the Hong Kong Mortgage Corporation Limited from time to time. The effective interest rate ranged between 2.75%
 to 3.746% per annum. The outstanding principal and interest shall be paid by 120 installment payments of HKD 85,870 each.;

We expect that we will be able to renew all of the existing bank loans upon their maturity based on our past experience and outstanding credit history.

As of March 31, 2025, we had current assets of $3,762,840, current liabilities of $3,769,294 and a working capital deficit of $6,454. In assessing our liquidity, management monitors and analyzes our cash and cash equivalents, our ability to generate sufficient revenue in the future, and our operating and capital expenditure commitments. We believe that our current cash and cash equivalents and cash flows provided by operating activities will be sufficient to meet our working capital needs in the next 12 months from the date the unaudited condensed consolidated financial statements for the six months ended March 31, 2025 were issued. However, we may incur additional capital needs in the long term and we may use part of the proceeds from this offering to support our long-term business expansion. We may also seek additional financing, to the extent required, and there can be no assurance that such financing will be available on favorable terms, or at all. All of our business expansion endeavors involve risks and will require significant management, human resources, and capital expenditures. There is no assurance that the investment to be made by us as contemplated under our future plans will be successful and generate the expected return. If we are not able to manage our growth or execute our strategies effectively, or at all, our business, results of operations, and prospects may be materially and adversely affected.

Please refer to section headed "Risk Factors – Risks Related to Our Industry and Our Business – "We may require additional financing to achieve our growth goals,"

**<u>Cash Flows</u>**

The following table sets forth summary of our cash flows for the periods indicated:

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| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br> March 31,** | **For the Six Months Ended<br> March 31,** |
|  | **2025** | **2024** |
| Net cash (used in) provided by operating activities | $(55231) | $789243 |
| Net cash used in investing activities | (211668) | (626895) |
| Net cash used in financing activities | (275442) | (617389) |
| Effect of exchange rate change on cash and cash equivalents | (46807) | (1838) |
| Net decrease in cash and cash equivalents | (589148) | (456879) |
| Cash and cash equivalents, beginning of period | 1543500 | 1989851 |
| Cash and cash equivalents, end of period | $954352 | $1532972 |

---

***Operating Activities***

Net cash used in operating activities was $55,231 for the six months ended March 31, 2025, primarily derived from a net income of $200,941 for the period, reconciled by depreciation and amortization of $464,987, and net changes in our operating assets and liabilities, which mainly included an increase in accounts receivable from related parties of $329,985 and an increase in accrued expenses and other current liabilities of $225,579, offset by a decrease in accounts payable of $492,044 , a decrease in taxes payable of $403,866 and a decrease in operating lease liabilities of $924,534.

Net cash provided by operating activities was $789,243 for six months ended March 31, 2024, primarily derived from a net income of $560,210 for the period, reconciled by depreciation and amortization of $374,826, and net changes in our operating assets and liabilities, which mainly included an increase in taxes payable of $141,729, partially offset by the decrease in prepaid expenses and other current assets of $113,839, and decrease in accounts payable of $385,580 and a decrease in operating lease liabilities of $682,270.

***Investing Activities***

Net cash used in investing activities amounted to $211,668 for six months ended March 31, 2025, and primarily included the advances made to related parties of $174,293, purchase of property and equipment of $178,538, and proceeds received from the redemption of a short-term investment of $141,163.

Net cash used in investing activities amounted to $626,895 for the six months ended March 31, 2024, and primarily included the purchase of property and equipment and intangible assets of $79,391 and advances made to related parties of $547,504.

***Financing Activities***

Net cash used in financing activities amounted to $275,442 for the six months ended March 31, 2025, and primarily included repayments of long-term loans of $149,293, payment of deferred IPO costs of $150,313, payment made for finance leases of $19,509 and proceeds received from borrowing from related parties of $43,673.

Net cash used in financing activities amounted to $617,389 for the six months ended March 31, 2024, and primarily included payment of dividend distribution of $129,184, repayments of long-term loans of $205,928, refund of capital contribution of $98,965 and repayment of borrowing to related parties of $164,431.

**Contractual obligations**

As of March 31, 2025, our contractual obligations were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Contractual obligations** |<br>**Total** | **Less than**<br>**1 year** |<br>**1-2 years** |<br>**2-3 years** |<br>**3-4 years** |<br>**4-5 years** |<br>**Thereafter** |
| Long-term auto loans (1) | $18979 | $10499 | $8480 | $- | $- | $- | $- |
| Long-term bank loans (2) | 1805547 | 219361 | 202364 | 161865 | 161615 | 165444 | 894898 |
| Operating lease payments (3) | 3574500 | 1740950 | 1114917 | 518547 | 97636 | 62742 | 39708 |
| Finance lease payments (4) | 49000 | 35179 | 12759 | 1062 | - | - | - |
| Total | $5448026 | $2005989 | $1338520 | $681474 | $259251 | $228186 | $934606 |

---

(1) Represents the outstanding principal balance of long-term auto loans.

(2) Represents the outstanding principal balance of long-term loans from banks.

(3) We lease office spaces and restaurant stores, which are classified as operating
leases in accordance with Topic 842. As of March 31, 2025, our future operating lease payments totaled $3,574,500.

(4) We lease vehicles, which are classified as finance leases in accordance with
Topic 842. As of March 31, 2025, our future finance lease payments totaled $49,000.

***Cash Flows for the Year Ended September 30, 2024 Compared to the Year Ended September 30, 2023***

The following table set forth our current assets and current liabilities as of the dates indicated:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| **CURRENT ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1543500 | $1989851 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 401604 | 167112 |
| &nbsp;&nbsp;&nbsp;Accounts receivable - related parties, net | 425192 | 377507 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 358466 | 233931 |
| &nbsp;&nbsp;&nbsp;Due from related parties | 992340 | 161598 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 148028 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 376980 | 243588 |
| **TOTAL CURRENT ASSETS** | **4246110** | **3173587** |
| **CURRENT LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of long-term loans | $261128 | $294064 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 668566 | 654662 |
| &nbsp;&nbsp;&nbsp;Due to related parties | 270135 | 406549 |
| &nbsp;&nbsp;&nbsp;Taxes payable | 762851 | 502207 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 1818946 | 1128549 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities, current | 43546 | 43469 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 825559 | 595385 |
| **TOTAL CURRENT LIABILITIES** | $**4650731** | $**3624885** |

---

We were incorporated in the Cayman Islands as a holding company and our Cayman Islands holding company did not have active business operations as of September 30, 2024 and as of the date of this prospectus. Our consolidated assets and liabilities and consolidated revenue and net income are the consolidated operation results of our CA Operating Subsidiaries and HK Operating Subsidiaries. The ability of our CA Operating Subsidiaries and HK Operating Subsidiaries to transfer funds to us in the form of loans or advances or cash dividends is not materially restricted by regulatory provisions in accordance with laws and regulations in Canada and Hong Kong. During fiscal year 2024, the CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payments of an aggregate amount of $254,376 to its shareholders out of the additional paid-in capital balance. In addition, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. For more information, see our consolidated financial statements and related notes thereto, in each case included in this prospectus. Except for the dividend payments mentioned above, the Company, and its CA Operating Subsidiaries and HK Operating Subsidiaries, currently intend to retain any future earnings to finance the operation and expansion of their businesses, and the Company does not expect to declare or pay any dividends in the foreseeable future. In addition, during the fiscal year 2023 and fiscal year 2024, there was no cash transfer between Riku, CA operating Subsidiaries and HK Operating Subsidiaries.

As of September 30, 2024, we had $1,543,500 in cash and cash equivalents as compared to $1,989,851 as of September 30, 2023. We also had $401,604 in accounts receivable. Our accounts receivable primarily includes balance due from customers when the Company's products are sold and delivered to customers. As of date of this prospectus, the Company's account receivable balance at September 30, 2024 has been subsequently fully collected.

As of September 30, 2024, we had short-term investments of $148,028. Short-term investments primarily consist of investments in prime-linked cashable guaranteed investment certificate ("GIC"), which is a flexible and secure investment option that offers a guaranteed rate of return and early cash option to investor, with an annual interest rate linked to changes in Canadian bank's prime interest rate. Such investment can earn interest up to the cash out date and it can be cashed out any time without penalty. The Company accounts for short-term investments in accordance with ASC 320, Investments — Debt and Equity Securities and ASC 321, Investments- Equity Securities.

As of September 30, 2024, our inventory balance amounted to $358,466, primarily consisting of cost of food, beverages and supplies used in the restaurant business.

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2024** | **September 30,**<br> **2023** |
| Food and beverages | $19077 | $18654 |
| Food ingredients | 322942 | 212824 |
| Other kitchen materials | 16447 | 2453 |
| Inventory valuation allowance | - | - |
| Total inventory, net | $358466 | $233931 |

---

Our inventories increased by approximately $124,535 or 53.2% from approximately $233,931 as at September 30, 2023 to approximately $358,466 as at September 30, 2024, primarily due to an increased stockpile of food ingredients to support our sales in the near future. We believe our inventories are able to be sold quickly based on the analysis of the current trends in demand for our restaurant food and beverage products.

As of September 30, 2024, we had due from related parties balance of $992,340. Our CA Operating Subsidiaries and HK Operating Subsidiaries, in the past, advanced cash to related parties for business purposes and recorded advances as due from related parties in the consolidated financial statements. Such advances were non-interest bearing. Subsequent to the balance sheet date, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, who controls C& 535 Limited and ES& Cubus Limited. As a result, the amount due from C& 535 Limited and ES& Cubus Limited as of September 30, 2024 has been reduced. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. In addition, in April 2025, the Company's CA Operating Subsidiaries collected back approximately $89,000 from related parties. In August 2025, the Company further collected back $427,506 from related parties. As of the date of this prospectus, approximately $788,000, or 79.4% of the September 30, 2024 due from related parties balance has been collected and the remaining balance is expected to be collected by the end of September 2025. The Company does not have the intention to make further cash advances to related parties in the future.

As of September 30, 2024, we had taxes payable of approximately $762,851. We plan to settle our tax liabilities when we file the 2024 tax returns with relevant tax authorities in Hong Kong and Canada.

As of September 30, 2024, we had trade accounts payable of $668,566, comprised of amounts due to our suppliers for purchase of food, beverage and food ingredients. We expect to settle the accounts payable with our suppliers upon receiving their invoices within three to six months.

As of September 30, 2024, we had approximately $2,041,767 in long-term loans (including current portion of long-term loans of $261,128 and long-term loans of $1,780,639), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. on April 8, 2022, our subsidiary in Canada, Church Limited, entered
 into a term loan facility agreement with RBC to borrow CAD 345,000 ($255,347) as working capital, with a loan maturity date on April
 26, 2027. The loan bears variable interests, with interest charged at 3.0% p.a. above the royal bank prime rate quoted by the RBC
 from time to time. The effective interest rate was 10.20% per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. on November 23, 2020, our subsidiary in Canada, Vaughan Inc., entered
 into a term loan facility agreement with RBC to borrow CAD 278,250 ($205,943) as working capital, with a loan maturity date on December
 30, 2025. The loan bears variable interests, with interest charged at 3.0% p.a. above the royal bank prime rate quoted by the RBC
 from time to time. The effective interest rate was 10.20% per annum. The outstanding principal and interest shall be paid by 60 installment
 payments of CAD 4,638 each with all outstanding principal and interests is payable in full at the end of the term; and

3. on March 23, 2020, our subsidiary in Canada, CK Inc., entered into
 a term loan facility agreement with BDC to borrow CAD 1,450,000 (approximately $1.1 million) to finance the purchase of 2 condominium
 units as central kitchen and warehouse, with a loan maturity date on September 15, 2045. The loan bears variable interests, with
 interest charged at 0.75% p.a. below the floating base rate quoted by the BDC from time to time. The effective interest rate was
 8.20% per annum. The outstanding principal and interest shall be paid by 300 installment payments, the first payment is CAD 5,830
 and the remaining 299 payments is CAD 4,830 each.

We expect that we will be able to renew all of the existing bank loans upon their maturity based on our past experience and outstanding credit history.

As of September 30, 2024, we had current assets of $4,246,110, current liabilities of $4,650,731 and a working capital deficit of $404,621. In assessing our liquidity, management monitors and analyzes our cash and cash equivalents, our ability to generate sufficient revenue in the future, and our operating and capital expenditure commitments. We believe that our current cash and cash equivalents and cash flows provided by operating activities will be sufficient to meet our working capital needs in the next 12 months from the date the consolidated financial statements were issued. However, we may incur additional capital needs in the long term and we may use part of the proceeds from this offering to support our long-term business expansion. We may also seek additional financing, to the extent required, and there can be no assurance that such financing will be available on favorable terms, or at all. All of our business expansion endeavors involve risks and will require significant management, human resources, and capital expenditures. There is no assurance that the investment to be made by us as contemplated under our future plans will be successful and generate the expected return. If we are not able to manage our growth or execute our strategies effectively, or at all, our business, results of operations, and prospects may be materially and adversely affected.

Please refer to section headed "Risk Factors – Risks Related to Our Industry and Our Business – "We may require additional financing to achieve our growth goals,"

**<u>Cash Flows</u>**

The following table sets forth summary of our cash flows for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended<br> September 30,** | **For the Years Ended<br> September 30,** |
|  | **2024** | **2023** |
| Net cash provided by operating activities | $2276214 | $2056188 |
| Net cash used in investing activities | (1787919) | (1213312) |
| Net cash used in financing activities | (940508) | (900596) |
| Effect of exchange rate change on cash and cash equivalents | 5862 | 10186 |
| Net decrease in cash and cash equivalents | (446351) | (47534) |
| Cash and cash equivalents, beginning of year | 1989851 | 2037385 |
| Cash and cash equivalents, end of year | $1543500 | $1989851 |

---

***Operating Activities***

Net cash provided by operating activities was $2,276,214 for the year ended September 30, 2024, primarily derived from a net income of $1,396,941 for the year, reconciled by depreciation and amortization of $824,767, and net changes in our operating assets and liabilities, which mainly included an increase in taxes payable of $256,390 and accrued expenses and other current liabilities of $224,723, partially offset by the increase in accounts receivable of $232,560, prepaid expenses and other current assets of $131,617 and inventories of $122,934.

Net cash provided by operating activities was $2,056,188 for the year ended September 30, 2023, primarily derived from a net income of $2,111,751 for the year, reconciled by depreciation and amortization of $623,236, and net changes in our operating assets and liabilities, which mainly included an increase in taxes payable of $148,471, partially offset by the increase in other non-current assets of $398,182, prepaid expenses and other current assets of $140,181, accounts receivable - related parties of $258,687 and accounts receivable of $91,854.

***Investing Activities***

Net cash used in investing activities amounted to $1,787,919 for the year ended September 30, 2024, and primarily included the advances made to related parties of $824,725 and purchase of property and equipment and intangible assets of $816,200, and payment made for a short-term investment of $146,994.

Net cash used in investing activities amounted to $1,213,312 for the year ended September 30, 2023, and primarily included the purchase of property and equipment and intangible assets of $1,057,029 and advances made to related parties of $156,283.

***Financing Activities***

Net cash used in financing activities amounted to $940,508 for the year ended September 30, 2024, and primarily included repayments of long-term loans of $432,988, payment of dividend distribution of $253,289, refund of capital contribution of $143,356 and payments made to related parties of $136,949.

Net cash used in financing activities amounted to $900,596 for the year ended September 30, 2023, and primarily included payment of dividend distribution of $574,639, repayments of long-term loans of $289,587 and refund of capital contribution of $63,523.

**Contractual obligations**

As of September 30, 2024, our contractual obligations were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Contractual obligations** |<br>**Total** | **Less than**<br>**1 year** |<br>**1-2 years** |<br>**2-3 years** |<br>**3-4 years** |<br>**4-5 years** |<br>**Thereafter** |
| Long-term auto loans (1) | $54996 | $21300 | $21300 | $12396 | $- | $- | $- |
| Long-term bank loans (2) | 1986771 | 239828 | 229786 | 205362 | 175528 | 175528 | 960739 |
| Operating lease payments (3) | 4624707 | 1959261 | 1453519 | 749376 | 320706 | 65855 | 75990 |
| Finance lease payments (4) | 74845 | 45392 | 21532 | 7921 | - | - | - |
| Total | $6741319 | $2265781 | $1726137 | $975055 | $496234 | $241383 | $1036729 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the outstanding principal balance of long-term auto loans.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents the outstanding principal balance of long-term loans from banks.

&nbsp;&nbsp;&nbsp;&nbsp;(3) We lease office spaces and restaurant stores, which are classified
 as operating leases in accordance with Topic 842. As of September 30, 2024, our future operating lease payments totaled $4,624,707.

&nbsp;&nbsp;&nbsp;&nbsp;(4) We lease vehicles, which are classified as finance leases in accordance
 with Topic 842. As of September 30, 2024, our future finance lease payments totaled $74,845.

**Off-Balance Sheet Arrangements**

We did not have any off-balance sheet arrangements as of September 30, 2024 and 2023.

**Trend Information**

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

***Impact of Inflation***

Our Operating Subsidiaries are impacted by inflationary increases in wages, benefits and other costs. If inflation or other factors were to significantly increase our Operating Subsidiaries' business costs, they may be unable to pass through price increases to their customers. If our Operating Subsidiaries are not able to pass increased wage and other costs resulting from inflation onto their clients our profitability may decline. There can be no assurance that future cost increases can be offset by increased menu prices or that increased menu prices will be fully absorbed by our Operating Subsidiaries customers without resulting in any change to their visit frequencies or spending patterns.

**Quantitative and Qualitative Disclosures About Market Risk**

***Foreign Exchange Risk***

Our foreign exchange risk results mainly from cash flows from transactions denominated in foreign currencies. At present, we do not have any formal policy for hedging against currency risk. We ensure that the net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates, where necessary, to address short-term imbalances.

We have transactional currency exposures arising from sales or purchases that are denominated in a currency other than the functional currency of the entity, primarily United States Dollar, Hong Kong Dollar and Canadian Dollar.

For details of the foreign currency risk, please refer to section headed "Index to consolidated financial statements — Financial risk management" for additional information.

***Interest Rate Risk***

Our exposure to interest rate risk arises primarily from cash and cash equivalents and our long-term loans. We periodically review our liabilities and monitors interest rate fluctuations to ensure that the exposure to interest rate risk is within acceptable level.

We do not expect any significant effect on our profit or loss arising from the effects of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the reporting period.

For details of the interest rate risk, please refer to section headed "Index to consolidated financial statements — Financial risk management" for additional information.

***Credit Risk***

Credit risk is the potential financial loss to our Company resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to our Company, as and when they fall due. As our Company does not hold any collateral, the maximum exposure to credit risk is the carrying amounts of trade and other receivables, and cash presented on the consolidated statements of financial position. Our Company has no other financial assets which carry significant exposure to credit risk.

***Liquidity Risk***

We are also exposed to liquidity risk, which is risk that we will be unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, we will turn to financial institutions and related parties to obtain short-term funding to cover any liquidity shortage.

**Seasonality**

Our Operating Subsidiaries' revenues are subject to seasonal fluctuations. Typically, we experience the highest customer traffic and revenue towards the end of the year, driven by festivals, the Chinese New Year, and increased tourist activity during this period.

**Critical Accounting Estimates**

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements. These financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and revenue and expenses, to disclose contingent assets and liabilities on the date of the consolidated financial statements, and to disclose the reported amounts of revenue and expenses incurred during the financial reporting period. The most significant estimates and assumptions include the valuation of accounts receivable, inventory valuation, useful lives of property and equipment and intangible assets, the realization of deferred tax assets, the recoverability of long-lived assets, estimates used in lease accounting and provision necessary for contingent liabilities. We continue to evaluate these estimates and assumptions that we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe critical accounting policies as disclosed in this prospectus reflect the more significant judgments and estimates used in preparation of our consolidated financial statements. Further, we elected to use the extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that we (1) are no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

***Uses of estimates***

In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, the allowance for credit losses, inventory valuation, the realization of advance to vendors, useful lives of property and equipment, the recoverability of long-lived assets, estimates used in lease accounting and realization of deferred tax assets. Actual results could differ from those estimates.

***Accounts receivable, net***

Accounts receivable represents balance due from customers and are recorded net of allowance for credit loss. The Company's primary accounts receivables are restaurant sales made with credit cards.

On October 1, 2023, the Company adopted ASC 326, Credit Losses, which replaced previously issued guidance regarding the impairment of financial instruments with an expected loss methodology that will result in more timely recognition of credit losses. The Company used a modified retrospective approach and did not restate the comparable prior periods.

The allowance for credit losses reflects the Company's current estimate of credit losses expected to be incurred over the life of the receivables and is measured in accordance with ASC 326. Provisions for credit losses are recorded based on management's judgment regarding the Company's ability to collect as well as the age of the receivables. Accounts receivable are written off when they are deemed uncollectible. As of March 31, 2025, and September 30, 2024 and 2023, there was no credit loss recorded as management believed that all of the accounts receivable balances were fully collectible.

***<u>Inventories, net</u>***

Inventories are stated at the lower of cost and net realizable value using the weighted average method. Costs include the cost of food, beverages and supplies used in the restaurant business, labor costs and other overhead costs. Any excess of the cost over the net realizable value of each item of inventories is recognized as a provision for diminution in the value of inventories. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. When inventories are sold, the carrying amount of those inventories is recognized as an expense in the period in which the related revenue is recognized. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs. The Company recorded no inventory reserve as of March 31, 2025, and September 30, 2024 and 2023, respectively.

***<u>Revenue recognition</u>***

On October 1, 2022, the Company adopted Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with customers", using the modified retrospective approach.

To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will *not* occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

The Company currently generates its revenue from the following main sources. Further, in accordance with ASC 280, Segment Reporting, management, including the Chief Operating Decision Maker ("CODM"), reviews operating results by the revenue of different services. Based on management's assessment, the Company has determined that it has four operating segments as defined by ASC 280 (see Note 15 of the consolidated financial statements included elsewhere in this prospectus):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Self-operated restaurant revenue* 

With our exclusive franchise right of Ajisen Ramen in Canada, we have four directly managed Ajisen Ramen restaurants in Canada. In Hong Kong, we have three directly managed Japanese barbecue restaurants under the brand name of Yakiniku Kakura, one directly managed restaurant under the brand name of Yakiniku 801 and one directly managed restaurant under the brand name of Ufufu Café. Revenues from self-operated restaurants are recognized at point when food and beverage products are delivered to customers and payment is tendered at the time of sale. The Company presents sales, net of discount, promotional allowances and sales taxes. Sales taxes collected from customers are included in other accrued taxes on our consolidated balance sheets until the taxes are remitted to governmental authorities.

The Company accounts for the revenue from sales of food and beverage products in self-operated restaurants on a gross basis as the Company is acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Franchise revenue* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Management service fees* 

To better manage the sub-franchised restaurant stores, the Company provides upfront site selection, lease assistance, supply of the necessary franchise equipment, employee training services and other store management skills to the sub-franchisee to ensure that the sub-franchised restaurants conform to the general settings and requirements of the brand name over the contracted sub-franchise period. Management service fees are charged to the sub-franchisees at 1.5% to 10% of the monthly gross revenue of the sub-franchised restaurants and the Company recognizes such revenue on a monthly basis over the contracted period when the services are rendered on a continuous basis. See "Our Relationships with Certain Franchisors" for more detail on specific franchise fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *Sales of food ingredients* 

Some of the food ingredients used in Ajisen restaurants in Canada are pre-processed at the Company's central kitchen before delivery to the sub-franchised restaurants. The Company accounts for the revenue from sales of food ingredient products to sub-franchisees on a gross basis as the Company is acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. The Company recognizes revenue net of discounts and sales returns when the food ingredient products are delivered and the title is passed to the sub-franchisees.

*Contract Assets and Liabilities*

The Company did not have contract assets and contract liabilities as of March 31, 2025, September 30, 2024 and 2023.

*Disaggregation of Revenues*

The Company disaggregates its revenue from contracts by product, service types and geographic areas, as the Company believes it best depicts how the nature, amount, timing and uncertainty of the revenue and cash flows are affected by economic factors. The Company's disaggregation of revenues for the six months ended March 31, 2025 and 2024, and for the years ended September 30, 2024 and 2023 are as follows:

*Revenue by service type*

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Self-operated-restaurant revenue | $7896546 | $7668894 |
| Franchise fee income | 90961 | 48770 |
| Management fee income | 348025 | 466118 |
| Sale of ingredients | 808103 | 308415 |
| Total revenues | $9143635 | $8492197 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Company-restaurant revenue | $15653963 | $16081232 |
| Franchise fee income | 124097 | 125786 |
| Management fee income | 1172930 | 1064186 |
| Sale of ingredients | 1138755 | 346105 |
| Total revenues | $18089745 | $17617309 |

---

*Revenue by geographic areas*

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Hong Kong, China | $4748251 | $4321780 |
| Canada | 4395384 | 4170417 |
| Total revenues | $9143635 | $8492197 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Hong Kong, China | $9394208 | $9366691 |
| Canada | 8695537 | 8250618 |
| Total revenues | $18089745 | $17617309 |

---

*Revenue by customer types*

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Revenue from third party customers | $8624811 | $8335490 |
| Revenue from related parties | 518824 | 156707 |
| Total revenues | $9143635 | $8492197 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Revenue from third party customers | $17049452 | $16509584 |
| Revenue from related parties | 1040293 | 1107725 |
| Total revenues | $18089745 | $17617309 |

---

***<u>Income taxes</u>***

***Cayman Islands***

We are incorporated in the Cayman Islands. The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to our Company levied by the Government of the Cayman Islands save for certain stamp duties which may be applicable, from time to time, on certain instruments. The Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

***BVI***

We own Master Central, which incorporated in the BVI and is not subject to tax on income or capital gains under current BVI law. In addition, upon payments of dividends by these entities to their shareholders, no BVI withholding tax will be imposed.

***Hong Kong***

We own our HK Operating Subsidiaries through Waraku. Our HK Operating Subsidiaries and Waraku are all incorporated in Hong Kong and are subject to Hong Kong profit tax at a rate of 16.5%. From year of assessment of 2019/2020 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000. There are no withholding taxes in Hong Kong on remittance of dividends.

***Canada***

Our CA Operating Subsidiaries are incorporated in Ontario, Canada, and are subject to both federal and provincial tax regulations. In Ontario, a combined corporate income tax rate of 26.5% (15% federal and 11.5% provincial) generally applies to the net taxable income generated by a corporate taxpayer, subject to certain deductions and tax credits. Since our suppliers are based in Canada, no withholding tax (WHT) is applicable on payments to domestic suppliers under Canadian tax law. As a result, our tax obligations are primarily subject to the requirements set forth by the Canada Revenue Agency (CRA) and applicable provincial tax authorities.

The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

An uncertain tax position is recognized only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the six months ended March 31, 2025 and 2024, and for the years ended September 30, 2024 and 2023. The Company does not believe that there was any uncertain tax provision on March 31, 2025 and September 30, 2024 and 2023. The Company's subsidiaries in Canada and Hong Kong are subject to the income tax laws of the Canada and Hong Kong, respectively. As of March 31, 2025 and September 30, 2024, all of the tax returns of the Company's CA Operating Subsidiaries and HK Operating Subsidiaries remain available for statutory examination by local tax authorities.

***Recent accounting pronouncements***

On December 14, 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires that entities disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The new standard is effective for the Company beginning December 15, 2024, with early adoption permitted effective for fiscal years beginning January 1, 2024. The Company is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. This ASU requires entities to 1. disclose amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and, (e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities, 2. include certain amounts that are already required to be disclosed under current Generally Accepted Accounting Principles in the same disclosures as other disaggregation requirements, 3. disclose a qualitative description of the amounts remaining in relevant expense captions that are not necessarily disaggregated quantitatively, and 4. disclose the total amount of selling expenses, in annual reporting periods, an entity's definition of selling expense. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Additionally, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statements.

In March 2025, the FASB issued ASU 2025-02—*Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122.* The amendments in this Update are effective immediately and on a fully retrospective basis to annual periods beginning after December 15, 2024. The Company is currently evaluating the effect of adoption of this standard to its consolidated financial statements and disclosures.

**JOBS Act**

We are an emerging growth company, as defined in the JOBS Act. We intend to rely on certain reduced reporting and other requirements that are otherwise generally applicable to public companies. As an emerging growth company, we are not required to, among other things, (i) provide an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act, which would otherwise be required beginning with our second annual report on Form 20-F, and (ii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (auditor discussion and analysis).

**BUSINESS**

**Our Company and Concepts**

We are a dynamic international restaurant operator with a diverse portfolio of Japanese-themed dining concepts, strategically positioned in Hong Kong and Canada. Through our Operating Subsidiaries, we deliver authentic Japanese culinary experiences by holding exclusive franchise rights for prestigious Japanese brands in Hong Kong and Canada.

In Toronto, we have established a strong presence with our exclusive franchise of Ajisen Ramen, one of Japan's most iconic ramen brands. Ajisen Ramen was brought to Canada by one of our founders, Mr. Johnny Luk, in 2005 as one of the first ramen shops in Toronto, and has since grown to 13 locations across Ontario, including four directly managed restaurants and nine sub-franchisees. Despite the growing competition within the ramen industry in Toronto, Ajisen Ramen has continued to expand and attract new customers across the city. One of the most unique aspects is our extensive offerings that go beyond just ramen, as well as the wide variety of customizable options available. Ajisen Ramen's central kitchen ensures consistency in quality and food preparation across all locations.

In Hong Kong, we franchise Yakiniku Kakura, a prestigious brand known for its premium A5 black Wagyu beef sourced directly from Saga, Kyushu. Our dedication to offering an exceptional quality at accessible prices has established us as a leader in upscale Japanese barbecue dining. Additionally, we franchise Yakiniku 801 and Ufufu Café. Yakiniku 801 provides an affordable yet high-quality yakiniku experience in a relaxed, modern setting, while Ufufu Café offers a unique blend of Western-influenced Japanese cuisine, appealing to a diverse customer base seeking both traditional and innovative dishes.

Across all markets, our restaurant concepts share a commitment to high-quality ingredients, attentive service, and unique customer experiences. We cater to a broad range of customer preferences, from luxury dining to casual family meals, while consistently delivering the authentic taste of Japan. Below is a summary of our four core concepts:

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| ![](formdrs_011.jpg) | ***Ajisen Ramen***<br>As one of the most iconic Japanese ramen brands known for its Kyushu-style pork bone broth ramen (tonkotsu), Ajisen Ramen has been a staple in Japan since 1968. The franchise has expanded to over 700 international outlets across Japan, China (Including Hong Kong), Singapore, Malaysia, Philippines, Mongolia, Cambodia, USA, Australia, New Zealand, Italy, Finland, Panama, Colombia. We hold the exclusive franchise rights for Ajisen Ramen in Canada and currently operate 13 locations across Ontario, including 4 self-operated restaurants and 9 sub-franchisees.<br>Unlike other typical ramen shops, our Ajisen Ramen outlets are full-service Japanese dining restaurants that offer a broad and diverse menu. In addition to our signature Kyushu-style tonkotsu ramen, our menu features a wide range of dishes, including our famous in-house made gyoza, chicken karaage, and AAA striploin served on a sizzling hot plate. The menu also includes vegan and customizable options to cater to diverse dietary preferences. We are known for offering a variety of soup bases, from traditional pork broth to more innovative options like spicy mala, which has become a best-seller among our Indian clientele. Our diverse menu, including popular items like Japanese curry pork katsu rice and wok-fried filet mignon, positions Ajisen Ramen as a trendsetter in flavor creation rather than just a ramen bar. The chic, modern Japanese interiors of our stores further enhance the dining experience, attracting a wide range of customers. To maintain consistency and quality across all locations, our state-of-the-art central kitchen ensures uniformity in food preparation.<br>|

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| ![](formdrs_012.jpg) | ![](formdrs_013.jpg) |
| Our mouthwatering selection of crispy house-made gyoza, golden fried chicken, and decadent Takoyaki, perfectly paired with a refreshing cocktail<br>| Crispy pork katsu smothered in rich, savory Japanese curry, served over fluffy steamed rice - comfort food at its most irresistible<br>|
|  | ![](formdrs_015.jpg) |
| A hearty, plant-based ramen crafted for vegans, featuring tender vegan noodles, and a choice of soul-warming broths like classic miso or rich black garlic<br>| Our signature mala beef noodle soup - packed with bold spicy flavors, along with our slow-cooked, melt-in-your-mouth pork ribs ramen |

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<br> Ajisen Ramen was recognized by Euromonitor International Shanghai Co. Ltd. as the world's No. 1 noodle restaurant brand in terms of the number of directly operated stores globally as of December 2023, further solidifying its reputation in the global market.<br>Our Canadian restaurants serve approximately 5,500 customers per week, with an average check size of approximately CAD25. We are focused on expanding Ajisen Ramen's footprint in Canada, with plans to open 5 additional locations in 2025, while also exploring opportunities to expand further into North America.<br>

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| ![](formdrs_016.jpg) | ***Yakiniku Kakura***<br>Originating from Saga, Kyushu, Yakiniku Kakura is a renowned Japanese barbecue restaurant that offers a high-quality dining experience at accessible prices. Benefiting from direct connections with slaughterhouses and farms in Japan, Yakiniku Kakura delivers top-tier A5 Wagyu beef at a price point that is friendly for the exceptional quality of meat offered. This unique supply chain advantage allows us to provide premium cuts, such as short rib, ribeye, and sirloin, without the typical markup seen in fine dining establishments. Each cut is expertly prepared to highlight its rich texture and flavor, offering diners a melt-in-your-mouth experience that is both luxurious and approachable. In addition to its signature Wagyu offerings, the restaurant features a range of izakaya-style dishes, including pork, chicken, seafood, donburi, and other traditional Japanese small plates. For those looking for a more curated experience, we also offer a Wagyu beef omakase set guided by our chefs.<br>|

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| ![](formdrs_017.jpg) | ![](formdrs_018.jpg) |
| A mouth-watering selection of premium Black Hair Wagyu cuts, showcasing beautifully marbled options like ribeye, short ribs, and brisket, served with a choice of salt or rich sauces | Our signature cold noodle bowl with a tangy kick of kimchi perfectly balances the richness of the beef for a refreshing bite |
| To complement the meal, Yakiniku Kakura provides a selection of alcoholic and non-alcoholic beverages, including sake, shochu, fruit wines, Japanese beers, and more. The restaurant's state-of-the-art ventilation system ensures a smoke-free, comfortable environment, allowing customers to enjoy the art of grilling without distraction. | To complement the meal, Yakiniku Kakura provides a selection of alcoholic and non-alcoholic beverages, including sake, shochu, fruit wines, Japanese beers, and more. The restaurant's state-of-the-art ventilation system ensures a smoke-free, comfortable environment, allowing customers to enjoy the art of grilling without distraction. |
| ![](formdrs_019.jpg) | ![](formdrs_020.jpg) |
| Our spacious dining area designed for comfort, with excellent airflow that keeps the space fresh and smoke-free, enhancing the overall yakiniku experience | A feast of premium Japanese beef complemented by our signature whisky highball and premium Japanese beer |

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| Since opening in Hong Kong, Yakiniku Kakura has attracted a diverse clientele seeking high-quality offerings at accessible prices. The restaurant operates at capacity during peak hours, and serves approximately 5,000 customers per week, with an average check size of approximately HK$350 per person. With five (5) locations in Hong Kong – three (3) self-operated and two (2) sub-franchised, we are actively exploring opportunities for expansion into new international markets.<br>|
| ***Yakiniku 801***<br>Offering an exceptional yet budget-friendly yakiniku experience, Yakiniku 801 specializes in high-quality beef cuts while ensuring affordability. Positioned as a mid-tier dining option, the restaurant features a variety of set meals and à la carte offerings, including popular cuts like black Wagyu beef shoulder and ribeye. Known for its consistent flavor and satisfying portions, Yakiniku 801 caters to diners who seek delicious meals at great value. The streamlined menu also includes a selection of side dishes such as kimchi, cold noodles, and rice sets, all priced competitively. With a focus on delivering excellent cost-performance (CP-value), Yakiniku 801 has become a favored destination for casual diners and small groups. Its efficient grilling system ensures a pleasant, smoke-free dining experience. |

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| ![](formdrs_022.jpg) | ![](formdrs_023.jpg)<br>|
| A value-for-money beef set featuring premium cuts, served with rice, miso soup, and onsen egg for a satisfying and complete meal | Our vibrant dining space, featuring individual grills for a smoke-free and personalized yakiniku experience |

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With one (1) location in Hong Kong, the restaurant serves approximately 2,200 diners weekly, with an average check size of approximately HK$250, offering high-quality dining without the premium price tag.<br>

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| ![](formdrs_024.jpg) | ***Ufufu Café***<br>Originally from Saga, Japan, Ufufu Café is a Japanese-inspired café that blends Western-influenced Japanese cuisine (yoshoku) with Japanese-style desserts. Ufufu Café has gained popularity for its savory dishes such as hamburger steak, creamy pasta, and pizzas, alongside beautifully presented desserts like parfaits and French toasts. The café is particularly known for its desserts, crafted by Japanese pastry chefs using high-quality ingredients imported from Japan, including premium fruits, matcha powder, and coffee beans. Its best-selling parfaits are both beautifully photogenic and made with seasonal ingredients, such as fresh fruits air-flown from Japan, which enhance the overall taste and reflect the café's commitment to authenticity. A key feature of Ufufu Café is its seasonal menus, which introduce fresh and exciting new items throughout the year, keeping customers engaged and eager to try new offerings. Another highlight is the coffee, brewed with water from Shirakawa Springs, one of Japan's "Top 100 Famous Waters," giving it a unique and refined flavor. With its wooden aesthetic and cozy atmosphere, Ufufu Café is an inviting spot for casual dining and social gatherings.<br>|

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| ![](formdrs_025.jpg) | ![](formdrs_027.jpg) |
| Our best-selling all-day breakfast features a juicy hamburger steak, perfectly complemented by crispy-on-the-outside, fluffy-on-the-inside French toast with fresh strawberries<br>| Our warm, Japanese-style wooden interior with lush greenery creating a serene and cozy atmosphere, perfect for relaxing and dining |
| ![](formdrs_028.jpg) | ![](formdrs_029.jpg) |
| Our exquisite strawberry parfait and peach French toast, made with fresh, seasonal and aromatic fruits from Japan | A rich cup of latte brewed with Shirakawa Springs water, paired with our flavorful shrimp pasta for a delightful balance of taste. |
| We currently have one (1) location in Hong Kong, serving approximately 500 customers per week with an average check size of approximately HK$150. Its diverse menu and affordable pricing have attracted a broad audience, from young influencers to families, with many sharing its beautifully presented food and desserts on social media. | We currently have one (1) location in Hong Kong, serving approximately 500 customers per week with an average check size of approximately HK$150. Its diverse menu and affordable pricing have attracted a broad audience, from young influencers to families, with many sharing its beautifully presented food and desserts on social media. |

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**Industry backdrop** 

The global foodservice industry remains a key part of the world economy, with significant growth projected in the coming years. In 2023, the market was valued at over USD 3.2 trillion and is expected to expand to USD 6.3 trillion by 2032, driven by rising disposable incomes, evolving consumer lifestyles, and the rapid expansion of cafés, restaurants, and online food delivery platforms. This trend is particularly evident in markets like Hong Kong and Canada, where the restaurant sectors are both dynamic and competitive.

In Hong Kong, the restaurant industry has faced challenges but is showing signs of stabilization. Full-service restaurants, especially Asian dining concepts, are expected to see steady recovery, reaching pre-pandemic sales levels by 2026. The return of tourism will play a crucial role in driving footfall and revenue growth, presenting opportunities for our brands - Yakiniku Kakura, Yakiniku 801, and Ufufu Café - to capitalize on the rising demand for diverse dining experiences.

Similarly, in Canada, the restaurant sector continues to grow, supported by increasing consumer demand for international cuisines, including Japanese food. With a multicultural population, cities like Toronto and Vancouver are seeing heightened interest in authentic Japanese dining, providing a strong foundation for the expansion of Ajisen Ramen. Our focus on high-quality ingredients, innovative menu offerings, and adaptability to dietary preferences positions us well for capturing market share in both regions.

Against this backdrop, our concepts are well-positioned for growth. The recovery of full-service restaurants in Hong Kong, coupled with the return of tourism, provides a favorable environment for expanding our yakiniku and café offerings. In Canada, the increasing demand for authentic Japanese cuisine creates significant opportunities for Ajisen Ramen to scale. By leveraging our diversified portfolio, maintaining high standards of food quality, and tapping into shifting consumer trends toward sustainability and convenience, we are poised to further expand our footprint in both markets and internationally, enhancing our brand presence and driving long-term growth. See "Industry and Market Data" for more details.

**Our Competitive Strengths** 

We believe the following competitive strengths, when combined with our strategic plan and operating model, enable our sustainable growth in the global restaurant industry:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *Diverse Portfolio of Japanese-Themed Dining Concepts***

We pride ourselves on offering a diverse portfolio of Japanese-themed dining concepts, catering to a wide range of customer preferences, from accessible yet high-quality dining options to casual meals. Our portfolio includes yakiniku restaurants such as Yakiniku Kakura, which provides exceptional A5 Wagyu beef sourced directly from Saga, Kyushu, at a price point that reflects the quality of the meat, making it an attractive option for diners seeking great value. Yakiniku 801, on the other hand, offers an affordable yakiniku experience with high-quality beef cuts, appealing to value-conscious diners in a modern, casual setting. Additionally, Ufufu Café offers a blend of Western-influenced Japanese cuisine and beautifully crafted desserts, making it a popular destination for both young influencers and families.

In Canada, we have successfully established Ajisen Ramen, which is not just a ramen bar but a full-service Japanese dining restaurant. While known for its signature Kyushu-style tonkotsu ramen, Ajisen Ramen also offers an extensive menu, including gyoza, chicken karaage, Japanese curry pork katsu, and AAA striploin served on a sizzling hot plate. The menu is designed to cater to a variety of tastes and dietary preferences, including vegan options and customizable dishes, making it a versatile dining destination for a broad audience.

This diverse portfolio enables us to effectively target different customer segments, from high-end diners seeking premium quality to value-conscious consumers and families looking for casual dining experiences. In addition, our presence in two distinct continents - Asia and North America, allows us to tap into unique market opportunities and expand our reach across diverse cultural and demographic groups, while consistently delivering authentic Japanese culinary experiences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. *Exclusive Franchise Rights for Renowned Japanese Brands***

Our company holds exclusive franchise rights for several prestigious Japanese restaurant brands, ensuring that we bring authentic and high-quality Japanese dining experiences to key international markets. In Canada, our exclusive franchise of Ajisen Ramen has allowed us to introduce one of Japan's most iconic brands to North American diners. In Hong Kong, we franchise Yakiniku Kakura, Yakiniku 801, and Ufufu Café, delivering authentic Japanese flavors and experiences to an increasingly discerning customer base.

A key strength of our company lies in the long-term franchise agreements we secure, typically spanning 15 to 20 years with an option to extend for an additional 15 to 20 years. These extended terms reflect the strong, enduring partnerships we have built with our Japanese franchisors, demonstrating a deep level of trust and commitment on both sides. This long-term approach not only ensures business sustainability but also allows us to work closely with our partners to co-develop expansion plans, fostering a mutually beneficial relationship that supports consistent growth and brand integrity over time. For more details, see "Business—Our Relationships with Certain Franchisors."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. *Commitment to Quality and Consistency***

A core strength of our company is our unwavering commitment to quality and consistency across all our restaurant concepts. In Canada, our central kitchen for Ajisen Ramen ensures that all locations maintain consistent standards in food preparation and taste, offering the same high-quality ramen and other dishes across all outlets. This focus on quality and consistency not only sets us apart from competitors but also fosters customer loyalty and repeat business. In Hong Kong, we source beef directly from Japan, ensuring that our diners enjoy high-quality cuts of meat at Yakiniku Kakura and Yakiniku 801 at a price that offers excellent value for the quality. At Ufufu Café, we import seasonal ingredients, such as fruits, matcha powder, and coffee beans, directly from Japan to maintain the freshness and authenticity of our dishes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. *Proven Leadership and Operational Expertise***

Our Company's leadership is grounded in extensive industry expertise and operational excellence, with key leaders overseeing our operations in both Hong Kong and Canada.

In Canada, our Chairman and Chief Executive Officer, Mr. Johnny Luk, oversees the operations of our CA Operating Subsidiaries. With over 20 years of experience in marketing, management, and food quality control in restaurant operations, he brings a wealth of expertise to the role. Mr. Johnny Luk's relationship with Ajisen Ramen Japan began in 1998, when he helped build the brand through his work at a marketing and advertising company. In 2005, Johnny brought Ajisen Ramen to Canada, where under his leadership, it has expanded to 13 locations across Ontario. His deep understanding of the brand and commitment to maintaining authenticity and high standards continue to drive the growth and success of our Canadian operations.

In Hong Kong, our Vice Chairman and Executive Director - Mr. Mark Luk, oversees the HK Operating Subsidiaries. He is responsible for the day-to-day administrative and operational management of the Group, ensuring the overall supervision and smooth functioning of our restaurant operations. Mr. Mark Luk's significant insight into the F&B industry and strong connections with Japanese suppliers have enabled us to maintain a close relationship with Unico, our franchisor for Yakiniku Kakura, Yakiniku 801, and Ufufu Café. His leadership has been instrumental in the successful expansion of these brands in Hong Kong, positioning us as a market leader in the region.

Collectively, our management team possesses the industry expertise and operational experience necessary to formulate sustainable business strategies, assess and manage risks, and adapt to evolving customer preferences. This expertise enables us to seize major market opportunities and ensures that our business continues to grow and thrive. With the combined leadership skills and in-depth industry knowledge of our executive directors and senior management, we are confident in our ability to drive revenue growth and sustain long-term success.

**Our Growth Strategies** 

Our growth strategy focuses on expanding our restaurant footprint in key markets, enhancing customer experience through menu innovation, and optimizing operational performance to support sustainable growth. We will leverage our strong track record in restaurant operations, franchising, and market entry to capitalize on new opportunities and achieve long-term success. Our key strategic initiatives include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *Expansion of Restaurant Footprint in Key Markets***

We plan to continue expanding our global presence through a combination of new restaurant openings and strategic sub-franchising. For the years ended September 30, 2022, 2023 and 2024, we opened 1, 0 and 0 self-operated restaurants, respectively, and 1, 1 and 3 sub-franchised restaurants, respectively. For the six months ended March 31, 2025, 2024, and 2023, we opened 0, 0 and 0 self-operated restaurants, respectively, and 2, 2 and 1 sub-franchised restaurants, respectively. We intend to open two more sub-franchised stores before the end of 2025 in Ontario—specifically, Brampton and Oakville. See "Management's Discussion and Analysis—Key Financial Performance Metrics." We normally do not purchase real estate property, but a typical new store will cost around US$550,000 to 700,000 which includes the purchase of kitchen equipment and decorations. This amount also includes the initial build out cost of the restaurant, excluding the cost of a lease. This diversification helps us mitigate market risk while capturing a larger share of the global dining market. By carefully selecting regions with a growing interest in Japanese cuisine, we ensure our new outlets are placed in vibrant, high-traffic areas that appeal to both locals and tourists. Our expansion plans include:

**Ajisen Ramen in Canada**

Through our CA Operating Subsidiary, ARCI, we entered into the MFA with the Ajisen Franchisor on November 5, 2019 for the exclusive rights to operate and sub-franchise Ajisen Ramen restaurants in Canada. The MFA does not require us to open a certain number of restaurants.

Our expansion of Ajisen Ramen in Canada will be driven by a robust sub-franchising strategy, enabling us to leverage local market expertise while scaling efficiently. After establishing a strong presence in Toronto with 13 stores, we intend to expand into British Columbia, Alberta, and Quebec, where there is high demand for authentic Japanese ramen.

To support this growth, we intend to recruit sub-franchisees aligned with our brand values and provide them with comprehensive training, marketing support, and access to our state-of-the-art central kitchen. The central kitchen ensures operational efficiency and consistency, allowing franchisees to focus on customer service while maintaining our high standards.

By handling core ingredient preparation, the central kitchen simplifies supply chain management, reducing complexity and labor costs. In addition, we offer ongoing support through marketing campaigns, market analysis, and operational guidance, ensuring each location is set up for long-term success and maintains the integrity of the Ajisen Ramen brand across Canada.

In addition to opening physical locations, we intend to manufacture and sell packaged ramen in supermarkets across Canada, which is proven to be highly successful in Ajisen China. We have plans to manufacture and distribute packaged ramen in supermarkets across Canada in the near future, but have neither taken any steps nor made any financial commitments to do so yet. We do not yet have an anticipated distribution date or budgeted costs associated with this new initiative.

**Ajisen Ramen in the United States**

We plan to expand Ajisen Ramen into major U.S. cities, including Chicago, New York, and Los Angeles. These cities represent significant opportunities for growth, given their diverse culinary scenes and large customer bases for authentic ramen experiences. To facilitate this expansion, we will collaborate with local sub-franchisors, ensuring efficient market entry while maintaining brand integrity.

**Yakiniku Kakura in North America**

We plan to introduce Yakiniku Kakura to Canada as the first step in our international expansion of this premium Japanese BBQ brand. Following its success in Canada, we plan to expand into New York, Chicago, and Los Angeles, tapping into growing demand for authentic Japanese dining experiences. We will explore both company-owned and franchise models to scale the brand internationally.

**Ufufu Café in North America**

We see a significant gap in the Western-Japanese style café market in North America, particularly in cities like Toronto, Chicago, and Los Angeles. Ufufu Café's unique offerings, such as Japanese-inspired desserts and specialty drinks, are well-positioned to fill this gap and attract a diverse customer base. Our strategy will involve both franchise and company-owned models, focusing on high-traffic urban areas that align with the brand's positioning as a leader in the specialty café market.

Expanding into new locations presents new risks, some of which may be unique to such locations. In the United States these include, but are not limited to potential increased labor costs due to changes in immigration policies in the United States, tariff policies in the United States, intense competition, low brand recognition, market saturation, varying consumer preferences and differing discretionary spending habits. See "Risk Factors—Risks Related to our Business and Industry—Changes in U.S. and international trade policies, including the export and import controls and laws, may adversely impact our business and operating results," —"Increases in labor costs or shortages of qualified staff could negatively affect our profitability, and —"Expanding into new markets can pose additional challenges due to our lack of familiarity with those regions."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2. Innovation in Menu and Customer Experience***

To differentiate our brands and meet evolving consumer preferences, we will continue to innovate in both menu offerings and the overall customer experience. Our strategies include:

● **Menu Diversification**: We will introduce seasonal items and limited-time offerings to keep our menus fresh and attractive to returning customers. For example, we plan to expand Ajisen Ramen's menu by incorporating more plant-based options and regional ramen varieties to appeal to a broader demographic.

● **Enhanced Customer Experience**: We are committed to delivering a high-quality dining experience across all our brands. This includes incorporating technology such as interactive digital menus, mobile ordering, and personalized dining services. Unique restaurant designs and ambient settings create memorable experiences that go beyond the meal itself, encouraging customers to return and share their experiences on social media, indirectly boosting brand visibility. We will also explore loyalty programs and personalized promotions to strengthen customer engagement and retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. *Operational Efficiency and Scalability***

As we expand into new markets, maintaining operational excellence and ensuring that our business remains scalable are critical to our success. Our strategies in this area include:

● **Optimizing Restaurant Operations**: We will focus on improving operational efficiency at each of our locations by refining our employee training, enhancing kitchen workflows, and implementing best practices to drive consistent performance. This will help us scale efficiently while maintaining high standards across all locations.

● **Maintaining Profitability**: As we grow, we will continue to monitor our cost structures and operating margins to ensure that each new location contributes positively to our bottom line. Our focus on cost management will include optimizing labor and food costs, as well as identifying opportunities to streamline operations without compromising quality.

● **Technology Integration**: We will continue to explore technology solutions to enhance both front-of-house and back-of-house operations. This includes adopting digital platforms for order management, inventory tracking, and customer engagement, which will allow us to serve guests more efficiently and maintain operational consistency as we expand.

**Our Footprints and Properties**

*Canada*

As of the date of this prospectus, we self-operate four (4) Ajisen Ramen restaurants and one (1) central kitchen facility across Ontario, in addition to overseeing nine (9) sub-franchised restaurants.

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| **Franchise brand** | **Locations** | **Operating model** |
| Ajisen Ramen | 3720 Midland Avenue, Scarborough, Ontario | Self-operated |
|  | 3175 Rutherford Road, Concord, Ontario | Self-operated |
|  | 399 Church Street, Toronto, Ontario | Self-operated |
|  | 8360 Kennedy Road, Unionville, Ontario | Self-operated |
|  | 7010 Warden Avenue, Markam, Ontario | Sub-franchised |
|  | 5229 Yonge Street, North York, Ontario | Sub-franchised |
|  | 332 Spadina Avenue, Toronto, Ontario | Sub-franchised |
|  | 3196 Dougall Avenue, Windsor, Ontario | Sub-franchised |
|  | 17325 Leslie Street, Newmarket, Ontario | Sub-franchised |
|  | 2601 Lauzon Parkway, Ontario | Sub-franchised |
|  | 5229 Yonge Street, North York, Ontario | Sub-franchised |
|  | 15 King Street North, Waterloo, Ontario | Sub-franchised |
|  | 334 Rossland Road East, Ajax, Ontario | Sub-franchised |

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Our self-operated Ajisen Ramen restaurants range in size from 1,400 to 2,254 square feet, with seating capacities varying from 40 to 74 guests, including both indoor and outdoor seating at select locations. We lease all our self-operated restaurant spaces. These leases typically have initial terms of five (5) to ten (10) years, with options to renew for an additional five (5) years. The interior decor across all locations features custom wooden accents and LED elements, offering a modern interpretation of a traditional ramen shop. In addition, our strategically designed business signage, both indoor and outdoor, is visually striking and crafted to capture the attention of pedestrians and vehicle traffic from all directions.

The following images showcase the distinctive interiors and exteriors of our self-operated restaurants:

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| ![](formdrs_030.jpg) | ![](formdrs_031.jpg) | ![](formdrs_032.jpg) |

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We own our central kitchen facility, located at Units 4 and 5, 130 Dynamic Drive, Scarborough, Ontario, which spans approximately 5,000 square feet. Some of the food ingredients used in Ajisen restaurants in Canada are pre-processed at our central kitchen before delivery to the sub-franchised restaurants. Revenue from sales of such food ingredients to the sub-franchised restaurants represents one operating segment of revenues.

*Hong Kong*

As of the date of this prospectus, we self-operate three (3) Yakiniku Kakura restaurants, one (1) Yakiniku 801 restaurant, and one (1) Ufufu Café restaurant. In addition, we oversee two (2) sub-franchised Yakiniku Kakura restaurants. For our sub-franchised operations, we provide management services and receive a management fee equivalent to 1.5% to 10% of their revenues.

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| **Franchise brands** | **Locations** | **Location type** | **Operating model** |
| Yakiniku Kakura | Shop No. G1 & G3, G/F., Site 11 (Treasure World), Whampoa Garden, Hung Hom, Kowloon, Hong Kong<br>| Mall | Self-operated |
|  | Shop 701, 7/F, New Town Plaza Phase I, 18-19 Sha Tin Centre Street, Shatin, New Territories, Hong Kong<br>| Mall | Self-operated |
|  | Shop B155, 1/F, YOHO MIX, 1 Long Lok Road, Yuen Long, New Territories, Hong Kong | Mall | Self-operated |
|  | Shop 101-102, 1/F, Tower 535, 535 Jaffe Road, Causeway Bay, Hong Kong<br>| Mixed-use building | Sub-franchised |
|  | Shop 311A, Plaza Hollywood, 3 Lung Poon Street, Diamond Hill, Kowloon | Mall | Sub-franchised |
| Ufufu Café | Shop 321-323, 3/F, Tsuen Wan Plaza, 4-30 Tai Pa Street, Tsuen Wan, New Territories, Hong Kong | Mall | Self-operated |
| Yakiniku 801 | Shop 321-323, 3/F, Tsuen Wan Plaza, 4-30 Tai Pa Street, Tsuen Wan, New Territories, Hong Kong | Mall | Self-operated |

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Our Hong Kong restaurants range in size from 1,500 to 2,300 square feet, and all seating is indoors, accommodating between 50 and 100 guests. We do not own any of the real estate and lease all our restaurant locations. Lease terms for our restaurants in Hong Kong are typically 3 to 4 years, and generally do not include renewal options.

**Our Relationship with Franchisors** 

We operate and franchise Ajisen Ramen, Yakiniku Kakura, Yakiniku 801 and Ufufu Café in Hong Kong and Canada under exclusive franchise agreements. The respective terms and expiration dates of those agreements are as follows:-

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| **Restaurant Brand – Location** | **Agreement** | **Term** | **Date of Expiration** |
| Yakiniku Kakura – Hong Kong | Franchise Agreement dated July 21, 2021 | 15 years | June 30, 2036 |
| Yakiniku 801 – Hong Kong | Franchise Deed dated September 1, 2022 | 15 years | August 31, 2037 |
| Ufufu Café – Hong Kong | Franchise Deed dated July 1, 2023 | 15 years | June 30, 2038 |
| Ajisen Ramen – Canada | Franchise Agreement dated November 5, 2019 | 20 years | December 31, 2039 |

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For discussion of the terms of each agreement listed above, see "Our Relationships with Certain Franchisors."

**Restaurant Management**

***Customers***

Due to the nature of our business, our Operating Subsidiaries' customers are mainly retail customers from the general public. Our Directors consider that it is not practicable to identify the five largest customers for the two years ended September 30, 2023 and 2024, and the six months ended March 31, 2025 and 2024, due to the diverse nature of our customer base. None of our Operating Subsidiaries' customers accounted for 5% or more of our Group's total revenue for the two years ended September 30, 2023 and 2024, and the six months ended March 31, 2025 and 2024, and we did not rely on any single customer during the two years ended September 30, 2023 and 2024 and the six months ended March 31, 2025 and 2024. In line with the industry practice, during the two years ended September 30, 2023 and 2024, the six months ended March 31, 2025 and 2024, and up to the date of this registration statement, none of our Operating Subsidiaries have entered into any long-term contract with our Operating Subsidiaries' customers.

***Employees***

Our employees are the backbone of our restaurant operations, and we take pride in ensuring that they are trained to deliver high-quality, efficient, and friendly service to all our customers. Through a variety of training programs, we ensure that our staff maintains the highest standards of professionalism and efficiency.

We categorize our employees into four main groups: Corporate Management and Office Staff, Management, Kitchen Staff, and Service Crew. Each group plays a unique and vital role in the success of our restaurants.

As of the date of this prospectus, we employed 169 persons, of whom 55 are located in Hong Kong and 114 are located in Canada. These numbers reflect only employees directly hired by us. In Hong Kong, we employ 8 corporate and office staff, 8 restaurant managers, 27 kitchen staff including chefs and dishwashers, and 12 service crew including floor supervisors and waiters and waitresses. In Canada, we have 21 managers, 53 kitchen staff including chefs and dishwashers, and 40 service crew including waiters and waitresses.

***Training and Employee Development***

Our employees are critical to delivering a positive dining experience. As such, we focus on on-the-job training to ensure all staff members are well-prepared to provide fast, efficient, and friendly service. Rather than relying on formal training programs, our employees in both Hong Kong and Canada learn directly through hands-on experience, guided by experienced team members and supervisors. This approach allows new hires to become familiar with our operations in a real-world setting, ensuring they quickly adapt to our standards and practices.

We also work closely with our sub-franchisees, providing them with thorough training to ensure consistency and operational excellence across all locations.

In Canada, we require key members of our sub-franchisees to complete a mandatory 4-week training program at our self-operated restaurant locations. This structured program, led by our corporate training managers, covers both back of house ("BOH") and front of house ("FOH") operations. Trainees progress through a schedule that requires them to get certified at each operational station before moving on to the next. By the end of the program, all participants are fully certified to manage and operate the store independently, maintaining the high standards that define our brand. Once a new sub-franchised restaurant is ready to open, our corporate team will send two managers - one specializing in BOH operations and one in FOH operations, to the new location for 7 days to assist with the initial setup and operations. These managers may extend their stay and remain on-site until the local team is fully prepared to run the store independently and meet our operational standards. Additionally, we provide detailed training materials, including standard operating procedures and access to our learning management system, which form an integral part of our training system. In Hong Kong, our sub-franchisees receive hands-on training under the guidance of experienced managers and supervisors. We provide direct coaching on the sub-franchisees' daily operations, quality control, and customer service to ensure that all locations maintain our expected standards.

**Supply Chain Management** 

***Supply Chain Network***

In Canada, our supply chain is managed through a centralized procurement system, with most seasonings and sauces imported from our Japan headquarters. These products are critical to maintaining the authentic flavor of our dishes. Meats, on the other hand, are primarily sourced locally to ensure freshness and cost efficiency. Ramen noodles are freshly made daily in our central kitchen, which also handles the processing and preparation of key ingredients. Pursuant to our franchise agreement with the Ajisen Franchisor, we are required to source the unique soup bases used in our dishes from the franchisor. Our diverse range of soup bases includes ingredients sourced globally: mala from China, tom yum from Thailand, and black garlic and miso from Japan. This international approach to sourcing not only ensures a wide variety of authentic flavors but also helps maintain consistent quality that we believe is difficult for others to replicate, preserving the uniqueness of our offerings. Other than our obligations under the franchise agreement to purchase certain core ingredients from the Ajisen Franchisor, we do not currently have written contracts with other suppliers.

In Hong Kong, we source key ingredients from a combination of Japan and local suppliers. For Yakiniku Kakura and Yakiniku 801, our premium beef is imported from Japan to ensure the highest quality, while other ingredients are sourced from local suppliers. We operate both brands under separate franchise agreements with Unico, pursuant to which we are required to purchase specialty sauces and other proprietary ingredients either directly from Unico or from suppliers designated by Unico. At Ufufu Café, we import selected high-quality ingredients from Japan, including premium fruits, matcha powder, and coffee beans. This combination of imported and local ingredients helps maintain the high standards expected at our restaurants. Other than our obligations under the franchise agreements with Unico to purchase key ingredients, we do not currently have written contracts with any other suppliers.

We are required to source certain key ingredients, including noodles and Ajisen Ramen's unique soup base, directly from the Ajisen Franchisor. These supplies are to be purchased at prices determined by the Ajisen Franchisor, and we must pay the Ajisen Franchisor in advance.

***Food Safety and Quality Control***

In Canada, food safety and quality control are top priorities. Our central kitchen plays a key role in maintaining consistent food quality across all locations, handling the preparation of key ingredients, such as ramen noodles, seasonings, and meats, for both our own and sub-franchised restaurants. In addition to daily quality checks, we have a QC Inspector who anonymously audits our restaurants to ensure that food safety and quality standards are met. This inspector provides feedback directly to management, including photographic evidence and a "Food Testing Form", to address any issues promptly.

All of our restaurants in Canada follow a strict food safety manual that focuses on illness prevention, proper food handling, temperature control, and cross-contamination prevention. Employees are trained to adhere to these standards, ensuring compliance with local food safety regulations. Daily reports, including photos of ingredients, cooking equipment, and the overall restaurant environment, are submitted to management to ensure that all locations strictly follow our quality and safety protocols.

In Hong Kong, we ensure food safety and quality control through direct oversight from Unico, the franchisor of our brands. Unico staff regularly monitor operations at our restaurants to ensure the quality of premium ingredients, like A5 Wagyu beef and imported Japanese products, is upheld.

Unlike Canada's centralized kitchen model, our Hong Kong restaurants source ingredients directly from Japan and local suppliers. This requires on-site quality control, with daily checks on ingredient freshness, hygiene, and food preparation practices. Restaurant managers and staff in both our self-operated and sub-franchised restaurants are trained to follow strict protocols, including temperature control, sanitation, and cross-contamination prevention. Our hands-on approach and continuous staff training help maintain high standards at every location, ensuring consistent quality and safety for our customers.

**Management Information and Systems**

In Canada, we use Snappy Innovations for our point-of-sale (POS) system, a comprehensive platform designed specifically for the restaurant industry. This system enables us to efficiently track and manage sales, food and beverage costs, and inventory levels. The Snappy POS integrates seamlessly with our staff's handheld devices for order-taking and payment processing, ensuring a smooth and streamlined workflow. Its customizable features and built-in analytics provide valuable insights into guest preferences, allowing us to enhance the overall customer experience. For payment processing, we rely on Moneris Solutions, a trusted provider that ensures secure and efficient transactions across our restaurants. We use XERO for our accounting, a cloud-based platform that helps us manage financial operations with accuracy and transparency. XERO's features allow us to handle invoicing, payroll, and financial reporting efficiently, supporting the growing number of restaurants we operate.

In Hong Kong, we use Lising Company for our point-of-sale (POS) system, a comprehensive platform tailored for the restaurant industry to timely track the sales of each branch by categories such as the time interval and types of food and drinks ordered.

We depend on these third-party systems and providers to protect the sensitive information of both our customers and employees, ensuring data security and compliance with industry standards.

**Advertising and Marketing** 

Our marketing strategy is designed to enhance restaurant sales by encouraging existing customers to visit frequently and by attracting new patrons.

In Canada, we maintain customer interest and engagement through seasonal promotions and limited-time offers, featuring special ingredients and flavors. One of our most notable campaigns is World Ajisen Day, which celebrates the global presence of more than 700 Ajisen Ramen locations worldwide. This event includes special menu items and exclusive offers that encourage customers to participate in the celebration, driving significant traffic to our restaurants. Typically, our restaurants have five to seven promotion periods each year, with messaging designed to inspire immediate action and boost customer visits. A key aspect of our marketing strategy is our collaboration with a marketing agent to create compelling campaigns, including reels and promotional videos that showcase our offerings. These videos are shared across platforms such as Instagram Reels, Dished TikTok, blogTO TikTok, and blogTO Twitter, significantly expanding our digital reach. Additionally, Johnny Luk, one of our founders, plays a central role in these campaigns. As a frequent guest on broadcast radio, Johnny personally promotes Ajisen Ramen, sharing his love for ramen and the brand's story. His media appearances, combined with our digital efforts, create a multi-platform strategy that enhances brand awareness, builds a personal connection with customers, and drives traffic to our restaurants.

In Hong Kong, we focus on promotions and strategic partnerships. For Yakiniku Kakura and Yakiniku 801, we take advantage of various festivals to offer special promotions and discounts. Seasonal menus, such as autumn-themed selections, keep our offerings fresh and enticing. We provide "back-to-school" student discounts, discounts for residents of the shopping malls where our restaurants are located, and coupons for Ufufu Café ice cream. We have a partnership with Cathay Pacific, allowing customers to earn airline miles for dining at Yakiniku Kakura. Additionally, our collaboration with local membership clubs offers dining discounts at our restaurants. For Ufufu Café, our menu is regularly updated with seasonal drinks and desserts featuring fresh ingredients. We offer special promotions on afternoon tea sets and collaborate with platforms like OpenRice, offering a complimentary dessert for reservations made through their sites. We also partner with selected cinemas in Hong Kong to provide discounts for patrons who present their cinema tickets. To boost visibility, we utilize social media platforms such as Instagram and Facebook, along with key opinion leaders, YouTubers, and food bloggers to promote our restaurants and help us reach a wider audience.

**Seasonality**

Our business experiences seasonal variations driven by cultural celebrations and festivals. In both Hong Kong and Canada, sales tend to peak around cultural celebrations and major festivals, including Chinese New Year, Christmas, and New Year's celebrations. These occasions inspire an increase in dining out as customers seek memorable meals for their festive gatherings.

In Canada, our restaurants experience higher customer traffic during festive periods, as guests take advantage of special menus and promotions that cater to these celebrations. Festivals are the primary driver of seasonal sales in both markets, providing opportunities to engage with customers who are looking to celebrate cultural and seasonal milestones with exceptional dining experiences.

In Hong Kong, festivals not only attract local diners but also draw a significant number of tourists, who travel to the city for its vibrant culinary scene. This influx of visitors, combined with local festive celebrations, results in higher foot traffic across our restaurants during these periods. Many patrons seek unique and memorable dining experiences, making festivals a key driver of sales in Hong Kong. See also "Management's Discussion and Analysis—Seasonality" and "Risk Factors—Risks Related to our Industry and Business—Our results of operations may fluctuate due to seasonality."

**Competition** 

In Canada, the ramen market is relatively more concentrated, with Kinton Ramen being one of the most prominent competitors. The competition is primarily among other chain ramen restaurants and independent establishments that emphasize food quality, brand recognition, and customer experience.

In Hong Kong, the market for yakiniku is fragmented, with a variety of competitors offering different price points and dining experiences. Notable competitors include both chain and independent restaurants, such as Gyu-Kaku, which operates multiple locations and offers a range of options in the yakiniku segment. The broader Japanese-Western café market is similarly competitive, with a number of established brands like QUE, J.S. Foodies and PHI Coffee & Pancake offering similar fusion-style dishes.

Across all markets, we compete with other restaurants on factors such as food quality, consistency, brand reputation, value for money, ambiance, service, location, supply of quality ingredients, and the availability of trained employees. See also "Industry Overview."

**Intellectual Property** 

The Company's use of certain material trademarks and service marks is governed by the franchise agreements that we have entered into with our franchisors. These agreements are described under the section "Our Relationships with Certain Franchisors."

**Licenses** 

As of the date of this prospectus, we have obtained all requisite licenses or permissions that are material to our business operations, all of which are valid and current, and we have not been denied such licenses, permissions or approvals by any authorities.

**Insurance**

For our operations in Hong Kong, we maintain employees' compensation insurance for our directors and employees, which covers the liability to make payment in the case of death, injury or disability of all our employees under the Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong) and at common law for injuries sustained at work. We believe that our current insurance policies are sufficient for our operations and are in line with our industry norm.

For our operations in Canada, our insurance coverage includes, among others, employees' compensation, business interruption, trade credit and fire. We believe that our insurance coverage is in line with our industry standard. We review our insurance policies from time to time for adequacy in the breadth of coverage.

**Working Capital** 

For a discussion about the Company's working capital, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations."

**Legal Proceedings**

We may from time to time become a party to various legal or administrative proceedings arising in the ordinary course of our business As of the date of this prospectus, we and our subsidiaries are not a party to, and we are not aware of any threat of, any legal proceeding that, in the opinion of our management, is likely to have a material adverse effect on our or our subsidiaries business, financial condition or operations.

**OUR RELATIONSHIPS WITH CERTAIN FRANCHISORS**

**Ajisen Ramen - Canada**

Through our CA Operating Subsidiary, ARCI, we entered into a master franchise agreement (the "**MFA**") with Shigemitsu Industry Co. Ltd (as the head franchisor) and Ajisen Overseas Franchising Company Limited (as the franchisor) (collectively, the "**Ajisen Franchisor**") on November 5, 2019 for the exclusive rights to operate and sub-franchise Ajisen Ramen restaurants in Canada.

*Term*

The MFA has an initial term of 20 years, commencing on January 1, 2020 and ending on 31 December, 2039, and is renewable for an additional 10-year term. The MFA does not explicitly address whether the terms of the agreement may be renegotiated or amended upon renewal. Therefore, any changes to the terms of the agreement at the time of renewal may be subject to mutual agreement between the parties. The MFA may be terminated upon expiration, or in the event of non-compliance with the terms, including failure to meet the standards set forth by the Ajisen Franchisor or failure to pay the required fees.

*Franchise fees and other contributions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Self-operated Ajisen Ramen restaurants

Under the MFA, the initial franchise fee was waived for our first four Ajisen Ramen restaurants. Starting with the fifth restaurant, we are required to pay a lump-sum franchise fee of USD 10,000 for each new location. Additionally, we must pay a monthly royalty fee of USD 1,000 per restaurant to the Ajisen Franchisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Sub-franchised restaurants

Under the MFA, we are responsible for collecting an initial lump-sum franchise fee of CAD 40,000 from each sub-franchisee, and we are required to remit 50% of this amount to the Ajisen Franchisor. Additionally, we collect continuing royalty fees from sub-franchisees, set at 3% of their gross monthly sales as specified in their sub-franchise agreements. The sub-franchise fees required to be paid to us are normally charged at 3% of the monthly revenues of the sub-franchisee and we are obliged to pay 50% of the collected royalty fees to the Ajisen Franchisor. At our discretion, we may also charge sub-franchisees a monthly marketing fee of up to a certain percentage of their gross monthly sales. In the event that a sub-franchisee fails to pay the full royalty amount, we remain liable to the Ajisen Franchisor for the unpaid portion and must cover any shortfall from our own funds. See "Risk Factors – Risks Related to Our Industry and Our Business – Our financial condition and results of operations in Canada depend, to a certain extent, on the financial condition of our sub-franchisees and their ability to fulfil their obligations under their sub-franchise agreements."

*Our Rights and Obligations*

Under the MFA, we have, among other things, the exclusive rights to:

● Own and operate Ajisen Ramen-branded restaurants in Canada;

● Sub-franchise the business to third parties, allowing them to operate Ajisen Ramen-branded restaurants within the territory;

● Use the Ajisen Ramen trade name, trademarks, and proprietary methods, which include operational procedures, setting standards, menu items, and other elements central to the Ajisen Ramen brand; and

● Advertise and promote the Ajisen Ramen brand in Canada, leveraging the brand's established identity to grow the business.

In return, among other things, we are required to:

● Operate in compliance with the Ajisen Franchisor's standards, including the design, setting, layout, and operational guidelines of the restaurants;

● Pay franchise fees and continuing royalty fees for each restaurant, as well as the fees on sub-franchisee sales if we sub-franchise the business.

● Manufacture supplies such as noodles and soup bases strictly to the Ajisen Franchisor's product standards.

*Real Estate and Operational Control*

We are responsible for securing and maintaining real estate for the operation of Ajisen Ramen-branded restaurants. All restaurant locations must comply with the Franchisors' guidelines regarding layout, design, and operations. Additionally, we are required to maintain operational control over the restaurants and ensure that all restaurant staff adhere to the brand's guidelines for customer service, uniform standards, and cleanliness.

*Supply Chain Obligations*

We are required to source certain key ingredients, including noodles and Ajisen Ramen's unique soup base, directly from the Ajisen Franchisor. These supplies are to be purchased at prices determined by the Ajisen Franchisor, and we must pay the Ajisen Franchisor in advance. For subsequent orders, we must first submit a purchase order, after which the Ajisen Franchisor will provide a quotation with a proposed shipping date. We must then confirm the quotation in writing and remit payment before production and shipment. Delivery will occur at least one month after payment.

*Advertising and Promotion*

We are entitled to engage in local advertising and promotional activities to support the growth of the Ajisen Ramen brand in Canada. Ajisen Franchisor may also provide us with marketing materials, and we are encouraged to develop marketing strategies that resonate with the local market.

*Termination*

The MFA allows for termination under specific conditions, including material breach of the agreement, such as failure to comply with operational standards, non-payment of franchise or royalty fees, or unauthorized transfers of franchise rights. Additionally, the MFA may be terminated if we become insolvent or sell our operation without the Ajisen Franchisor's consent. In light of this condition, we have obtained the Ajisen Franchisor's consent in relation to this IPO listing.

Upon termination, we must immediately cease using all Ajisen Ramen trademarks, proprietary methods, and branding, and settle any outstanding financial obligations.

**Unico – Hong Kong**

In Hong Kong, we obtained franchise rights for operating Yakiniku Kakura, Yakiniku 801 and Ufufu Café from Unico Co., Ltd. and Unico HK Corporation Ltd. as the franchisors (collectively "**Unico**").

***Yakiniku Kakura***

Through our HK Operating Subsidiary, C& Hospitality, we entered into an exclusive franchise agreement with Unico on July 21, 2021 for the exclusive right to develop and operate Yakiniku Kakura restaurants in Hong Kong (the "**YK Franchise Agreement**"). The terms of the YK Franchise Agreement are detailed below.

*Term*

The initial term of the YK Franchise Agreement is fifteen (15) years, commencing on July 1, 2021, and ending on June 30, 2036. We have an option to extend the agreement for an additional fifteen (15) years (until June 30, 2051) upon mutual agreement and subject to our compliance with the terms of the agreement. The YK Franchise Agreement does not specify whether the terms of the agreement may be renegotiated or amended upon renewal or extension. Therefore, the terms of the agreement upon renewal or extension may change subject to mutual agreement between the parties.

*Franchise fees* 

In consideration of the franchise rights granted, we are required to pay a continuing monthly franchise fee equivalent to 3% of the monthly sales of each Yakiniku Kakura restaurant we operate.

*Our Rights and Obligations as the Franchisee*

Under the YK Franchise Agreement, we have, among other things, the rights to:

● operate restaurants in Hong Kong under the trade names "Yakiniku Kakura" or "焼肉 芳水";

● advertise, promote, and market the Yakiniku Kakura brand in accordance with guidelines provided by Unico;

● use Unico's proprietary methods and intellectual property, including trade names, trademarks, and operational systems.

Unico also undertakes to send or delegate at least one qualified chef, employed by Unico and at Unico's own expense, to assist and supervise us during the preparation and opening of any additional restaurants or the launch of any promotional campaigns. This support will be provided for a period of no less than two (2) weeks.

In return, among other things, we are subject to the following obligations:

● comply with Unico's operational procedures, menu specifications, and brand standards;

● purchase specialty sauces and other proprietary products exclusively from Unico or its approved suppliers;

● pay the continuing franchise fee on time;

● submit monthly sales reports to Unico, providing full transparency regarding the financial performance of each restaurant;

● be responsible for all operational costs, including staff salaries, training expenses, and restaurant maintenance;

● seek Unico's approval for any significant changes to restaurant operations, such as renovations or menu adjustments;

● comply with local regulations and obtain all necessary licenses to operate the franchise.

*Sub-franchising*

Under the YK Franchise Agreement, sub-franchising is permitted only with the prior written consent of Unico. We have obtained this approval from Unico and have sub-franchised our Causeway Bay and Diamond Hill locations. Unlike our Canadian sub-franchise model, where we collect franchise fees and share royalty payments with the franchisor, our Hong Kong sub-franchise arrangement follows a different structure. In Hong Kong, we do not collect franchise fees or royalties from the sub-franchisee. Instead, as part of our own separate arrangement, we receive a fixed management fee equivalent to 1.5% to 10% of the sub-franchisee's monthly revenue.

*Termination and Transfer of Rights*

The YK Franchise Agreement can be terminated by Unico if we fail to comply with its terms, such as not adhering to operational standards, failing to make the required payments, or breaching any other material obligations. Additionally, the agreement will automatically terminate upon the sale of our business, and Unico may also terminate this agreement summarily if there is any change in our majority ownership or control. In light of this condition, we have obtained Unico's consent in relation to this IPO listing. Upon termination, all rights to operate under the Yakiniku Kakura brand are immediately revoked, and we are required to cease all use of Unico's intellectual property, including trade names, trademarks, and proprietary methods.

***Yakiniku 801***

Through our HK Operating Subsidiary, C& Hospitality, we entered into a franchise deed with Unico on September 1, 2022 for the exclusive right to develop and operate Yakiniku 801 restaurants in Hong Kong (the "**801 Deed**"). The terms of the 801 Franchise Deed are detailed below.

*Term*

The initial term of the 801 Deed is fifteen (15) years, commencing on September 1, 2022, and ending on August 31, 2037. We have an option to extend the 801 Deed for an additional fifteen (15) years upon mutual agreement and subject to our compliance with the terms of the 801 Deed. It is not specified in the 801 Deed whether the terms of the agreement may be renegotiated or amended upon renewal or extension. Hence, the terms may be subject to change upon renewal or extension, depending on the mutual agreement between the parties.

*Franchise fees* 

Throughout the term, we are required to pay a continuing monthly franchise fee equal to 3% of all gross revenue and income from the operation of each Yakiniku 801 restaurant.

*Rights and Obligations as Franchisee*

Under the 801 Deed, we have, among other things, the exclusive rights to:

● operate restaurants in the existing two locations in Hong Kong under the trade names "Yakiniku 801" or "焼肉 やきにく";

● Use the trade names, trademarks, and proprietary methods, which include operational procedures, setting standards, menu items, and other elements central to the Yakiniku 801 brand; and

● Advertise and promote the Yakiniku 801 brand in Hong Kong;

● operate and equip each restaurant in compliance with Unico's standards, including the design, setting, layout, and operational guidelines;

● pay the continuing monthly royalty fees for each restaurant timely;

● provide monthly revenue report and advertising or marketing report to Unico;

● purchase all equipment, supplies and materials (including the specialty sauce and other food ingredients) from Unico or in accordance with Unico's instructions;

● upgrade each restaurant to Unico's standards and specifications upon Unico's requests;

● avoid being involved, directly or indirectly, in any business similar to or competing with Yakiniku 801, except for Yakiniku Kakura. This includes owning, operating, or having a financial interest that allows us to influence the Yakiniku 801 business (excluding passive investments);

● comply with local regulations and obtain all necessary licenses to operate the franchise.

*Termination and Transfer of Rights*

The 801 Deed can be terminated by Unico without notice under certain conditions, such as failure to comply with operational standards, failure to pay the continuing royalty fees, operating the business in an unsuitable location, entering liquidation or undergoing significant changes in ownership or control (except for reorganizations related to an IPO).

Upon termination, we are required to stop operating the restaurants and immediately cease all use of Unico's intellectual property, including trade names, trademarks, and proprietary methods, as well as remove all branding and identifying elements from our premises as directed by Unico within one (1) month.

*Limitations on Business*

Upon termination of the 801 Deed, we are restricted for one (1) year from engaging in any business within Hong Kong's food and beverage industry that offers Yakiniku cuisine, except for any businesses already in operation prior to the termination, either for our own benefit or for others. This includes holding any interest or role, such as owner, partner, employee, consultant, or investor, in such businesses.

***Ufufu Café***

Through our HK Operating Subsidiary, C& Hospitality, we entered into a franchise deed with Unico on July 1, 2023 for the exclusive right to develop and operate Ufufu Café restaurants in Hong Kong (the "**Ufufu Deed**").

*Term*

The initial term of the Ufufu Deed is fifteen (15) years, commencing on July 1, 2023, and ending on June 30, 2038. The Ufufu Deed provides for an option to extend the term for an additional fifteen (15) years (until June 30, 2053) subject to our compliance with the terms of the agreement. It is not specified in the Ufufu Deed whether the terms of the agreement may be renegotiated or amended upon renewal or extension. Hence, the terms may be subject to change upon renewal or extension, depending on the mutual agreement between the parties.

*Franchise fees* 

In consideration of the franchise rights granted, we are required to pay a continuing monthly franchise fee equal to 3% of the gross revenue and income of all Ufufu Café restaurants.

*Rights and Obligations as Franchisee*

Under the Ufufu Deed, we have, among other things, the exclusive rights to:

● operate restaurants in the existing two locations in Hong Kong under the trade name of "UFUFU CAFÉ";

● Use the trade name, trademarks, and proprietary methods, which include operational procedures, setting standards, menu items, and other elements central to the Ufufu Café brand; and

● Advertise and promote the Ufufu Café brand in Hong Kong;

In return, among other things, we are required to:

● operate and equip each restaurant in compliance with Unico's standards, including the design, setting, layout, and operational guidelines;

● pay the continuing monthly royalty fees for each restaurant timely;

● provide monthly revenue reports and advertising or marketing reports to Unico;

● purchase all equipment, supplies and food ingredients from Unico or approved suppliers;

● comply with local regulations and obtain all necessary licenses to operate the franchise.

*Sub-franchising*

While Unico grants us non-sublicensable franchise rights under the Ufufu Deed, we have obtained Unico's written consent to sub-franchise the Ufufu Café restaurant in the Causeway Bay location. As part of our own separate arrangement with the sub-franchisee, we receive a management fee equivalent to 1.5% to 10% of the sub-franchisee's monthly revenue.

*Termination and Transfer of Rights*

The Ufufu Deed can be terminated by Unico without notice under certain conditions, such as failure to comply with operational standards, failure to pay the continuing royalty fees, operating the business in an unsuitable location, entering liquidation or undergoing significant changes in ownership or control (except for reorganizations related to an IPO in Hong Kong or anywhere in the world).

Upon termination, we are required to stop operating the restaurants and immediately cease all use of Unico's intellectual property, including trade names, trademarks, and proprietary methods, as well as remove all branding and identifying elements from our premises as directed by Unico within one (1) month.

*Limitations on Business*

Upon termination of the Ufufu Deed, we are restricted for one (1) year from engaging in or having any interest in any restaurant, food, or hospitality business in Hong Kong that conducts Japanese style café, during the franchise term and for one year after termination, except for businesses already in operation before termination.

**Franchise Agreements for Expansion Plans**

As we intend to expand into new markets by opening new restaurants and utilizing strategic sub-franchising in high-demand regions, including the U.S., UK and South East Asian countries, to capture a larger share of the international dining market, our ability to do so is subject to obtaining approval from our franchisors. While we have secured the necessary approvals from our franchisors for our current expansion plans, any future expansion into additional markets will still require such approvals, and we will require newly signed franchise agreements in order to enter into new markets.

**REGULATIONS**

Our operations are subject to various laws and regulations in Canada and Hong Kong where we operate. This section sets out summaries of certain aspects of the laws and regulations of Canada and Hong Kong which are relevant to our Group's operations and business.

**Regulations Related to our Business and Operations in Hong Kong**

Our HK Operating Subsidiaries operate multiple restaurants in Hong Kong, which are subject to the following laws and regulations. As of the date of this prospectus, all our HK Operating Subsidiaries have obtained all applicable licenses and/or fulfilled all applicable licensing requirements and are in compliance with the applicable laws and regulations.

***Business registration requirements***

The Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong) requires every person carrying on any business to make an application to the Commissioner of Inland Revenue in the prescribed manner for the registration of that business. The Commissioner of Inland Revenue must register each business for which a business registration application is made and as soon as practicable after the prescribed business registration fee and levy are paid and issue a business registration certificate or branch registration certificate for the relevant business or the relevant branch, as the case may be.

As of the date of this prospectus, all our HK Operating Subsidiaries hold valid business registration certificates.

***Food Safety and Licensing Requirements for Restaurants***

The regulatory framework governing food safety in Hong Kong is outlined in Part V of the Public Health and Municipal Services Ordinance (Chapter 132 of the Laws of Hong Kong) (the "PHMSO") and its associated subsidiary legislation. In Hong Kong, all food establishments must obtain a license to ensure compliance with health, fire, and structural safety standards before they begin operations. Under the PHMSO, food manufacturers and sellers are obligated to ensure that their products are safe for human consumption and adhere to relevant food safety and quality standards.

According to Section 52 of the PHMSO, any person who sells food that does not meet the nature, substance, or quality expected by the buyer, and does so to the buyer's detriment, is guilty of an offence, subject to the provisions of Section 53 of the PHMSO. The maximum penalty for violating Section 52 is a fine of HK$10,000 and imprisonment for up to three months. Furthermore, Section 54 of the PHMSO stipulates that anyone who sells or offers for sale food that is unfit for human consumption commits an offence, punishable by a maximum fine of HK$50,000 and imprisonment for up to six months.

The Food and Environmental Hygiene Department (the "FEHD") is responsible for enforcing the relevant laws and regulations under the PHMSO. The FEHD has the authority to issue regulations on food manufacturing and sales, as well as to inspect, seize, and remove food intended for human consumption if necessary.

Our HK Operating Subsidiaries must obtain the following licenses and approvals to operate our restaurants in Hong Kong:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) General Restaurant Licence** 

To operate a restaurant in Hong Kong, an individual or entity must obtain a restaurant licence from the FEHD under both the PHMSO and the Food Business Regulation (Chapter 132X of the Laws of Hong Kong) ("FBR") before commencing business. A general restaurant licence allows the licensee to prepare and sell any type of food for consumption on the premises. Under Section 31(1)(b) of the FBR, no one may operate a restaurant without a valid licence granted by the FEHD.

When deciding whether to issue a general restaurant licence, the FEHD will assess whether the premises meet certain health, hygiene, ventilation, gas safety, structural, and fire safety standards. The FEHD works closely with the Buildings Department (the "**BD**") and the Fire Services Department (the "**FSD**") to evaluate whether a location is suitable for restaurant use by ensuring compliance with the BD's structural standards and the FSD's fire safety requirements.

Under Section 33C of the FBR, the FEHD may issue a provisional restaurant licence to new applicants who have satisfied the basic requirements of the FBR, pending the fulfilment of all remaining conditions needed to obtain a full restaurant licence. A provisional licence is valid for up to six months or for a shorter period and can be renewed once. The full restaurant licence, generally valid for one year, is renewable annually, subject to the payment of prescribed fees and continuous compliance with the relevant regulations.

Operating a restaurant without a valid licence is considered a serious offence under section 35 of the FBR. Anyone found guilty may face a maximum fine of HK$50,000 and imprisonment for up to six months. In the case of a continuing offence, an additional fine of HK$900 for each day the offence continues may be imposed.

As at the date of this prospectus, all our restaurants in Hong Kong have obtained a general restaurant licence.

*Demerit points system* 

The FEHD also operates a penalty system to sanction food businesses for repeated violations of relevant hygiene and good safety legislation. Under the system:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) if
 within a period of 12 months, a total of 15 demerit points or more have been registered against a licensee in respect of any licensed
 premises, the license in respect of such licensed premises will be suspended for seven days ()"**First Suspension** ");

b) if,
 within a period of 12 months from the date of the last offence leading to the First Suspension, a total of 15 demerit points or more
 have been registered against the licensee in respect of the same licensed premises, the license will be suspended for 14 days ()"**Second Suspension** "); and

c) thereafter,
 if within a period of 12 months from the date of the last offence leading to the Second Suspension, a total of 15 demerit points
 or more have been registered against the licensee in respect of the same licensed premises, the license will be cancelled.

As of the date of this prospectus, we can confirm that no demerit points have ever been registered against the HK Operating Subsidiaries.

*Hygiene manager and hygiene supervisor scheme* 

To strengthen food safety supervision in licensed food premises, the FEHD has introduced the Hygiene Manager and Hygiene Supervisor Scheme (the "**Scheme**").

Under the Scheme, all large food establishments and food establishments producing high risk food are required to appoint a hygiene manager ("**HM**") and a hygiene supervisor ("**HS**"); and all other food establishments are required to appoint a HM or a HS. General restaurants which accommodate over 100 customers are required to appoint an HM plus an HS.

Food business operators are required to train their staff or appoint qualified persons to take up the post of HM or HS. According to "A Guide to Application for Restaurant Licenses" of the FEHD, one of the criteria for the issuance of a provisional licence/full general restaurant licence is the submission of a duly completed nomination form for HM and/or HS together with a copy of the relevant course certificate(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Liquor License**

For the sale of liquor in a restaurant in Hong Kong, a restaurant operator has to obtain a liquor licence from the Liquor Licensing Board ("**LLB**") under the Dutiable Commodities Ordinance (Chapter 109 of the Laws of Hong Kong) ("**DCO**"). It is provided under section 17(3B) of the DCO that where regulations prohibit the sale or supply of any liquor except with a liquor licence, no person shall sell, or advertise or expose for sale, or supply, or possess for sale or supply, liquor except with a liquor licence. Rule 25A of the Dutiable Commodities Regulations ("**DCR**") prohibits the sale of liquor at any premises for consumption at the place or occasion except with a liquor licence. The LLB will consider the fitness of the applicant to hold the licence, the suitability of the premises to which the application relates in supplying intoxicating liquor and the public interest before granting the liquor licence. A liquor licence will only be issued when the relevant premises have also been issued with a full or provisional restaurant licence. A liquor licence will only be valid if the relevant premises remain licensed as a restaurant. All applications for liquor licenses are referred to the Commissioner of Police and the District Officer concerned for comments. A liquor licence is only granted if the applicant can devote sufficient time and attention to the proper management of the liquor-licensed premises. Therefore, all licenses are granted to our employees at the relevant locations.

A liquor licence is valid for a period of one year or a lesser period, subject to the continuous compliance with the requirements under the relevant legislation and regulations. Any person who contravenes section 17(3B) of the DCO commits an offence and is liable on conviction to a fine of HK$1,000,000 and to imprisonment for two years.

As at the date of this prospectus, we have obtained the liquor licenses (under the name of our employees) required for our restaurants that serve alcohol in Hong Kong.

***Environmental regulatory compliance***

*Water pollution control* 

In Hong Kong, discharges of trade effluents into specific water control zones are subject to control by the EPD under the WPCO. Under sections 8(1) and 8(2) of the WPCO, a person who discharges (i) any waste or polluting matters into waters of Hong Kong in a water control zone; or (ii) any matter into any inland waters in a water control zone which tends (either directly or in combination with other matter which has entered those waters) to impede the proper flow of water in a manner leading or likely to lead to substantial aggravation of pollution, commits an offence and where any such matter is discharged from any premises, the occupier of the premises also commits an offence. Under sections 9(1) and 9(2) of the WPCO, a person who discharges any matter into a communal sewer or communal drain into a water control zone commits an offence and where any such matter is discharged into a communal sewer or communal drain in a water control zone from any premises, the occupier of the premises also commits an offence. Under section 11 of the WPCO, a person who commits an offence under section 8(1), 8(2), 9(1) or 9(2) of the WPCO, is liable to imprisonment for six months and a fine of HK$200,000 for first offence and up to HK$400,000 for a second or subsequent offence and in addition, if the offence is continuing, to a fine of HK$10,000 for each day the offence has continued. Under section 11 of the WPCO, a person who commits an offence under section 8(1A) or 9(1) or 9(2) of the WPCO by discharging any poisonous or noxious matter into a communal sewer or communal drain is liable to imprisonment for one year and a fine of HK$400,000 for first offence and up to HK$1,000,000 and imprisonment for two years for a second or subsequent offence and in addition, if the offence is continuing, to a fine of HK$40,000 for each day the offence has continued.

A water pollution control licence may be granted for a period of not less than two years, subject to payment of the prescribed licence fee and continuous compliance with the requirements under the relevant legislation and regulations. A water pollution control licence is renewable.

*Air pollution control approval* 

Section 30 of the APCO provides that where it appears to the DEP that any chimney, relevant plant or other machinery or equipment may evolve any air pollutant by reason of (i) unsuitable design, defective construction or lack of maintenance; (ii) excessive wear and tear; (iii) the use of unsuitable fuel or other material; or (iv) improper operation, the DEP may serve a notice on the owner of the premises in which the chimney, relevant plant or other machinery or equipment is found (i) requiring him, within a reasonable time specified in the notice, to modify, replace, clean or repair the chimney, relevant plant or other machinery or equipment specified in the notice or to take the other steps specified in the notice; (ii) requiring him, within a reasonable time specified in the notice, to install control equipment or a control system or additional control equipment or an additional control system specified in the notice; (iii) requiring him, after a reasonable time specified in the notice, to operate the chimney, relevant plant or other machinery or equipment in the manner specified in the notice; (iv) prohibiting him from using or permitting the use in the relevant plant or other machinery or equipment, after a reasonable time specified in the notice, the fuel, or other material, or mixture of fuels, or other materials specified in the notice. Further, under regulation 11 of the APCR, no occupier shall carry out or cause or permit to be carried out any work in relation to the installation, alteration or modification of any furnace, oven, chimney or flue on his premises unless approval in respect of all the plans and specifications of the same is obtained in accordance with the relevant regulations.

Under section 30(2) of the APCO, any owner who fails, without reasonable excuse, to comply with any of the requirements of a notice duly served upon him under section 30(1) of the APCO commits an offence and is liable to a fine of HK$100,000 on conviction for a first offence and HK$200,000 and imprisonment for six months for a second or subsequent offence and in addition, if the offence is a continuing offence, to a fine of HK$20,000 for each day during which it is proved to the satisfaction of the court that the offence has continued.

Under regulation 12 of the APCR, an occupier who contravenes regulation 11 of the APCR shall be guilty of an offence and shall be liable on conviction to a fine of HK$50,000 and, in addition, shall be liable to a fine of HK$500 for each day during which the offence has continued.

***Employment and labor protection***

*Employment Ordinance (Chapter 57 of the Laws of Hong Kong) (the "EO")*

The EO provides for, amongst other things, the protection of the wages of employees, to regulate general conditions of employment, and for matters connected therewith. Under section 25 of the EO, where a contract of employment is terminated, any sum due to the employee shall be paid to him as soon as it is practicable and in any case not later than seven days after the day of termination. Any employer who willfully and without reasonable excuse contravenes section 25 of the EO commits an offence and is liable to a maximum fine of HK$350,000 and to imprisonment for a maximum of three years. Further, under section 25A of the EO, if any wages or any sum referred to in section 25(2)(a) are not paid within seven days from the day on which they become due, the employer shall pay interest at a specified rate on the outstanding amount of wages or sum from the date on which such wages or sum become due up to the date of actual payment. Any employer who willfully and without reasonable excuse contravenes section 25A of the EO commits an offence and is liable on conviction to a maximum fine of HK$10,000.

*Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong) (the "ECO")*

The ECO establishes a no-fault and non-contributory employee compensation system for work injuries and lays down the rights and obligations of employers and employees in respect of injuries or death caused by accidents arising out of and in the course of employment, or by prescribed occupational diseases.

Under the ECO, if an employee sustains an injury or dies as a result of an accident arising out of and in the course of his employment, his employer is in general liable to pay compensation even if the employee might have committed acts of faults or negligence when the accident occurred. Similarly, an employee who suffers incapacity or dies arising from an occupational disease is entitled to receive the same compensation as that payable to employees injured in occupational accidents.

According to section 40 of the ECO, all employers (including contractors and subcontractors) are required to take out insurance policies to cover their liabilities both under the ECO and at common law for injuries at work in respect of all their employees (including full-time and part-time employees). An employer who fails to comply with the ECO to secure an insurance cover is liable on conviction to a fine of HK$100,000 and imprisonment for two years. Our Company confirms that as of the date of this prospectus, employee compensation insurance has been obtained for all of our employees.

According to section 48 of the ECO, an employer shall not, without the consent of the Commissioner for Labor, terminate, or give notice to terminate, the contract of service of an employee (who has suffered incapacity or temporary incapacity in circumstances which entitle him to compensation under the ECO) before occurrence of certain events. Any person who commits breach of this provision is liable on conviction to a maximum fine of HK$100,000.*Minimum* 

*Wage Ordinance (Chapter 608 of the Laws of Hong Kong) (the "MWO")*

The MWO provides for a statutory minimum wage at an hourly rate for every employee employed under the EO. The statutory minimum wage is currently HK$40 per hour with effect from May 1, 2023. Any provision of the employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employees by the MWO is void.

*Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) (the "MPFSO")*

Under section 7 of the MPFSO, every employer of an employee aged between 18 and 65, must take all practicable steps to ensure that the employee becomes a member of a registered scheme within the permitted period, which is currently 60 days from the day on which employment commences. Section 7A of the MPFSO further provides that an employer and its employee are both each required to contribute to the relevant registered scheme an amount determined in accordance with MPFSO, which is currently 5% of the employee's monthly relevant income, as mandatory contributions. Schedule 3 of the MPFSO provides that the maximum level of relevant income for contribution purposes is HK$30,000 per month. Under section 43B of the MPFSO, an employer, without reasonable excuse, fails to comply with a requirement imposed on employers by section 7 commits an offence and is liable on conviction to a fine of HK$350,000 and to imprisonment for three years.

*Occupiers Liability Ordinance (Chapter 314 of the Laws of Hong Kong) (the "OLO")*

The OLO regulates the obligations of a person occupying or having control of premises on injury resulting to persons or damage caused to goods or other property lawfully on the land.

The OLO imposes a common duty of care on an occupier of premises to take such care as in all the circumstances of the case is reasonable to see that the visitors will be reasonably safe in using the premises for the purposes for which he/she is invited or permitted by the occupier to be there.

*Occupational Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong) (the "OSHO")*

The OSHO provides for the safety and health protection of employees in both industrial and non-industrial workplaces. Employers must as far as reasonably practicable ensure the safety and health in their workplaces by:

&nbsp;&nbsp;&nbsp;&nbsp;(i) providing
 and maintaining plant and work systems that are safe and without risks to health;

(ii) making
 arrangement for ensuring safety and absence of risks to health in connection with the use, handling, storage or transport of plant
 or substances;

(iii) providing
 all necessary information, instruction, training, and supervision for ensuring safety and health;

(iv) providing
 and maintaining safe access to and egress from the workplaces; and

(v) providing
 and maintaining a safe and healthy working environment.

Failure to comply with the above provisions is considered an offence with penalties up to HK$200,000 on conviction. An employer who fails to comply intentionally, knowingly or recklessly commits an offence and is liable on conviction to a fine of $200,000 and to imprisonment for 6 months.

The Commissioner for Labour has the authority to issue improvement notices against non-compliance of this Ordinance or the Factories and Industrial Undertakings Ordinance (Chapter 59 of the Laws of Hong Kong), or suspension notices against activity of workplace which may create imminent hazard to the employees. Failure to comply with the notices constitutes an offence punishable by a fine of HK$400,000 and HK$1,000,000, respectively and imprisonment of up to 12 months.

*Factories and Industrial Undertakings Ordinance (Chapter 59 of the Laws of Hong Kong)*

The Factories and Industrial Undertakings Ordinance ("**FIU(F)R**") ensures that the proprietor of every notifiable workplace shall maintain a means of escape from the workplace in good condition and free from obstruction. Under regulation 5(1) of the FIU(F)R, the proprietor of every notifiable workplace shall maintain in good condition and free from obstruction every doorway, stairway and passageway within the workplace which affords a means of escape from the workplace in case of fire. Regulation 14(5) of the FIU(F)R stipulates that the proprietor of any notifiable workplace who contravenes regulation 5(1) without reasonable excuse commits an offence and is liable to a fine of HK$200,000 and to imprisonment for six months.

***Personal Data Protection***

*Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) ("PDPO")*

The PDPO imposes a statutory duty on data users to comply with the requirements of the six data protection principles (the "**Data Protection Principles**") contained in Schedule 1 to the PDPO. The PDPO provides that a data user shall not do an act, or engage in a practice, that contravenes a Data Protection Principle unless the act or practice, as the case may be, is required or permitted under the PDPO. The six Data Protection Principles are:

● Principle 1 — purpose and manner of collection of personal data;

● Principle 2 — accuracy and duration of retention of personal data;

● Principle 3 — use of personal data;

● Principle 4 — security of personal data;

● Principle 5 — information to be generally available; and

● Principle 6 — access to personal data.

Non-compliance with a Data Protection Principle may lead to a complaint to the Privacy Commissioner for Personal Data (the "Privacy Commissioner"). The Privacy Commissioner may serve an enforcement notice to direct the data user to remedy the contravention and/or instigate prosecution actions. A data user who contravenes an enforcement notice commits an offense which may lead to a fine and imprisonment.

The PDPO also gives data subjects certain rights, inter alia:

● the right to be informed by a data user whether the data user holds personal data of which the individual is the data subject;

● if the data user holds such data, to be supplied with a copy of such data; and

● the right to request correction of any data they consider to be inaccurate.

The PDPO criminalizes, including but not limited to, the misuse or inappropriate use of personal data in direct marketing activities, non-compliance with a data access request and the unauthorized disclosure of personal data obtained without the relevant data user's consent. An individual who suffers damage, including injured feelings, by reason of a contravention of the PDPO in relation to his or her personal data may seek compensation from the data user concerned.

***Other regulations***

*Competition Ordinance (Chapter 619 of the Laws of Hong Kong) (the "CO")*

The CO is to prohibit conduct that prevents, restricts or distorts competition in Hong Kong; to prohibit mergers that substantially lessen competition in Hong Kong, and to provide for incidental and connected matters.

The CO includes the First Conduct Rule, which states that an undertaking shall not make or give effect to an agreement, engage in a concerted practice, or, as a member of an association of undertakings, make or give effect to a decision of the association, if the object or effect of the agreement, concerted practice or decision is to prevent, restrict or distort competition in Hong Kong. The Second Conduct Rule prohibits anti-competitive conduct by a party with substantial market power; and the Merger Rule, which states that an undertaking that has a substantial degree of market power in a market must not abuse that power by engaging in conduct that has as its object or effect the prevention, restriction or distortion of competition in Hong Kong.

Upon breach, the Competition Tribunal may impose against offenders pecuniary penalty, director disqualifications, and prohibition, damage and other orders. For pecuniary penalty, section 93 of the CO enables the Competition Tribunal to award a penalty up to 10% of the turnover of the undertakings involved for up to three years in which the contravention occurs.

*Import and Export Ordinance (Chapter 60 of the Laws of Hong Kong)(the "IEO")*

The IEO is an ordinance which provides for the regulation and control of, amongst other things, the import and export of products into or out of Hong Kong.

According to section 6C of the IEO, no person shall import any article specified in schedule 1 to the Import and Export (General) Regulations (Chapter 60A of the Laws of Hong Kong), except under and in accordance with an import licence. Applications for import licence are handled by the Director General of Trade and Industry pursuant to section 3 of the IEO. A person who fails to comply with this section commits an offence and is liable on conviction to a maximum fine of HK$500,000 and two years' imprisonment.

*Trade Descriptions Ordinance (Chapter 362 of the Laws of Hong Kong)(the "TDO")*

The TDO prohibits unfair trade practices deployed against consumers. A trade description includes an indication of quantity, composition, and fitness for purpose, performance, physical characteristics and place of origin with respect to any goods. It is an offence under the TDO for any person to apply a false or misleading trade description to goods or to supply goods to which false trade descriptions have been applied. The TDO also prohibits the use of false and misleading trade descriptions of goods in advertisements.

In order to enhance protection of consumers against other commonly seen unfair trade practices in consumer transactions, and to prohibit false trade descriptions to both goods and services, the Trade Descriptions (Unfair Trade Practices) (Amendment) Ordinance 2012 amended and extended the coverage of the TDO. The key changes include:

● the expansion of the definition of "trade description" in respect of goods to mean any indication, direct or indirect, and by whatever means given, with respect to any goods or parts of goods such as price indication;

● the extension of the prohibition on false trade descriptions to services made in consumer transactions, and to define "services" under any consumer contract;

● the creation of new offences on practices such as misleading omissions, aggressive commercial practices, bait advertising, bait-and-switch and wrongly accepting payment; and

● an introduction of a mechanism enabling aggrieved consumers to commence civil actions to recover any loss or damage suffered in addition to criminal sanctions.

A person who commits an offence under sections 7, 7A, 13E, 13F, 13G, 13H or 13I of the TDO shall be guilty of an offence and shall be liable on conviction on indictment to a maximum fine of HK$500,000 and imprisonment for five years, and on summary conviction to a maximum fine of HK$100,000 and imprisonment for two years.

**Regulations Related to our Business and Operations in Canada** 

Four of our CA Operating Subsidiaries (being Midland Inc., Church Ltd., Vaughan Inc. and Kennedy Inc. (collectively, the "**CA Restaurant Subsidiaries**") operate multiple restaurants in Ontario, CK Inc. owns the real property on which the central kitchen is operated, and ARCI operates the central kitchen and is the Canadian sub-franchisor.

As of the date hereof, all our CA Operating Subsidiaries have obtained all applicable licenses and/or fulfilled all applicable licensing requirements and are in compliance in all material respects with the applicable laws and regulations.

Our CA Operating Subsidiaries are subject to numerous laws and regulations in Canada and Ontario and the applicable municipality where we operate. This following is a summary of certain aspects of the laws, regulations and practices which are relevant to our operations in Ontario.

**Food Establishment Regulations**

<u>Ontario Food Safety and Quality Act, 2001</u> 

This Act was created to managing the overall safety and quality of food, agricultural and aquatic commodities and agricultural inputs, management of food safety risks, and control and regulation of activities.

This Act states that all food service establishments in Ontario cannot operate without a license, that all Ontario restaurants are subject to health inspections, and grants inspectors with the power to search without a warrant when suspicions about food safety risks exist.

Health inspectors have the authority to request access to food handler certification, to examine any and all areas and pieces of equipment in your premises, seize food samples for further inspection, and issue penalties if food operators or food handlers are found to be in violation of the act.

This Act also outlines the penalties related to offences, including the issuance of notices, significant fines, the closure of food premises, and, in extreme cases, imprisonment.

<u>Health Protection and Promotion Act</u>

Regulation 493 under the Health Protection and Promotion Act imposes food safety requirements, such as (1) all food shall be protected from contamination and adulteration; and (2) all food must be processed in a manner that makes the food safe to eat. This Act also requires at least one food handler or supervisor on the premise who has completed food handler training during every hour in which the premise is operating.

<u>Liquor Licence and Control Act, 2019</u> 

To serve or sell alcohol in Ontario, one needs a liquor licence from the Alcohol and Gaming Commission of Ontario. Such licence is issued after the municipality or region confirms that the location's zoning permits the sale of liquor, the place is a licenced eating establishment, all fire safety requirements are met, and all health requirements are met.

<u>Building Code Act, 1992, S.O. 1992, c. 23</u> 

Restaurants and commercial kitchens are subject to building codes under the Building Code Act. The Ontario building codes regulate the layout, materials for walls, floor coverings, ceilings, cupboards and countertops, level of lighting, handwashing facilities, janitorial facilities, washroom/sanitary facilities etc.

<u>Employment Laws</u> 

In Ontario, where the CA Operating Subsidiaries operate, a number of statues and the common law govern the employment relationship, including:

*Employment Standards Act, 2000*

This Act governs the payment of wages, keeping records, hours of work, overtime pay, minimum wages, public holidays, paid vacation, parental leave, termination pay.

*Common Law Application to Termination of Employment*

In addition to the Employment Standards Act, under common law, termination payments may be awarded by a court based on a "reasonable" prior notice of termination or payment instead. At common law, there also exists a doctrine of "constructive dismissal", which means when an employer imposes fundamental changes, the employee may treat the contract as having been ended and then sue for damages for wrongful dismissal.

*Ontario Human Rights Code (the "**Code**")*

Human Rights legislation is recognized by Canadian courts as having a preferred status in comparison to other types of legislation. The legislation is remedial and is therefore intended to be given the most liberal interpretation which will best ensure that its objectives are achieved. Ontario employers are governed by the Code. Employers and employees are not permitted to "contract out" of the provisions of the Code. The Code enumerates certain basic freedoms in relation to services, goods, facilities, accommodation, and employment. With respect to employment, the Code provides as follows:

"Every person has a right to equal treatment with respect to employment without discrimination because of race, ancestry, place of origin, colour, ethnic origin, citizenship, creed, sex, sexual orientation, age, record of offences, marital status, family status or handicap.

Every person who is an employee has a right to freedom from harassment in the workplace by the employer or agent of the employer, or by another employee because of race, ancestry, place of origin, colour, ethnic origin, citizenship, creed, age, record of offences, marital status, family status or handicap.

Every person who is an employee has a right to freedom from harassment in the workplace because of sex by his or her employer or agent of the employer or by another employee."

*Workplace Safety & Insurance Act* 

This Act creates a system of compensation for workplace accidents or injuries which occur while workers are in the course of their employment.

*Pay Equity Act*

The Ontario Pay Equity Act is legislation aimed to redress systemic gender discrimination in compensation for work performed by employees in female job classes.

<u>Advertising Laws</u>

Laws governing advertising and marketing include federal laws such as:

● Anti-Spam Legislation - restricts advertisers and marketers from sending spam messages in the form of texts, emails, or software updates and upgrades without the customer's consent

● Competition Act: prohibits advertisers from using anti-competitive, false, or misleading representations, aside from prescribing offenses that constitute as deceptive marketing practices

● PIPEDA: requires companies, including advertisers, to get consent before personal information can be collected, used, or disclosed

Ontario legislation such as:

● Consumer Protection Act, 2002 - regulates advertising and marketing, and provides for the prohibited misleading advertising rules.

● Human Rights Code - Certain provisions of the Human Rights Code (HRC) add to Ontario's advertising laws by ensuring every person's right to equal treatment in employment. The HRC says that the following must not directly or indirectly classify or indicate qualifications using HRC's prohibited grounds of discrimination: job postings or advertisements, forms of application for employment and during written or oral inquiries or personal employment interview.

<u>Arthur Wishart Act (Franchise Disclosure), 2000, SO 2000, c 3</u>.

The primary purpose of this Act is to ensure that franchisors provide potential franchisees with detailed information about the franchise before the buyer commits to purchase and outlines certain rights that potential franchisees have when entering into a franchise agreement.

Under the law, the franchisor is required to provide a disclosure document at least 14 days before a franchisee signs an agreement or makes any payment to a franchise.

The disclosure document will include information about the franchisor including: business background, litigation history, bankruptcy or insolvency information, and financial statements. It will also include information about the franchise offer, such as: costs (e.g., deposits or fees), copies of proposed franchise agreements, a description of any exclusive territory, restrictions (e.g., obligations to purchase from certain suppliers), the franchisor's policy on volume rebates, conditions of termination, contract renewal and transfer of franchise, a description of the franchisor's mediation process, if one is used, training and other assistance programs, advertising funds (e.g., if the franchisee is required to contribute to one), a list of their current and former franchisees.

If a disclosure document or a statement of material change is late or otherwise doesn't meet the Act's requirements, the franchisee can cancel the agreement without penalty or obligation up to 60 days after receiving it. If a disclosure document is not provided, the franchisee may cancel the agreement without penalty or obligation up to two years after entering into the franchise agreement. If the franchisee suffers a loss because the disclosure document or statement of material change were incomplete or included a misrepresentation, the franchisee has the right to take legal action for damages. If the contract is cancelled the franchisor has 60 days to refund the franchisee's money

**MANAGEMENT**

The following table sets forth the names, ages and positions of our Board, director nominees, and executive officers and a description of the business experience of each of them:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Mr. Johnny Luk Ching Po<sup>(1)(2)</sup> | 62 | Chief Executive Officer and Chairman and Chief Executive Director Nominee<sup>(3)(4)</sup> |
| Mr. Mark Luk Siu Fung <sup>(1)</sup> | 36 | Vice Chairman and Executive Director |
| Ms. Loraine Luk Yuen Ching<sup>(2)</sup> | 25 | Executive Director Nominee<sup>(3)</sup> |
| Mr. Shigemitsu Katsuaki | 56 | Non-Executive Director Nominee <sup>(3)</sup> |
| Mr. Kelton Ngai Ming Hon | 38 | Chief Financial Officer |
| Mr. Victor Lee Kam Wing | 55 | Independent Non-Executive Director Nominee <sup>(3)</sup> |
| Mr. Hugh Sutherland | 68 | Independent Non-Executive Director Nominee <sup>(3)</sup> |
| Dr. Connson Chou Locke | 59 | Independent Non-Executive Director Nominee <sup>(3)</sup> |

---

(1) Mr. Luk Siu Fung Mark is the nephew of Mr. Johnny Luk.

(2) Ms. Loraine Luk is the daughter of Mr. Johnny Luk.

(3) Each of the director nominees will be appointed upon the effectiveness of the registration statement of which this prospectus forms a part.

The following is a brief biography of each of our executive officers, directors, and director nominees:

***Mr. Johnny Luk Ching Po, Chairman and Chief Executive Director Nominee***

Mr. Johnny Luk Ching Po ("**Mr. Johnny Luk**") will serve as our Chief Executive Officer and Chairman of the Board and Chief Executive Director, upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Mr. Johnny Luk will primarily be responsible for the overall management of our CA Operating Subsidiaries, formulating operation direction, devising annual plans, strategic planning and business development. In September 2005, he introduced Ajisen Ramen into the Canadian market and has served as the managing director of our CA Operating Subsidiaries since 2005. He has more than 30 years of experience in the restaurant industry and such insight into food trends has laid a strong foundation for our business. Mr. Johnny Luk is the uncle of Mr. Mark Luk and the father of Ms. Loraine Luk.

***Mr. Mark Luk Siu Fung, Vice Chairman and Executive Director***

Mr. Mark Luk Siu Fung ("**Mr. Mark Luk**") has served as our Vice Chairman and Executive Director since the formation of Riku on February 14, 2025. Mr. Mark Luk has over 10 years of experience in the food and beverage industry and has been serving as a managing director of our HK Operating Subsidiaries since July 2021, where he has successfully brought our franchise brands into Hong Kong. Mr. Mark Luk oversees the entire marketing function, brand management, business development, public relations and cooperation of our HK Operating Subsidiaries. Mr. Mark Luk is also responsible for managing the daily operations and providing corrective feedback while managing different teams across various departments, including project development, restaurant operations, and marketing, to ensure seamless coordination and collaboration. Mr. Mark Luk received his bachelor's degree in Economics from the University of Cambridge in 2011. Mr. Mark Luk is the nephew of Mr. Johnny Luk and the cousin of Ms. Loraine Luk.

***Ms. Loraine Luk Yuen Ching, Executive Director Nominee***

Ms. Loraine Luk Yuen Ching ("**Ms. Loraine Luk**") will serve as our Executive Director upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Ms. Loraine Luk has built a wealth of experience in the food and beverage industry through her progressive career at Ajisen Ramen Canada. Starting as a Front of House server in one of our sub-franchised Ajisen Ramen restaurants in 2015, she worked her way up through various roles, including Front of House Manager, Marketing Coordinator, and Franchise Development Officer. This progression reflects her deep understanding of Ajisen Ramen restaurant operations, marketing, and franchise development from the ground up. Currently serving as the Franchise Development Manager at ARCI, Ms. Loraine Luk oversees all aspects of franchise growth, including recruitment, training, and support for franchisees, while driving strategic market expansion across Canada. She is dedicated to ensuring brand consistency, optimizing operational efficiency, and fostering strong relationships with franchisees to enhance store performance and profitability. Ms. Loraine Luk earned her Honours Bachelor of Arts in Criminology and Sociology from the University of Toronto in 2021. Her hands-on experience and leadership make her a vital contributor to the continued success of Ajisen Ramen Canada. Ms. Loraine Law is the daughter of Mr. Johnny Luk and the cousin of Mr. Mark Luk.

***Mr. Shigemitsu Katsuaki, Independent Non-Executive Director Nominee***

Mr. Shigemitsu Katsuaki ("**Mr. Katsuaki**") will serve as our Non-Executive Director upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. With over 25 years of experience in the food and beverage industry, Mr. Katsuaki has played a pivotal role in the growth and leadership of Shigemitsu, a family-owned business. After earning his degree in Structural Engineering from the Kumamoto Institute of Technology in 1991, he joined Shigemitsu and began his career as a restaurant manager at an Ajisen Ramen restaurant in Japan. Through his dedication and expertise, he steadily progressed into senior leadership roles within the company. In 1995, Mr. Katsuaki was appointed Vice Chairman of Shigemitsu, and by 1997, he assumed the role of Chairman. Under his leadership, Shigemitsu has expanded its presence and strengthened its position in the F&B industry. His extensive experience in restaurant operations, strategic management, and business development brings valuable insight to our board as we continue to grow and expand.

***Mr. Kelton Ngai Ming Hon, Chief Financial Officer***

Mr. Kelton Ngai Ming Hon ("**Mr. Ngai**") has served as our chief financial officer since September 2025. Mr. Ngai brings over 15 years of expertise in auditing, initial public offerings, corporate finance, and financial management. He has served as the chief financial officer of C& Hospitality since August 2024. Mr. Ngai began his career at a Big Four accounting firm and has since held senior financial leadership roles in both publicly listed companies and private enterprises. Mr. Ngai earned his bachelor's degree in business administration in Professional Accountancy from The Chinese University of Hong Kong in 2008 and is a member of the Hong Kong Institute of Certified Public Accountants.

***Mr. Victor Lee Kam Wing, Independent Non-Executive Director Nominee***

Mr. Victor Lee Kam Wing ("**Mr. Lee**") will serve as one of our independent directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Mr. Lee is a seasoned professional with 28 years of experience in the private equity industry. Over the course of his distinguished career, Mr. Lee has held numerous senior positions, including a 19-year tenure at Franklin Templeton, a leading global asset management firm. Mr. Lee's expertise and industry contributions have been widely recognized. Notably, the Asian Structured Equity Fund, a fund founded and managed by Mr. Lee under Franklin Templeton, was awarded Best Alternative Investment Fund at the 2023 Hong Kong Fund Managers Awards. With extensive experience in deal origination, structuring, and strategy formulation across various alternative asset classes, Mr. Lee has successfully worked in private equity, growth capital, leveraged buyout, distressed investments, venture capital, and private credit. Before joining Franklin Templeton in 2005, Mr. Lee worked at Mizuho Securities Asia Limited, focusing on private equity investments in North Asia. He also gained valuable experience at CLSA Private Equity Limited and UBS Capital, where he facilitated private equity and leveraged buyout opportunities across Asia. Following his recent departure from Franklin Templeton in October 2024, Mr. Lee founded Novacle Ventures Ltd, a new firm specializing in distressed and special situations investments on a global scale. In addition to his entrepreneurial endeavors, in November 2024, Mr. Lee was appointed as the Executive Director of VCI Global Limited (ticker: VCIG), a Nasdaq-listed diversified holding company, and serves as the Vice Chairman of Global Investment Fund, the investment platform of the World Trade United Foundation, a United Nations Consultative NGO. Mr. Lee began his career in the financial services industry in 1992. He holds a bachelor's degree in business administration with a concentration in professional accountancy from the Chinese University of Hong Kong and is a Fellow of the Association of Chartered and Certified Accountants (ACCA) in the UK. His extensive background in private equity, alternative investments, and corporate leadership contributes exceptional strategic acumen and financial expertise to the board.

***Mr. Hugh Sutherland****, **Independent Non-Executive Director Nominee***

Mr. Hugh Sutherland ("**Mr. Sutherland**") will serve as one of our independent directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Mr. Sutherland is a seasoned sales and business leader with over two decades of experience in the Asia-Pacific region, specializing in market entry, business development, and corporate strategy. He is the Co-Founder and Director of Geomain Pte. Ltd., a Singapore-based company focused on next-generation address systems, where he has led global strategic initiatives and investment efforts since 2018. He also serves as Director of Dalnair International, providing market entry and business development consulting, primarily for Australia, New Zealand, and UK-based software companies. Previously, he held senior leadership roles at FileNet, IBM, and BMC Software, overseeing business growth and regional expansions. Recognized for his contributions to business in Scotland, he was appointed as a GlobalScot by Scottish Enterprise, a UK government body. Mr. Sutherland holds a BA in Business Management from the University of Strathclyde and is a dual citizen of the UK and Australia. His extensive international experience and strategic expertise bring valuable insights to our board.

***Dr. Connson Chou Locke, Independent Non-Executive Director Nominee***

Dr. Connson Chou Locke ("**Dr. Locke**") will serve as one of our independent directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Dr. Locke is a distinguished academic and leadership expert with extensive experience in organizational behavior, education, and executive training. She has served as a Professor (Education) in Management at the London School of Economics and Political Science (LSE) since 2020, where she teaches courses on leadership, organizational behavior, and change management at both undergraduate and postgraduate levels. Dr. Locke also serves as the Deputy Head of the Department of Management (Teaching and Learning) at LSE, overseeing strategic and operational aspects of teaching delivery and mentoring junior faculty. In addition to her academic role, Dr. Locke is the Founder and Director of Evidence Based Learning Ltd., providing educational services to global organizations, including the United Nations System Staff College, KPMG, and Harvard Medical School. Prior to her academic career, Dr. Locke held senior roles in professional development, including as Regional Training and Development Manager at the Boston Consulting Group, where she was responsible for training and leadership development across multiple offices in Asia. Dr. Locke earned her Ph.D. and M.Sc. in Business Administration (Organizational Behavior) from the University of California at Berkeley and her B.A. in Sociology from Harvard University, where she graduated cum laude. Her exemplary accomplishments in academia, leadership training, and professional development bring valuable expertise to our board.

**Employment Agreements and Indemnification Agreements**

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

Each executive officer will agree to hold, at all times during and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information, or the confidential or proprietary information disclosed to the executive officer by or obtained by the executive officer from us either directly or indirectly in writing, orally or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential.

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

We also intend to enter into agreements with all directors whose service will begin upon the effectiveness of the registration statement of which this prospectus forms a part. Pursuant to the agreements, each director will agree to attend and participate in such number of meetings of the board of directors and of the committees of which he or she may become a member as regularly or specially called, and will agree to serve as a director for a year and be up for re-election each year at our annual shareholder meeting. The directors' services will be compensated by cash under the agreement in an amount determined by the board of directors.

We intend to enter into indemnification agreements with each of our directors and executive officers. Under these agreements, we will agree to indemnify them against certain liabilities and expenses that they incur in connection with claims made by reason of their being a director or officer of our company. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or executive officers has, during the past 10 years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

**Controlled Company**

Immediately after completion of this offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to the Resale Prospectus, our Controlling Shareholder will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 58.6% of our total issued and outstanding Ordinary Shares and approximately 66.7% of the total voting power, assuming that the over-allotment option is exercised in full, and therefore have the ability to determine all matters requiring approval by shareholders. As a result, we will be a "controlled company" within the meaning of the Nasdaq listing rules. Under the Nasdaq rules, a "controlled company" is a company with more than 50% of its voting power held by a single person, entity or group. If we are deemed a controlled company, we are permitted to elect to rely on certain exemptions from the obligations to comply with certain corporate governance requirements, including:

● the requirement that a majority of the board of directors consist of independent directors;

● the requirement that we have a nominating and corporate governance committee and a compensation committee that are composed entirely of independent directors with a written charter addressing the purposes and responsibilities of the committees;

● the requirement that a listed company have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

● the requirement for an annual performance evaluation of the nominating and governance committee and compensation committee.

As a "controlled company", we are permitted to elect not to comply with certain corporate governance requirements. We intend to rely on certain of these exemptions under the Nasdaq listing rules, such as that a majority of the members of our board of directors will not be independent directors and our nominating and corporate governance and compensation committees will not consist entirely of independent directors and therefore, you would not have the same protection afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

**Board of Directors** 

Our board of directors will consist of 7 directors, comprising three (3) executive directors, one (1) non-executive director and three (3) independent directors, upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus is a part. A director is not required to hold any shares in our Company to qualify to serve as a director. Subject to making appropriate disclosures to the board of directors in accordance with our post-offering Memorandum and Articles, a director may vote and be counted in the quorum for the meeting relating to any contract, proposed contract, or arrangement in which he or she is interested, in voting in respect of any such matter, such director should take into account his or her director's duties. Our board of directors may exercise all the powers of the company to borrow money, mortgage its business, property and uncalled capital, and issue debentures or other securities whenever money is borrowed or as security for any obligation of the company or of any third party.

**Board Diversity** 

We seek to achieve board diversity through the consideration of a number of factors when selecting the candidates to our board of directors, including but not limited to gender, skills, age, professional experience, knowledge, cultural, education background, ethnicity, and length of service. The ultimate decision of the appointment will be based on merit and the contribution which the selected candidates will bring to our board of directors.

Our directors have a balanced mix of knowledge and skills. We will have three independent directors with different industry backgrounds, representing a majority of the members of our board of directors. We will also achieve gender diversity by having two (2) female directors out of the total of seven (7) directors (including independent directors). Our board of directors is well balanced and diversified in alignment with the business development and strategy of our Company and its subsidiaries.

**Committees of the Board of Directors** 

We plan to establish an audit committee, a compensation committee, and a nominating and corporate governance committee under the board of directors upon the effectiveness of the registration statement of which this prospectus forms a part. We will adopt a charter for each of the three committees upon the establishment of the committees. Each committee's members and functions are described below.

*Audit Committee*

Upon effectiveness of the registration statement of which this prospectus forms a part, our audit committee will consist of Mr. Victor Lee Kam Wing, Mr. Hugh Sutherland, and Dr. Connson Chou Locke and be chaired by Mr. Victor Lee Kam Wing. We have determined that each of these three director nominees satisfies the "independence" requirements of the Nasdaq listing rules and meet the independence standards under Rule 10A-3 under the Securities Exchange Act of 1934, as amended. We have determined that Mr. Victor Lee Kam Wing qualifies as an "audit committee financial expert." The audit committee oversees our accounting and financial reporting processes and the audits of our financial statements. The audit committee is responsible for, among other things:

● selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;

● reviewing with the independent registered public accounting firm any audit problems or difficulties and management's responses;

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

● discussing the annual audited financial statements with management and the independent registered public accounting firm;

● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any special steps taken to monitor and control major financial risk exposures;

● annually reviewing and reassessing the adequacy of our audit committee charter;

● meeting separately and periodically with management and the independent registered public accounting firm;

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance; and

● reporting regularly to the board of directors.

*Compensation Committee*

Upon effectiveness of the registration statement of which this prospectus forms a part, our compensation committee will consist of Mr. Victor Lee Kam Wing, Mr. Hugh Sutherland, and Dr. Connson Chou Locke, and be chaired by Dr. Connson Chou Locke. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq listing rules. The compensation committee assists the board of directors in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee is responsible for, among other things:

● reviewing and approving, or recommending to the board of directors for its approval, the compensation for our chief executive officer and other executive officers;

● reviewing and recommending to the board of directors for determination with respect to the compensation of our non-employee directors;

● reviewing periodically and approving any incentive compensation or equity plans, programs or other similar arrangements; and

● selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person's independence from management.

*Nominating and Corporate Governance Committee*

Upon effectiveness of the registration statement of which this prospectus forms a part, our nominating and corporate governance committee will consist of Mr. Johnny Luk, Mr. Victor Lee Kam Wing, Mr. Hugh Sutherland, and Dr. Connson Chou Locke and be chaired by Mr. Johnny Luk. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq listing rules. The nominating and corporate governance committee assists the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board of directors and its committees. The nominating and corporate governance committee is responsible for, among other things:

● recommending nominees to the board of directors for election or re-election to the board of directors, or for appointment to fill any vacancy on the board of directors;

● reviewing annually with the board of directors the current composition of the board of directors with regards to characteristics such as independence, knowledge, skills, experience, expertise, diversity and availability of service to us;

● selecting and recommending to the board of directors the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself;

● developing and reviewing the corporate governance principles adopted by the board of directors and advising the board of directors with respect to significant developments in the law and practice of corporate governance and our compliance with such laws and practices; and

● evaluating the performance and effectiveness of the board of directors as a whole.

**Foreign Private Issuer Exemption**

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

● Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, or from providing current reports on Form 8-K disclosing significant events within four (4) days of their occurrence, and from the disclosure requirements of Regulation Fair Disclosure.

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

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

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

**Duties of Directors**

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

**Terms of Directors and Executive Officers**

Each of our directors does or shall hold office until his or her successor takes office or until his or her earlier death, resignation or removal or the expiration of his or her term as provided in the written agreement with our Company and/or the Articles. All of our executive officers are appointed by and serve at the discretion of our board of directors.

**Qualification**

There is currently no shareholding qualification for directors, although a shareholding qualification for directors may be fixed by our shareholders by ordinary resolution.

**Compensation of Directors and Executive Officers**

For the years ended September 30, 2024 and 2023, our executive officers received an aggregate of HK$311,000 (approximately US$39,872) and HK$300,000 (approximately US$38,462), respectively, in cash (including salaries), for their service as employees of the Group. For the years ended September 30, 2024 and 2023, our non-employee directors did not receive any compensation for their service as directors. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors. Our Hong Kong subsidiary is required by law to make contributions equal to certain percentages of each employee's salary for his or her mandatory provident fund.

**Equity Compensation Plan Information**

We have not adopted any equity compensation plans.

**Outstanding Equity Awards at Fiscal Year-End**

As of September 30, 2024 and 2023, we had no outstanding equity awards.

**RELATED PARTY TRANSACTIONS** 

**Policies and Procedures for Related Party Transactions**

Our board of directors will create an audit committee in connection with this offering which will be tasked with review and approval of all related party transactions.

Our policy is to enter into transactions with related parties on terms that, on the whole, are no more favorable, or no less favorable, than those available from unaffiliated third parties. Based on our Operating Subsidiaries' experience in the business sector in which it operates and the terms of its transactions with unaffiliated third parties, we believe that all of the transactions described below met this policy standard at the time they occurred. The following is a description of material transactions, or series of related material transactions, to which we were within the last three fiscal years, or will be a party and in which the other parties included or will include our directors, director nominees, executive officers, holders of more than 5% of our voting securities, or any member of the immediate family of any of the foregoing persons.

***List of Related Parties***

Below is the list of related parties and their relationship to or within the Group (noting that references to shareholders, employees and directors of the Company give effect to the appointment of officers and directors nominees as described in "Management", that will be appointed upon the effectiveness of the registration statement of which this prospectus forms a part).

---

| | |
|:---|:---|
| **Name** | **Relationship within the Group** |
| Chung Po Luk | Father of Luk Siu Fung Mark and brother of Johnny Ching Po Luk |
| Steven Liao | Son-in-law of Luk Ching Po Johnny |
| Luk Siu Fung Mark | Shareholder and director of the Company |
| Luk Ching Po Johnny | Shareholder and director of the Company |
| Zhanpeng Liao | Family member of Steven Liao |
| Dan Yang | Family member of Steven Liao |
| Mak Po Keung | Family member of Luk Siu Fung Mark |
| Keith Ka Bo Chan | Family member of Luk Ching Po Johnny |
| Midtown 1000076454 | An entity owned by Keith Ka Bo Chan |
| Jmart Ontario Inc. | An entity owned by Steven Liao |
| 15397294 Canada Inc. ("Ajisen Waterloo") | An entity owned by Steven Liao |
| 2070111 Ontario Inc. ("Warden") | An entity owned by Luk Ching Po Johnny |
| 1695325 Ontario Inc. ("Yonge") | An entity owned by Luk Ching Po Johnny |
| 1802497 Ontario Inc. | An entity owned by Luk Ching Po Johnny |
| ES& Cubus Limited | An entity owned by Luk Siu Fung Mark |
| C& 535 Limited | An entity owned by Luk Siu Fung Mark |
| J.H Dinning Limited | An entity owned by Mak Po Keung |
| Hunan Waraku Holding Company Limited | An entity for which Luk Siu Fung Mark is the legal representative. |
| Mr. Suenaga Yuchi | Legal representative of ES Concept (one of the subsidiaries of Waraku) |
| Unico HK Corporation Limited | Mr. Suenaga Yuchi serves as the senior executive of this entity |
| ONEM Systems Inc. | An entity owned by Zhanpeng Liao |
| East West Entertainment Group Ltd | An entity owned by Steven Liao |
| Zhanpeng Liao Holding Company | An entity owned by Zhanpeng Liao |
| Shigemitsu Industry Ltd. | Mr. Shigemitsu San is the director of this entity. Mr. Shigemitsu San is also the non-executive director of the Company |

---

**(a)** **Accounts receivable - related parties, net** 

Accounts receivable - related parties, net consists of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **As of March 31,**<br>**2025** | **2024** | **2023** | **2022** |
|  | (Unaudited) | | | |
| J.H Dinning Limited | $58620 | $347972 | $296915 | $- |
| 15397294 Canada Inc. ("Ajisen Waterloo") | 7123 | 61492 |  |  |
| 1695325 Ontario Inc ("Yonge") | 131090 | 12927 |  | 26410 |
| C& 535 Limited | 347497 |  | 73883 | 91929 |
| 1802497 Ontario Inc. | 106125 |  |  |  |
| ES& Cubus Limited | 2576 | 2579 | 6709 |  |
| 2070111 Ontario Inc ("Warden") | 95909 | 222 | - |  |
| Total accounts receivable - related parties, net | $748940 | $425192 | $377507 | $118339 |

---

**(b)** **Due from related parties** 

Due from related parties consists of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **As of March 31,**<br>**2025** | **2024** | **2023** | **2022** |
|  | (Unaudited) | | | |
| Jmart Ontario Inc. | $212058 | $250516 | $88381 | $- |
| Luk Ching Po Johnny | 254573 | 177642 |  |  |
| James Liao | 150899 |  |  |  |
| Shan Yang | 83803 |  |  |  |
| J.H Dinning Limited | 50662 |  |  |  |
| C& 535 Limited | 144526 | 144723 | 40421 |  |
| ES& Cubus Limited | 127006 | 127180 |  |  |
| Midtown 1000076454 |  | 93678 | 22165 |  |
| 15397294 Canada Inc. ("Ajisen Waterloo") | 19855 | 73532 |  |  |
| Zhanpeng Liao |  | 60829 | 4607 |  |
| Dan Yang | 41738 | 48120 | 3705 | 3647 |
| 2070111 Ontario Inc ("Warden") |  | 8404 |  |  |
| Steven Liao | 12377 | 7716 | 442 |  |
| Hunan Waraku Holding Company Limited | 23784 |  | 1877 |  |
| Zhanpeng Liao Holding Company | - | - | - | 1989 |
| Total due from related parties | $1121281 | $992340 | $161598 | $5636 |

---

The Company has, in the past, advanced cash to related parties for business purpose and recorded advances as due from related parties in the consolidated financial statements. Such advances were non-interest bearing and due upon demand. Subsequent to the balance sheet date, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, who controls C& 535 Limited and ES& Cubus Limited. As a result, the amount due from C& 535 Limited and ES& Cubus Limited as of September 30, 2024 has been reduced. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. In addition, in April 2025, the Company's CA Operating Subsidiaries collected back approximately $89,000 from related parties. In August 2025, the Company's CA Operating Subsidiaries further collected back approximately $427,506 from related parties. As of the date of this prospectus, approximately $788,000, or 70.3% of the March 31, 2025 due from related parties balance has been collected and the remaining balance is expected to be collected by the end of September 2025. The Company does not have the intention to make cash advances to related parties in the future.

**(c)** **Dues to related parties** 

Dues to related parties consists of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **As of September 30,** | **As of September 30,** | **As of September 30,** |
|  | **As of March 31,**<br>**2025** | **2024** | **2023** | **2022** |
|  | (Unaudited) | | | |
| Unico HK Corporation Limited | $10926 | $140982 | $62840 | $- |
| Mak Po Keung | 301981 | 128635 | 89378 |  |
| ONEM Systems Inc. | 487 | 518 | 10122 | 29596 |
| Luk Ching Po Johnny |  |  | 228828 | 27083 |
| 2070111 Ontario Inc ("Warden") |  |  | 14395 | 26318 |
| C& 535 Limited |  |  |  | 198396 |
| Keith Ka Bo Chan |  |  |  | 70844 |
| ES& Cubus Limited |  |  | 986 |  |
| East West Entertainment Group Ltd | - |  | - | 1020 |
| Total due to related parties | $313394 | $270135 | $406549 | $353257 |

---

As of March 31, 2025, September 30, 2024, 2023 and 2022, the balance due to related parties mainly consisted of advances from the Company's principal shareholder for working capital purposes during the Company's normal course of business. These advances are non-interest bearing and due on demand.

**(d)** **Revenues from related parties** 

Revenue from related parties consists of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | **For the six months ended March 31,**<br>**2025** | **2024** | **2023** | **2022** |
|  | (Unaudited) | | | |
| 15397294 Canada Inc. ("Ajisen Waterloo") | $91889 | $233234 | $74446 | $- |
| 1695325 Ontario Inc. ("Yonge") | 114655 | 230078 | 223339 |  |
| 2070111 Ontario Inc. ("Warden") | 91889 | 187099 | 297785 |  |
| 1802497 Ontario Inc. | 101900 | 172757 | 148892 |  |
| J.H Dinning Limited | 118491 | 146315 |  |  |
| C& 535 Limited |  | 39883 | 324896 |  |
| ES& Cubus Limited |  | 23886 | 19212 |  |
| Hunan Waraku Holding Company Limited |  | 7040 |  |  |
| Mak Po Keung | - | - | 19155 | - |
| Total revenue from related parties | $518824 | $1040293 | $1107725 | $- |

---

Cost of revenue associated with the related party sales amounted to $394,188 for the six months ended March 31, 2025 and amounted to $802,865, $825,267 and $ nil for the years ended September 30, 2024, 2023 and 2022, respectively.

**(e)** **Others fees to related parties** 

Other fees to related parties consist of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | <br>**Types of fees** | **For the six months ended <br> March 31,**<br>**2025** | **2024** | **2023** | **2022** |
| Unico HK Corporation Limited | Royalty fee | $173969 | $420690 | $367572 | $- |
| Unico HK Corporation Limited | Franchise fee |  | 19200 |  |  |
| Chung Po Luk | Consulting Fee |  | 37851 | 16313 | 21133 |
| Shigemitsu Industry Ltd. | Royalty fee | 37235 | 96627 | 90010 | 4984 |
| Shigemitsu Industry Ltd. | Consulting Fee |  |  |  | 12451 |
| East West Entertainment Group Ltd | Management Fee |  | 30635 | 34123 | 13853 |
| East West Entertainment Group Ltd | Consulting Fee |  |  | 18602 | 62852 |
| Luk Ching Po Johnny | Consulting Fee | 7058 |  |  |  |
| 2070111 Ontario Inc ("Warden") | Royalty fee | 5312 |  |  |  |
| 1695325 Ontario Inc ("Yonge") | Royalty fee | 5312 |  |  |  |
| 1802497 Ontario Inc. | Royalty fee | 5312 | - | - | - |
| Total other fees to related parties |  | $234198 | $605003 | $526620 | $115273 |

---

**(f)** **Loan guarantee provided by related parties** 

The Company related parties provided a guarantee for the Company's long-term bank loans (See Note 9 of our consolidated financial statements included

**(g)** **Finance lease guaranteed by a related party** 

In connection with the Company's finance lease of a vehicle, related party, Mr. Luk Ching Po Johnny signed as the co-lessee on this lease agreement to provide an additional guarantee to safeguard the leased vehicle (see Note 8 of our consolidated financial statements included elsewhere in this prospectus).

**(h) Purchase from related parties**

During the six months ended March 31, 2025 and during the years ended September 30, 2024, 2023 and 2022, the Company's CA Operating Subsidiary, CK Inc. and ARCI, purchased food ingredients and noodle machines from related parties, in the amount of $12,012, $166,042, $134,259 and $77,228, respectively.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the six months ended <br> March 31,** | **For the years ended September 30,** | **For the years ended September 30,** | **For the years ended September 30,** |
|  | <br>**Types of transactions** | **2025** | **2024** | **2023** | **2022** |
|  |  | (Unaudited) | | | |
| Shigemitsu Industry Ltd. | Purchase of food ingredients | $11126 | $137967 | $134259 | $77228 |
| Shigemitsu Industry Ltd. | Purchase of noodle machines |  | 28075 |  |  |
| Luk Ching Po Johnny | Other purchase | 886 | - | - | - |
| Total purchase from related parties |  | $12012 | $166042 | $134259 | $77228 |

---

**Employment Agreements and Indemnification Agreements**

See "Management — Employment Agreements and Indemnification Agreements" for more information.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth information regarding the beneficial ownership of our Ordinary Shares as of the date of this prospectus, by our officers, directors, and 5% or greater beneficial owners of Ordinary Shares. There is no other person or group of affiliated persons known by us to beneficially own more than 5% of our Ordinary Shares. The following table assumes that none of our officers, directors or 5% or greater beneficial owners of our Ordinary Shares will purchase shares in this offering. In addition, the following table assumes that the over-allotment option has not been exercised. We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share and each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially owned by him or her, subject to applicable community property laws.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Ordinary Shares beneficially owned prior to this offering** | **Ordinary Shares beneficially owned prior to this offering** | **Ordinary Shares beneficially owned prior to this offering** | **Ordinary Shares beneficially owned prior to this offering** | **Ordinary Shares beneficially held immediately after this offering (assuming no exercise of over-allotment option)** | **Ordinary Shares beneficially held immediately after this offering (assuming no exercise of over-allotment option)** | **Ordinary Shares beneficially held immediately after this offering (assuming no exercise of over-allotment option)** | **Ordinary Shares beneficially held immediately after this offering (assuming no exercise of over-allotment option)** | **Ordinary Shares beneficially held immediately after this offering (assuming exercise of <br> over-allotment option)** | **Ordinary Shares beneficially held immediately after this offering (assuming exercise of <br> over-allotment option)** | **Ordinary Shares beneficially held immediately after this offering (assuming exercise of <br> over-allotment option)** | **Ordinary Shares beneficially held immediately after this offering (assuming exercise of <br> over-allotment option)** |
| <br>**Directors and** | **Number of Ordinary Shares** | **Number of Ordinary Shares** | **Approximate percentage of outstanding Ordinary Shares** | **Approximate percentage of Voting power** | **Number of Ordinary Shares** | **Number of Ordinary Shares** | **Approximate percentage of outstanding Ordinary Shares** | **Approximate percentage of Voting power** | **Number of Ordinary Shares** | **Number of Ordinary Shares** | **Approximate percentage of outstanding Ordinary Shares** | **Approximate percentage of Voting power** |
| **Executive Officers<sup>(1)</sup>:** | **Class A** | **Class B** | | | **Class A** | **Class B** | | | **Class A** | **Class B** | | |
| Mr. Johnny Luk Ching Po | 11748333 | 310667 | 67.0% | 73.8% | 11748333 | 310667 | 59.6% | 67.6% | 11748333 | 310667 | 58.6% | 66.7% |
| Mr. Luk Siu Fung Mark | 766667 | 22667 | 4.4% | 5.0% | 766667 | 22667 | 3.9% | 4.6% | 766667 | 22667 | 3.8% | 4.5% |
| Ms. Loraine Luk Yuen Ching |  |  |  |  |  |  |  |  |  |  |  |  |
| Mr. Shigemitsu Katsuaki |  |  |  |  |  |  |  |  |  |  |  |  |
| Mr. Kelton Ngai Ming Hon |  |  |  |  |  |  |  |  |  |  |  |  |
| Mr. Victor Lee Kam Wing |  |  |  |  |  |  |  |  |  |  |  |  |
| Mr. Hugh Sutherland |  |  |  |  |  |  |  |  |  |  |  |  |
| Dr. Connson Chou Locke |  |  |  |  |  |  |  |  |  |  |  |  |
| All directors and executive officers as a group (8 persons) | 12515000 | 333334 | 71.4 | 78.8 | 12515000 | 333334 | 63.5 | 72.2 | 12515000 | 333334 | 62.4 | 71.2 |
| **5% Shareholders:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Integrated Winners International Limited<sup>(2)</sup> | 11748333 | 310667 | 67.0% | 73.8% | 11748333 | 310667 | 59.6% | 67.6% | 11748333 | 310667 | 58.6% | 66.7% |

---

(1) Unless
 otherwise indicated, the business address of each of the individuals is c/o Riku Dining
 Group Limited, 130 Dynamic Drive, Units 4-5, Scarborough, ON, M1V 5C8, Canada.

(2) Integrated
 Winners International Limited, a company incorporated in the British Virgin Islands with
 limited liability, owns 67.0% of the issued shares of the Company (59.6% after
 the offering assuming no exercise of over-allotment option). Integrated Winners International
 Limited is 100% owned by Mr. Johnny Luk Ching Po.

As of the date of this prospectus, none of our outstanding Ordinary Shares are held by record holders in the United States.

We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.

**DESCRIPTION OF SHARE CAPITAL** 

The following description of the material terms of our share capital and this includes a summary of specified provisions of the Memorandum and Articles. References in this section to "we" or "us" refer to Riku.

We are a Cayman Islands exempted company and our affairs are governed by our memorandum and articles of association, as amended from time to time, and the Companies Act (As Revised) of the Cayman Islands, which we refer to as the Companies Act below, and the common law of Cayman Islands.

Our authorized share capital is US$5,000,000 divided into 500,000,000 shares of a par value of US$0.01 each comprised of 430,000,000 Class A Ordinary Shares and 70,000,000 Class B Ordinary Shares. As of the date of this prospectus, 17,666,666 Class A Ordinary Shares and 333,334 Class B Ordinary Shares will be issued and outstanding.

Immediately after the completion of this offering, we will have 19,916,666 Class A Ordinary Shares and 333,334 Class B Ordinary Shares issued and outstanding, assuming that the underwriters do not exercise their over-allotment option. All of our Ordinary Shares issued and outstanding prior to the completion of the offering are and will be fully paid, and all of our Class A Ordinary Shares to be issued in the offering will be issued as fully paid.

**Our Memorandum and Articles**

Our shareholders have conditionally adopted the Memorandum and Articles on November 17, 2025 which will become effective and replace our current Memorandum and Articles in its entirety immediately prior to the completion of this offering. The following are summaries of material provisions of the Memorandum and Articles and of the Companies Act, insofar as they relate to the material terms of our shares.

*Objects of Our Company.* Under our Memorandum and Articles, the objects of our Company are unrestricted, and we are capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by section 27(2) of the Companies Act.

*Ordinary Shares.* Our Ordinary Shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

Holders of our Class A Ordinary Shares and Class B Ordinary Shares will have the same rights except for voting and conversion rights. The Class A Ordinary Shares and the Class B Ordinary Shares carry equal rights and rank pari passu with one another, including the rights to dividends and other capital distributions.

*Conversion Rights.* Each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time at the option of the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Upon any sale, transfer, assignment or disposition of Class B Ordinary Shares or the transfer or assignment of the voting power attached to such number of Class B Ordinary Shares through voting proxy or otherwise by a holder thereof to any person or entity which is neither under common control with the transferor nor a current holder of Class B Ordinary Shares, all Class B Ordinary Shares held by a holder thereof shall be automatically and immediately converted into an equal number of Class A Ordinary Shares.

*The Transfer Agent and Registrar.* The transfer agent and registrar for the Ordinary Shares is Transhare Corporation, at Bayside Center 1, 17755 US Hwy 19 N Suite 140, Clearwater, FL 33764.

*Dividends.* The holders of our Ordinary Shares are entitled to such dividends as the Company in general meeting may declare but no dividend shall exceed the amount recommended by our board of directors. Our Memorandum and Articles provide that dividends may be declared and paid out of profits of our Company, realized or unrealized, or from any reserve set aside from profits which our board of directors determines is no longer needed, or not in the same amount. Dividends may also be declared and paid out of share premium account or any other fund or account which can be authorized for this purpose in accordance with the Companies Act. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business.

*Voting Rights.* Voting at any meeting of shareholders is by poll save that the chairman of the meeting of shareholders may, in good faith, allow a resolution which relates purely to a procedural or administrative matter to be voted on by a show of hands. Notwithstanding the foregoing, a poll may be demanded by at least one shareholder. At each meeting of shareholders, each shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have one (1) vote for each Class A Ordinary Share and twenty (20) votes for each Class B Ordinary Share held by the relevant shareholder. Save for such matters that require approval by a class of shareholders, holders of Class A Ordinary Shares and holders of Class B Ordinary Shares shall vote together as a single class, on all matters that require shareholders' approval.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the Ordinary Shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding Ordinary Shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our Memorandum and Articles, a reduction of our share capital and the winding up of our Company. Our shareholders may, among other things, divide or combine their shares by ordinary resolution.

*Capitalization of Profits and Reserves.* Our board of directors may (i) capitalize any part of the amount of our share premium or other reserve accounts or any amount credited to our share premium account in accordance with the Companies Act available for distribution by applying such sum in paying up the difference between the nominal value of and the redemption or repurchase price on the redemption or repurchase of our shares, and any other amount as permitted by the Companies Act. However, we shall not be obliged to make any payment to a shareholder in respect of dividend, repurchase redemption or other distribution if the directors are of the view that such payment may result in the breach or violation of any applicable laws or regulations (including, without limitation, any anti-money laundering laws or regulations) or such refusal is required by the laws and regulations governing us or our service providers.

*General Meetings of Shareholders.* As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our Memorandum and Articles provide that we may in each year hold a general meeting as its annual general meeting. The annual general meeting of the Company may be held at such time and place as the chairman of our Company (if there is one) or any two directors or any director and the secretary or our board of directors shall appoint. Shareholders may participate in any general meeting by such telephonic, electronic or other communication facilities that permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation in such a meeting shall constitute presence in person at such meeting.

Shareholders' general meetings may be convened by the chairman of our Company, any two directors or any director and the secretary of our Company or our board of directors. Advance notice of at least five (5) clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A general meeting shall, notwithstanding that it is called on shorter notice than that specified in our Memorandum and Articles, be deemed to have been properly called if it is so agreed by (i) all the shareholders entitled to attend and vote thereat in the case of an annual general meeting; and (ii) in the case of an extraordinary general meeting, by at least seventy-five percent of the shareholders entitled to attend and vote thereat. A quorum required for any general meeting of shareholders consists of two or more persons present in person and representing in person or by proxy in excess of 50% of the total voting rights in our Company present throughout the meeting.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, our Memorandum and Articles provide that our board of directors shall, on the written requisition of one or more shareholders holding at the date of the deposit of the requisition shares representing not less than ten percent in par value of the issued and outstanding shares of our company at such general meeting, forthwith proceed to convene an extraordinary general meeting and put the resolutions so requisitioned to vote at such meeting. If our board of directors does not, within twenty-one (21) days from the date of the requisition, duly proceed to convene an extraordinary general meeting, the requisitionists, may themselves convene an extraordinary general meeting; but any meeting so called shall not be held more than ninety days after the expiration of such twenty-one (21) day period.

*Transfer of Ordinary Shares.* Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her Ordinary Shares by an instrument of transfer in the usual or common form or in a form prescribed by Nasdaq or in any other form approved by our board of directors. Notwithstanding the foregoing, Ordinary Shares may also be transferred in accordance with the applicable rules and regulations of Nasdaq.

Our board of directors may, in its absolute discretion, decline to register any transfer of any Ordinary Share as specified in our Memorandum and Articles.

If our directors refuse to register a transfer they shall, within two (2) months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

Each Class B Ordinary Share is convertible into a Class A Ordinary Share at any time by the holder thereof. Our Class B Ordinary Shares will be mandatorily convertible into Class A Ordinary Shares upon a transfer, assignment or disposal thereof under such circumstances as specified in our Memorandum and Articles.

*Liquidation.* On the winding-up of our company, subject to any rights or restrictions for the time being attached to any class of shares, if the assets available for distribution amongst our shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, holders of our ordinary shares will be entitled to participate in any assets available for distribution in proportion to their shareholdings.

*Calls on Shares and Forfeiture of Shares.* Our board of directors may make calls upon shareholders for any amounts unpaid (whether in respect of nominal value or premium) on their shares in the manner as specified in our Memorandum and Articles. If a call is not paid on or before the day appointed for payment thereof, the shareholder may at the discretion of our board of directors be liable to pay our Company interest on the amount of such call at such rate as our board of directors may determine, from the date when such call was payable up to the actual date of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

*Redemption, Repurchase and Surrender of Shares.* Subject to the Companies Act, we may issue shares which are to be redeemed or are liable to be redeemed at the option of our Company or the holders of these shares and may make payments in respect of such redemption in accordance with the Companies Act. Our Company is authorized to purchase any shares in our Company (including a redeemable share) by agreement with the holder of such shares and may make payments in respect of such purchase in accordance with the Companies Act. Our board of directors is authorized to determine the manner or any of the terms of any redemption or purchase. Under the Companies Act, the redemption or repurchase of any share may be paid out of our Company's profits, share premium or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if our Company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our Company may accept the surrender of any fully paid share for no consideration unless, as a result of the surrender, there would no longer be any issued shares of our Company other than shares held as treasury shares.

*Variations of Rights of Shares.* If, at any time, our share capital is divided into different classes of shares, the rights attached to any class (unless otherwise provided by the terms of issue of the shares of that class) may, whether or not our Company is being wound-up, be varied with the consent in writing of the holders of not less than three-fourths of the issued shares of that class or with the sanction of a resolution passed by a majority of the votes cast at a separate general meeting of the holders of the shares of that class at which meeting the necessary quorum shall be two persons at least holding or representing by proxy not less than one-thirds of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class or series issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class or series, be deemed to be varied by the creation or issue of further shares ranking *pari passu* therewith or the reduction of capital paid up on such shares or by the repurchase, redemption or surrender of any shares in accordance with the Companies Act and the Memorandum and Articles. Under our Memorandum and Articles, the provisions in relation to general meetings of the Company shall apply *mutatis mutandis* to any class meeting, except that the quorum shall be two (2) or more members that together hold at least one-third of the issued shares of that class.

*Issuance of Additional Shares.* Our Memorandum and Articles authorizes our board of directors to issue any unissued shares on such terms and conditions as it may determine and any shares or class of shares (including the issue or grant of options, warrants and other rights, renounceable or otherwise in respect of shares) may be issued with such preferred, deferred or other special rights or such restrictions, whether in regard to dividend, voting, return of capital, or otherwise, provided that no share shall be issued at a discount except in accordance with the Companies Act.

*Inspection of Books and Records.* Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, our Memorandum and Articles have provisions that provide our shareholders the right to inspect our register of shareholders without charge or for a nominal charge, and to receive our annual audited financial statements. See "Where You Can Find Additional Information."

*Register of Members.* Under the Companies Act, we must keep a register of members and there should be entered therein:

● the names and addresses of our members, a statement of the shares held by each member, and of the amount paid or agreed to be considered as paid, on the shares of each member;

● the date on which the name of any person was entered on the register as a member; and

● the date on which any person ceased to be a member.

Under the Companies Act, the register of members of our company is prima facie evidence of the matters set out therein (that is, the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members is deemed as a matter of the Companies Act to have legal title to the shares as set against its name in the register of members. Upon completion of this offering, we will perform the procedure necessary to immediately update the register of members to record and give effect to the issuance of shares by us to the underwriters or the purchasers (or their nominee). Once our register of members has been updated, the shareholders recorded in the register of members will be deemed to have legal title to the shares set against their name. If the name of any person is incorrectly entered in or omitted from our register of members, or if there is any default or unnecessary delay in entering on the register the fact of any person having ceased to be a member of our company, the person or member aggrieved (or any member of our company or our company itself) may apply to the Grand Court of the Cayman Islands for an order that the register be rectified, and the Grand Court may either refuse such application or it may, if satisfied of the justice of the case, make an order for the rectification of the register.

*Mergers and Consolidations.* We may by a special resolution merge or consolidate with one or more constituent companies (as defined in the Companies Act), upon such terms as our directors may determine.

*Anti-Takeover Provisions.* Certain provisions in the Memorandum and Articles may be deemed to have an anti-takeover effect and may delay, deter or prevent a tender offer or takeover attempt that a shareholder might consider to be in its best interests, including attempts that might result in a premium being paid over the market price for the Ordinary Shares. These provisions are also designed, in part, to encourage persons seeking to acquire control of us to first negotiate with our board of directors.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our Memorandum and Articles for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

**Certain Cayman Islands Company Considerations**

*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may issue shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 30 years in the first instance);

● may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● may register as an exempted limited duration company; and

● may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

**Differences in Corporate Law**

The Companies Act is derived, to a large extent, from the older companies acts of England but does not follow recent English statutory enactments The Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

*Mergers and Similar Arrangements.* The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. Where the merger or consolidation is between two Cayman Islands companies, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by, in the case of a scheme of arrangement with members or class of members, seventy-five per cent in value of the members or class of members, as the case may be, with whom the arrangement is to be made and in the case of a scheme of arrangement with creditors, a majority in number of the creditors or class of creditors, as the case may be, with whom the arrangement is to be made, and who must in addition represent seventy-five per cent in value of the creditors or each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest man of that acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

The Companies Act also contains statutory provisions which provide that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the grounds that the company (a) is or is likely to become unable to pay its debts within the meaning of section 93 of the Companies Act; and (b) intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act, the law of a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors, without a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands court may, among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit.

*Shareholders' Suits.* In principle, we will normally be the proper plaintiff in any claim based on a breach of duty owed to us, and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence actions against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires;

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

● those who control the company are perpetrating a "fraud on the minority."

*Indemnification of Directors and Executive Officers and Limitation of Liability.* Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

Our Memorandum and Articles provide that that we shall indemnify, among others, our directors, secretary of our Company and other officers acting in relation to any of the affairs of our Company or any subsidiary thereof against all actions, costs, charges, losses, damages and expenses which they or any of them shall or may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of their duty, or supposed duty, or in their respective offices or trusts, provided that such indemnification shall not extend to any matter in respect of any fraud or dishonesty in relation to our Company which may attach to any of the indemnified persons. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we intend to enter into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our Memorandum and Articles.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

*Directors' Fiduciary Duties.* Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company owes three types of duties to the company: (i) statutory duties, (ii) fiduciary duties, and (iii) common law duties. The Companies Act imposes a number of statutory duties on a director. A Cayman Islands director's fiduciary duties are not codified, however the courts of the Cayman Islands have held that a director owes the following fiduciary duties: (a) a duty to act in good faith in the best interests of the company, (b) a duty to exercise his powers for the purposes he was conferred, (c) a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and (d) a duty to avoid fettering his discretion in the future. The common law duties owed by a director are those to act with the skill, care and diligence that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and, also to act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill he has which enables him to meet a higher standard than a director without those skills. . It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

*Shareholder Action by Written Consent.* Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law permits us to eliminate the right of shareholders to act by written consent and our Articles provide that any action required or permitted to be taken at any general meetings may be taken upon the vote of shareholders at a general meeting duly noticed and convened in accordance with our Articles and may be taken by a unanimous written consent of the shareholders signed by each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

*Shareholder Proposals.* Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. Our Memorandum and Articles provide that extraordinary general meetings shall be convened on the written requisition of one or more of the shareholders entitled to attend and vote at our general meetings who (together) hold not less than 10 percent of all votes attaching to the issued and outstanding shares of our company at such general meeting in accordance with the notice provisions in Articles, specifying the purpose of the meeting and signed by each of the shareholders making the requisition, in which case our board of directors is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to vote at such meeting. If the directors do not convene such meeting for a date not later than twenty-one clear days' after the date of receipt of the written requisition, those shareholders who requested the meeting may convene the general meeting themselves within three months after the end of such period of twenty-one clear days in which case reasonable expenses incurred by them as a result of the directors failing to convene a meeting shall be reimbursed by us. Our Articles provide no other right to put any proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

*Cumulative Voting.* Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our Articles do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

*Removal of Directors.* Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Articles, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. Under our Memorandum and Articles, a director's office shall be vacated if the director (i) is removed from office pursuant to the laws of the Cayman Islands or our Memorandum and Articles; (ii) dies or becomes bankrupt, or makes any arrangement or composition with his creditors generally; (iii) is or becomes of unsound mind or an order for his detention is made under the Mental Health Act of the Cayman Islands or any analogous law of a jurisdiction outside the Cayman Islands, or dies; (iv) resigns his office by notice to our Company; (v) without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; or (vi) is prohibited by law from being a director.

*Transactions with Interested Shareholders.* The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

*Dissolution; Winding up.* Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

*Variation of Rights of Shares.* Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our

Articles, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be varied with the consent in writing of the holders of three-fourths of the issued shares of that class or with the sanction of a resolution passed by a majority of the votes cast at a separate general meeting of the holders of the shares of that class at which meeting the necessary quorum shall be two persons.

Under our Memorandum and Articles, only the chairman of our Company or a majority of our board of directors may convene a class meeting of holders of a particular class of shares of our Company.

*Amendment of Governing Documents.* Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our Memorandum and Articles may only be amended with a special resolution of our shareholders.

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

**Data Protection Act (As Revised) of the Cayman Islands**

<u>Cayman Islands Data Protection Laws</u>

We have certain duties under the Data Protection Act (as revised) of the Cayman Islands (the "DPA"), based on internationally accepted principles of data privacy.

<u>Privacy Notice</u>

This privacy notice puts our shareholders on notice that through your investment into us you will provide us with certain personal information which constitutes personal data within the meaning of the DPA, or personal data.

<u>Investor Data</u>

We will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.

In our use of this personal data, we will be characterized as a "data controller" for the purposes of the DPA, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our "data processors" for the purposes of the DPA or may process personal information for their own lawful purposes in connection with services provided to us.

We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder's investment activity.

<u>Who this Affects</u>

If you are a natural person, this will affect you directly. If you are a corporate shareholder (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in us, this will be relevant for those individuals and you should transit the content of this privacy notice to such individuals or otherwise advise them of its content.

<u>How We May Use a Shareholder's Personal Data</u>

We may, as the data controller, collect, store and use personal data for lawful purposes, including, in particular: (i) where this is necessary for the performance of our rights and obligations under any agreements; (ii) where this is necessary for compliance with a legal and regulatory obligation to which we are or may be subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or (iii) where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

Should we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.

<u>Why We May Transfer Your Personal Data</u>

In certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities.

We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain entities located outside the US, the Cayman Islands or the European Economic Area), who will process your personal data on our behalf.

<u>The Data Protection Measures We Take</u>

Any transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPA.

We and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data.

We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant personal data relates.

**SHARES ELIGIBLE FOR FUTURE SALE**

Before this offering, there was no established public market for our Ordinary Shares, and while we intend to apply to list our Class A Ordinary Shares on the Nasdaq Capital Market, we cannot assure you that a liquid trading market for the Class A Ordinary Shares will develop or be sustained after this offering. Future sales of substantial amounts of our Ordinary Shares in the public markets after this offering, or the perception that such sales may occur, could adversely affect market prices prevailing from time to time. As described below, only a limited number of our Class A Ordinary Shares currently outstanding will be available for sale immediately after this offering due to contractual and legal restrictions on resale. Nevertheless, after these restrictions lapse, future sales of substantial amounts of our Class A Ordinary Shares, including Class A Ordinary Shares issued upon exercise of outstanding options, in the public market in the United States, or the possibility of such sales, could negatively affect the market price in the United States of our Class A Ordinary Shares and our ability to raise equity capital in the future.

Immediately after the completion of this offering, we will have 20,250,000 issued and outstanding Ordinary Shares, including 19,916,666 Class A Ordinary Shares and 333,334 Class B Ordinary Shares. Assuming all the Class A Ordinary Shares are sold by the Selling Shareholders pursuant to the Resale Prospectus, of that amount, 3,893,334 Class A Ordinary Shares will be publicly held by investors participating in this offering. Assuming no exercise of the underwriters' over-allotment option. Of that amount, 2,250,000 Class A Ordinary Shares will be publicly held by investors participating in this offering, and 18,000,000 Ordinary Shares, including 17,666,666 Class A Ordinary Shares and 333,334 Class B Ordinary Shares, will be held by our existing shareholders, some of whom may be our affiliates as that term is defined in Rule 144 under the Securities Act. As defined in Rule 144, an affiliate of an issuer is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the issuer.

All of the Class A Ordinary Shares sold in this offering and by the Selling Shareholders pursuant to the Resale Prospectus filed contemporaneously herewith will be freely transferable by persons other than our affiliates in the United States without restriction or further registration under the Securities Act. Class A Ordinary Shares purchased by one of our affiliates may not be resold, except pursuant to an effective registration statement or an exemption from registration, including an exemption under Rule 144 under the Securities Act described below.

All of the Ordinary Shares, including both Class A and Class B Ordinary Shares, held by existing shareholders are, and any Class A Ordinary Shares issuable upon exercise of options outstanding following the completion of this offering will be, restricted securities, as that term is defined in Rule 144 under the Securities Act. These restricted securities may be sold in the United States only if they are registered or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act. These rules are described below.

**Rule 144**

In general, persons who have beneficially owned restricted Ordinary Shares for at least six (6) months, and any affiliate of the company who owns either restricted or unrestricted securities, are entitled to sell their securities without registration with the SEC under an exemption from registration provided by Rule 144 under the Securities Act.

*Non-Affiliates*

Any person who is not deemed to have been one of our affiliates at the time of, or at any time during the three (3) months preceding, a seller may sell an unlimited number of restricted securities under Rule 144 if:

● the restricted securities have been held for at least six (6) months, including the holding period of any prior owner other than one of our affiliates;

● we have been subject to the Exchange Act periodic reporting requirements for at least ninety (90) days before the sale; and

● we are current in our Exchange Act reporting at the time of sale.

*Affiliates*

Persons seeking to sell restricted securities who are our affiliates at the time of, or any time during the three (3) months preceding, a sale, would be subject to the restrictions described above. They are also subject to additional restrictions, by which such person would be required to comply with the manner of sale and notice provisions of Rule 144 and would be entitled to sell within any three (3) month period only that number of securities that does not exceed the greater of either of the following:

● 1% of the number of Class A Ordinary Shares then outstanding; or

● the average weekly trading volume of our Class A Ordinary Shares on the Nasdaq Capital Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Additionally, persons who are our affiliates at the time of, or any time during the three (3) months preceding, a sale may sell unrestricted securities under the requirements of Rule 144 described above, without regard to the six (6) month holding period of Rule 144, which does not apply to sales of unrestricted securities. Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

**Rule 701**

Rule 701 under the Securities Act, as in effect on the date of this prospectus, permits resales of shares in reliance upon Rule 144 but without compliance with certain restrictions of Rule 144, including the holding period requirement. If any of our employees, executive officers or directors purchase shares under a written compensatory plan or contract, they may be entitled to rely on the resale provisions of Rule 701, but all holders of Rule 701 shares would be required to wait until ninety (90) days after the date of this prospectus before selling any such shares. However, the Rule 701 shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

**Regulation S**

Regulation S under the Securities Act provides an exemption from registration requirements in the United States for offers and sales of securities that occur outside the United States. Rule 903 of Regulation S provides the conditions to the exemption for a sale by an issuer, a distributor, their respective affiliates or anyone acting on their behalf. Rule 904 of Regulation S provides the conditions to the exemption for a resale by persons other than those covered by Rule 903. In each case, any sale must be completed in an offshore transaction, as that term is defined in Regulation S, and no directed selling efforts, as that term is defined in Regulation S, may be made in the United States.

We are a foreign issuer as defined in Regulation S. As a foreign issuer, securities that we sell outside the United States pursuant to Regulation S are not considered to be restricted securities under the Securities Act, and, subject to the offering restrictions imposed by Rule 903, are freely tradable without registration or restrictions under the Securities Act, unless the securities are held by our affiliates. We are not claiming the potential exemption offered by Regulation S in connection with the offering of newly issued shares outside the United States and will register all of the newly issued shares under the Securities Act.

Subject to certain limitations, holders of our restricted shares who are not our affiliates or who are our affiliates by virtue of their status as our officer or director of may resell their restricted shares in an "offshore transaction" under Regulation S if:

● none of the shareholder, its affiliate nor any person acting on their behalf engages in directed selling efforts in the United States, and

● in the case of a sale of our restricted shares by an officer or director who is our affiliate solely by virtue of holding such position, no selling commission, fee or other remuneration is paid in connection with the offer or sale other than the usual and customary broker's commission that would be received by a person executing such transaction as agent.

Additional restrictions are applicable to a holder of our restricted shares who will be our affiliate other than by virtue of his or her status as our officer or director.

**Lock-up Agreements**

Our principal shareholders (defined as owners of 5% or more of our Ordinary Shares) have also agreed, subject to limited exceptions, not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise dispose of, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares or such other securities for a period of 180 days from the date of this prospectus, without the prior written consent of the Representative. Notwithstanding the foregoing, these restrictions do not apply to the Selling Shareholders with respect to Class A Ordinary Shares sold by them pursuant to the Resale Prospectus. See "Underwriting" for more information.

**MATERIAL TAXATION CONSIDERATIONS**

**Material U.S. Federal Income Tax Considerations for U.S. Holders** 

The following discussion is a summary of U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of the ownership and disposition of our Class A Ordinary Share. This summary applies only to U.S. Holders that hold our Class A Ordinary Share as capital assets (generally, property held for investment) and that have the U.S. dollar as their functional currency. This summary is based on U.S. federal tax laws in effect as of the date of this prospectus, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this prospectus, and judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and could affect the tax consequences described below. No ruling has been sought from the Internal Revenue Service ("**IRS**") with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the IRS or a court will not take a contrary position. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding, and alternative minimum tax considerations, or any state, local, and non-U.S. tax considerations, relating to the ownership and disposition of our Class A Ordinary Share. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

● financial institutions or financial services entities;

● underwriters;

● insurance companies;

● pension plans;

● cooperatives;

● regulated investment companies;

● real estate investment trusts;

● grantor trusts;

● broker-dealers;

● traders that elect to use a mark-to-market method of accounting;

● governments or agencies or instrumentalities thereof;

● certain former U.S. citizens or long-term residents;

● tax-exempt entities (including private foundations);

● persons liable for alternative minimum tax;

● persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;

● persons whose functional currency is not the U.S. dollar;

● passive foreign investment companies;

● controlled foreign corporations;

● the Company's officers or directors;

● holders who are not U.S. Holders;

● persons that actually or constructively own 5% or more of the total combined voting power of all classes of our voting stock; or

● partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Class A Ordinary Share through such entities.

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Ordinary Share that is, for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Class A Ordinary Share, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Class A Ordinary Share and their partners are urged to consult their tax advisors regarding an investment in our Class A Ordinary Share.

**Persons considering an investment in our Class A Ordinary ShareS should consult their own tax advisors as to the particular tax consequences applicable to them relating to the purchase, ownership and disposition of our Class A Ordinary Share including the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws.**

**Taxation of Dividends and Other Distributions on Our Class A Ordinary Share**

As discussed under "*Dividend Policy*" above, we do not anticipate that any dividends will be paid in the foreseeable future. Subject to the discussion below under "Passive Foreign Investment Company Rules," any cash distributions paid on our Class A Ordinary Share out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. A non-corporate U.S. Holder will be subject to tax on dividend income from a "qualified foreign corporation" at a lower applicable capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period requirements are met. A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will generally be considered to be a qualified foreign corporation (i) if it is eligible for the benefits of a comprehensive tax treaty with the United States that the U.S. Secretary of Treasury determines is satisfactory for purposes of this provision and includes an exchange of information program, or (ii) with respect to any dividend it pays on stock that is readily tradable on an established securities market in the United States, including Nasdaq. It is unclear whether dividends that we pay on our Class A Ordinary Share will meet the conditions required for the reduced tax rate. You are urged to consult your tax advisor regarding the availability of the lower rate for dividends paid with respect to our Class A Ordinary Share. Dividends received on our Class A Ordinary Share will not be eligible for the dividends-received deduction allowed to corporations.

Dividends will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit not in excess of any applicable treaty rate in respect of any foreign withholding taxes imposed on dividends received on our Class A Ordinary Share. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder's individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

**Taxation of Sale or Other Disposition of Class A Ordinary Share**

Subject to the discussion below under "Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of Class A Ordinary Share in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such Class A Ordinary Share. Any capital gain or loss will be long term if the Class A Ordinary Share have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of non-corporate taxpayers are currently eligible for reduced rates of taxation. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Share, including the availability of the foreign tax credit under their particular circumstances.

***Passive Foreign Investment Company Rules***

A non-U.S. corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, cash and cash equivalents are categorized as passive assets and the company's goodwill and other unbooked intangibles are taken into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

No assurance can be given as to whether we may be or may become a PFIC, as this is a factual determination made annually that will depend, in part, upon the composition of our income and assets. Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this Offering. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during which a U.S. Holder held our Class A Ordinary Share, we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. Holder held our Class A Ordinary Share even if we cease to be a PFIC in subsequent years, unless certain elections are made. Our U.S. counsel expresses no opinion with respect to our PFIC status for any taxable year.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Share, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Class A Ordinary Share), and (ii) any gain realized on the sale or other disposition of Class A Ordinary Share. Under these rules,

● the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Class A Ordinary Share;

● the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income;

● the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

● an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.

If we are treated as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Share, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is "regularly traded" within the meaning of applicable U.S. Treasury regulations. If our Class A Ordinary Share qualify as being regularly traded, and an election is made, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Class A Ordinary Share held at the end of the taxable year over the adjusted tax basis of such Class A Ordinary Share and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the Class A Ordinary Share over the fair market value of such Class A Ordinary Share held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Class A Ordinary Share would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Class A Ordinary Share in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

Furthermore, as an alternative to the foregoing rules, a U.S. Holder that owns stock of a PFIC generally may make a "qualified electing fund" election regarding such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If a U.S. Holder owns our Class A Ordinary Share during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such other information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding how the PFIC rules apply to your investment in our Class A Ordinary Share.

**Information Reporting and Backup Withholding**

Certain U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds US$50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.

In addition, dividend payments with respect to our Class A Ordinary Share and proceeds from the sale, exchange or redemption of our Class A Ordinary Share may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. We do not intend to withhold taxes for individual Shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

**EACH** **PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR CLASS A ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.**

**Cayman Islands Taxation** 

The Cayman Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to our Company levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands and/or related to real estate in the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our Company. There are no exchange control regulations or currency restrictions in effect in the Cayman Islands.

In addition, pursuant to section 6 of the Tax Concessions Act of the Cayman Islands, our Company has obtained an undertaking from the Governor in Cabinet:

&nbsp;&nbsp;&nbsp;&nbsp;(1) that
 no law which is enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply
 to the Company or its operations; and

(2) that
 the aforesaid tax or any tax in the nature of estate duty or inheritance tax shall not be payable on or in respect of the shares,
 debentures or other obligations of the Company or by way of withholding in whole or in part of any relevant payment as defined in
 the Tax Concession Act.

The undertaking for our Company is valid for a period of twenty years from February 24, 2025.

**BVI Taxation** 

We are not liable to pay any form of taxation in the BVI and all dividends, interests, rents, royalties, compensations and other amounts paid by us to persons who are not persons resident in the BVI are exempt from all forms of taxation in the BVI and any capital gains realized with respect to any shares, debt obligations, or other securities of ours by persons who are not persons resident in the BVI are exempt from all forms of taxation in the BVI.

No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not persons resident in the BVI with respect to any shares, debt obligation or other securities of ours.

Subject to the payment of stamp duty on the acquisition of property in the BVI by us (and in respect of certain transactions in respect of the shares, debt obligations or other securities of BVI incorporated companies owning land in the BVI), all instruments relating to transfers of property to or by us and all instruments relating to transactions in respect of the shares, debt obligations or other securities of ours and all instruments relating to other transactions relating to our business are exempt from payment of stamp duty in the BVI.

There are currently no withholding taxes or exchange control regulations in the BVI applicable to us or our shareholders.

**Hong Kong Taxation**

The following summary of certain relevant taxation provisions under the laws of Hong Kong is based on current law and practice and is subject to changes therein. This summary does not purport to address all possible tax consequences relating to purchasing, holding, or selling our Class A Ordinary Shares, and does not take into account the specific circumstances of any particular investors, some of whom may be subject to special rules. Accordingly, holders or prospective purchasers (particularly those subject to special tax rules, such as banks, dealers, insurance companies and tax-exempt entities) should consult their own tax advisers regarding the tax consequences of purchasing, holding or selling our Class A Ordinary Shares. Under the current laws of Hong Kong:

● No profit tax is imposed in Hong Kong in respect of capital gains from the sale of the Class A Ordinary Shares.

● Revenues gains from the sale of our Class A Ordinary Shares by persons carrying on a trade, profession or business in Hong Kong where the gains are derived from or arise in Hong Kong from the trade, profession or business will be chargeable to Hong Kong profits tax, which is currently imposed at the rate of 16.5% on corporations and at a maximum rate of 15% on individuals and unincorporated businesses.

● Gains arising from the sale of Class A Ordinary Shares, where the purchases and sales of the Class A Ordinary Shares are effected outside of Hong Kong such as, for example, in the Cayman Islands, should not be subject to Hong Kong profits tax.

According to the current tax practice of the Hong Kong Inland Revenue Department, dividends paid on the Class A Ordinary Shares would not be subject to any Hong Kong tax.

No Hong Kong stamp duty is payable on the purchase and sale of the Class A Ordinary Shares.

**Canada Taxation**

The following summary of certain relevant taxation provisions under the laws of Canada is based on current law and practice and is subject to changes therein. This summary does not purport to address all possible tax consequences relating to purchasing, holding, or selling our Class A Ordinary Shares, and does not take into account the specific circumstances of any particular investors, some of whom may be subject to special rules. Accordingly, holders or prospective purchasers (particularly those subject to special tax rules, such as banks, dealers, insurance companies and tax-exempt entities) should consult their own tax advisers regarding the tax consequences of purchasing, holding or selling our Class A Ordinary Shares. Under the current laws of Canada:

● No capital gains tax is imposed in Canada in respect of capital gains from the sale of the Class A Ordinary Shares, except if such capital gains resulted from a sale of our Class A Ordinary Shares by a person who is a tax-resident of Canada. In Canada, 50% of the capital gain is taxable, which such taxable portion of the capital gain will be added to such person's income and taxed at such person's marginal tax rate. Such tax rate varies depending on whether such person is a corporation, limited partnership, unlimited liability company or another legal entity, and which jurisdiction such person is located in.

● Gains arising from the sale of Class A Ordinary Shares, where the purchases and sales of the Class A Ordinary Shares are effected outside of Canada or not by a tax resident of Canada, such as, for example, by a person which is not a tax-resident of Canada in the Cayman Islands, should not be subject to Canadian capital gains tax.

● According to the current tax laws of Canada, dividends paid on the Class A Ordinary Shares would not be subject to any Canadian tax, except if such dividends are distributed to a tax-resident of Canada.

***THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE IMPORTANT TO YOU. EACH PROSPECTIVE PURCHASER SHOULD CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES OF AN INVESTMENT IN THE CLASS A ORDINARY SHARES UNDER THE INVESTOR'S OWN CIRCUMSTANCES.***

**ENFORCEMENT OF CIVIL LIABILITIES**

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. Substantially all of our assets are located in Canada and Hong Kong. In addition, all of our directors and executive officers named in this prospectus reside in Canada and Hong Kong and most of their assets are located in Canada and Hong Kong. Specifically, Mr. Mark Luk Siu Fung, our executive director, Mr. Victor Lee Kam Wing, our independent non-executive director, and Mr. Kelton Ngai Ming Hon, our chief financial officer, are the directors or executive officers that reside in Hong Kong. As a result, it may be difficult or impossible for investors to effect service of process within the United States upon us or these persons or, to enforce judgments obtained in U.S. courts against them or us, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our executive officers and directors. See "Risk Factors—Risks Related to our Class A Ordinary Shares and this Offering—You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in Hong Kong or Canada against us or our directors named in the prospectus based on foreign laws" for more information.

We have appointed Cogency Global Inc. as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

**Cayman Islands**

Carey Olsen Hong Kong LLP, our counsel as to the laws of the Cayman Islands, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

We have been advised by Carey Olsen Hong Kong LLP that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the courts of the Cayman Islands will, at common law, recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

**British Virgin Islands**

Carey Olsen Hong Kong LLP, our counsel as to the laws of the BVI, has advised us that there is uncertainty as to whether the courts of the BVI would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers to impose liabilities predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States; or (ii) entertain original actions brought in the BVI against us or our directors or officers predicated upon the federal securities laws of the United States or the securities law of any state in the United States.

We have been advised by Carey Olsen Hong Kong LLP, our BVI counsel that although there is no statutory enforcement in the BVI of judgments obtained in the federal or state courts of the United States, in certain circumstances a judgment obtained in such jurisdiction may be recognized and enforced in the courts of the BVI at common law, without any re-examination of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the High Court of the BVI, provided that such judgment is a final and conclusive monetary judgment obtained from such jurisdictions and: (a) is given by a foreign court of competent jurisdiction and such foreign court had proper jurisdiction over the parties subject to such judgment, and the Company either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was duly served with process; (b) imposes on the judgment given by the foreign court to pay a liquidated sum and was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations; (c) the judgment was not obtained by fraud; (d) recognition or enforcement of the judgment would not be contrary to British Virgin Islands public policy; (e) the proceedings pursuant to which the judgment was obtained were not contrary to natural justice; and (f) that there is no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the BVI.

**Hong Kong**

Mr. Mark Luk Siu Fung, our vice chairman and executive director, as well as Mr. Kelton Ngai Ming Hon, our Chief Financial Officer, and Mr. Victor Lee Kam Wing, our independent non-executive director nominee, reside in Hong Kong.

Hastings & Co., our counsel as to the laws of Hong Kong, has advised us that there is uncertainty as to whether the courts of Hong Kong would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Hong Kong has no arrangement for the reciprocal enforcement of judgments with the United States. As a result, there is uncertainty as to the enforceability in Hong Kong, in original actions or in actions for enforcement, of judgments of United States courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any State or territory within the United States. A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Hong Kong at common law by bringing an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money (not being taxes or similar charges to a foreign government taxing authority or a fine or other penalty); and (2) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary to the public policy of Hong Kong; (d) the court of the United States was not jurisdictionally competent; or (e) the judgment was in conflict with a prior Hong Kong judgment.

**Canada**

Metcalfe, Blainey & Burns LLP, our counsel as to Canadian law, has advised us that while there is no formal treaty for the reciprocal enforcement of judgments between Canada and the United States.

A foreign judgement creditor must commence legal proceedings against the Canadian entity in the Ontario Superior Court of Justice ("**Superior Court**") if it seeks to enforce the judgment in Ontario. The legal proceedings can either be commenced by the relatively expedited process of an application to the Superior Court or, if they are likely to be opposed, by way of an action. Such application or action must be commenced within two years of the date of the foreign judgement. Such judgement must meet the following prima facie criteria: (a) the judgment originated from a court of competent jurisdiction; (b) the judgment/order is final and conclusive; and (c) the judgment is adequately precise. Once it is determined that a foreign judgment is prima facie enforceable, a judgment debtor can argue that the judgment cannot be enforced because of (a) public policy; (b) fraud; or (c) a lack of natural justice.

As a result, there is uncertainty as to the enforceability in Canada, in original actions or in actions for enforcement, of judgments of U.S. courts based solely on the federal securities laws of the United States or the securities laws of any state or territory within the United States.

**UNDERWRITING**

In connection with this offering, we will enter into an underwriting agreement with Eddid Securities USA Inc., as the representative of the underwriters, or the Representative, in this offering. The Representative may retain other brokers or dealers to act as sub-agents or selected dealers on their behalf in connection with this offering. The underwriters have agreed to purchase from us, on a firm commitment basis, the number of Class A Ordinary Shares set forth opposite its name below, at the offering price less the underwriting discounts set forth on the cover page of this prospectus:

---

| | |
|:---|:---|
| **Name of Underwriters** | **Number of** <br> **Class A** **Ordinary** <br> **Shares** |
| Eddid Securities USA Inc. | 2250000 |

---

The underwriters are committed to purchase all the Class A Ordinary Shares offered by this prospectus if they purchase any Class A Ordinary Shares. The underwriters are not obligated to purchase the Class A Ordinary Shares covered by the underwriter's over-allotment option described below. The underwriters are offering the Class A Ordinary Shares, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer's certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

**Pricing of this Offering**

Prior to this offering, there has been no public market for our Class A Ordinary Shares. The initial public offering price for our Class A Ordinary Shares will be determined through negotiations between us and the representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the representative believe to be comparable to us, estimate of our business potential and earning prospects, the present state of our development and other factors deemed relevant. The initial public offering price of our Class A Ordinary Shares in this offering does not necessarily bear any direct relationship to the assets, operations, book value or other established criteria of value of our company.

**Over-Allotment Option**

We have granted to the underwriters a forty-five (45)-day option to purchase up to an aggregate of additional 337,500 Class A Ordinary Shares (equal to 15% of the number of Class A Ordinary Shares sold in the offering), at the offering price per Class A Ordinary Shares less underwriting discounts. The underwriters may exercise this option for forty-five (45) days from the effective date of this registration statement solely to cover sales of Class A Ordinary Shares by the underwriters in excess of the total number of Class A Ordinary Shares set forth in the table above.

**Discounts and Expenses**

The underwriting discounts for the Class A Ordinary Shares and the over-allotment Class A Ordinary Shares are equal to seven percent (7%) of the initial public offering price.

The following table shows the price per share and total initial public offering price, underwriting discounts, and proceeds before expenses to us. The total amounts are shown assuming both no exercise and full exercise of the over-allotment option.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | **Total** | **Total** | **Total** |
|  | | <br>**Per Class A Ordinary**<br> **Share**  | | **No Exercise of**<br> **Over-allotment**<br> **Option** | | **Full Exercise of**<br> **Over-allotment**<br> **Option** |
| Initial public offering price | US$ | 5  | US$ | 11250000  | US$ | 12937500  |
| Underwriting discounts to be paid by us | US$ | 0.35  | US$ | 787500  | US$ | 905625  |
| Proceeds to us, before expenses | US$ | 4.65  | US$ | 10462500  | US$ | 12031875  |

---

We will also pay to the representative by deduction from the net proceeds of the offering contemplated herein, a non-accountable expense allowance equal to 1.0% of the gross proceeds received by us from the sale of the Class A Ordinary Shares, including any Class A Ordinary Shares issued pursuant to the exercise of the representative's over-allotment option.

We have agreed to reimburse the representative up to a maximum of US$300,000 for out-of-pocket accountable expenses (including the legal fees and other disbursements as disclosed below). As of the date of this prospectus, we have paid US$20,000 to the representative as an advance against out-of-pocket accountable expenses. Any expenses advancement will be returned to us to the extent the representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We estimate that the total expenses of the offering payable by us, excluding the underwriting discounts and non-accountable expense allowance, will be approximately US$2,181,103, including a maximum aggregate reimbursement of US$300,000 of representative's accountable expenses.

**Lock-Up Agreements** 

Our principal shareholders (defined as owners of 5% or more of our Class A Ordinary Shares) have agreed, subject to limited exceptions, not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise dispose of, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Class A Ordinary Shares or such other securities for a period of six months from the date of this prospectus, without the prior written consent of the representative. Notwithstanding the foregoing, these restrictions do not apply to the Selling Shareholders with respect to Class A Ordinary Shares sold by them pursuant to the Resale Prospectus.

**Right of First Refusal**

We have agreed to grant to the representative, provided that this offering is completed, for a period of 12 month period following the date of our engagement letter with the representative, a right of first refusal to provide investment banking services to the Company on an exclusive basis in all matters for which investment banking services are sought by the Company (such right, the "Right of First Refusal"), which right is exercisable in the representative's sole discretion but is non-assignable. For these purposes, investment banking services shall include, without limitation, (a) acting as lead manager for any underwritten public offering; (b) acting as exclusive placement agent, initial purchaser or financial advisor in connection with any private offering of securities of the Company; and (c) acting as financial advisor in connection with any sale or other transfer by the Company, directly or indirectly, of a majority or controlling portion of its capital stock or assets to another entity, any purchase or other transfer by another entity, directly or indirectly, of a majority or controlling portion of the capital stock or assets of the Company, and any merger or consolidation of our Company with another entity. The Right of First Refusal may be terminated by the Company for "cause" which shall mean a material breach by the Underwriter of the terms of its engagement letter with the Company or a material failure by the underwriters to provide the services as contemplated by such engagement letter.

**No Sales of Similar Securities**

We have agreed not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Class A Ordinary Shares, whether any such transaction is to be settled by delivery of Class A Ordinary Shares or such other securities, in cash or otherwise, without the prior written consent of the representative, for a period of 180 days from the date of this prospectus.

**Foreign Regulatory Restrictions on Purchase of our Class A Ordinary Shares**

We have not taken any action to permit a public offering of our Class A Ordinary Shares outside the United States or to permit the possession or distribution of this prospectus outside the United States. People outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to this offering of our Class A Ordinary Shares and the distribution of this prospectus outside the United States.

**Indemnification**

We have agreed to indemnify the underwriters against liabilities relating to the offering arising under the Securities Act and the Exchange Act and to contribute to payments that the underwriters may be required to make for these liabilities.

**Application for Nasdaq Listing**

We have applied to have our Class A Ordinary Shares approved for listing/quotation on the Nasdaq Capital Market under the symbol "RIKU". We will not consummate and close this offering without a listing approval letter from Nasdaq Capital Market.

**Electronic Offer, Sale and Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by the underwriters or selling group members, if any, or by their affiliates, and the underwriters may distribute prospectus electronically. The underwriters may agree to allocate a number of Class A Ordinary Shares to selling group members for sale to their online brokerage account holders. The Class A Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that can be accessed through, these websites and any information contained in any other website maintained by these entities is not part of, and is not incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the underwriters, and should not be relied upon by investors.

In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

**Passive Market Making**

Any underwriter who is a qualified market maker on Nasdaq may engage in passive market making transactions on Nasdaq, in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the Class A Ordinary Shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

**Potential Conflicts of Interest**

The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**Selling Restrictions**

Other than in the United States, no action may be taken, and no action has been taken, by us or the underwriters that would permit a public offering of the Class A Ordinary Shares offered by, or the possession, circulation or distribution of, this prospectus in any jurisdiction where action for that purpose is required. The Class A Ordinary Shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Class A Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

In addition to the offering of the Class A Ordinary Shares in the United States, the underwriters may, subject to applicable foreign laws, also offer the Class A Ordinary Shares in certain countries.

**Price Stabilization, Short Positions and Penalty Bids**

Until the distribution of the Class A Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Class A Ordinary Shares. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain or otherwise affect the price of our Class A Ordinary Shares. The underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

● Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

● Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our Class A Ordinary Shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may exercise the over-allotment option described above and/or may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of Class A Ordinary Shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

● Syndicate covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters.

● A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Class A Ordinary Shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore were not effectively sold to the public by such underwriter.

Stabilization, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Class A Ordinary Shares or preventing or delaying a decline in the market price of our Class A Ordinary Shares. As a result, the price of our Class A Ordinary Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Class A Ordinary Shares. These transactions may occur on Nasdaq or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

**Notice to Prospective Investors in Hong Kong**

The contents of this prospectus have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice. Please note that (i) Class A Ordinary Shares may not be offered or sold in Hong Kong, by means of this prospectus or any document other than to "professional investors" within the meaning of Part I of Schedule 1 of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) (SFO) and any rules made thereunder, or in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong) (CO) or which do not constitute an offer or invitation to the public for the purpose of the CO or the SFO, and (ii) no advertisement, invitation or document relating to the Class A Ordinary Shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the Class A Ordinary Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the SFO and any rules made thereunder.

**Notice to Prospective Investors in Mainland China**

This prospectus may not be circulated or distributed in Mainland China and the Class A Ordinary Shares may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of Mainland China except pursuant to applicable laws, rules and regulations of Mainland China.

**Notice to Prospective Investors in the Cayman Islands**

The Class A Ordinary Shares are not being, and may not be offered to the public or to any person in the Cayman Islands for purchase or subscription by us or on our behalf. The Class A Ordinary Shares may be offered to exempted companies incorporated under the Companies Act (As Revised) (each a "Cayman Islands Company"), but only where the offer will be made to, and received by, the relevant Cayman Islands Company entirely outside of the Cayman Islands.

**Notice to Prospective Investors in the British Virgin Islands**

The Class A Ordinary Shares are not being, and may not be offered to the public or to any person in the BVI for purchase or subscription by us or on our behalf. The Class A Ordinary Shares may be offered to exempted companies incorporated under the BVI Act (each a "BVI Company"), but only where the offer will be made to, and received by, the relevant BVI Company entirely outside of the BVI.

**Notice to Prospective Investors in Canada**

This prospectus may not be circulated or distributed in Canada and the Class A Ordinary Shares may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of Canada except pursuant to applicable laws, rules and regulations of Canada.

**EXPENSES RELATED TO THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding the underwriting discounts and non-accountable expense allowance, which are expected to be incurred in connection with the sale of Class A Ordinary Shares in this offering. With the exception of the registration fee payable to the SEC, the Nasdaq Capital Market listing fee and the filing fee payable to Financial Industry Regulatory Authority, Inc., or FINRA, all amounts are estimates.

---

| | |
|:---|:---|
| SEC registration fee | $3886 |
| The Nasdaq Capital Market listing fee | 70000 |
| FINRA filing fee | 2570 |
| Printing and engraving expenses | 10000 |
| Legal fees and expenses | 883236 |
| Accounting fees and expenses | 441000 |
| Transfer agent and registrar fee and expenses | 3825 |
| Miscellaneous | 466586 |
| **Total** | 1881103 |

---

These expenses will be borne by us. Underwriting discounts will be borne by us in proportion to the numbers of Class A Ordinary Shares sold in the offering.

**LEGAL MATTERS**

We are being represented by Loeb & Loeb LLP with respect to certain legal matters of U.S. federal securities laws. The validity of our Class A Ordinary Shares offered in this offering and certain other matters of Cayman Islands law will be passed upon for us by Carey Olsen Hong Kong LLP, our counsel as to Cayman Islands law. Legal matters as to Hong Kong law will be passed upon for us by Hastings & Co. Legal matters as to BVI law will be passed upon for us by Carey Olsen Hong Kong LLP. Legal matters as to Canada law will be passed upon for us by Metcalfe, Blainey & Burns LLP. Eddid Securities USA Inc. the representative of the underwriters, is being represented by Hunter Taubman Fischer & Li LLC in connection with this offering.

**EXPERTS** 

The consolidated financial statements as of and for the years ended September 30, 2024 and September 30, 2023 included in this prospectus have been so included in reliance on the report of Golden Eagle CPAs LLC, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The registered business address of Golden Eagle CPAs LLC is located at 90 Washington Valley Road, Bedminster, New Jersey 07921.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement (including amendments and exhibits to the registration statement) on Form F-1 under the Securities Act. This prospectus, which forms a part of the registration statement, does not contain all of the information included in the registration statement and the exhibits and schedules to the registration statement. Certain information is omitted and you should refer to the registration statement and its exhibits and schedules for that information. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.

You may review a copy of the registration statement, including exhibits and any schedule filed therewith, and obtain copies of such materials at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains a website at *http://www.sec.gov* that contains reports, proxy and information statements and other information regarding issuers, like us, that file electronically with the SEC.

Upon completion of this offering, we will be subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. Those reports may be inspected without charge at the locations described above. As a foreign private issuer, we will be exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

We maintain a website at *www.rikugroup.com.* Information contained on, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this prospectus.

**INDEX TO FINANCIAL STATEMENTS**

**RIKU DINING GROUP LIMITED**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Consolidated Financial Statements** |  |
| [Report of Independent Registered Public Accounting Firm](#a_001) (PCAOB ID: 7154) | F-2 |
| [Consolidated Balance Sheets as of September 30, 2024 and 2023](#a_002) | F-3 |
| [Consolidated Statements of Income and Comprehensive Income for the Years Ended September 30, 2024 and 2023](#a_003) | F-4 |
| [Consolidated Statements of Changes in Shareholders' Equity for the Years Ended September 30, 2024 and 2023](#a_004) | F-5 |
| [Consolidated Statements of Cash Flows for the Years Ended September 30, 2024 and 2023](#a_005) | F-6 |
| [Notes to Consolidated Financial Statements](#a_006) | F-7 – F-30 |

---

---

| | |
|:---|:---|
| **Unaudited Condensed Consolidated Financial Statements** |  |
| [Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and September 30, 2024](#fin_001) | F-31 |
| [Unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the Six Months Ended March 31, 2025 and 2024](#fin_002) | F-32 |
| [Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the Six Months Ended March 31, 2025 and 2024](#fin_003) | F-33 |
| [Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2025 and 2024](#fin_004) | F-34 |
| [Notes to Unaudited Condensed Consolidated Financial Statements](#fin_005) | F-35 – F-65 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and stockholders of

<br> Riku Dining Group Limited.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Riku Dining Group Limited. (the "Company") as of September 30, 2024 and 2023, the related consolidated statements of income and comprehensive income, changes in shareholders' equity and cash flows for each of the years in the two-year period ended September 30, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended September 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Company's auditor since 2024.

/s/ Golden Eagle CPAs LLC

Bedminster, New Jersey

March 13, 2025, except Notes 2 and 10, as to which the date is May 9, 2025; and Notes 13 and 16, as to which the date is November 18, 2025

**RIKU DINING GROUP LIMITED**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| **ASSETS** |  |  |
| **CURRENT ASSETS:** |  |  |
| Cash and cash equivalents | $1543500 | $1989851 |
| Accounts receivable, net | 401604 | 167112 |
| Accounts receivable - related parties, net | 425192 | 377507 |
| Inventories, net | 358466 | 233931 |
| Due from related parties | 992340 | 161598 |
| Short-term investments | 148028 |  |
| Prepaid expenses and other current assets | 376980 | 243588 |
| **TOTAL CURRENT ASSETS** | **4246110** | **3173587** |
| Property and equipment, net | 3578653 | 3626791 |
| Intangible assets, net | 20117 | 32378 |
| Operating lease right-of-use assets, net | 4146428 | 3188789 |
| Finance lease right-of-use assets, net | 66121 | 105979 |
| Other non-current assets | 980560 | 946895 |
| Deferred tax assets, net | 102867 | 98303 |
| **TOTAL ASSETS** | $**13140856** | $**11172722** |
| **CURRENT LIABILITIES:** |  |  |
| Current portion of long-term loans | $261128 | $294064 |
| Accounts payable | 668566 | 654662 |
| Due to related parties | 270135 | 406549 |
| Taxes payable | 762851 | 502207 |
| Operating lease liabilities, current | 1818946 | 1128549 |
| Finance lease liabilities, current | 43546 | 43469 |
| Accrued expenses and other current liabilities | 825559 | 595385 |
| **TOTAL CURRENT LIABILITIES** | **4650731** | **3624885** |
| Operating lease liabilities, non-current | 2520221 | 2227000 |
| Finance lease liabilities, non-current | 26482 | 64981 |
| Long-term loans | 1780639 | 2108259 |
| Deferred tax liabilities | 17466 | 24660 |
| **TOTAL LIABILITIES** | $**8995539** | $**8049785** |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |
| Ordinary shares, par value $0.01 per share, 500,000,000 shares authorized; 18,000,000 shares issued and outstanding as of September 30, 2024 and 2023, respectively\* |  |  |
| Class A ordinary share, par value $0.01 per share, 430,000,000 shares authorized, 17,666,666 shares issued and outstanding as of September 30, 2024 and 2023, respectively | 176667 | 176667 |
| Class B ordinary share, par value $0.01 per share, 70,000,000 shares authorized, 333,334 shares issued and outstanding as of September 30, 2024 and 2023, respectively | 3333 | 3333 |
| Additional paid-in capital | 711387 | 1109119 |
| Retained earnings | 3219424 | 1822483 |
| Accumulated other comprehensive income | 34506 | 11335 |
| **TOTAL SHAREHOLDERS' EQUITY** | **4145317** | **3122937** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**13140856** | $**11172722** |

---

\* The share amounts are presented on a retrospective basis, see Note 13.

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

**RIKU DINING GROUP LIMITED**

**CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2024** | **2023** |
| **REVENUE** |  |  |
| &nbsp;&nbsp;&nbsp;Revenue - third parties | $17049452 | $16509584 |
| &nbsp;&nbsp;&nbsp;Revenue - related parties | 1040293 | 1107725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 18089745 | 17617309 |
| **COST OF REVENUE** |  |  |
| Cost of revenue - third parties | 13158225 | 12299817 |
| Cost of revenue - related parties | 802865 | 825267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenue | 13961090 | 13125084 |
| **GROSS PROFIT** | **4128655** | **4492225** |
| **OPERATING EXPENSES** |  |  |
| Selling expenses | 124775 | 81015 |
| General and administrative expenses | 2206561 | 1984720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | **2331336** | **2065735** |
| **INCOME FROM OPERATIONS** | **1797319** | **2426490** |
| **OTHER INCOME (EXPENSE)** |  |  |
| Interest expense, net | (136916) | (139544) |
| Other income, net | 83424 | 94619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses, net | (53492) | (44925) |
| **INCOME BEFORE INCOME TAX PROVISION** | **1743827** | **2381565** |
| **PROVISION FOR INCOME TAXES** | 346886 | 269814 |
| **NET INCOME** | **1396941** | **2111751** |
| **OTHER COMPREHENSIVE INCOME** |  |  |
| Foreign currency translation adjustment | 23171 | 4282 |
| **TOTAL COMPREHENSIVE INCOME** | $**1420112** | $**2116033** |
| **Earnings per ordinary share - basic and diluted** | $**0.08** | $**0.12** |
| **Weighted average shares - basic and diluted \*** | **18000000** | **18000000** |

---

\* The share amounts are presented on a retrospective basis, see Note 13.

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

**RIKU DINING GROUP LIMITED**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

**FOR THE YEARS ENDED SEPTEMBER 30, 2024 and 2023**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares \*** | **Ordinary Shares \*** | **Ordinary Shares \*** | **Ordinary Shares \*** | | | | |
|  | **Class A**<br>**Shares** |<br>**Amount** | **Class B**<br>**Shares** |<br>**Amount** |<br>**Additional**<br>**paid-in**<br>**capital** |<br>**Retained**<br>**Earnings**<br>**(Deficit)** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income** |<br>**Total**<br>**Shareholders'**<br>**Equity** |
| **Balance, September 30, 2022** | **17666666** | $**176667** | **333334** | $**3333** | $**1167117** | $**(289268)** | $**7053** | $**1064902** |
| Capital contribution |  |  |  |  | 63 |  |  | 63 |
| Refund of capital contribution |  |  |  |  | (58061) |  |  | (58061) |
| Net income for the year |  |  |  |  |  | 2111751 |  | 2111751 |
| Foreign currency translation adjustment | - | - | - | - | - | - | 4282 | 4282 |
| **Balance, September 30, 2023** | **17666666** | $**176667** | **333334** | $**3333** | $**1109119** | $**1822483** | $**11335** | $**3122937** |
| Refund of capital contribution |  |  |  |  | (143356) |  |  | (143356) |
| Dividend distribution |  |  |  |  | (254376) |  |  | (254376) |
| Net income for the year |  |  |  |  |  | 1396941 |  | 1396941 |
| Foreign currency translation adjustment | - | - | - | - | - | - | 23171 | 23171 |
| **Balance, September 30, 2024** | **17666666** | $**176667** | **333334** | $**3333** | $**711387** | $**3219424** | $**34506** | $**4145317** |

---

\* The share amounts are presented on a retrospective basis, see Note 13.

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

**RIKU DINING GROUP LIMITED**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended September 30,** | **For the Years Ended September 30,** |
|  | **2024** | **2023** |
| **Cash flows from operating activities:** |  |  |
| **Net Income** | $**1396941** | $**2111751** |
| **Adjustments to reconcile net income to net cash provided by operating activities:** |  |  |
| Depreciation and amortization | 824767 | 623236 |
| Amortization of operating lease right-of-use assets | 1556267 | 1153784 |
| Amortization of finance lease right-of-use assets | 39767 | 26067 |
| Loss on disposal of property and equipment | 68633 |  |
| Deferred income tax benefit | (11350) | (37784) |
| **Changes in operating assets and liabilities:** |  |  |
| Accounts receivable | (232560) | (91854) |
| Accounts receivable - related parties | (44986) | (258687) |
| Inventories | (122934) | (92001) |
| Prepaid expenses and other current assets | (131617) | (140181) |
| Other non-current assets | (26615) | (398182) |
| Accounts payable | 10390 | 105409 |
| Taxes payable | 256390 | 148471 |
| Accrued expenses and other current liabilities | 224723 | 25396 |
| Operating lease liabilities | (1531602) | (1119237) |
| **Net cash provided by operating activities** | **2276214** | **2056188** |
| **Cash flows from investing activities:** |  |  |
| Purchase of property and equipment and intangible assets | (816200) | (1057029) |
| Payment made for a short-term investment | (146994) |  |
| Advances made to related parties | (824725) | (156283) |
| **Net cash used in investing activities** | **(1787919)** | **(1213312)** |
| **Cash flows from financing activities:** |  |  |
| Capital contribution |  | 63 |
| Refund of capital contribution | (143356) | (63523) |
| Payment of dividend distribution | (253289) | (574639) |
| Proceeds from long-term loans | 64419 |  |
| Repayments of long-term loans | (432988) | (289587) |
| Advance from (payments made to) related parties | (136949) | 50678 |
| Repayment of obligations under finance leases | (38345) | (23588) |
| **Net cash used in financing activities** | **(940508)** | **(900596)** |
| **Effect of exchange rate fluctuation on cash and cash equivalents** | **5862** | **10186** |
| **Net decrease in cash and cash equivalents** | **(446351)** | **(47534)** |
| **Cash and cash equivalents at beginning of year** | 1989851 | 2037385 |
| **Cash and cash equivalents at end of year** | $**1543500** | $**1989851** |
| **Supplemental cash flow information** |  |  |
| Cash paid for income taxes | $- | $- |
| Cash paid for interest | $- | $- |
| **Supplemental non-cash operating activities** |  |  |
| Right-of-use assets obtained in exchange for finance lease liabilities | $- | $48279 |
| Right-of-use assets obtained in exchange for operating lease liabilities | $2495047 | $1187084 |

---

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

**RIKU DINING GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION**

***<u>Business</u>***

Riku Dining Group Limited ("Riku" or the "Company"), is a dynamic international restaurant operator with a diverse portfolio of Japanese-themed dining concepts, strategically positioned in key markets such as Hong Kong and Canada. Through the Company's operating subsidiaries located in Canada and Hong Kong, the Company delivers authentic Japanese culinary experiences to customers by holding exclusive franchise rights for prestigious Japanese brands.

***<u>Organization</u>***

Riku was incorporated under the laws of the Cayman Islands on February 14, 2025 as an exempted company with limited liability.

The Company has no substantive operations other than holding all of the outstanding share capital of Master Central Holdings Ltd. ("Master Central"), a limited liability company incorporated under the laws of British Virgin Islands ("BVI") on July 2, 2021. Master Central has no substantive operations other than holding all of the outstanding share capital of (1) Rich Plenty Group Limited ("Rich Plenty"), a limited liability company formed under the laws of BVI on October 30, 2024 and Waraku Group Limited ("Waraku"), a limited liability company formed under the laws of Hong Kong on March 15, 2024.

Riku, Master Central, Rich Plenty and Waraku are currently not engaging in any active business operations and merely acting as holding companies.

The Company's business operations were conducted by the following operating subsidiaries in Canada and Hong Kong, including (1) Ajisen Ramen (Canada) Inc.("ARCI"), a company incorporated in Canada on July 18, 2007; (2) 2750039 Ontario Inc. ("CK Inc."), a company incorporated in Ontario on March 26, 2020; (3) 2512118 Ontario Inc ("Kennedy Inc.")., a company incorporated in Ontario on April 5, 2016; (4) 2770933 Ontario Inc. ("Vaughan Inc."), a company incorporated in Ontario on August 10, 2020; (5) 2811387 Ontario Inc. ("Midland Inc."), a company incorporated in Ontario on January 27, 2021 and (6) 1000047451 Ontario Limited ("Church Limited"), a company incorporated in Ontario on December 7, 2021; (7) C & Hospitality Limited ("C& Hospitality"), a limited company incorporated in Hong Kong on June 16, 2021; (8) ES Concept (F&B) Co., Limited ("ES Concept"), a limited company incorporated in Hong Kong on May 26, 2020; (9) ES&TWP Limited ("ES & TWP"), a limited company incorporated in Hong Kong on February 27, 2023; (10) ES & Yoho Limited ("ES & Yoho"), a limited company incorporated in Hong Kong on January 6, 2023; (11) C&NTP Limited ("C & NTP"), a limited company incorporated in Hong Kong on July 12, 2021; and (12) ES & Granville Limited ("ES & Granville"), a limited company incorporated in Hong Kong on June 8, 2022.

ARCI, CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited are collectively referred to as the "CA Operating Subsidiaries". ARCI is primarily engaged in providing management services to the franchisees, CK Inc. is primarily running the central kitchen business and Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited. are primarily engaged in running franchised full-service Japanese dining restaurants in Canada under the brand name of Ajisen Ramen, with a featured menu of a wide range of dishes, including its signature Kyushu-style tonkotsu ramen, famous in-house made gyoza, chicken karaage, and AAA striploin served on a sizzling hot plate. The menu also includes vegan and customizable options to cater to diverse dietary preferences.

C&NTP, C& Hospitality, ES Concept, ES&TWP, ES &Yoho and ES& Granville are collectively referred to as the "HK Operating Subsidiaries". ES Concept, ES &Yoho and C&NTP are primarily running the franchised full-service Japanese barbecue restaurant under the prestigious brand name of Yakiniku Kakura. ES&TWP and ES& Granville are primarily running the franchised restaurant business under the brand name of Yakiniku 801, specializing in high-quality beef cuts while ensuring affordability. ES&TWP also runs the restaurant business under the brand name of Ufufu Café, a Japanese-inspired cafe that blends Western-influenced Japanese cuisine (yoshoku) with Japanese-style desserts.

***Reorganization***

A reorganization of our legal structure ("Reorganization") was consummated on November 17, 2025. The reorganization involved the incorporation of Riku on February 14, 2025, and thereafter involved (1) the incorporation of Rich Plenty and Master Central; (2) the transfer of the entire issued share capital of CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Inc. and ARCI to Rich Plenty; (3) the acquisition of the entire issued share capital of Rich Plenty by Master Central, following which Rich Plenty became wholly-owned by Master Central and the CA Operating Subsidiaries became indirectly owned by Master Central; (4) the transfer of the issued share capital of the HK Operating Subsidiaries to Waraku, and (5) the acquisition of the entire issued share capital of Waraku and Rich Plenty by Master Central and Riku, following which, Waraku and Rich Plenty became wholly-owned by Riku and the HK Operating Subsidiaries became indirectly wholly-owned by Riku. Consequently, Riku, through its subsidiaries Master Central. Rich Plenty and Waraku, has directly controlled the CA Operating Subsidiaries and HK Operating Subsidiaries, and has become the ultimate holding company of all other entities mentioned above.

The Reorganization was accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.

Upon the completion of the Reorganization, the Company has subsidiaries in countries and jurisdictions in BVI, Canada and Hong Kong. Details of the subsidiaries of the Company are set out below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Entity** | **Date of Incorporation** | **Place of Incorporation** | **% of Ownership** | **Principal Activities** |
| Riku Dining Group Limited. ("Riku" or the "Company") | February 14, 2025 | Cayman Islands | Parent | Parent, holding investment |
| Master Central Holdings Ltd. ("Master Central") | July 2, 2021 | British Virgin Islands | 100% owned by Riku | Investment holding |
| Rich Plenty Group Limited ("Rich Plenty") | October 30, 2024 | British Virgin Islands | 100% owned by Mater Central, managing the CA Operating Subsidiaries listed below | Investment holding |
| Waraku Group Limited ("Waraku") | March 15, 2024 | Hong Kong | 100% owned by Master Central, managing the HK Operating Subsidiaries listed below | Investment holding |
| **Canada Operating subsidiaries ("CA Operating Subsidiaries") include the following:** |  |  |  |  |
| Ajisen Ramen (Canada) Inc. ("ARCI") | July 18, 2007 | Canada | 100%, subsidiary of Master Central | Management service to franchisees of sub-franchised Japanese Noodle Restaurant, Ajisen Ramen; operation of central kitchen |
| 2750039 Ontario Inc. ("CK Inc.") | March 26, 2020 | Ontario | 100%, subsidiary of Master Central | Own property on which central kitchen operates |
| 2512118 Ontario Inc. ("Kennedy Inc.") | April 5, 2016 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| 2770933 Ontario Inc. ("Vaughan Inc.") | August 10, 2020 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| 2811387 Ontario Inc. ("Midland Inc.") | January 27, 2021 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| 1000047451 Canada Inc. ("Church Limited") | December 7, 2021 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Hong Kong Operating Subsidiaries ("HK Operating Subsidiaries") including the following:** |  |  |  |  |
| C & Hospitality Limited ("C & Hospitality") | June 16, 2021 | Hong Kong | 100%, subsidiary of Waraku | Franchise brands management |
| ES Concept (F&B) Co., Limited ("ES Concept") | May 26, 2020 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese barbecue restaurant, under brand name of Yakiniku Kakura |
| ES & TWP Limited ("ES & TWP") | February 27, 2023 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese restaurant, under brand name of Yakiniku 801 and Ufufu Café |
| ES & Yoho Limited ("ES & Yoho") | January 6, 2023 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese barbecue restaurant, under brand name of Yakiniku Kakura |
| C & NTP Limited ("C & NTP") | July 12, 2021 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese barbecue restaurant, under brand name of Yakiniku Kakura |
| ES & Granville Limited ("ES & Granville") | June 8, 2022 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese restaurant, under brand name of Yakiniku 801 |

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 **NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***<u>Basis of Presentation and Principles of Consolidation</u>***

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The accompanying consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All inter-company balances and transactions are eliminated upon consolidation.

***<u>Uses of estimates</u>***

In preparing the consolidated financial statements in conformity U.S. GAAP, the management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, the allowance for credit losses, inventory valuation, the realization of advance to vendors, useful lives of property and equipment, the recoverability of long-lived assets, estimates used in lease accounting and realization of deferred tax assets. Actual results could differ from those estimates.

<u>Cash and cash equivalents</u>

Cash includes currency on hand and deposits held by banks that can be added or withdrawn without limitation. Cash equivalent represents small amount of cash deposited with certain commercial online platforms, such as Alipay and WeChat payment, which are highly liquid.

***<u>Accounts receivable, net</u>***

Accounts receivable represents balance due from customers and are recorded net of allowance for credit loss. The Company's primary accounts receivables are restaurant sales made with credit cards.

On October 1, 2023, the Company adopted ASC 326, Credit Losses, which replaced previously issued guidance regarding the impairment of financial instruments with an expected loss methodology that will result in more timely recognition of credit losses. The Company used a modified retrospective approach and did not restate the comparable prior periods.

The allowance for credit losses reflects the Company's current estimate of credit losses expected to be incurred over the life of the receivables and is measured in accordance with ASC 326. Provisions for credit losses are recorded based on management's judgment regarding the Company's ability to collect as well as the age of the receivables. Accounts receivable are written off when they are deemed uncollectible. As of September 30, 2024 and 2023, there was no credit loss recorded as management believed that all of the accounts receivable balances fully collectible.

***<u>Inventories, net</u>***

Inventories are stated at the lower of cost and net realizable value using weighted average method. Costs include the cost of food, beverages and supplies used in the restaurant business, labor costs and other overhead costs. Any excess of the cost over the net realizable value of each item of inventories is recognized as a provision for diminution in the value of inventories. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. When inventories are sold, the carrying amount of those inventories is recognized as an expense in the period in which the related revenue is recognized. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs. The Company recorded no inventory reserve as of September 30, 2024 and 2023.

***Short-term investments***

Short-term investments primarily consist of investments in prime-linked cashable guaranteed investment certificate ("GIC"), which is a flexible and secure investment option that offers guaranteed rate of return and early cash option to investor, with an annual interest rate linked to changes in Canadian bank's prime interest rate. Such investment can earn interest up to the cash out date and it can be cashed out any time without penalty.

The Company accounts for short-term investments in accordance with ASC 320, *Investments — Debt and Equity Securities* and ASC 321, *Investments- Equity Securities*. The Company determines the appropriate classification of its short-term investments as held-to-maturity, available-for-sale or trading at the time of purchase, and re-evaluate such classification as of each balance sheet date. Unrealized gains and losses are reported as a component of accumulated other comprehensive income in shareholders' equity. The Company uses the specific identification method of determining the cost basis in computing realized gains and losses on the sale of its short-term investment. Realized gains and losses are included in other income.

***<u>Property and equipment</u>***

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment is provided using the straight-line method over their expected useful lives, as follows:

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| | |
|:---|:---|
|  | **Useful life** |
| Building | 39 years |
| Machinery and equipment | 5–10 years |
| Automobiles | 3–5 years |
| Office and electric equipment | 3–5 years |
| Leasehold improvements | Lesser of useful life and lease term |

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Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of income and other comprehensive income in other income or expenses.

***<u>Intangible assets, net</u>***

The Company's intangible assets primarily consist of purchased computer software. Intangible assets are carried at cost less accumulated amortization and any recorded impairment. The Company amortizes its intangible assets over useful lives of three years using a straight-line method. Amortization of intangible assets amounted to $12,294 and $11,938, for the years ended September 30, 2024 and 2023, respectively.

***<u>Impairment of long-lived Assets</u>***

Long-lived assets with finite lives, primarily property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition below are the asset's carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets as of September 30, 2024 and 2023.

***<u>Leases</u>***

In accordance with ASC 842, the Company recognizes, on the balance sheets, the lease assets and related lease liabilities for the rights and obligations created at lease commencement by operating and finance leases with lease terms of more than 12 months. The lease term commences on the date the lessor makes the underlying asset or assets available, irrespective of when lease payments begin under the contract. When determining the lease term at commencement, the Company considers both termination and renewal option periods available, and only includes the period for which failure to renew the lease imposes a penalty on the Company in such an amount that renewal, or termination options, appear to be reasonably certain.

The Company's lease liability is generally based on the present value of the lease payments, consisting of fixed costs and certain rent escalations, using the incremental borrowing rate applicable to the lease term. The lease asset is generally based on the lease liability, adjusted for amounts related to other lease-related assets and liabilities. The Company's adjustments typically include prepaid rent, landlord contributions as a reduction to the asset and favorable or unfavorable lease purchase price adjustments.

The interest rates used in the Company's lease contracts are not implicit. The Company has derived the incremental borrowing rate using the interest rate the Company would pay on its existing borrowings, adjusted for the effect of designating collateral and the lease terms using market data as well as publicly available data for instruments with similar characteristics. The reasonably certain lease term and incremental borrowing rate for each lease requires judgment by management and can impact the classification and accounting for a lease as operating or finance, as well as the value of the lease asset and lease liability.

Lease asset carrying amounts are assessed for impairment annually or when events or circumstances indicate that the carrying amount may not be recoverable, in accordance with the Company's long-lived asset impairment policy. The Company monitors the events or changes in circumstances that require reassessment of lease classification. When a reassessment results in the re-measurement of a lease liability, a corresponding adjustment is made to the carrying amount of the lease asset. There was no impairment for ROU lease assets as of September 30, 2024 and 2023.

Operating lease expenses are recognized on a straight-line basis over the lease term. Finance lease expenses are recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. Lease expenses are recognized in depreciation and amortization expenses, and interest on each finance lease liability is recorded to interest expenses, as included in the consolidated statements of income and comprehensive income.

***<u>Fair value of financial instruments</u>***

Fair value is considered to be the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability.

Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Unless otherwise disclosed, the fair value of the Company's financial instruments, including cash and cash equivalent, accounts receivable, inventories, due from related parties, prepaid expenses and other current assets, short-term investment, current portion of long-term loans, accounts payable, taxes payable and accrued expenses and other current liabilities approximate the fair value of the respective assets and liabilities as of September 30, 2024 and 2023 based upon the short-term nature of the assets and liabilities.

The Company believes that the carrying amount of long-term loans approximates fair value at September 30, 2024 and 2023 based on the terms of the borrowings and current market rates as the rates of the borrowings are reflective of the current market rates.

***<u>Foreign currency translation</u>***

The functional currency for Riku, Master Central and Rich Plenty is the U.S Dollar ("US$"). The Company's CA Operating Subsidiaries, including ARCI, CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited, use the Canadian dollar ("CAD") as their functional currency. Waraku and the Company's HK Operating Subsidiaries, including C&NTP, C& Hospitality, ES Concept, ES&TWP, ES &Yoho and ES& Granville, use HK dollar ("HK$") as their functional currency. Riku, Master Central and Waraku currently only serve as the holding companies and did not have active operations as of the date of this report. The Company operates its business through its Canada Operating Subsidiaries and HK Operating Subsidiaries as of September 30, 2024. The Company's consolidated financial statements have been translated into US$. Assets and liabilities accounts are translated using the exchange rate at each reporting period end date. Equity accounts are translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations.

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2024** | **September 30, 2024** | **September 30, 2023** | **September 30, 2023** |
| Year-end spot rates | US$1=CAD 1.3511 | US$1 =HK$7.7693 | US$1=CAD 1.3535 | US$1 =HK$7.8308 |
| Average rate | US$1=CAD 1.3606 | US$1 =HK$7.8127 | US$1=CAD 1.3486 | US$1 =HK$7.8310 |

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***<u>Revenue recognition</u>***

On October 1, 2022, the Company adopted Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with customers", using the modified retrospective approach.

To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will *not* occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

The Company currently generates its revenue from the following main sources:

*Self-operated restaurant revenue*

With our exclusive franchise right of Ajisen Ramen in Canada, we have four directly managed Ajisen Ramen restaurants in Canada. In Hong Kong, we have three directly managed Japanese barbecue restaurants under the brand name of Yakiniku Kakura, two directly managed restaurants under the brand name of Yakiniku 801 and one directly managed restaurant under the brand name of Ufufu Café. Revenues from self-operated restaurants are recognized at point when food and beverage products are delivered to customers and payment is tendered at the time of sale. The Company presents sales, net of discount, promotional allowances and sales taxes. Sales taxes collected from customers are included in other accrued taxes on our consolidated balance sheets until the taxes are remitted to governmental authorities.

The Company accounts for the revenue from sales of food and beverage products in self-operated restaurants on a gross basis as the Company is acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits.

*Franchise revenue*

*Management service fees*

To better manage the sub-franchised restaurant stores, the Company provides upfront site selection, lease assistance, supply of the necessary franchise equipment, employee training services and other store management skills to the sub-franchisee to ensure that the sub-franchised restaurants conform to the general settings and requirements of the brand name over the contracted sub-franchise period. Management service fees are charged to the sub-franchisees at 1.5% to 10% of the monthly revenue of the sub-franchised restaurants and the Company recognizes such on a monthly basis revenue over the contracted period when the services are rendered on a continuous basis.

*Sales of food ingredients*

Some of the food ingredients used in Ajisen restaurants in Canada are pre-processed at the Company's central kitchen before delivery to the sub-franchised restaurants. The Company accounts for the revenue from sales of food ingredient products to sub-franchisees on a gross basis as the Company is acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. The Company recognizes revenue net of discounts and sales returns when the food ingredient products are delivered and the title is passed to the sub-franchisees.

*Contract Assets and Liabilities*

The Company did not have contract assets and contract liabilities as of September 30, 2024 and 2023.

*Disaggregation of Revenues*

The Company disaggregates its revenue from contracts by product, service types and geographic areas, as the Company believes it best depicts how the nature, amount, timing and uncertainty of the revenue and cash flows are affected by economic factors. The Company's disaggregation of revenues for the years ended September 30, 2024 and 2023 are as follows:

*Revenue by service type*

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| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Self-operated-restaurant revenue | $15653963 | $16081232 |
| Franchise fee income | 124097 | 125786 |
| Management fee income | 1172930 | 1064186 |
| Sale of ingredients | 1138755 | 346105 |
| Total revenues | $18089745 | $17617309 |

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*Revenue by geographic areas*

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| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Hong Kong, China | $9394208 | $9366691 |
| Canada | 8695537 | 8250618 |
| Total revenues | $18089745 | $17617309 |

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*Revenue by customer types*

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| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Revenue from third party customers | $17049452 | $16509584 |
| Revenue from related parties | 1040293 | 1107725 |
| Total revenues | $18089745 | $17617309 |

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***<u>Cost of revenue</u>***

Cost of revenue primarily includes food and beverage costs, labor cost, overhead costs and sales taxes.

***<u>Selling, general and administrative expenses</u>***

Selling expenses primarily include salary and welfare benefit expenses paid to the Company's sales personnel, business travel, meals and entertainment expenses, and other sales and marketing activity-related expenses. General and administrative expenses primarily consist of employee salaries, welfare and insurance expenses, professional and consulting expenses, office rent and decoration expenses, depreciation and amortization, bad debt reserve expenses and other miscellaneous administrative expenses. All costs associated with selling and general and administrative function are expensed as incurred.

***<u>Advertising expense</u>***

Advertising expenses primarily relate to the promotion of the Company's brand name and products through outdoor billboards and social media. Advertising expenses are included in selling expenses in the consolidated statements of income and comprehensive income. Advertising expenses amounted to $124,775 and $81,015 for the years ended September 30, 2024 and 2023, respectively.

***<u>Income taxes</u>***

The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

An uncertain tax position is recognized only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended September 30, 2024 and 2023. The Company does not believe that there was any uncertain tax provision on September 30, 2024 and 2023. The Company's subsidiaries in Canada and Hong Kong are subject to the income tax laws of the Canada and Hong Kong, respectively. As of September 30, 2024, all of the tax returns of the Company's CA Operating Subsidiaries and HK Operating Subsidiaries remain available for statutory examination by local tax authorities.

***<u>Earnings per Share</u>***

The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. As of September 30, 2024 and 2023, there were no dilutive shares.

***<u>Comprehensive income</u>***

Comprehensive income consists of two components, net income and other comprehensive income. The foreign currency translation gain or loss resulting from translation of the financial statements expressed in CAD and HK$ to US$ is reported in other comprehensive income in the consolidated statements of income and comprehensive income.

***<u>Statement of cash flows</u>***

In accordance with ASC 230, "Statement of Cash Flows", cash flows from the Company's operations are formulated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.

***<u>Segment reporting</u>***

In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM or decision-making group, in deciding how to allocate resources and in assessing performance. The Company uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's CODM for making operating decisions and assessing performance as the source for determining the Company's reportable segments. Management, including the CODM, reviews operating results by the revenue of different services. Based on management's assessment, the Company has determined that it has four operating segments as defined by ASC 280 (see Note 15).

***<u>Related parties and transactions</u>***

The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, "Related Party Disclosures" and other relevant ASC standards.

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure.

***<u>Recent accounting pronouncements</u>***

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This ASU clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with ASC Topic 606, "Revenue from Contracts with Customers". This ASU is expected to improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. The new guidance is effective for public companies for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For all other entities, it is effective for fiscal years beginning after December 31, 2023, including interim periods within those fiscal years. The Company does not believe the adoption of this new guidance will have material impact on its consolidated financial statements.

On November 27, 2023, FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires that an entity disclose significant segment expenses impacting profit and loss that are regularly provided to the chief operating decision maker. The update is required to be applied retrospectively to prior periods presented, based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments in ASU 2023-07 are required to be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not believe the adoption of this new guidance will have material impact on its consolidated financial statements.

On December 14, 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires that entities disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The new standard is effective for the Company beginning December 15, 2024, with early adoption permitted effective for fiscal years beginning January 1, 2024. The Company is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statements.

Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its consolidated financial condition, results of operations, cash flows or disclosures.

**NOTE 3 — ACCOUNTS RECEIVABLE, NET**

Accounts receivable consists of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Accounts receivable | $401604 | $167112 |
| Less: allowance for credit loss | - | - |
| Accounts receivable, net | $401604 | $167112 |

---

The Company's accounts receivable primarily includes balance due from customers when the Company's products are sold and delivered to customers. The Company's accounts receivable balance at September 30, 2023 has been fully collected. The September 30, 2024 accounts receivable balance has been fully collected as of the date of this report.

**NOTE 4 — INVENTORY, NET**

Inventory, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2024** | **September 30,**<br> **2023** |
| Food and beverages | $19077 | $18654 |
| Food ingredients | 322942 | 212824 |
| Other kitchen materials | 16447 | 2453 |
| Inventory valuation allowance | - | - |
| Total inventory, net | $358466 | $233931 |

---

**NOTE 5 — PREPAID EXPENSES AND OTHER ASSETS, NET**

Prepaid expenses and other assets, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2024** | **September 30, 2023** |
| Security deposit <sup>(1)</sup> | $970283 | $1006421 |
| Advance to suppliers <sup>(2)</sup> | 198145 | 101313 |
| Loans to third parties | 95056 |  |
| Others | 94056 | 82749 |
| Allowance for credit losses | - | - |
| Subtotal | 1357540 | 1190483 |
| Less: prepaid expenses and other current assets | (376980) | (243588) |
| Other non-current assets | $980560 | $946895 |

---

(1) Deposits
 primarily include security deposits paid to landlords for the Company's restaurant stores as well as security deposits paid
 to the Company's suppliers.

(2) Advances
 to suppliers consist of mainly payments to suppliers for inventory purchases that have not been received.

**NOTE 6 — PROPERTY AND EQUIPMENT, NET**

Property and equipment, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Buildings | $1142580 | $1140554 |
| Leasehold improvement | 2744622 | 2246444 |
| Kitchen machinery and equipment | 992223 | 769742 |
| Automobiles | 107214 | 120347 |
| Office and electric equipment | 749572 | 716451 |
| Subtotal | 5736211 | 4993538 |
| Less: accumulated depreciation | (2157558) | (1366747) |
| Property and equipment, net | $3578653 | $3626791 |

---

Depreciation expenses were $812,473 and $611,298 for the years ended September 30, 2024 and 2023, respectively.

In connection with the Company's long-term bank loan with Royal Bank of Canada, the equipment and leaseholds of Midland Inc., Church Limited. and Vaughan Inc. and the building property of CK Inc. were pledged as collaterals to safeguard the loans (see Note 9).

**NOTE 7 — INTANGIBLE ASSETS, NET**

Intangible assets primarily include software. Amortization expenses were $12,294 and $11,938 for the years ended September 30, 2024 and 2023, respectively.

**NOTE 8 — LEASES**

*Operating Leases*

The Company's CA Operating Subsidiaries and HK Operating Subsidiaries enter into non-cancellable operating lease agreements with the landlords to lease office spaces and restaurant stores. Most of the leases are renewable every three years.

Effective on October 1, 2022, the Company adopted Topic 842. At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. ROU assets represent the Company's right to use an underlying asset over the lease term and lease liabilities represent the Company's obligation to make lease payments derived from the lease.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease terms. Rent expense is recognized on a straight-line basis over the lease terms.

Balance sheet information related to operating leases ROU assets and lease liabilities is as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Operating lease right-of-use assets | $7677988 | $5149361 |
| Amortization of operating lease right-of-use assets | (3531560) | (1960572) |
| Total operating lease right-of-use assets, net | $4146428 | $3188789 |
| Operating lease liabilities - current | $1818946 | $1128549 |
| Operating lease liabilities – non-current | 2520221 | 2227000 |
| Total operating lease liabilities | $4339167 | $3355549 |

---

The weighted average remaining lease terms and discount rates for the operating lease as of September 30, 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Weighted average remaining lease term (years) | 2.73 | 3.21 |
| Weighted average discount rate | 4.09% | 4.73% |

---

For the years ended September 30, 2024 and 2023, the Company reported total operating lease costs of $1,727,631 and $1,313,428, respectively.

*Finance Lease*

On December 13, 2022, the Company's subsidiary in Canada, ARCI, entered into an auto loan purchase agreement with the car dealer to finance a vehicle purchase, with cash downpayment of CAD 40,736, monthly payment of CAD 3,582 ($2,651) for 36 consecutive installment payments and vehicle mortgage interest of 8.49% per annum. Related party, Mr. Johnny Luk Ching Po signed as the co-lessee on this lease agreement to provide additional guarantee to safeguard the leased vehicle.

On April 19, 2023, the Company's subsidiary in Canada, Vaughan Inc., entered into an auto loan purchase agreement with the car dealer to finance a vehicle purchase, with zero cash downpayment, monthly payment of CAD 1,529 ($1,132) for 48 consecutive installment payments and vehicle mortgage interest of 5.99% per annum.

Management deemed such auto finance purchases under the lease agreements as finance lease. Finance lease expenses are recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term.

The weighted average remaining lease terms and discount rates for the finance lease as of September 30, 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Weighted average remaining lease term (years) | 1.83 | 2.75 |
| Weighted average discount rate | 7.31% | 7.47% |

---

Total interest on the financed vehicles amounted to $6,730 and $5,985 for the years ended September 30, 2024 and 2023, respectively.

The following table summarizes the maturity of lease liabilities and future minimum payments of leases as of September 30, 2024:

---

| | | |
|:---|:---|:---|
| **Year ending September 30,** | **Operating<br> Leases** | **Finance<br> Leases** |
| 2025 | $1957315 | $45392 |
| 2026 | 1452566 | 21532 |
| 2027 | 748550 | 7921 |
| 2028 | 320259 |  |
| 2029 | 65395 |  |
| Thereafter | 75461 | - |
| Total lease payments | 4619546 | 74845 |
| Less: imputed interest | (280379) | (4817) |
| Total lease liabilities | $4339167 | $70028 |

---

**NOTE 9 — LONG-TERM LOANS**

*Long-term auto loans*

Long-term auto loans consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Don Valley North Lexus | (1) | $- | $32619 |
| Finch Chevrolet Cadillac Buick GMC Ltd. | (2) | 25786 | 36894 |
| Audi Queensway | (3) | 29210 | - |
| Total long-term auto loans |  | $54996 | $69513 |
| Current portion of long-term auto loans |  | $21300 | $19897 |
| Non-current portion of long-term auto loans |  | $33696 | $49616 |

---

(1) On
 May 25, 2021, the Company's subsidiary in Canada, Midland Inc., entered into a vehicle purchase agreement with Don Valley North
 Lexus. To facilitate the purchase, Midland Inc. also entered into a loan arrangement for principal amount of CAD 71,003 ($52,552).
 The effective interest rate was 2.38% per annum. The outstanding principal and interest shall be paid by 156 installment payments
 of CAD 466.58 each. As of September 30, 2024, the loan was full repaid.

(2) On
 January 10, 2023, the Company's subsidiary in Canada, Midland Inc., entered into a vehicle purchase agreement with Finch Chevrolet
 Cadillac Buick GMC Ltd. To facilitate the purchase, Midland Inc. also entered into a loan arrangement for principal amount of CAD
 60,388 ($44,696). The effective interest rate was 9.42% per annum. The outstanding principal and interest shall be paid by 104 installment
 payments of CAD 641 each. As of September 30, 2024, current portion and non-current portion of long-term auto loan payable to Finch
 Chevrolet Cadillac Buick GMC Ltd. amounted to $11,174 and $14,612, respectively.

(3) On
 August 12, 2024, the Company's subsidiary in Canada, Church Limited, entered into a vehicle purchase agreement with Audi Queensway.
 To facilitate the purchase, Church Limited. also entered into a loan arrangement for principal amount of CAD 41,043 ($30,377). The
 effective interest rate was 11.17% per annum. The outstanding principal and interest shall be paid by 78 installment payments of
 CAD 567 each. As of September 30, 2024, current portion and non-current portion of long-term auto loan payable to Audi Queensway
 amounted to $10,126 and $19,084, respectively.

For the above-mentioned long-term auto loans, the Company recorded a total interest expense of $1,919 and $1,162 for the years ended September 30, 2024 and 2023, respectively.

The future maturities of long-term auto loans as of September 30, 2024 were as follows:

---

| | |
|:---|:---|
| **12 months ending September 30,** | |
| 2025 | $21300 |
| 2026 | 21300 |
| 2027 | 12396 |
| Total long-term auto loans | $54996 |

---

*Long-term bank loans*

Long-term bank loans consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Bank of China (Hong Kong) ("BOAHK") | (1) | $913300 | $1008000 |
| Royal Bank of Canada ("RBC") | (2) | 40484 | 77716 |
| Royal Bank of Canada ("RBC") | (3) | 132121 | 182939 |
| Royal Bank of Canada ("RBC") | (4) |  | 92511 |
| Royal Bank of Canada ("RBC") | (5) |  | 29553 |
| Business Development Bank of Canada ("BDC") | (6) | 900866 | 942091 |
| Total long-term bank loans |  | $1986771 | $2332810 |
| Current portion of long-term bank loans |  | $239828 | $274167 |
| Non-current portion of long-term bank loans |  | $1746943 | $2058643 |

---

(1) On
 April 1, 2022, the Company's subsidiary in Hong Kong, ARCI, entered into a term loan facility agreement with BOAHK to
 borrow HK$9 million (approximately $1.2 million) as working capital, with loan maturity date on April 20, 2032. The loan bears
 variable interests, with interest charged at 2.5% p.a. below the Hong Kong dollars prime rate quoted by the Hong Kong Mortgage Corporation
 Limited from time to time. The effective interest rate ranged between 2.75% to 3.746% per annum. The outstanding principal and interest
 shall be paid by 120 installment payments of HKD 85,870 each. Any payment required to be made which is not made when due shall bear
 default interest of 6% per annum over the Hong Kong dollars prime rate quoted by the Hong Kong Mortgage Corporation Limited from
 time to time. A related party, Mr. Luk Siu Fung Mark, one of the major shareholders of the Company, signed guarantee agreement with
 BOAHK to provide guarantee on this loan, with the guarantee limit not exceeding the loan amount. As of September 30, 2024, current
 portion and non-current portion of long-term loan payable to BOAHK amounted to $108,416 and $804,884, respectively.

(2) On
 May 12, 2021, the Company's subsidiary in Canada, Midland Inc., entered into a term loan facility agreement with RBC to borrow
 CAD 223,000 ($165,051) as working capital, with loan maturity date on May 26, 2025. The loan bears variable interests, with interest
 charged at 3.0% p.a. above the Royal Bank prime rate quoted by the RBC from time to time. The effective interest rate was 10.20%
 per annum. The outstanding principal and interest shall be paid by 48 installment payments of CAD 4,207.55 each with all outstanding
 principal and interests is payable in full at the end of the term. Any payment required to be made which is not made when due shall
 bear the same rate as the interest rate applicable to the principal amount. Two related parties, Mr. Zhanpeng Liao and Mr. Steven
 Liao, each a family member of the Company's shareholder, signed guarantee agreement with RBC to provide guarantee on this
 loan, with the guarantee limit not exceeding CAD 55,750. The equipment and leaseholds of Midland Inc. were pledged as collaterals
 to safeguard the loan. As of September 30, 2024, current portion and non-current portion of long-term loan payable to RBC amounted
 to $37,370 and $3,114, respectively.

(3) On
 April 8, 2022 the Company's subsidiary in Canada, Church Limited, entered into a term loan facility agreement with RBC to borrow
 CAD 345,000 ($255,347) as working capital, with loan maturity date on April 26, 2027. The loan bears variable interests, with interest
 charged at 3.0% p.a. above the Royal Bank prime rate quoted by the RBC from time to time. The effective interest rate was 10.20%
 per annum. The outstanding principal and interest shall be paid by 60 installment payments of CAD 5,758 each with all outstanding
 principal and interests is payable in full at the end of the term. Any payment required to be made which is not made when due shall
 bear the same rate as the interest rate applicable to the principal amount. Three related parties, Mr. Zhanpeng Liao, Mrs.
 Dan Yang and Mr. Steven Liao, each a family member of the Company's shareholder, signed guarantee agreement with RBC to provide
 guarantee on this loan, with the guarantee limit not exceeding CAD 86,375. The equipment and leaseholds of Church Limited were pledged
 as collateral to safeguard the loan. As of September 30, 2024, current portion and non-current portion of long-term loan payable
 to RBC amounted to $51,144 and $80,977, respectively.

(4) On
 November 23, 2020, the Company's subsidiary in Canada, Vaughan Inc., entered into a term loan facility agreement with RBC to
 borrow CAD 278,250 ($205,943) as working capital, with loan maturity date on December 30, 2025. The loan bears variable interests,
 with interest charged at 3.0% p.a. above the Royal Bank prime rate quoted by the RBC from time to time. The effective interest rate
 was 10.20% per annum. The outstanding principal and interest shall be paid by 60 installment payments of CAD 4,638 each with all
 outstanding principal and interests is payable in full at the end of the term. Any payment required to be made which is not made
 when due shall bear the same rate as the interest rate applicable to the principal amount. One related party, Mr. Keith Ka Bo Chan,
 a family member of one of the major shareholders of the Company, signed guarantee agreement with RBC to provide guarantee on this loan, with
 the guarantee limit not exceeding CAD 69,563. The equipment and leaseholds of Vaughan Inc. was pledged as collateral to safeguard
 the loan. As of September 30, 2024, the loan was fully repaid.

(5) The
 CAD 40,000 ($29,553) loan was funded by the Government of Canada, it was one of the Government of Canada's financial relief
 measures to support Canadian businesses that have been adversely affected by COVID-19. The loans help eligible businesses pay for
 operating expenses, payroll and other non-deferrable expenses which are critical to sustain business continuity. Loan forgiveness
 of 25% will apply if 75% of the maximum loan balance is repaid by December 31, 2023, and no interest applies before January 1, 2024.
 The Company repaid 75% of the loan and 25% of loan was forgiven by the bank.

(6) On
 March 23, 2020, the Company's subsidiary in Canada, CK Inc., entered into a term loan facility agreement with BDC to borrow
 CAD 1,450,000 (approximately $1.1 million) to finance the purchase of 2 condominium units as central kitchen and warehouse, with
 loan maturity date on September 15, 2045. The loan bears variable interests, with interest charged at 0.75% p.a. below the floating
 base rate quoted by the BDC from time to time. The effective interest rate was 8.20% per annum. The outstanding principal and interest
 shall be paid by 300 installment payments, the first payment is CAD 5,830 and the remaining 299 payments is CAD 4,830 each. Any payment
 required to be made which is not made when due shall bear the same rate as the interest rate applicable to the principal amount.
 One of the Company's subsidiaries, Kennedy Inc., and another three related party companies provide guarantee on this loan,
 with the guarantee limit not exceeding the loan amount outstanding, and one of the major shareholders of the Company, Mr. Luk
 Ching Po Johnny, also signed guarantee agreements with BDC to provide guarantee on this loan, with the guarantee limit not exceeding
 30% of the loan amount outstanding. In addition, the building property of CK Inc. was pledged as collateral to safeguard the loan.
 As of September 30, 2024, current portion and non-current portion of long-term loan payable to BDC amounted to $42,898 and $857,968,
 respectively.

For the above-mentioned long-term bank loans, the Company recorded a total interest expense of $141,631 and $144,300 for the years ended September 30, 2024 and 2023, respectively.

The future maturities and repayment of long-term bank loans as of September 30, 2024 were as follows:

---

| | |
|:---|:---|
| **12 months ending September 30,** | Amount |
| 2025 | $239828 |
| 2026 | 229786 |
| 2027 | 205362 |
| 2028 | 175528 |
| 2029 | 175528 |
| Thereafter | 960739 |
| Total long-term bank loans | $1986771 |

---

**NOTE 10 — RELATED PARTY TRANSACTIONS**

***(a). Nature of relationships with related parties***

---

| | |
|:---|:---|
| **Name** | **Relationship within the Group** |
| Chung Po Luk | Father of Luk Siu Fung Mark and brother of Johnny Ching Po Luk |
| Steven Liao | Son-in-law of Luk Ching Po Johnny |
| Luk Siu Fung Mark | Shareholder and director of the Company |
| Luk Ching Po Johnny | Shareholder and director of the Company |
| Zhanpeng Liao | Family member of Steven Liao |
| Dan Yang | Family member of Steven Liao |
| Mak Po Keung | Family member of Luk Siu Fung Mark |
| Keith Ka Bo Chan | Shareholder of Vaughan Inc. |
| Midtown 1000076454 | An entity owned by Keith Ka Bo Chan |
| Jmart Ontario Inc | An entity owned by Steven Liao |
| 15397294 Canada Inc. ("Ajisen Waterloo") | An entity owned by Steven Liao |
| 2070111 Ontario Inc ("Warden") | An entity owned by Luk Ching Po Johnny |
| 1695325 Ontario Inc ("Yonge") | An entity owned by Luk Ching Po Johnny |
| 1802497 Ontario Inc. | An entity owned by Luk Ching Po Johnny |
| ES& Cubus Limited | An entity owned by Luk Siu Fung Mark |
| C& 535 Limited | An entity owned by Luk Siu Fung Mark |
| J.H Dinning Limited | An entity owned by Mak Po Keung |
| Hunan Waraku Holding Company Limited | An entity for which Luk Siu Fung Mark is the legal representative. |
| Mr. Suenaga Yuchi | Legal representative of ES Concept (one of the subsidiaries of Waraku) |
| Unico HK Corporation Limited | Mr. Suenaga Yuchi |
| ONEM Systems Inc. | An entity owned by Zhanpeng Liao |
| East West Entertainment Group Ltd | An entity owned by Steven Liao |
| Zhanpeng Liao Holding Company | An entity owned by Zhanpeng Liao |
| Shigemitsu Industry Ltd. | Mr. Shigemitsu San is the director of this entity. Mr. Shigemitsu San is also the non-executive director of the Company |

---

**(b)** **Accounts receivable - related parties, net** 

Accounts receivable - related parties, net consists of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| J.H Dinning Limited | $347972 | $296915 |
| 15397294 Canada Inc. ("Ajisen Waterloo") | 61492 |  |
| 1695325 Ontario Inc ("Yonge") | 12927 |  |
| C& 535 Limited |  | 73883 |
| ES& Cubus Limited. | 2579 | 6709 |
| 2070111 Ontario Inc ("Warden") | 222 | - |
| Total accounts receivable - related parties, net | $425192 | $377507 |

---

**(c)** **Due from related parties** 

Due from related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Jmart Ontario Inc | $250516 | $88381 |
| Luk Ching Po Johnny | 177642 |  |
| C& 535 Limited | 144723 | 40421 |
| ES& Cubus Limited | 127180 |  |
| Midtown 1000076454 | 93678 | 22165 |
| 15397294 Canada Inc. ("Ajisen Waterloo") | 73532 |  |
| Zhanpeng Liao | 60829 | 4607 |
| Dan Yang | 48120 | 3705 |
| 2070111 Ontario Inc ("Warden") | 8404 |  |
| Steven Liao | 7716 | 442 |
| Hunan Waraku Holding Company Limited | - | 1877 |
| Total due from related parties | $992340 | $161598 |

---

The Company has, in the past, advanced cash to related parties for business purposes and recorded such advances as due from related parties in the consolidated financial statements. Such advances were non-interest bearing and due upon demand. Subsequent to the balance sheet date, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, who controls C& 535 Limited and ES& Cubus Limited. As a result, the amount due from C& 535 Limited and ES& Cubus Limited as of September 30, 2024 has been reduced. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. In addition, in April 2025, the Company's CA Operating Subsidiaries collected back approximately $89,000 from related parties. In August 2025, the Company's CA Operating Subsidiaries further collected back approximately $427,506 from related parties. As of the date of this prospectus, approximately $788,000, or 79.4% of the September 30, 2024 due from related parties balance has been collected and the remaining balance is expected to be collected by September 2025. The Company does not have the intention to make cash advances to related parties in the future.

**(d)** **Dues to related parties** 

Dues to related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2024** | **September 30,<br> 2023** |
| Unico HK Corporation Limited | $140982 | $62840 |
| Mak Po Keung | 128635 |  |
| ONEM Systems Inc | 518 | 10122 |
| Luk Ching Po Johnny |  | 228828 |
| Mak Po Keung |  | 89378 |
| 2070111 Ontario Inc ("Warden") |  | 14395 |
| ES& Cubus Limited | - | 986 |
| Total due to related parties | $270135 | $406549 |

---

As of September 30, 2024 and 2023, the balance due to related parties mainly consisted of advances from the Company's principal shareholders for working capital purposes during the Company's normal course of business. These advances are non-interest bearing and due on demand.

**(e)** **Revenues from related parties** 

Revenue from related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br> September 30,** | **For the years ended <br> September 30,** |
|  | **2024** | **2023** |
| 15397294 Canada Inc. ("Ajisen Waterloo") | $233234 | $74446 |
| 1695325 Ontario Inc ("Yonge") | 230078 | 223339 |
| 2070111 Ontario Inc ("Warden") | 187099 | 297785 |
| 1802497 Ontario Inc. | 172757 | 148892 |
| J.H Dinning Limited | 146315 |  |
| C& 535 Limited | 39883 | 324896 |
| ES& Cubus Limited | 23886 | 19212 |
| Hunan Waraku Holding Company Limited | 7040 |  |
| Mak Po Keung | - | 19155 |
| Total revenue from related parties | $1040293 | $1107725 |

---

Cost of revenue associated with the related party sales amounted to $802,865 and $825,267 for the years ended September 30, 2024 and 2023.

**(f)** **Others fees to related parties** 

Other fees to related parties consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Types of fees** | **For the years ended <br> September 30,** | **For the years ended <br> September 30,** |
|  |  | **2024** | **2023** |
| Unico HK Corporation Limited | Royalties fee | $420690 | $367572 |
| Unico HK Corporation Limited | Franchise fee | 19200 |  |
| Shigemitsu Industry Ltd. | Royalty fee | $96627 | $90010 |
| Chung Po Luk | Consulting Fee | 37851 | 16313 |
| East West Entertainment Group Ltd | Management service fee | 30635 | $34123 |
| East West Entertainment Group Ltd | Consulting Fee | - | $18602 |
| Total other fees to related parties |  | $605003 | $526620 |

---

**(g)** **Loan guarantee provided by related parties** 

The Company related parties provided a guarantee for the Company's long-term bank loans (See Note 9).

**(h)** **Finance lease guaranteed by a related party** 

In connection with the Company's finance lease of a vehicle, related party, Mr. Luk Ching Po Johnny signed as the co-lessee on this lease agreement to provide an additional guarantee to safeguard the leased vehicle (see Note 8).

**(i) Purchase from a related party**

During the years ended September 30, 2024 and 2023, the Company's CA Operating Subsidiary, CK Inc. and ARCI, purchased food ingredients and noodle machines from a related party, Shigemitsu Industry Ltd., in the amount of $166,042 and $134,259, respectively.

**NOTE 11— TAXES**

**(a)** **Corporate Income Taxes ("CIT")** 

<u>Cayman Islands</u>

Under the current tax laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, no Cayman Islands withholding tax will be imposed upon the payment of dividends by the Company to its shareholders.

<u>British Virgin Islands</u>

Master Central is incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, Master Central is not subject to tax on income or capital gains. In addition, upon payments of dividends by Master Central, no British Virgin Islands withholding tax is imposed.

<u>Canada</u>

ARCI, CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited are incorporated under the provincial laws of Ontario or the federal laws of Canada and are subject to federal and provincial corporate income tax in Canada. The combined federal and provincial corporate income tax rates are as follows: General Corporations: The federal rate is 15%, and the Ontario provincial rate is 11.5%, resulting in a combined rate of 26.5%.

<u>Hong Kong</u>

Waraku, C&NTP, C& Hospitality, ES Concept, ES&TWP, ES &Yoho and ES& Granville are incorporated in Hong Kong and are subject to profit taxes in Hong Kong. The applicable tax rate is 8.25% on assessable profits arising in or derived from Hong Kong up to HKD2,000,000 and 16.5% on any part of assessable profits over HKD2,000,000.

The components of the income tax provision are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Current tax provision |  |  |
| Cayman Islands | $- | $- |
| British Virgin Islands |  |  |
| Canada | 301997 | 143659 |
| Hong Kong | 56239 | 163939 |
|  | $358236 | $307598 |
| Deferred tax benefit |  |  |
| Cayman | $- | $- |
| British Virgin Islands |  |  |
| Canada | (2593) | (3811) |
| Hong Kong | (8757) | (33973) |
|  | $(11350) | $(37784) |
| Income tax provision | $346886 | $269814 |

---

The following table reconciles the Canada statutory rates to the Company's effective tax rate for the years ended September 30, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br> September 30,** | **For the Years Ended <br> September 30,** |
|  | **2024** | **2023** |
| Canada Statutory income tax rate | 26.5% | 26.5% |
| Effect of preferential tax rate | (9.6)% | (7.8)% |
| Non-deductible expenses | 4.8% | 0.9% |
| Non-Canada entity not subject Canada income tax | (0.7)% | (5.8)% |
| Change in valuation allowance | (1.5)% | (2.6)% |
| Others | 0.4% | 0.1% |
| Effective tax rate | 19.9% | 11.3% |

---

The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of September 30, 2024, all of the tax returns of the Company's CA Operating Subsidiaries and HK Operating Subsidiaries remain available for statutory examination by local tax authorities.

<u>Deferred tax assets, net</u>

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2024** | **September 30,**<br> **2023** |
| Operating lease liabilities | $796126 | $664727 |
| Depreciation and amortization | 69145 | 80460 |
| Net operating loss carried forward | 15702 | 10438 |
| Total deferred tax assets | 880973 | 755625 |
| Valuation allowance | - | - |
| Deferred tax assets, net of valuation allowance | $880973 | $755625 |
| Net off deferred tax liabilities | (778106) | (657322) |
| Deferred tax assets, net | $102867 | $98303 |

---

The Company periodically evaluates the likelihood of the realization of deferred tax assets, and reduces the carrying amount of the deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. Management considers new evidence, both positive and negative, that could affect the Company's future realization of deferred tax assets including its recent cumulative earnings experience, expectation of future income, the carry forward periods available for tax reporting purposes and other relevant factors. As of September 30, 2024 and 2023, the Company's net deferred tax assets were $102,867 and $98,303, respectively, primarily derived from operating lease liabilities, depreciation and amortization and net operating loss carryforward of its operating entities, offset by the deferred tax liabilities.

<u>Deferred tax liabilities</u>

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2024** | **September 30,**<br> **2023** |
| Right-of-use assets | $760587 | $634146 |
| Depreciation and amortization | 34985 | 47836 |
| Deferred tax liabilities | $795572 | $681982 |
| Net off deferred tax assets | (778106) | (657322) |
| Deferred tax liabilities, net | $17466 | $24660 |

---

**(b)** **Taxes payable** 

Taxes payable consist of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2024** | **September 30,**<br> **2023** |
| Income tax payable | $561566 | $395268 |
| GST/HTS tax payable | 201285 | 106939 |
| Total taxes payable | $762851 | $502207 |

---

<u>Uncertain tax positions</u>

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of September 30, 2024 and 2023, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest or penalties tax for the years ended September 30, 2024 and 2023. The Company does not anticipate any significant increases or decreases in unrecognized tax benefits in the next twelve months from September 30, 2024. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of September 30, 2024 and 2023, all of the tax returns of the Company's CA Operating Subsidiaries and HK Operating Subsidiaries remain available for statutory examination by local tax authorities.

**NOTE 12 — CONCENTRATIONS**

For the years ended September 30, 2024 and 2023, no single customer accounted for more than 10% of the Company's total revenue.

As of September 30, 2024, one customer accounted for 78.0% of the total accounts receivable balance. As of September 30, 2023, three customers accounted for 55.2%, 23.9% and 12.2% of the total accounts receivable balance, respectively.

For the year ended September 30, 2024, two suppliers accounted for approximately 13.1% and 10.2% of the total purchases, respectively. For the year ended September 30, 2023, two suppliers accounted for approximately 13.9% and 10.8% of the total purchases, respectively.

**NOTE 13 — SHAREHOLDERS' EQUITY**

***Ordinary Shares***

Riku was incorporated under the laws of the Cayman Islands on February 14, 2025. The original share capital of Riku was $50,000 divided into (i) 4,300,000 Class A ordinary shares and (ii) 700,000 Class B ordinary shares, with par value of $0.01 per share. The original issued and outstanding number of ordinary shares was 838,000 shares. On November 17, 2025, the Company amended its Memorandum of Association to increase the share capital of Riku from original $50,000 to $5,000,000, and increase the authorized number of shares from original 5,000,000 shares to 500,000,000 shares with par value of $0.01 per share, and increase the issued and outstanding number of shares from 838,000 ordinary shares at par value of $0.01 per share to 18,000,000 ordinary shares with par value of $0.01 per share. The increase in the issued number of shares is treated as a stock split effected in the form of a dividend. As a result of this forward split of the outstanding ordinary shares, there is a total of 18,000,000 shares issued and outstanding, which consists of 17,666,666 shares of Class A ordinary shares and 333,334 shares of Class B ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. In respect of matters requiring the votes of stockholders, each share of Class A ordinary shares is entitled to one vote, and each share of Class B ordinary shares is entitled to twenty votes. Class B ordinary share is convertible into Class A ordinary share at any time after issuance at the option of the holder on a one-to-one basis. The shares of Class A ordinary shares are not convertible into shares of any other class. The numbers of authorized and outstanding Ordinary Shares were retroactively applied as if the transaction occurred at the beginning of the period presented (see Note 1).

***Dividends***

During fiscal year 2024, the Company's CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payment of an aggregate amount of $254,376 to its shareholders out of the additional paid-in capital balance.

Subsequently, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, to offset against the due from related parties balance associated with two entities controlled by Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP (see Note 10 and Note 16).

Except for the dividend payment mentioned above, the Company currently intends to retain any future earnings to finance the operation and expansion of its business, and the Company does not expect to declare or pay any dividends in the foreseeable future.

***Refund of capital contribution***

During the years ended September 30, 2024 and 2023, the Company's CA Operating Subsidiaries, Midland Inc. and Church Limited, refunded an aggregate of $143,356 and $58,061 capital contributions to some of their original shareholders. The capital contribution refund was due to certain original shareholders of ARCI, Vaughan Inc. and Midland Inc. to withdraw from ARCI, Vaughan Inc. and Midland Inc. through capital reduction.

**NOTE 14 — CONTINGENCIES**

From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. For the years ended September 30, 2024 and 2023, the Company did not have any material legal claims or litigation that, individually or in aggregate, could have a material adverse impact on the Company's consolidated financial position, results of operations and cash flows.

**NOTE 15 — SEGMENT REPORTING**

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company's chief operating decision maker in order to allocate resources and assess performance of the segment.

The Company's restaurant business operations in Canada and Hong Kong have similar economic characteristics with respect to restaurant inventories, vendors, marketing and promotions, customers and methods of distribution. The Company's chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company, determined that the Company has four reporting segments.

The following table presents the segment information for the years ended September 30, 2024 and 2023, respectively:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30, 2024** | **For the Years Ended September 30, 2024** | **For the Years Ended September 30, 2024** | **For the Years Ended September 30, 2024** | **For the Years Ended September 30, 2024** |
|  | **Self-operated - restaurant revenue** | **Franchise fee income** | **Management fee income** | **Sale of ingredients** | **Total** |
| Revenue | $15653963 | $124097 | $1172930 | $1138755 | $18089745 |
| Cost of revenue | $12081231 | $95774 | $905230 | $878855 | $13961090 |
| Gross margin | $3572732 | $28323 | $267700 | $259900 | $4128655 |
| Operating expenses | $2017422 | $15993 | $151163 | $146758 | $2331336 |
| Provision for income tax | $300177 | $2380 | $22492 | $21837 | $346886 |
| Net income | $1208843 | $9583 | $90577 | $87938 | $1396941 |
| Depreciation and amortization | $713713 | $5658 | $53477 | $51919 | $824767 |
| Capital expenditures | $706299 | $5599 | $52922 | $51380 | $816200 |
| Total assets | $11371441 | $90147 | $852047 | $827221 | $13140856 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended September 30, 2023** | **For the Years Ended September 30, 2023** | **For the Years Ended September 30, 2023** | **For the Years Ended September 30, 2023** | **For the Years Ended September 30, 2023** |
|  | **Self-operated - restaurant revenue** | **Franchise fee income** | **Management fee income** | **Sale of ingredients** | **Total** |
| Revenue | $16081232 | $125786 | $1064186 | $346105 | $17617309 |
| Cost of revenue | $11980690 | $93712 | $792830 | $257852 | $13125084 |
| Gross margin | $4100542 | $32074 | $271356 | $88253 | $4492225 |
| Operating expenses | $1885621 | $14749 | $124782 | $40583 | $2065735 |
| Provision for income tax | $246289 | $1926 | $16298 | $5301 | $269814 |
| Net income | $1927624 | $15078 | $127562 | $41487 | $2111751 |
| Depreciation and amortization | $568895 | $4450 | $37647 | $12244 | $623236 |
| Capital expenditures | $964865 | $7547 | $63851 | $20766 | $1057029 |
| Total assets | $10198558 | $79772 | $674896 | $219496 | $11172722 |

---

**NOTE 16 — SUBSEQUENT EVENTS**

On January 27, 2025, The Company's CA Operating Subsidiaries developed and opened one new sub-franchised restaurant store in Canada.

On February 21, 2025, the Company's HK Operating Subsidiaries developed and opened one new sub-franchised restaurant store in Hong Kong.

On May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, who controls C& 535 Limited and ES& Cubus Limited. As a result, the amount due from C& 535 Limited and ES& Cubus Limited as of September 30, 2024 has been reduced by $271,903. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP (see Note 10).

On November 17, 2025, the Company increased the issued shares from 838,000 shares at par value of $0.01 per share to 18,000,000 ordinary shares with par value of $0.01 per share. The increase in the issued number of shares is treated as a stock split effected in the form of a dividend (see Note 13).

The Company has performed an evaluation of subsequent events through March 13, 2025, which was the date of the consolidated financial statements were issued, and through the date of this prospectus, and determined that no other events that would have required adjustment or disclosure in the consolidated financial statements.

**RIKU DINING GROUP LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **March 31,** | **September 30,** |
|  | **2025** | **2024** |
|  | (Unaudited) | |
| **ASSETS** |  |  |
| **CURRENT ASSETS:** |  |  |
| Cash and cash equivalents | $954352 | $1543500 |
| Accounts receivable, net | 182133 | 401604 |
| Accounts receivable - related parties, net | 748940 | 425192 |
| Inventories, net | 328112 | 358466 |
| Due from related parties | 1121281 | 992340 |
| Short-term investments |  | 148028 |
| Deferred initial public offering costs | 150259 |  |
| Prepaid expenses and other current assets | 277763 | 376980 |
| **TOTAL CURRENT ASSETS** | **3762840** | **4246110** |
| Property and equipment, net | 3198323 | 3578653 |
| Intangible assets, net | 13345 | 20117 |
| Operating lease right-of-use assets, net | 3202591 | 4146428 |
| Finance lease right-of-use assets, net | 43315 | 66121 |
| Other non-current assets | 978542 | 980560 |
| Deferred tax assets, net | 115227 | 102867 |
| **TOTAL ASSETS** | $**11314183** | $**13140856** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **CURRENT LIABILITIES:** |  |  |
| Current portion of long-term loans | $229860 | $261128 |
| Accounts payable | 174776 | 668566 |
| Due to related parties | 313394 | 270135 |
| Taxes payable | 335472 | 762851 |
| Operating lease liabilities, current | 1636912 | 1818946 |
| Finance lease liabilities, current | 34001 | 43546 |
| Accrued expenses and other current liabilities | 1044879 | 825559 |
| **TOTAL CURRENT LIABILITIES** | **3769294** | **4650731** |
| Operating lease liabilities, non-current | 1737362 | 2520221 |
| Finance lease liabilities, non-current | 12576 | 26482 |
| Long-term loans | 1594666 | 1780639 |
| Deferred tax liabilities, net | 15508 | 17466 |
| **TOTAL LIABILITIES** | $**7129406** | $**8995539** |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |
| Ordinary shares, par value $0.01 per share, 500,000,000 shares authorized; 18,000,000 shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively\*, including: |  |  |
| Class A ordinary share, par value $0.01 per share, 430,000,000 shares authorized, 17,666,666 shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively\* | $176667 | 176667 |
| Class B ordinary share, par value $0.01 per share, 70,000,000 shares authorized, 333,334 shares issued and outstanding as of March 31, 2025 and September 30, 2024, respectively\* | 3333 | 3333 |
| Additional paid-in capital | 711387 | 711387 |
| Retained earnings | 3420365 | 3219424 |
| Accumulated other comprehensive income (loss) | (126975) | 34506 |
| **TOTAL SHAREHOLDERS' EQUITY** | **4184777** | **4145317** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**11314183** | $**13140856** |

---

\* The share amounts are presented on a retrospective basis, see Note 13.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

**RIKU DINING GROUP LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
|  | **2025** | **2024** |
| **REVENUE** |  |  |
| Revenue - third parties | $8624811 | $8335490 |
| Revenue - related parties | 518824 | 156707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 9143635 | 8492197 |
| **COST OF REVENUE** |  |  |
| Cost of revenue - third parties | 6552888 | 6105162 |
| Cost of revenue - related parties | 394188 | 114777 |
| &nbsp;&nbsp;&nbsp;Total cost of revenue | 6947076 | 6219939 |
| **GROSS PROFIT** | 2196559 | 2272258 |
| **OPERATING EXPENSES** |  |  |
| Selling expenses | 110161 | 52472 |
| General and administrative expenses | 1770047 | 1482136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1880208 | 1534608 |
| **INCOME FROM OPERATIONS** | **316351** | **737650** |
| **OTHER INCOME (EXPENSE)** |  |  |
| Interest expense, net | (46785) | (67229) |
| Other income, net | 77728 | 56167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expenses), net | 30943 | (11062) |
| **INCOME BEFORE INCOME TAX PROVISION** | **347294** | **726588** |
| **PROVISION FOR INCOME TAXES** | 146353 | 166378 |
| **NET INCOME** | **200941** | **560210** |
| **OTHER COMPREHENSIVE INCOME (LOSS)** |  |  |
| Foreign currency translation adjustment | (161481) | (1507) |
| **TOTAL COMPREHENSIVE INCOME** | $**39460** | $**558703** |
| **Earnings per ordinary share - basic and diluted** | $0.01 | $0.03 |
| **Weighted average shares - basic and diluted\*** | **18000000** | **18000000** |

---

\* The share amounts are presented on a retrospective basis, see Note 13.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

**RIKU DINING GROUP LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

**FOR THE SIX MONTHS ENDED MARCH 31, 2025 AND 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares\*** | **Ordinary Shares\*** | **Ordinary Shares\*** | **Ordinary Shares\*** | | | | |
|  | **Class A<br> Shares** | **Amount** | **Class B<br> Shares** | **Amount** | **Additional**<br>**paid-in capital** |<br>**Retained Earnings** | **Accumulated Other**<br>**Comprehensive Income (Loss)** | **Total**<br>**Shareholders'<br> Equity** |
| **Balance, September 30, 2023** | **17666666** | $**176667** | **333334** | $**3333** | $**1109119** | $**1822483** | $**11335** | $**3122937** |
| Refund of capital contribution |  |  |  |  | (98965) |  |  | (98965) |
| Dividend distribution |  |  |  |  | (129184) |  |  | (129184) |
| Net income for the period |  |  |  |  |  | 560210 |  | 560210 |
| Foreign currency translation adjustment | - | - | - | - | - | - | (1507) | (1507) |
| **Balance, March 31, 2024** | **17666666** | $**176667** | **333334** | $**3333** | $**880970** | $**2382693** | $**9828** | $**3453491** |
| **Balance, September 30, 2024** | **17666666** | $**176667** | **333334** | $**3333** | $**711387** | $**3219424** | $**34506** | $**4145317** |
| Net income for the period |  |  |  |  |  | 200941 |  | 200941 |
| Foreign currency translation adjustment | - | - | - | - | - | - | (161481) | (161481) |
| **Balance, March 31, 2025** | **17666666** | $**176667** | **333334** | $**3333** | $**711387** | $**3420365** | $**(126975)** | $**4184777** |

---

\* The share amounts are presented on a retrospective basis, see Note 13.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

**RIKU DINING GROUP LIMITED**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| **Net Income** | $**200941** | $**560210** |
| **Adjustments to reconcile net income to net cash provided by (used in) operating activities:** |  |  |
| Depreciation and amortization | 464987 | 374826 |
| Amortization of operating lease right-of-use assets | 905301 | 690062 |
| Amortization of finance lease right-of-use assets | 19094 | 19967 |
| Loss on disposal of property and equipment |  | 22092 |
| Deferred income tax provision (benefit) | (16893) | 6396 |
| **Changes in operating assets and liabilities:** |  |  |
| Accounts receivable | 198351 | 25021 |
| Accounts receivable - related parties | (329985) | (71542) |
| Inventories | 12221 | 23284 |
| Prepaid expenses and other current assets | 90876 | 113839 |
| Other non-current assets | (5259) | (1526) |
| Accounts payable | (492044) | (385580) |
| Taxes payable | (403866) | 141729 |
| Accrued expenses and other current liabilities | 225579 | (47265) |
| Operating lease liabilities | (924534) | (682270) |
| **Net cash provided by (used in) operating activities** | **(55231)** | **789243** |
| **Cash flows from investing activities:** |  |  |
| Purchase of property and equipment and intangible assets | (178538) | (79391) |
| Redemption of short-term investment | 141163 |  |
| Advances made to related parties | (174293) | (547504) |
| **Net cash used in investing activities** | **(211668)** | **(626895)** |
| **Cash flows from financing activities:** |  |  |
| Refund of capital contribution |  | (98965) |
| Payment of dividend distribution |  | (129184) |
| Repayments of long-term loans | (149293) | (205928) |
| Advance from (payments made to) related parties | 43673 | (164431) |
| Payments made for deferred offering costs | (150313) |  |
| Repayment of obligations under finance leases | (19509) | (18881) |
| **Net cash used in financing activities** | **(275442)** | **(617389)** |
| **Effect of exchange rate fluctuation on cash and cash equivalents** | **(46807)** | **(1838)** |
| **Net decrease in cash and cash equivalents** | **(589148)** | **(456879)** |
| **Cash and cash equivalents at beginning of period** | **1543500** | **1989851** |
| **Cash and cash equivalents at end of period** | $**954352** | $**1532972** |
| **Supplemental cash flow information** |  |  |
| Cash paid for income taxes | $- | $- |
| Cash paid for interest | $- | $- |
| **Supplemental non-cash operating activities** |  |  |
| Right of use assets obtained in exchange for operating lease liabilities | $- | $958621 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

**RIKU DINING GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1 — ORGANIZATION AND BUSINESS DESCRIPTION**

***<u>Business</u>***

Riku Dining Group Limited ("Riku" or the "Company"), is a dynamic international restaurant operator with a diverse portfolio of Japanese-themed dining concepts, strategically positioned in key markets such as Hong Kong and Canada. Through the Company's operating subsidiaries located in Canada and Hong Kong, the Company delivers authentic Japanese culinary experiences to customers by holding exclusive franchise rights for prestigious Japanese brands.

***<u>Organization</u>***

Riku was incorporated under the laws of the Cayman Islands on February 14, 2025 as an exempted company with limited liability.

The Company has no substantive operations other than holding all of the outstanding share capital of Master Central Holdings Ltd. ("Master Central"), a limited liability company incorporated under the laws of British Virgin Islands ("BVI") on July 2, 2021. Master Central has no substantive operations other than holding all of the outstanding share capital of (1) Rich Plenty Group Limited ("Rich Plenty"), a limited liability company formed under the laws of BVI on October 30, 2024 and Waraku Group Limited ("Waraku"), a limited liability company formed under the laws of Hong Kong on March 15, 2024.

Riku, Master Central, Rich Plenty and Waraku are currently not engaging in any active business operations and merely acting as holding companies.

The Company's business operations were conducted by the following operating subsidiaries in Canada and Hong Kong, including (1) Ajisen Ramen (Canada) Inc.("ARCI"), a company incorporated in Canada on July 18, 2007; (2) 2750039 Ontario Inc. ("CK Inc."), a company incorporated in Ontario on March 26, 2020; (3) 2512118 Ontario Inc ("Kennedy Inc.")., a company incorporated in Ontario on April 5, 2016; (4) 2770933 Ontario Inc. ("Vaughan Inc."), a company incorporated in Ontario on August 10, 2020; (5) 2811387 Ontario Inc. ("Midland Inc."), a company incorporated in Ontario on January 27, 2021 and (6) 1000047451 Ontario Limited ("Church Limited"), a company incorporated in Ontario on December 7, 2021; (7) C & Hospitality Limited ("C& Hospitality"), a limited company incorporated in Hong Kong on June 16, 2021; (8) ES Concept (F&B) Co., Limited ("ES Concept"), a limited company incorporated in Hong Kong on May 26, 2020; (9) ES&TWP Limited ("ES & TWP"), a limited company incorporated in Hong Kong on February 27, 2023; (10) ES & Yoho Limited ("ES & Yoho"), a limited company incorporated in Hong Kong on January 6, 2023; (11) C&NTP Limited ("C & NTP"), a limited company incorporated in Hong Kong on July 12, 2021; and (12) ES & Granville Limited ("ES & Granville"), a limited company incorporated in Hong Kong on June 8, 2022.

ARCI, CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited are collectively referred to as the "CA Operating Subsidiaries". ARCI is primarily engaged in providing management services to the franchisees, CK Inc. is primarily running the central kitchen business and Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited. are primarily engaged in running franchised full-service Japanese dining restaurants in Canada under the brand name of Ajisen Ramen, with a featured menu of a wide range of dishes, including its signature Kyushu-style tonkotsu ramen, famous in-house made gyoza, chicken karaage, and AAA striploin served on a sizzling hot plate. The menu also includes vegan and customizable options to cater to diverse dietary preferences.

C&NTP, C& Hospitality, ES Concept, ES&TWP, ES &Yoho and ES& Granville are collectively referred to as the "HK Operating Subsidiaries". C& Hospitality is primarily engaged in the management of franchise brands. ES Concept, ES &Yoho and C&NTP are primarily running the franchised full-service Japanese barbecue restaurant under the prestigious brand name of Yakiniku Kakura. ES&TWP and ES& Granville are primarily running the franchised restaurant business under the brand name of Yakiniku 801, specializing in high-quality beef cuts while ensuring affordability. ES&TWP also runs the restaurant business under the brand name of Ufufu Café, a Japanese-inspired cafe that blends Western-influenced Japanese cuisine (yoshoku) with Japanese-style desserts.

***Reorganization***

A reorganization of our legal structure ("Reorganization") was consummated on November 17, 2025. The reorganization involved the incorporation of Riku on February 14, 2025, and thereafter involved (1) the incorporation of Rich Plenty and Master Central; (2) the transfer of the entire issued share capital of CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Inc. and ARCI to Rich Plenty; (3) the acquisition of the entire issued share capital of Rich Plenty by Master Central, following which Rich Plenty became wholly-owned by Master Central and the CA Operating Subsidiaries became indirectly owned by Master Central; (4) the transfer of the issued share capital of the HK Operating Subsidiaries to Waraku, and (5) the acquisition of the entire issued share capital of Waraku and Rich Plenty by Master Central and Riku, following which, Waraku and Rich Plenty became wholly-owned by Riku and the HK Operating Subsidiaries became indirectly wholly-owned by Riku. Consequently, Riku, through its subsidiaries Master Central. Rich Plenty and Waraku, directly controls the CA Operating Subsidiaries and HK Operating Subsidiaries, and has become the ultimate holding company of all other entities mentioned above.

The Reorganization was accounted for as a recapitalization among entities under common control since the same controlling shareholders controlled all these entities before and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying unaudited condensed consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions.

Upon the completion of the Reorganization, the Company has subsidiaries in countries and jurisdictions in BVI, Canada and Hong Kong. Details of the corporate legal structure of the Company are set out below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Entity** | **Date of Incorporation** | **Place of Incorporation** | **% of Ownership** | **Principal Activities** |
| Riku Dining Group Limited. ("Riku" or the "Company") | February 14, 2025 | Cayman Islands | Parent | Parent, holding investment |
| Master Central Holdings Ltd. ("Master Central") | July 2, 2021 | British Virgin Islands | 100% owned by Riku | Investment holding |
| Rich Plenty Group Limited ("Rich Plenty") | October 30, 2024 | British Virgin Islands | 100% owned by Mater Central, managing the CA Operating Subsidiaries listed below | Investment holding |
| Waraku Group Limited ("Waraku") | March 15, 2024 | Hong Kong | 100% owned by Master Central, managing the HK Operating Subsidiaries listed below | Investment holding |
| **Canada Operating subsidiaries ("CA Operating Subsidiaries") include the following:** |  |  |  |  |
| Ajisen Ramen (Canada) Inc. ("ARCI") | July 18, 2007 | Canada | 100%, subsidiary of Master Central | Management service to franchisees of sub-franchised Japanese Noodle Restaurant, Ajisen Ramen; operation of central kitchen<br>|
| 2750039 Ontario Inc. ("CK Inc.") | March 26, 2020 | Ontario | 100%, subsidiary of Master Central | Own property on which central kitchen operates |
| 2512118 Ontario Inc. ("Kennedy Inc.") | April 5, 2016 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| 2770933 Ontario Inc. ("Vaughan Inc.") | August 10, 2020 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| 2811387 Ontario Inc. ("Midland Inc.") | January 27, 2021 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| 1000047451 Canada Inc. ("Church Limited") | December 7, 2021 | Ontario | 100%, subsidiary of Master Central | Operation of franchised Japanese Noodle Restaurant, Ajisen Ramen |
| **Hong Kong Operating Subsidiaries ("HK Operating Subsidiaries") including the following:** |  |  |  |  |
| C & Hospitality Limited ("C & Hospitality") | June 16, 2021 | Hong Kong | 100%, subsidiary of Waraku | Franchise brands management |
| ES Concept (F&B) Co., Limited ("ES Concept") | May 26, 2020 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese barbecue restaurant, under brand name of Yakiniku Kakura |
| ES & TWP Limited ("ES & TWP") | February 27, 2023 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese restaurant, under brand name of Yakiniku 801 and Ufufu Café |
| ES & Yoho Limited ("ES & Yoho") | January 6, 2023 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese barbecue restaurant, under brand name of Yakiniku Kakura |
| C & NTP Limited ("C & NTP") | July 12, 2021 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese barbecue restaurant, under brand name of Yakiniku Kakura |
| ES & Granville Limited ("ES & Granville") | June 8, 2022 | Hong Kong | 100%, subsidiary of Waraku | Operation of franchised Japanese restaurant, under brand name of Yakiniku 801 |

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**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***<u>Basis of Presentation and Principles of Consolidation</u>***

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included in the Company's unaudited condensed consolidated financial statement. The unaudited condensed consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and the notes thereto for the year ended September 30, 2024 included in the other place of the Company's Registration Statement on Form F-1. The accompanying unaudited condensed consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries. All inter-company balances and transactions are eliminated upon consolidation. Operating results for the interim period ended March 31, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2025.

***<u>Uses of estimates</u>***

In preparing the unaudited condensed consolidated financial statements in conformity U.S. GAAP, the management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the unaudited condensed consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, the allowance for credit losses, inventory valuation, useful lives of property and equipment, the recoverability of long-lived assets, estimates used in lease accounting and realization of deferred tax assets. Actual results could differ from those estimates.

***<u>Cash and cash equivalents</u>***

Cash includes currency on hand and deposits held by banks that can be added or withdrawn without limitation. Cash equivalent represents small amount of cash deposited with certain commercial online platforms, such as Alipay and WeChat payment, which are highly liquid.

***<u>Accounts receivable, net</u>***

Accounts receivable represents balance due from customers and are recorded net of allowance for credit loss. The Company's primary accounts receivables are restaurant sales made with credit cards.

On October 1, 2023, the Company adopted ASC 326, Credit Losses, which replaced previously issued guidance regarding the impairment of financial instruments with an expected loss methodology that will result in more timely recognition of credit losses. The Company used a modified retrospective approach and did not restate the comparable prior periods.

The allowance for credit losses reflects the Company's current estimate of credit losses expected to be incurred over the life of the receivables and is measured in accordance with ASC 326. Provisions for credit losses are recorded based on management's judgment regarding the Company's ability to collect as well as the age of the receivables. Accounts receivables are written off when they are deemed uncollectible. As of March 31, 2025 and September 30, 2024, there was no credit loss recorded as management believed that all of the accounts receivable balances fully collectible.

***<u>Inventories, net</u>***

Inventories are stated at the lower of cost and net realizable value using weighted average method. Costs include the cost of food, beverages and supplies used in the restaurant business, labor costs and other overhead costs. Any excess of the cost over the net realizable value of each item of inventories is recognized as a provision for diminution in the value of inventories. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. When inventories are sold, the carrying amount of those inventories is recognized as an expense in the period in which the related revenue is recognized. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs. The Company recorded no inventory reserve as of March 31, 2025 and September 30, 2024.

***Short-term investments***

Short-term investments primarily consist of investments in prime-linked cashable guaranteed investment certificate ("GIC"), which is a flexible and secure investment option that offers guaranteed rate of return and early cash option to investor, with an annual interest rate linked to changes in Canadian bank's prime interest rate. Such investment can earn interest up to the cash out date and it can be cashed out at any time without penalty.

The Company accounts for short-term investments in accordance with ASC 320, *Investments — Debt and Equity Securities* and ASC 321, *Investments- Equity Securities*. The Company determines the appropriate classification of its short-term investments as held-to-maturity, available-for-sale or trading at the time of purchase, and re-evaluate such classification as of each balance sheet date. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss) in shareholders' equity. The Company uses the specific identification method of determining the cost basis in computing realized gains and losses on the sale of its short-term investment. Realized gains and losses are included in unaudited condensed consolidated statements of income and comprehensive income (loss) in other income.

***<u>Property and equipment</u>***

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of property and equipment is provided using the straight-line method over their expected useful lives, as follows:

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| | |
|:---|:---|
|  | **Useful life** |
| Building | 39 years |
| Machinery and equipment | 5–10 years |
| Automobiles | 3–5 years |
| Office and electric equipment | 3–5 years |
| Leasehold improvements | Lesser of useful life and lease term |

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Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the unaudited condensed consolidated statements of income and comprehensive income (loss) in other income or expenses.

***<u>Intangible assets, net</u>***

The Company's intangible assets primarily consist of purchased computer software. Intangible assets are carried at cost less accumulated amortization and any recorded impairment. The Company amortizes its intangible assets over useful lives of three years using a straight-line method. Amortization of intangible assets amounted to $5,981 and $6,165, for the six months ended March 31, 2025 and 2024, respectively.

***<u>Impairment of long-lived Assets</u>***

Long-lived assets with finite lives, primarily property and equipment and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition below are the asset's carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets as of March 31, 2025 and September 30, 2024.

***Deferred initial public offering ("IPO") costs***

The Company complies with the requirement of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ("SAB") Topic 5A — "Expenses of Offering." Deferred offering costs consist of underwriting, legal, and other expenses incurred through the balance sheet date that are directly related to the intended IPO. Deferred offering costs will be charged to shareholders' equity upon the completion of the IPO. Should the IPO prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. Deferred initial public offering costs amounted to $150,259 and Nil as of March 31, 2025 and September 30, 2024, respectively.

***<u>Leases</u>***

In accordance with ASC 842, the Company recognizes, on the balance sheets, the lease assets and related lease liabilities for the rights and obligations created at lease commencement by operating and finance leases with lease terms of more than 12 months. The lease term commences on the date the lessor makes the underlying asset or assets available, irrespective of when lease payments begin under the contract. When determining the lease term at commencement, the Company considers both termination and renewal option periods available, and only includes the period for which failure to renew the lease imposes a penalty on the Company in such an amount that renewal, or termination options, appear to be reasonably certain.

The Company's lease liability is generally based on the present value of the lease payments, consisting of fixed costs and certain rent escalations, using the incremental borrowing rate applicable to the lease term. The lease asset is generally based on the lease liability, adjusted for amounts related to other lease-related assets and liabilities. The Company's adjustments typically include prepaid rent, landlord contributions as a reduction to the asset and favorable or unfavorable lease purchase price adjustments.

The interest rates used in the Company's lease contracts are not implicit. The Company has derived the incremental borrowing rate using the interest rate the Company would pay on its existing borrowings, adjusted for the effect of designating collateral and the lease terms using market data as well as publicly available data for instruments with similar characteristics. The reasonably certain lease term and incremental borrowing rate for each lease requires judgment by management and can impact the classification and accounting for a lease as operating or finance, as well as the value of the lease asset and lease liability.

Lease asset carrying amounts are assessed for impairment annually or when events or circumstances indicate that the carrying amount may not be recoverable, in accordance with the Company's long-lived asset impairment policy. The Company monitors the events or changes in circumstances that require reassessment of lease classification. When a reassessment results in the re-measurement of a lease liability, a corresponding adjustment is made to the carrying amount of the lease asset. There was no impairment for ROU lease assets as of March 31, 2025 and September 30, 2024.

Operating lease expenses are recognized on a straight-line basis over the lease term. Finance lease expenses are recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. Lease expenses are recognized in depreciation and amortization expenses, and interest on each finance lease liability is recorded to interest expenses, as included in the unaudited condensed consolidated statements of income and comprehensive income (loss).

***<u>Fair value of financial instruments</u>***

Fair value is considered to be the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability.

Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Unless otherwise disclosed, the fair value of the Company's financial instruments, including cash and cash equivalent, accounts receivable, inventories, due from related parties, prepaid expenses and other current assets, short-term investment, current portion of long-term loans, accounts payable, taxes payable and accrued expenses and other current liabilities approximate the fair value of the respective assets and liabilities as of March 31, 2025 and September 30, 2024 based upon the short-term nature of the assets and liabilities.

The Company believes that the carrying amount of long-term loans approximates fair value at March 31, 2025 and September 30, 2024 based on the terms of the borrowings and current market rates as the rates of the borrowings are reflective of the current market rates.

***<u>Foreign currency translation</u>***

The functional currency for Riku, Master Central and Rich Plenty is the U.S Dollar ("US$"). The Company's CA Operating Subsidiaries, including ARCI, CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited, use the Canadian dollar ("CAD") as their functional currency. Waraku and the Company's HK Operating Subsidiaries, including C&NTP, C& Hospitality, ES Concept, ES&TWP, ES &Yoho and ES& Granville, use HK dollar ("HK$") as their functional currency. Riku, Master Central and Waraku currently only serve as the holding companies and did not have active operations as of the date of this report. The Company operates its business through its Canada Operating Subsidiaries and HK Operating Subsidiaries as of March 31, 2025. The Company's unaudited condensed consolidated financial statements have been translated into US$. Assets and liabilities accounts are translated using the exchange rate at each reporting period end date. Equity accounts are translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income. Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations.

The following table outlines the currency exchange rates that were used in creating the unaudited condensed consolidated financial statements in this report:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> March 31, 2025** | **For the Six Months Ended<br> March 31, 2025** | **For the Six Months Ended<br> March 31, 2024** | **For the Six Months Ended<br> March 31, 2024** | **September 30, 2024** | **September 30, 2024** |
|  | **Period-end <br> spot rate** | **Average<br> rate** | **Period-end<br> spot rate** | **Average<br> rate** | **Year-end <br> spot rate** | **Average<br> rate** |
| US$ against HK$ | US$1=HK$7.7799 | US$1=HK$7.7771 | US$1=HK$7.8259 | US$1=HK$7.8172 | US$1 =HK$7.7693 | US$1 =HK$7.8127 |
| US$ against CAD | US$1=CAD 1.4379 | US1$=CAD 1.4168 | US1$=CAD 1.3540 | US$1=CAD 1.3549 | US$1=CAD 1.3511 | US$1=CAD 1.3606 |

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***<u>Revenue recognition</u>***

On October 1, 2022, the Company adopted Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with customers", using the modified retrospective approach.

To determine revenue recognition for contracts with customers, the Company performs the following five steps: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will *not* occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation.

The Company currently generates its revenue from the following main sources: As of the date of this prospectus, we directly operate four (4) and sub-franchise nine (9), making a total of thirteen (13) Ajisen Ramen restaurants in Canada, alongside three (3) Yakiniku Kakura restaurants, one (1) Yakiniku 801 restaurant and one (1) Ufufu Cafe restaurant in Hong Kong

*Self-operated restaurant revenue*

With our exclusive franchise right of Ajisen Ramen in Canada, we have four directly managed Ajisen Ramen restaurants in Canada. In Hong Kong, we have three directly managed Japanese barbecue restaurants under the brand name of Yakiniku Kakura, two directly managed restaurants under the brand name of Yakiniku 801 and one directly managed restaurant under the brand name of Ufufu Café. Revenues from self-operated restaurants are recognized at point when food and beverage products are delivered to customers and payment is tendered at the time of sale. The Company presents sales, net of discount, promotional allowances and sales taxes. Sales taxes collected from customers are included in other accrued taxes on our consolidated balance sheets until the taxes are remitted to governmental authorities.

The Company accounts for the revenue from sales of food and beverage products in self-operated restaurants on a gross basis as the Company is acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits.

*Franchise revenue*

*Management service fees*

To better manage the sub-franchised restaurant stores, the Company provides upfront site selection, lease assistance, supply of the necessary franchise equipment, employee training services and other store management skills to the sub-franchisee to ensure that the sub-franchised restaurants conform to the general settings and requirements of the brand name over the contracted sub-franchise period. Management service fees are charged to the sub- franchisees at 1.5% to 10% of the monthly revenue of the sub-franchised restaurants and the Company recognizes such on a monthly basis revenue over the contracted period when the services are rendered on a continuous basis.

*Sales of food ingredients*

Some of the food ingredients used in Ajisen restaurants in Canada are pre-processed at the Company's central kitchen before delivery to the sub-franchised restaurants. The Company accounts for the revenue from sales of food ingredient products to sub-franchisees on a gross basis as the Company is acting as a principal in these transactions, is subject to inventory risk, has latitude in establishing prices, and is responsible for fulfilling the promise to provide customers the specified goods, which the Company has control of the goods and has the ability to direct the use of goods to obtain substantially all the benefits. The Company recognizes revenue net of discounts and sales returns when the food ingredient products are delivered and the title is passed to the sub-franchisees.

*Contract Assets and Liabilities*

The Company did not have contract assets and contract liabilities as of March 31, 2025 and September 30, 2024.

*Disaggregation of Revenues*

The Company disaggregates its revenue from contracts by product, service types and geographic areas, as the Company believes it best depicts how the nature, amount, timing and uncertainty of the revenue and cash flows are affected by economic factors. The Company's disaggregation of revenues for the six months ended March 31, 2025 and 2024 are as follows:

*Revenue by service type*

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| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Self-operated-restaurant revenue | $7896546 | $7668894 |
| Franchise fee income | 90961 | 48770 |
| Management fee income | 348025 | 466118 |
| Sale of ingredients | 808103 | 308415 |
| Total revenues | $9143635 | $8492197 |

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*Revenue by geographic areas*

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| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Hong Kong, China | $4748251 | $4321780 |
| Canada | 4395384 | 4170417 |
| Total revenues | $9143635 | $8492197 |

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*Revenue by customer types*

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| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Revenue from third party customers | $8624811 | $8335490 |
| Revenue from related parties | 518824 | 156707 |
| Total revenues | $9143635 | $8492197 |

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***<u>Cost of revenue</u>***

Cost of revenue primarily includes food and beverage costs, labor cost, overhead costs and sales taxes.

***<u>Selling, general and administrative expenses</u>***

Selling expenses primarily include salary and welfare benefit expenses paid to the Company's sales personnel, business travel, meals and entertainment expenses, and other sales and marketing activity-related expenses. General and administrative expenses primarily consist of employee salaries, welfare and insurance expenses, professional and consulting expenses, office rent and decoration expenses, depreciation and amortization, bad debt reserve expenses and other miscellaneous administrative expenses. All costs associated with selling and general and administrative function are expensed as incurred.

***<u>Advertising expense</u>***

Advertising expenses primarily relate to the promotion of the Company's brand name and products through outdoor billboards and social media. Advertising expenses are included in selling expenses in the unaudited condensed consolidated statements of income and comprehensive income (loss). Advertising expenses amounted to $110,161 and $52,472 for the six months ended March 31, 2025 and 2024, respectively.

***<u>Income taxes</u>***

The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the unaudited condensed consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

An uncertain tax position is recognized only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the six months ended March 31, 2025 and 2024. The Company does not believe that there was any uncertain tax provision on March 31, 2025 and September 30, 2024. The Company's subsidiaries in Canada and Hong Kong are subject to the income tax laws of the Canada and Hong Kong, respectively. As of March 31, 2025, all of the tax returns of the Company's CA Operating Subsidiaries and HK Operating Subsidiaries remain available for statutory examination by local tax authorities.

***<u>Earnings per Share</u>***

The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the six months ended March 31, 2025 and 2024, there were no dilutive shares.

***<u>Comprehensive income (loss)</u>***

Comprehensive income (loss) consists of two components, net income and other comprehensive income (loss). The foreign currency translation gain or loss resulting from translation of the financial statements expressed in CAD and HK$ to US$ is reported in other comprehensive income (loss) in the unaudited condensed consolidated statements of income and comprehensive income (loss).

***<u>Statement of cash flows</u>***

In accordance with ASC 230, "Statement of Cash Flows", cash flows from the Company's operations are formulated based upon the local currencies. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.

***<u>Segment reporting</u>***

In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment's profit or loss in assessing segment performance and deciding how to allocate resources. The adoption of the ASU did not have a material effect on the Company's unaudited condensed consolidated financial statements.

The Company uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's CODM. The Company's CODM has been identified as the Chief Executive Officer ("CEO"), who makes operating decisions and assesses performance as the source for determining the Company's reportable segments. Management, including the CODM, reviews operating results by the revenue of different services. Based on management's assessment, the Company has determined that it has four operating segments as defined by ASC 280 (see Note 15).

***<u>Related parties and transactions</u>***

The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, "Related Party Disclosures" and other relevant ASC standards.

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

Transactions between related parties commonly occurring in the normal course of business are considered to be related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure.

***<u>Recent accounting pronouncements</u>***

On December 14, 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 requires that entities disclose specific categories in their rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The new standard is effective for the Company beginning December 15, 2024, with early adoption permitted effective for fiscal years beginning January 1, 2024. The Company is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. This ASU requires entities to 1. disclose amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and, (e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities, 2. include certain amounts that are already required to be disclosed under current Generally Accepted Accounting Principles in the same disclosures as other disaggregation requirements, 3. disclose a qualitative description of the amounts remaining in relevant expense captions that are not necessarily disaggregated quantitatively, and 4. disclose the total amount of selling expenses, in annual reporting periods, an entity's definition of selling expense. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Additionally, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statements.

In March 2025, the FASB issued ASU 2025-02—*Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122.* The amendments in this Update are effective immediately and on a fully retrospective basis to annual periods beginning after December 15, 2024. The Company is currently evaluating the effect of adoption of this standard to its consolidated financial statements and disclosures.

Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the unaudited condensed consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on, or are unrelated to, its unaudited condensed consolidated financial condition, results of operations, cash flows or disclosures.

**NOTE 3 — ACCOUNTS RECEIVABLE, NET**

Accounts receivable consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| Accounts receivable | $182133 | $401604 |
| Less: allowance for credit loss | - | - |
| Accounts receivable, net | $182133 | $401604 |

---

The Company's accounts receivable primarily includes balance due from customers when the Company's products are sold and delivered to customers. The Company's accounts receivable balance at September 30, 2024 has been fully collected. Approximately 41% of the March 31, 2025 balance bas subsequently been collected, and the remaining balance is expected to be collected by the end of September 2025.

**NOTE 4 — INVENTORY, NET**

Inventory, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
|  | (Unaudited) | |
| Food and beverages | $73561 | $19077 |
| Food ingredients | 237037 | 322942 |
| Other kitchen materials | 17514 | 16447 |
| Inventory valuation allowance | - | - |
| Total inventory, net | $328112 | $358466 |

---

**NOTE 5 — PREPAID EXPENSES AND OTHER ASSETS, NET**

Prepaid expenses and other assets, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br> **2025** | **September 30, 2024** |
|  | (Unaudited) | |
| Security deposit <sup>(1)</sup> | $979725 | $970283 |
| Advance to suppliers <sup>(2)</sup> | 84879 | 198145 |
| Loans to third parties |  | 95056 |
| Others | 191701 | 94056 |
| Allowance for credit losses | - | - |
| Subtotal | 1256305 | 1357540 |
| Less: prepaid expenses and other current assets | (277763) | (376980) |
| Other non-current assets | $978542 | $980560 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Deposits primarily include security deposits paid to landlords for
 the Company's restaurant stores as well as security deposits paid to the Company's suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Advances to suppliers consist of mainly payments to suppliers for
 inventory purchases that have not been received.

**NOTE 6 — PROPERTY AND EQUIPMENT, NET**

Property and equipment, net, consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| Buildings | $1073607 | $1142580 |
| Leasehold improvement | 2864898 | 2744622 |
| Kitchen machinery and equipment | 979535 | 992223 |
| Automobiles | 100742 | 107214 |
| Office and electric equipment | 732033 | 749572 |
| Subtotal | 5750815 | 5736211 |
| Less: accumulated depreciation | (2552492) | (2157558) |
| Property and equipment, net | $3198323 | $3578653 |

---

Depreciation expenses were $459,006 and $368,661 for the six months ended March 31, 2025 and 2024, respectively.

In connection with the Company's long-term bank loan with Royal Bank of Canada, the equipment and leaseholds of Midland Inc., Church Limited. and Vaughan Inc. and the building property of CK Inc. were pledged as collaterals to safeguard the loans (see Note 9).

**NOTE 7 — INTANGIBLE ASSETS, NET**

Intangible assets primarily include software. Amortization expenses were $5,981 and $6,165 for the six months ended March 31, 2025 and 2024, respectively.

**NOTE 8 — LEASES**

*Operating Leases*

The Company's CA Operating Subsidiaries and HK Operating Subsidiaries enter into non-cancellable operating lease agreements with the landlords to lease office spaces and restaurant stores. Most of the leases are renewable every three years.

At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. ROU assets represent the Company's right to use an underlying asset over the lease term and lease liabilities represent the Company's obligation to make lease payments derived from the lease.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease terms. Rent expense is recognized on a straight-line basis over the lease terms.

Balance sheet information related to operating leases ROU assets and lease liabilities is as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| Operating lease right-of-use assets | $4635686 | $7677988 |
| Amortization of operating lease right-of-use assets | (1451095) | (3531560) |
| Total operating lease right-of-use assets, net | $3202591 | $4146428 |
| Operating lease liabilities - current | $1636912 | $1818946 |
| Operating lease liabilities – non-current | 1737362 | 2520221 |
| Total operating lease liabilities | $3374274 | $4339167 |

---

The weighted average remaining lease terms and discount rates for the operating lease as of March 31, 2025 and September 30, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| Weighted average remaining lease term (years) | 2.35 | 2.73 |
| Weighted average discount rate | 4.20% | 4.09% |

---

For the six months ended March 31, 2025 and 2024, the Company reported total operating lease costs of $988,779 and $775,038, respectively.

*Finance Lease*

On December 13, 2022, the Company's subsidiary in Canada, ARCI, entered into an auto loan purchase agreement with the car dealer to finance a vehicle purchase, with cash downpayment of CAD 40,736, monthly payment of CAD 3,582 ($2,491) for 36 consecutive installment payments and vehicle mortgage interest of 8.49% per annum. Related party, Mr. Johnny Luk Ching Po signed as the co-lessee on this lease agreement to provide additional guarantee to safeguard the leased vehicle.

On April 19, 2023, the Company's subsidiary in Canada, Vaughan Inc., entered into an auto loan purchase agreement with the car dealer to finance a vehicle purchase, with zero cash downpayment, monthly payment of CAD 1,529 ($1,063) for 48 consecutive installment payments and vehicle mortgage interest of 5.99% per annum.

Management deemed such auto finance purchases under the lease agreements as finance lease. Finance lease expenses are recognized on a straight-line basis over the lesser of the useful life of the leased asset or the lease term.

The weighted average remaining lease terms and discount rates for the finance lease as of March 31, 2025 and September 30, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| Weighted average remaining lease term (years) | 1.43 | 1.83 |
| Weighted average discount rate | 7.13% | 7.31% |

---

Total interest on the financed vehicles amounted to $2,135 and $3,752 for the six months ended March 31, 2025 and 2024, respectively.

The following is a schedule, by years, of maturity of lease liabilities and future minimum payments of leases as of March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Operating<br> Leases** | **Finance<br> Leases** |
|  | (Unaudited) | (Unaudited) |
| Remainder of fiscal year 2025 | $1008101 | $35179 |
| 2026 | 1435982 | 12758 |
| 2027 | 710613 | 1063 |
| 2028 | 317353 |  |
| 2029 | 62742 |  |
| Thereafter | 39707 | - |
| Total lease payments | 3574500 | 49000 |
| Less: imputed interest | (200226) | (2423) |
| Total lease liabilities | $3374274 | $46577 |

---

**NOTE 9 — LONG-TERM LOANS**

Long -term loans include long-term auto loans and long-term bank loans as the followings:

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  |  | (Unaudited) | |
| Long-term auto loans | a. | $18979 | $54996 |
| Long-term bank loans | b. | 1805547 | 1986771 |
| **Subtotal** |  | $1824526 | $2041767 |
| Current portion of long-term loans |  | $229860 | $261128 |
| Non-current portion of long-term loans |  | $1594666 | $1780639 |

---

***a.***  ***Long-term auto loans*** 

Long-term auto loans consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  |  | (Unaudited) | |
| Finch Chevrolet Cadillac Buick GMC Ltd. | (1) | $18979 | $25786 |
| Audi Queensway | (2) | - | 29210 |
| Total long-term auto loans |  | $18979 | $54996 |
| Current portion of long-term auto loans |  | $10499 | $21300 |
| Non-current portion of long-term auto loans |  | $8480 | $33696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) On January 10, 2023, the Company's subsidiary in Canada, Midland
 Inc., entered into a vehicle purchase agreement with Finch Chevrolet Cadillac Buick GMC Ltd. To facilitate the purchase, Midland
 Inc. also entered into a loan arrangement for principal amount of CAD 60,388 ($41,997). The effective interest rate was 9.42% per
 annum. The outstanding principal and interest shall be paid by 104 installment payments of CAD 641 each. As of March 31, 2025, current
 portion and non-current portion of long-term auto loan payable to Finch Chevrolet Cadillac Buick GMC Ltd. amounted to $10,499 and
 $8,480, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2) On August 12, 2024, the Company's subsidiary in Canada, Church
 Limited, entered into a vehicle purchase agreement with Audi Queensway. To facilitate the purchase, Church Limited. also entered
 into a loan arrangement for principal amount of CAD 41,043 ($28,544). The effective interest rate was 11.17% per annum. The outstanding
 principal and interest shall be paid by 78 installment payments of CAD 567 each. As of March 31, 2025, the loan was fully repaid.

For the above-mentioned long-term auto loans, the Company recorded a total interest expense of $699 and $755 for the six months ended March 31, 2025 and 2024, respectively.

The future maturities of long-term auto loans as of March 31, 2025 were as follows:

---

| | |
|:---|:---|
| **12 months ending March 31,** | Amount |
| 2026 | $10499 |
| 2027 | 8480 |
| Total long-term auto loans | $18979 |

---

***b.***  ***Long-term bank loans*** 

Long-term bank loans consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  |  | (Unaudited) | |
| Bank of China (Hong Kong) ("BOAHK") | (1) | $858084 | $913300 |
| Royal Bank of Canada ("RBC") | (2) | 20483 | 40484 |
| Royal Bank of Canada ("RBC") | (3) | 100117 | 132121 |
| Business Development Bank of Canada ("BDC") | (4) | 826863 | 900866 |
| Total long-term bank loans |  | $1805547 | $1986771 |
| Current portion of long-term bank loans |  | $219361 | $239828 |
| Non-current portion of long-term bank loans |  | $1586186 | $1746943 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) On April 1, 2022, the Company's subsidiary in Hong Kong, ARCI,
 entered into a term loan facility agreement with BOAHK to borrow HK$9 million (approximately $1.2 million) as working capital, with
 loan maturity date on April 20, 2032. The loan bears variable interests, with interest charged at 2.5% p.a. below the Hong Kong dollars
 prime rate quoted by the Hong Kong Mortgage Corporation Limited from time to time. The effective interest rate ranged between 2.75%
 to 3.746% per annum. The outstanding principal and interest shall be paid by 120 installment payments of HKD 85,870 each. Any payment
 required to be made which is not made when due shall bear default interest of 6% per annum over the Hong Kong dollars prime rate
 quoted by the Hong Kong Mortgage Corporation Limited from time to time. A related party, Mr. Luk Siu Fung Mark, one of the major
 shareholders of the Company, signed guarantee agreement with BOAHK to provide guarantee on this loan, with the guarantee limit not
 exceeding the loan amount. As of March 31, 2025, current portion and non-current portion of long-term loan payable to BOAHK amounted
 to $109,980 and $748,104, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2) On May 12, 2021, the Company's subsidiary in Canada, Midland
 Inc., entered into a term loan facility agreement with RBC to borrow CAD 223,000 ($155,087) as working capital, with loan maturity
 date on May 26, 2025. The loan bears variable interests, with interest charged at 3.0% p.a. above the Royal Bank prime rate quoted
 by the RBC from time to time. The effective interest rate was 10.20% per annum. The outstanding principal and interest shall be paid
 by 48 installment payments of CAD 4,207.55 each with all outstanding principal and interests is payable in full at the end of the
 term. Any payment required to be made which is not made when due shall bear the same rate as the interest rate applicable to the
 principal amount. Two related parties, Mr. Zhanpeng Liao and Mr. Steven Liao, each a family
 member of the Company's shareholder, signed guarantee agreement with RBC to provide guarantee on this loan, with the guarantee
 limit not exceeding CAD 55,750. The equipment and leaseholds of Midland Inc. were pledged as collaterals to safeguard the loan. As
 of March 31, 2025, current portion of long-term loan payable to RBC amounted to $20,483.

&nbsp;&nbsp;&nbsp;&nbsp;(3) On April 8, 2022 the Company's subsidiary in Canada, Church
 Limited, entered into a term loan facility agreement with RBC to borrow CAD 345,000 ($239,933) as working capital, with loan
 maturity date on April 26, 2027. The loan bears variable interests, with interest charged at 3.0% p.a. above the Royal Bank prime
 rate quoted by the RBC from time to time. The effective interest rate was 10.20% per annum. The outstanding principal and interest
 shall be paid by 60 installment payments of CAD 5,758 each with all outstanding principal and interests is payable in full at the
 end of the term. Any payment required to be made which is not made when due shall bear the same rate as the interest rate applicable
 to the principal amount. Three related parties, Mr. Zhanpeng Liao, Mrs. Dan Yang and Mr. Steven Liao, each a family member of the
 Company's shareholder, signed guarantee agreement with RBC to provide guarantee on this loan, with the guarantee limit not
 exceeding CAD 86,375. The equipment and leaseholds of Church Limited were pledged as collateral to safeguard the loan. As of March
 31, 2025, current portion and non-current portion of long-term loan payable to RBC amounted to $48,056 and $52,061,
 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(4) On March 23, 2020, the Company's subsidiary in Canada, CK
 Inc., entered into a term loan facility agreement with BDC to borrow CAD 1,450,000 (approximately $1.0 million) to finance the purchase
 of 2 condominium units as central kitchen and warehouse, with loan maturity date on September 15, 2045. The loan bears variable interests,
 with interest charged at 0.75% p.a. below the floating base rate quoted by the BDC from time to time. The effective interest rate
 was 8.20% per annum. The outstanding principal and interest shall be paid by 300 installment payments, the first payment is CAD 5,830
 and the remaining 299 payments is CAD 4,830 each. Any payment required to be made which is not made when due shall bear the same
 rate as the interest rate applicable to the principal amount. One of the Company's subsidiaries, Kennedy Inc., and another
 three related party companies provide guarantee on this loan, with the guarantee limit not exceeding the loan amount outstanding,
 and one of the major shareholders of the Company, Mr. Luk Ching Po Johnny, also signed guarantee agreements with BDC to
 provide guarantee on this loan, with the guarantee limit not exceeding 30% of the loan amount outstanding. In addition, the building
 property of CK Inc. was pledged as collateral to safeguard the loan. As of March 31, 2025, current portion and non-current portion
 of long-term loan payable to BDC amounted to $40,842 and $786,021, respectively.

For the above-mentioned long-term bank loans, the Company recorded a total interest expense of $54,774 and $69,208 for the six months ended March 31, 2025 and 2024, respectively.

The future maturities and repayment of long-term bank loans as of March 31, 2025 were as follows:

---

| | |
|:---|:---|
| **12 months ending March 31,** | Amount |
| 2026 | $219361 |
| 2027 | 202364 |
| 2028 | 161865 |
| 2029 | 161615 |
| 2030 | 165444 |
| Thereafter | 894898 |
| Total long-term bank loans | $1805547 |

---

**NOTE 10 — RELATED PARTY TRANSACTIONS**

***(a). Nature of relationships with related parties***

---

| | |
|:---|:---|
| **Name** | **Relationship within the Group** |
| Chung Po Luk | Father of Luk Siu Fung Mark and brother of Johnny Ching Po Luk |
| Steven Liao | Son-in-law of Luk Ching Po Johnny |
| Luk Siu Fung Mark | Shareholder and director of the Company |
| Luk Ching Po Johnny | Shareholder and director of the Company |
| Zhanpeng Liao | Family member of Steven Liao |
| Dan Yang | Family member of Steven Liao |
| Mak Po Keung | Family member of Luk Siu Fung Mark |
| Keith Ka Bo Chan | Shareholder of Vaughan Inc. |
| Midtown 1000076454 | An entity owned by Keith Ka Bo Chan |
| Jmart Ontario Inc | An entity owned by Steven Liao |
| 15397294 Canada Inc. ("Ajisen Waterloo") | An entity owned by Steven Liao |
| 2070111 Ontario Inc ("Warden") | An entity owned by Luk Ching Po Johnny |
| 1695325 Ontario Inc ("Yonge") | An entity owned by Luk Ching Po Johnny |
| 1802497 Ontario Inc. | An entity owned by Luk Ching Po Johnny |
| ES& Cubus Limited | An entity owned by Luk Siu Fung Mark |
| C& 535 Limited | An entity owned by Luk Siu Fung Mark |
| J.H Dinning Limited | An entity owned by Mak Po Keung |
| Hunan Waraku Holding Company Limited | An entity for which Luk Siu Fung Mark is the legal representative. |
| Mr. Suenaga Yuchi | Legal representative of ES Concept (one of the subsidiaries of Waraku) |
| Unico HK Corporation Limited | Mr. Suenaga Yuchi |
| ONEM Systems Inc. | An entity owned by Zhanpeng Liao |
| East West Entertainment Group Ltd | An entity owned by Steven Liao |
| Zhanpeng Liao Holding Company | An entity owned by Zhanpeng Liao |
| Shigemitsu Industry Ltd. | Mr. Shigemitsu San is the director of this entity. Mr. Shigemitsu San is also the non-executive director of the Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Accounts receivable - related parties, net** 

Accounts receivable - related parties, net consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| C& 535 Limited | $347497 | $- |
| 1695325 Ontario Inc ("Yonge") | 131090 | 12927 |
| 1802497 Ontario Inc. | 106125 |  |
| 2070111 Ontario Inc ("Warden") | 95909 | 222 |
| J.H Dinning Limited | 58620 | 347972 |
| 15397294 Canada Inc. ("Ajisen Waterloo") | 7123 | 61492 |
| ES& Cubus Limited | 2576 | 2579 |
| Total accounts receivable - related parties, net | $748940 | $425192 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Due from related parties** 

Due from related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| Luk Ching Po Johnny | $254573 | $177642 |
| Jmart Ontario Inc | 212058 | 250516 |
| James Liao | 150899 |  |
| C& 535 Limited | 144526 | 144723 |
| ES& Cubus Limited | 127006 | 127180 |
| Shan Yang | 83803 |  |
| J.H Dinning Limited | 50662 |  |
| Dan Yang | 41738 | 48120 |
| Hunan Waraku Holding Company Limited | 23784 |  |
| 15397294 Canada Inc. ("Ajisen Waterloo") | 19855 | 73532 |
| Steven Liao | 12377 | 7716 |
| Midtown 1000076454 |  | 93678 |
| Zhanpeng Liao |  | 60829 |
| 2070111 Ontario Inc ("Warden") | - | 8404 |
| Total due from related parties | $1121281 | $992340 |

---

The Company has, in the past, advanced cash to related parties for business purposes and recorded such advances as due from related parties in the unaudited condensed consolidated financial statements. Such advances were non-interest bearing and due upon demand. Subsequent to the balance sheet date, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, who controls C& 535 Limited and ES& Cubus Limited. As a result, the amount due from C& 535 Limited and ES& Cubus Limited as of September 30, 2024 has been reduced. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. In addition, in April 2025, the Company's CA Operating Subsidiaries collected back approximately $89,000 from related parties. In August 2025, the Company's CA Operating Subsidiaries further collected back approximately $427,506 from related parties. As of the date of this prospectus, approximately $788,000, or 70.3% of the March 31, 2025 due from related parties balance has been collected and the remaining balance is expected to be collected by September 2025. The Company does not have the intention to make cash advances to related parties in the future.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Dues to related parties** 

Dues to related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br> 2025** | **September 30,<br> 2024** |
|  | (Unaudited) | |
| Mak Po Keung | $301981 | $128635 |
| Unico HK Corporation Limited | 10926 | 140982 |
| ONEM Systems Inc | 487 | 518 |
| Total due to related parties | $313394 | $270135 |

---

As of March 31, 2025 and September 30, 2024, the balance due to related parties mainly consisted of advances from the Company's principal shareholders for working capital purposes during the Company's normal course of business. These advances are non-interest bearing and due on demand.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Revenues from related parties** 

Revenue from related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months ended <br> March 31,** | **For the Six Months ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| J.H Dinning Limited | $118491 | $- |
| 1695325 Ontario Inc ("Yonge") | 114655 | 36551 |
| 1802497 Ontario Inc. | 101900 | 31021 |
| 15397294 Canada Inc. ("Ajisen Waterloo") | 91889 |  |
| 2070111 Ontario Inc ("Warden") | 91889 | 30590 |
| C& 535 Limited |  | 39861 |
| ES& Cubus Limited | - | 18684 |
| Total revenue from related parties | $518824 | $156707 |

---

Cost of revenue associated with the related party sales amounted to $394,188 and $114,777 for the six months ended March 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Others fees to related parties** 

Other fees to related parties consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Types of fees** | **For the Six Months ended <br> March 31,** | **For the Six Months ended <br> March 31,** |
|  |  | **2025** | **2024** |
|  |  | (Unaudited) | (Unaudited) |
| Unico HK Corporation Limited | Royalty fee | $173969 | $168931 |
| Shigemistsu Industry Ltd. | Royalty fee | 37235 | 58098 |
| Chung Po Luk | Consulting Fee | 7058 | 38010 |
| 2070111 Ontario Inc ("Warden") | Royalty fee | 5312 | 6203 |
| 1695325 Ontario Inc ("Yonge") | Royalty fee | 5312 | 6203 |
| 1802497 Ontario Inc. | Royalty fee | 5312 | 6203 |
| Total other fees to related parties |  | $234198 | $283648 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **Loan guarantee provided by related parties** 

The Company related parties provided a guarantee for the Company's long-term bank loans (See Note 9).

&nbsp;&nbsp;&nbsp;&nbsp;**(h)** **Finance lease guaranteed by a related party** 

In connection with the Company's finance lease of a vehicle, related party, Mr. Luk Ching Po Johnny signed as the co-lessee on this lease agreement to provide an additional guarantee to safeguard the leased vehicle (see Note 8).

&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Purchase from related parties** 

Purchase from related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months ended <br> March 31,** | **For the Six Months ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Shigemitsu Industry Ltd. | $11126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Luk Ching Po Johnny | 886 | - |
| Total purchase from related parties | $12012 | $- |

---

**NOTE 11— TAXES**

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Corporate Income Taxes ("CIT")** 

<u>Cayman Islands</u>

Under the current tax laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, no Cayman Islands withholding tax will be imposed upon the payment of dividends by the Company to its shareholders.

<u>British Virgin Islands</u>

Master Central is incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, Master Central is not subject to tax on income or capital gains. In addition, upon payments of dividends by Master Central, no British Virgin Islands withholding tax is imposed.

<u>Canada</u>

ARCI, CK Inc., Kennedy Inc., Vaughan Inc., Midland Inc. and Church Limited are incorporated under the provincial laws of Ontario or the federal laws of Canada and are subject to federal and provincial corporate income tax in Canada. The combined federal and provincial corporate income tax rates are as follows: General Corporations: The federal rate is 15%, and the Ontario provincial rate is 11.5%, resulting in a combined rate of 26.5%.

<u>Hong Kong</u>

Waraku, C&NTP, C& Hospitality, ES Concept, ES&TWP, ES &Yoho and ES& Granville are incorporated in Hong Kong and are subject to profit taxes in Hong Kong. The applicable tax rate is 8.25% on assessable profits arising in or derived from Hong Kong up to HKD2,000,000 and 16.5% on any part of assessable profits over HKD2,000,000.

The components of the income tax provision are as follows:

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| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Current tax provision |  |  |
| Cayman Islands | $- | $- |
| British Virgin Islands |  |  |
| Canada | 136567 | 97768 |
| Hong Kong | 26679 | 62215 |
|  | $163246 | $159983 |
| Deferred tax benefit |  |  |
| Cayman | $- | $- |
| British Virgin Islands |  |  |
| Canada | 3243 | (2979) |
| Hong Kong | (20136) | 9374 |
|  | $(16893) | $6395 |
| Income tax provision | $146353 | $166378 |

---

The following table reconciles the Canada statutory rates to the Company's effective tax rate for the six months ended March 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31,** | **For the Six Months Ended <br> March 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |
| Canada Statutory income tax rate | 26.5% | 26.5% |
| Effect of preferential tax rate | (17.4)% | (10.5)% |
| Non-deductible expenses | 20.1% | 6.0% |
| Non-Canada entity not subject Canada income tax | 10.8% | (2.9)% |
| Change in valuation allowance | (3.5)% | 2.5% |
| Others | 5.6% | 1.3% |
| Effective tax rate | 42.1% | 22.9% |

---

The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of March 31, 2025, all of the tax returns of the Company's CA Operating Subsidiaries and HK Operating Subsidiaries remain available for statutory examination by local tax authorities.

<u>Deferred tax assets, net</u>

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
|  | (Unaudited) | |
| Operating lease liabilities | $479013 | $796126 |
| Depreciation and amortization | 197857 | 69145 |
| Net operating loss carried forward | 38732 | 15702 |
| Total deferred tax assets | 715602 | 880973 |
| Valuation allowance | - | - |
| Deferred tax assets, net of valuation allowance | $715602 | $880973 |
| Net off deferred tax liabilities | (600375) | (778106) |
| Deferred tax assets, net | $115227 | $102867 |

---

The Company periodically evaluates the likelihood of the realization of deferred tax assets, and reduces the carrying amount of the deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. Management considers new evidence, both positive and negative, that could affect the Company's future realization of deferred tax assets including its recent cumulative earnings experience, expectation of future income, the carry forward periods available for tax reporting purposes and other relevant factors. As of March 31, 2025 and September 30, 2024, the Company's net deferred tax assets were $115,227 and $102,867, respectively, primarily derived from operating lease liabilities, depreciation and amortization and net operating loss carryforward of its operating entities, offset by the deferred tax liabilities.

<u>Deferred tax liabilities</u>

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
|  | (Unaudited) | |
| Right-of-use assets | $454625 | $760587 |
| Depreciation and amortization | 161258 | 34985 |
| Deferred tax liabilities | $615883 | $795572 |
| Net off deferred tax assets | (600375) | (778106) |
| Deferred tax liabilities, net | $15508 | $17466 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Taxes payable** 

Taxes payable consist of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
|  | (Unaudited) | |
| Income tax payable | $350512 | $561566 |
| GST/HTS tax payable (recoverable) | (15040) | 201285 |
| Total taxes payable | $335472 | $762851 |

---

<u>Uncertain tax positions</u>

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of March 31, 2025 and September 30, 2024, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest or penalties tax for the six months ended March 31, 2025 and 2024. The Company does not anticipate any significant increases or decreases in unrecognized tax benefits in the next twelve months from March 31, 2025. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of March 31, 2025 and September 30, 2024, all of the tax returns of the Company's CA Operating Subsidiaries and HK Operating Subsidiaries remain available for statutory examination by local tax authorities.

**NOTE 12 — CONCENTRATIONS**

For the six months ended March 31, 2025 and 2024, no single customer accounted for more than 10% of the Company's total revenue.

As of March 31, 2025, three customers accounted for approximately 48.3%, 12.0% and 11.8% of the total accounts receivable balance, respectively. As of September 30, 2024, one customer accounted for 78.0% of the total accounts receivable balance.

For the six months ended March 31, 2025, two suppliers accounted for approximately 16.2% and 14.3% of the total purchases, respectively. For the six months ended March 31, 2024, two suppliers accounted for approximately 13.3% and 10.2% of the total purchases, respectively.

**NOTE 13 — SHAREHOLDERS' EQUITY**

***Ordinary Shares***

Riku was incorporated under the laws of the Cayman Islands on February 14, 2025. The original share capital of Riku was $50,000 divided into (i) 4,300,000 Class A ordinary shares and (ii) 700,000 Class B ordinary shares, with par value of $0.01 per share. The original issued and outstanding number of ordinary shares was 838,000 shares. On November 17, 2025, the Company amended its Memorandum of Association to increase the share capital of Riku from original $50,000 to $5,000,000, and increase the authorized number of shares from original 5,000,000 shares to 500,000,000 shares with par value of $0.01 per share, and increase the issued and outstanding number of shares from 838,000 ordinary shares at par value of $0.01 per share to 18,000,000 ordinary shares with par value of $0.01 per share. The increase in the issued number of shares is treated as a stock split effected in the form of a dividend. As a result of this forward split of the outstanding ordinary shares, there is a total of 18,000,000 shares issued and outstanding, consisted of 17,666,666 shares of Class A ordinary shares and 333,334 shares of Class B ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. In respect of matters requiring the votes of stockholders, each share of Class A ordinary shares is entitled to one vote, and each share of Class B ordinary shares is entitled to twenty votes. Class B ordinary share is convertible into Class A ordinary share at any time after issuance at the option of the holder on a one-to-one basis. The shares of Class A ordinary shares are not convertible into shares of any other class. The numbers of authorized and outstanding Ordinary Shares were retroactively applied as if the transaction occurred at the beginning of the period presented (see Note 1).

*Dividends*

During six months ended March 31, 2024, the Company's CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payment of an aggregate amount of $129,184 to its shareholders out of the additional paid-in capital balance. There was no dividend payment during the six months ended March 31, 2025.

Subsequently, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, to offset against the due from related parties balance associated with two entities controlled by Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP (see Note 10 and Note 16).

Except for the dividend payment mentioned above, the Company currently intends to retain any future earnings to finance the operation and expansion of its business, and the Company does not expect to declare or pay any dividends in the foreseeable future.

*Refund of capital contribution*

During the six months ended March 31, 2024, the Company's CA Operating Subsidiaries, Midland Inc. and Church Limited, refunded an aggregate of $98,965 capital contributions to some of their original shareholders. The capital contribution refund was due to certain original shareholders of ARCI, Vaughan Inc. and Midland Inc. to withdraw from ARCI, Vaughan Inc. and Midland Inc. through capital reduction. There was no refund of capital contribution during the six months ended March 31, 2025.

**NOTE 14 — CONTINGENCIES**

From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. For the six months ended March 31, 2025 and 2024, the Company did not have any material legal claims or litigation that, individually or in aggregate, could have a material adverse impact on the Company's consolidated financial position, results of operations and cash flows.

**NOTE 15 — SEGMENT REPORTING**

The Company notes the general objectives of segment reporting outlined in ASC 280, which are intended to assist financial statement users in better understanding an entity's performance, its prospects for future net cash flows, and to make more informed judgments about the entity as a whole.

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company's chief operating decision maker in order to allocate resources and assess performance of the segment.

ASC 280 states "a public entity shall report the revenues from external customers for each product and service or each group of similar products and services unless it is impracticable to do so." The Company evaluated its portfolio of products to determine whether certain products exhibit similar characteristics, such that they should be grouped together in the Company's disclosure. The Company's restaurant business operations in Canada and Hong Kong have similar economic characteristics with respect to restaurant inventories, vendors, marketing and promotions, customers and methods of distribution. The Company's chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. The CODMs confer regularly to review trends in operating metrics, revisit, assess, and adjust significant strategic and operational matters, and make resource adjustments as needed. These discussions include exploring opportunities for product development, responding immediately and effectively to operational adjustments, aligning ongoing business activities with corporate-level objectives, improving customer satisfaction, and enhancing corporate culture, among other management concerns. The primary measure of segment revenue and profitability for the Company's operating segment is considered to be consolidated revenue and net income. Through the evaluation, the CODM determined that the Company has four reporting segments.

The following table presents the segment information for the six months ended March 31, 2025 and 2024, respectively:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Six Months Ended March 31, 2025 (Unaudited)** |
|  | **Self-operated-restaurant revenue** | **Franchise fee income** | **Management fee income** | **Sale of ingredients** | **Total** |
| Revenue | $7896546 | $90961 | $348025 | $808103 | $9143635 |
| Cost of revenue | $5999572 | $69110 | $264420 | $613974 | $6947076 |
| Gross margin | $1896974 | $21851 | $83605 | $194129 | $2196559 |
| Operating expenses | $1623770 | $18704 | $71564 | $166170 | $1880208 |
| Provision for income tax | $126393 | $1456 | $5570 | $12934 | $146353 |
| Net income | $173535 | $1999 | $7648 | $17759 | $200941 |
| Depreciation and amortization | $401568 | $4626 | $17698 | $41095 | $464987 |
| Capital expenditures | $154187 | $1776 | $6796 | $15779 | $178538 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended March 31, 2024 (Unaudited)** | **For the Six Months Ended March 31, 2024 (Unaudited)** | **For the Six Months Ended March 31, 2024 (Unaudited)** | **For the Six Months Ended March 31, 2024 (Unaudited)** | **For the Six Months Ended March 31, 2024 (Unaudited)** |
|  | **Self-operated-restaurant revenue** | **Franchise fee income** | **Management fee income** | **Sale of ingredients** | **Total** |
| Revenue | $7668894 | $48770 | $466118 | $308415 | $8492197 |
| Cost of revenue | $5616927 | $35721 | $341399 | $225892 | $6219939 |
| Gross margin | $2051967 | $13049 | $124719 | $82523 | $2272258 |
| Operating expenses | $1385831 | $8813 | $84231 | $55733 | $1534608 |
| Provision for income tax | $150249 | $955 | $9132 | $6042 | $166378 |
| Net income | $505899 | $3217 | $30749 | $20345 | $560210 |
| Depreciation and amortization | $338487 | $2153 | $20573 | $13613 | $374826 |
| Capital expenditures | $71694 | $456 | $4358 | $2883 | $79391 |

---

Total assets as of March 31, 2025 and September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
|  | (Unaudited) | |
| Self-operated-restaurant revenue | $9771056 | $11371441 |
| Franchise fee income | 112554 | 90147 |
| Management fee income | 430640 | 852047 |
| Sale of ingredients | 999933 | 827221 |
| Total assets | $11314183 | $13140856 |

---

**NOTE 16 — SUBSEQUENT EVENTS**

On May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark, who controls C& 535 Limited and ES& Cubus Limited. As a result, the amount due from C& 535 Limited and ES& Cubus Limited as of September 30, 2024 has been reduced by $271,903. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP(see Note 10).

On November 17, 2025, the Company increased the issued shares from 838,000 shares at par value of $0.01 per share to 18,000,000 ordinary shares with par value of $0.01 per share. The increase in the issued number of shares is treated as a stock split effected in the form of a dividend (see Note 13).

These unaudited condensed consolidated financial statements were approved by management on September 12, 2025, and the Company has evaluated subsequent events through this date. Except those disclosed, the Company did not identify other subsequent events through the date of this prospectus that would have required adjustment or disclosure in the financial statements.

**RIKU DINING GROUP LIMITED**

**2,250,000** **Class A Ordinary Shares**

**PROSPECTUS**

**Eddid Securities USA Inc.**

**, 2025**

**Until and including , 2025 (twenty-five (25) days after the date of this prospectus), all dealers that buy, sell or trade our Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

**No dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this offering other than those contained in this prospectus and, if given or made, the information or representations must not be relied upon as having been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any security other than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful.**

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

---

| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION, DATED NOVEMBER 18, 2025** |

---

**Riku Dining Group Limited**

**1,643,334** **Class A Ordinary Shares to be sold by the Selling Shareholders**

This Resale Prospectus relates to the resale of 1,643,334 Class A ordinary shares, par value US$0.01 per share ("Class A Ordinary Shares") of Riku Dining Group Limited ("Riku") by San River International Sdn. Bhd. and DFK Limited (the "Selling Shareholders"), the existing shareholders of Riku (such shares referred to as the "resale shares"). We will not receive any of the proceeds from the sale of Class A Ordinary Shares by the Selling Shareholders named in this prospectus.

Our securities are presently not trading on any market or securities exchange. We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market under the symbol "RIKU".

Since there is currently no public market established for our securities, the Selling Shareholders will sell the resale shares at a price to be determined subsequent to the initial public offering pursuant to the registration statement of which this resale prospectus is a part (this "Resale Prospectus," this "resale prospectus" or "this prospectus"). No sales of the Class A Ordinary Shares covered by this Resale Prospectus shall occur until after the closing of our initial public offering (the "IPO", and the prospectus relating to the IPO, the "initial public offering prospectus"). There is no assurance that our listing application for our IPO will be approved by the Nasdaq Capital Market, and if our listing application is not approved by the Nasdaq Capital Market, the IPO will be terminated, and the registration of the resale shares under this Resale Prospectus will also be terminated. Once, and if, our Class A Ordinary Shares are listed on the Nasdaq Capital Market and there is an established market for these resale shares, the Selling Shareholders may sell the resale shares from time to time at the market price prevailing on the Nasdaq Capital Market at the time of offer and sale, or at prices related to such prevailing market prices or in negotiated transactions or a combination of such methods of sale directly or through brokers.

We are an "emerging growth company" under applicable U.S. federal securities laws and are eligible for reduced public company reporting requirements. We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders, while holders of Class B Ordinary Shares will be entitled to twenty (20) votes per share. Due to the disparate voting powers associated with our two classes of ordinary shares, our Controlling Shareholder will beneficially own approximately 67.6% of the aggregate voting power of our Company immediately following the completion of the IPO, assuming that the underwriters do not exercise their over-allotment option. See "Risk Factors — Risks Related to our Class A Ordinary Shares — Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial."

We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of our initial public offering and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to this Resale Prospectus, our Controlling Shareholder, will own 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, being 59.6% of our total issued and outstanding Ordinary Shares and representing approximately 67.6% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, and may have the ability to determine matters requiring approval by shareholders. As a result, our Controlling Shareholder will have the ability to control the outcome of certain matters submitted to shareholders for approval through its controlling ownership of the Company, such as the election of directors, amendments to our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions. See "Risk Factors — Risks Related to our Class A Ordinary Shares — Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of our other shareholders" for further information. See "Risk Factors — Risks Related to our Corporate Structure — We are a "controlled company" within the meaning of the Nasdaq listing rules, and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders."

Riku is a holding company incorporated in the Cayman Islands. As a holding company with no material operations, Riku conducts its operations in Canada through its operating subsidiaries in Canada, including Ajisen Ramen (Canada) Inc., 2750039 Ontario Inc., 2512118 Ontario Inc., 2770933 Ontario Inc., 2811387 Ontario Inc. and 1000047451 Ontario Limited (collectively the "CA Operating Subsidiaries") and in Hong Kong through its operating subsidiaries in Hong Kong, including C& NTP Limited, C& Hospitality Limited, ES Concept (F&B) Co., Limited, ES& TWP Limited, ES& Yoho Limited and ES& Granville Limited (collectively the "HK Operating Subsidiaries"). Investors are cautioned that they are buying shares of a Cayman Islands holding company with operations conducted in Hong Kong and Canada through its Operating Subsidiaries. Riku is not a Chinese or Hong Kong operating company but is a holding company incorporated in the Cayman Islands. This is an offering of the Class A Ordinary Shares of Riku, the holding company incorporated in the Cayman Islands, instead of shares of its HK Operating Subsidiaries and/or its CA Operating Subsidiaries. You may never directly hold any equity interest in its HK Operating Subsidiaries and/or its CA Operating Subsidiaries. This structure involves unique risks to investors, and the PRC regulatory authorities could disallow this structure, which would likely result in a material change in Riku's operations and/or a material change in the value of the securities Riku is registering for sale, including that such event could cause the value of such securities to significantly decline or become worthless, and further:

● could result in a material change in our operations and/or the value of our Class A Ordinary Shares;

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

● could significantly limit or hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors; and

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

We are aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding its efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on our HK Operating Subsidiaries' daily business operations, their ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchange. These actions could result in a material change in our operations and/or to the value of our Class A Ordinary Shares and could significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors. See "*Risk Factors — Risks Related to Doing Business in Hong Kong —Part of our operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of the HK Operating Subsidiaries and/or the value of our Class A Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale" for further information.*

Recent statements by the PRC government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in China—based issuers. On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities markets and promote the high-quality development of the capital markets, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

On December 24, 2021, the China Securities Regulatory Commission (the "CSRC") released the Draft Administrative Provisions and the Draft Filing Measures, both of which had a comment period that expired on January 23, 2022. The Draft Administrative Provisions and Draft Filing Measures regulate the administrative system, record-filing management, and other related rules in respect of the direct or indirect overseas issuance of listed and traded securities by "domestic enterprises". The Draft Administrative Provisions specify that the CSRC has regulatory authority over the "overseas securities offering and listing by domestic enterprises", and requires "domestic enterprises" to complete filing procedures with the CSRC if they wish to list overseas. On February 17, 2023, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; any failure to comply with such filling procedures may result in administrative penalties, such as an order to rectify, warnings, and fines. On April 2, 2022, the CSRC published the Draft Archives Rules, for public comment. These rules state that in the overseas listing activities of domestic companies, domestic companies, as well as securities companies and securities service institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall not disclose state secrets, or harm the state and public interests.

Under the Trial Measures and the Guidance Rules and Notice, Chinese domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following their submission of initial public offerings or listing application. The companies that have already been listed on overseas stock exchanges or have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing and will complete their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for its listing, yet need to make filings for subsequent offerings in accordance with the Trial Measures. Companies that have already submitted an application for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing, shall arrange for the filing within a reasonable time period and shall complete the filing procedure before such companies' overseas issuance and listing.

As of the date of this prospectus, given that the Group has no operations in China, the Company believes it is not required to complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures. While the Group has no current operations in China, should we have any future operations in China and should we (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may also impose fines and penalties on our potential operations in China, as well as limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds from this offering into China or take other actions that could have a material adverse effect on our business as well as the trading price of our Class A Ordinary Shares.

We may be required to restructure our operations to comply with such regulations or potentially cease operations in the Hong Kong entirely. The CSRC, the CAC or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of our Class A Ordinary Shares. In addition, if the CSRC, the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any action taken by the PRC government could significantly limit or completely hinder our operations in the Hong Kong and our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

Furthermore, on July 10, 2021, the Cyberspace Administration of China (the "CAC") issued a revised draft of the Measures for Cybersecurity Review for public comment, which required that, among others, in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant activities. On December 28, 2021, the CAC, the National Development and Reform Commission ("NDRC"), and several other administrations jointly issued the revised Measures for Cybersecurity Review, which became effective and replaced the existing Measures for Cybersecurity Review on February 15, 2022. According to the Revised Review Measures, if an "online platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. Based on a set of Q&A published on the official website of the State Cipher Code Administration in connection with the issuance of the Revised Review Measures, an official of the said administration indicated that an online platform operator should apply for a cybersecurity review prior to the submission of its listing application with non-PRC securities regulators. Moreover, the CAC released the draft of the Regulations on Network Data Security Management in November 2021 for public consultation, which among other things, stipulates that a data processor listed overseas must conduct an annual data security review by itself or by engaging a data security service provider and submit the annual data security review report for a given year to the municipal cybersecurity department before January 31 of the following year. Given the recency of the issuance of the Revised Review Measures and their pending effectiveness, there is a general lack of guidance and substantial uncertainties exist with respect to their interpretation and implementation. It remains unclear whether a Hong Kong company which collects personal information from PRC individuals shall be subject to the Revised Review Measures. We do not currently expect the Revised Review Measures to have an impact on our business, our operations or this offering as we do not believe that our HK Operating Subsidiaries would be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that would be required to file for cybersecurity review before listing in the U.S. This conclusion is based on the following factual circumstances: (i) our HK Operating Subsidiaries operate restaurants solely within Hong Kong, engaging exclusively in routine commercial activities unrelated to critical information infrastructure; (ii) their processing of personal information such as customer reservations, payments, and related restaurant operations, involves significantly fewer than one million users; (iii) their operations are confined to Hong Kong, and they do not process personal data of individuals within mainland China or conduct cross-border data transfers from mainland China; and (iv) as of the date of this prospectus, we have not received any notification, inquiry, warning, or request from the CAC or any other PRC regulatory authorities indicating that we are or may be classified as an "operator of critical information infrastructure" or a "data processor," nor have we received requests to submit to a cybersecurity review. Accordingly, we believe that our HK Operating Subsidiaries are not subject to the Revised Review Measures. However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Revised Review Measures are adopted into law in the future and any of our HK Operating Subsidiaries is deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, our operation and the listing of our Class A Ordinary Shares in the U.S. could be subject to CAC's cybersecurity review.

We have been advised by Hastings & Co., our Hong Kong counsel, that based on their understanding of the current Hong Kong laws, as of the date of this prospectus, the Company and its HK Operating Subsidiaries, are not required to obtain any permissions or approvals from Hong Kong authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors. No such permissions or approvals have been applied for by the Company and/or its subsidiaries or denied by any relevant authorities. Part of our operations are conducted in Hong Kong, which is a part of the PRC. As of the date of this prospectus, our HK Operating Subsidiaries received all requisite permissions or approvals from the Hong Kong authorities to operate their businesses in Hong Kong, including but not limited to their business registration certificates. However, we have been advised by Hastings & Co. that uncertainties still exist, due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future.

Based on management's internal assessment that the Company and its subsidiaries currently have no material operations in the PRC, the Company's management believes that as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors, including the CAC or the CSRC. We also believe that our HK Operating Subsidiaries are not required to obtain any permissions or approvals from any Chinese authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

As of the date of this prospectus, Hong Kong does not have similar regulations as of the PRC to extend oversight and control over offerings that are conducted overseas. Hong Kong does not have similar regulation as of the Trial Measures and the Guidance Rules and Notice, and Measures for Cybersecurity Review of the PRC. In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC or if applicable laws, regulations or interpretations change and we are required to obtain such permissions or approvals, (ii) we inadvertently conclude that relevant permissions or approvals were not required or (iii) we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

Under the PRC Enterprise Income Tax Law ("EIT Law") and its implementing rules, an enterprise established outside of the PRC with its "de facto management body" within the PRC is considered a PRC resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In 2009, the State Administration of Taxation ("SAT") issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.

As all of our board members and management are residents of Hong Kong and Canada, and substantially all of our assets and the primary location of the day-to-day operational management are located in Hong Kong and Canada, we are not a "de facto management body" as defined in the Circular 82. Therefore, we are not subject to EIT Law.

As of the date of this prospectus, our subsidiaries and business operations are not subject to the specific laws and regulations adopted by the PRC. Accordingly, we do not believe it is necessary to obtain a legal opinion from PRC counsel, as there are no applicable PRC regulations that would impact our operations.

We also may face risks relating to the lack of Public Company Accounting Oversight Board (the "PCAOB") inspection on our auditor, which may cause our securities to be delisted from a U.S. stock exchange or prohibited from being traded over-the-counter in the future under the Holding Foreign Companies Accountable Act (the "HFCAA" or the "HFCA Act"), if the U.S. Securities and Exchange Commission (the "SEC") determines that we have filed an annual report containing an audit report issued by a registered public accounting firm that the PCAOB has determined it is unable to inspect or investigate completely for three consecutive years beginning in 2021. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act and on December 29, 2022, a legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President Biden, which contained, among other things, an identical provision to Accelerating Holding Foreign Companies Accountable Act and amended the Holding Foreign Companies Accountable Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before our Class A Ordinary Shares may be prohibited from trading or delisted. The delisting or the cessation of trading of our Class A Ordinary Shares, or the threat of their being delisted or prohibited from being traded, may materially and adversely affect the value of your investment.

On April 21, 2020, SEC Chairman Jay Clayton and PCAOB Chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement highlighting the risks associated with investing in companies based in or having substantial operations in emerging markets including China. The joint statement emphasized the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China and higher risks of fraud in emerging markets. On May 18, 2020, Nasdaq filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating in "Restrictive Market", (ii) adopt a new requirement relating to the qualification of management or board of directors for Restrictive Market companies, and (iii) apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company's auditors.

On December 16, 2021, the PCAOB issued a determination report which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (1) mainland China of the PRC; and (2) Hong Kong, a Special Administrative Region of the PRC, because of positions taken by PRC authorities in those jurisdictions, which determinations were vacated on December 15, 2022. Our current auditor, Golden Eagle CPAs LLC, is not headquartered in mainland China or Hong Kong and was not identified by the PCAOB in its report on December 16, 2021 as a firm subject to the PCAOB's determinations, which determinations were vacated on December 15, 2022.

On August 26, 2022, the PCAOB signed a Statement of Protocol, or SOP, Agreement with the CSRC and China's Ministry of Finance. The SOP, together with two protocol agreements governing inspections and investigation, establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB announced it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor's, control. The PCAOB is continuing to demand complete access in mainland China and Hong Kong moving forward and is already making plans to resume regular inspections in the second half of 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed. If the PCAOB in the future again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the companies audited by those auditors would be subject to a trading prohibition on U.S. markets pursuant to the HFCAA.

If the PCAOB in the future again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong, then the lack of access to the PCAOB inspection in China would prevent the PCAOB from fully evaluating audits and quality control procedures of the auditors based in China. As a result, investors could be deprived of the benefits of such PCAOB inspections, if the PCAOB again determines it is unable to inspect and investigate completely auditors in mainland China and Hong Kong. The inability of the PCAOB to conduct inspections of auditors in China would make it more difficult to evaluate the effectiveness of these accounting firms' audit procedures or quality control procedures, which could cause existing and potential investors in our stock to lose confidence in our audit procedures and reported financial information and the quality of our financial statements. Although our auditor was not identified by the PCAOB in its report as a firm subject to the PCAOB's determinations, which determinations were vacated on December 15, 2022, should the PCAOB be unable to fully conduct inspection of our auditor's work papers in China, this could adversely affect us and our securities for the reasons noted above.

Our auditor, Golden Eagle CPAs LLC, the independent registered public accounting firm that issues the audit report included elsewhere in this Resale Prospectus, as a firm headquartered in New Jersey and registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections on a regular basis. Our auditor is not headquartered in mainland China or Hong Kong and was not identified in the 2021 Determination Report as a firm subject to the PCAOB's determination. As a firm located in the U.S. and registered with the PCAOB, Golden Eagle CPAs LLC is subject to laws in the United States which provide that the PCAOB shall conduct regular inspections to assess the auditor's compliance with the applicable professional standards. As such, as of the date of this prospectus, this offering is not affected by the HFCA Act and related regulations. However, the recent developments in connection with the implementation of the HFCA Act as described above, including the recent joint statement by the SEC and the PCAOB, the proposed rule changes by Nasdaq, and actions by the PCAOB, would add uncertainties to this offering and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. See "Prospectus Summary—Holding Foreign Companies Accountable Act" and "Risk Factors — Risks Relating to our Class A Ordinary Shares and this Offering *—* Although the audit report included in this prospectus is prepared by a U.S. auditor who are subject to the PCAOB inspection on a regular basis, there is no guarantee that future audit reports will be prepared by an auditor inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by an auditor that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before the securities may be prohibited from trading or delisted."

As of the date of this prospectus, no dividends or distributions have been made to date to investors in the Company. See "Risk Factors — Risks Related to Our Corporate Structure— We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash "

Unless otherwise stated, references to the "Company", "Group", "we", "us", and "our" in the prospectus are to Riku, the Cayman Islands entity that will issue the Class A Ordinary Shares being offered in this Resale Prospectus. References to "Operating Subsidiaries" refer to our CA Operating Subsidiaries and HK Operating Subsidiaries.

**Investing in our Class A Ordinary Shares is highly speculative and involves a high degree of risk. Before buying any shares, you should carefully read the discussion of material risks of investing in our Class A Ordinary Shares in "Risk Factors" beginning on page 15 of this Resale Prospectus.**

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

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

The date of this Resale Prospectus is [●], 2025.

**CONVENTIONS THAT APPLY TO THIS RESALE PROSPECTUS**

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

● "Articles" or "Articles of Association" are to the articles of association of our Company (as may be amended, restated or replaced from time to time) conditionally adopted on November 17, 2025 which shall become effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares;

● "ARCI" are to Ajisen Ramen (Canada) Inc., a company incorporated in Canada which is a direct wholly-owned subsidiary of Rich Plenty, and an indirect wholly-owned subsidiary of Riku;

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

● "Board" are to the board of directors of Riku;

● "BVI" are to the British Virgin Islands;

● "BVI Act" are to the BVI Business Companies Act, as amended, supplemented or otherwise modified from time to time;

● "C& Hospitality" are to C& Hospitality Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "C& NTP" are to C& NTP Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "CAD" or "CA$" are to Canadian Dollar(s), the lawful currency of Canada;

● "CA Operating Subsidiaries" or "CA Operating Subsidiary" are to Ajisen Ramen (Canada) Inc., 2750039 Ontario Inc., 2512118 Ontario Inc., 2770933 Ontario Inc., 2811387 Ontario Inc., and 1000047451 Ontario Limited, individually or collectively;

● "China" or the "PRC" refers to the People's Republic of China, including Hong Kong and Macau. For reference to specific laws and regulations adopted by the PRC, the definition of "China" or the "PRC" refers to the People's Republic of China, excluding Hong Kong and Macau;

● "CK Inc." are to 2750039 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "Church Ltd" are to 1000047451 Ontario Limited, a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "Class A Ordinary Shares" are to the Class A ordinary shares with a par value of US$0.01 each of Riku;

● "Class B Ordinary Shares" are to the Class B ordinary shares with a par value of US$0.01 each of Riku;

● "Company", "we", "us", "our" and "Riku" are to Riku Dining Group Limited, an exempted company incorporated in the Cayman Islands with limited liability under the Companies Act on February 14, 2025, that will issue the Class A Ordinary Shares being offered;

● "Companies Act" are to the Companies Act (as revised) of the Cayman Islands, as amended, supplemented or otherwise modified from time to time;

● "Controlling Shareholder" is to Integrated Winners International Limited, who immediately after the completion of the initial public offering (assuming that the underwriters do not exercise their over-allotment option), and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to this Resale Prospectus, will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power;

● "Corporate Reorganization" refers to the reorganization of the legal structure of entities under common control as described in "Corporate History and Structure," which was completed on November 17, 2025;

● "COVID-19" are to the Coronavirus Disease 2019;

● "ES Concept" are to ES Concept (F&B) Co., Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "ES& Granville" are to ES& Granville Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "ES& TWP" are to ES& TWP Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "ES& Yoho" are to ES& Yoho Limited, a limited company incorporated in Hong Kong which is a directly wholly-owned subsidiary of Waraku and an indirectly wholly-owned subsidiary of Riku;

● "Exchange Act" are to the U.S. Securities Exchange Act of 1934, as amended;

● "Founders" are to Mr. Johnny Luk Ching Po ("Mr. Johnny Luk") and Mr. Mark Luk Siu Fung ("Mr. Mark Luk");

● "Group" are to Riku and its Subsidiaries, unless otherwise specified;

● "HKD" or "HK$" are to Hong Kong dollar(s), the lawful currency of Hong Kong;

● "Hong Kong" or "HKSAR" are to the Hong Kong Special Administrative Region of the PRC;

● "HK Operating Subsidiaries" or "HK Operating Subsidiary" are to C& NTP Limited, C& Hospitality Limited, ES Concept (F&B) Co., Limited, ES& TWP Limited, ES& Yoho Limited and ES& Granville Limited, individually or collectively;

● "IPO" are to the initial public offering of securities as covered under the initial public offering prospectus;

● "Kennedy Inc." are to 2512118 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "Macau" are to the Macau Special Administrative Region of the PRC;

● "Mainland China" are to the mainland of the People's Republic of China, excluding for the purpose of this prospectus only, the special administrative regions of Hong Kong and Macau, and Taiwan;

● "Master Central" are to Master Central Holdings Limited, a company limited by shares incorporated under the laws of the BVI, which is the direct subsidiary of Riku;

● "Memorandum" or "Memorandum of Association" are to the memorandum of association of our Company (as may be amended, restated or replaced from time to time) conditionally adopted on November 17, 2025 which shall become effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares;

● "Midland Inc." are to 2811387 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku;

● "Operating Subsidiaries" are to both our CA Operating Subsidiaries and HK Operating Subsidiaries ;

● "Ordinary Shares" or "Shares" refers to the Class A Ordinary Shares and the Class B Ordinary Shares;

● "Our parent company" are to Riku;

● "PRC authorities", "PRC government" are to the government or regulatory authorities of Mainland China for the purpose of this prospectus only;

● "Rich Plenty" are to Rich Plenty Group Limited, a company incorporated under the laws of the British Virgin Islands which serves as the holding company of the CA Operating Subsidiaries, and is a directly wholly-owned subsidiary of Master Central and an indirectly wholly-owned subsidiary of Riku;

● "Resale Offering" are to the resale of 1,643,334 Ordinary Shares by the Selling Shareholders named in this Resale Prospectus;

● "SEC" or "Securities and Exchange Commission" are to the United States Securities and Exchange Commission;

● "Securities Act" are to the U.S. Securities Act of 1933, as amended;

● "Selling Shareholders" are to San River International Sdn. Bhd. and DFK Limited, the shareholders of the Company selling their Class A Ordinary Shares pursuant to this Resale Prospectus;

● "Subsidiary" or "Subsidiaries" or "Our Subsidiary" or "Our Subsidiaries" are to any one or more of our HK Operating Subsidiaries, CA Operating Subsidiaries, Master Central, or Waraku or Rich Plenty, collectively or individually;

● "US" or "U.S." are to the United States of America;

● "U.S. GAAP" refers to generally accepted accounting principles in the United States;

● "U.S. dollars" or "US$" or "USD" or "dollars" are to United States dollar(s), the lawful currency of the United States;

● "Vaughan Inc." are to 2770933 Ontario Inc., a company incorporated in Canada which is a directly wholly-owned subsidiary of Rich Plenty, and an indirectly wholly-owned subsidiary of Riku; and

● "Waraku" are to Waraku Group Limited, a company incorporated in Hong Kong with limited liability on March 15, 2024 which serves as the intermediate holding company of the HK Operating Subsidiaries, and is a directly wholly-owned subsidiary of Master Central and an indirectly wholly-owned subsidiary of Riku .

Riku is an exempted company with limited liability, registered and incorporated in the Cayman Islands, that operates in Hong Kong and Canada through the Operating Subsidiaries. The reporting currency of the HK Operating Subsidiaries is HKD and the reporting currency of the CA Operating Subsidiaries is CAD.

Riku's fiscal year ends on September 30. References to a particular "fiscal year" are to our fiscal year ended September 30 of that calendar year. References to a particular "year" are also to our fiscal year ended September 30 of that calendar year unless the text indicates otherwise.

**INDUSTRY AND MARKET DATA**

This prospectus includes statistics, other data and descriptive information relating to markets, market sizes, and other industry data pertaining to our business that we have obtained from industry publications and surveys, government publications, surveys and studies conducted by third parties, and other information available to us, including an industry report (the "Frost & Sullivan Report") commissioned by us and prepared by Frost & Sullivan, an independent research firm, as well estimates by our management based on such data. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not guaranteed. We have not independently verified any of the data from third-party sources nor have we ascertained the underlying economic assumptions relied upon therein. Market data and statistics are inherently predictive and speculative and are not necessarily reflective of actual market conditions. Such statistics are based on market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market. The market data and estimates used in this prospectus involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. In addition, the value of comparisons of statistics for different markets is limited by many factors, including that (i) the markets are defined differently, (ii) the underlying information was gathered by different methods, and (iii) different assumptions were applied in compiling the data. Accordingly, the market statistics included in this prospectus should be viewed with caution. Additionally, forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus.

While we believe that the information from these industry publications, surveys and studies is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in the section titled "Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

**TRADEMARKS, SERVICE MARKS, AND TRADE NAMES**

Solely for convenience, the trademarks, service marks, and trade names referred to in this prospectus are without the <sup>®</sup> and <sup>TM</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names. This prospectus contains additional trademarks, service marks, and trade names of others, which are the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

**RESALE PROSPECTUS SUMMARY**

**PROSPECTUS SUMMARY**

*The following summary highlights information contained elsewhere in this prospectus and does not contain all of the information you should consider before investing in our Class A Ordinary Shares. You should read the entire prospectus carefully, including "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements and the related notes thereto, in each case included in this prospectus. Unless the context otherwise requires, all references in this prospectus to "we", "us", "our", "our company", and "Riku" refer to Riku, "our Group" refers to Riku and its Subsidiaries. You should carefully consider, among other things, the matters discussed in the section of this prospectus titled "Business" before making an investment decision.*

**Overview**

We are a dynamic and growing international restaurant operator with a diverse portfolio of Japanese-themed dining concepts across Canada and Hong Kong. Through our Operating Subsidiaries, we deliver authentic Japanese culinary experiences by holding exclusive franchise rights for distinguished Japanese restaurant brands in Hong Kong and Canada.

As of the date of this prospectus, we directly operate four (4) Ajisen Ramen restaurants and sub-franchise nine (9), making a total of thirteen (13) Ajisen Ramen restaurants in Canada, alongside three (3) Yakiniku Kakura restaurants, one (1) Yakiniku 801 restaurant and one (1) Ufufu Cafe restaurant in Hong Kong. Our strategic goal is to continue expanding our footprint through new restaurant openings in key markets, leveraging our established brand recognition and operational expertise to meet the growing demand for premium Japanese dining experiences across Asia and North America.

**Our Competitive Strengths**

We believe that the following strengths differentiate us and serve as a platform for the future growth of our business across our territories:

● **Diverse portfolio of Japanese-themed dining concepts**: We offer a diverse range of Japanese-themed dining concepts, from premium yakiniku to family-friendly Western-Japanese cafés and full-service ramen restaurants, catering to a wide array of customer preferences across Asia and North America;

● **Exclusive franchise rights for renowned Japanese brands**: We hold exclusive franchise rights for prestigious Japanese brands in Hong Kong and Canada, enabling us to bring authentic dining experiences to international markets with long-term, trust-based partnerships;

● **Commitment to quality and consistency**: Our unwavering focus on sourcing premium ingredients and maintaining strict quality controls ensures a consistently high standard of food and service across all our locations, fostering customer loyalty.

● **Proven leadership and operational expertise**: Our experienced leadership team, with deep industry knowledge in both Canada and Hong Kong, drives operational excellence and sustainable growth through strategic management and strong supplier relationships;

**Our Strategies**

We aim to further strengthen our market position and continue to be a competitive international restaurant operator by pursing the following key strategies:

● **Expansion of restaurant footprint in key markets**: We intend to expand our global presence by opening new restaurants and utilizing strategic sub-franchising in high-demand regions, including the U.S., Canada, and Singapore, to capture a larger share of the international dining market;

● **Innovation in menu and customer experience**: We intend to enhance customer loyalty and brand differentiation by diversifying our menus with seasonal and plant-based options, while improving the dining experience through technology integration and personalized services;

● **Operational efficiency and scalability**: We intend to optimize our operations by refining workflows, controlling costs, and integrating technology, which should provide for scalability and profitability across all locations as we expand.

**Corporate History and Structure**

Riku was incorporated under the laws of the Cayman Islands as an exempted company with limited liability on February 14, 2025. Riku was incorporated with nominal assets and liabilities for the purpose of becoming the ultimate holding company for the Subsidiaries and consummating the Corporate Reorganization described herein. See "Corporate History and Structure."

The chart below illustrates our corporate structure upon consummation of the Corporate Reorganization and identifies our subsidiaries as of the date of this prospectus and upon completion of our initial public offering (assuming the underwriters do not exercise their over-allotment option) and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to this Resale Prospectus:

The Corporate Reorganization was completed on November 17, 2025 through the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Waraku became the direct
 holding company of the HK Operating Subsidiaries through a share-for-share exchange;

(ii) Rich Plenty became the
 direct holding company of the CA Operating Subsidiaries through a share-for-share exchange;

(iii) Waraku and Rich Plenty
 became wholly-owned subsidiaries of Master Central, the intermediary holding company incorporated in the BVI;

(iv) The Company acquired
 Master Central through a share-for-share exchange, making the HK Operating Subsidiaries and CA Operating Subsidiaries indirect wholly-owned
 subsidiaries of the Company;

(v) The Company redesignated
 its share capital into Class A and Class B ordinary shares; and

(iv) The Company increased
 its share capital from $50,000 to $5,000,000, and its authorized Ordinary Shares from 5,000,000 to 500,000,000, comprising of 430,000,000
 Class A Ordinary Shares and 70,000,000 Class B Ordinary Shares, and issued new shares to its existing shareholders without any change
 to the percentage of shares held by each existing shareholder.

We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of our initial public offering (assuming that the underwriters do not exercise their over-allotment option) and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to this Resale Prospectus, our Controlling Shareholder, will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, and will have the ability to determine all matters requiring approval by shareholders.

Investors are purchasing securities of our holding company, Riku, instead of securities of our Operating Subsidiaries, through which our operations are conducted.

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

Our management monitors the cash position of our subsidiaries regularly and prepares budgets on a monthly basis to ensure it has the necessary funds to fulfil its obligations for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential liquidity issue, it will be reported to our chief financial officer and our board of directors.

Riku is a holding company with no operations of its own. It conducts its operations in Hong Kong and Canada through its Operating Subsidiaries. Riku may rely on dividends or payments to be paid by its Operating Subsidiaries to fund its cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and U.S. investors, to service any debt we may incur and to pay our operating expenses. Cash will be transferred through our organization in the following manner: (i) funds will be transferred to our HK Operating Subsidiaries, from Riku as needed through Waraku in the form of capital contributions or shareholder loans, as the case may be; and (ii) dividends or other distributions may be paid by our HK Operating Subsidiaries to Riku through Waraku; (iii) funds will be transferred to our CA Operating Subsidiaries, from Riku as needed through Master Central in the form of capital contributions or shareholder loans, as the case may be; and (iv) dividends or other distributions may be paid by our CA Operating Subsidiaries to Riku through Master Central.

For Riku to transfer cash to its Subsidiaries, Riku is permitted under Companies Act and the Memorandum and Articles to provide funding to its subsidiaries incorporated in the BVI, Hong Kong and Canada through loans or capital contributions. Riku's subsidiary incorporated under the laws of the BVI, Master Central, is permitted under the laws of the BVI and its memorandum and articles of association (as amended from time to time) to provide funding to our CA Operating Subsidiaries. Riku's subsidiary incorporated under the laws of Hong Kong, Waraku, is permitted under the laws of Hong Kong and its articles of association (as amended from time to time) to provide funding to our HK Operating Subsidiaries.

As of the date of this prospectus, no transfers were made from the Company to its Operating Subsidiaries and our Operating Subsidiaries have not encountered difficulties or limitations with respect to their ability to transfer cash between each other. As of the date of this prospectus, neither the holding company nor our Operating Subsidiaries maintains cash management policies or procedures dictating the amount of such funding or how funds are transferred.

There are no statutory prohibitions in the Cayman Islands on the granting of financial assistance by a company to another person for the purchase of, or subscription for, its own, its holding company's or a subsidiary's shares. Therefore, a company may provide financial assistance provided the directors of the company, when proposing to grant such financial assistance, discharge their duties of care and act in good faith, for a proper purpose and in the interests of the company. Such assistance should be on an arm's-length basis. Subject to the satisfaction of the solvency test provisions under the Companies Act, the holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. Our Memorandum and Articles provide that dividends may be declared and paid out of profits of our Company, realized or unrealized, or from any reserve set aside from profits which our board of directors determines is no longer needed. Dividends may also be declared and paid out of share premium account or any other fund or account which can be authorized for this purpose in accordance with the Companies Act. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium account if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business. The Cayman Islands does not impose any tax on payments of dividends to shareholders.

Under the BVI Business Companies Act 2004 (as amended) and subject to its memorandum and articles of association, a BVI company may authorize and declare a dividend to shareholders at such time and of such an amount as the board of directors thinks fit to the extent that they are satisfied that immediately following the distribution, the value of the company's assets exceeds its liabilities and that such company is able to pay its debts as they fall due.

According to the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), dividends could only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves, as permitted under Hong Kong law. Dividends cannot be paid out of share capital. As at the date of this prospectus, there are no restrictions or limitation under the laws of Hong Kong imposed on the conversion of HK dollar into foreign currencies and the remittance of currencies out of Hong Kong, nor is there any restriction on foreign exchange to transfer cash between Riku and its HK Operating Subsidiaries, across borders and to U.S. investors, nor are there any restrictions and limitations to distribute earnings from our business and subsidiaries, to Riku and U.S. investors and amounts owed. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect to dividends paid by us. The PRC laws and regulations do not currently have any material impact on transfers of cash from Riku to our HK Operating Subsidiaries or our HK Operating Subsidiaries to Riku, our shareholders and U.S. investors. However, the Chinese government may, in the future, impose restrictions or limitations on our ability to transfer money out of Hong Kong, to distribute earnings and pay dividends to and from the other entities within our organization, or to reinvest in our business outside of Hong Kong. Such restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to outside of Hong Kong and may affect our ability to receive funds from our HK Operating Subsidiaries in Hong Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected and such measures could materially decrease the value of our Class A Ordinary Shares, potentially rendering them worthless.

According to Section 43(1) of the Canada Business Corporations Act ("**CBCA**"), which is applicable to ARCI, and Section 38 of the Business Corporations Act (Ontario) ("**OBCA**"), which is applicable to the CA Operating Subsidiaries (except ARCI), our CA Operating Subsidiaries may pay dividends by issuing fully paid shares of the corporation or in money or property. However our CA Operating Subsidiaries may not declare or pay a dividend if, as provided under Section 42 of the CBCA or Section38 of the OBCA, there are reasonable grounds for believing that the corporation is, or would after payment be, unable to pay its liabilities as they become due, or the realizable value of the corporation's assets would thereby be less than the aggregate of its liabilities and stated capital of all classes. As of the date of this prospectus, no transfers were made from the Company to its CA Operating Subsidiaries. During fiscal year 2024, the CA Operating Subsidiaries, ARCI and Vaughan Inc., made dividend payments of an aggregate amount of $254,376 to its shareholders out of the additional paid-in capital balance. In addition, on May 6, 2025, the Company's HK Operating Subsidiary, C&NTP, passed a resolution to pay a dividend of $271,903 out of the retained earning balance of C&NTP to Luk Siu Fung Mark. This dividend declaration is a non-cash transaction without actual cash payment to Luk Fung Mark and accordingly is presented as a contra equity and accounted for as a reduction of the retained earnings of C&NTP. For more information, see our consolidated financial statements and related notes thereto, in each case included in this prospectus. Except for the dividend payments mentioned above, the Company, and its CA Operating Subsidiaries and HK Operating Subsidiaries, currently intend to retain any future earnings to finance the operation and expansion of their businesses, and the Company does not expect to declare or pay any dividends in the foreseeable future. As of the date of this prospectus, our CA Operating Subsidiaries do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. Further, as of the date of this prospectus, no dividends or distributions have been made to date to investors in the Company. See "Risk Factors — Risks Related to Our Corporate Structure—We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash."

Canada does not impose any foreign exchange control restrictions which would restrict or prohibit the repatriation of funds by a Canadian corporation out of Canada, including to pay dividends to its foreign shareholder(s), except for transactions that will violate the *Criminal Code* and the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act*.

Other than the above, we did not adopt or maintain any cash management policies and procedures dictating the amount of such funding or how funds are transferred and our subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between each other, to distribute earnings from our subsidiaries to Riku and to settle amounts owed under any applicable agreements as of the date of this prospectus.

Since incorporation, Riku has not declared or paid any dividends or distributions. There will not be any transfer of assets among Riku and its Subsidiaries.

We do not expect to pay dividends on our Shares and settle amounts owed under our operating structure in the foreseeable future. We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of the businesses of our Operating Subsidiaries. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments. See "*Risk Factors — Risks related to our Corporate Structure — We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash*".

**Summary of Risk Factors**

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

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

● The restaurant industry is highly competitive, and we may face challenges in maintaining our competitive edge.

● Fluctuations in consumer spending and broader economic factors may impact our business.

● Changes in consumer preferences or other factors could reduce demand for our products.

● Our ability to operate franchised restaurants, and sub-franchise restaurants in Hong Kong and Canada depends on key franchise agreements, the expiration or termination of which could harm our business.

● Our success relies on the international reputation of the brands we operate, and adverse developments in their global operations or reputation could negatively affect our business and financial performance.

● Our Operating Subsidiaries require various licenses, approvals and permits to operate our business. Any failure in obtaining or renewing any of the licenses, approvals and permits for our operations could materially adversely affect our business, results of operations and financial condition.

● Disruptions to or issues with our supply chain could negatively impact our business operations and profitability.

● We currently rely on our central kitchen to supply certain food ingredients used in our restaurant outlets in Canada. Any disruption of operations in our central kitchen could adversely affect our reputation and results of operations.

● Leasing a broad portfolio of real estate exposes us to potential losses and liabilities.

● Newly developed restaurants may not meet our expectations, and we cannot guarantee that our expansion plans will be successful.

● The economic viability of our restaurant locations may change, and we may face challenges in securing new locations at favorable terms.

● We have limited control over the operations of our sub-franchisees, and their actions could negatively affect our brand and business.

● Our financial condition and results of operations in Canada depend, to a certain extent, on the financial condition of our sub-franchises and their ability to fulfill their obligations under their sub-franchise agreements.

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

● Part of our operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of our HK Operating Subsidiaries and/or the value of our Class A Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale. A portion of our operations is located in Hong Kong, and regulatory developments in the PRC could impact our business environment. Changes in Chinese government policies, regulations, and enforcement practices may occur with little notice and could materially affect our operations and/or the value of our Class A Ordinary Shares.

● Recently in 2023, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland China, including cracking down on illegal activities in the securities market, enhancing supervision over mainland China-based companies listed overseas using the variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. In the future, we may be subject to PRC laws and regulations related to the current business operations of our HK Operating Subsidiaries and any changes in such laws and regulations and interpretations may impair its ability to operate profitably, which could result in a material negative impact on its operations and/or the value of our Class A Ordinary Shares.

● We may become subject to a variety of PRC laws and other obligations regarding M&A Rules, the Trial Measures and data security, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.

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

● Compliance with Hong Kong's Personal Data (Privacy) Ordinance and any such other existing or future data privacy related laws, regulations and governmental orders may entail significant expenses and could materially affect our business.

● The enforcement of laws rules and regulations in the PRC can change quickly with little advance notice. Additionally, the PRC laws and regulations and the enforcement of such that apply or are to be applied to Hong Kong can change quickly with little or no advance notice. As a result, the Hong Kong legal system embodies uncertainties that could limit the availability of legal protections, which could result in a material change in our HK Operating Subsidiaries' operations and/or the value of the securities we are offering.

● The enactment of the Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") could impact our HK Operating Subsidiaries, which forms part of our business.

● There are political risks associated with conducting business in Hong Kong.

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

● Because our business is conducted in Hong Kong dollars and the price of our Class A Ordinary Shares is quoted in United States dollars, changes in currency conversion rates may affect the value of your investments.

**Risks Related to Doing Business in Canada**

● Our operations are subject to various laws and regulations in Canada.

● Changes in Canadian laws, regulations, or government policies may negatively impact our business.

● Economic conditions in Canada may adversely affect consumer spending and our business.

● Social, political, and regulatory developments in Canada may have a material adverse impact on our business.

**Risks Related to Our Corporate Structure**

● We rely on dividends and other distributions on equity paid by the Operating Subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of the Operating Subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business. In the future, funds or assets may not be available to fund operations or for other use outside of Hong Kong, due to the imposition of restrictions and limitations on, our ability or our HK Operating Subsidiaries by the PRC government to transfer cash

● You may experience difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited.

● You may have more difficulties protecting your interests than you would as a shareholder of a U.S. corporation.

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

● Our Controlling Shareholder has significant voting power and may take actions that may not be in the best interests of other shareholders.

● We may have conflicts of interest with our Controlling Shareholder, because of our Controlling Shareholder's controlling ownership interest in our Company, we may not be able to resolve such conflicts on terms favorable to us.

● We are a "controlled company" within the meaning of the Nasdaq listing rules, and intend to follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.

**Risks Related to our Class A Ordinary Shares and this Offering**

● The audit report included in this prospectus is prepared by U.S. auditor Golden Eagle CPAs LLC ("GEC"), is headquartered in New Jersey, and is subjected to the PCAOB inspection on a regular basis. As a firm located in the U.S. and registered with the PCAOB, Golden Eagle CPAs LLC is subject to laws in the United States which provide that the PCAOB shall conduct regular inspections to assess the auditor's compliance with the applicable professional standards. Our auditor is not headquartered in mainland China or Hong Kong and was not identified in the 2021 Determination Report as a firm subject to the PCAOB's determination. As such, as of the date of this prospectus, this offering is not affected by the HFCA Act and related regulations. However, there is no guarantee that future audit reports will be prepared by auditor inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our Class A Ordinary Shares may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by auditor that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus, reducing the time before the securities may be prohibited from trading or delisted.

● Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A Ordinary Shares may view as beneficial.

● We cannot predict the effect our dual-class structure may have on the market price of our Class A Ordinary Shares.

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

● The market price of our Class A Ordinary Shares may be highly volatile, and you could lose all or part of your investment.

● Volatility in the price of our Class A Ordinary Shares may subject us to securities litigation.

● If we fail to meet applicable listing requirements, Nasdaq may not approve our listing application, or may delist our Class A Ordinary Shares from trading, in which case the liquidity and market price of our Class A Ordinary Shares could decline.

● Our Class A Ordinary Shares are expected to initially trade under US$5.00 per share and thus would be known as "penny stock." Trading in penny stocks has certain restrictions and these restrictions could negatively affect the price and liquidity of our Class A Ordinary Shares.

● The IPO price and sale price for resales of Class A Ordinary Shares sold under the Resale Prospectus could differ.

● The future sales of Ordinary Shares by existing shareholders, including the sales pursuant to the Resale Prospectus, may adversely affect the market price of our Class A Ordinary Shares.

● Our pre-IPO shareholders, including our Controlling Shareholder, will be able to sell their shares after completion of this offering subject to restrictions under Rule 144.

**Recent Development in the PRC**

We do not have any operations in mainland China and currently do not have or intend to have any operating subsidiary established in mainland China or any contractual arrangement to establish a variable interest entity ("VIE") structure with any entity in mainland China, but because part of our operations are conducted in Hong Kong through our HK Operating Subsidiaries, and Hong Kong is a Special Administrative Region of China, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares.

In the event that the PRC regulatory authorities disallow our business structure, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless. See "*Risk Factors — Risks Related to Doing Business in Hong Kong — "If the Chinese government chooses to extend oversight and control over offerings that are conducted overseas and/or foreign investment in mainland China-based issuers to Hong Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless*." for further details.

We may be subject to unique risks due to uncertainty of the interpretation and the application of the PRC laws and regulations. We are also subject to the risks of uncertainty about any future actions of the Chinese government or authorities in Hong Kong in this regard. Should the Chinese government choose to exercise significant oversight and discretion over the conduct of our business, they may intervene in or influence our operations. Such governmental actions:

● could result in a material change in our operations and/or the value of our Class A Ordinary Shares;

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

● could significantly limit or hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors; and

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

Part of our operations are conducted through our HK Operating Subsidiaries in Hong Kong, which is a part of the PRC. We are aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding its efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on our HK Operating Subsidiaries' daily business operations, their ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchange. These actions could result in a material change in our operations and/or to the value of our Class A Ordinary Shares and could significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors. See "*Risk Factors — Risks Related to Doing Business in Hong Kong —Part of our operations are conducted in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of such business and may influence such operations at any time, which could result in a material change in the operations of the HK Operating Subsidiaries and/or the value of our Class A Ordinary Shares. The PRC government may also impose restrictions on our ability to transfer money out of Hong Kong to distribute earnings and pay dividends or to reinvest in our business outside of Hong Kong. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also occur quickly and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. There are uncertainties regarding the enforcement of PRC laws, and rules and regulations in China can change quickly with little advance notice. The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale."* for further information*.*

Recent statements by the PRC government have indicated an intent to exert more exert oversight and control over offerings that are conducted overseas and/or foreign investments in China based issuers. On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities markets and promote the high-quality development of the capital markets, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

On December 24, 2021, the China Securities Regulatory Commission (the "CSRC") released the Draft Administrative Provisions and the Draft Filing Measures, both of which had a comment period that expired on January 23, 2022. The Draft Administrative Provisions and Draft Filing Measures regulate the administrative system, record-filing management, and other related rules in respect of the direct or indirect overseas issuance of listed and traded securities by "domestic enterprises". The Draft Administrative Provisions specify that the CSRC has regulatory authority over the "overseas securities offering and listing by domestic enterprises", and requires "domestic enterprises" to complete filing procedures with the CSRC if they wish to list overseas. On February 17, 2023, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; any failure to comply with such filling procedures may result in administrative penalties, such as an order to rectify, warnings, and fines. On April 2, 2022, the CSRC published the Draft Archives Rules, for public comment. These rules state that in the overseas listing activities of domestic companies, domestic companies, as well as securities companies and securities service institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall not disclose state secrets, or harm the state and public interests.

Under the Trial Measures and the Guidance Rules and Notice, Chinese domestic companies conducting overseas securities offering and listing activities, either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following their submission of initial public offerings or listing application. The companies that have already been listed on overseas stock exchanges or have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing and will complete their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for its listing, yet need to make filings for subsequent offerings in accordance with the Trial Measures. Companies that have already submitted an application for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing, shall arrange for the filing within a reasonable time period and shall complete the filing procedure before such companies' overseas issuance and listing.

As of the date of this prospectus, given that the Group has no operations in China, the Company believes it is not required to complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures. While the Group has no current operations in China, should we have any future operations in China and should we (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the CAC or other PRC regulatory agencies. These regulatory agencies may also impose fines and penalties on our potential operations in China, as well as limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds from this offering into China or take other actions that could have a material adverse effect on our business as well as the trading price of our Class A Ordinary Shares.

We may be required to restructure our operations to comply with such regulations or potentially cease operations in the PRC entirely. The CSRC, the CAC or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of our Class A Ordinary Shares. In addition, if the CSRC, the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any action taken by the PRC government could significantly limit or completely hinder our operations in the PRC and our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

Furthermore, on July 10, 2021, the Cyberspace Administration of China (the "CAC") issued a revised draft of the Measures for Cybersecurity Review for public comment, which required that, among others, in addition to any "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant activities. On December 28, 2021, the CAC, the National Development and Reform Commission ("NDRC"), and several other administrations jointly issued the revised Measures for Cybersecurity Review, which became effective and replaced the existing Measures for Cybersecurity Review on February 15, 2022. According to the Revised Review Measures, if an "online platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. Based on a set of Q&A published on the official website of the State Cipher Code Administration in connection with the issuance of the Revised Review Measures, an official of the said administration indicated that an online platform operator should apply for a cybersecurity review prior to the submission of its listing application with non-PRC securities regulators. Moreover, the CAC released the draft of the Regulations on Network Data Security Management in November 2021 for public consultation, which among other things, stipulates that a data processor listed overseas must conduct an annual data security review by itself or by engaging a data security service provider and submit the annual data security review report for a given year to the municipal cybersecurity department before January 31 of the following year. Given the recency of the issuance of the Revised Review Measures and their pending effectiveness, there is a general lack of guidance and substantial uncertainties exist with respect to their interpretation and implementation. It remains unclear whether a Hong Kong company which collects personal information from PRC individuals shall be subject to the Revised Review Measures. We do not currently expect the Revised Review Measures to have an impact on our business, our operations or this offering as we do not believe that our HK Operating Subsidiaries would be deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, that would be required to file for cybersecurity review before listing in the U.S. This conclusion is based on the following factual circumstances: (i) our HK Operating Subsidiaries operate restaurants solely within Hong Kong, engaging exclusively in routine commercial activities unrelated to critical information infrastructure; (ii) their processing of personal information such as customer reservations, payments, and related restaurant operations, involves significantly fewer than one million users; (iii) their operations are confined to Hong Kong, and they do not process personal data of individuals within mainland China or conduct cross-border data transfers from mainland China; and (iv) as of the date of this prospectus, we have not received any notification, inquiry, warning, or request from the CAC or any other PRC regulatory authorities indicating that we are or may be classified as an "operator of critical information infrastructure" or a "data processor," nor have we received requests to submit to a cybersecurity review. Accordingly, we believe that our HK Operating Subsidiaries are not subject to the Revised Review Measures. However, there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations. If the Revised Review Measures are adopted into law in the future and any of our HK Operating Subsidiaries is deemed to be an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, our operation and the listing of our Class A Ordinary Shares in the U.S. could be subject to CAC's cybersecurity review.

We have been advised by Hastings & Co., our Hong Kong counsel, that based on their understanding of the current Hong Kong laws, as of the date of this prospectus, the Company and its HK Operating Subsidiaries, are not required to obtain any permissions or approvals from Hong Kong authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors. No such permissions or approvals have been applied for by the Company and/or its subsidiaries or denied by any relevant authorities. Part of our operations are conducted in Hong Kong, which is a part of the PRC. As of the date of this prospectus, our HK Operating Subsidiaries received all requisite permissions or approvals from the Hong Kong authorities to operate their businesses in Hong Kong, including but not limited to their business registration certificates. However, we have been advised by Hastings & Co. that uncertainties still exist, due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future.

Based on management's internal assessment that the Company and its subsidiaries currently have no material operations in the PRC, the Company's management believes that as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities for the listing of our Class A Ordinary Shares in the U.S. and the issuance of our Class A Ordinary Shares to foreign investors, including the CAC or the CSRC. We also believe that our HK Operating Subsidiaries are not required to obtain any permissions or approvals from any Chinese authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

As of the date of this prospectus, Hong Kong does not have similar regulations as of the PRC to extend oversight and control over offerings that are conducted overseas. Hong Kong does not have similar regulation as of the Trial Measures and the Guidance Rules and Notice, and Measures for Cybersecurity Review of the PRC. In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC or if applicable laws, regulations or interpretations change and we are required to obtain such permissions or approvals, (ii) we inadvertently conclude that relevant permissions or approvals were not required or (iii) we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

Under the PRC Enterprise Income Tax Law ("EIT Law") and its implementing rules, an enterprise established outside of the PRC with its "de facto management body" within the PRC is considered a PRC resident enterprise and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In 2009, the State Administration of Taxation ("SAT") issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.

As all of our board members and management are residents of Hong Kong and Canada, and substantially all of our assets and the primary location of the day-to-day operational management are located in Hong Kong and Canada, we are not a "de facto management body" as defined in the Circular 82. Therefore, we are not subject to EIT Law.

To the date of this prospectus, our subsidiaries and business operations are not subject to the specific laws and regulations adopted by the PRC. Accordingly, we do not believe it is necessary to obtain a legal opinion from PRC counsel, as there are no applicable PRC regulations that would impact our operations.

**Implications Of Being an "Emerging Growth Company"**

As a company with less than US$1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act (the "**JOBS Act**"), enacted in April 2012. An "emerging growth company" may take advantage of reduced reporting requirements that are otherwise applicable to larger public companies. In particular, as an emerging growth company, we:

● may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations;

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

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

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

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

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

● will not be required to conduct an evaluation of our internal control over financial reporting.

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

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

**Implications Of Being a Foreign Private Issuer**

We are a "foreign private issuer" within the meaning of the rules under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). As such, we are exempt from certain provisions of the Exchange Act that are applicable to United States domestic public companies. For example:

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

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

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

● we are exempt from provisions of Regulation Fair Disclosure aimed at preventing issuers from making selective disclosures of material information;

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

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

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

We will be required to file an annual report on Form 20-F within four months of the end of each financial year. As a foreign private issuer, we are not generally required to provide quarterly financial information to the shareholders. However, once listed on Nasdaq, we will be required to file an interim balance sheet and income statement as of the end of our second quarter. These interim financial statements are not required to reconcile to US GAAP, but they must be provided no later than 6 months following the end of our second quarter. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely than that required to be filed with the SEC by U.S. domestic issuers. A foreign private issuer that follows a home country practice in lieu of one or more of the listing rules is required to disclose in its annual reports filed with the SEC each requirement that it does not follow and describe the home country practice followed by the issuer in lieu of such requirements. If we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer. Although we are permitted to follow certain corporate governance rules that conform to Cayman requirements in lieu of many of the Nasdaq corporate governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers.

**Holding Foreign Companies Accountable Act**

The Holding Foreign Companies Accountable Act (the "HFCAA" or the "HFCA Act"), was enacted on December 18, 2020. The HFCAA states if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit our shares from being traded on a national securities exchange or in the over-the-countertrading market in the United States.

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA. A company will be required to comply with these rules if the SEC identifies it as having a "non-inspection" year under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCAA, including the listing and trading prohibition requirements described above. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "**AHFCAA**"), which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions. On December 16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (i) Mainland China, and (ii) Hong Kong.

On August 26, 2022, the PCAOB announced and signed a Statement of Protocol (the "**SOP**") with the China Securities Regulatory Commission and the Ministry of Finance of the PRC. The Protocol provides the PCAOB with: (1) sole discretion to select the firms, audit engagements and potential violations it inspects and investigates, without any involvement of Chinese authorities; (2) procedures for PCAOB inspectors and investigators to view complete audit work papers with all information included and for the PCAOB to retain information as needed; (3) direct access to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates.

On December 15, 2022, the PCAOB issued a new Determination Report which: (1) vacated the December 16, 2021 Determination Report; and (2) concluded that the PCAOB has been able to conduct inspections and investigations completely in the PRC in 2022. The December 15, 2022 Determination Report cautions, however, that authorities in the PRC might take positions at any time that would prevent the PCAOB from continuing to inspect or investigate completely. As required by the HFCAA, if in the future the PCAOB determines it no longer can inspect or investigate completely because of a position taken by an authority in the PRC, the PCAOB will act expeditiously to consider whether it should issue a new determination.

Our auditor, Golden Eagle CPAs LLC, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as a firm headquartered in New Jersey and registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections on a regular basis. Our auditor is not headquartered in mainland China or Hong Kong and was not identified in the 2021 Determination Report as a firm subject to the PCAOB's determination. As a firm located in the U.S. and registered with the PCAOB, Golden Eagle CPAs LLC is subject to laws in the United States which provide that the PCAOB shall conduct regular inspections to assess the auditor's compliance with the applicable professional standards. As such, as of the date of this prospectus, this offering is not affected by the HFCA Act and related regulations.

However, in the event it is later determined that the PCAOB is unable to inspect or investigate completely the auditor because of a position taken by an authority in a foreign jurisdiction, such as the PRC authorities, then such lack of inspection could cause trading in the Company's securities to be prohibited under the HFCAA, and ultimately result in a determination by a securities exchange to delist the Company's securities. Furthermore, as more stringent criteria have been imposed by the SEC and the PCAOB, recently, which would add uncertainties to this offering, and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. See "Risk Factors — Risks Relating to our Class A Ordinary Shares and this Offering — Although the audit report included in this prospectus is prepared by a U.S. auditor who are subject to the PCAOB inspection on a regular basis, there is no guarantee that future audit reports will be prepared by an auditor inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by an auditor that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before the securities may be prohibited from trading or delisted."

**Implications Of Being a Controlled Company**

Public companies that qualify as a "controlled company" with securities listed on the Nasdaq, must comply with the exchange's continued listing standards to maintain their listings. Nasdaq has adopted qualitative listing standards. Companies that do not comply with these corporate governance requirements may lose their listing status. Under the Nasdaq rules, a "controlled company" is a company with more than 50% of its voting power held by a single person, entity or group. Under Nasdaq rules, a "controlled company" is exempt from certain corporate governance requirements including:

● the requirement that a majority of the board of directors consist of independent directors;

● the requirement that a listed company have a nominating and governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities;

● the requirement that a listed company have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

● the requirement for an annual performance evaluation of the nominating and governance committee and compensation committee.

Controlled companies must still comply with the exchange's other corporate governance standards. These include having an audit committee and the special meetings of independent or non-management directors.

Upon completion of our initial public offering (assuming the underwriters do not exercise their over-allotment option to purchase additional Class A Ordinary Shares) and the sale of our Class A Ordinary Shares by the Selling Shareholders pursuant to this Resale Prospectus, the outstanding shares of Riku will consist of 19,916,666 Class A Ordinary Shares and 333,334 Class B Ordinary Shares, or 20,254,166 Class A Ordinary Shares and 333,334 Class B Ordinary Shares, assuming the over-allotment option is exercised in full. Immediately after completion of our initial public offering (assuming that the underwriters do not exercise their over-allotment option), our Controlling Shareholder will hold 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 59.6% of our total issued and outstanding Ordinary Shares and approximately 67.6% of the total voting power, or 310,667 Class B Ordinary Shares and 11,748,333 Class A Ordinary Shares, representing approximately 58.6% of our total issued and outstanding Ordinary Shares and approximately 66.7% of the total voting power, assuming that the over-allotment option is exercised in full. As a result, we will be a "controlled company" as defined under Nasdaq Listing Rule 5615(c) because our Controlling Shareholder will hold more than 50% of the voting power for the election of directors, and our Controlling Shareholder will have the ability to determine all matters requiring approval by shareholders. As a "controlled company", we are permitted to elect not to comply with certain corporate governance requirements, and we intend to elect to rely on these exemptions from certain corporate governance requirements under the Nasdaq Listing rules, such as that a majority of the members of our board of directors will not be independent directors and our nominating and corporate governance and compensation committees will not consist entirely of independent directors.

**Corporate Information**

Our principal executive office is located at 130 Dynamic Drive, Units 4-5, Scarborough, ON, M1V 5C8, Canada. The telephone number of our principal executive office (416) 901-8860. Our registered agent in the Cayman Islands is CO Services Cayman Limited. Our registered office and our registered agent's office in the Cayman Islands are both located at the office of CO Services Cayman Limited, P.O. Box 10008, Willow House, Cricket Square, Grand Cayman KY1-1001, Cayman Islands. Our agent for service of process in the United States is Cogency Global located at 122 East 42nd Street, 18th Floor, New York, NY 10168. We maintain a website at www.rikugroup.com. We do not incorporate the information on our website into this prospectus and you should not consider any information on, or that can be accessed through, our website as part of this prospectus.

**THE RESALE OFFERING**

Below is a summary of the terms of the offering:-

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| | |
|:---|:---|
| Issuer: | Riku Dining Group Limited |
| Shares being offered by the Selling Shareholders: | 1,643,334 Class A Ordinary Shares |
| Ordinary Shares being offered by us: | 0 Class A Ordinary Shares |
| Offer Price: | The Selling Shareholders may sell the resale shares from time to time at the market price prevailing on the Nasdaq Capital Market at the time of offer and sale, or at prices related to such prevailing market prices or in negotiated transactions or a combination of such methods of sale directly or through brokers. |
| Use of proceeds: | We will not receive any of the proceeds from the sale of the Class A Ordinary Shares by the Selling Shareholders named in this Resale Prospectus. |

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*Unless otherwise indicated, all information contained in this Resale Prospectus assumes no exercise of the underwriters' over-allotment option and is based on 18,000,000 Ordinary Shares outstanding after the Corporate Reorganization.* 

**USE OF PROCEEDS**

We will not receive any of the proceeds from the sale of the Class A Ordinary Shares by the Selling Shareholders.

**SELLING SHAREHOLDERS**

The management of San River International Sdn. Bhd. provided operational expertise and strategic insight during the early years of our group with their industry connections and knowledge of market trends for our business establishment.

The management of DFK Limited is experienced in providing technological solutions for restaurant operations, which benefited our group in the establishment and improvements of our IT system.

The following table sets forth the names of the Selling Shareholders, the number of Ordinary Shares owned by such Selling Shareholders immediately prior to the date of this Resale Prospectus and the number of Class A Ordinary Shares to be offered by the Selling Shareholders pursuant to this Resale Prospectus. The table also provides information regarding the beneficial ownership of our Ordinary Shares by the Selling Shareholders as adjusted to reflect the assumed sale of all of the Class A Ordinary Shares offered under this Resale Prospectus.

Percentages of beneficial ownership before the Resale Offering are based on 18,000,000 Ordinary Shares outstanding after the Corporate Reorganization. Beneficial ownership is based on information furnished by the Selling Shareholders. Unless otherwise indicated and subject to community property laws where applicable, the Selling Shareholders named in the following table has, to our knowledge, sole voting and investment power with respect to the Ordinary Shares beneficially owned by him, her or it.

The Selling Shareholders are not a broker dealer or an affiliate of a broker dealer. The Selling Shareholders have no agreement or understanding to distribute any of the Class A Ordinary Shares being registered. The Selling Shareholders may offer for sale from time to time any or all of the Class A Ordinary Shares, subject to the agreements described in the "Selling Shareholders Plan of Distribution." The table below assumes that the Selling Shareholders will sell all of the Class A Ordinary Shares offered for sale hereby:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Ordinary Shares Beneficially Owned Prior to Offering** | **Ordinary Shares Beneficially Owned Prior to Offering** | **Percentage Ownership**<br> **Prior to** | **Percentage Voting Power Prior to** | **Number of Class A Ordinary Shares** | **Number of Ordinary Shares Owned After Offering** | **Number of Ordinary Shares Owned After Offering** | **Percentage Ownership After** | **Percentage Voting Power After** |
| <br>**Name of Selling Shareholder** | **Class A** | **Class B** | **Offering** | **Offering** | **to be Sold** | **Class A** | **Class B** | **Offering<sup>(1)</sup>** | **Offering<sup>(1)</sup>** |
| San River International Sdn. Bhd. <sup>(2)</sup> | 821667 |  | 4.6% | 3.4% | 821667 |  |  | -% | -% |
| DFK Limited <sup>(3)</sup> | 821667 |  | 4.6% | 3.4% | 821667 |  |  | -% | -% |

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(1) Beneficial
 ownership is determined in accordance with the rules and regulations of the SEC. In computing
 the number of Ordinary Shares beneficially owned by a person and the percentage ownership
 of that person, securities that are currently convertible or exercisable into Ordinary Shares,
 or convertible or exercisable into our Ordinary Shares within 60 days of the date hereof
 are deemed outstanding. Such Ordinary Shares, however, are not deemed outstanding
 for the purposes of computing the percentage ownership of any other person. Except as indicated
 in the footnotes to the above table, the Selling Shareholders named in the table has sole
 voting and investment power with respect to the Ordinary Shares set forth opposite
 such shareholder's name.

(2) San
 River International Sdn. Bhd. is beneficially owned by Lu Yuhao, and Lu Yuhao is deemed to beneficially
 hold all Ordinary Shares held by San River International Sdn. Bhd. The address of San River International Sdn Bhd. is A-07-3A, Ekocheras, No. 693, Batu5, Julian
 Cheras, 56000 Kuala Lumpur W.P., Kuala Lumpur Malaysia.

(3) DFK
 Limited is beneficially owned by Su Hong Tao, and Su Hong Tao is deemed to beneficially hold all Ordinary
 Shares held by DFK Limited. The address of DFK Limited is Room 15, A15/F Goodwill Industrial Building, 36-44 Pak Tin
 Par Street, Tsuen Wan, New Territories, Hong Kong.

**SELLING SHAREHOLDERS PLAN OF DISTRIBUTION**

The Selling Shareholders and any of their pledgees, donees, assignees and successors-in-interest may, from time to time, sell any or all of their Class A Ordinary Shares being offered under this Resale Prospectus on any stock exchange, market or trading facility on which our Class A Ordinary Shares are traded or in private transactions. These sales may be at fixed or negotiated prices. The Selling Shareholders may use any one or more of the following methods when disposing of Class A Ordinary Shares:

● ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

● block trades in which the broker-dealer will attempt to sell the Class A Ordinary Shares as agent but may position; and resell a portion of the block as principal to facilitate the transaction;

● purchases by a broker-dealer as principal and resales by the broker-dealer for its account;

● an exchange distribution in accordance with the rules of the applicable exchange;

● privately negotiated transactions;

● to cover short sales made after the date that the registration statement of which this Resale Prospectus is a part is declared effective by the SEC;

● broker-dealers may agree with the Selling Shareholders to sell a specified number of such Class A Ordinary Shares at a stipulated price per share;

● a combination of any of these methods of sale; and

● any other method permitted pursuant to applicable law.

The Class A Ordinary Shares may also be sold under Rule 144 under the Securities Act of 1933, as amended, if available for a Selling Shareholders, rather than under this Resale Prospectus. The Selling Shareholders have the sole and absolute discretion not to accept any purchase offer or make any sale of Class A Ordinary Shares if they deem the purchase price to be unsatisfactory at any particular time.

The Selling Shareholders may pledge their Class A Ordinary Shares to its broker under the margin provisions of customer agreements. If the Selling Shareholders default on a margin loan, the broker may, from time to time, offer and sell the pledged Class A Ordinary Shares.

Broker-dealers engaged by the Selling Shareholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Shareholders (or, if any broker-dealer acts as agent for the purchaser of Shares, from the purchaser) in amounts to be negotiated, which commissions as to a particular broker or dealer may be in excess of customary commissions to the extent permitted by applicable law.

If sales of Class A Ordinary Shares offered under this Resale Prospectus are made to broker-dealers as principals, we would be required to file a post-effective amendment to the registration statement of which this Resale Prospectus is a part. In the post-effective amendment, we would be required to disclose the names of any participating broker-dealers and the compensation arrangements relating to such sales.

The Selling Shareholders and any broker-dealers or agents that are involved in selling the Class A Ordinary Shares offered under this Resale Prospectus may be deemed to be "underwriters" within the meaning of the Securities Act in connection with these sales. Commissions received by these broker-dealers or agents and any profit on the resale of the Class A Ordinary Shares purchased by them may be deemed to be underwriting discount under the Securities Act. Any broker-dealers or agents that are deemed to be underwriters may not sell Shares offered under this Resale Prospectus unless and until we set forth the names of the underwriters and the material details of their underwriting arrangements in a supplement to this Resale Prospectus or, if required, in a replacement resale prospectus included in a post-effective amendment to the registration statement of which this Resale Prospectus is a part.

The Selling Shareholders and any other persons participating in the sale or distribution of the Class A Ordinary Shares offered under this Resale Prospectus will be subject to applicable provisions of the Exchange Act, and the rules and regulations under that act, including Regulation M. These provisions may restrict activities of, and limit the timing of purchases and sales of any of the Class A Ordinary Shares by, the Selling Shareholders or any other person. Furthermore, under Regulation M, persons engaged in a distribution of securities are prohibited from simultaneously engaging in market making and other activities with respect to those securities for a specified period of time prior to the commencement of such distributions, subject to specified exceptions or exemptions. All of these limitations may affect the marketability of the Class A Ordinary Shares.

Rule 2710 requires members firms to satisfy the filing requirements of Rule 2710 in connection with the resale, on behalf of the Selling Shareholders, of the securities on a principal or agency basis. NASD Notice to Members 88-101 states that in the event a Selling Shareholder intends to sell any of the Class A Ordinary Shares registered for resale in this Resale Prospectus through a member of FINRA participating in a distribution of our securities, such member is responsible for insuring that a timely filing, if required, is first made with the Corporate Finance Department of FINRA and disclosing to FINRA the following:

● it intends to take possession of the registered securities or to facilitate the transfer of such certificates;

● the complete details of how the Selling Shareholders' Shares are and will be held, including location of the particular accounts;

● whether the member firm or any direct or indirect affiliates thereof have entered into, will facilitate or otherwise participate in any type of payment transaction with the Selling Shareholders, including details regarding any such transactions; and

● in the event any of the securities offered by the Selling Shareholders are sold, transferred, assigned or hypothecated by any Selling Shareholders in a transaction that directly or indirectly involves a member firm of FINRA or any affiliates thereof, that prior to or at the time of said transaction the member firm will timely file all relevant documents with respect to such transaction(s) with the Corporate Finance Department of FINRA for review.

No FINRA member firm may receive compensation in excess of that allowable under FINRA rules, including Rule 2710, in connection with the resale of the securities by the Selling Shareholders.

If any of the Ordinary Shares offered for sale pursuant to this Resale Prospectus are transferred other than pursuant to a sale under this Resale Prospectus, then subsequent holders could not use this Resale Prospectus until a post-effective amendment or prospectus supplement is filed, naming such holders. We offer no assurance as to whether the Selling Shareholders will sell all or any portion of the Class A Ordinary Shares offered under this Resale Prospectus.

We have agreed to pay all fees and expenses we incur incident to the registration of the Class A Ordinary Shares being offered under this Resale Prospectus. However, each Selling Shareholders and purchaser is responsible for paying any discount, and similar selling expenses they incur.

We and the Selling Shareholders have agreed to indemnify one another against certain losses, damages and liabilities arising in connection with this Resale Prospectus, including liabilities under the Securities Act.

**LEGAL MATTERS**

We are being represented by Loeb & Loeb LLP with respect to certain legal matters as to United States federal securities and New York State law. The validity of the Ordinary Shares offered in this offering and other certain legal matters as to Cayman Islands law will be passed upon for us by Carey Olsen Hong Kong LLP.

**RIKU DINING GROUP LIMITED**

**1,643,334** **Class A Ordinary Shares**

**_________________________**

**RESALE PROSPECTUS**

**_________________________**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2025**

**You should rely only on the information contained in this Resale Prospectus. No dealer, salesperson or other person is authorized to give information that is not contained in this Resale Prospectus. This Resale Prospectus is not an offer to sell nor is it seeking an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this Resale Prospectus is correct only as of the date of this prospectus, regardless of the time of the delivery of this prospectus or the sale of these securities.**

Until , 2025, all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriter with respect to their unsold subscriptions.

**The date of this Resale Prospectus is , 2025**

**PART II <br> INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 6. Indemnification of Directors and Officers.**

Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against fraud or willful default or the consequences of committing a crime. Our Memorandum and Articles provides for indemnification of our officers and directors to the maximum extent permitted by law, including for any liability incurred in their capacities as such, except through their own actual fraud, or willful default.

Pursuant to indemnification agreements, the form of which is filed as Exhibit 10.2 to this registration statement, we will indemnify our directors and officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.

The Underwriting Agreement, the form of which will be filed as Exhibit 1.1 to this registration statement, will also provide for indemnification of us and our officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

We intend to obtain directors' and officer's liability insurance coverage that will cover certain liabilities of directors and officers of our company arising out of claims based on acts or omissions in their capacities as directors or officers.

**Item 7. Recent Sales of Unregistered Securities**

We are a newly formed corporation, incorporated on February 14, 2025 under the laws of the Cayman Islands as an exempted company with limited liability. At incorporation, the Company issued one Ordinary Share to Mr. Mark Luk as the sole shareholder, at par value of $0.01 per share, in connection with the Company's formation.

Prior to the effectiveness of this registration statement, the Registrant had consummated a Corporate Reorganization, which was completed on November 17, 2025, whereby the Company acquired 100% of the issued shares of Master Central Holdings Limited, a company incorporated under the laws of the British Virgin Islands ("Master Central"), from its existing shareholders, in exchange for newly issued shares of the Company, for no additional consideration. Additionally, the Company completed a reclassification of its ordinary shares to Class A Ordinary Shares and Class B Ordinary Shares, and increased its share capital from $50,000 to $5,000,000, and its authorized Ordinary Shares from 5,000,000 to 500,000,000, comprising of 430,000,000 Class A Ordinary Shares and 70,000,000 Class B Ordinary Shares, and issued new shares to its existing shareholders without any change to the percentage of shares held by each existing shareholder. See "Corporate History and Structure—Corporate Reorganization." As a result of this contribution, the shareholders of Master Central became the shareholders of the Registrant and Master Central became a wholly owned subsidiary of the Registrant.

These transactions did not or will not, as applicable, involve any underwriters, underwriting discounts or commissions, or any public offering, and we believe that these transactions were or are, as applicable, exempt from the registration requirements of the Securities Act by virtue of Section 4(a)(2) thereof and/or Rule 506(b) of Regulation D promulgated thereunder, and/or Regulation S promulgated thereunder regarding offshore offers and sales.

**Item 8. Exhibits and Financial Statement Schedules**

(a) The following documents are filed as part of this registration statement:

See the Exhibit Index attached to this registration statement, which is incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or has been included in the consolidated financial statements or notes thereto.

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:

(b) The undersigned registrant hereby undertakes to provide to
the underwriters at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names
as required by the underwriters to permit prompt delivery to each purchaser.

(c) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described
in Item 6 hereof, or otherwise, the registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

(d) The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities
Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and
contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall
be deemed to be part of this registration statement as of the time it was declared effective.

(2) For the purpose of determining any liability under the Securities
Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering
thereof.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| 1.1+ | [Form of Underwriting Agreement](https://www.sec.gov/Archives/edgar/data/2058976/000149315225017367/ex1-1.htm) |
| 2.1+ | [Share Purchase Agreement between the Registrant and Master Central Holdings Limited dated September 10, 2025](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex2-1.htm) |
| 3.1+ | [Memorandum and Articles of Association, as in effect prior to the Corporate Reorganization](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex3-1.htm) |
| 3.2\* | [Amended and Restated Memorandum and Articles of Association, as in effect after the Corporate Reorganization](ex3-2.htm) |
| 3.3\* | [Amended and Restated Memorandum and Articles of Association to be in effect immediately prior to the closing of this Offering](ex3-3.htm) |
| 4.1+ | [Specimen certificate evidencing Ordinary Shares](https://www.sec.gov/Archives/edgar/data/2058976/000149315225017367/ex4-1.htm) |
| 5.1\* | [Opinion of Carey Olsen Hong Kong LLP regarding the validity of securities being registered](ex5-1.htm) |
| 8.1\* | [Opinion of Carey Olsen Hong Kong LLP regarding certain Cayman Island tax matters (included in Exhibit 5.1)](ex5-1.htm) |
| 10.1+ | [Form of Lockup Agreement (included in Exhibit 1.1)](https://www.sec.gov/Archives/edgar/data/2058976/000149315225017367/ex1-1.htm) |
| 10.2+ | [Form of Employment Agreement, by and between executive officers and the Registrant](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex10-2.htm) |
| 10.3+ | [Form of Indemnification Agreement with the Registrant's directors and officers](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex10-3.htm) |
| 10.4\* | [Franchise Agreement entered by Ajisen Ramen (Canada) Inc. with Shigemitsu Industry Co. Ltd and Ajisen Overseas Franchising Company Limited dated November 5, 2019](ex10-4.htm) |
| 10.5\*^ | [Franchise Deed dated entered by C& Hospitality Limited with Unico HK Corporation Limited, and Luk, Siu Fung Mark dated September 1, 2022](ex10-5.htm) |
| 10.6\*^ | [Franchise Agreement entered by C& Hospitality Limited with Unico Co., Ltd, Unico HK Corporation Limited, and Luk, Siu Fung Mark dated July 21, 2021](ex10-6.htm) |
| 10.7\*^ | [Franchise Deed entered by C& Hospitality Limited with Unico Co., Ltd, Unico HK Corporation Limited, and Luk, Siu Fung Mark dated July 1, 2023](ex10-7.htm) |
| 10.8\*^ | [Tenancy Agreement entered by C& NTP Limited with Sun Hung Kai Real Estate (Sales and Leasing) Agency Limited regarding Shop No. 701 on Level 7 of the Commercial Units of New Town Plaza, Sha Tin Town Lot No. 143 dated April 6, 2022](ex10-8.htm) |
| 10.9\*† | [Tenancy Agreement entered by ES& TWP Limited with Sun Hung Kai Real Estate (Sales and Leasing) Agency Limited regarding Shop Nos. 321-323 on Level 3 of Tsuen Wan Plaza, Tsuen Wan Town Lot No. 326 dated March 27, 2023](ex10-9.htm) |
| 10.10\* | [Tenancy Agreement entered by ES& Granville Limited with Lai and Son Company Limited regarding Ground Floor, No. 14 Granville Road, Kowloon, Hong Kong dated June 21, 2022](ex10-10.htm) |
| 10.11\*† | [Tenancy Agreement entered by ES Concept (F&B) Co., Limited with Palliser Investments Limited regarding Shops G1 and G3 on the Ground Floor of the Commercial Podium of Site 11 of Whampoa Garden dated June 30, 2023](ex10-11.htm) |
| 10.12\*† | [Tenancy Agreement entered by ES& Yoho Limited with Success Keep Limited regarding Shop No. B155 on Level 1 of the Commercial Accommodation of the development at 1 Long Lok Road, Yuen Long, New Territories, Hong Kong erected on Yuen Long Town Lot No. 510](ex10-12.htm) |
| 21.1\* | [List of Subsidiaries](ex21-1.htm) |
| 23.1\* | [Consent of Golden Eagle CPAs LLC, an independent registered public accounting firm](ex23-1.htm) |
| 23.2\* | [Consent of Carey Olsen Hong Kong LLP (included in Exhibit 5.1)](ex5-1.htm) |
| 23.3+ | [Consent of Frost & Sullivan](https://www.sec.gov/Archives/edgar/data/2058976/000149315225017367/ex23-3.htm) |
| 24.1+ | [Power of Attorney (included on signature page)](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/formf-1.htm#POA_001) |
| 99.1+ | [Code of Business Conduct and Ethics](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-1.htm) |
| 99.2\* | [Opinion of Hastings & Co. regarding certain Hong Kong legal matters](ex99-2.htm) |
| 99.3\* | [Opinion of Metcalfe, Blainey & Burns LLP regarding certain Canadian legal matters](ex99-3.htm) |
| 99.4+ | [Consent of Johnny Luk Ching Po to be a director nominee](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-4.htm) |
| 99.5+ | [Consent of Loraine Luk Yuen Ching to be a director nominee](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-5.htm) |
| 99.6+ | [Consent of Shigemitsu Katsuaki to be a director nominee](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-6.htm) |
| 99.7+ | [Consent of Victor Lee Kam Wing to be a director nominee](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-7.htm) |
| 99.8+ | [Consent of Hugh Sutherland to be a director nominee](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-8.htm) |
| 99.9+ | [Consent of Connson Chou Locke to be a director nominee](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-9.htm) |
| 99.10+ | [Form of Audit Committee Charter](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-10.htm) |
| 99.11+ | [Form of Nominating and Corporate Governance Committee Charter](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-11.htm) |
| 99.12+ | [Form of Compensation Committee Charter](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex99-12.htm) |
| 99.13\* | [Consent of Hastings & Co. (included in Exhibit 99.2)](ex99-2.htm) |
| 99.14\* | [Consent of Metcalfe, Blainey & Burns LLP (included in Exhibit 99.3)](ex99-3.htm) |
| 107+ | [Filing Fee Table](https://www.sec.gov/Archives/edgar/data/2058976/000164117225027172/ex107.htm) |

---

\* Filed herewith.

\*\* To be filed by amendment

+ Previously filed.

† Certain schedules and exhibits to this Exhibit have been omitted pursuant to Regulation S-K Item 601(a)(5). The Registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.

^ Certain terms have been omitted pursuant to Regulation S-K Item 601(a)(6). The Registrant agrees to furnish supplementally a copy of any of the terms to the SEC upon request.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong on November 18, 2025.

---

| | |
|:---|:---|
| **Riku DINING GROUP LIMITED** | **Riku DINING GROUP LIMITED** |
| By: | */s/ Mr. Luk Siu Fung Mark* |
| Name: | Mr. Luk Siu Fung Mark |
| Title: | Vice Chairman and Executive Director<br>|

---

---

| | |
|:---|:---|
| By: | */s/ Kelton Ngai Ming Hon* |
| Name: | Kelton Ngai Ming Hon |
| Title: | Chief Financial Officer |

---

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/Luk Siu Fung Mark* | Executive Director and Vice Chairman of the Board of Directors (Principal Executive Officer) | November 18, 2025 |
| Name: Luk Siu Fung Mark |  |  |
| */s/ Kelton Ngai Ming Hon* | Chief Financial Officer (Principal Accounting and Financial Officer) | November 18, 2025 |
| Name: Kelton Ngai Ming Hon |  |  |

---

**SIGNATURE OF AUTHORIZED UNITED STATES REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the Securities Act, as amended, the undersigned, the duly authorized representative in the United States of Riku Dining Group Limited. has signed this registration statement or amendment thereto in New York, New York, on November 18, 2025.

---

| | |
|:---|:---|
| **Authorized U.S. Representative**<br> **COGENCY GLOBAL, INC.** | **Authorized U.S. Representative**<br> **COGENCY GLOBAL, INC.** |
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice President on behalf of Cogency Global, Inc. |

---

## Exhibit 3.2

**Exhibit 3.2**

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on 17 November 2025)**

![](ex3-2_001.jpg)

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on 17 November 2025)**

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 name of the Company is Riku Dining Group Limited.

2. The
 registered office of the Company shall be at the offices of CO Services Cayman Limited, PO
 Box 10008, Pavilion East, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands,
 or at such other place as the Directors may from time to time decide.

3. The
 objects for which the Company is established are unrestricted and the Company shall have
 full power and authority to exercise all the functions of a natural person of full capacity.

4. The
 liability of each Member is limited to the amount from time to time unpaid on such Member's
 Shares.

5. The
 share capital of the Company is US$5,000,000 divided into 500,000,000 Ordinary Shares comprising
 (i) 430,000,000 Class A Ordinary Shares of a par value of US$0.01 each, and (ii) 70,000,000 Class
 B Ordinary Shares of a par value of US$0.01 each. Subject to the Companies Act and the Articles,
 the Company shall have the power to redeem or purchase any of its Shares and to increase
 or reduce its authorised share capital and to sub-divide or consolidate the said Shares or
 any of them and to issue all or any part of its capital whether original, redeemed, increased
 or reduced with or without preference, priority, special privilege or other rights or subject
 to any postponement of rights or to any conditions or restrictions whatsoever and so that
 unless the conditions of issue shall otherwise expressly provide every issue of Shares whether
 stated to be ordinary, preference or otherwise shall be subject to the powers on the part
 of the Company hereinbefore provided.

6. The
 Company has the power to register by way of continuation outside of the Cayman Islands in
 accordance with the Companies Act and to de-register as an exempted company in the Cayman
 Islands.

7. Capitalised
 terms that are not defined in this Memorandum of Association have the same meaning as those
 given in the Articles of Association of the Company.

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on 17 November 2025)**

**CONTENTS**

1. PRELIMINARY 3

2. COMMENCEMENT
 OF BUSINESS 7

3. REGISTERED
 OFFICE AND OTHER OFFICES 7

4. SERVICE
 PROVIDERS 7

5. ISSUE
 OF SHARES 8

6. REGISTER
 OF MEMBERS 11

7. CLOSING
 REGISTER OF MEMBERS AND FIXING RECORD DATE 11

8. SHARE
 CERTIFICATES 12

9. CALLS
 ON SHARES 12

10. FORFEITURE
 OF SHARES 14

11. TRANSFER
 OF SHARES 16

12. TRANSMISSION
 OF SHARES 16

13. REDEMPTION,
 PURCHASE AND SURRENDER OF SHARES 18

14. FINANCIAL
 ASSISTANCE 18

15. CLASS
 RIGHTS AND CLASS MEETINGS 18

16. NO
 RECOGNITION OF TRUSTS OR THIRD PARTY INTERESTS 19

17. LIEN
 ON SHARES 19

18. ALTERATION
 OF SHARE CAPITAL 20

19. GENERAL
 MEETINGS 21

20. NOTICE
 OF GENERAL MEETINGS 22

21. PROCEEDINGS
 AT GENERAL MEETINGS 24

22. VOTES
 OF MEMBERS 26

23. REPRESENTATION
 OF MEMBERS AT GENERAL MEETINGS 28

24. APPOINTMENT,
 RETIREMENT AND REMOVAL OF DIRECTORS 30

25. ALTERNATE
 DIRECTORS 34

26. POWERS
 OF DIRECTORS 35

27. PROCEEDINGS
 OF DIRECTORS 36

28. DELEGATION
 OF DIRECTORS' POWERS 39

29. DIRECTORS'
 RENUMERATION, EXPENSES AND BENEFITS 41

30. SEAL 42

31. DIVIDENDS,
 DISTRIBUTIONS AND RESERVES 42

32. PAYMENTS 43

33. CAPITALISATION
 OF RESERVES AND PROFITS 44

34. BOOKS
 OF ACCOUNT 45

35. AUDITOR 46

36. NOTICES 46

37. WINDING
 UP 47

38. INDEMNITY
 AND INSURANCE 48

39. REQUIRED
 DISCLOSURE 49

40. FINANCIAL
 YEAR 49

41. TRANSFER
 BY WAY OF CONTINUATION 49

42. TRANSFER
 BY WAY OF CONTINUATION 50

43. TAX
 TRANSPARENCY REPORTING 50

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on 17 November 2025)**

**1.** **PRELIMINARY** 

**1.1** **Table A not to apply** 

The regulations contained or incorporated in Table A in the First Schedule to the Companies Act shall not apply to the Company and these Articles shall apply in place thereof.

**1.2** **Definitions** 

---

| | |
|:---|:---|
| "**Articles**" | means these articles of association of the Company, as amended or substituted from time to time; |
| "**Auditor**" | means the person (if any) for the time being performing the duties of auditor of the Company; |
| "**Beneficial Ownership**" | means, with respect to a security, sole or shared voting power (which includes the power to vote, or to direct the voting of, such security) and/or investment power (which includes the power to acquire (or an obligation to acquire) or dispose, or to direct the acquisition or disposal of, such security) and/or a long economic exposure, whether absolute or conditional, to changes in the price of such security, in each case, whether direct or indirect, and whether through any contract, arrangement, understanding, relationship, or otherwise and "**beneficial owner**" shall mean a person entitled to such Interest; |
| "**Class**" or "**Classes**" | means any class or classes of Shares as may from time to time be issued by the Company; |

---

---

| | |
|:---|:---|
| "**Class A Ordinary Share**" | means an Ordinary Share of a par value of US$0.01 in the capital of the Company, designated as a Class A Ordinary Share and having the rights provided for in these Articles; |
| "**Class B Ordinary Share**" | means an Ordinary Share of a par value of US$0.01 in the capital of the Company, designated as a Class B Ordinary Share and having the rights provided for in these Articles; |
| "**clear days**" | in relation to the period of a notice means that period excluding the day when the notice is served or deemed to be served and the day for which it is given or on which it is to take effect; |
| "**Companies Act**" | means the Companies Act (as revised) of the Cayman Islands, as amended or revised from time to time; |
| "**Company**" | means the above-named company; |
| "**Directors**" | means the directors for the time being of the Company or as the case may be, the Directors assembled as a board or as a committee thereof; |
| "**Dividend**" | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles; |
| "**Electronic Record**" | has the same meaning as in the Electronic Transactions Act; |
| "**Electronic Transactions Act**" | means the Electronic Transactions Act (as revised) of the Cayman Islands, as amended or revised from time to time; |
| "**Interest**" | in securities or in a person means any form of Beneficial Ownership (including, for the avoidance of doubt, any derivative, contractual or economic right or contract for difference) of securities of such person; |
| "**Member**" | means any person from time to time entered in the Register of Members as a holder of one or more Shares; |
| "**Memorandum**" | means the memorandum of association of the Company, as amended or substituted from time to time; |
| "**Ordinary Resolution**" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means a resolution:<br>(a) passed by a simple majority of such Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Member is entitled by the Articles; or<br>(b) approved in writing by all of the Members entitled to vote at a general meeting of the Company, passed in accordance with these Articles; |

---

---

| | |
|:---|:---|
| "**Ordinary Share**" | means a Class A Ordinary Share or a Class B Ordinary Share; |
| "**Register of Members**" | means the register of members of the Company maintained in accordance with the Companies Act and includes (except where otherwise stated) any duplicate or branch register; |
| "**Registered Office**" | means the registered office for the time being of the Company in the Cayman Islands; |
| "**Seal**" | means the common seal of the Company (if any) and includes every duplicate seal; |
| "**Secretary**" | means any person or persons appointed by the Directors to perform any of the duties of the secretary of the Company; |
| "**Share**" | means a share in the capital of the Company and includes a fraction of a Share. All references to "Shares" herein shall be deemed to be Shares of any or all Classes as the context may require; |
| "**Special Resolution**" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;means a special resolution passed in accordance with the Companies Act, being a resolution:<br>(a) passed by a majority of not less than two-thirds of such Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company of which notice specifying the intention to propose the resolution as a Special Resolution has been duly given and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Member is entitled; or<br>(b) approved in writing by all of the Members entitled to vote at a general meeting of the Company, passed in accordance with these Articles; |
| "**Treasury Shares**" | means Shares held in treasury pursuant to the Companies Act and these Articles. |
| "**US$**" | means the lawful currency of the United States of America. |

---

**1.3** **Interpretation** 

Unless the contrary intention appears, in these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) singular
 words include the plural and vice versa;

(b) a
 word of any gender includes the corresponding words of any other gender;

(c) references
 to "persons" include natural persons, companies, partnerships, firms, joint ventures,
 associations or other bodies of persons (whether or not incorporated);

(d) a
 reference to a person includes that person's successors and legal personal representatives;

(e) "writing"
 and "written" includes any method of representing or reproducing words in a visible
 form, including in the form of an Electronic Record;

(f) a
 reference to "shall" shall be construed as imperative and a reference to "may"
 shall be construed as permissive;

(g) in
 relation to determinations to be made by the Directors and all powers, authorities and discretions
 exercisable by the Directors under these Articles, the Directors may make those determinations
 and exercise those powers, authorities and discretions in their sole and absolute discretion,
 either generally or in a particular case, subject to any qualifications or limitations expressed
 in these Articles or imposed by law;

(h) any
 reference to the powers of the Directors shall include, when the context admits, the service
 providers or any other person to whom the Directors may, from time to time, delegate their
 powers;

(i) the
 term "and/or" is used in these Articles to mean both "and" as well
 as "or". The use of "and/or" in certain contexts in no respects qualifies
 or modifies the use of the terms "and" or "or" in others. "Or"
 shall not be interpreted to be exclusive, and "and" shall not be interpreted
 to require the conjunctive, in each case unless the context requires otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 phrase introduced by the terms "including", "includes", "in
 particular" or any similar expression shall be construed as illustrative and shall
 not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) headings
 are inserted for reference only and shall not affect construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a
 reference to a law includes regulations and instruments made under that law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a
 reference to a law or a provision of law includes amendments, re-enactments, consolidations
 or replacements of that law or the provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "fully
 paid" and "paid up" means paid up as to the par value and any premium payable
 in respect of the issue or re-designation of any Shares and includes credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) where
 an Ordinary Resolution is expressed to be required for any purpose, a Special Resolution
 is also effective for that purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) sections
 8 and 19(3) of the Electronic Transactions Act are hereby excluded.

**2.** **COMMENCEMENT OF BUSINESS** 

**2.1** The
 business of the Company may be commenced as soon after incorporation as the Directors shall
 see fit.

**2.2** The
 Directors may pay, out of the capital or any other monies of the Company, all expenses incurred
 in connection with the formation and operation of the Company, including the expenses of
 registration and any expenses relating to the offer of, subscription for, or issuance of
 Shares.

**2.3** Expenses
 may be amortised over such period as the Directors may determine.

**3.** **REGISTERED OFFICE AND OTHER OFFICES** 

**3.1** Subject
 to the provisions of the Companies Act, the Company may by resolution of the Directors change
 the location of its Registered Office.

**3.2** The
 Directors, in addition to the Registered Office, may in their discretion establish and maintain
 such other offices, places of business and agencies whether within or outside of the Cayman
 Islands.

**4.** **SERVICE PROVIDERS** 

The Directors may appoint any person to act as a service provider to the Company and may delegate to any such service provider any of the functions, duties, powers and discretions available to them as Directors, upon such terms and conditions (including as to the remuneration payable by the Company) and with such powers of sub-delegation, but subject to such restrictions, as they think fit.

**5.** **ISSUE OF SHARES** 

**5.1** **Power of Directors to issue Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 issue of Shares is under the control of the Directors who may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) offer,
 issue, allot or otherwise dispose of them to such persons, in such manner, on such terms
 and having such rights and being subject to such restrictions, as they may from time to time
 determine; and

(ii) grant
 options over such Shares and issue warrants, convertible securities or similar instruments
 with respect thereto, subject to the Companies Act, the Memorandum, these Articles, any resolution
 that may be passed by the Company in general meeting and any rights attached to any Shares
 or Class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may authorise the division of Shares into any number of Classes and the different
 Classes shall be authorised, established and designated (or re-designated as the case may
 be) and the variations in the relative rights (including, without limitation, voting, dividend,
 return of capital and redemption rights), restrictions, preferences, privileges and payment
 obligations as between the different Classes (if any) shall be fixed and determined by the
 Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Directors may refuse to accept any application for Shares, and may accept any application
 in whole or in part, for any reason or for no reason.

**5.2** **Class A Ordinary Shares and Class B Ordinary Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Holders
 of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as
 one class on all resolutions submitted to a vote by the Members. Each Class A Ordinary Share
 shall entitle the holder thereof to one (1) vote on all matters subject to a vote at general
 meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof
 to twenty (20) votes on all matters subject to a vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time at
 the option of the holder thereof. The right to convert shall be exercisable by the holder
 of the Class B Ordinary Share delivering a written notice to the Company that such holder
 elects to convert a specified number of Class B Ordinary Shares into Class A Ordinary Shares.
 In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant to these Articles
 shall be effected by means of the re-designation of each relevant Class B Ordinary Share
 as a Class A Ordinary Share. Such conversion shall become effective forthwith upon entries
 being made in the Register of Members to record the re-designation of the relevant Class
 B Ordinary Shares as Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 any sale, transfer, assignment or disposition of any Class B Ordinary Share by a Member to
 any person who is not an affiliate of such Member, or upon a change of ultimate beneficial
 ownership of any Class B Ordinary Share to any erson who is not an affiliate of the registered
 shareholder of such Share, such Class B Ordinary Share shall be automatically and immediately
 converted into one (1) Class A Ordinary Share. For the avoidance of doubt, (i) a sale, transfer,
 assignment or disposition shall be effective upon the Company's registration of such
 sale, trasnfer, assignment or disposition in its Register of Members; (ii) the creation of
 any pledge, charge, encumbrance or other third party right of whatever description on any
 Class B Ordinary Shares to secure a holder's contractual or legal obligations shall
 not be deemed as a sale, transfer, assignment or disposition unless and until any such pledge,
 charge, encumbrance or other third party right is enforced and results in the third party
 holding legal title to the relevant Class B Ordinary Shares, in which case all the related
 Class B Ordinary Shares shall be automatically converted into the same number of Class A
 Ordinary Shares; and (iii) any sale, transfer or other disposal of Class B Ordinary Shares
 by a holder thereof to any holders of Class B Ordinary Shares or their affiliates shall not
 result in a conversion of Class B Ordinary Shares to Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Save
 and except for voting rights and conversion rights as set out in Articles 5.2(a) to (d) (inclusive),
 the Class A Ordinary Shares and the Class B Ordinary Shares shall rank *pari passu* with one another and shall have the same rights, preferences, privileges and restrictions.

**5.3** **Payment of commission or brokerage** 

Subject to the provisions of the Companies Act, the Company may pay a commission or brokerage in connection with the subscription for or issue of any Shares. The Company may pay the commission or brokerage in cash or by issuing fully or partly paid Shares or by a combination of both.

**5.4** **No Shares to bearer** 

The Company shall not issue Shares to bearer.

**5.5** **Fractional Shares** 

The Directors may issue fractions of a Share of any Class, and, if so issued, a fraction of a Share (calculated to such decimal points as the Directors may determine) shall be subject to and carry the corresponding fraction of liabilities (whether with respect to any unpaid amount thereon, contribution, calls or otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without limitation, voting and participation rights) and other attributes of a whole Share of the same Class.

**5.6** **Treasury Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares
 that the Company purchases, redeems or acquires by way of surrender in accordance with the
 Companies Act shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 relevant provisions of the Memorandum and Articles and the Companies Act are otherwise complied
 with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
 of the Company's assets (including any distribution of assets to members on a winding
 up) may be made to the Company in respect of a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company shall be entered in the Register of Members as the holder of the Treasury Shares.
 However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company shall not be treated as a Member for any purpose and shall not exercise any right
 in respect of the Treasury Shares, and any purported exercise of such a right shall be void;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 Treasury Share shall not be voted, directly or indirectly, at any general meeting of the
 Company and shall not be counted in determining the total number of issued Shares at any
 given time, whether for the purposes of these Articles or the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing
 in paragraph (c) above prevents an allotment of Shares as fully paid up bonus Shares in respect
 of a Treasury Share and Shares allotted as fully paid up bonus Shares in respect of a Treasury
 Share shall be treated as Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Treasury
 Shares may be disposed of by the Company in accordance with the Companies Act and otherwise
 on such terms and conditions as the Directors determine.

**6.** **REGISTER OF MEMBERS** 

**6.1** The
 Company shall maintain or cause to be maintained a Register of Members.

**6.2** Upon
 request, the Direcors shall confirm to any Member the entry of the name of such Member in
 the Register of Members and the number and the Class of Shares held by such Member. No Member
 (not being a Director) shall have any right to inspect the Register of Members execpt as
 conferred by the Companies Act or as authorised by the Directors.

**7.** **CLOSING REGISTER OF MEMBERS AND FIXING RECORD DATE** 

**7.1** **Power of Directors to close the Register of Members** 

For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or any adjournment of a meeting, or Members entitled to receive payment of any dividend or distribution, or in order to make a determination of Members for any other proper purpose, the Directors may provide that the Register of Members shall be closed for transfers for a stated period which shall not in any case exceed thirty (30) days.

**7.2** **Power of Directors to fix a record date** 

In lieu of, or apart from, closing the Register of Members, the Directors may fix in advance or arrear a date as the record date for any such determination of Members entitled to notice of or to vote at a meeting of the Members, and for the purpose of determining the Members entitled to receive payment of any dividend or distribution, or in order to make a determination of Members for any other purpose.

**7.3** **Circumstances where Register of Members is not closed and no fixed record date** 

If the Register of Members is not closed and no record date is fixed for the determination of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of a dividend or distribution, the date on which notice of the meeting is sent or the date on which the resolution of the Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination shall apply to any adjournment of that meeting.

**8.** **SHARE CERTIFICATES** 

**8.1** **Issue of share certificates** 

A Member shall only be entitled to a share certificate if the Directors resolve that share certificates shall be issued.

**8.2** **Form of share certificates** 

Share certificates, if any, shall be in such form as the Directors may determine and shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise share certificates to be issued with the authorised signature(s) affixed by mechanical process. All share certificates shall be consecutively numbered or otherwise identified and shall specify the number and Class of Shares to which they relate and the amount paid up thereon or the fact that they are fully paid, as the case may be. All share certificates surrendered to the Company for transfer shall be cancelled and subject to these Articles no new certificate shall be issued until the former certificate evidencing a like number of relevant Shares shall have been surrendered and cancelled. Where only some of the Shares evidenced by a share certificate are transferred, the old certificate shall be surrendered and cancelled and a new certificate for the balance of the Shares shall be issued in lieu without charge.

**8.3** **Certificates for jointly-held Shares** 

If the Company issues a share certificate in respect of Shares held jointly by more than one person, delivery of a single share certificate to one joint holder shall be a sufficient delivery to all of them.

**9.** **CALLS ON SHARES** 

**9.1** **Calls, how made** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the terms on which Shares are allotted, the Directors may make calls on the Members (and
 any persons entitled by transmission) in respect of any amounts unpaid on their Shares (whether
 in respect of nominal value or premium or otherwise) and not payable on a date fixed by or
 in accordance with the allotment terms. Each such Member or other person shall pay to the
 Company the amount called, subject to receiving at least fourteen (14) clear days'
 notice specifying when and where the payment is to be made, as required by such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 call may be made payable by instalments. A call shall be deemed to have been made when the
 resolution of the Directors authorising it is passed. A call may, before the Company's
 receipt of any amount due under it, be revoked or postponed in whole or in part as the Directors
 may decide. A person upon whom a call is made will remain liable for calls made on him notwithstanding
 the subsequent transfer of the Shares in respect of which the call was made.

**9.2** **Liability of joint holders** 

The joint holders of a Share shall be jointly and severally liable to pay all calls in respect of it.

**9.3** **lnterest** 

lf the whole of the sum payable in respect of any call is not paid by the day it becomes due and payable, the person from whom it is due shall pay all costs, charges and expenses that the Company may have incurred by reason of such non-payment, together with interest on the unpaid amount from the day it became due and payable until it is paid at the rate fixed by the terms of the allotment of the Share or in the notice of the call or, if no rate is fixed, at such rate, not exceeding eight percent (8%) per annum (compounded on a six monthly basis), as the Directors shall determine. The Directors may waive payment of such costs, charges, expenses or interest in whole or in part.

**9.4** **Differentiation** 

Subject to the allotment terms, the Directors may make arrangements on or before the issue of Shares to differentiate between the holders of Shares in the amounts and times of payment of calls on their Shares.

**9.5** **Payment in advance of calls** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may receive from any Member (or any person entitled by transmission) all or any
 part of the amount uncalled and unpaid on the Shares held by him (or to which he is entitled).
 The liability of each such Member or other person on the Shares to which such payment relates
 shall be reduced by such amount. The Company may pay interest on such amount from the time
 of receipt until the time when such amount would, but for such advance, have become due and
 payable at such rate not exceeding eight percent (8%) per annum (compounded on a six monthly
 basis) as the Directors may decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 sum paid up on a Share in advance of a call shall entitle the holder to any portion of a
 dividend subsequently declared or paid in respect of any period prior to the date on which
 such sum would, but for such payment, become due and payable.

**9.6** **Restrictions if calls unpaid** 

Unless the Directors decide otherwise, no Member shall be entitled to receive any dividend or to be present or vote at any meeting or to exercise any right or privilege as a Member until he has paid all calls due and payable on every Share held by him, whether alone or jointly with any other person, together with interest and expenses (if any) to the Company.

**9.7** **Sums due on allotment treated as calls** 

Any sum payable in respect of a Share on allotment or at any fixed date, whether in respect of the nominal value of the Share or by way of premium or otherwise or as an instalment of a call, shall be deemed to be a call. lf such sum is not paid, these Articles shall apply as if it had become due and payable by virtue of a call.

**10.** **FORFEITURE OF SHARES** 

**10.1** **Forfeiture after notice of unpaid call** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) lf
 a call or an instalment of a call remains unpaid after it has become due and payable, the
 Directors may give to the person from whom it is due not less than fourteen (14) clear days'
 notice requiring payment of the amount unpaid together with any interest which may have accrued
 and any costs, charges and expenses that the Company may have incurred by reason of such
 non-payment. The notice shall state the place where payment is to be made and that if the
 notice is not complied with the Shares in respect of which the call was made will be liable
 to be forfeited. lf the notice is not complied with, any Shares in respect of which it was
 given may, before the payment required by the notice has been made, be forfeited by a resolution
 of the Directors. The forfeiture will include all dividends and other amounts payable in
 respect of the forfeited Shares which have not been paid before the forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may accept the surrender of a Share which is liable to be forfeited in accordance
 with these Articles. All provisions in these Articles which apply to the forfeiture of a
 Share also apply to the surrender of a Share.

**10.2** **Notice after forfeiture** 

When a Share has been forfeited, the Company shall give notice of the forfeiture to the person who was before forfeiture the holder of the Share or the person entitled by transmission to the Share. An entry that such notice has been given and of the fact and date of forfeiture shall be made in the Register of Members. Notwithstanding the above, no forfeiture will be invalidated by any omission to give such notice or make such entry.

**10.3** **Consequences of forfeiture** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Share shall, on its forfeiture, become the property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 interest in and all claims and demands against the Company in respect of a Share and all
 other rights and liabilities incidental to the Share as between its holder and the Company
 shall, on its forfeiture, be extinguished and terminate except as otherwise stated in these
 Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 holder of a Share (or the person entitled to it by transmission) which is forfeited shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 its forfeiture cease to be a Member (or a person entitled) in respect of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) remain
 liable to pay to the Company all monies payable in respect of the Share at the time of forfeiture,
 with interest from such time of forfeiture until the time of payment, in the same manner
 in all respects as if the Share had not been forfeited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) remain
 liable to satisfy all (if any) claims and demands which the Company might have enforced in
 respect of the Share at the time of forfeiture without any deduction or allowance for the
 value of the Share at the time of forfeiture or for any consideration received on its disposal.

**10.4** **Disposal of forfeited Share** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such
 manner as the Directors may decide either to the person who was before the forfeiture the
 holder or to any other person. At any time before the disposal, the forfeiture may be cancelled
 on such terms as the Directors may decide. Where for the purpose of its disposal a forfeited
 Share is to be transferred to any transferee, the Directors may authorise a person to execute
 an instrument of transfer of Shares in the name and on behalf of their holder to the purchaser
 or as the purchaser may direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 purchaser will not be bound to see to the application of the purchase monies in respect of
 any such sale. The title of the transferee to the Shares will not be affected by any irregularity
 in or invalidity of the proceedings connected with the sale or transfer. Any instrument or
 exercise referred to at paragraph (a) of this Article shall be effective as if it had been
 executed or exercised by the holder of, or the person entitled by transmission to, the Shares
 to which it relates.

**10.5** **Proof of forfeiture** 

A statutory declaration by a Director or any other officer that a Share has been forfeited on a specified date shall be conclusive evidence of the facts stated in it against all persons claiming to be entitled to the Share. The declaration shall (subject to the execution of any necessary instrument of transfer) constitute good title to the Share. The person to whom the Share is disposed of shall not be bound to see to the application of the consideration (if any) given for it on such disposal. His title to the Share will not be affected by any irregularity in, or invalidity of, the proceedings connected with the forfeiture or disposal.

**11.** **TRANSFER OF SHARES** 

**11.1** **Written instrument of transfer** 

Subject to these Articles, a Share is transferable by means of a written instrument of transfer in any usual or common form for use in the Cayman Islands or any other form approved by the Directors and which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has
 been executed by or on behalf of the transferor; and

(b) is
 accompanied by such documentation that the Directors may request.

**11.2** **Refusal to register transfers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Directors may resolve to refuse to register any transfer of Shares and are not obliged to
 give any reason for that refusal, provided that the Directors may (with or without conditions)
 irrevocably waive or modify this right in connection with the listing of Shares on a stock
 exchange or where the free transferability of Shares is otherwise desirable.

(d) If
 the Directors refuse to register a transfer of Shares they must, within two months of such
 refusal (i) give notice of the refusal to the registered holder of the Shares and the proposed
 transferee named on the transfer and (ii) at their election, either destroy any instrument
 of transfer provided to them in respect of such proposed transfer, or return such instrument
 to the person who provided it to them. Failure to provide such notice or to destroy or return
 such instrument does not invalidate the decision of the Directors to refuse to register that
 transfer.

**11.3** **Effect of registration** 

The transferor shall be deemed to remain the holder of the Share transferred until the name of the transferee is entered in the Register of Members in respect of that Share.

**12.** **TRANSMISSION OF SHARES** 

**12.1** **Transmission of Shares** 

If a Member dies, becomes bankrupt, commences liquidation or is dissolved, the only person that the Company will recognise as having any title to, or interest in, that Member's Share (other than the Member) are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the deceased Member was a joint holder, the survivor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the deceased Member was a sole or the only surviving holder, the personal representative
 of that Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 trustee in bankruptcy or other person succeeding to the Member's interest by operation
 of law,

but nothing in these Articles releases the estate of a deceased Member, or any other successor by operation of law, from any liability in respect of any Share held by that Member solely or jointly.

**12.2** **Election by persons entitled on transmission** 

Any person becoming entitled to a Share as a result of the death, bankruptcy, liquidation or dissolution of a Member (or in any other way than by transfer) may, upon such evidence being produced as may from time to time be required by the Directors, elect either to become registered as the holder of the Share or nominate another person to be registered as the holder of that Share.

**12.3** **Manner of election** 

A person who makes an election under the preceding Article shall give written notice to the Company to that effect, but the Directors shall, in either case, have the same right to refuse registration as they would have had in the case of a transfer of the Share by that Member before his death, bankruptcy, liquidation or dissolution, as the case may be.

**12.4** **Rights of persons entitled by transmission** 

A person becoming entitled to a Share by reason of the death, bankruptcy, liquidation or dissolution of a Member (or in any other case than by transfer) shall be entitled to the same Dividends and other rights to which he would be entitled if he were the registered holder of the Share. However, the person shall not, before being registered as a Member in respect of the Share, be entitled in respect of it to attend or vote at any meeting of the Company and the Directors may at any time give notice requiring any such person to elect either to be registered himself or to have some person nominated by him registered as the holder (and the Directors shall, in either case, have the same right to refuse registration as they would have had in the case of a transfer of the Share by that Member before his death, bankruptcy, liquidation or dissolution, as the case may be). If the notice is not complied with within ninety (90) days the Directors may withhold payment of all Dividends, bonuses or other monies payable in respect of the Share until the requirements of the notice have been complied with.

**12.5** **No surviving Member or Director** 

Notwithstanding the foregoing, where there is no Director in office and the only persons interested in the issued Shares are entitled on transmission, such persons shall be treated as if already registered as the holders of such Shares, but solely for the purpose of passing an Ordinary Resolution appointing one or more Directors.

**13.** **REDEMPTION, PURCHASE AND SURRENDER OF SHARES** 

**13.1** **Surrender of Shares** 

Shares may be surrendered in accordance with the relevant provisions of the Companies Act.

**13.2** **Shares not redeemable** 

Shares are not redeemable.

**13.3** **Power of the Company to purchase its Shares** 

Subject to the provisions of the Companies Act and to any rights conferred on the holders of any class of Shares, the Company shall have the power to purchase all or any of its Shares on such terms as the Directors may agree with the holders of such Shares. The Company may make a payment in respect of the purchase of its own Shares in any manner permitted by the Companies Act, including out of capital. Purchase proceeds may be paid in cash and/or in-kind.

**13.4** **Holding Shares in treasury** 

The Directors may hold and dispose of any repurchased, redeemed or surrendered Shares in treasury in accordance with the relevant provisions of the Companies Act.

**14.** **FINANCIAL ASSISTANCE** 

The Company may give financial assistance directly or indirectly for the purpose of, or in connection with, the acquisition made or to be made by any person of any Shares or of shares in any Member.

**15.** **CLASS RIGHTS AND CLASS MEETINGS** 

**15.1** **Variation of class rights** 

Subject to the Companies Act, if at any time the share capital of the Company is divided into different Classes of Shares, all or any of the rights attached to any Class of Shares may be varied in such manner as those rights may provide or, if no such provision is made, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 the consent in writing of holders of not less than three-fourths of the issued Shares of
 that Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 the sanction of a resolution passed at a separate meeting of the holders of the Shares of
 that Class by a majority of votes cast of the holders of the Shares of that Class present
 and voting at such meeting with a quorum of 2 persons at least holding (whether in person
 or by proxy) not less than one-thirds of the holders of the Shares of that Class.

**15.2** **Treatment of classes of Shares by Directors** 

The Directors may treat two or more or all of the Classes of Shares as forming one class of Shares if the Directors consider that such Classes of Shares would be affected by the proposed variation in the same way.

**15.3** **Effect of Share issue on class rights** 

The rights attached to any Class of Shares are not taken to be varied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 creation or issue of further Shares ranking equally with them unless expressly provided by
 the terms of the issue of the Shares of that Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 reduction of capital paid up on such Shares or by the repurchase, redemption or surrender
 of any Shares in accordance with the Companies Act and these Articles.

**15.4** **Class meetings** 

The provisions of these Articles relating to general meetings of the Company shall apply mutatis mutandis to any Class meeting, except that the quorum shall be two or more Members that together hold at least one-third of the issued Shares of that Class.

**16.** **NO RECOGNITION OF TRUSTS OR THIRD PARTY INTERESTS** 

Except as otherwise expressly provided by these Articles or as required by law or as ordered by a court of competent jurisdiction, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 not required to recognise a person as holding any Share on any trust, even if the Company
 has notice of the trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 not required to recognise, and is not bound by, any interest in or claim to any Share, except
 for the registered holder's absolute legal ownership of the Share, even if the Company
 has notice of that interest or claim.

**17.** **LIEN ON SHARES** 

**17.1** **Lien on Shares generally** 

The Company shall have a first and paramount lien on all Shares registered in the name of a Member (whether solely or jointly with others) for all debts, liabilities or amounts payable to or with the Company (whether presently payable or not) by such Member or his estate, either alone or jointly with any other person, whether a Member or not, but the Directors may at any time determine any Share to be wholly or in part exempt from the provisions of this Article. The Company's lien on a Share is released if a transfer of that Share is registered.

**17.2** **Enforcement of lien by sale** 

The Company may sell, on such terms and in such manner as the Directors think fit, any Share on which the Company has a lien, if a sum in respect of which the lien exists is presently payable, and is not paid within fourteen (14) clear days after notice has been given by the Company to the holder of the Share (or to any other person entitled by transmission to the Shares) demanding payment of that amount and giving notice of intention to sell the Share if such payment is not made.

**17.3** **Completion of sale under lien** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 give effect to a sale of Shares under a lien the Directors may authorise any person to execute
 an instrument of transfer in respect of the Shares to be sold to, or in accordance with the
 directions of, the relevant purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 purchaser or his nominee shall be registered as the holder of the Shares comprised in any
 such transfer, and he shall not be bound to see to the application of any consideration provided
 for the Shares, nor will the purchaser's title to the Shares be affected by any irregularity
 or invalidity in connection with the sale or the exercise of the Company's power of
 sale under these Articles.

**17.4** **Application of proceeds of sale** 

The net proceeds of a sale made under a lien after payment of costs, shall be applied in payment of such part of the amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for sums not presently payable as existed upon the Shares before the sale) be paid to the person who was entitled to the Shares immediately prior to the sale.

**18.** **ALTERATION OF SHARE CAPITAL** 

**18.1** **The Company may by Ordinary Resolution:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase
 its share capital by such sum, to be divided into Shares of such Classes and amounts as the
 resolution shall prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consolidate,
 or consolidate and divide all or any of its share capital into Shares of a larger amount
 than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subdivide
 its Shares, or any of them, into Shares of a smaller amount than is fixed by the Memorandum;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cancel
 any Shares which, at the date of the passing of the resolution, have not been taken, or agreed
 to be taken, by any person and diminish the amount of its share capital by the amount of
 the Shares so cancelled.

**18.2** All
 new Shares created in accordance with the provisions of this Article shall be subject to
 the same provisions of these Articles with reference to liens, transfer, transmission and
 otherwise as the Shares in the original share capital.

**18.3** Subject
 to the provisions of the Companies Act and the provisions of these Articles as regards the
 matters to be dealt with by Ordinary Resolution, the Company may by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name;

(b) alter
 or add to these Articles;

(c) alter
 or add to the Memorandum with respect to any objects, powers or other matters specified therein;

(d) reduce
 its share capital and any capital redemption reserve;

(e) commence
 a voluntary winding up; and

(f) merge
 or consolidate with any one or more constituent companies (as defined in the Companies Act).

**19.** **GENERAL MEETINGS** 

**19.1** **Annual general meetings and general meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may hold an annual general meeting in each calendar year, which shall be convened
 by the Directors, in accordance with these Articles, but so that the maximum period between
 such annual general meetings shall not exceed fifteen (15) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 general meetings other than annual general meetings shall be called extraordinary general
 meetings.

**19.2** **Convening of general meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may convene a general meeting of the Company whenever the Directors think fit,
 and must do so if required to do so pursuant to a valid Members' requisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 at any time there are no Directors then any one Member shall be entitled to convene a general
 meeting of the Company in the same manner as if such Member were the Directors.

(c) The
 Directors may, in their absolute discretion (save for general meetings convened at the requisition
 of one or more Members), postpone or cancel a general meeting before the date on which it
 is to be held, with or without reason.

**19.3** **Members' requisition** 

A Members' requisition is a requisition of Members of the Company holding at the date of deposit of the requisition at the Registered Office not less than ten percent (10%) in par value of the issued Shares which as at that date carry the right to vote at general meetings of the Company.

**19.4** **Requirements of Members' requisition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 requisition must state the objects of the general meeting and must be signed by the requisitionists
 and deposited at the Registered Office, and may consist of several documents in like form
 each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Directors do not within twenty-one (21) days from the date of the deposit of the requisition
 duly proceed to convene a general meeting to be held within a further twenty-one (21) days,
 the requisitionists, or any of them representing a majority of the total voting rights of
 all of them, may themselves convene a general meeting of the Company, but any meeting so
 convened shall not be held after the expiration of three months after the expiration of such
 twenty-one (21) day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 general meeting convened in accordance with this Article by requisitionists shall be convened
 (insofar as is possible) in the same manner as that in which general meetings are to be convened
 by Directors and the Directors shall, upon demand, provide the names and addresses of each
 Member to the requisitionists for the purpose of convening such meeting.

**20.** **NOTICE OF GENERAL MEETINGS** 

**20.1** **Length and form of notice and persons to whom notice must be given** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 least five (5) clear days' notice shall be given of any annual general meeting or general
 meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the Companies Act and notwithstanding that it is convened by shorter notice than that
 specified in paragraph (a) of this Article, a general meeting shall be deemed to have been
 duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of an annual general meeting, by all shareholders entitled to attend and vote at
 the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of an extraordinary general meeting, by at least seventy-five percent (75%) of all
 the Members entitled to attend and vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 notice of meeting shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether
 the meeting is an annual general meeting or a general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 place, the day and the time of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 general nature of the business to be transacted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if
 the meeting is convened to consider a Special Resolution, the intention to propose the resolution
 as such; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with
 reasonable prominence, that a Member entitled to attend and vote is entitled to appoint one
 or more proxies to attend and, on a poll, vote instead of him and that a proxy need not also
 be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 notice of meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall
 be given to the Members (other than a Member who, under these Articles or any restrictions
 imposed on any Shares, is not entitled to receive notice from the Company), to each Director
 and alternate Director, to the Auditor and to such other persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) may
 specify a time by which a person must be entered on the Register of Members in order for
 such person to have the right to attend or vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Directors may determine that the Members entitled to receive notice of a meeting are those
 persons entered on the Register of Members at the close of business on a day determined by
 the Directors.

**20.2** **Omission or non-receipt of notice or instrument of proxy** 

The accidental omission to send or give notice of meeting or, in cases where it is intended that it be sent out or given with the notice, an instrument of proxy or other document to, or the non-receipt of any such item by, any person entitled to receive such notice shall not invalidate the proceedings at that meeting.

**21.** **PROCEEDINGS AT GENERAL MEETINGS** 

**21.1** **Requirement and number for a quorum** 

No item of business may be transacted at a general meeting unless a quorum is present. A quorum is two Members present in person or by proxy or by a duly authorised representative and entitled to vote unless the Company has only one Member in which case that Member alone constitutes a quorum.

**21.2** **General meetings by telephone or other communications device** 

A general meeting may be held by means of any telephone, electronic or other communications facilities that permit all persons in the meeting to communicate with each other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting. Unless otherwise determined by resolution of the Members present, the meeting shall be deemed to be held at the place where the chairman is physically present.

**21.3** **Adjournment if quorum not present** 

If within fifteen (15) minutes after the time appointed for a general meeting a quorum is not present (or if during such a meeting a quorum ceases to be present), the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 convened upon the requisition of Members, shall be dissolved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 any other case, stands adjourned to the same day in the next week at the same time and place
 or to such other day, time and place as the Directors may determine, and if at the adjourned
 meeting a quorum is not present within fifteen (15) minutes from the time appointed for the
 meeting the Members present shall be a quorum.

**21.4** **Appointment of chairman of general meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Directors have elected one of their number as chairman of their meetings that person
 shall preside as chairman at every general meeting of the Company. If there is no such chairman,
 or if the elected chairman is not present within fifteen (15) minutes after the time appointed
 for the holding of the meeting, or is unable or unwilling to act, the Directors present shall
 elect one of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 no Director is willing to act as chairman or if no Director is present within fifteen (15)
 minutes after the time appointed for holding the meeting, the Members present shall choose
 one of their number to be chairman of the meeting.

**21.5** **Orderly conduct** 

The chairman shall take such action or give directions for such action to be taken as he thinks fit to promote the orderly conduct of the business of the meeting. The chairman's decision on points of order, matters of procedure or arising incidentally from the business of the meeting shall be final as shall be his determination as to whether any point or matter is of such a nature.

**21.6** **Entitlement to attend and speak** 

Each Director shall be entitled to attend and speak at any general meeting of the Company. The chairman may invite any person to attend and speak at any general meeting of the Company where he considers that this will assist in the deliberations of the meeting.

**21.7** **Adjournment of general meeting** 

The chairman may, with the consent of a meeting at which a quorum is present (and shall if so directed by the meeting), adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a general meeting is adjourned for thirty (30) days or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice.

**21.8** **Voting on a show of hands** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 any general meeting a resolution put to the vote of the meeting must be decided on a show
 of hands unless a poll is demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 a poll is so demanded, a declaration by the chairman that a resolution has, on a show of
 hands, been carried, or carried unanimously, or by a particular majority, or lost, and an
 entry to that effect in the Company's book containing the minutes of proceedings of
 the Company, is conclusive evidence of the fact. Neither the chairman nor the minutes need
 state, and it is not necessary to prove, the number or proportion of the votes recorded in
 favour of or against the resolution.

**21.9** **When a poll may be demanded** 

A poll may only be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before
 the show of hands on that resolution is taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) before
 the result of the show of hands on that resolution is declared; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) immediately
 after the result of the show of hands on that resolution is declared.

**21.10** **Demand for poll** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 poll may be demanded by the chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 demand for a poll does not prevent the continuance of the meeting for the transaction of
 any business other than the question on which the poll has been demanded.

**21.11** **Voting on a poll** 

If a poll is properly demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 must be taken in the manner and at the date and time directed by the chairman;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 the election of a chairman or on a question of adjournment, it must be taken immediately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 result of the poll is a resolution of the meeting at which the poll was demanded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 demand may be withdrawn.

**21.12** **No casting vote for chairman** 

If there is an equality of votes either on a show of hands or on a poll, the chairman is not entitled to a second or casting vote in addition to any other vote he may have or be entitled to exercise.

**22.** **VOTES OF MEMBERS** 

**22.1** **Written resolutions of Members** 

A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by or on behalf of all Members for the time being entitled to receive notice of and to attend and vote at general meetings of the Company shall be as valid and effective as if the resolution had been passed at a general meeting of the Company duly convened and held. A resolution in writing is adopted when all Members entitled to do so have signed it.

**22.2** **Registered Members to vote** 

No person shall be entitled to vote at any general meeting unless he is registered as a Member in the Register of Members on the record date for such meeting.

**22.3** **Voting rights** 

Subject to these Articles and to any rights or restrictions for the time being attached to any Class or Classes of Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 a show of hands, each Member present in person and each other person present as a proxy or
 duly authorised representative of a Member has one vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 a poll, each Member present in person or by proxy (or, if a corporation or other non-natural
 person, by its duly authorised representative or proxy) shall have one (1) vote for each
 Class A Ordinary Share and twenty (20) votes for each Class B Ordinary Share of which he
 is the holder.

**22.4** **Voting rights of joint holders** 

If a Share is held jointly and more than one of the joint holders votes in respect of that Share, only the vote of the joint holder whose name appears first in the Register of Members in respect of that Share counts.

**22.5** **Voting rights of Members incapable of managing their affairs** 

A Member of unsound mind, or in respect of whom an order has been made by any court having jurisdiction in matters concerning mental disorder, may vote whether on a show of hands or on a poll by his receiver, curator bonis, or other person on such Member's behalf appointed by that court, and any such receiver, curator bonis or other person may vote by proxy.

**22.6** **Voting restriction on an outstanding call** 

Unless the Directors decide otherwise, no Member shall be entitled to be present or vote at any general meeting either personally or by proxy until he has paid all calls due and payable on every Share held by him whether alone or jointly with any other person together with interest and expenses (if any) to the Company.

**22.7** **Objection to error in voting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An
 objection to the right of a person to attend or vote at a general meeting or adjourned general
 meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may
 not be raised except at that meeting or adjourned meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) must
 be referred to the chairman of the meeting whose decision is final.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 any objection is raised to the right of a person to vote and the chairman disallows the objection
 then the vote cast by that person is valid for all purposes.

**23.** **REPRESENTATION OF MEMBERS AT GENERAL MEETINGS** 

**23.1** **How Members may attend and vote** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to these Articles, each Member entitled to vote at a general meeting may attend and vote
 at the general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 person, or where a Member is a company or non-natural person, by a duly authorised representative;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 one or more proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 proxy or a duly authorised representative may, but not need be, a Member of the Company.

**23.2** **Appointment of proxies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 instrument appointing a proxy shall be in writing and be executed by or on behalf of the
 Member appointing the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 corporation may execute an instrument appointing a proxy either under its common seal (or
 in any other manner permitted by law and having the same effect as if executed under seal)
 or under the hand of a duly authorised officer, attorney or other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 Member may appoint more than one proxy to attend on the same occasion, but only one proxy
 may be appointed in respect of any one Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 appointment of a proxy shall not preclude a Member from attending and voting at the meeting
 or any adjournment of it.

**23.3** **Form of instrument of proxy** 

The instrument appointing a proxy may be in any usual or common form (or in any other form approved by the Directors) and may be expressed to be for a particular general meeting (or any adjournment of a general meeting) or generally until revoked.

**23.4** **Authority under instrument of proxy** 

The instrument appointing a proxy shall be deemed (unless the contrary is stated in it) to confer authority to demand or join in demanding a poll and to vote, on a poll, on a resolution as a motion or an amendment of a resolution put to, or other business which may properly come before, the meeting or meetings for which it is given or any adjournment of any such meeting, as the proxy thinks fit.

**23.5** **Receipt of proxy appointment** 

The instrument appointing a proxy and any authority under which it is executed shall be deposited at the Registered Office or at such other place as is specified in the notice convening the meeting (or in any instrument of proxy sent out by the Company) prior to the time set out in such notice or instrument (or if no such time is specified, no later than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting). Notwithstanding the foregoing, the chairman may, in any event, at his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

**23.6** **Validity of votes cast by proxy** 

Votes given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of the instrument of proxy or of the authority under which the instrument of proxy was executed, or the transfer of the Share in respect of which the proxy is appointed unless notice in writing of such death, insanity, revocation or transfer was received by the Company at the Registered Office before the commencement of the general meeting, or adjourned meeting at which the proxy voted.

**23.7** **Corporate representatives** 

A corporation which is a Member may, by resolution of its directors or other governing body, authorise such person as it thinks fit to act as its representative at any meeting of the Company or at any separate meeting of the holders of any Class of Shares. Any person so authorised shall be entitled to exercise the same powers on behalf of the corporation (in respect of that part of the corporation's holdings to which the authority relates) as the corporation could exercise if it were an individual Member. The corporation shall for the purposes of these Articles be deemed to be present in person at any such meeting if a person so authorised is present at it. All references in these Articles to attendance and voting in person shall be construed accordingly. A Director, the Secretary or some other person authorised for the purpose by a Director may require the representative to produce a certified copy of the resolution so authorising him or such other evidence of his authority reasonably satisfactory to such person before permitting him to exercise his powers.

**23.8** **Termination of proxy or corporate authority** 

A vote given or poll demanded by proxy or by the duly authorised representative of a corporation shall be valid notwithstanding the previous termination of the authority of the person voting or demanding a poll, unless notice of the termination was received by the Company at the Registered Office, or at such other place at which the instrument of proxy was duly deposited, or, where the appointment of proxy was contained in an electronic communication, at the address at which such appointment was duly received, at least one hour before the commencement of the meeting or adjourned meeting at which the vote is given or the poll demanded or (in the case of a poll not taken on the same day as the meeting or adjourned meeting) at least one hour before the time appointed for taking the poll.

**23.9** **Amendment to resolution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 an amendment shall be proposed to any resolution but shall in good faith be ruled out of
 order by the chairman of the meeting, any error in such ruling shall not invalidate the proceedings
 on the substantive resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ln
 the case of a resolution duly proposed as a Special Resolution, no amendment to it (other
 than an amendment to correct a patent error) may be considered or voted on and in the case
 of a resolution duly proposed as an Ordinary Resolution no amendment to it (other than an
 amendment to correct a patent error) may be considered or voted on unless either at least
 forty-eight (48) hours prior to the time appointed for holding the meeting or adjourned meeting
 at which such Ordinary Resolution is to be proposed notice in writing of the terms of the
 amendment and intention to move it has been lodged at the Registered Office or the chairman
 of the meeting in his absolute discretion decides that it may be considered or voted on.

**23.10** **Shares that may not be voted** 

Shares that are beneficially owned by the Company shall not be voted, directly or indirectly, at any general meeting or Class meeting (as applicable) and shall not be counted in determining the total number of outstanding Shares at any given time.

**24.** **APPOINTMENT, RETIREMENT AND REMOVAL OF DIRECTORS** 

**24.1** **Number of Directors** 

The Company may from time to time by Ordinary Resolution establish or vary a maximum and/or minimum number of Directors. Unless otherwise determined by the Company by Ordinary Resolution the number of Directors (other than alternate Directors) shall be not less than two and there shall be no maximum number of Directors.

**24.2** **No shareholding qualification** 

The Company may by Ordinary Resolution fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

**24.3** **Appointment of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may by Ordinary Resolution appoint a person who is willing to act to be a Director
 either to fill a vacancy or as an addition to the existing Directors, subject to the total
 number of Directors not exceeding any maximum number fixed by or in accordance with these
 Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 prejudice to the Company's power to appoint a person to be a Director pursuant to these
 Articles, the Directors shall have power at any time to appoint any person who is willing
 to act as a Director, either to fill a vacancy or as an addition to the existing Directors,
 subject to the total number of Directors not exceeding any maximum number fixed by or in
 accordance with these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 Director so appointed shall, if still a Director, retire at the next annual general meeting
 after his appointment and be eligible to stand for election as a Director at such meeting.
 Such person shall not be taken into account in determining the number or identity of Directors
 who are to retire by rotation at such meeting.

**24.4** **Appointment of executive Directors** 

The Directors may appoint one or more of its members to an executive office or other position of employment with the Company for such term and on any other conditions the Directors think fit. The Directors may revoke, terminate or vary the terms of any such appointment, without prejudice to a claim for damages for breach of contract between the Director and the Company.

**24.5** **Rotational retirement at annual general meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Director is subject to retirement by rotation in accordance with these Articles, subject
 to Article **‎** 24.3(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 each annual general meeting one-third of the Directors who are subject to retirement by rotation
 or, if their number is not three nor a multiple of three, the number nearest to but not exceeding
 one-third, shall retire from office. lf there are fewer than three Directors who are subject
 to retirement by rotation, one of them shall retire from office at the annual general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject
 to these Articles, the Directors to retire by rotation at each annual general meeting shall
 be, so far as necessary to obtain the number required, first, any Director who wishes to
 retire and not offer himself for re-election and secondly, those Directors who have been
 longest in office since their last appointment or re-appointment. As between two or more
 Directors who have been in office an equal length of time, the Director to retire shall,
 in default of agreement between them, be determined by lot. The Directors to retire on each
 occasion (both as to number and identity) shall be determined by the composition of the Directors
 at the start of business seven (7) days before the date of the notice convening the annual
 general meeting notwithstanding any change in the number or identity of the Directors after
 that time but before the close of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) lf
 the Directors so decide, one or more other Directors selected by the Directors may also retire
 at an annual general meeting as if any such other Director was also retiring by rotation
 at that meeting in accordance with these Articles.

**24.6** **Position of retiring Director** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Director who retires at an annual general meeting (whether by rotation or otherwise) may,
 if willing to act, be re-appointed. lf he is not re-appointed or deemed to have been reappointed,
 he shall retain office until the meeting appoints someone in his place or, if it does not
 do so, until the end of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 any general meeting at which a Director retires by rotation the Company may fill the vacancy
 and, if it does not do so, the retiring Director shall, if willing, be deemed to have been
 re-appointed unless it is expressly resolved not to fill the vacancy or a resolution for
 the re-appointment of the Director is put to the meeting and lost.

**24.7** **No age limit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 person shall be disqualified from being appointed or re-appointed as a Director and no Director
 shall be requested to vacate that office by reason of his attaining the age of seventy or
 any other age.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It
 shall not be necessary to give special notice of any resolution appointing, re-appointing
 or approving the appointment of a Director by reason of his age.

**24.8** **Removal of Directors by Ordinary Resolution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by
 Ordinary Resolution remove any Director before the expiration of his period of office, but
 without prejudice to any claim for damages which he may have for breach of any contract of
 service between him and the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 Ordinary Resolution appoint another person who is willing to act to be a Director in his
 place (subject to these Articles).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 person so appointed shall be treated, for the purposes of determining the time at which he
 or any other Director is to retire, as if he had become a Director on the day on which the
 person in whose place he is appointed was last appointed or re-appointed a Director.

**24.9** **Other circumstances in which a Director ceases to hold office** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without
 prejudice to the provisions in these Articles for retirement (by rotation or otherwise) a
 Director ceases to hold office as a Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) he
 resigns as Director by notice in writing delivered to the Directors or to the Registered
 Office or tendered at a meeting of Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) he
 is not present personally or by proxy or represented by an alternate Director at meetings
 of the Directors for a continuous period of 6 months without special leave of absence from
 the Directors, and the Directors pass a resolution that he has by reason of such absence
 vacated office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) he
 only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) he
 dies, becomes bankrupt or makes any arrangement or composition with his creditors generally;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) he
 is removed from office pursuant to these Articles or the Companies Act or becomes prohibited
 by law from being a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an
 order is made by any court of competent jurisdiction on the ground (however formulated) of
 mental disorder for his detention or for the appointment of a guardian or receiver or other
 person to exercise powers with respect to his property or affairs or he is admitted to hospital
 in pursuance of an application for admission for treatment under any legislation relating
 to mental health and the Directors resolve that his office be vacated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) he
 is removed from office by notice in writing addressed to him at his address as shown in the
 Company's register of directors and signed by not less than two Directors (without
 prejudice to any claim for damages which he may have for breach of contract against the Company);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in
 the case of a Director who holds executive office, his appointment to such office is terminated
 or expires and the Directors resolve that his office be vacated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 written resolution of the Directors declaring a Director to have vacated office pursuant
 to this Article shall be conclusive as to the fact and grounds of vacation stated in the
 resolution.

**25.** **ALTERNATE DIRECTORS** 

**25.1** **Appointment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Director (other than an alternate Director) may appoint any other Director or any person
 approved for that purpose by the Directors and willing to act, to be his alternate by notice
 in writing delivered to the Directors or to the Registered Office, or in any other manner
 approved by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 appointment of an alternate Director who is not already a Director shall require the approval
 of either a majority of the Directors or the Directors by way of a Directors' resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An
 alternate Director need not hold a Share qualification and shall not be counted in reckoning
 any maximum or minimum number of Directors allowed by these Articles.

**25.2** **Responsibility** 

Every person acting as an alternate Director shall be an officer of the Company, shall alone be responsible to the Company for his own acts and defaults and shall not be deemed to be the agent of the Director appointing him.

**25.3** **Participation at Directors' meetings** 

An alternate Director shall (subject to his giving to the Company an address at which notices may be served on him) be entitled to receive notice of all meetings of the Directors and all committees of the Directors of which his appointor is a member and, in the absence from such meetings of his appointor, to attend and vote at such meetings and to exercise all the powers, rights, duties and authorities of his appointor (other than the power to appoint an alternate Director). A Director acting as alternate Director shall have a separate vote at Directors' meetings for each Director for whom he acts as alternate Director, but he shall count as only one for the purpose of determining whether a quorum is present.

**25.4** **Interests** 

An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements with the Company and to be repaid expenses and to be indemnified in the same way and to the same extent as a Director. However, he shall not be entitled to receive from the Company any fees for his services as alternate, except only such part (if any) of the fee payable to his appointor as such appointor may by notice in writing to the Company direct. Subject to this Article, the Company shall pay to an alternate Director such expenses as might properly have been paid to him if he had been a Director.

**25.5**  **Termination of appointment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An
 alternate Director shall cease to be an alternate Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 his appointor revokes his appointment by notice delivered to the Directors or to the Registered
 Office or in any other manner approved by the Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 his appointor ceases for any reason to be a Director, provided that if any Director retires
 but is re-appointed or deemed to be re-appointed at the same meeting, any valid appointment
 of the alternate Director which was in force immediately before his retirement shall remain
 in force; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 any event happens in relation to him which, if he were a Director, would cause his office
 as Director to be vacated.

**26.** **POWERS OF DIRECTORS** 

**26.1** **General powers to manage the Company's business** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the provisions of the Companies Act, the Memorandum and these Articles and to any directions
 given by Special Resolution, the business of the Company shall be managed by the Directors,
 who may exercise all the powers of the Company. No alteration of the Memorandum or Articles
 and no such direction shall invalidate any prior act of the Directors which would have been
 valid if that alteration had not been made or that direction had not been given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 powers given by this Article shall not be limited by any special power given to the Directors
 by these Articles and a duly convened meeting of Directors at which a quorum is present may
 exercise all powers exercisable by the Directors.

**26.2** **Signing of cheques** 

All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed as the case may be in such manner as the Directors shall determine.

**26.3** **Retirement payments and other benefits** 

The Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any Director who has held any other salaried office or place of profit with the Company or to his widow or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

**26.4** **Borrowing powers of Directors** 

The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge all or any part of its undertaking and property and to issue debentures, debenture stock, mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation of the Company or of any third party.

**27.** **PROCEEDINGS OF DIRECTORS** 

**27.1** **Directors' meetings** 

Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think fit.

**27.2** **Voting** 

Questions arising at any Directors' meeting shall be decided by a simple majority of votes. In the case of an equality of votes, the chairman shall have a second or casting vote. A Director who is also an alternate Director shall be entitled in the absence of his appointor to a separate vote on behalf of his appointor in addition to his own vote.

**27.3** **Notice of a Directors' meeting** 

A Director or an alternate Director may, or any other officer of the Company at the request of a Director or alternate Director shall, call a meeting of the Directors by not less than twenty-four (24) hours' notice. Notice of a meeting of the Directors must specify the time and place of the meeting and the general nature of the business to be considered, and shall be deemed to be given to a Director if it is given to him personally or by word of mouth or sent in writing to his last known address given to the Company by him for such purpose or given by electronic communications to an address for the time being notified to the Company by the Director. A Director may waive the requirement that notice of any Directors' meeting be given to him, either at, before or after the meeting.

**27.4** **Failure to give notice** 

A Director or alternate Director who attends any Directors' meeting waives any objection that he or she may have to any failure to give notice of that meeting. The accidental failure to give notice of a Directors' meeting to, or the non-receipt of notice by, any person entitled to receive notice of that meeting does not invalidate the proceedings at that meeting or any resolution passed at that meeting.

**27.5** **Quorum** 

No business shall be transacted at any meeting of the Directors unless a quorum is present. The quorum may be fixed by the Directors, and unless so fixed shall be two (2) if there are two or more Directors, and shall be one if there is only one Director. A person who holds office only as an alternate Director shall, if his appointor is not present, be counted in the quorum.

**27.6** **Power to act notwithstanding vacancies** 

The continuing Directors or sole continuing Director may act notwithstanding any vacancies in their number, but if the number of Directors is less than the number fixed as the quorum, the continuing Directors or Director may act only for the purpose of filling vacancies in that number, or for calling a general meeting of the Company.

**27.7** **Chairman to preside** 

The Directors may elect a chairman of their board and determine the period for which he is to hold office, but if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for the meeting, the Directors present may appoint one of their number to be chairman of the meeting.

**27.8** **Validity of acts of Directors in spite of a formal defect** 

All acts done by a meeting of the Directors or of a committee of Directors (including any person acting as an alternate Director) shall, notwithstanding that it be afterwards discovered that there was a defect in the appointment of any Director or alternate Director, or that they or any of them were disqualified from holding office (or had vacated office) or were not entitled to vote, be as valid as if every such person had been duly appointed and qualified to be a Director or alternate Director as the case may be and had been entitled to vote.

**27.9** **Directors' meetings by telephone or other communication device** 

A meeting of the Directors (or committee of Directors) may be held by means of any telephone, electronic or such other communications facilities that permit all persons in the meeting to communicate with each other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting. Unless otherwise determined by the Directors the meeting shall be deemed to be held at the place where the chairman is physically present.

**27.10** **Written resolutions of Directors** 

A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of a committee of Directors (an alternate Director being entitled to sign such a resolution on behalf of his appointor) shall be as valid and effective as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be, duly convened and held. A resolution in writing is adopted when all the Directors (whether personally, by an alternate Director or by a proxy) have signed it.

**27.11** **Appointment of a proxy** 

A Director but not an alternate Director may be represented at any meeting of the Directors by a proxy appointed in writing by him. The proxy shall count towards the quorum and the vote of the proxy shall for all purposes be deemed to be that of the appointing Director. The authority of any such proxy shall be deemed unlimited unless expressly limited in the written instrument appointing him.

**27.12** **Presumption of assent** 

A Director (or alternate Director) present at a meeting of Directors is taken to have cast a vote in favour of a resolution of the Directors unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the chairman or secretary of the meeting before the adjournment of the meeting or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of a resolution of the Directors.

**27.13** **Directors' interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the provisions of the Companies Act and provided that he has declared to the Directors
 the nature and extent of any personal interest of his in a matter, transaction or arrangement,
 a Director or alternate Director notwithstanding his office may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hold
 any office or place of profit in the Company, except that of Auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) hold
 any office or place of profit in any other company or entity promoted by the Company or in
 which it has an interest of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter
 into any contract, transaction or arrangement with the Company or in which the Company is
 otherwise interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) act
 in a professional capacity (or be a member of a firm which acts in a professional capacity)
 for the Company, except as Auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) sign
 or participate in the execution of any document in connection with matters related to that
 interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) participate
 in, vote on and be counted in the quorum at any meeting of the Directors that considers matters
 relating to that interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) do
 any of the above despite the fiduciary relationship of the Director's office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) without
 any liability to account to the Company for any direct or indirect benefit accruing to the
 Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) without
 affecting the validity of any contract, transaction or arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes of this Article, a general notice given to the Directors that a Director is
 to be regarded as having an interest of the nature and extent specified in the notice in
 any matter, transaction or arrangement for which a specified person or class of persons is
 interested shall be deemed to be a disclosure that the Director has an interest in any such
 matter, transaction or arrangement of the nature and extent so specified.

**27.14** **Minutes of meetings to be kept** 

The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at general and Class meetings of the Company and meetings of the Directors or committees of the Directors, including the names of the Directors or alternate Directors present at each meeting.

**28.** **DELEGATION OF DIRECTORS' POWERS** 

**28.1** **Power of Directors to delegate** 

The Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) delegate
 any of their powers, authorities and discretions to any person or committee consisting of
 one or more Directors and (if the Directors think fit) to one or more other persons in each
 case to such extent, by such means (including by power of attorney) and on such terms and
 conditions as the Directors think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorise
 any person or committee to whom powers, authorities and discretions are delegated under this
 Article by the Directors to further delegate some or all of those powers, authorities and
 discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) delegate
 their powers, authorities and discretions under this Article either collaterally with or
 to the exclusion of their own powers, authorities and discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at
 any time revoke any delegation made under this Article by the Directors in whole or in part
 or vary its terms and conditions.

**28.2** **Delegation to Committees** 

A committee to which any powers, authorities and discretions have been delegated under the preceding Article must exercise those powers, authorities and discretions in accordance with the terms of delegation and any other regulations that may be imposed by the Directors on that committee. The proceedings of a committee of the Directors must be conducted in accordance with any regulations imposed by the Directors, and, subject to any such regulations, to the provisions of these Articles dealing with proceedings of Directors insofar as they are capable of applying.

**28.3** **Delegation to executive Directors** 

The Directors may delegate to a Director holding executive office any of its powers, authorities and discretions for such time and on such terms and conditions as it shall think fit. The Directors may grant to a Director the power to sub-delegate, and may retain or exclude the right of the Directors to exercise the delegated powers, authorities or discretions collaterally with the Director. The Directors may at any time revoke the delegation or alter its terms and conditions.

**28.4** **Delegation to local boards** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may establish any local or divisional board or agency for managing any of the affairs
 of the Company whether in the Cayman Islands or elsewhere and may appoint any persons to
 be members of a local or divisional board, or to be managers or agents, and may fix their
 remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may delegate to any local or divisional board, manager or agent any of its powers
 and authorities (with power to sub-delegate) and may authorise the members of any local or
 divisional board or any of them to fill any vacancies and to act notwithstanding vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 appointment or delegation under this Article may be made on such terms and subject to such
 conditions as the Directors think fit and the Directors may remove any person so appointed,
 and may revoke or vary any delegation.

**28.5** **Appointing an attorney, agent or authorised signatory of the Company** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may by power of attorney or otherwise appoint any person to be the attorney, agent
 or authorised signatory of the Company for such purpose and with such powers, authorities
 and discretions (not exceeding those vested in or exercisable by the Directors under these
 Articles) and for such period and subject to such conditions as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 such power of attorney or other appointment may contain such provisions for the protection
 and convenience of persons dealing with any such attorney, agent or authorised signatory
 as the Directors think fit and may also authorise any such attorney, agent or authorised
 signatory to delegate all or any of the powers, authorities and discretions vested in such
 person.

**28.6** **Officers** 

The Directors may appoint such officers (including a Secretary) as they consider necessary on such terms, at such remuneration and to perform such duties, and subject to such provisions as to disqualification and removal as the Directors think fit. Unless otherwise specified in the terms of his appointment, an officer may be removed from that office by resolution of the Directors or by Ordinary Resolution.

**29.** **DIRECTORS' RENUMERATION, EXPENSES AND BENEFITS** 

**29.1** **Fees** 

The Company shall pay to the Directors (but not alternate Directors) for their services as Directors such aggregate amount of fees as the Directors may decide. The aggregate fees shall be divided among the Directors in such proportions as the Directors may decide or, if no decision is made, equally. A fee payable to a Director pursuant to this Article shall be distinct from any salary, remuneration or other amount payable to him pursuant to other provisions of these Articles and accrues from day to day.

**29.2** **Expenses** 

A Director may also be paid all travelling, hotel and other expenses properly incurred by him in connection with his attendance at meetings of the Directors or of committees of the Directors or general meetings or separate meetings of the holders of any Class of Shares or otherwise in connection with the discharge of his duties as a Director, including (without limitation) any professional fees incurred by him (with the approval of the Directors or in accordance with any procedures stipulated by the Directors) in taking independent professional advice in connection with the discharge of such duties.

**29.3** **Remuneration of executive Directors** 

The salary or remuneration of a Director appointed to hold employment or executive office in accordance with the Articles may be a fixed sum of money, or wholly or in part governed by business done or profits made, or as otherwise decided by the Directors (including, for the avoidance of doubt, by the Directors acting through a duly authorised Directors' committee), and may be in addition to or instead of a fee payable to him for his services as Director pursuant to these Articles.

**29.4** **Special remuneration** 

A Director who, at the request of the Directors, goes or resides abroad, makes a special journey or performs a special service on behalf of or for the Company (including, without limitation, services as a chairman of the board of Directors, services as a member of any committee of the Directors and services which the Directors consider to be outside the scope of the ordinary duties of a Director) may be paid such reasonable additional remuneration (whether by way of salary, bonus, commission, percentage of profits or otherwise) and expenses as the Directors (including, for the avoidance of doubt, the Directors acting through a duly authorised Directors' committee) may decide.

**30.** **SEAL** 

**30.1** **Directors to determine use of Seal** 

The Company may, if the Directors so determine, have a Seal. The Seal shall only be used with the authority of the Directors or a committee of the Directors established for such purpose. Every document to which the Seal is affixed shall be signed by at least one person who shall be either a Director or some officer or other person appointed by the Directors for that purpose unless the Directors decide that, either general or in a particular case, that a signature may be dispensed with or affixed by mechanical means.

**30.2** **Duplicate Seal** 

The Company may have for use in any place or places outside the Cayman Islands a duplicate Seal or Seals each of which shall be a facsimile of the common Seal of the Company and, if the Directors so determine, with the addition on its face of the name of every place where it is to be used.

**31.** **DIVIDENDS, DISTRIBUTIONS AND RESERVES** 

**31.1** **Payment of Dividends** 

Subject to the Companies Act and these Articles, the Directors may declare and/or pay Dividends and distributions on Shares in issue and authorise payment of the Dividends or distributions out of the funds of the Company lawfully available therefor. No Dividend or distribution shall be paid except out of the realised or unrealised profits of the Company, or out of the share premium account, or as otherwise permitted by the Companies Act. Unless the Directors resolve that a Dividend shall be a final dividend, any Dividend shall be deemed an interim Dividend and consequently may be cancelled by the Directors at any time before the date of payment of such Dividend.

**31.2** **Calculation of Dividends** 

Except as otherwise provided by these Articles or the rights attached to any Shares or the terms of any Shares, all Dividends shall be declared and/or paid according to the par value of the Shares that a Member holds. If any class of Share is issued on terms providing that it shall rank for Dividend as from a particular date, that class of Share shall rank for Dividend accordingly.

**31.3** **Deduction from Dividends** 

The Directors may deduct from any Dividend or distribution payable to any Member all sums of money (if any) then payable by that Member to the Company.

**31.4** **Dividend satisfied by distribution of specific assets** 

The Directors may resolve or declare that any Dividend or distribution be paid wholly or partly by the distribution of specific assets and in particular of shares, debentures, or securities of any other company or in any one or more of such ways and where any difficulty arises in regard to such distribution, the Directors may settle the same as they think expedient and in particular may issue fractional Shares and fix the value for distribution of such specific assets or any part thereof and may determine that cash payments shall be made to any Members upon the basis of the value so fixed in order to adjust the rights of all Members and may vest any such specific assets in trustees as may seem expedient to the Directors.

**32.** **PAYMENTS** 

**32.1** Where
 the Company is required to make any payment to any Member or former Member (each, a " payee ")
 for any reason whatsoever (including payment of any Dividend, redemption proceeds or other
 distribution):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 may be made in such manner as the Directors may deem appropriate and no payee shall be entitled
 to require payment by cheque or in any other particular manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such
 payment shall be at the risk and expense of the payee and the Company shall not be liable
 for any delay in, or loss arising from, any such payment for any reason whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 made by any electronic payment method, the due making of a payment instruction and consequent
 deduction from the bank account (or other financial institution account) of the Company shall
 be a good discharge by the Company of its payment obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where
 paid by a cheque sent through the post, it shall be sent (at the risk of the person entitled
 to the money represented thereby) to the registered address of, and made payable to, the
 order of the payee or to such other address and/or person as the payee may in writing direct,
 and the Company shall not be responsible for any loss in transmission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Company shall be entitled to recover any overpayment of monies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Company may set-off and apply any sums due by the payee (or by any one or more of joint payees)
 on any account whatsoever (whether or not presently payable) in reducing the amount of such
 payment by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no
 unpaid amount shall bear interest against the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) where the payment is unclaimed after 6 months
 from the date it first became payable (or any cheque in respect thereof remaining uncashed or unpresented after 6 months from the date
 of posting or in the case of a Dividend from the proposed date of payment thereof), it shall, if the Directors so resolve, be forfeited
 for the benefit of, and shall cease to remain owing by, the Company and shall thereafter belong to the Company absolutely; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of any joint payees (including any current or former joint Members), payment may
 be made by the Company to any one or more of the joint payees, any payment instruction or
 direction from any one joint payee to the Company shall bind all joint payees (and in the
 case of conflicting instructions or directions the Company may act on any of them) and any
 notice in respect of any payment given by the Company to any one of the joint payees shall
 be deemed to be given to all of them.

**32.2** Subject
 to the foregoing, all unclaimed amounts (including Dividends) may be invested or otherwise
 made use of by the Directors, in their absolute discretion, for the benefit of the Company
 until claimed.

**32.3** Notwithstanding
 any other provision of these Articles, the Company shall not be obliged to make any payment
 to a Member in respect of a Dividend, repurchase, redemption or other distribution if the
 Directors suspect that such payment may result in the breach or violation of any applicable
 laws or regulations (including, without limitation, any anti-money laundering laws or regulations)
 or such refusal is required by the laws and regulations governing the Company and/or its
 service providers.

**33.** **CAPITALISATION OF RESERVES AND PROFITS** 

**33.1** Subject
 to the Companies Act and to any rights and restrictions for the time being attached to any
 class of Shares, the Directors may resolve to capitalise all or any part of any amount standing
 to the credit of any of the Company's reserve accounts (including share premium account
 and capital redemption reserve fund) or the profit and loss account or otherwise available
 for distribution to Members and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) apply
 all or part of any amount so capitalised for the benefit of Members in the proportions to
 which those Members would have been entitled in a distribution of that sum by way of Dividend
 in paying up any amounts unpaid on Shares held by Members or in paying up in full unissued
 Shares to be issued to Members as fully paid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) apply
 all or part of any amount so capitalised in paying up Shares for the benefit of any person
 in satisfaction of any obligation of the Company to issue paid up Shares to such person.

In such event the Directors shall take any action required to give effect to such capitalisation, and may make such provisions as they think fit in the event that Shares become distributable in fractions (including providing for fractional entitlements to accrue to the Company rather than to the Members concerned).

**33.2** The
 Directors may authorise any person to enter into an agreement with the Company on behalf
 of all of the Members interested providing for such capitalisation and matters incidental
 to the capitalisation and any such agreement shall be effective and binding on all the Members
 concerned.

**34.** **BOOKS OF ACCOUNT** 

**34.1** **Books of account to be kept** 

The Directors shall cause proper books of account to be kept with respect to all sums of money received and expended by the Company and the matters in respect of which the receipt or expenditure takes place, all sales and purchases of goods by the Company and the assets and liabilities of the Company. Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the affairs of the Company and to explain its transactions.

**34.2** **Inspection by Members** 

The Directors shall from time to time determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of the Company or any of them will be open to the inspection of Members (not being Directors). No Member (not being a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by the Companies Act by order of the court or authorised by the Directors or by Ordinary Resolution.

**34.3** **Accounts required by law** 

The Directors shall cause to be prepared and to be laid before the Company at each annual general meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required by law.

**34.4** **Retention of records** 

All books of account maintained by the Company shall be retained for a period of at least five years, or such longer period required by any applicable law or regulation from time to time.

**35.** **AUDITOR** 

**35.1** **Appointment of Auditor** 

The Directors may appoint an Auditor who shall hold office until removed from office by a resolution of the Directors, and may fix the Auditor's remuneration.

**35.2** **Rights of Auditor** 

The Auditor shall have a right of access at all times to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may be necessary for the performance of the duties of the Auditor.

**35.3** **Reporting requirements of Auditor** 

Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their tenure of office at the next general meeting following their appointment, and at any other time during their term of office, upon request of the Directors or any general meeting of the Company.

**36.** **NOTICES** 

**36.1** **Form and method of giving notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Notices
 shall be in writing and may be given by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 Member to the Company by delivering such notice at the Registered Office. Notices may be
 delivered in person, by post, email or facsimile but shall only be validly served on the
 Company if such notice is actually received by the Registered Office on behalf of the Company;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Company to any Member either personally or by sending it by post, email or facsimile to his
 address as shown in the Register of Members, and where such a notice is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) sent
 by post, service of the notice shall be deemed to be effected by properly addressing, pre-paying
 and posting a letter containing the notice, and shall be deemed to have been received on
 the fifth day (not including Saturdays or Sundays or public holidays) following the day on
 which the notice was posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) sent
 by facsimile, service of the notice shall be deemed to be effected by transmitting the facsimile
 to the number provided by the intended recipient and shall be deemed to have been received
 on the same day that it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) given
 by email, service shall be deemed to be effected by transmitting the email to the email address
 provided by the intended recipient and shall be deemed to have been received on the same
 day that it was sent, and it shall not be necessary for the receipt of the e-mail to be acknowledged
 by the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Any
 notice, if posted from one country to another, is to be sent by airmail.

**36.2** **Persons entitled to Shares by transmission** 

A notice may be given by the Company to any person the Company has been advised is entitled to any Share in consequence of the death, bankruptcy, liquidation or dissolution of a Member in the same manner as other notices which are required to be given under these Articles and shall be addressed to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt, or by any like description at the address supplied for that purpose by the persons claiming to be so entitled, or at the option of the Company by giving the notice in any manner in which the same might have been given if the death, bankruptcy, liquidation or dissolution had not occurred.

**37.** **WINDING UP** 

**37.1** **Method of winding up** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Company shall be wound up, and the assets available for distribution amongst the Members
 shall be insufficient to repay the whole of the share capital, such assets shall be distributed
 so that, as nearly as may be, the losses shall be borne by the Members in proportion to the
 par value of the Shares held by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 in a winding up the assets available for distribution amongst the Members shall be more than
 sufficient to repay the whole of the share capital at the commencement of the winding up,
 the surplus shall be distributed amongst the Members in proportion to the par value of the
 Shares held by them at the commencement of the winding up subject to a deduction from those
 Shares in respect of which there are monies due, of all monies payable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Article is without prejudice to the rights of the holders of Shares issued upon special terms
 and conditions.

**37.2** **Distribution of assets in a winding up** 

Subject to any rights or restrictions for the time being attached to any Class of Shares, on a winding up of the Company the liquidator may, with the sanction of a Special Resolution of the Company and any other sanction required by the Companies Act, distribute among the Members the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) decide
 how the assets are to be distributed as between the Members or different Classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) value
 the assets to be distributed in such manner as the liquidator thinks fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest
 the whole or any part of any assets in such trustees and on such trusts for the benefit of
 the Members entitled to the distribution of those assets as the liquidator sees fit, but
 so that no Member shall be obliged to accept any assets in respect of which there is any
 liability.

**38.** **INDEMNITY AND INSURANCE** 

**38.1** **Indemnity and limitation of liability of Directors and officers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 the maximum extent permitted by law, every current and former Director and officer of the
 Company (excluding an Auditor) (each an "Indemnified Person"), shall be entitled
 to be indemnified out of the assets of the Company against any liability, action, proceeding,
 claim, demand, costs, damages or expenses, including legal expenses (each a "Liability"),
 which such Indemnified Person may incur in that capacity unless such Liability arose as a
 result of the actual fraud or wilful default of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 Indemnified Person shall be liable to the Company for any loss or damage resulting (directly
 or indirectly) from such Indemnified Person carrying out his or her duties unless that liability
 arises through the actual fraud or wilful default of such Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the purpose of these Articles, no Indemnified Person shall be deemed to have committed "actual
 fraud" or "wilful default" until a court of competent jurisdiction has
 made a final, non-appealable finding to that effect.

**38.2** **Advance of legal fees** 

The Company shall advance to each Indemnified Person reasonable legal fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation involving such Indemnified Person for which indemnity will or could be sought. In connection with any such advance of expenses, the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it is determined that the Indemnified Person was not entitled to indemnification under these Articles.

**38.3** **Indemnification to form part of contract** 

The indemnification and exculpation provisions of these Articles are deemed to form part of the employment contract or terms of appointment entered into by each Indemnified Person with the Company and accordingly are enforceable by such persons against the Company.

**38.4** **Insurance** 

The Directors may purchase and maintain insurance for or for the benefit of any Indemnified Person including (without prejudice to the generality of the foregoing) insurance against any Liability incurred by such persons in respect of any act or omission in the actual or purported execution or discharge of their duties or the exercise or purported exercise of their powers or otherwise in relation to or in connection with their duties, powers or offices in relation to the Company.

**39.** **REQUIRED DISCLOSURE** 

If required to do so under the laws of any jurisdiction to which the Company (or any of its service providers) is subject, or in compliance with the rule of any stock exchange upon which any Shares are listed, or to ensure the compliance by any person with any anti-money laundering legislation in any relevant jurisdiction, any Director, officer or service provider (acting on behalf of the Company) shall be entitled to release or disclose any information in its possession regarding the affairs of the Company or a Member, including, without limitation, any information contained in the Register of Members or subscription documentation of the Company relating to any Member.

**40.** **FINANCIAL YEAR** 

Unless the Directors resolve otherwise, the financial year of the Company shall end on 30 September in each year and shall begin on 1 October in each financial year.

**41.** **TRANSFER BY WAY OF CONTINUATION** 

The Company shall, with the approval of a Special Resolution, have the power to register by way of continuation to a jurisdiction outside of the Cayman Islands in accordance with the Companies Act.

**42.** **TRANSFER BY WAY OF CONTINUATION** 

The Company shall, with the approval of a Special Resolution, have the power to register by way of continuation to a jurisdiction outside of the Cayman Islands in accordance with the Companies Act.

**43.** **TAX TRANSPARENCY REPORTING** 

**43.1** Each
 Member shall provide the Company on a timely basis with any documents, tax certifications,
 financial and other information (collectively "**Tax Reporting Information**") as the Company may request
 in connection with the Company's compliance with any legal and tax information reporting
 and exchange obligations applicable to it under the laws of the Cayman Islands or any other
 applicable jurisdiction (collectively, "**Tax Reporting Obligations** "),
 including, without limitation, any Tax Reporting Obligations under any Cayman Islands laws,
 regulations or guidance notes that give effect to: (i) the United States' Foreign Account
 Tax Compliance Act; (ii) the Organisation for Economic Co-operation and Development's
 Common Reporting Standard; and (iii) any additional inter-governmental agreement or treaty
 entered into by, or otherwise binding upon the Cayman Islands that provides for the exchange
 of tax information with another jurisdiction.

**43.2** The
 Company shall have the power to release, report or otherwise disclose to the Department for
 International Tax Cooperation in the Cayman Islands (or any other authority as may be required
 under the Tax Reporting Obligations) any Tax Reporting Information provided by a Member to
 the Company and any other information held by the Company in respect of the Member's
 investment in the Company, in connection with the Tax Reporting Obligations, including, without
 limitation, in relation to the identity, address, tax identification number, tax status and
 interest in the Company of the Member (and any of its direct or indirect owners or affiliates).

**43.3** If
 a Member fails to provide the Company with any requested Tax Reporting Information on a timely
 basis and such failure results, or may result, in the Company's inability to comply
 with its Tax Reporting Obligations or if the Company is otherwise unable to comply with its
 Tax Reporting Obligations as a result of the direct or indirect action (or inaction) of a
 Member, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) compulsorily
 repurchase some or all of such Member's Shares without notice at a price per Share
 equal to the fair value of such Shares (as determined by the Directors) and may deduct or
 withhold from such redemption proceeds any penalty, debt, withholding or back up tax, costs,
 expenses, obligations, liabilities or other adverse consequences (collectively, "**Tax Reporting Liabilities**") imposed on the Company, its Members and/or any of their
 respective directors, officers, employees, agents, managers, shareholders and/or partners
 as a result of such failure, action or inaction by such Member; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) re-designate,
 immediately and without consent, such Member's Shares as belonging to a separate class
 and create a separate internal account in respect of such Shares so that any Tax Reporting
 Liabilities may be allocated solely to that class and debited from such class.

## Exhibit 3.3

**Exhibit 3.3**

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**THIRD AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on 17 November 2025 and effective immediately prior to the completion of the initial public offering of the Company's Ordinary Shares)**

![](ex3-3_001.jpg)

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**THIRD AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on 17 November 2025 and effective immediately prior to the completion of the initial public offering of the Company's Ordinary Shares)**

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 name of the Company is Riku Dining Group Limited.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 registered office of the Company shall be at the offices of CO Services Cayman Limited, PO
 Box 10008, Pavilion East, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands,
 or at such other place as the Directors may from time to time decide.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 objects for which the Company is established are unrestricted and the Company shall have
 full power and authority to exercise all the functions of a natural person of full capacity.

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 liability of each Member is limited to the amount from time to time unpaid on such Member's
 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 share capital of the Company is US$5,000,000 divided into 500,000,000 Ordinary Shares comprising
 (i) 430,000,000 Class A Ordinary Shares of a par value of US$0.01 each, and (ii) 70,000,000
 Class B Ordinary Shares of a par value of US$0.01 each. Subject to the Companies Act and
 the Articles, the Company shall have the power to redeem or purchase any of its Shares and
 to increase or reduce its authorised share capital and to sub-divide or consolidate the said
 Shares or any of them and to issue all or any part of its capital whether original, redeemed,
 increased or reduced with or without preference, priority, special privilege or other rights
 or subject to any postponement of rights or to any conditions or restrictions whatsoever
 and so that unless the conditions of issue shall otherwise expressly provide every issue
 of Shares whether stated to be ordinary, preference or otherwise shall be subject to the
 powers on the part of the Company hereinbefore provided.

&nbsp;&nbsp;&nbsp;&nbsp;6. The
 Company has the power to register by way of continuation outside of the Cayman Islands in
 accordance with the Companies Act and to de-register as an exempted company in the Cayman
 Islands.

&nbsp;&nbsp;&nbsp;&nbsp;7. Capitalised
 terms that are not defined in this Memorandum of Association have the same meaning as those
 given in the Articles of Association of the Company.

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**THIRD AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on 17 November 2025 and effective immediately prior to the completion of the initial public offering of the Company's Ordinary Shares)**

**CONTENTS**

1. PRELIMINARY 3

2. COMMENCEMENT
 OF BUSINESS 9

3. REGISTERED
 OFFICE AND OTHER OFFICES 9

4. SERVICE
 PROVIDERS 9

5. ISSUE
 OF SHARES 9

6. REGISTER
 OF MEMBERS 12

7. CLOSING
 REGISTER OF MEMBERS AND FIXING RECORD DATE 13

8. CERTIFICATED
 SHARES 14

9. UNCERTIFICATED
 SHARES 15

10. DEPOSITORY
 INTERESTS 17

11. CALLS
 ON SHARES 18

12. FORFEITURE
 OF SHARES 20

13. TRANSFER
 OF SHARES 22

14. TRANSMISSION
 OF SHARES 24

15. REDEMPTION,
 PURCHASE AND SURRENDER OF SHARES 26

16. FINANCIAL
 ASSISTANCE 27

17. CLASS
 RIGHTS AND CLASS MEETINGS 27

18. NO
 RECOGNITION OF TRUSTS OR THIRD PARTY INTERESTS 28

19. LIEN
 ON SHARES 28

20. UNTRACED
 MEMBERS 29

21. ALTERATION
 OF SHARE CAPITAL 31

22. GENERAL
 MEETINGS 33

23. NOTICE
 OF GENERAL MEETINGS 34

24. PROCEEDINGS
 AT GENERAL MEETINGS 35

25. VOTES
 OF MEMBERS 38

26. REPRESENTATION
 OF MEMBERS AT GENERAL MEETINGS 39

27. APPOINTMENT,
 RETIREMENT AND REMOVAL OF DIRECTORS 42

28. ALTERNATE
 DIRECTORS 46

29. POWERS
 OF DIRECTORS 47

30. PROCEEDINGS
 OF DIRECTORS 48

31. DELEGATION
 OF DIRECTORS' POWERS 51

32. DIRECTORS'
 REMUNERATION, EXPENSES AND BENEFITS 53

33. SEAL 54

34. DIVIDENDS,
 DISTRIBUTIONS AND RESERVES 54

35. SHARE
 PREMIUM ACCOUNT 61

36. DISTRIBUTION
 PAYMENT RESTRICTIONS 61

37. BOOKS
 OF ACCOUNT 62

38. AUDITOR 62

39. NOTICES 63

40. WINDING
 UP 65

41. INDEMNITY
 AND INSURANCE 66

42. REQUIRED
 DISCLOSURE 67

43. FINANCIAL
 YEAR 67

44. TRANSFER
 BY WAY OF CONTINUATION 68

45. MERGERS
 AND CONSOLIDATIONS 68

46. AMENDMENT
 OF MEMORANDUM AND ARTICLES 68

47. TAX
 TRANSPARENCY REPORTING 68

**THE COMPANIES ACT (AS REVISED) OF THE CAYMAN ISLANDS**

**EXEMPTED COMPANY LIMITED BY SHARES**

**THIRD AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**RIKU DINING GROUP LIMITED**

**(adopted by Special Resolution passed on 17 November 2025 and effective immediately prior to the completion of the initial public offering of the Company's Ordinary Shares)**

**1.** **PRELIMINARY** 

**1.1** **Table A not to apply** 

The regulations contained or incorporated in Table A in the First Schedule to the Companies Act shall not apply to the Company and these Articles shall apply in place thereof.

**1.2** **Definitions** 

---

| | |
|:---|:---|
| "**Articles**" | means these articles of association of the Company, as amended or substituted from time to time; |
| "**Auditor**" | means the person (if any) for the time being performing the duties of auditor of the Company; |
| "**Beneficial Ownership**" | means, with respect to a security, sole or shared voting power (which includes the power to vote, or to direct the voting of, such security) and/or investment power (which includes the power to acquire (or an obligation to acquire) or dispose, or to direct the acquisition or disposal of, such security) and/or a long economic exposure, whether absolute or conditional, to changes in the price of such security, in each case, whether direct or indirect, and whether through any contract, arrangement, understanding, relationship, or otherwise and "**beneficial owner**" shall mean a person entitled to such Interest; |
| "**business day**" | means any day on which the Exchange is open for the business of dealing in securities; |

---

---

| | |
|:---|:---|
| "**certificated**" | means, in relation to a Share, a Share which is recorded in the Register of Members as being held in certificated form; |
| "**Class**" or "**Classes**" | means any class or classes of Shares as may from time to time be issued by the Company; |
| "**Class A Ordinary Share**" | means an Ordinary Share of a par value of US$0.01 in the capital of the Company, designated as a Class A Ordinary Share and having the rights provided for in these Articles; |
| "**Class B Ordinary Share**" | means an Ordinary Share of a par value of US$0.01 in the capital of the Company, designated as a Class B Ordinary Share and having the rights provided for in these Articles; |
| "**clear days**" | in relation to the period of a notice means that period excluding the day when the notice is served or deemed to be served and the day for which it is given or on which it is to take effect; |
| "**Clearing House**" | means a clearing house recognised by the laws of the jurisdiction in which the Shares (or any Interests in Shares) are listed or quoted on an Exchange; |
| "**Companies Act**" | means the Companies Act (as revised) of the Cayman Islands, as amended or revised from time to time; |
| "**Company**" | means the above-named company; |
| "**Depository**" | means any person who is a Member by virtue of its holding Shares as trustee or otherwise on behalf of those who have elected to hold Shares in dematerialised form through a Depository Interest; |
| "**Depository Interest**" | means a dematerialised depository receipt representing the underlying Share in the capital of the Company to be issued by a Depository nominated by the Company; |
| "**Directors**" | means the directors for the time being of the Company or as the case may be, the Directors assembled as a board or as a committee thereof; |

---

---

| | |
|:---|:---|
| "**Dollar**" or "**US$**" | means the lawful currency of the United States of America; |
| "**Electronic Record**" | has the same meaning as in the Electronic Transactions Act; |
| "**Electronic Transactions Act**" | means the Electronic Transactions Act (as revised) of the Cayman Islands, as amended or revised from time to time; |
| "**Exchange**" | means the United States national securities exchange on which the securities of the Company are listed for trading, including Nasdaq Stock Market, for so long as any Shares or Interests in Shares are there listed or quoted and any other recognised securities exchange(s) on which any Shares or Interests in Shares are listed or quoted for trading from time to time; |
| "**Exchange Rules**" | means any relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing or quotation of any Shares (or any Interests in Shares) on an Exchange, including the rules and regulations of the United States Securities and Exchange Commission; |
| "**Interest**" | in securities or in a person means any form of Beneficial Ownership (including, for the avoidance of doubt, any derivative, contractual or economic right or contract for difference) of securities of such person; |
| "**Listed Share**" | means a Share that is listed or admitted to trading on an Exchange; |
| "**Listed Share Register**" | means the register of members which registers the holdings of Listed Shares; |
| "**Member**" | means any person from time to time entered in the Register of Members as a holder of one or more Shares; |
| "**Memorandum**" | means the memorandum of association of the Company, as amended or substituted from time to time; |
| "**Ordinary Resolution**" | means a resolution: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed
 by a simple majority of such Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the
 case of corporations, by their duly authorised representatives, at a general meeting of the Company and where a poll is taken regard
 shall be had in computing a majority to the number of votes to which each Member is entitled by the Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) approved
 in writing by all of the Members entitled to vote at a general meeting of the Company, passed in accordance with these Articles;

---

| | |
|:---|:---|
| "**Ordinary Share**" | means a Class A Ordinary Share or a Class B Ordinary Share; |
| "**Register of Members**" | means the Listed Share Register, the Unlisted Share Register and any branch register(s) in each case as the context requires; |
| "**Registered Office**" | means the registered office for the time being of the Company in the Cayman Islands; |
| "**Relevant System**" | means any computer-based system and procedures permitted by the Exchange Rules, which enable title to Interests in a security to be evidenced and transferred without a written instrument, and which facilitate supplementary and incidental matters; |
| "**Seal**" | means the common seal of the Company (if any) and includes every duplicate seal; |
| "**Secretary**" | means any person or persons appointed by the Directors to perform any of the duties of the secretary of the Company; |
| "**Share**" | means a share in the capital of the Company and includes a fraction of a Share; |
| "**Special Resolution**" | means a special resolution passed in accordance with the Companies Act, being a resolution: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed
 by a majority of not less than two-thirds of such Members as, being entitled to do so, vote in person or, where proxies are allowed,
 by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company of which
 notice specifying the intention to propose the resolution as a Special Resolution has been duly given and where a poll is taken regard
 shall be had in computing a majority to the number of votes to which each Member is entitled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) approved
 in writing by all of the Members entitled to vote at a general meeting of the Company, passed in accordance with these Articles;

---

| | |
|:---|:---|
| "**subsidiary undertaking**" | a company or undertaking is a subsidiary of a parent undertaking if the parent undertaking (i) holds a majority of the voting rights in it, or (ii) is a member of it and has the right to appoint or remove a majority of its board of directors, or (iii) is a member of it and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in it; |
| "**Treasury Shares**" | means Shares held in treasury pursuant to the Companies Act and these Articles; |
| "**uncertificated**" | means, in relation to a Share, a Share to which title is recorded in the Register of Members as being in uncertificated form and title to which may be transferred by means of a Relevant System; |
| "**Uncertificated Proxy Instruction**" | means a properly authenticated dematerialised instruction and/or other instruction or notification, which is sent by means of the Relevant System concerned and received by such participant in that system acting on behalf of the Company as the Directors may prescribe, in such form and subject to such terms and conditions as may from time to time be prescribed by the Directors (subject always to the facilities and requirements of the Relevant System concerned); |
| "**Unlisted Share Register**" | means the register of members that registers the holdings of Unlisted Shares and which, for the purposes of the Companies Act, constitutes the Company's "principal register"; and |
| "**Unlisted Shares**" | means a Share that is not listed or admitted to trading on an Exchange. |

---

**1.3** **Interpretation** 

Unless the contrary intention appears, in these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) singular
 words include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 word of any gender includes the corresponding words of any other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references
 to "persons" include natural persons, companies, partnerships, firms, joint ventures,
 associations or other bodies of persons (whether or not incorporated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 reference to a person includes that person's successors and legal personal representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "writing"
 and "written" includes any method of representing or reproducing words in a visible
 form, including in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 reference to "shall" shall be construed as imperative and a reference to "may"
 shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in
 relation to determinations to be made by the Directors and all powers, authorities and discretions
 exercisable by the Directors under these Articles, the Directors may make those determinations
 and exercise those powers, authorities and discretions in their sole and absolute discretion,
 either generally or in a particular case, subject to any qualifications or limitations expressed
 in these Articles or imposed by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 reference to the powers of the Directors shall include, when the context admits, the service
 providers or any other person to whom the Directors may, from time to time, delegate their
 powers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 term "and/or" is used in these Articles to mean both "and" as well
 as "or". The use of "and/or" in certain contexts in no respects qualifies
 or modifies the use of the terms "and" or "or" in others. "Or"
 shall not be interpreted to be exclusive, and "and" shall not be interpreted
 to require the conjunctive, in each case unless the context requires otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 phrase introduced by the terms "including", "includes", "in
 particular" or any similar expression shall be construed as illustrative and shall
 not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) headings
 are inserted for reference only and shall not affect construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a
 reference to a law includes regulations and instruments made under that law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a
 reference to a law or a provision of law includes amendments, re-enactments, consolidations
 or replacements of that law or the provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "fully
 paid" and "paid up" means paid up as to the par value and any premium payable
 in respect of the issue or re-designation of any Shares and includes credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) where
 an Ordinary Resolution is expressed to be required for any purpose, a Special Resolution
 is also effective for that purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) sections
 8 and 19(3) of the Electronic Transactions Act are hereby excluded.

**2.** **COMMENCEMENT OF BUSINESS** 

**2.1** The
 business of the Company may be commenced as soon after incorporation as the Directors shall
 see fit.

**2.2** The
 Directors may pay, out of the capital or any other monies of the Company, all expenses incurred
 in connection with the formation and operation of the Company, including the expenses of
 registration and any expenses relating to the offer of, subscription for, or issuance of
 Shares.

**2.3** Expenses
 may be amortised over such period as the Directors may determine.

**3.** **REGISTERED OFFICE AND OTHER OFFICES** 

**3.1** Subject
 to the provisions of the Companies Act, the Company may by resolution of the Directors change
 the location of its Registered Office.

**3.2** The
 Directors, in addition to the Registered Office, may in their discretion establish and maintain
 such other offices, places of business and agencies whether within or outside of the Cayman
 Islands.

**4.** SERVICE
 PROVIDERS

The Directors may appoint any person to act as a service provider to the Company and may delegate to any such service provider any of the functions, duties, powers and discretions available to them as Directors, upon such terms and conditions (including as to the remuneration payable by the Company) and with such powers of sub-delegation, but subject to such restrictions, as they think fit.

**5.** ISSUE
 OF SHARES

**5.1** Power
 of Directors to issue Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 issue of Shares is under the control of the Directors who may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) offer,
 issue, allot or otherwise dispose of them to such persons, in such manner, on such terms
 and having such rights and being subject to such restrictions, as they may from time to time
 determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) grant
 options over such Shares and issue warrants, convertible securities or similar instruments
 with respect thereto, subject to the Companies Act, the Memorandum, these Articles, the Exchange
 Rules (where applicable), any resolution that may be passed by the Company in general meeting
 and any rights attached to any Shares or Class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may authorise the division of Shares into any number of Classes and the different
 Classes shall be authorised, established and designated (or re-designated as the case may
 be) and the variations in the relative rights (including, without limitation, voting, dividend,
 return of capital and redemption rights), restrictions, preferences, privileges and payment
 obligations as between the different Classes (if any) shall be fixed and determined by the
 Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Directors may refuse to accept any application for Shares, and may accept any application
 in whole or in part, for any reason or for no reason.

**5.2** Class
 A Ordinary Shares and Class B Ordinary Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Holders
 of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as
 one class on all resolutions submitted to a vote by the Members. Each Class A Ordinary Share
 shall entitle the holder thereof to one (1) vote on all matters subject to a vote at general
 meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof
 to twenty (20) votes on all matters subject to a vote at general meetings of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time at
 the option of the holder thereof. The right to convert shall be exercisable by the holder
 of the Class B Ordinary Share delivering a written notice to the Company that such holder
 elects to convert a specified number of Class B Ordinary Shares into Class A Ordinary Shares.
 In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant to these Articles
 shall be effected by means of the re-designation of each relevant Class B Ordinary Share
 as a Class A Ordinary Share. Such conversion shall become effective forthwith upon entries
 being made in the Register of Members to record the re-designation of the relevant Class
 B Ordinary Shares as Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 any sale, transfer, assignment or disposition of any Class B Ordinary Share by a Member to
 any person who is not an affiliate of such Member, or upon a change of ultimate beneficial
 ownership of any Class B Ordinary Share to any erson who is not an affiliate of the registered
 shareholder of such Share, such Class B Ordinary Share shall be automatically and immediately
 converted into one (1) Class A Ordinary Share. For the avoidance of doubt, (i) a sale, transfer,
 assignment or disposition shall be effective upon the Company's registration of such
 sale, trasnfer, assignment or disposition in its Register of Members; (ii) the creation of
 any pledge, charge, encumbrance or other third party right of whatever description on any
 Class B Ordinary Shares to secure a holder's contractual or legal obligations shall
 not be deemed as a sale, transfer, assignment or disposition unless and until any such pledge,
 charge, encumbrance or other third party right is enforced and results in the third party
 holding legal title to the relevant Class B Ordinary Shares, in which case all the related
 Class B Ordinary Shares shall be automatically converted into the same number of Class A
 Ordinary Shares; and (iii) any sale, transfer or other disposal of Class B Ordinary Shares
 by a holder thereof to any holders of Class B Ordinary Shares or their affiliates shall not
 result in a conversion of Class B Ordinary Shares to Class A Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Save
 and except for voting rights and conversion rights as set out in Articles 5.2(a) to (d) (inclusive),
 the Class A Ordinary Shares and the Class B Ordinary Shares shall rank *pari passu* with one another and shall have the same rights, preferences, privileges and restrictions.

**5.3** **Payment of commission or brokerage** 

Subject to the provisions of the Companies Act, the Company may pay a commission or brokerage in connection with the subscription for or issue of any Shares. The Company may pay the commission or brokerage in cash or by issuing fully or partly paid Shares or by a combination of both.

**5.4** **No Shares to bearer** 

The Company shall not issue Shares to bearer.

**5.5** **Fractional Shares** 

The Directors may issue fractions of a Share of any Class, and, if so issued, a fraction of a Share (calculated to such decimal points as the Directors may determine) shall be subject to and carry the corresponding fraction of liabilities (whether with respect to any unpaid amount thereon, contribution, calls or otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without limitation, voting and participation rights) and other attributes of a whole Share of the same Class.

**5.6** **Treasury Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shares
 that the Company purchases, redeems or acquires by way of surrender in accordance with the
 Companies Act shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 relevant provisions of the Memorandum and Articles, the Companies Act and the Exchange Rules
 are otherwise complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
 of the Company's assets (including any distribution of assets to members on a winding
 up) may be made to the Company in respect of a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company shall be entered in the Register of Members as the holder of the Treasury Shares.
 However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company shall not be treated as a Member for any purpose and shall not exercise any right
 in respect of the Treasury Shares, and any purported exercise of such a right shall be void;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 Treasury Share shall not be voted, directly or indirectly, at any general meeting of the
 Company and shall not be counted in determining the total number of issued Shares at any
 given time, whether for the purposes of these Articles or the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing
 in paragraph (c) above prevents an allotment of Shares as fully paid up bonus Shares in respect
 of a Treasury Share and Shares allotted as fully paid up bonus Shares in respect of a Treasury
 Share shall be treated as Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Treasury
 Shares may be disposed of by the Company in accordance with the Companies Act and otherwise
 on such terms and conditions as the Directors determine.

**6.** **REGISTER OF MEMBERS** 

**6.1** **Duty to establish and maintain a Register of Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors shall cause the Company to keep at its Registered Office, or at any other place
 within or outside the Cayman Islands they think fit, the Register of Members (which, for
 the avoidance of doubt, comprises the Listed Share Register, the Unlisted Share Register
 and any branch register(s) maintained from time to time) in which shall be entered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 particulars of the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 particulars of the Shares issued to each of them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) other
 particulars required under the Companies Act and the Exchange Rules (as appropriate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the recording complies with the Companies Act, the Exchange Rules and any other applicable
 law, the Listed Share Register may be kept by recording the particulars required under the
 Companies Act in a form otherwise than in a physically written form. However, to the extent
 the Listed Share Register is kept in a form otherwise than in a physically written form,
 it must be capable of being reproduced in a legible form.

**6.2** **Power to establish and maintain branch registers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the Exchange Rules, the rules and regulations of the Relevant System and any other applicable
 laws, if the Directors consider it necessary or desirable, whether for administrative purposes
 or otherwise, they may cause the Company to establish and maintain a branch register or registers
 of members of such category or categories and at such location or locations within or outside
 the Cayman Islands as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company shall cause to be kept at the place where the Unlisted Share Register is kept, a
 duplicate of any branch register duly entered up from time to time. Subject to this Article,
 with respect to a duplicate of any branch register:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Unlisted Shares registered in the branch register shall be distinguished from those registered
 in the Unlisted Share Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no
 transaction with respect to any Unlisted Shares registered in a branch register shall, during
 the continuance of that registration, be registered in any other register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company may discontinue keeping any branch register and thereupon all entries in such branch
 register shall be transferred to another branch register kept by the Company or to the Unlisted
 Share Register.

**7.** **CLOSING REGISTER OF MEMBERS AND FIXING RECORD DATE** 

**7.1** **Power of Directors to close the Register of Members** 

For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or any adjournment of a meeting, or Members entitled to receive payment of any dividend or distribution, or in order to make a determination of Members for any other proper purpose, the Directors may provide that the Register of Members shall be closed for transfers for a stated period which shall not in any case exceed thirty (30) days.

**7.2** **Power of Directors to fix a record date** 

In lieu of, or apart from, closing the Register of Members, the Directors may fix in advance or arrear a date as the record date for any such determination of Members entitled to notice of or to vote at a meeting of the Members, and for the purpose of determining the Members entitled to receive payment of any dividend or distribution, or in order to make a determination of Members for any other purpose.

**7.3** **Circumstances where Register of Members is not closed and no fixed record date** 

If the Register of Members is not closed and no record date is fixed for the determination of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of a dividend or distribution, the date on which notice of the meeting is sent or the date on which the resolution of the Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination shall apply to any adjournment of that meeting.

**8.** **CERTIFICATED SHARES** 

**8.1** **Right to certificates** 

Subject to the Companies Act, the requirements of (to the extent applicable) the Exchange Rules and/or the Exchange, and these Articles, every person, upon becoming the holder of a certificated Share is entitled, without charge, to one certificate for all the certificated Shares of a Class in his name, or in the case of certificated Shares of more than one Class being registered in his name, to a separate certificate for each Class of Shares, unless the terms of issue of the Shares provide otherwise.

**8.2** **Form of share certificates** 

Share certificates, if any, shall be in such form as the Directors may determine and shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise share certificates to be issued with the authorised signature(s) affixed by mechanical process. All share certificates shall be consecutively numbered or otherwise identified and shall specify the number and Class of Shares to which they relate and the amount paid up thereon or the fact that they are fully paid, as the case may be. All share certificate of the Company shall bear legends requried under the applicable laws, including the Exchange Rules. All share certificates surrendered to the Company for transfer shall be cancelled and subject to these Articles no new certificate shall be issued until the former certificate evidencing a like number of relevant Shares shall have been surrendered and cancelled. Where only some of the certificated Shares evidenced by a share certificate are transferred, the old certificate shall be surrendered and cancelled and a new certificate for the balance of the certificated Shares shall be issued in lieu without charge.

**8.3** **Certificates for jointly-held Shares** 

If the Company issues a share certificate in respect of certificated Shares held jointly by more than one person, delivery of a single share certificate to one joint holder shall be a sufficient delivery to all of them.

**8.4** **Replacement of share certificates** 

If a share certificate is defaced, worn-out or alleged to have been lost, stolen or destroyed, a new share certificate shall be issued on the payment of such expenses reasonably incurred by the Company and the person requiring the new share certificate shall first surrender the defaced or worn-out share certificate or give such evidence of the loss, theft or destruction of the share certificate and such indemnity to the Company as the Directors may require.

**9.** **UNCERTIFICATED SHARES** 

**9.1** **Uncertificated Shares held by means of a Relevant System** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may permit Shares to be held in uncertificated form and shall have power to implement
 such arrangements as they may, in their absolute discretion, think fit in order for any Class
 of Shares to be transferred by means of a Relevant System of holding and transferring Shares
 (subject always to any applicable law and the requirements of the Relevant System concerned).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (For
 the purpose of this Article 9, the expression "Shares", where the context permits,
 also includes Interests in such Shares).

**9.2** **Disapplication of inconsistent Articles** 

Where the arrangements described in this Article 9 are implemented, no provision of these Articles shall apply or have effect to the extent that it is in any respect inconsistent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 holding of Shares of that Class in uncertificated form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 facilities and requirements of the Relevant System.

**9.3** **Arrangements for uncertificated Shares** 

Notwithstanding anything contained in these Articles (but subject always to the Companies Act, any other applicable laws and regulations and the facilities and requirements of any Relevant System):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless
 the Directors otherwise determine, Shares held by the same holder or joint holder in certificated
 form and uncertificated form shall be treated as separate holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conversion
 of Shares held in certificated form into Shares held in uncertificated form, and vice versa,
 may be made in such a manner as the Directors may in their absolute discretion think fit
 and in accordance with applicable regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shares
 may be changed from uncertificated to certificated form, and from certificated to uncertificated
 form, in such manner as the Directors may in their absolute discretion, think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Article
 13.2 shall not apply in respect of Shares recorded on the Register of Members as being held
 in uncertificated form to the extent that Article 13.2 requires or contemplates the effecting
 of a transfer by an instrument in writing and the production of a certificate for the Share
 to be transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 Class of Share shall not be treated as two Classes by virtue only of that Class comprising
 both certificated and uncertificated Shares or as a result of any provision of these Articles
 or any other applicable law or regulation which applies only in respect of certificated and
 uncertificated Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) where
 the Company is entitled under applicable law or these Articles to sell, transfer or otherwise
 dispose of, redeem, repurchase, re-allot, accept the surrender of, forfeit or enforce a lien
 over, a Share in the Company, the Directors shall, subject to such applicable laws, these
 Articles and the facilities and requirements of the Relevant System be entitled (without
 limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 require the holder of that Share by notice to convert that Share into certificated form within
 the period specified in the notice and to hold that Share in certificated form so long as
 required by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 require the operator of the Relevant System to convert that Share into certificated form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 require the holder of that Share by notice to give any instructions necessary to transfer
 title to that Share by means of the Relevant System within the period specified in the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to
 require the holder of that Share by notice to appoint any person to take any step, including
 without limitation the giving of any instructions by means of the Relevant System, necessary
 to transfer that Share within the period specified in the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to
 take any other action that the Directors consider necessary or expedient to achieve the sale,
 transfer, disposal, re-allotment, forfeiture or surrender of that Share or otherwise to enforce
 a lien in respect of that Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to
 require the deletion of any entries in the Relevant System reflecting the holding of such
 Share in uncertificated form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to
 require the operator of the Relevant System to alter the entries in the Relevant System so
 as to divest the holder of the relevant Share of the power to transfer such Share other than
 to a person selected or approved by the Directors for the purposes of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Article
 8 shall not apply so as to require the Company to issue a certificate to any person holding
 Shares in uncertificated form.

**10.** **DEPOSITORY INTERESTS** 

**10.1** **Depository Interests held by means of a Relevant System** 

The Directors may permit Shares of any Class to be represented by Depository Interests and to be transferred or otherwise dealt with by means of a Relevant System and may revoke any such permission.

**10.2** **Disapplication of inconsistent Articles** 

Where the arrangements described in this Article 10 are implemented, no provision of these Articles shall apply or have effect to the extent that it is in any respect inconsistent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 holding of Depository Interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 facilities and requirements of the Relevant System.

**10.3** **Arrangements for Depository Interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may make such arrangements or regulations (if any) as they may from time to time
 in their absolute discretion think fit in relation to the evidencing, issue and transfer
 of Depository Interests and otherwise for the purpose of implementing and/or supplementing
 the provisions of this Article 10 and the Exchange Rules and the facilities and requirements
 of the Relevant System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company may use the Relevant System in which any Depository Interests are held to the fullest
 extent available from time to time in the exercise of any of its powers or functions under
 the Companies Act, the Exchange Rules or these Articles or otherwise in effecting any actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the purpose of effecting any action by the Company, the Directors may determine that Depository
 Interests held by a person shall be treated as a separate holding from certificated Shares
 held by that person.

**10.4** **Not separate Class** 

Shares in a particular Class shall not form a separate Class of Shares from other Shares in that Class because they are dealt with as Depository Interests.

**10.5** **Power of sale** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where
 the Company is entitled under applicable law or these Articles to sell, transfer or otherwise
 dispose of, redeem, repurchase, re-allot, accept the surrender of, forfeit or enforce a lien
 over, any Share represented by a Depository Interest, the Directors shall, subject to such
 applicable laws, these Articles and the facilities and requirements of the Relevant System
 be entitled (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 require the holder of that Depository Interest by notice to convert that Share represented
 by the Depository Interest into certificated form within the period specified in the notice
 and to hold that Share in certificated form so long as required by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 require the holder of that Depository Interest by notice to give any instructions necessary
 to transfer title to that Share by means of the Relevant System within the period specified
 in the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 require the holder of that Depository Interest by notice to appoint any person to take any
 step, including without limitation the giving of any instructions by means of the Relevant
 System, necessary to transfer that Share within the period specified in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to
 take any other action that the Directors consider necessary or expedient to achieve the sale,
 transfer, disposal, re-allotment, forfeiture or surrender of that Share or otherwise to enforce
 a lien in respect of that Share.

**11.** **CALLS ON SHARES** 

**11.1** **Calls, how made** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the terms on which Shares are allotted, the Directors may make calls on the Members (and
 any persons entitled by transmission) in respect of any amounts unpaid on their Shares (whether
 in respect of nominal value or premium or otherwise) and not payable on a date fixed by or
 in accordance with the allotment terms. Each such Member or other person shall pay to the
 Company the amount called, subject to receiving at least fourteen (14) clear days'
 notice specifying when and where the payment is to be made, as required by such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 call may be made payable by instalments. A call shall be deemed to have been made when the
 resolution of the Directors authorising it is passed. A call may, before the Company's
 receipt of any amount due under it, be revoked or postponed in whole or in part as the Directors
 may decide. A person upon whom a call is made will remain liable for calls made on him notwithstanding
 the subsequent transfer of the Shares in respect of which the call was made.

**11.2** **Liability of joint holders** 

The joint holders of a Share shall be jointly and severally liable to pay all calls in respect of it.

**11.3** **lnterest** 

lf the whole of the sum payable in respect of any call is not paid by the day it becomes due and payable, the person from whom it is due shall pay all costs, charges and expenses that the Company may have incurred by reason of such non-payment, together with interest on the unpaid amount from the day it became due and payable until it is paid at the rate fixed by the terms of the allotment of the Share or in the notice of the call or, if no rate is fixed, at such rate, not exceeding eight percent (8%) per annum (compounded on a six monthly basis), as the Directors shall determine. The Directors may waive payment of such costs, charges, expenses or interest in whole or in part.

**11.4** **Differentiation** 

Subject to the allotment terms, the Directors may make arrangements on or before the issue of Shares to differentiate between the holders of Shares in the amounts and times of payment of calls on their Shares.

**11.5** **Payment in advance of calls** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may receive from any Member (or any person entitled by transmission) all or any
 part of the amount uncalled and unpaid on the Shares held by him (or to which he is entitled).
 The liability of each such Member or other person on the Shares to which such payment relates
 shall be reduced by such amount. The Company may pay interest on such amount from the time
 of receipt until the time when such amount would, but for such advance, have become due and
 payable at such rate not exceeding eight percent (8%) per annum (compounded on a six monthly
 basis) as the Directors may decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 sum paid up on a Share in advance of a call shall entitle the holder to any portion of a
 dividend subsequently declared or paid in respect of any period prior to the date on which
 such sum would, but for such payment, become due and payable.

**11.6** **Restrictions if calls unpaid** 

Unless the Directors decide otherwise, no Member shall be entitled to receive any dividend or to be present or vote at any meeting or to exercise any right or privilege as a Member until he has paid all calls due and payable on every Share held by him, whether alone or jointly with any other person, together with interest and expenses (if any) to the Company.

**11.7** **Sums due on allotment treated as calls** 

Any sum payable in respect of a Share on allotment or at any fixed date, whether in respect of the nominal value of the Share or by way of premium or otherwise or as an instalment of a call, shall be deemed to be a call. lf such sum is not paid, these Articles shall apply as if it had become due and payable by virtue of a call.

**12.** **FORFEITURE OF SHARES** 

**12.1** **Forfeiture after notice of unpaid call** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) lf
 a call or an instalment of a call remains unpaid after it has become due and payable, the
 Directors may give to the person from whom it is due not less than fourteen (14) clear days'
 notice requiring payment of the amount unpaid together with any interest which may have accrued
 and any costs, charges and expenses that the Company may have incurred by reason of such
 non-payment. The notice shall state the place where payment is to be made and that if the
 notice is not complied with the Shares in respect of which the call was made will be liable
 to be forfeited. lf the notice is not complied with, any Shares in respect of which it was
 given may, before the payment required by the notice has been made, be forfeited by a resolution
 of the Directors. The forfeiture will include all dividends and other amounts payable in
 respect of the forfeited Shares which have not been paid before the forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may accept the surrender of a Share which is liable to be forfeited in accordance
 with these Articles. All provisions in these Articles which apply to the forfeiture of a
 Share also apply to the surrender of a Share.

**12.2** **Notice after forfeiture** 

When a Share has been forfeited, the Company shall give notice of the forfeiture to the person who was before forfeiture the holder of the Share or the person entitled by transmission to the Share. An entry that such notice has been given and of the fact and date of forfeiture shall be made in the Register of Members. Notwithstanding the above, no forfeiture will be invalidated by any omission to give such notice or make such entry.

**12.3** **Consequences of forfeiture** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Share shall, on its forfeiture, become the property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 interest in and all claims and demands against the Company in respect of a Share and all
 other rights and liabilities incidental to the Share as between its holder and the Company
 shall, on its forfeiture, be extinguished and terminate except as otherwise stated in these
 Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 holder of a Share (or the person entitled to it by transmission) which is forfeited shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 its forfeiture cease to be a Member (or a person entitled) in respect of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 a certificated Share, surrender to the Company for cancellation of the share certificate
 for the Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) remain
 liable to pay to the Company all monies payable in respect of the Share at the time of forfeiture,
 with interest from such time of forfeiture until the time of payment, in the same manner
 in all respects as if the Share had not been forfeited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) remain
 liable to satisfy all (if any) claims and demands which the Company might have enforced in
 respect of the Share at the time of forfeiture without any deduction or allowance for the
 value of the Share at the time of forfeiture or for any consideration received on its disposal.

**12.4** **Disposal of forfeited Share** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such
 manner as the Directors may decide either to the person who was before the forfeiture the
 holder or to any other person. At any time before the disposal, the forfeiture may be cancelled
 on such terms as the Directors may decide. Where for the purpose of its disposal a forfeited
 Share is to be transferred to any transferee, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of certificated Shares, authorise a person to execute an instrument of transfer
 of Shares in the name and on behalf of their holder to the purchaser or as the purchaser
 may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of uncertificated Shares, exercise any power conferred on them by Article 9.3(f)
 to effect a transfer of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 the Share is represented by a Depository Interest, exercise any of the Company's powers
 under Article 10.5 to effect the sale of the Share to, or in accordance with the directions
 of, the buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 purchaser will not be bound to see to the application of the purchase monies in respect of
 any such sale. The title of the transferee to the Shares will not be affected by any irregularity
 in or invalidity of the proceedings connected with the sale or transfer. Any instrument or
 exercise referred to at paragraph (a) of this Article shall be effective as if it had been
 executed or exercised by the holder of, or the person entitled by transmission to, the Shares
 to which it relates.

**12.5** **Proof of forfeiture** 

A statutory declaration by a Director or any other officer that a Share has been forfeited on a specified date shall be conclusive evidence of the facts stated in it against all persons claiming to be entitled to the Share. The declaration shall (subject to the execution of any necessary instrument of transfer) constitute good title to the Share. The person to whom the Share is disposed of shall not be bound to see to the application of the consideration (if any) given for it on such disposal. His title to the Share will not be affected by any irregularity in, or invalidity of, the proceedings connected with the forfeiture or disposal.

**13.** **TRANSFER OF SHARES** 

**13.1** **Form of transfer** 

Subject to these Articles, a Member may transfer all or any of his Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of certificated Shares, by an instrument of transfer in writing in any usual form
 or in another form approved by the Directors or prescribed by the Exchange, which must be
 executed by or on behalf of the transferor and (in the case of a transfer of a Share which
 is not fully paid) by or on behalf of the transferee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of uncertificated Shares, without a written instrument in accordance with the rules
 or regulations of any Relevant System in which the Shares are held.

**13.2** **Registration of a certificated Share transfer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to these Articles, the Directors may, in their absolute discretion and without giving a reason,
 refuse to register the transfer of a certificated Share unless it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 respect of a Share which is fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 respect of a Share on which the Company has no lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 respect of only one Class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 favour of a single transferee or not more than four joint transferees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) duly
 stamped (if required); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) delivered
 for registration to the Registered Office or such other place as the Directors may decide,
 accompanied by the certificate for the Shares to which it relates and any other evidence
 as the Directors may reasonably require to prove the title to such Share of the transferor
 and the due execution by him of the transfer or, if the transfer is executed by some other
 person on his behalf, the authority of such person to do so, provided that the Directors
 shall not refuse to register any transfer of any certificated Shares listed on the Exchange
 on the ground that they are partly paid in circumstances where such refusal would prevent
 dealings in such Shares from taking place on an open and proper basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) lf
 the Directors refuse to register a transfer pursuant to this Article, they shall, within
 two (2) months after the date on which the transfer was delivered to the Company, send notice
 of the refusal to the transferee. An instrument of transfer which the Directors refuse to
 register shall (except in the case of suspected fraud) be returned to the person delivering
 it. All instruments of transfer which are registered may, subject to these Articles, be retained
 by the Company.

**13.3** **Registration of an uncertificated Share transfer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors shall register a transfer of title to any uncertificated Share which is held in
 uncertificated form in accordance with the rules or regulations of any Relevant System in
 which the Shares are held, except that the Directors may refuse (subject to any relevant
 requirements of (to the extent applicable) the Exchange Rules and/or the Exchange) to register
 any such transfer which is in favour of more than four persons jointly or in any other circumstance
 permitted by the rules or regulations of any Relevant System in which the Shares are held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) lf
 the Directors refuse to register any such transfer the Company shall, within two months after
 the date on which the instruction relating to such transfer was received by the Company,
 send notice of the refusal to the transferee.

**13.4** **Transfers of Depository Interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company shall register the transfer of any Shares represented by Depository Interests in
 accordance with the rules or regulations of the Relevant System and any other applicable
 laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 permitted by the rules or regulations of the Relevant System and any other applicable laws
 and regulations, the Directors may, in their absolute discretion and without giving any reason
 for their decision, refuse to register any transfer of any Share represented by a Depository
 Interest.

**13.5** **No fee on registration** 

No fee shall be charged for the registration of a transfer of a Share or other document relating to or affecting the title to any Share.

**13.6** **Renunciations of Shares** 

Nothing in these Articles shall preclude the Directors from recognising the renunciation of any Share by the allottee thereof in favour of some other person.

**13.7** **Enforceability of and interpretation/administration of this Article** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 any provision of this Article 13 or any part of such provision is held under any circumstances
 to be invalid or unenforceable in any jurisdiction, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 invalidity of unenforceability of such provision shall not affect the validity or enforceability
 of such provision or part thereof under any other circumstances or in any other jurisdiction;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 invalidity or unenforceability of such provision or part thereof shall not affect the validity
 or enforceability of the remainder of such provision or the validity or enforceability of
 any other provision of these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors shall have the exclusive power and authority to administer and interpret the provisions
 of this Article 13 and to exercise all rights and powers specifically granted the Directors
 and the Company or as may be necessary or advisable in the administration of this Article
 13. All such actions, calculations, determinations and interpretations which are done or
 made by the Directors in good faith shall be final, conclusive, and binding on the Company
 and the beneficial and registered owners of the Shares and shall not subject the Directors
 to any liability.

**13.8** **No transfers to an infant etc** 

No transfer shall be made to an infant or to a person of whom an order has been made by competent court or official on the grounds that he is or may be suffering from mental disorder or is otherwise incapable of managing his affairs or under other legal disability.

**13.9** **Effect of registration** 

The transferor shall be deemed to remain the holder of the Share transferred until the name of the transferee is entered in the Register of Members in respect of that Share.

**14.** **TRANSMISSION OF SHARES** 

**14.1** **Transmission of Shares** 

If a Member dies, becomes bankrupt, commences liquidation or is dissolved, the only person that the Company will recognise as having any title to, or interest in, that Member's Share (other than the Member) are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the deceased Member was a joint holder, the survivor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the deceased Member was a sole or the only surviving holder, the personal representative
 of that Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 trustee in bankruptcy or other person succeeding to the Member's interest by operation
 of law,

but nothing in these Articles releases the estate of a deceased Member, or any other successor by operation of law, from any liability in respect of any Share held by that Member solely or jointly.

**14.2** **Election by persons entitled on transmission** 

Any person becoming entitled to a Share as a result of the death, bankruptcy, liquidation or dissolution of a Member (or in any other way than by transfer) may, upon such evidence being produced as may from time to time be required by the Directors, elect either to become registered as the holder of the Share or nominate another person to be registered as the holder of that Share. If he elects to be registered as the holder of the Share himself, he shall give written notice to the Company to that effect. If he elects to have some other person registered as the holder of the Share, he shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of a certificated Share, execute an instrument of transfer of such Share to such
 person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of an uncertificated Share, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) procure
 that all the appropriate instructions are given by means of the Relevant System to effect
 the transfer of such Share to such person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) change
 the uncertificated Share to certified form and then execute a transfer of such Share to such
 person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 the case of a Share represented by a Depository Interest, take any action the Directors may
 require (including, without limitation, the execution of any document and the giving of any
 instruction by means of the Relevant System) to effect the transfer of the Share to that
 person.

**14.3** **Rights of persons entitled by transmission** 

A person becoming entitled to a Share by reason of the death, bankruptcy, liquidation or dissolution of a Member (or in any other case than by transfer) shall be entitled to the same Dividends and other rights to which he would be entitled if he were the registered holder of the Share. However, the person shall not, before being registered as a Member in respect of the Share, be entitled in respect of it to attend or vote at any meeting of the Company and the Directors may at any time give notice requiring any such person to elect either to be registered himself or to have some person nominated by him registered as the holder (and the Directors shall, in either case, have the same right to refuse registration as they would have had in the case of a transfer of the Share by that Member before his death, bankruptcy, liquidation or dissolution, as the case may be). If the notice is not complied with within ninety (90) days the Directors may withhold payment of all Dividends, bonuses or other monies payable in respect of the Share until the requirements of the notice have been complied with.

**15.** **REDEMPTION, PURCHASE AND SURRENDER OF SHARES** 

**15.1** Subject
 to the Companies Act, the Memorandum, these Articles, the Exchange Rules (where applicable)
 and any rights conferred on the holders of any Shares or attaching to any Class of Shares,
 the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares on terms that they are to be redeemed or are liable to be redeemed at the option of
 one or both of the Company or the Member on such terms and in such manner as the Directors
 may determine before the issue of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase,
 or enter into a contract under which it will or may repurchase, any of its own Shares of
 any Class (including any redeemable Shares) on such terms and in such manner as the Directors
 may determine or agree with the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 a payment in respect of the redemption or purchase of its own Shares in any manner authorised
 by the Companies Act, including out of capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) accept
 the surrender for no consideration of any paid up Share (including any redeemable Share)
 on such terms and in such manner as the Directors may determine.

**15.2** Any
 Share in respect of which notice of redemption has been given shall not be entitled to participate
 in the profits of the Company in respect of the period after the date specified as the date
 of redemption in the notice of redemption.

**15.3** The
 redemption or purchase of any Share shall not be deemed to give rise to the redemption or
 purchase of any other Share.

**15.4** The
 Directors may when making payments in respect of the redemption or purchase of Shares, if
 authorised by the terms of issue of the Shares being redeemed or purchased or with the agreement
 of the holder of such Shares, make such payment either in cash or in specie.

**15.5** The
 Directors may hold any repurchased, redeemed or surrendered Shares as Treasury Shares in
 accordance with the provisions of the Companies Act and these Articles.

**16.** **FINANCIAL ASSISTANCE** 

Any financial assistance given by the Company in connection with a purchase made or to be made by any person of any Shares or Interests in Shares in the Company shall only be made in accordance with the Companies Act, applicable law and the Exchange Rules (where applicable).

**17.** **CLASS RIGHTS AND CLASS MEETINGS** 

**17.1** **Variation of class rights** 

Subject to the Companies Act, if at any time the share capital of the Company is divided into different Classes of Shares, all or any of the rights attached to any Class of Shares may be varied in such manner as those rights may provide or, if no such provision is made, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 the consent in writing of holders of not less than three-fourths of the issued Shares of
 that Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 the sanction of a resolution passed at a separate meeting of the holders of the Shares of
 that Class by a majority of votes cast of the holders of the Shares of that Class present
 and voting at such meeting with a quorum of 2 persons at least holding (whether in person
 or by proxy) not less than one-thirds of the holders of the Shares of that Class.

**17.2** **Treatment of classes of Shares by Directors** 

The Directors may treat two or more or all of the Classes of Shares as forming one class of Shares if the Directors consider that such Classes of Shares would be affected by the proposed variation in the same way.

**17.3** **Effect of Share issue on class rights** 

The rights attached to any Class of Shares are not taken to be varied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 creation or issue of further Shares ranking equally with them unless expressly provided by
 the terms of the issue of the Shares of that Class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 reduction of capital paid up on such Shares or by the repurchase, redemption or surrender
 of any Shares in accordance with the Companies Act and these Articles.

**17.4** **Class meetings** 

The provisions of these Articles relating to general meetings of the Company shall apply mutatis mutandis to any Class meeting, except that the quorum shall be two or more Members that together hold at least one-third of the issued Shares of that Class.

**18.** **NO RECOGNITION OF TRUSTS OR THIRD PARTY INTERESTS** 

Except as otherwise expressly provided by these Articles or as required by law or as ordered by a court of competent jurisdiction, the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 not required to recognise a person as holding any Share on any trust, even if the Company
 has notice of the trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 not required to recognise, and is not bound by, any interest in or claim to any Share, except
 for the registered holder's absolute legal ownership of the Share, even if the Company
 has notice of that interest or claim.

**19.** **LIEN ON SHARES** 

**19.1** **Lien on Shares generally** 

The Company shall have a first and paramount lien on all Shares registered in the name of a Member (whether solely or jointly with others) for all debts, liabilities or amounts payable to or with the Company (whether presently payable or not) by such Member or his estate, either alone or jointly with any other person, whether a Member or not, but the Directors may at any time determine any Share to be wholly or in part exempt from the provisions of this Article. The Company's lien on a Share is released if a transfer of that Share is registered.

**19.2** **Enforcement of lien by sale** 

The Company may sell, on such terms and in such manner as the Directors think fit, any Share on which the Company has a lien, if a sum in respect of which the lien exists is presently payable, and is not paid within fourteen (14) clear days after notice has been given by the Company to the holder of the Share (or to any other person entitled by transmission to the Shares) demanding payment of that amount and giving notice of intention to sell the Share if such payment is not made.

**19.3** **Completion of sale under lien** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 give effect to a sale of Shares under a lien the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of certificated Shares, authorise any person to execute an instrument of transfer
 in respect of the Shares to be sold to, or in accordance with the directions of, the relevant
 purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of uncertificated Shares, exercise any power conferred on them by Article 9.3(f)
 to effect a transfer of Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 the Shares are represented by a Depository Interest, exercise any of the Company's
 powers under Article 10.5 to effect the sale of such Shares to, or in accordance with the
 directions of the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 purchaser or his nominee shall be registered as the holder of the Shares comprised in any
 such transfer, and he shall not be bound to see to the application of any consideration provided
 for the Shares, nor will the purchaser's title to the Shares be affected by any irregularity
 or invalidity in connection with the sale or the exercise of the Company's power of
 sale under these Articles.

**19.4** **Application of proceeds of sale** 

The net proceeds of a sale made under a lien after payment of costs, shall be applied in payment of such part of the amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for sums not presently payable as existed upon the Shares before the sale) be paid to the person who was entitled to the Shares immediately prior to the sale.

**20.** **UNTRACED MEMBERS** 

**20.1** **Sale of Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may sell at the best price reasonably obtainable any Share of a Member, or any Share
 to which a person is entitled by transmission, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) during
 the period of six (6) years prior to the date of the publication of the advertisements referred
 to in this paragraph (a) (or, if published on different dates, the earlier or earliest of
 them):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no
 cheque, warrant or money order in respect of such Share sent by or on behalf of the Company
 to the Member or to the person entitled by transmission to the Share, at his address in the
 Register of Members or other address last known to the Company has been cashed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no
 cash dividend payable on the Shares has been satisfied by the transfer of funds to a bank
 account of the Member (or person entitled by transmission to the share) or by transfer of
 funds by means of the Relevant System, and the Company has received no communication (whether
 in writing or otherwise) in respect of such Share from such Member or person, provided that
 during such six year period the Company has paid at least three cash dividends (whether interim
 or final) in respect of Shares of the Class in question and no such dividend has been claimed
 by the person entitled to such Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on
 or after the expiry of such six year period the Company has given notice of its intention
 to sell such Share by advertisements in a national newspaper published in the country in
 which the Registered Office is located and in a newspaper circulating in the area in which
 the address in the Register of Members or other last known address of the member or the person
 entitled by transmission to the Share or the address for the service of notices on such member
 or person notified to the Company in accordance with these Articles is located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such
 advertisements, if not published on the same day, are published within thirty (30) days of
 each other;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) during
 a further period of three months following the date of publication of such advertisements
 (or, if published on different dates, the date on which the requirements of this paragraph
 (a) concerning the publication of newspaper advertisements are met) and prior to the sale
 the Company has not received any communication (whether in writing or otherwise) in respect
 of such Share from the Member or person entitled by transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) lf
 during such six year period, or during any subsequent period ending on the date when all
 the requirements of paragraph (a) of this Article have been met in respect of any Shares,
 any additional Shares have been issued in respect of those held at the beginning of, or previously
 so issued during, any such subsequent period and all the requirements of paragraph (a) of
 this Article have been satisfied with regard to such additional Shares, the Company may also
 sell the additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 give effect to a sale pursuant to paragraph (a) or paragraph (b) of this Article, the Directors
 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of certificated Shares, authorise a person to execute an instrument of transfer
 of Shares in the name and on behalf of the holder of, or the person entitled by transmission
 to, them to the purchaser or as the purchaser may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of uncertificated Shares, exercise any power conferred on them by Article 9.3(f)
 to effect a transfer of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 the Share is represented by a Depository Interest, exercise any of the Company's powers
 under Article 10.5 to effect the sale of the Share to, or in accordance with the directions
 of, the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 purchaser will not be bound to see to the application of the purchase monies in respect of
 any such sale. The title of the transferee to the Shares will not be affected by any irregularity
 in or invalidity of the proceedings connected with the sale or transfer. Any instrument or
 exercise referred to at paragraph (c) of this Article shall be effective as if it had been
 executed or exercised by the holder of, or the person entitled by transmission to, the Shares
 to which it relates.

**20.2** **Application of sale proceeds** 

The Company shall account to the Member or other person entitled to such Share for the net proceeds of such sale by carrying all monies in respect of the sale to a separate account. The Company shall be deemed to be a debtor to, and not a trustee for, such Member or other person in respect of such monies. Monies carried to such separate account may either be employed in the business of the Company or invested as the Directors may think fit. No interest shall be payable to such Member or other person in respect of such monies and the Company shall not be required to account for any money earned on them.

**21.** **ALTERATION OF SHARE CAPITAL** 

**21.1** **Increase, consolidation, subdivision and cancellation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase
 its share capital by such sum, to be divided into Shares of such Classes and amounts as the
 resolution shall prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consolidate,
 or consolidate and divide all or any of its share capital into Shares of a larger amount
 than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subdivide
 its Shares, or any of them, into Shares of a smaller amount than is fixed by the Memorandum;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cancel
 any Shares which, at the date of the passing of the resolution, have not been taken, or agreed
 to be taken, by any person and diminish the amount of its share capital by the amount of
 the Shares so cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 new Shares created in accordance with the provisions of this Article shall be subject to
 the same provisions of these Articles with reference to liens, transfer, transmission and
 otherwise as the Shares in the original share capital.

**21.2** **Dealing with fractions resulting from consolidation or subdivision of Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever,
 as a result of a consolidation or subdivision of Shares, any Members would become entitled
 to fractions of a Share the Directors may on behalf of those Members deal with the fractions
 as they think fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) selling
 the Shares representing the fractions for the best price reasonably obtainable to any person
 (including, subject to the provisions of the Companies Act, the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) distributing
 the net proceeds in due proportion among those Members (except that if the amount due to
 a person is less than US$5.00, or such other sum as the Directors may decide, the Company
 may retain such sum for its own benefit).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes of this Article, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of certificated Shares, authorise some person to execute an instrument of transfer
 of the Shares to, or in accordance with the directions of, the purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of uncertificated Shares, exercise any power conferred on it by Article 9.3(f) to
 effect a transfer of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 the Share is represented by a Depository Interest, exercise any of the Company's powers
 under Article 10.5 to effect the sale of the Share to, or in accordance with the directions
 of, the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 transferee shall not be bound to see to the application of the purchase money nor shall the
 transferee's title to the Shares be affected by any irregularity in, or invalidity
 of, the proceedings in respect of any sale undertaken pursuant to this Article.

**21.3** **Reduction of Share Capital** 

Subject to the provisions of the Companies Act and to any rights attached to any Shares, the Company may by Special Resolution reduce its share capital, any capital redemption reserve, any share premium account or any other undistributable reserve in any way.

**22.** **GENERAL MEETINGS** 

**22.1** **Annual general meetings and general meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may hold an annual general meeting in each calendar year, which shall be convened
 by the Directors, in accordance with these Articles, but so that the maximum period between
 such annual general meetings shall not exceed fifteen (15) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 general meetings other than annual general meetings shall be called extraordinary general
 meetings.

**22.2** **Convening of general meetings** 

The chairman of our Company, any two Directors or any Director or the Secretary may convene a general meeting of the Company whenever the Directors think fit, and must do so if required to do so pursuant to a valid Members' requisition.

**22.3** **Members' requisition** 

A Members' requisition is a requisition of Members of the Company holding at the date of deposit of the requisition at the Registered Office not less than ten percent (10%) in par value of the issued Shares which as at that date carry the right to vote at general meetings of the Company.

**22.4** **Requirements of Members' requisition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 requisition must state the objects of the general meeting and must be signed by the requisitionists
 and deposited at the Registered Office, and may consist of several documents in like form
 each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Directors do not within twenty-one (21) days from the date of the deposit of the requisition
 duly proceed to convene a general meeting to be held within a further twenty-one (21) days,
 the requisitionists, or any of them representing a majority of the total voting rights of
 all of them, may themselves convene a general meeting of the Company, but any meeting so
 convened shall not be held after the expiration of three months after the expiration of such
 twenty-one (21) day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 general meeting convened in accordance with this Article by requisitionists shall be convened
 (insofar as is possible) in the same manner as that in which general meetings are to be convened
 by Directors and the Directors shall, upon demand, provide the names and addresses of each
 Member to the requisitionists for the purpose of convening such meeting.

**23.** **NOTICE OF GENERAL MEETINGS** 

**23.1** **Length and form of notice and persons to whom notice must be given** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 least five (5) clear days' notice shall be given of any annual general meeting or general
 meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the Companies Act and notwithstanding that it is convened by shorter notice than that
 specified in paragraph (a) of this Article, a general meeting shall be deemed to have been
 duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of an annual general meeting, by all shareholders entitled to attend and vote at
 the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of an extraordinary general meeting, by at least seventy-five percent (75%) of all
 the Members entitled to attend and vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 notice of meeting shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether
 the meeting is an annual general meeting or a general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 place, the day and the time of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject
 to the requirements of (to the extent applicable) the Exchange Rules and/or the Exchange,
 the general nature of the business to be transacted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if
 the meeting is convened to consider a Special Resolution, the intention to propose the resolution
 as such; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with
 reasonable prominence, that a Member entitled to attend and vote is entitled to appoint one
 or more proxies to attend and, on a poll, vote instead of him and that a proxy need not also
 be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 notice of meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall
 be given to the Members (other than a Member who, under these Articles or any restrictions
 imposed on any Shares, is not entitled to receive notice from the Company), to each Director
 and alternate Director, to the Auditor and to such other persons as may be required by the
 Exchange Rules and/or the Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) may
 specify a time by which a person must be entered on the Register of Members in order for
 such person to have the right to attend or vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Directors may determine that the Members entitled to receive notice of a meeting are those
 persons entered on the Register of Members at the close of business on a day determined by
 the Directors.

**23.2** **Omission or non-receipt of notice or instrument of proxy** 

The accidental omission to send or give notice of meeting or, in cases where it is intended that it be sent out or given with the notice, an instrument of proxy or other document to, or the non-receipt of any such item by, any person entitled to receive such notice shall not invalidate the proceedings at that meeting.

**24.** **PROCEEDINGS AT GENERAL MEETINGS** 

**24.1** **Requirement and number for a quorum** 

No business may be transacted at a general meeting unless a quorum is present. A quorum is two or more Members holding Shares which carry in aggregate (or representing by proxy) not less than fifty percent (50%) of all votes attaching to all Shares in issue and entitled to vote at such general meeting, present in person or by proxy, or, if a corporation or other non-natural person, by its duly authorised represntative. The absence of a quorum will not prevent the appointment of a chairman of the meeting. Such appointment shall not be treated as being part of the business of the meeting.

**24.2** **General meetings by telephone or other communications device** 

A general meeting may be held by means of any telephone, electronic or other communications facilities that permit all persons in the meeting to communicate with each other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting. Unless otherwise determined by resolution of the Members present, the meeting shall be deemed to be held at the place where the chairman is physically present.

**24.3** **Adjournment if quorum not present** 

If within fifteen (15) minutes after the time appointed for a general meeting a quorum is not present (or if during such a meeting a quorum ceases to be present), the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 convened upon the requisition of Members, shall be dissolved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 any other case, stands adjourned to the same day in the next week at the same time and place
 or to such other day, time and place as the Directors may determine, and if at the adjourned
 meeting a quorum is not present within fifteen (15) minutes from the time appointed for the
 meeting the Members present shall be a quorum.

**24.4** **Appointment of chairman of general meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Directors have elected one of their number as chairman of their meetings that person
 shall preside as chairman at every general meeting of the Company. If there is no such chairman,
 or if the elected chairman is not present within fifteen (15) minutes after the time appointed
 for the holding of the meeting, or is unable or unwilling to act, the Directors present shall
 elect one of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 no Director is willing to act as chairman or if no Director is present within fifteen (15)
 minutes after the time appointed for holding the meeting, the Members present shall choose
 one of their number to be chairman of the meeting.

**24.5** **Orderly conduct** 

The chairman shall take such action or give directions for such action to be taken as he thinks fit to promote the orderly conduct of the business of the meeting. The chairman's decision on points of order, matters of procedure or arising incidentally from the business of the meeting shall be final as shall be his determination as to whether any point or matter is of such a nature.

**24.6** **Entitlement to attend and speak** 

Each Director shall be entitled to attend and speak at any general meeting of the Company. The chairman may invite any person to attend and speak at any general meeting of the Company where he considers that this will assist in the deliberations of the meeting.

**24.7** **Adjournment of general meeting** 

The chairman may, with the consent of a meeting at which a quorum is present (and shall if so directed by the meeting), adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a general meeting is adjourned for thirty (30) days or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice.

**24.8** **Voting on a show of hands** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 any general meeting a resolution put to the vote of the meeting must be decided on a show
 of hands unless a poll is demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 a poll is so demanded, a declaration by the chairman that a resolution has, on a show of
 hands, been carried, or carried unanimously, or by a particular majority, or lost, and an
 entry to that effect in the Company's book containing the minutes of proceedings of
 the Company, is conclusive evidence of the fact. Neither the chairman nor the minutes need
 state, and it is not necessary to prove, the number or proportion of the votes recorded in
 favour of or against the resolution.

**24.9** **When a poll may be demanded** 

A poll may only be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before
 the show of hands on that resolution is taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) before
 the result of the show of hands on that resolution is declared; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) immediately
 after the result of the show of hands on that resolution is declared.

**24.10** **Demand for poll** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 poll may be demanded by the chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 demand for a poll does not prevent the continuance of the meeting for the transaction of
 any business other than the question on which the poll has been demanded.

**24.11** **Voting on a poll** 

If a poll is properly demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 must be taken in the manner and at the date and time directed by the chairman;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 the election of a chairman or on a question of adjournment, it must be taken immediately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 result of the poll is a resolution of the meeting at which the poll was demanded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 demand may be withdrawn.

**24.12** **No casting vote for chairman** 

If there is an equality of votes either on a show of hands or on a poll, the chairman is not entitled to a second or casting vote in addition to any other vote he may have or be entitled to exercise.

**25.** **VOTES OF MEMBERS** 

**25.1** **Written resolutions of Members** 

A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by or on behalf of all Members for the time being entitled to receive notice of and to attend and vote at general meetings of the Company shall be as valid and effective as if the resolution had been passed at a general meeting of the Company duly convened and held. A resolution in writing is adopted when all Members entitled to do so have signed it.

**25.2** **Registered Members to vote** 

No person shall be entitled to vote at any general meeting unless he is registered as a Member in the Register of Members on the record date for such meeting.

**25.3** **Voting rights** 

Subject to these Articles and to any rights or restrictions for the time being attached to any Class or Classes of Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 a show of hands, each Member present in person and each other person present as a proxy or
 duly authorised representative of a Member has one vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 a poll, each Member present in person or by proxy (or, if a corporation or other non-natural
 person, by its duly authorised representative or proxy) shall have one (1) vote for each
 Class A Ordinary Share and twenty (20) votes for each Class B Ordinary Share of which he
 is the holder.

**25.4** **Voting rights of joint holders** 

If a Share is held jointly and more than one of the joint holders votes in respect of that Share, only the vote of the joint holder whose name appears first in the Register of Members in respect of that Share counts.

**25.5** **Voting rights of Members incapable of managing their affairs** 

A Member of unsound mind, or in respect of whom an order has been made by any court having jurisdiction in matters concerning mental disorder, may vote whether on a show of hands or on a poll by his receiver, curator bonis, or other person on such Member's behalf appointed by that court, and any such receiver, curator bonis or other person may vote by proxy.

**25.6** **Voting restriction on an outstanding call** 

Unless the Directors decide otherwise, no Member shall be entitled to be present or vote at any general meeting either personally or by proxy until he has paid all calls due and payable on every Share held by him whether alone or jointly with any other person together with interest and expenses (if any) to the Company.

**25.7** **Objection to error in voting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An
 objection to the right of a person to attend or vote at a general meeting or adjourned general
 meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) may
 not be raised except at that meeting or adjourned meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) must
 be referred to the chairman of the meeting whose decision is final.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 any objection is raised to the right of a person to vote and the chairman disallows the objection
 then the vote cast by that person is valid for all purposes.

**26.** **REPRESENTATION OF MEMBERS AT GENERAL MEETINGS** 

**26.1** **How Members may attend and vote** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to these Articles, each Member entitled to vote at a general meeting may attend and vote
 at the general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 person, or where a Member is a company or non-natural person, by a duly authorised representative;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 one or more proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 proxy or a duly authorised representative may, but not need be, a Member of the Company.

**26.2** **Appointment of proxies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 instrument appointing a proxy shall be in writing and be executed by or on behalf of the
 Member appointing the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 corporation may execute an instrument appointing a proxy either under its common seal (or
 in any other manner permitted by law and having the same effect as if executed under seal)
 or under the hand of a duly authorised officer, attorney or other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 Member may appoint more than one proxy to attend on the same occasion, but only one proxy
 may be appointed in respect of any one Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 appointment of a proxy shall not preclude a Member from attending and voting at the meeting
 or any adjournment of it.

**26.3** **Form of instrument of proxy** 

The instrument appointing a proxy may be in any usual or common form (or in any other form approved by the Directors or prescribed by the Exchange) and may be expressed to be for a particular general meeting (or any adjournment of a general meeting) or generally until revoked.

**26.4** **Authority under instrument of proxy** 

The instrument appointing a proxy shall be deemed (unless the contrary is stated in it) to confer authority to demand or join in demanding a poll and to vote, on a poll, on a resolution as a motion or an amendment of a resolution put to, or other business which may properly come before, the meeting or meetings for which it is given or any adjournment of any such meeting, as the proxy thinks fit.

**26.5** **Receipt of proxy appointment** 

The instrument appointing a proxy and any authority under which it is executed shall be deposited at the Registered Office or at such other place as is specified in the notice convening the meeting (or in any instrument of proxy sent out by the Company) prior to the time set out in such notice or instrument (or if no such time is specified, no later than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting). Notwithstanding the foregoing, the chairman may, in any event, at his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

**26.6** **Uncertificated Proxy Instruction** 

In relation to any Shares which are held by means of a Relevant System, the Directors may from time to time permit appointments of a proxy to be made by means of an electronic communication in the form of an Uncertificated Proxy Instruction. The Directors may in a similar manner permit supplements to, or amendments or revocations of, any such Uncertificated Proxy Instruction to be made by like means. The Directors may in addition prescribe the method of determining the time at which any such properly authenticated dematerialised instruction (and/or other instruction or notification) is to be treated as received by the Company or such participant. Notwithstanding any other provision in these Articles, the Directors may treat any such Uncertificated Proxy Instruction which purports to be or is expressed to be sent on behalf of a holder of a Share as sufficient evidence of the authority of the persons sending that instruction to send it on behalf of the holder.

**26.7** **Validity of votes cast by proxy** 

Votes given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of the instrument of proxy or of the authority under which the instrument of proxy was executed, or the transfer of the Share in respect of which the proxy is appointed unless notice in writing of such death, insanity, revocation or transfer was received by the Company at the Registered Office before the commencement of the general meeting, or adjourned meeting at which the proxy voted.

**26.8** **Corporate representatives** 

A corporation which is a Member may, by resolution of its directors or other governing body, authorise such person as it thinks fit to act as its representative at any meeting of the Company or at any separate meeting of the holders of any Class of Shares. Any person so authorised shall be entitled to exercise the same powers on behalf of the corporation (in respect of that part of the corporation's holdings to which the authority relates) as the corporation could exercise if it were an individual Member. The corporation shall for the purposes of these Articles be deemed to be present in person at any such meeting if a person so authorised is present at it. All references in these Articles to attendance and voting in person shall be construed accordingly. A Director, the Secretary or some other person authorised for the purpose by a Director may require the representative to produce a certified copy of the resolution so authorising him or such other evidence of his authority reasonably satisfactory to such person before permitting him to exercise his powers.

**26.9** **Clearing Houses and Depositories** 

If a Clearing House or a Depository (or its nominee(s)), being a corporation, is a Member, it may authorise such persons as it thinks fit to act as its representatives at any meeting of the Company or at any separate meeting of the holders of any Class of Shares provided that, if more than one person is so authorised, the authorisation shall specify the number and Class of Shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the Clearing House or the Depository (or its nominee(s)) as if such person was the registered holder of the Shares of the Company held by the Clearing House or the Depository (or its nominee(s)).

**26.10** **Termination of proxy or corporate authority** 

A vote given or poll demanded by proxy or by the duly authorised representative of a corporation shall be valid notwithstanding the previous termination of the authority of the person voting or demanding a poll, unless notice of the termination was received by the Company at the Registered Office, or at such other place at which the instrument of proxy was duly deposited, or, where the appointment of proxy was contained in an electronic communication, at the address at which such appointment was duly received, at least one hour before the commencement of the meeting or adjourned meeting at which the vote is given or the poll demanded or (in the case of a poll not taken on the same day as the meeting or adjourned meeting) at least one hour before the time appointed for taking the poll.

**26.11** **Amendment to resolution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 an amendment shall be proposed to any resolution but shall in good faith be ruled out of
 order by the chairman of the meeting, any error in such ruling shall not invalidate the proceedings
 on the substantive resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ln
 the case of a resolution duly proposed as a Special Resolution, no amendment to it (other
 than an amendment to correct a patent error) may be considered or voted on and in the case
 of a resolution duly proposed as an Ordinary Resolution no amendment to it (other than an
 amendment to correct a patent error) may be considered or voted on unless either at least
 forty-eight (48) hours prior to the time appointed for holding the meeting or adjourned meeting
 at which such Ordinary Resolution is to be proposed notice in writing of the terms of the
 amendment and intention to move it has been lodged at the Registered Office or the chairman
 of the meeting in his absolute discretion decides that it may be considered or voted on.

**26.12** **Shares that may not be voted** 

Shares that are beneficially owned by the Company shall not be voted, directly or indirectly, at any general meeting or Class meeting (as applicable) and shall not be counted in determining the total number of outstanding Shares at any given time.

**27.** **APPOINTMENT, RETIREMENT AND REMOVAL OF DIRECTORS** 

**27.1** **Number of Directors** 

The Company may from time to time by Ordinary Resolution establish or vary a maximum and/or minimum number of Directors. Unless otherwise determined by the Company by Ordinary Resolution the number of Directors (other than alternate Directors) shall be not less than two and there shall be no maximum number of Directors.

**27.2** **No shareholding qualification** 

The Company may by Ordinary Resolution fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

**27.3** **Appointment of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may by Ordinary Resolution appoint a person who is willing to act to be a Director
 either to fill a vacancy or as an addition to the existing Directors, subject to the total
 number of Directors not exceeding any maximum number fixed by or in accordance with these
 Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 prejudice to the Company's power to appoint a person to be a Director pursuant to these
 Articles, the Directors shall have power at any time to appoint any person who is willing
 to act as a Director, either to fill a vacancy or as an addition to the existing Directors,
 subject to the total number of Directors not exceeding any maximum number fixed by or in
 accordance with these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 Director so appointed shall, if still a Director, retire at the next annual general meeting
 after his appointment and be eligible to stand for election as a Director at such meeting.
 Such person shall not be taken into account in determining the number or identity of Directors
 who are to retire by rotation at such meeting.

**27.4** **Appointment of executive Directors** 

The Directors may appoint one or more of its members to an executive office or other position of employment with the Company for such term and on any other conditions the Directors think fit. The Directors may revoke, terminate or vary the terms of any such appointment, without prejudice to a claim for damages for breach of contract between the Director and the Company.

**27.5** **Rotational retirement at annual general meeting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Director is subject to retirement by rotation in accordance with these Articles, subject
 to Article 27.3(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 each annual general meeting one-third of the Directors who are subject to retirement by rotation
 or, if their number is not three nor a multiple of three, the number nearest to but not exceeding
 one-third, shall retire from office. lf there are fewer than three Directors who are subject
 to retirement by rotation, one of them shall retire from office at the annual general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject
 to these Articles, the Directors to retire by rotation at each annual general meeting shall
 be, so far as necessary to obtain the number required, first, any Director who wishes to
 retire and not offer himself for re-election and secondly, those Directors who have been
 longest in office since their last appointment or re-appointment. As between two or more
 Directors who have been in office an equal length of time, the Director to retire shall,
 in default of agreement between them, be determined by lot. The Directors to retire on each
 occasion (both as to number and identity) shall be determined by the composition of the Directors
 at the start of business seven (7) days before the date of the notice convening the annual
 general meeting notwithstanding any change in the number or identity of the Directors after
 that time but before the close of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) lf
 the Directors so decide, one or more other Directors selected by the Directors may also retire
 at an annual general meeting as if any such other Director was also retiring by rotation
 at that meeting in accordance with these Articles.

**27.6** **Position of retiring Director** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Director who retires at an annual general meeting (whether by rotation or otherwise) may,
 if willing to act, be re-appointed. lf he is not re-appointed or deemed to have been reappointed,
 he shall retain office until the meeting appoints someone in his place or, if it does not
 do so, until the end of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 any general meeting at which a Director retires by rotation the Company may fill the vacancy
 and, if it does not do so, the retiring Director shall, if willing, be deemed to have been
 re-appointed unless it is expressly resolved not to fill the vacancy or a resolution for
 the re-appointment of the Director is put to the meeting and lost.

**27.7** **No age limit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 person shall be disqualified from being appointed or re-appointed as a Director and no Director
 shall be requested to vacate that office by reason of his attaining the age of seventy or
 any other age.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It
 shall not be necessary to give special notice of any resolution appointing, re-appointing
 or approving the appointment of a Director by reason of his age.

**27.8** **Removal of Directors by Ordinary Resolution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by
 Ordinary Resolution remove any Director before the expiration of his period of office, but
 without prejudice to any claim for damages which he may have for breach of any contract of
 service between him and the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 Ordinary Resolution appoint another person who is willing to act to be a Director in his
 place (subject to these Articles).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 person so appointed shall be treated, for the purposes of determining the time at which he
 or any other Director is to retire, as if he had become a Director on the day on which the
 person in whose place he is appointed was last appointed or re-appointed a Director.

**27.9** **Other circumstances in which a Director ceases to hold office** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without
 prejudice to the provisions in these Articles for retirement (by rotation or otherwise) a
 Director ceases to hold office as a Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) he
 resigns as Director by notice in writing delivered to the Directors or to the Registered
 Office or tendered at a meeting of Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) he
 is not present personally or by proxy or represented by an alternate Director at meetings
 of the Directors for a continuous period of 6 months without special leave of absence from
 the Directors, and the Directors pass a resolution that he has by reason of such absence
 vacated office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) he
 only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) he
 dies, becomes bankrupt or makes any arrangement or composition with his creditors generally;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) he
 is removed from office pursuant to these Articles or the Companies Act or becomes prohibited
 by law from being a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) an
 order is made by any court of competent jurisdiction on the ground (however formulated) of
 mental disorder for his detention or for the appointment of a guardian or receiver or other
 person to exercise powers with respect to his property or affairs or he is admitted to hospital
 in pursuance of an application for admission for treatment under any legislation relating
 to mental health and the Directors resolve that his office be vacated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) he
 is removed from office by notice in writing addressed to him at his address as shown in the
 Company's register of directors and signed by not less than two Directors (without
 prejudice to any claim for damages which he may have for breach of contract against the Company);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in
 the case of a Director who holds executive office, his appointment to such office is terminated
 or expires and the Directors resolve that his office be vacated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 Resolution of the Directors declaring a Director to have vacated office pursuant to this
 Article shall be conclusive as to the fact and grounds of vacation stated in the resolution.

**28.** **ALTERNATE DIRECTORS** 

**28.1** **Appointment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 Director (other than an alternate Director) may appoint any other Director or any person
 approved for that purpose by the Directors and willing to act, to be his alternate by notice
 in writing delivered to the Directors or to the Registered Office, or in any other manner
 approved by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 appointment of an alternate Director who is not already a Director shall require the approval
 of either a majority of the Directors or the Directors by way of a Directors' resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An
 alternate Director need not hold a Share qualification and shall not be counted in reckoning
 any maximum or minimum number of Directors allowed by these Articles.

**28.2** **Responsibility** 

Every person acting as an alternate Director shall be an officer of the Company, shall alone be responsible to the Company for his own acts and defaults and shall not be deemed to be the agent of the Director appointing him.

**28.3** **Participation at Directors' meetings** 

An alternate Director shall (subject to his giving to the Company an address at which notices may be served on him) be entitled to receive notice of all meetings of the Directors and all committees of the Directors of which his appointor is a member and, in the absence from such meetings of his appointor, to attend and vote at such meetings and to exercise all the powers, rights, duties and authorities of his appointor (other than the power to appoint an alternate Director). A Director acting as alternate Director shall have a separate vote at Directors' meetings for each Director for whom he acts as alternate Director, but he shall count as only one for the purpose of determining whether a quorum is present.

**28.4** **lnterests** 

An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements with the Company and to be repaid expenses and to be indemnified in the same way and to the same extent as a Director. However, he shall not be entitled to receive from the Company any fees for his services as alternate, except only such part (if any) of the fee payable to his appointor as such appointor may by notice in writing to the Company direct. Subject to this Article, the Company shall pay to an alternate Director such expenses as might properly have been paid to him if he had been a Director.

**28.5** **Termination of appointment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An
 alternate Director shall cease to be an alternate Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 his appointor revokes his appointment by notice delivered to the Directors or to the Registered
 Office or in any other manner approved by the Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 his appointor ceases for any reason to be a Director, provided that if any Director retires
 but is re-appointed or deemed to be re-appointed at the same meeting, any valid appointment
 of the alternate Director which was in force immediately before his retirement shall remain
 in force; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 any event happens in relation to him which, if he were a Director, would cause his office
 as Director to be vacated.

**29.** **POWERS OF DIRECTORS** 

**29.1** **General powers to manage the Company's business** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the provisions of the Companies Act, the Memorandum and these Articles and to any directions
 given by Special Resolution, the business of the Company shall be managed by the Directors,
 who may exercise all the powers of the Company. No alteration of the Memorandum or Articles
 and no such direction shall invalidate any prior act of the Directors which would have been
 valid if that alteration had not been made or that direction had not been given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 powers given by this Article shall not be limited by any special power given to the Directors
 by these Articles and a duly convened meeting of Directors at which a quorum is present may
 exercise all powers exercisable by the Directors.

**29.2** **Signing of cheques** 

All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed as the case may be in such manner as the Directors shall determine.

**29.3** **Retirement payments and other benefits** 

The Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any Director who has held any other salaried office or place of profit with the Company or to his widow or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

**29.4** **Borrowing powers of Directors** 

The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge all or any part of its undertaking and property and to issue debentures, debenture stock, mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation of the Company or of any third party.

**30.** **PROCEEDINGS OF DIRECTORS** 

**30.1** **Directors' meetings** 

Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think fit.

**30.2** **Voting** 

Questions arising at any Directors' meeting shall be decided by a simple majority of votes. In the case of an equality of votes, the chairman shall have a second or casting vote. A Director who is also an alternate Director shall be entitled in the absence of his appointor to a separate vote on behalf of his appointor in addition to his own vote.

**30.3** **Notice of a Directors' meeting** 

A Director or an alternate Director may, or any other officer of the Company at the request of a Director or alternate Director shall, call a meeting of the Directors by not less than twenty-four (24) hours' notice. Notice of a meeting of the Directors must specify the time and place of the meeting and the general nature of the business to be considered, and shall be deemed to be given to a Director if it is given to him personally or by word of mouth or sent in writing to his last known address given to the Company by him for such purpose or given by electronic communications to an address for the time being notified to the Company by the Director. A Director may waive the requirement that notice of any Directors' meeting be given to him, either at, before or after the meeting.

**30.4** **Failure to give notice** 

A Director or alternate Director who attends any Directors' meeting waives any objection that he or she may have to any failure to give notice of that meeting. The accidental failure to give notice of a Directors' meeting to, or the non-receipt of notice by, any person entitled to receive notice of that meeting does not invalidate the proceedings at that meeting or any resolution passed at that meeting.

**30.5** **Quorum** 

No business shall be transacted at any meeting of the Directors unless a quorum is present. The quorum may be fixed by the Directors, and unless so fixed shall be two (2) if there are two or more Directors, and shall be one if there is only one Director. A person who holds office only as an alternate Director shall, if his appointor is not present, be counted in the quorum.

**30.6** **Power to act notwithstanding vacancies** 

The continuing Directors or sole continuing Director may act notwithstanding any vacancies in their number, but if the number of Directors is less than the number fixed as the quorum, the continuing Directors or Director may act only for the purpose of filling vacancies in that number, or for calling a general meeting of the Company.

**30.7** **Chairman to preside** 

The Directors may elect a chairman of their board and determine the period for which he is to hold office, but if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for the meeting, the Directors present may appoint one of their number to be chairman of the meeting.

**30.8** **Validity of acts of Directors in spite of a formal defect** 

All acts done by a meeting of the Directors or of a committee of Directors (including any person acting as an alternate Director) shall, notwithstanding that it be afterwards discovered that there was a defect in the appointment of any Director or alternate Director, or that they or any of them were disqualified from holding office (or had vacated office) or were not entitled to vote, be as valid as if every such person had been duly appointed and qualified to be a Director or alternate Director as the case may be and had been entitled to vote.

**30.9** **Directors' meetings by telephone or other communication device** 

A meeting of the Directors (or committee of Directors) may be held by means of any telephone, electronic or such other communications facilities that permit all persons in the meeting to communicate with each other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting. Unless otherwise determined by the Directors the meeting shall be deemed to be held at the place where the chairman is physically present.

**30.10** **Written resolutions of Directors** 

A resolution in writing (in one or more counterparts) signed by all the Directors or all the members of a committee of Directors (an alternate Director being entitled to sign such a resolution on behalf of his appointor) shall be as valid and effective as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be, duly convened and held. A resolution in writing is adopted when all the Directors (whether personally, by an alternate Director or by a proxy) have signed it.

**30.11** **Appointment of a proxy** 

A Director but not an alternate Director may be represented at any meeting of the Directors by a proxy appointed in writing by him. The proxy shall count towards the quorum and the vote of the proxy shall for all purposes be deemed to be that of the appointing Director. The authority of any such proxy shall be deemed unlimited unless expressly limited in the written instrument appointing him.

**30.12** **Presumption of assent** 

A Director (or alternate Director) present at a meeting of Directors is taken to have cast a vote in favour of a resolution of the Directors unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the chairman or secretary of the meeting before the adjournment of the meeting or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of a resolution of the Directors.

**30.13** **Directors' interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the provisions of the Companies Act and provided that he has declared to the Directors
 the nature and extent of any personal interest of his in a matter, transaction or arrangement,
 a Director or alternate Director notwithstanding his office may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hold
 any office or place of profit in the Company, except that of Auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) hold
 any office or place of profit in any other company or entity promoted by the Company or in
 which it has an interest of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter
 into any contract, transaction or arrangement with the Company or in which the Company is
 otherwise interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) act
 in a professional capacity (or be a member of a firm which acts in a professional capacity)
 for the Company, except as Auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) sign
 or participate in the execution of any document in connection with matters related to that
 interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) participate
 in, vote on and be counted in the quorum at any meeting of the Directors that considers matters
 relating to that interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) do
 any of the above despite the fiduciary relationship of the Director's office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) without
 any liability to account to the Company for any direct or indirect benefit accruing to the
 Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) without
 affecting the validity of any contract, transaction or arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 the purposes of this Article, a general notice given to the Directors that a Director is
 to be regarded as having an interest of the nature and extent specified in the notice in
 any matter, transaction or arrangement for which a specified person or class of persons is
 interested shall be deemed to be a disclosure that the Director has an interest in any such
 matter, transaction or arrangement of the nature and extent so specified.

**30.14** **Minutes of meetings to be kept** 

The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at general and Class meetings of the Company and meetings of the Directors or committees of the Directors, including the names of the Directors or alternate Directors present at each meeting.

**31.** **DELEGATION OF DIRECTORS' POWERS** 

**31.1** **Power of Directors to delegate** 

The Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) delegate
 any of their powers, authorities and discretions to any person or committee consisting of
 one or more Directors and (if the Directors think fit) to one or more other persons in each
 case to such extent, by such means (including by power of attorney) and on such terms and
 conditions as the Directors think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorise
 any person or committee to whom powers, authorities and discretions are delegated under this
 Article by the Directors to further delegate some or all of those powers, authorities and
 discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) delegate
 their powers, authorities and discretions under this Article either collaterally with or
 to the exclusion of their own powers, authorities and discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at
 any time revoke any delegation made under this Article by the Directors in whole or in part
 or vary its terms and conditions.

**31.2** **Delegation to Committees** 

A committee to which any powers, authorities and discretions have been delegated under the preceding Article must exercise those powers, authorities and discretions in accordance with the terms of delegation and any other regulations that may be imposed by the Directors on that committee. The proceedings of a committee of the Directors must be conducted in accordance with any regulations imposed by the Directors, and, subject to any such regulations, to the provisions of these Articles dealing with proceedings of Directors insofar as they are capable of applying.

**31.3** **Delegation to executive Directors** 

The Directors may delegate to a Director holding executive office any of its powers, authorities and discretions for such time and on such terms and conditions as it shall think fit. The Directors may grant to a Director the power to sub-delegate, and may retain or exclude the right of the Directors to exercise the delegated powers, authorities or discretions collaterally with the Director. The Directors may at any time revoke the delegation or alter its terms and conditions.

**31.4** **Delegation to local boards** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may establish any local or divisional board or agency for managing any of the affairs
 of the Company whether in the Cayman Islands or elsewhere and may appoint any persons to
 be members of a local or divisional board, or to be managers or agents, and may fix their
 remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may delegate to any local or divisional board, manager or agent any of its powers
 and authorities (with power to sub-delegate) and may authorise the members of any local or
 divisional board or any of them to fill any vacancies and to act notwithstanding vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 appointment or delegation under this Article may be made on such terms and subject to such
 conditions as the Directors think fit and the Directors may remove any person so appointed,
 and may revoke or vary any delegation.

**31.5** **Appointing an attorney, agent or authorised signatory of the Company** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may by power of attorney or otherwise appoint any person to be the attorney, agent
 or authorised signatory of the Company for such purpose and with such powers, authorities
 and discretions (not exceeding those vested in or exercisable by the Directors under these
 Articles) and for such period and subject to such conditions as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 such power of attorney or other appointment may contain such provisions for the protection
 and convenience of persons dealing with any such attorney, agent or authorised signatory
 as the Directors think fit and may also authorise any such attorney, agent or authorised
 signatory to delegate all or any of the powers, authorities and discretions vested in such
 person.

**31.6** **Officers** 

The Directors may appoint such officers (including a Secretary) as they consider necessary on such terms, at such remuneration and to perform such duties, and subject to such provisions as to disqualification and removal as the Directors think fit. Unless otherwise specified in the terms of his appointment, an officer may be removed from that office by resolution of the Directors or by Ordinary Resolution.

**32.** **DIRECTORS' RENUMERATION, EXPENSES AND BENEFITS** 

**32.1** **Fees** 

The Company shall pay to the Directors (but not alternate Directors) for their services as Directors such aggregate amount of fees as the Directors may decide. The aggregate fees shall be divided among the Directors in such proportions as the Directors may decide or, if no decision is made, equally. A fee payable to a Director pursuant to this Article shall be distinct from any salary, remuneration or other amount payable to him pursuant to other provisions of these Articles and accrues from day to day.

**32.2** **Expenses** 

A Director may also be paid all travelling, hotel and other expenses properly incurred by him in connection with his attendance at meetings of the Directors or of committees of the Directors or general meetings or separate meetings of the holders of any Class of Shares or otherwise in connection with the discharge of his duties as a Director, including (without limitation) any professional fees incurred by him (with the approval of the Directors or in accordance with any procedures stipulated by the Directors) in taking independent professional advice in connection with the discharge of such duties.

**32.3** **Remuneration of executive Directors** 

The salary or remuneration of a Director appointed to hold employment or executive office in accordance with the Articles may be a fixed sum of money, or wholly or in part governed by business done or profits made, or as otherwise decided by the Directors (including, for the avoidance of doubt, by the Directors acting through a duly authorised Directors' committee), and may be in addition to or instead of a fee payable to him for his services as Director pursuant to these Articles.

**32.4** **Special remuneration** 

A Director who, at the request of the Directors, goes or resides abroad, makes a special journey or performs a special service on behalf of or for the Company (including, without limitation, services as a chairman of the board of Directors, services as a member of any committee of the Directors and services which the Directors consider to be outside the scope of the ordinary duties of a Director) may be paid such reasonable additional remuneration (whether by way of salary, bonus, commission, percentage of profits or otherwise) and expenses as the Directors (including, for the avoidance of doubt, the Directors acting through a duly authorised Directors' committee) may decide.

**33.** **SEAL** 

**33.1** **Directors to determine use of Seal** 

The Company may, if the Directors so determine, have a Seal. The Seal shall only be used with the authority of the Directors or a committee of the Directors established for such purpose. Every document to which the Seal is affixed shall be signed by at least one person who shall be either a Director or some officer or other person appointed by the Directors for that purpose unless the Directors decide that, either general or in a particular case, that a signature may be dispensed with or affixed by mechanical means.

**33.2** **Duplicate Seal** 

The Company may have for use in any place or places outside the Cayman Islands a duplicate Seal or Seals each of which shall be a facsimile of the common Seal of the Company and, if the Directors so determine, with the addition on its face of the name of every place where it is to be used.

**34.** **DIVIDENDS, DISTRIBUTIONS AND RESERVES** 

**34.1** **Declaration** 

Subject to the Companies Act and these Articles, (i) the Directors may declare dividends and distributions on any one or more Classes of Shares in issue and authorise payment of the dividends or distributions out of the funds of the Company lawfully available therefor, and (ii) the Company may by Ordinary Resolution declare dividends or distributions on any one or more Class of Shares in issue but no dividend or distributions shall exceed the amount recommended by the Directors. No dividend or distribution shall be paid except out of the realised or unrealised profits of the Company, or out of the share premium account, or as otherwise permitted by the Companies Act.

**34.2** **lnterim dividends** 

Subject to the Companies Act, the Directors may pay such interim dividends (including any dividend payable at a fixed rate) as appears to the Directors to be available for distribution. lf at any time the share capital of the Company is divided into different Classes, the Directors may pay such interim dividends on Shares which rank after Shares conferring preferential rights with regard to dividend as well as on Shares conferring preferential rights, unless at the time of payment any preferential dividend is in arrears. lf the Directors act in good faith, they shall not incur any liability to the holders of Shares conferring preferential rights for any loss that they may suffer by the lawful payment of an interim dividend on any Shares ranking after those with preferential rights.

**34.3** **Entitlement to dividends** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as otherwise provided by these Articles or the rights attached to Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 dividend shall be declared and paid according to the amounts paid up (otherwise than in advance
 of calls) on the nominal value of the Shares on which the dividend is paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) dividends
 shall be apportioned and paid proportionately to the amounts paid up on the nominal value
 of the Shares during any portion or portions of the period in respect of which the dividend
 is paid, but if any Share is issued on terms that it shall rank for dividend as from a particular
 date, it shall rank for dividend accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 as otherwise provided by these Articles or the rights attached to Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 dividend may be paid in any currency or currencies decided by the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Company may agree with a Member that any dividend declared or which may become due in one
 currency will be paid to the Member in another currency, for which purpose the Directors
 may use any relevant exchange rate current at any time as the Directors may select for the
 purpose of calculating the amount of any Member's entitlement to the dividend.

**34.4** **Payment methods** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company may pay a dividend, interest or other amount payable in respect of a Share in cash
 or by cheque, warrant or money order or by a bank or other funds transfer system or (in respect
 of any uncertificated Share or any Share represented by a Depository Interest) through the
 Relevant System in accordance with any authority given to the Company to do so (whether in
 writing, through the Relevant System or otherwise) by or on behalf of the Member in a form
 or in a manner satisfactory to the Directors. Any joint holder or other person jointly entitled
 to a Share may give an effective receipt for a dividend, interest or other amount paid in
 respect of such Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company may send a cheque, warrant or money order by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of a sole holder, to his registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of joint holders, to the registered address of the person whose name stands first
 in the Register of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 the case of a person or persons entitled by transmission to a Share, as if it were a notice
 given in accordance with Article 14; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 any case, to a person and address that the person or persons entitled to the payment may
 in writing direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Every
 cheque, warrant or money order shall be sent at the risk of the person or persons entitled
 to the payment and shall be made payable to the order of the person or persons entitled or
 to such other person or persons as the person or persons entitled may in writing direct.
 The payment of the cheque, warrant or money order shall be a good discharge to the Company.
 lf payment is made by a bank or other funds transfer or through the Relevant System, the
 Company shall not be responsible for amounts lost or delayed in the course of transfer. lf
 payment is made by or on behalf of the Company through the Relevant System:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company shall not be responsible for any default in accounting for such payment to the Member
 or other person entitled to such payment by a bank or other financial intermediary of which
 the Member or other person is a customer for settlement purposes in connection with the Relevant
 System; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 making of such payment in accordance with any relevant authority referred to in paragraph
 (a) above shall be a good discharge to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) lay
 down procedures for making any payments in respect of uncertificated Shares through the Relevant
 System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) allow
 any holder of uncertificated Shares to elect to receive or not to receive any such payment
 through the Relevant System; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) lay
 down procedures to enable any such holder to make, vary or revoke any such election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Directors may withhold payment of a dividend (or part of a dividend) payable to a person
 entitled by transmission to a Share until he has provided any evidence of his entitlement
 that the Directors may reasonably require.

**34.5** **Deductions** 

The Directors may deduct from any dividend or other amounts payable to any person in respect of a Share all such sums as may be due from him to the Company on account of calls or otherwise in relation to any Shares.

**34.6** **Interest** 

No dividend or other money payable in respect of a Share shall bear interest against the Company, unless otherwise provided by the rights attached to the Share.

**34.7** **Unclaimed dividends** 

All unclaimed dividends or other monies payable by the Company in respect of a Share may be invested or otherwise made use of by the Directors for the benefit of the Company until claimed. The payment of any unclaimed dividend or other amount payable by the Company in respect of a Share into a separate account shall not constitute the Company a trustee in respect of it. Any dividend unclaimed after a period of three (3) years from the date the dividend became due for payment shall be forfeited and shall revert to the Company.

**34.8** **Uncashed dividends** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) lf,
 in respect of a dividend or other amount payable in respect of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 cheque, warrant or money order is returned undelivered or left uncashed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 transfer made by or through a bank transfer system and/or other funds transfer system(s)
 (including, without limitation, the Relevant System in relation to any uncertificated Shares)
 fails or is not accepted, on two consecutive occasions, or one occasion and reasonable enquiries
 have failed to establish another address or account of the person entitled to the payment,
 the Company shall not be obliged to send or transfer a dividend or other amount payable in
 respect of such Share to such person until he notifies the Company of an address or account
 to be used for such purpose.

**34.9** **Dividends in kind** 

The Directors may direct that any dividend or distribution shall be satisfied wholly or partly by the distribution of assets (including, without limitation, paid up Shares or securities of any other body corporate). Where any difficulty arises concerning such distribution, the Directors may settle it as it thinks fit. ln particular (without limitation), the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 fractional certificates or ignore fractions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix
 the value for distribution of any assets, and may determine that cash shall be paid to any
 Member on the footing of the value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest
 any assets in trustees on trust for the persons entitled to the dividend.

**34.10** **Scrip dividends** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Directors may offer any holders of ordinary Shares the right to elect to receive ordinary
 Shares, credited as fully paid, instead of cash in respect of the whole (or some part, to
 be determined by the Directors) of any dividend specified by the Ordinary Resolution, subject
 to the Companies Act and to the provisions of this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Directors may make any provision they consider appropriate in relation to an allotment made
 or to be made pursuant to this Article (whether before or after the passing or the Ordinary
 Resolution referred to in paragraph (a) of this Article), including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 giving of notice to holders of the right of election offered to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 provision of forms of election and/or a facility and a procedure for making elections through
 the Relevant System (whether in respect of a particular dividend or dividends generally);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) determination
 of the procedure for making and revoking elections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 place at which, and the latest time by which, forms of election and other relevant documents
 must be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 disregarding or rounding up or down or carrying forward of fractional entitlements, in whole
 or in part, or the accrual of the benefit of fractional entitlements to the Company (rather
 than to the holders concerned); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 exclusion from any offer of any holders of ordinary Shares where the Directors consider that
 the making of the offer to them would or might involve the contravention of the laws of any
 territory or that for any other reason the offer should not be made to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 dividend (or that part of the dividend in respect of which a right of election has been offered)
 shall not be payable on ordinary Shares in respect of which a valid election has been made
 ("the elected ordinary Shares"). Instead additional ordinary Shares shall be
 allotted to the holders of the elected ordinary Shares on the basis of allotment determined
 under this Article. For such purpose, the Directors may capitalise out of any amount for
 the time being standing to the credit of any reserve or fund of the Company (including any
 share premium account, capital redemption reserve and profit and loss account), whether or
 not available for distribution, a sum equal to the aggregate nominal amount of the additional
 ordinary Shares to be allotted on that basis and apply it in paying up in full the appropriate
 number of unissued ordinary Shares for allotment and distribution to the holders of the elected
 ordinary Shares on that basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 additional ordinary Shares when allotted shall rank equally in all respects with the fully
 paid ordinary Shares in issue on the record date for the dividend in respect of which the
 right of election has been offered, except that they will not rank for any dividend or other
 entitlement which has been declared, paid or made by reference to such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) do
 all acts and things which it considers necessary or expedient to give effect to any such
 capitalisation, and may authorise any person to enter on behalf of all the Members interested
 into an agreement with the Company providing for such capitalisation and incidental matters
 and any agreement so made shall be binding on all concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) establish
 and vary a procedure for election mandates in respect of future rights of election and determine
 that every duly effected election in respect of any ordinary Shares shall be binding on every
 successor in title to the holder of such Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) terminate,
 suspend or amend any offer of the right to elect to receive ordinary Shares in lieu of any
 cash dividend at any time and generally implement any scheme in relation to any such offer
 on such terms and conditions as the Directors may from time to time determine and take such
 other action as the Directors may deem necessary or desirable from time to time in respect
 of any such scheme.

**34.11** **Reserves** 

The Directors may set aside out of the profits of the Company and carry to reserve such sums as it thinks fit. Such sums standing to reserve may be applied, at the Directors' discretion, for any purpose to which the profits of the Company may properly be applied and, pending such application, may either be employed in the business of the Company or be invested in such investments as the Directors thinks fit. The Directors may divide the reserve into such special funds as it thinks fit and may consolidate into one fund any special funds or any parts of any special funds into which the reserve may have been divided as it thinks fit. The Directors may also carry forward any profits without placing them to reserve.

**34.12** **Capitalisation of profits and reserves** 

The Directors may, with the authority of an Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject
 to this Article, resolve to capitalise any undivided profits of the Company not required
 for paying any preferential dividend (whether or not available for distribution) or any sum
 standing to the credit of any reserve or fund of the Company (including any share premium
 account, capital redemption reserve and profit and loss account), whether or not available
 for distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate
 the sum resolved to be capitalised to the holders of ordinary Shares in proportion to the
 nominal amounts of the Shares (whether or not fully paid) held by them respectively which
 would entitle them to participate in a distribution of that sum if the Shares were fully
 paid and the sum were then distributable and were distributed by way of dividend and apply
 such sum on their behalf either in or towards paying up the amounts, if any, unpaid on any
 Shares held by them respectively, or in paying up in full unissued Shares or debentures of
 the Company of a nominal amount equal to that sum, and allot the Shares or debentures credited
 as fully paid to those holders of ordinary Shares or as the Directors may direct, in those
 proportions, or partly in one way and partly in the other, but so that the share premium
 account, the capital redemption reserve and any profits or reserves which are not available
 for distribution may, for the purposes of this Article, only be applied in paying up unissued
 Shares to be allotted to Members credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resolve
 that any Shares so allotted to any Member in respect of a holding by him of any partly paid
 Shares shall, so long as such Shares remain partly paid, rank for dividend only to the extent
 that such partly paid Shares rank for dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make
 such provision by the issue of fractional certificates (or by ignoring fractions or by accruing
 the benefit of fractions to the Company rather than to the holders concerned) or by payment
 in cash or otherwise as the Directors may determine in the case of Shares or debentures becoming
 distributable in fractions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) authorise
 any person to enter on behalf of all the Members concerned into an agreement with the Company
 providing for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 allotment to them respectively, credited as fully paid, of any further Shares or debentures
 to which they are entitled upon such capitalisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 payment up by the Company on behalf of such Members by the application thereto of their respective
 proportions of the reserves or profits resolved to be capitalised, of the amounts or any
 part of the amounts remaining unpaid on their existing Shares,

and so that any such agreement shall be binding on all such Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) generally
 do all acts and things required to give effect to such resolution.

**35.** **SHARE PREMIUM ACCOUNT** 

**35.1** **Directors to maintain share premium account** 

The Directors shall establish a share premium account in accordance with the Companies Act. They shall carry to the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital contributed or such other amounts required by the Companies Act.

**35.2** **Debits to share premium account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 the redemption or purchase of a Share, the difference between the nominal value of that Share
 and the redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 other amount paid out of a share premium account as permitted by the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 paragraph (a) above, on the redemption or purchase of a Share, the Directors may pay the
 difference between the nominal value of that Share and the redemption purchase price out
 of the profits of the Company or, as permitted by the Companies Act, out of capital.

**36.** **DISTRIBUTION PAYMENT RESTRICTIONS** 

Notwithstanding any other provision of these Articles, the Company shall not be obliged to make any payment to a Member in respect of a dividend, repurchase, redemption or other distribution if the Directors suspect that such payment may result in the breach or violation of any applicable laws or regulations (including, without limitation, any anti-money laundering laws or regulations) or such refusal is required by the laws and regulations governing the Company or its service providers.

**37.** **BOOKS OF ACCOUNT** 

**37.1** **Books of account to be kept** 

The Directors shall cause proper books of account to be kept with respect to all sums of money received and expended by the Company and the matters in respect of which the receipt or expenditure takes place, all sales and purchases of goods by the Company and the assets and liabilities of the Company. Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the affairs of the Company and to explain its transactions.

**37.2** **Inspection by Members** 

The Directors shall from time to time determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of the Company or any of them will be open to the inspection of Members (not being Directors). No Member (not being a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by the Companies Act, by order of the court or authorised by the Directors or by Ordinary Resolution.

**37.3** **Accounts required by law** 

The Directors shall cause to be prepared and to be laid before the Company at each annual general meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required by law.

**37.4** **Retention of records** 

All books of account maintained by the Company shall be retained for a period of at least five years, or such longer period required by any applicable law or regulation from time to time.

**38.** **AUDITOR** 

**38.1** **Appointment of Auditor** 

The Directors may appoint an Auditor who shall hold office until removed from office by a resolution of the Directors, and may fix the Auditor's remuneration.

**38.2** **Rights of Auditor** 

The Auditor shall have a right of access at all times to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may be necessary for the performance of the duties of the Auditor.

**38.3** **Reporting requirements of Auditor** 

Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their tenure of office at the next general meeting following their appointment, and at any other time during their term of office, upon request of the Directors or any general meeting of the Company.

**39.** **NOTICES** 

**39.1** **Forms of notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 notice to be given to or by any person pursuant to these Articles (other than a notice calling
 a meeting of the Directors) shall be in writing or shall be given using electronic communications
 to an address for the time being notified for that purpose to the person giving the notice,
 except that a notice to a holder of any uncertificated Shares or given in respect of any
 such Shares may be given electronically through the Relevant System (if permitted by, and
 subject to, the facilities and requirements of the Relevant System and subject to compliance
 with any relevant requirements of the Exchange Rules and/or the Exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (ln
 this Article "address", in relation to electronic communications, includes any
 number or address used for the purposes of such communications).

**39.2** **Service on Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 notice or other document may be given by the Company to any Member either personally or by
 sending it by post in a pre-paid envelope addressed to such Member at his registered address
 or by leaving it at that address or by giving it using electronic communications to an address
 for the time being notified to the Company by the Member, or by any other means authorised
 in writing by the Member concerned or (in the case of a notice to a Member holding uncertificated
 Shares) by transmitting the notice through the Relevant System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ln
 the case of joint holders of a Share, all notices and documents shall be given to the person
 whose name stands first in the Register of Members in respect of that Share. Notice so given
 shall be sufficient notice to all the joint holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 notice or other document to be given to a Member may be given by reference to the Register
 of Members as it stands at any time within the period of 21 days before the day that the
 notice is given or (where and as applicable) within any other period permitted by, or in
 accordance with the requirements of, (to the extent applicable) the Exchange Rules and/or
 the Exchange. No change in the Register of Members after that time shall invalidate the giving
 of such notice or document or require the Company to give such item to any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) lf
 on three consecutive occasions notices or other documents have been sent through the post
 to any Member at his registered address or his address for the service of notices but have
 been returned undelivered, such Member shall not be entitled to receive notices or other
 documents from the Company until he shall have communicated with the Company and supplied
 in writing a new registered address for the service of notices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) lf
 on three consecutive occasions notices or other documents have been sent using electronic
 communications to an address for the time being notified to the Company by the Member and
 the Company becomes aware that there has been a failure of transmission, the Company shall
 revert to giving notices and other documents to the Member by post or by any other means
 authorised in writing by the Member concerned. Such Member shall not be entitled to receive
 notices or other documents from the Company using electronic communications until he shall
 have communicated with the Company and supplied in writing a new address to which notices
 or other documents may be sent using electronic communications.

**39.3** **Evidence of giving notice** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 notice or other document addressed to a Member at his registered address shall be, if sent
 by post or airmail, deemed to have been given at the time forty-eight (48) hours after posting
 if pre-paid as first class post and at the time 48 hours after posting if pre-paid as second
 class post. ln proving that notice has been given it shall be sufficient to prove that the
 envelope containing the notice or document was properly addressed, pre-paid and posted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 notice or other document address to a Member at an address to which notices may be sent using
 electronic communications shall be, if sent by electronic communications, deemed to have
 been given at the expiration of forty-eight (48) hours after the time it was sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 notice or document not sent by post but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) left
 at a registered address or address for giving notice in of any Member in accordance with
 the provisions of these Articles shall be deemed to be given on the day it is left and in
 proving such service it is sufficient to provide that the letter containing the notice or
 document was proporely addressed and duly sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) given
 through the Relevant System shall be deemed to be given when the Company or other relevant
 person acting on the Company's behalf sends the relevant instruction or other relevant
 message in respect of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 Member present either in person or by proxy, or in the case of a corporate Member by a duly
 authorised representative, at any meeting of the Company or of the holders of any Class of
 Shares shall be deemed to have received due notice of such meeting and, where required, of
 the purposes for which it was called.

**39.4** **Notice binding on transferees** 

A person who becomes entitled to a Share by transfer, transmission or otherwise shall be bound by any notice in respect of that Share which, before his name is entered in the Register of Members, has been given to the person from whom he derives his title.

**39.5** **Notice to persons entitled by transmission** 

A notice or other document may be given by the Company to a person entitled by transmission to a Share in consequence of the death or bankruptcy of a Member or otherwise by sending or delivering it in any manner authorised by these Articles for the giving of notice to a Member, addressed to that person by name, or by the title of representative of the deceased or trustee of the bankrupt or by any similar or equivalent description, to the address to which notices have been requested to be sent for that purpose by the person claiming to be so entitled. Until such an address has been supplied, a notice or other document may be given in any manner in which it might have been given if the event giving rise to the transmission had not occurred. The giving of notice in accordance with this Article shall be sufficient notice to all other persons interested in the Share.

**40.** **WINDING UP** 

**40.1** **Method of winding up** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Company shall be wound up, and the assets available for distribution amongst the Members
 shall be insufficient to repay the whole of the share capital, such assets shall be distributed
 so that, as nearly as may be, the losses shall be borne by the Members in proportion to the
 par value of the Shares held by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 in a winding up the assets available for distribution amongst the Members shall be more than
 sufficient to repay the whole of the share capital at the commencement of the winding up,
 the surplus shall be distributed amongst the Members in proportion to the par value of the
 Shares held by them at the commencement of the winding up subject to a deduction from those
 Shares in respect of which there are monies due, of all monies payable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Article is without prejudice to the rights of the holders of Shares issued upon special terms
 and conditions.

**40.2** **Distribution of assets in a winding up** 

Subject to any rights or restrictions for the time being attached to any Class of Shares, on a winding up of the Company the liquidator may, with the sanction of a Special Resolution of the Company and any other sanction required by the Companies Act, distribute among the Members the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) decide
 how the assets are to be distributed as between the Members or different Classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) value
 the assets to be distributed in such manner as the liquidator thinks fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest
 the whole or any part of any assets in such trustees and on such trusts for the benefit of
 the Members entitled to the distribution of those assets as the liquidator sees fit, but
 so that no Member shall be obliged to accept any assets in respect of which there is any
 liability.

**41.** **INDEMNITY AND INSURANCE** 

**41.1** **Indemnity and limitation of liability of Directors and officers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 the maximum extent permitted by law, every current and former Director and officer of the
 Company (excluding an Auditor) (each an "Indemnified Person"), shall be entitled
 to be indemnified out of the assets of the Company against any liability, action, proceeding,
 claim, demand, costs, damages or expenses, including legal expenses (each a "Liability"),
 which such Indemnified Person may incur in that capacity unless such Liability arose as a
 result of the actual fraud or wilful default of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 Indemnified Person shall be liable to the Company for any loss or damage resulting (directly
 or indirectly) from such Indemnified Person carrying out his or her duties unless that liability
 arises through the actual fraud or wilful default of such Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the purpose of these Articles, no Indemnified Person shall be deemed to have committed "actual
 fraud" or "wilful default" until a court of competent jurisdiction has
 made a final, non-appealable finding to that effect.

**41.2** **Advance of legal fees** 

The Company shall advance to each Indemnified Person reasonable legal fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation involving such Indemnified Person for which indemnity will or could be sought. In connection with any such advance of expenses, the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it is determined that the Indemnified Person was not entitled to indemnification under these Articles.

**41.3** **Indemnification to form part of contract** 

The indemnification and exculpation provisions of these Articles are deemed to form part of the employment contract or terms of appointment entered into by each Indemnified Person with the Company and accordingly are enforceable by such persons against the Company.

**41.4** **Insurance** 

The Directors may purchase and maintain insurance for or for the benefit of any Indemnified Person including (without prejudice to the generality of the foregoing) insurance against any Liability incurred by such persons in respect of any act or omission in the actual or purported execution or discharge of their duties or the exercise or purported exercise of their powers or otherwise in relation to or in connection with their duties, powers or offices in relation to the Company.

**42.** **REQUIRED DISCLOSURE** 

If required to do so under the laws of any jurisdiction to which the Company (or any of its service providers) is subject, or in compliance with the Exchange Rules of any Exchange, or to ensure the compliance by any person with any anti-money laundering legislation in any relevant jurisdiction, any Director, officer or service provider (acting on behalf of the Company) shall be entitled to release or disclose any information in its possession regarding the affairs of the Company or a Member, including, without limitation, any information contained in the Register of Members or subscription documentation of the Company relating to any Member.

**43.** **FINANCIAL YEAR** 

Unless the Directors resolve otherwise, the financial year of the Company shall end on 30 September in each year and shall begin on 1 October in each financial year.

**44.** **TRANSFER BY WAY OF CONTINUATION** 

The Company shall, with the approval of a Special Resolution, have the power to register by way of continuation to a jurisdiction outside of the Cayman Islands in accordance with the Companies Act.

**45.** **MERGERS AND CONSOLIDATIONS** 

The Company shall, with the approval of a Special Resolution, have the power to merge or consolidate with one or more constituent companies (as defined in the Companies Act), upon such terms as the Directors may determine.

**46.** **AMENDMENT OF MEMORANDUM AND ARTICLES** 

**46.1** **Power to change name or amend Memorandum** 

Subject to the Companies Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change
 the provisions of its Memorandum with respect to its objects, powers or any other matter
 specified in the Memorandum.

**46.2** **Power to amend these Articles** 

Subject to the Companies Act and as provided in these Articles, the Company may, by Special Resolution, amend these Articles in whole or in part.

**47.** **TAX TRANSPARENCY REPORTING** 

**47.1** Each
 Member shall provide the Company on a timely basis with any documents, tax certifications,
 financial and other information (collectively "Tax Reporting Information") as
 the Company may request in connection with the Company's compliance with any legal
 and tax information reporting and exchange obligations applicable to it under the laws of
 the Cayman Islands or any other applicable jurisdiction (collectively, "Tax Reporting
 Obligations"), including, without limitation, any Tax Reporting Obligations under any
 Cayman Islands laws, regulations or guidance notes that give effect to: (i) the United States'
 Foreign Account Tax Compliance Act; (ii) the Organisation for Economic Co-operation and Development's
 Common Reporting Standard; and (iii) any additional inter-governmental agreement or treaty
 entered into by, or otherwise binding upon the Cayman Islands that provides for the exchange
 of tax information with another jurisdiction.

**47.2** The
 Company shall have the power to release, report or otherwise disclose to the Department for
 International Tax Cooperation in the Cayman Islands (or any other authority as may be required
 under the Tax Reporting Obligations) any Tax Reporting Information provided by a Member to
 the Company and any other information held by the Company in respect of the Member's
 investment in the Company, in connection with the Tax Reporting Obligations, including, without
 limitation, in relation to the identity, address, tax identification number, tax status and
 interest in the Company of the Member (and any of its direct or indirect owners or affiliates).

**47.3** If
 a Member fails to provide the Company with any requested Tax Reporting Information on a timely
 basis and such failure results, or may result, in the Company's inability to comply
 with its Tax Reporting Obligations or if the Company is otherwise unable to comply with its
 Tax Reporting Obligations as a result of the direct or indirect action (or inaction) of a
 Member, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) compulsorily
 repurchase some or all of such Member's Shares without notice at a price per Share
 equal to the fair value of such Shares (as determined by the Directors) and may deduct or
 withhold from such redemption proceeds any penalty, debt, withholding or back up tax, costs,
 expenses, obligations, liabilities or other adverse consequences (collectively, "Tax
 Reporting Liabilities") imposed on the Company, its Members and/or any of their respective
 directors, officers, employees, agents, managers, shareholders and/or partners as a result
 of such failure, action or inaction by such Member; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) re-designate,
 immediately and without consent, such Member's Shares as belonging to a separate class
 and create a separate internal account in respect of such Shares so that any Tax Reporting
 Liabilities may be allocated solely to that class and debited from such class.

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_002.jpg)

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|:---|:---|
| **Riku Dining Group Limited**<br> 130 Dynamic Drive, Units 4-5<br> Scarborough, ON<br> M1V 5C8, Canada | 18 November 2025 |

---

Dear Sir or Madam

**Riku Dining Group Limited (the "Company")**

We have acted as Cayman Islands legal counsel to the Company in connection with a registration statement on Form F-1, including all amendments or supplements thereto filed with the Securities and Exchange Commission (the "**Commission**") under the U.S. Securities Act of 1933, as amended (the "**Securities Act**"), on or about the date of this legal opinion ("**Opinion**") (the "**Registration Statement**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto), relating to the registration of (i) up to 2,587,500 Class A ordinary shares of a par value of US$0.01 of the Company (including the Class A ordinary shares issuable upon exercise by the underwriters of the underwriters' over-allotment option) (the "**Class A Ordinary Shares**") (comprising of a firm commitment offering of 2,250,000 Class A Ordinary Shares and the overallotment option of a maximum of 337,500 Class A Ordinary Shares) for offering and sale to the public by the Company (the "**Public Offering**") through Eddid Securities USA Inc., acting as the representative of the underwriters ("**Eddid Securities**" or the "**Representative**"), and (ii) the resale of certain Class A Ordinary Shares (the "**Resale Shares**") by certain shareholders of the Company as identified in the Registration Statement (the "**Selling Shareholders**").

This Opinion is given only on the laws of the Cayman Islands in force at the date hereof and is based solely on matters of fact known to us at the date hereof. We have not investigated the laws or regulations of any jurisdiction other than the Cayman Islands. We express no opinion as to matters of fact or, unless expressly stated otherwise, the veracity of any representations or warranties given in or in connection with any of the documents set out in Section 2.

In giving this Opinion we have reviewed originals, copies, drafts, and certified copies of the documents set out in Section 2. This Opinion is given on the basis that the assumptions set out in Section 3 (which we have not independently investigated or verified) and the Director's Certificate are true, complete and accurate in all respects. In addition, this Opinion is subject to the qualifications set out in Section 4. Capitalised terms used in this Opinion shall have the meanings ascribed to them in this Opinion.

RESIDENT PARTNERS: T Haynes M Padarin D Vekaria M Watson <br> NON-RESIDENT PARTNERS: R Clark M Hanson J Lightfoot S Marks A McKenzie A Ohlsson M Pallot K Robinson

Carey Olsen Hong Kong LLP is a limited liability partnership regulated by the Law Society of Hong Kong. Carey Olsen Hong Kong LLP is a law firm and part of Carey Olsen, a global law firm, operating through various separate and distinct legal entities. A list of offices and regulatory information can be found at www.careyolsen.com

![](ex5-1_003.jpg)

**1.** **Opinions** 

We are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company has been duly incorporated as an exempted company with limited liability under the
 Companies Act (as revised) of the Cayman Islands (the "**Companies Act** ")
 and is validly existing. The Company has all requisite power and authority, and all material
 governmental licenses, authorisations, consents and approvals that are required to own and
 operate its properties and assets and to carry on its business as now conducted and as proposed
 to be conducted (all as described in the Registration Statement), and the Company is duly
 qualified to transact business, in each case as required as a matter of Cayman Islands law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Based
 on our review of the Memorandum and Articles (as defined in Section 2), the authorised share
 capital of the Company is US$5,000,000 divided into 500,000,000 ordinary shares comprising
 430,000,000 class A ordinary shares of a par value of US$0.01 and 70,000,000 class B ordinary
 shares of a par value of US$0.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 issuance and allotment of the Class A Ordinary Shares has been duly authorised, and upon
 payment of the consideration therefor as contemplated in the Registration Statement and in
 accordance with the Document (as defined in Section 2), such Class A Ordinary Shares will
 be validly issued, fully paid and non-assessable (which term means when used herein that
 no further sums are required to be paid by the holders thereof in connection with the issue
 of such shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Resale Shares have been validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With
 regard to an offering by a Selling Shareholder as set forth in the Registration Statement,
 when transferred by the Selling Shareholder, the transfer thereof recorded in the register
 of members of the Company and paid for as described in the Registration Statement and any
 corresponding prospectus supplement, the Resale Shares will remain legally issued, fully
 paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 execution and delivery of the Document (as defined in Section 2) and the performance by the
 Company of its obligations thereunder have been authorised by the Company and, assuming that
 the Document has been executed and unconditionally delivered on behalf of the Company by
 an authorised signatory of the Company, the Document will have been executed and delivered
 on behalf of the Company and will constitute the legal, valid and binding obligations of
 the Company enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 statements under the caption "Taxation" in the prospectus forming part of the
 Registration Statement, to the extent that they constitute statements of Cayman Islands law,
 are accurate in all material respects and that such statements constitute our opinion.

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**2.** **Documents Reviewed** 

The documents listed in this Section 2 are the only documents and/or records we have examined and relied upon and the only searches and enquiries we have carried out for the purposes of this Opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 certificate of incorporation of the Company dated 14 February 2025, the memorandum and articles
 of association of the Company adopted on 14 February 2025, the amended and restated memorandum
 and articles of association of the Company adopted on 10 September 2025, the second amended
 and restated memorandum and articles of association of the Company adopted on 17 November
 2025 and the third amended and restated memorandum and articles of association of the Company
 adopted by special resolution passed on 17 November 2025 and effective immediately prior
 to the completion of the initial public offering of the Company's Class A Ordinary
 Shares (collectively, the "**Memorandum and Articles** "), the Register of
 Directors and the Register of Members, in each case, of the Company, copies of which have
 been provided to us by the Company (together the "**Company Records** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 director's certificate signed by a director of the Company dated 18 November 2025 (the
 "**Director's Certificate** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 written resolutions of the board of directors of the Company dated 10 September 2025, the
 written resolutions of the board of directors of the Company dated 17 November 2025, the
 shareholder resolutions dated 10 September 2025, the shareholders resolutions dated 17 November
 2025 and the shareholders resolutions dated 17 November 2025 (collectively, the "**Resolutions** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 form of the underwriting agreement by and between the Company and Eddid Securities (the "**Document** ").

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**3.** **Assumptions** 

We have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 all necessary corporate action will be taken in accordance with applicable law and the Memorandum
 and Articles to authorise and approve any issuance of, the terms of the offering thereof
 and related matters, and that the applicable definitive purchase, underwriting or similar
 agreements in respect of such issuance (the "**Issuance Documents**") will
 be, or have been, duly approved, executed and delivered by or on behalf of the Company and
 all other parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 authenticity, accuracy and completeness of all documents supplied to us, whether as originals
 or copies and of all factual representations expressed in or implied by the documents we
 have examined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that
 where we have been provided with a document in executed form or with only the signature page
 of an executed document, that such executed document does not differ from the latest draft
 version of the document provided to us and, where a document has been reviewed by us in draft
 or specimen form, it will be or has been executed in the form of that draft or specimen;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that
 each of the Document and the Issuance Documents constitutes legal, valid and binding obligations,
 enforceable in accordance with its terms, of each party to the Document and the Issuance
 Documents under all laws other than, in the case of the Company, the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 authorisations, consents, filings, registrations or other requirements of governmental, judicial
 or public bodies and authorities required under any law (including the laws of the Cayman
 Islands) for any party (other than under the laws of the Cayman Islands, the Company) to
 execute, or deliver, or enforce the Document and the Issuance Documents or perform any of
 its obligations under the Document and the Issuance Documents have been obtained, remain
 valid and subsisting and have been complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 choice of governing law in each of the Document and the Issuance Documents has been freely
 made in good faith (for example not made with any intention of avoiding provisions of the
 law with which the transactions under the Document and the Issuance Documents have the closest
 and most real connection) and, where such law is a law or regulation of any jurisdiction
 other than the Cayman Islands (collectively, the "**Foreign Laws** "), would
 be regarded as a valid and binding selection, which will be upheld by the courts of such
 jurisdiction as a matter of such governing law and all other laws (other than the laws of
 the Cayman Islands). There is no reason for avoiding that choice of governing law on grounds
 of public policy or otherwise;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) none
 of the Proceeds of Crime Act (as revised) of the Cayman Islands relating to money laundering,
 the Misuse of Drugs Act (as revised) of the Cayman Islands relating to drug trafficking or
 the Terrorism Act (as revised) of the Cayman Islands relating to the financing of terrorism
 is relevant to the transactions contemplated by the Document and the Issuance Documents or
 to any payment made or to be made thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) none
 of the parties to the Document and the Issuance Documents is acting, or will act in a matter
 inconsistent with United Nations sanctions as implemented under the laws of the Cayman Islands
 or restrictive measures adopted by the European Union Council for Common Foreign and Security
 Policy extended to the Cayman Islands by the Orders of His Majesty in Council;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 necessary consents have been given, actions taken (other than those required pursuant to
 the laws of the Cayman Islands or the Memorandum and Articles) and conditions met or validly
 waived pursuant to the Document and the Issuance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) each
 of the parties has entered into the Document and the Issuance Documents in good faith for
 bona fide commercial reasons and on arm's length terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 Document and the Issuance Documents have not been amended, modified, supplemented, revoked,
 rescinded nor terminated since the time of their execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 Company has entered into the Document and the Issuance Documents as principal for its own
 account and not as agent or fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in
 connection with the Company's entry into and performance of its obligations contained
 in the Document and the Issuance Documents, each of its authorised representatives has acted
 in accordance with his fiduciary and other duties to the Company under all relevant laws
 (including any relevant Foreign Laws) and the Memorandum and Articles (including in relation
 to any obligation to disclose a conflict of interest in connection therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 Resolutions remain in full force and effect and have not been amended, modified, supplemented,
 revoked, rescinded or terminated in any way, and any minutes are a true and correct record
 of the proceedings of the relevant meeting, which was duly convened and held and at which
 a quorum was present throughout in the manner prescribed in the Memorandum and Articles;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the
 Resolutions have been duly executed and the signatures and initials thereon are those of
 a person or persons in whose name the Resolutions have been expressed to be signed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) that
 the Memorandum and Articles will remain in full force and effect and will be unamended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the
 full power (including both capacity and authority), legal right and good standing of each
 of the parties to the Issuance Documents to execute, date, unconditionally deliver and perform
 their obligations under the Issuance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) that
 the applicable Issuance Documents and the Document relating to any Class A Ordinary Shares
 to be offered and sold will constitute legal, valid and binding obligations, enforceable
 in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) that
 the issuance and sale of and payment for the Class A Ordinary Shares will be in accordance
 with the applicable Issuance Documents and the Document duly approved by the board of directors
 of the Company and/or where so required, the shareholders of the Company and the Registration
 Statement (including the prospectus set forth therein and any applicable supplement thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) that
 upon issue of any Class A Ordinary Shares to be sold by the Company, the Company will receive
 consideration for the full issue price thereof which shall be equal to at least the par value
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) that
 the Company will issue the Class A Ordinary Shares in furtherance of its objects as set out
 in its memorandum of association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) none
 of the Class A Ordinary Shares has been or will be offered or issued to residents of the
 Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) that
 no party is aware of any improper purpose for the issue of the Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) no
 law or regulation of any jurisdiction other than the Cayman Islands qualifies or affects
 this Opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the
 validity and binding effect under the laws of the United States of America of the Registration
 Statement and that the Registration Statement will be duly filed with and declared effective
 by the Commission.

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|:---|:---|
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**4.** **Qualifications** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) we
 express no opinion in respect of the enforceability of any provision in the Registration
 Statement and any applicable Issuance Documents which purports to fetter the statutory powers
 of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 obligations under the Document and the Issuance Documents will not necessarily be legal,
 valid, binding or enforceable in all circumstances and this Opinion is not to be taken to
 imply that each obligation would necessarily be capable of enforcement or be enforced in
 all circumstances in accordance with its terms. In particular, but without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 binding effect, validity and enforceability of obligations may be limited by laws relating
 to bankruptcy, administration, insolvency, moratorium, liquidation, dissolution, re-organisation
 and other laws of general application relating to, or affecting the rights of, creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enforcement
 may be limited by general principles of equity. For example, equitable remedies such as specific
 performance or the issuing of an injunction are available only at the discretion of the court
 and may not be available where, for example, damages are considered to be an adequate alternative
 and we therefore express no opinion on whether such remedies will be granted if sought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) claims
 may be or become barred under the laws relating to the prescription and limitation of actions
 or may become subject to the general doctrine of estoppel or waiver in relation to representations,
 acts or omissions of any relevant party or may become subject to defences of set-off or counterclaim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 courts of the Cayman Islands may not enforce contractual provisions to the extent that the
 same may be illegal or contrary to public policy in the Cayman Islands (for example, a provision
 purporting to indemnify or exculpate a person for an action which constitutes actual fraud
 or a criminal offence) or, if obligations are to be performed in a jurisdiction outside the
 Cayman Islands, to the extent that such performance would be illegal or invalid or contrary
 to public policy in that jurisdiction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a
 judgment of the courts of the Cayman Islands may be required to be satisfied in Cayman Islands
 dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 courts of the Cayman Islands have jurisdiction to give judgment in the currency of the relevant
 obligation and statutory rates of interest will vary according to the currency of the judgment.
 In a liquidation proceeding, the courts of the Cayman Islands will require all debts to be
 proved in a common currency, which is likely to be the "functional currency"
 of the party being liquidated determined in accordance with applicable accountancy principles.
 Currency indemnity provisions have not been tested, so far as we are aware, in the courts
 of the Cayman Islands and as such may not be enforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 courts of the Cayman Islands may decline to accept jurisdiction in an action where they determine
 that there is another more appropriate forum in another jurisdiction or that a court of competent
 jurisdiction has already made a determination of the relevant matter or where there is litigation
 pending in respect thereof in another jurisdiction or it may stay proceedings if concurrent
 proceedings are instituted elsewhere;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) there
 is a presumption that the courts of the Cayman Islands will give effect to an exclusive jurisdiction
 clause in an agreement and upon application, may stay proceedings brought in the Cayman Islands
 or grant an anti-suit injunction against a party that commences proceedings elsewhere where
 such proceedings are in breach of the exclusive jurisdiction clause, unless a party can satisfy
 the courts of the Cayman Islands that it would be just and equitable to depart from that
 presumption (for example, not to do so would deprive one party of access to justice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any
 provision purporting to fetter any statutory power of a Cayman Islands partnership or company
 (for example, a provision restricting the company's power to commence winding up, to
 alter its memorandum and articles of association or to increase its share capital) may not
 be enforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) provisions
 that purport to require parties to reach agreement in the future may be unenforceable for
 lack of certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the
 courts of the Cayman Islands may find that a hybrid dispute resolution clause, though generally
 recognised under Cayman Islands law, is unenforceable on the grounds, amongst others, that
 it confers concurrent jurisdiction on an arbitral tribunal and the courts of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the
 courts of the Cayman Islands may refuse to enforce a provision that amounts to an indemnity
 in respect of the costs of enforcement or of unsuccessful proceedings brought in the Cayman
 Islands where such courts have already made an order to that effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) where
 the courts of the Cayman Islands determine that a contractual term may be interpreted in
 more than one manner the courts may employ the one that is deemed to be most consistent with
 business and common sense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) it
 is possible that a judgment (in the Cayman Islands or elsewhere) relating to a particular
 agreement or instrument would be held to supersede the terms of such agreement or instrument
 with the effect that, notwithstanding any express term to the contrary in such agreement
 or instrument, such terms would cease to be binding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the
 enforcement of contractual obligations may be limited by the provisions of Cayman Islands
 law applicable to agreements or contracts held to have been frustrated by events happening
 after the relevant agreement or contract was entered into; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the
 enforcement of obligations may be invalidated or vitiated by reason of fraud, duress, undue
 influence, mistake, illegality or misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) notwithstanding
 a valid choice of law provision, the courts of the Cayman Islands may refuse to apply the
 relevant governing law, for example, (i) if it is not pleaded and proved; (ii) if to do so
 would be contrary to the public policy of the Cayman Islands; or (iii) in relation to laws
 that are mandatory in the relevant forum or which may not be derogated from contractually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) we
 offer no opinion as to whether the acceptance of, or the execution or performance of, the
 Company's obligations under the Document and the Issuance Documents will or may result
 in the breach or infringement of any other deed, contract or document entered into by, or
 binding upon, the Company (other than the Memorandum and Articles);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 question of whether or not any provision of an agreement or document which is illegal, invalid,
 unenforceable or void may be severed from the other provisions thereof would be determined
 by the courts of the Cayman Islands in its discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) we
 make no comment on references to any Foreign Laws or to any representations or warranties
 made in any agreement or document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) we
 express no opinion on any provision in any agreement or document requiring written amendments
 and waivers thereof insofar as it suggests that all or other modifications, amendments or
 waivers could not be effectively agreed upon or granted by or between the parties. It is
 likely that the provisions of an agreement or document governed by Cayman Islands law may
 be waived or amended orally or by conduct notwithstanding any such provision.

We are furnishing this Opinion as exhibit 5.1 of the Registration Statement. We hereby consent to the use of this Opinion in, and the filing hereof as an exhibit to, the Registration Statement and further consent to the reference of our name under the headings "Enforceability of Civil Liabilities" and "Legal Matters" and elsewhere in the prospectus included in the Registration Statement. In giving this consent, we do not hereby admit that we are experts within the meaning of Section 11 of the Securities Act or that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.

This Opinion (and any obligations arising out of or in connection with it) is given on the basis that it shall be governed by and construed in accordance with the laws of the Cayman Islands.

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| Yours faithfully |
| /s/ Carey Olsen Hong Kong LLP |
| **Carey Olsen Hong Kong LLP** |

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## Exhibit 10.4

**Exhibit 10.4**

Dated the 05<sup>th</sup> day of November 2019

**SHIGEMITSU INDUSTRY CO**. **LTD**

**AJISEN OVERSEAS FRANCHISING<br> COMPANY LIMITED**

and

**AJISEN RAMEN (CANADA) INC**.

#############################################

**FRANCHISE AGREEMENT**

#############################################

PANG, KUNG & Co.

Solicitors, Hong Kong SAR

Rooms 1808-9, 18<sup>th</sup> Floor

71 Des Voeux Road Central

Hong Kong

THIS AGREEMENT made the day of Two Thousand And Nineteen

BETWEEN

(A) **SHIGEMITSU INDUSTRY CO. LID SHIGEMITSU INDUSTRY CO. LTD** whose registered office is situated at 448 Karakawa,
 Kikuyo-machi, Kikuchi-gun, Kumamoto, 869-1107, Japan ("the Head Franchisor")

(B) **AJISEN OVERSEAS FRANCHISING COMPANY LIMITED** whose registered office is situate at 6/F, Ajisen Group Tower, Block B, 24-26 Sze Shan Street,
 Yau Tong, Kowloon, Hong Kong ("the Franchisor" and together with the Head Franchisor as "the Franchisors");
 and

(C) **AJISEN RAMEN (CANADA) INC.** whose registered office is situated at Units 23 & 25 - 7010 Warden Avenue, Toronto, Ontario, Canada ("the
 Franchisee")

WHEREAS :-

(1) The
 Franchisor has been granted by the Head Franchisor, the owner of the trademark and trade name of "味千拉面"
 (hereinafter referred to as "the Trade Name"), the exclusive right to grant franchise outside of Japan, China, Hong Kong,
 Macao, Singapore, Malaysia, Indonesia and the Socialist Republic of Vietnam to carry on the business of marketing and selling noodles
 with a unique soup base and the operation of Japanese-style noodle restaurants with the use of the Trade Name all over the world. The
 operation of "味千拉面" is conducted with a distinctive format and standard which comprise
 its trade names, trademarks, logos, designs, operational procedures, implementation plans, management guidelines, methods, personnel
 policies, training, specifications, style, settings, seating plans, menus, products, utensils, advertising, etc. (hereinafter referred
 to as "the Method").

(2) The
 Franchisors and the Franchisee agree that there are great opportunities to carry on and develop the Business in Canada.

(3) Now
 the parties hereto desire to renew their cooperation and the agreement upon the terms and conditions as herein contained.

WHEREBY IT IS MUTUALLY AGREED BY AND BETWEEN the parties hereto as follows :

1. In
 this Agreement unless the context otherwise requires the expression hereinbelow shall have
 the following meanings:

---

| | |
|:---|:---|
| "Business" | means operating chain shops and vending of instant noodles in accordance with the Method under the Trade Name in Canada. |
| "Products" | means the noodles, soup base and other food products sold under the Trade Marks as may be advised and approved by the Franchisors. |
| "Trade Marks" | means the trade names, trade marks, designs, logos, patent and such other proprietary rights as may be owned or entitled to use by the Franchisors in connection with and/or for use in the course of the Business as at the date hereof and/or hereafter |

---

2.  **<u>APPOINTMENT</u>** 

2.1 The
 Franchisors hereby grant and give unto the Franchisee during the continuance of this Agreement
 a franchise or licence to operate shops and carry on the Business in Canada ("the Territory")
 by opening shops on its own and sub-franchising the Business in the Territory.

---

| | |
|:---|:---|
| 2 2 | The Franchisee hereby acknowledges that the franchise or licence granted pursuant to this Agreement is personal to the Franchisee and shall not be transferred assigned mortgaged charged or sub-licensed in whole or in part without the previous written consent of the Franchisors save and except in accordance with the terms and conditions of this Agreement. |

---

2 3 The franchise or licence shall be deemed to be revoked upon expiration or termination of this Agreement or sale of the operation by the Franchisee in accordance with terms hereinafter provided.

2.4 Waiver
 by the Franchisors or any particular default by the Franchisee shall not affect or prejudice the Franchisors' rights in respect
 of any other default nor any subsequent default of the same or of a different kind nor shall any delay or omission of the Franchisors
 to exercise any right arising from any default affect or prejudice the Franchisors' rights as to the same or any future default.

3.  **<u>TERM</u>** 

3.1 Without
 prejudice to Sub-clause 6.9 and Clauses 7 and 10 herein, this Agreement shall Come into force from 1<sup>st</sup> day of Jan 2020
 and shall be TWENTY (20) YEARS renewable for a further term of TEN (10) YEARS commencing from the date of signing of this Agreement.

4.  **<u>FEES AND PAYMENT</u>** 

In consideration of the granting of the licence franchise and other rights hereinafter provided the Franchisee shall make the following payments:

4.1 As
 a show of support to the Franchisee, the Franchisors hereby wave the payment of lump-sum Franchise Fees for the first 4 shops opened
 and operated by the Franchisee the locations and information of which are particularized in the Schedule hereto. From the
 5<sup>th</sup> shop onwards, the Franchisee shall pay the Franchisors a lump-sum Franchise Fee for every new shop operated by the
 Franchisee in the sum of DOLLARS TEN THOUSAND (US$10,000.00) in the Currency of the United States (hereinafter referred to
 "the Franchise Fee") to be split equally between the Head Franchisor and the Franchisor. For each and every of the shop
 the Franchisee operates, the Franchisee shall pay a continuing monthly Royalty Fee in the sum of DOLLARS ONE THOUSAND US$1,000.00)
 in the Currency of the United States payable on the first day of each and every month to be split equally between the Head
 Franchisor and the Franchisor. The said continuing Franchise Fee shall be paid by the Franchisee to the Franchisor on a half-yearly
 basis and on the 30<sup>th</sup> day of June and the 31<sup>st</sup>day of December of each and every year during the continuance
 of this Agreement.

4.2 If
 the Franchisee shall sub-franchise the Business to any third party in the Territory during the continuance of this Agreement, the Franchisee
 shall adopt the following terms in the sub-franchising agreement with such third party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 term of the sub-franchise agreement shall not be longer than the term of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 sub-franchisee shall pay a lump-sum franchisee fee in the sum of DOLLARS FORTY THOUSAND (CAD40,000.00)
 in the Currency of Canada to be split as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. CAD20,000.00
 to the Franchisee;

b. CAD
 10,000.00 to the Head Franchisor; and

c. CAD
 10.000.00 to the Franchisor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 sub-franchisee shall also pay a Monthly Royalty Fee equivalent to THREE PERCENT (3%) of the
 monthly sales of each shop operated by sub-franchisee; such Monthly Royalty Fee shall be
 split equally between the Franchisee of the one part and the Franchisors on the other part;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 the sole discretion of the Franchisee, the Franchisee shall be entitled to receive a Monthly
 Marketing Fee from the sub-franchisee not more than ONE PRECENT (1%) of the monthly sales
 of each shop operated by sub-franchisee.

At the request of the Franchisors, the Franchisee shall supply copies of invoices or demand notes as the case be they issued to each sub-franchisee for audit purpose. Each and every sub-franchise agreement to be entered into between the Franchisee and sub-franchisee shall be submitted to the Franchisors for prior approval.

4.3 During
 the continuance of this Agreement, the Franchisee shall pay the Franchisors for all costs (including but not limited to freight and
 all forms of transportation costs) of supplying noodle and soup bases and other supplies to the Franchisee by the Franchisors (hereinafter
 referred to as the "Cost of Supplies"). The Cost of Supplies shall be paid by the Franchisee to the Franchisors in advance
 during the continuance of this Agreement. For all subsequent orders, the Franchisee needs to place a purchase order with the Franchisors
 first and the Franchisors shall return a quotation with the proposed shipping date to the Franchisee. The Franchisee will need to confirm
 the quotation in writing and make the remittance to the Franchisors or its nominee before production and shipment. Delivery will be
 made to the Franchisee at least one month or more after the payment of the Cost of Supplies.

4.4 The
 payment of the Franchise Fee and the Cost of Supplies shall be made in accordance with the instructions of the Franchisors as may be
 advised from time to time by the Franchisors.

5.  **<u>OBLIGATIONS OF FRANCHISORS</u>** 

During the continuance of this Agreement, the Franchisors agree and undertake to fulfill the following obligations:

5.1 to
 permit the Franchisee to do Business under the Trade Name and to use the Trade Name or words in
 advertising the Business.

5.2 To
 consult, advise and/or assist the Franchisee in connection with the location of premises for the operation of the Business, commencement
 and development of the Business in Canada in particular relating to the design, setting, layout, seating plans, equipment, fixtures,
 fittings, renovation of the Shop in compliance with the requirements of the Business. The Franchisee may engage its own contractor
 for the renovation or decoration of the Shop at its own expenses provided that the standard or level of workmanship shall meet the
 requirements of the Franchisors.

5.3 To
 advise the Franchisee on the management, technical knowledge, training, personnel policies, finance, promotion, advertising and/or
 any issues in connection with the operation of the Business.

5.4 To
 provide if the Franchisors think fit operation manual instructions or direction from time to time as guidelines for the operation of
 the Business. If an operation manual is supplied by the Franchisors to the Franchisee, the operation manual so supplied shall serve
 as the objective standards by which the performance and observation of the obligations of the Franchisee as provided hereunder are
 assessed.

5.5 To
 provide free training at the request of the Franchisee for not less than two of its employees and staff for the operating of Business
 in the management, plans, measures, techniques, methods, services, standards, etc for a period of not less than 1 month in the outlet
 designated by the Franchisors at such place as determined by the Franchisors from time to time. For the avoidance of doubt, during
 such training period, the employees on training shall remain the employees the Franchisee and all related salaries or wages or such
 other expenses of the employees on training including but not limited to air-ticket fares and accommodation shall be borne by the Franchisee.

5.6 To
 send or delegate at least one qualified person in the employ of the Franchisors at the Franchisors' own expenses to assist, advise
 and/or supervise the Franchisee in connection with the preparation and opening of the Shop and/or premises for the operation of the
 Business for a period of not less than two weeks or the launching of any campaigns and/or promotion activities. But the Franchisee
 shall provide accommodation and transportation to the said qualified person during such his stay in Canada. At the request of Franchisee,
 the Franchisors may extend the stay of the said qualified person beyond the two-week period provided that the Franchisee shall be responsible
 for all additional costs thereto including the salaries or wages of the said qualified person during the extend period.

5.7 To
 make available and to supply to the Franchisee noodle together with the Franchisors' unique soup base and other supplies at
 such prices for other products as may be charged and supplied by the Franchisors. The Franchisors. will supply the Franchisee with
 the prices of supplies from time to time. The Franchisors reserve the right to designate the items of supplies and change the
 process of the Products it supplies to the Franchisee from time to time.

5.8 to
 promote the Trade Name and the Business in Canada, and to issue from time to time for distribution among potential customers leaflets
 pamphlets and other advertising material including addresses of outlets and telephone numbers of the Franchisee and other operators
 as the Franchisors deems fit.

5.9 To
 advise and provide at the request of the Franchisee materials, information and assistance for advertising, sales promotion and/or publicity
 campaigns of the Business from time to time and to allow the Franchisee to conduct the advertising sales promotion and/or publicity
 campaigns of the Business in such a manner in the opinion of the Franchisee are effective and suitable for the taste of the local market.

6.  **<u>OBLIGATIONS OF FRANCHISEE</u>** 

During the continuance of this Agreement, the Franchisee agrees and undertakes to fulfill the following obligations:

6.1 To
 carry on the Business only on or from the premises at the Shop which has previously been approved by the Franchisors.

6.2 To
 consult with the Franchisors on the decoration, renovation, partitioning, reimbursement furnishing, equipment, fixtures and fittings
 in the Shop and/or premises for the Business so that the format and standard of the Shop are in compliance with the requirements of
 the Business.

6.3 To
 comply with all laws byelaws and regulations applicable to the type or nature of the Business from time to time issued by the local
 government or authorities.

6.4 To
 conduct the Business in an orderly and businesslike manner and to comply with the format, standards, reasonable rules, operation manual(s),
 guidelines and directions as may be advised by the Franchisors and maintain the quality of the products served.

6.5 To
 obtain at its own expense such consents licences and permissions as may be necessary the operation of the Business on the premises
 and the exhibition of advertising signs and other matters.

6.6 To
 cooperate with the Franchisors in the establishment and maintenance of the facilities for the operation of the business at the Shop
 as may be suitable for the Business.

6.7 To
 devote the Shop entirely to the operation of the Business

6.8 To
 take such reasonable steps and measures to store and preserve the materials or ingredients supplied by the Franchisors for the Business.

6.9 (Not
 Applicable)

6.10 To
 maintain and upkeep the Shop for the Business and the fixtures and fittings therein in a reasonable state of repair and cleanliness
 so as to enhance the reputation of the trade name of the Franchisors and to promote the Business.

6.11 To
 recruit and employ a sufficient number of qualified staff and workers to ensure the smooth and efficient operation of the Business
 at the Shop and/or Premises, to provide suitable training therefor and to ensure that the staff and workers serve the customers and
 patrons in a courteous, polite and pleasant manner.

6.12 To
 ensure the staff and workers working at the Shop to wear such uniform and in such manner as may be advised by the Franchisors and such
 uniform shall at all times be in a reasonable state of cleanliness and neatness

6.13 To
 pay the Cost of Supplies to the Franchisors in accordance with Clause 4 hereinabove promptly and on time.

6.14 To
 furnish the Franchisors with an audited profit and loss account of the Business for its reference
 as may from time to time be requested by the Franchisors.

6.15 To
 diligently promote and make every effort steadily to increase the Business by advertisements suitable signs Provided Always that no
 such designs advertising signs or other forms of publicity shall be used in connection with the Business unless the same shall have
 been first submitted to and approved as to content design form colour number location and size by the owner as meeting is
 standards.

6.16 To
 permit the Franchisors and its authorized representatives at all reasonable times to enter upon the premises for the purpose of ascertaining
 whether the provisions of this Agreement are being complied with.

6.17 To
 make available to the Franchisors or such authorized representatives all books records accounts
 vouchers and other matters relating to the conduct of the Business and permit them to
 take copies of any of the same and provided them with such explanations as they reasonably
 require.

6.18 To
 attend such meetings with the Franchisors as may be convened at the direction of the Franchisors from time to time for reporting to
 the Franchisors of the operation of the Business and for receiving such guidelines and/or direction from the Franchisors.

6.19 Not
 to use the Trade Name upon or in relation to any documentation merchandise equipment supplies accessories or other articles unless
 the same shall have been first submitted to and approved in writing by the Franchisors as meeting its standards of quality and utility.

6.20 Not
 to sell or give away any Products supplied by the Franchisors to the Franchisee to any third
 party or parties except for the immediate consumption and promotion of the same on the premises.

6.21 Not
 to divulge any trade secrets in respect of the Business to any unauthorized person or party
 without the previous written consent of the Franchisors.

6.22 This
 Agreement shall be personal to the Franchisee named in this Agreement and shall in no way
 vest upon any of Franchisee's personal representatives, or successors-in-title, trustees
 or committee and without in any way limiting the generality of the foregoing, the following
 acts and events shall, unless approved in writing by the Franchisors (which approval the
 Franchisors may give or withhold at its absolute discretion without assigning any reason
 therefor), be deemed to be breaches of this Clause :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 take over reconstruction amalgamation merger or liquidation of the Franchisee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 the case of a Franchisee which is a limited company, any change in the person or persons
 who owns or own a majority of the voting shares of and in the Franchisee or otherwise has
 or have effective control of the Franchisee or any change in the membership of its Board
 of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 the case of a Franchisee which is a partnership the taking in of one or more new partners
 whether on the death or retirement of an existing partner or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 change in the Franchisee's business name.

7.  **<u>LOCATION OF PREMISES FOR OPERATION</u>** 

7.1 (a) The
 Franchisee shall at its own expenses engage estate agent for the purpose of looking for such
 sites or locations or premises as may be designated by the Franchisors for the operation
 of the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Franchisee shall enter into such tenancy agreement with the landlord of the premises on such
 terms and conditions as may be approved by the solicitors for the Franchisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 costs and expenses arising from or in connection with the location of suitable premises for
 the operation of the Business and related legal matters shall be borne by the Franchisee
 absolutely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Franchisee shall fail to procure the
entry into any agreement or obtaining possession of suitable premises for the commencement of the Business within TWELVE (12) months
from the date of signing of this Agreement, this Agreement shall be deemed to be terminated immediately upon the expiration thereof and
the Franchise Deposit already paid by the Franchisee to the Franchisors shall be forfeited by the Franchisors as the agreed service charges
for assisting the Franchisee in the initial planning and the rendering of advice on the locating of premises. Both parties are thereafter
discharged from the further performance of the terms and conditions of this Agreement but without prejudice of any claim by the Franchisors
against the Franchisee for any antecedent breach.

8.  **<u>TRADEMARKS</u>** 

8.1 The Franchisee understands and hereby acknowledges that the Franchisors has the right to use in Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Method and all parts thereof including without limitation all procedures supplement forms
 advertising matter devices marks service marks trade marks insignia trade names and slogans
 from time to time used as a part of in connection with or applicable to the Method;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 copyrights, trade mark registrations, trade names and patents now or hereafter applied for
 or granted in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 right to licence or franchise others to use the trade name and all goodwill therein including
 all goodwill accruing to the use thereof by the Franchisee.

8.2 The Franchisee hereby warrants that it shall not apply, whether directly or indirectly or whether
 by itself or any agent, for the registration of the Trade Marks or similar marks in Canada
 in the capacity of a proprietor or owner.

8.3 If
 the Franchisee is aware of and/or suspects any infringement of the rights of the Franchisors
 in connection with the Business by other person(s) or parties, the Franchisee shall promptly
 notify the Franchisors of such infringement and to give such reasonable assistance to the
 Franchisors in the conduct of any legal action to protect the Franchisors' rights.

8.4 The
 parties hereby acknowledge and agree that the Franchisors has commenced the registration
 of the Trade Marks in Canada. The Franchisors agree that, during the continuance of this
 Agreement, the Franchisors will be responsible for any litigations in Canada arising from
 or in connection with the Trade Marks and the related legal costs. The Franchisee also covenants
 with the Franchisors that the Franchisee shall not make any claim against the Franchisors
 in respect of the use or registration of the Trade Marks pursuant to this Agreement.

9.  **<u>NO AGENCY OR PARTNERSHIP</u>** 

9.1 This
 Agreement shall not operate to constitute the Franchisee as a partner agent or representative
 of the Franchisors and the Franchisee shall not represent itself as such agent nor represent
 itself as having any power or authority to incur any obligation of any nature express or
 implied on behalf of the Franchisors and shall not bind or pledge the credit of the Franchisors
 or attempt or purport to do any of such things.

10.  **<u>TERMINATION</u>** 

10.1 If
 the Franchisee breaches any of terms and conditions as herein provided, the Franchisors shall
 give a written notice to the Franchisee specifying the breach of any obligations to be performed
 and observed by the Franchisee herein provided and requiring the Franchisee to remedy or
 rectify the same within such reasonable period of time at the discretion of the Franchisors
 taking into consideration of the nature of the breach and in any event not less than seven
 days from the date of such notice. If the Franchisee fails to remedy or rectify the breach,
 then the Franchisors shall be entitled to terminate this Agreement by giving not less than
 seven days' prior written notice to the Franchisee.

10.2 If,
 on the occurrence of any of the following events, the Franchisors may terminate this Agreement
 summarily and without giving any prior notice to the Franchisee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Franchisee shall fail to pay any sum payable in accordance with Clause 4 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Franchisee shall repeatedly fail to maintain a reasonable standard of the operation of
 Business in accordance with such reasonable instructions and advice by the Franchisors so
 that in the opinion of the Franchisors the goodwill and reputation of the Trade Name will
 be affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Franchisee shall carry on the Business not at the Shop as previously approved by the
 Franchisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 the Franchisee shall be adjudged bankrupt in the case of an individual or go into liquidation
 either voluntary or compulsory (save for the purpose of reconstruction or amalgamation) in
 the case of a company or if a receiver shall be appointed in respect of the whole or any
 part of its assets or if the operator shall make an assignment for the benefit of its creditors
 generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 the Franchisee shall, in the opinion of the Franchisors, have breached Paragraph 12 herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 the Franchisee shall give any Power of Attorney or similar authority whereby the donee of
 the Power obtains the right to use or otherwise enjoy the use of the Trade Marks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if
 there is any take-over reconstruction amalgamation merger or liquidation or winding up of
 the Franchisee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if
 any change in the person or persons who owns or own a majority of the voting shares of and
 in the Franchisee or otherwise has or have effective control of the Franchisee; and

10.3 On
 the termination of this Agreement, the Franchisee shall refrain from operating the Business
 and using the Trade Marks as soon as practicable. The Franchisee shall cease to use and remove
 all identifying matters from the premises as the Franchisors may direct effectively to distinguish
 the premises and such from its appearance as a designation for the operation of the Business
 under the Trade Name and if the Franchisee shall fail or omit to make or cause to be made
 such changes within seven days after written notice then the Franchisors shall have the right
 to enter upon the premises and to make or cause to be made such changes in the premises at
 the expense of the Franchisee which expense the Franchisee shall reimburse to the Franchisors
 upon demand.

10.4 The
 accrued rights and the liabilities of the parties hereto shall not be affected upon the expiration or termination of this Agreement
 and shall be enforceable despite such expiration or termination.

11.  **<u>RIGHT OF INFORMATION OF SUB-FRANCHISEE</u>** 

11.1 For
 the avoidance of doubt, the Franchisee shall supply to the Franchisors such information of
 the sub-franchisee as may be requested by the Franchisors.

12.  **<u>CONFIDENTIALITY AND CONFLICT OF INTEREST</u>** 

12.1 The
 Franchisee hereby warrants to the Franchisors that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 information arising from or in connection with the Method, the Business, the Products and
 the Trade Marks obtained by the Franchisee is confidential. The Franchisee shall not, whether
 before or after the expiration or sooner termination of this Agreement, divulge or disclose
 or make known to any third party such confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Franchisee, its directors and shareholders shall not, within a period of one year after the
 expiration or sooner determination of this Agreement, hold any office or position, engage
 in, participate, carry on the business or possess more than 10% of the issued shares, whether
 directly or indirectly, in any business entity, shop or trade which competes with
 the Franchisors in the business of serving or selling Japanese-style noodle within the territory
 of Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 signing of this Agreement, the Franchisee shall procure its directors and shareholders to
 execute a Letter of Indemnity in favour of the Franchisors in respect of Paragraphs 12.1
 (a) and (b) in the form as attached hereto as Annexure I.

12.2 The
 Directors and Shareholders of the Franchisee shall not, during the continuance of this Agreement,
 engage whether directly or indirectly in any business of ramen, noodle or spaghetti or similar
 food services other than AJISEN RAMEN in Canada.

13.  **<u>INDEMNITY</u>** 

13.1 Notwithstanding
 any other remedy the Franchisors may here under this Agreement, the Franchisee hereby agrees
 to indemnify the Franchisors before and after the expiration or termination of this Agreement
 against all damages, loss, claims, demands, expenses, costs and liabilities which the Franchisors
 may have incurred or sustained owing to the breach, default and/or neglect of the Franchisee,
 its employees, servants or agents of any terms, conditions and obligations as provided in
 this Agreement.

14.  **<u>NOTICE</u>** 

14.1 Any
 notice required to be served hereunder shall be sufficiently served on the other party if delivered to it at its last known business
 address by registered post or left on the Premises or by facsimile. A notice sent by post shall be deemed to be given at the time when
 in due course of post it would be delivered at the address to which it is sent. In the event of a change in business address or facsimile
 number, each party shall inform the other of any such change within one month of such change.

15.  **<u>ENTIRE AGREEMENT</u>** 

15.1 The
 parties hereby acknowledge this Agreement constitutes the entire agreement between the parties
 and replaces all previous agreement both verbal or written between them.

15.2 The
 invalidity or unenforceability of any part of this Agreement shall not prejudice or affect
 the validity or enforceability of the remainder of the Agreement.

15.3 In
 this Agreement unless the context otherwise requires and where not inapplicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "year",
 "yearly", "month" and "monthly" refer respectively to
 a calendar year and a calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing the masculine female or neuter gender include the others of them and words importing
 the singular number include the plural number and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 word "person" includes an individual, a partnership, a company or other corporate
 or unincorporated body.

16.  **<u>JURISDICTIONS & LEGAL COSTS</u>** 

16.1 The
 interpretation and enforcement of the terms of this Agreement shall be governed by and subject
 to the laws of the Hong Kong Special Administrative Region of the People's Republic
 of China and the parties hereto irrevocably submit themselves to the exclusive jurisdiction
 of the courts of the Hong Kong Special Administrative Region of the People's Republic
 of China.

16.2 The
 legal cost for the preparation and execution of this Agreement shall be borne by the Franchisors.
 In this Agreement Messrs. Pang, Kung & Co. only act for the Franchisors and the Franchisee
 is reminded of its right to seek independent legal advice.

IN WITNESS the hands of the parties hereto the day and year first above written:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNED for and on behalf of the Franchisor By<br>Hong Kong<br>in the presence of: |)))))) | For and on behalf of <br>/s/ AJISEN OVERSEAS FRANCHISING COMPANY LIMITED  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNED for and on behalf of the Head Franchisor by<br>Hong Kong<br>in the presence of: <br>| )))))) | ![](ex10-4_001.jpg)<br> /s/ SHIGEMITSU INDUSTRY CO., LTD. |

---

---

| | | |
|:---|:---|:---|
| SIGNED for and on behalf of the<br> Franchisee by<br>in the presence of:<br>|)))))) | /s/ AJISEN RAMEN (CANADA) INC. |

---

**<u>SCHEDULE A</u>**

Shop 1 :MARKHAM

Address: 7010 Warden Avenue, Unit 23 & 25 Markham, Ontario Canada L3R 5Y3

Tel: +1-905-470-6318

Shop 2: YONGE ST.

Address: 5229 Yonge Street, North York, Ontario Canada M2N 5P8

Tel:+1-416-223-0618

*Shop 3: SPADINA.*

*Addess: 332 Spadina A venue, Toronto, Ontario, Canada M5T2G2*

Tel: +1-416-977-8080

Shop 4: KENNEDY SQUARE

Address: New Kennedy Square, 8360 Kennedy Road units 87 - 90 Markham,

Ontario L3R 9W4

Tel: +1-905-604-829

**<u>ANNEXURE I</u>**

To :

Date :

Dear Sirs,

---

| | |
|:---|:---|
| Re : | **<u>Letter of Indemnity</u>** |

---

In consideration of your executing the Franchise Agreement AJISEN RAMEN CANADA INC., we hereby agree that we shall be bound by Paragraphs 12.1 (a) and (b) of the said Franchise Agreement and shall indemnify you Franchisors personally against any loss damages or claims for any breach of the said Paragraphs on our part.

Yours faithfully,

---

| |
|:---|
| /s/ AJISEN RAMEN (CANADA) INC.  |
| *(to be signed by each director/shareholder of the Franchisee)* |

---

## Exhibit 10.5

**Exhibit 10.5**

Certain terms have been omitted pursuant to Regulation S-K Item 601(a)(6). The Registrant agrees to furnish supplementally a copy of any of the terms to the SEC upon request.

**FRANCHISE DEED**

**UNICO HK CORPORATION LIMITED**

(Franchisor)

and

**C& HOSPITALITY LIMITED**

(Franchisee)

and

**LUK, Siu Fung Mark（陸兆鋒）**

(Guarantor)

**_______________________________**

**Yakiniku 801** 

**_______________________________**

**-Confidential-**

Franchise Deed

**This Franchise Deed** is entered into and effective from the Effective Date set out in Schedule A:

---

| | |
|:---|:---|
| between: | **Unico HK Corporation Limited**, a private company limited by shares incorporated in Hong Kong with Companies Registry number 2481945, having its registered office at Unit 1-3, 2/F., Chai Wan Industrial City, Phase 1, 60 Wing Tai Road, Chai Wan, Hong Kong ("**Franchisor**"); |
| and: | **C& Hospitality Limited**, a private company limited by shares incorporated in Hong Kong with Companies Registry number 3058178, having its registered office at Shop No. G1 & G3, Ground Floor, Site 11 (Treasure World), Whampoa Garden, Hunghom, Kowloon, Hong Kong ("**Franchisee**"); and |
| and: | **LUK, Siu Fung Mark (陸兆鋒)** (holder of HKID: [\*\*\*]) of [\*\*\*] ("**Guarantor**"). |

---

**RECITALS**

A. Franchisor
 is a subsidiary of Unico Co., Ltd., a company incorporated in Japan ()"**Unico Japan** ").

B. Franchisor
 and Unico Japan have carried on the business of operating Yakiniku Cuisine restaurants operating
 under various trade names and trademarks owned by Franchisor.

C. Franchisor
 has recently developed the Trade Name and associated business design, system and strategy
 for launch in and introduction to Hong Kong to operate Yakiniku Cuisine restaurants in Hong
 Kong.

D. Franchisor
 and Unico Japan have developed the Manuals and the Methods for the operation of the Franchised
 Business.

E. The
 Guarantor is the sole director and sole shareholder of Franchisee, holding and beneficially
 owning all issued shares in the capital of Franchisee.

F. The
 Franchised Business is a new franchise using only the Trade Name which Franchisor has developed
 as a separate and secondary brand in Hong Kong to the existing "Yakiniku Kakura"
 franchise.

G. Franchisee
 wishes to enter into this Deed to conduct the Franchised Business and operate Franchise Restaurants
 at Franchise Locations, subject to the terms and conditions of this Deed.

**THE PARTIES NOW AGREE:**

**1.** **INTERPRETATION** 

The definitions and rules of interpretation in this clause apply in this Deed:

**Confidential Information** means information relating to the operation of the Franchised Business including, without limitation, the Manuals, the Methods, procedures and specifications, trade secrets, know-hows, vendors, vendor agreements, information about Franchisor and Unico Japan, and the operation of their businesses, information about suppliers and pricing, business plans, marketing plans, advertising programs, market research, information about customers, site evaluation and selection guidelines and techniques, and any information communicated in writing and through other means, including electronic media (e.g., internet, intranet, extranet, electronic memory devices, computer disk or video and audio tape) and all other information which is used in the Franchised Business which is derived from Franchisor and Unico Japan and which has value to Franchisor and Unico Japan.

**Franchised Business** means the business of operating Yakiniku Cuisine restaurants at Franchise Locations as a Franchise Restaurant under the Trade Name in accordance with the Manuals and the Methods and using the Licensed IPR and other Rights for this purpose.

**Franchise Location** means the location designated in the Schedule A at a site selected by Franchisee and approved by Franchisor.

-Confidential-

Page \| 1

Franchise Deed

**Franchise Restaurants** means restaurants conducting the Franchised Business in accordance with this Deed.

**Improvement Rights** means rights to, or rights to apply in respect of, improvements, additions, adaptations, modifications, or alterations to any Intellectual Property.

**Intellectual Property** means all intellectual property rights, including:

(a) (i)
 trademarks, service marks, business names, trade names; (ii) patents and inventions; (iii)
 artistic works (irrespective of artistic quality), aesthetic drawings, sketches, conceptual
 drawings, graphic work, CAD work, photographs, and charts; (iv) models, utility models, and
 prototypes; (v) specifications, instructions, blue prints, designs, diagrams, and plans;
 (vi) data, source codes and topography rights; (vii) patterns, features of shape, configuration,
 pattern or ornament; (viii) trade secrets, confidential information, and know how; and (ix)
 copyrights and moral rights;

(b) rights
 in the nature of unfair competition rights, and rights to sue for passing off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 benefit of know how, technical assistance, research, experimentation or development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) goodwill
 in respect of any Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Registration
 Rights in respect of any Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Improvement
 Rights in respect of any Intellectual Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Renewal
 Rights in respect of any Intellectual Property.

**Licensed IPR** means the Trademarks, Trade Names and the Intellectual Property that is strictly related to the operation of the Franchised Business (including the Manuals and the Methods) which are licensed to Franchisee under clause 2.1.

**Manuals** means instructions, policies, procedures, standards, directions and guidelines developed, adopted, applied or communicated by Franchisor or Unico Japan for the operation of the Franchised Business in accordance with the Methods.

**Methods** means certain methods developed, adopted, applied or communicated by Franchisor or Unico Japan to operate restaurants offering Yakiniku Cuisine, including common use and promotion of the trade names and trademarks, distinctive format and standard of logos, designs, operational procedures, implementation plans, management guidelines, methods, advertising, personnel policies, trainings, specifications, style, settings, seating plans, menus, products, quality and service standards of menus, usage and management of products, ingredients, utensils.

**Registration Rights** means (a) registration or record of, or applications to register or record, any Intellectual Property; (b) rights to register or record, or to apply to register or record, any Intellectual Property; and (c) rights to claim priority for any Intellectual Property.

**Renewal Rights** means rights to, or rights to apply in respect of, renewals, extensions or revivals of any Intellectual Property.

**Rights** means the rights (including rights in respect of Licensed IPR) granted by Franchisor to Franchisee under clause 2.1.

**Term** means cumulatively, the Initial Term, the Renewal Term (if any), and any other period that this Deed is in force.

**Trademarks** means any trade names, trademarks, brand designs or logos and other similar proprietary rights as owned by or entitled to be used by Franchisor or Unico Japan, in connection with or for use in the course of the Franchised Business as designated in Exhibit A to this Deed for use by Franchisee during the term of this Deed and as supplemented substituted or modified after the date of this Deed by Franchisor.

**Trade Name** means "Yakiniku 801" or "焼肉（やきにく）801" trade names.

**Yakiniku Cuisine** means Japanese style roasted grilled and barbecued meats and other cuisine.

-Confidential-

Page \| 2

Franchise Deed

**2.** **GRANT** 

2.1 In
 consideration of Franchisee duly observing and performing its obligations under this Deed,
 Franchisor grants to Franchisee an exclusive, non-transferrable and non-sublicenseable licence,
 right and franchise to use the Rights to operate Franchise Restaurants under the Trademarks
 and Trade Name at and from the Franchise Locations within the Franchised Area, subject to
 the terms and conditions of this Deed, solely for the purpose of conducting the Franchised
 Business, and Franchisee hereby accepts such grant.

2.2 This
 grant is conditional upon Franchisee continuing throughout the term of this Deed to be duly
 authorised and holding all licences to conduct the Franchised Business under the applicable
 laws and regulations of the Franchised Area.

2.3 Franchisor
 grants Franchisee the right to locate one Franchise Restaurant at each site as more fully
 described in Schedule A to this Deed.

2.4 Subject
 to compliance of Franchisee with its obligations under this Deed, Franchisor shall not grant
 any other person or entity a licence or other rights to operate the Franchised Business within
 the Franchised Area during the Term.

2.5 Nothing
 in this Deed shall prohibit Franchisor from using its Intellectual Property or any of the
 Rights to operate any business (including business that is similar to the Franchised Business)
 in the Franchised Area or any other location.

2.6 All
 rights which are not granted to Franchisee are reserved to Franchisor.

**3.** **RELATIONSHIP OF PARTIES** 

This Deed establishes a franchise relationship between Franchisor and Franchisee, each as an independent contractor. Neither party intends nor does this Deed create a fiduciary or delegator relationship, or a partnership or joint venture, or make Franchisee in any sense an agent, employee, beneficiary, affiliate, associate, or partner of Franchisor. Franchisee has no authority to and will not transact any business or enter into any contract in the name of Franchisor, make any representation or warranty on behalf of Franchisor, pledge the credit of Franchisor, create or assume in Franchisor's name or on its behalf in any manner, directly or indirectly, any liability or obligation, express or implied, act as its agent or representative for any purpose whatsoever, or bind or oblige Franchisor. Franchisee shall not hold itself out as having any such authority, nor conduct itself in any manner so as to confuse, mislead or deceive anyone as to its relationship with Franchisor.

---

| | |
|:---|:---|
| **4.** | **TERM** |
| **4.1** | **Initial and Effective Date** |
|  | The initial term of this Deed and the appointment and rights granted herein (the "Initial Term") shall be fifteen (15) years commencing on the Effective Date set out in Schedule A to this Deed. |
| **4.2** | **Commencement of Franchised Business** |
|  | Upon execution of this Deed, Franchisee shall proceed diligently to fulfil all requirements to open and commence the Franchised Business for one Franchise Restaurant at Site 1 of the Franchise Location by the Commencement Date set out in Schedule A to this Deed. Franchisor shall cooperate with Franchisee as necessary to enable Franchisee to have all requirements attended to for the commencement of the Franchised Business. Commencement of the Franchised Business shall be subject to the prior written approval of Franchisor (not to be unreasonably delayed or denied), and no Franchised Business may be conducted by Franchisee until all requirements under this clause 4.2 are substantially fulfilled to the reasonable satisfaction of Franchisor. |
| **4.3** | **Renewal Option** |
|  | Upon the expiry of the Initial Term, Franchisor may, at its absolute discretion, grant Franchisee the right to renew the term of this Deed for a further single successive term of fifteen (15) years (the "Renewal Term"), provided that: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee
 has fully complied with the terms and conditions of this Deed and shall not be in breach
 of any provision of this Deed at the time of the right to exercise the renewal, and

(b) Franchisee
 gives Franchisor notice of exercise of the right to renew no earlier than six (6) months,
 and no later than three (3) months, prior to the expiry of the Initial Term for which time
 will be of the essence.

-Confidential-

Page \| 3

Franchise Deed

---

| | |
|:---|:---|
| **4.4** | **Deemed operation** |
|  | If Franchisee operates the Franchised Business after expiry of the Initial Term without notice to or approval from Franchisor for any Renewal Term or after expiry of any Renewal Term, then in any such period: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee
 shall be deemed to be operating the Franchised Business on a month-to-month basis under the
 terms and conditions of this Deed;

(b) all
 fees paid to Franchisor on a monthly basis shall be twice the amount designated in the expired
 agreement; and

(c) Franchisor
 may at any time by written notice to Franchisee require Franchisee to cease operating the
 Franchised Business, in which case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Franchisee
 shall cease operating the Franchised Business within one (1) month after that date of such
 written notice; and

(ii) from
 the date of such written notice, Franchisee shall account for and pay to Franchisor on demand
 (y) all profits arising from the conduct of the Franchised Business after the date of such
 written notice; and (z) all legal costs incurred by Franchisor after the date of such notice
 in respect of the cessation of the Franchised Business or enforcement of rights under this
 Deed (including those incurred in obtaining an order of the court to prevent Franchisee from
 continuing to operate the Franchised Business).

---

| | |
|:---|:---|
| **5.** | **FEES** |
| **5.1** | **Initial Franchised Business Fee** |
|  | Franchisor waives an Initial Franchised Business Fee. |
| **5.2** | **Monthly Franchised Business Fee** |
|  | Throughout the Initial Term and any Renewal Term, Franchisee agrees to pay to Franchisor a fee equal to three percent (3%) (the "**Monthly Franchised Business Fee**") of all gross revenue and income of all Franchise Restaurants in each month. The Monthly Franchised Business Fee shall be paid by bank transfer to Franchisor in cleared funds without deduction or set off within thirty (30) days from the end of the month to which the fee relates. |

---

**6.** **FRANCHISE AREA AND FRANCHISE LOCATION** 

The Franchise Area and the Franchise Location are detailed in Schedule A to this Deed.

**7.** **FRANCHISE RESTAURANTS STANDARD SPECIFICATIONS** 

Each Franchise Restaurant at each Franchise Location shall be equipped by Franchisee to Franchisor's standard specifications and layout pursuant to the Manuals and the Methods. No changes or deviations from the Manuals and the Methods shall be made without Franchisor's prior written approval (not to be unreasonably delayed or denied). Franchisee understands that the standards and specifications as illustrated in the Manuals as established and enforced by Franchisor are the essence of the Franchised Business and are for the purposes of maintaining standards of quality control among all Franchise Restaurants. In the event of a relocation of the Franchise Restaurants, the new Franchise Restaurants shall also be equipped and setup to Franchisor's then standard specifications and layout.

**8.** **CONDITION OF FRANCHISE RESTAURANTS** 

Franchisee shall carry out maintenance, repairs and replacements as required to maintain the condition and appearance of the Franchise Restaurants pursuant to the Manuals and the Methods. Franchisee may be required during the Term to upgrade Franchise Restaurants to Franchisor's then standards and specifications.

-Confidential-

Page \| 4

Franchise Deed

**9.** **USE OF PRODUCTS** 

Franchisee shall purchase all equipment, supplies and materials (including the specialty sauce and other food ingredients) for use in the Franchised Business (the "**Products**") from Franchisor or in accordance with and on the instructions of Franchisor. Franchisee must use all Products in accordance with the relevant instructions. Franchisee must provide Products under the Trademark if required by Franchisor. All Products must conform to Franchisor's specifications.

**10.** **SUBSTANDARD SUPPLIES** 

In order to maintain standardization and consistency among all Franchise Restaurants, Franchisor reserves the right to require Franchisee to remove from use any items or supplies that do not conform to Franchisor's specifications and quality control standards upon seventy two (72) hours' written notice. If Franchisee fails to do so, then Franchisor may enter the Franchise Restaurants for the purpose of such removal. If Franchisor's entry becomes necessary as a result of Franchisee's failure to remove any such items from use, Franchisee shall reimburse Franchisor upon demand for its reasonable costs and expenses associated with such removal.

**11.** **[Not applicable]** 

**12.** **ADVERTISING AND MARKETING** 

12.1 Franchisor
 may provide Franchisee with advertising and marketing materials, including without limitation
 merchandising materials, sales aids, special promotions and similar advertising at a reasonable
 price, plus handling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Franchisor
 shall provide, at the reasonable request of Franchisee but at the discretion of Franchisor,
 materials, information and assistance for advertisements, sales promotions, and/or publicity
 campaigns of the Franchised Business from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Subject
 to clauses 12.4, 12.5 and 12.6, Franchisor grants Franchisee the right to conduct the advertisement,
 sales promotion and/or publicity campaigns of the Franchised Business in such a manner that
 in the reasonable opinion of Franchisee are effective and suitable for the market in the
 Franchise Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Franchisee
 shall provide Franchisor with reports in such form and content and with such frequency as
 Franchisor requires in respect of the advertising and marketing activities of Franchisee
 in respect of the Franchised Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 Franchisee
 shall submit (through the mail, return receipt requested) to Franchisor for its prior written
 approval (except with respect to prices to be charged), samples of all advertising materials
 to be used by Franchisee that have not been prepared or previously approved by Franchisor
 or its designated agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 If
 Franchisor determines in its sole judgment or discretion that any advertising or promotional
 programs or materials used or planned by Franchisee are directly or indirectly injurious
 or prejudicial to Franchisor or any of its franchisees, or breaches any provisions of this
 Deed (including clause 18), Franchisee shall cease such advertising or promotion immediately
 upon notification by Franchisor.

**13.** **SERVICE QUALITY** 

During the Term, Franchisee shall operate, pursuant to the Methods, the Franchised Business in an orderly and businesslike manner and to comply with the format, standards, reasonable rules, and the Manuals as may be advised by Franchisor from time to time and maintain the quality of the service. Franchisee shall safely and hygienically store and preserve all materials or ingredients and Products for the Franchised Business. Franchisee agrees that any breach of the above quality control standards in respect of ingredients, materials, the Products, or any breach of the Manuals or the Methods in relation to the service provision, quality control, or the Products regarding the Franchised Business shall be grounds for making this Franchised Business non-exclusive, for reducing the exclusive Franchised Area, or termination of this Deed by Franchisor at its sole and absolute discretion.

**14.** **PAYMENT** 

All payments required to be made by Franchisee to Franchisor hereunder shall be paid by bank draft, money order, automatic pre-authorized payment plan, electronic funds transfer or such other method as Franchisor may reasonably specify, and shall be made in cleared funds without deduction or set off.

-Confidential-

Page \| 5

Franchise Deed

**15.** **MATERIALS/ SERVICES** 

15.1 Franchisor
 shall provide the Manuals throughout the Term. The Manuals shall constitute the objective
 standards by which the performance of the Franchisee shall be assessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Franchisee
 shall maintain the Manuals on the premises of Franchise Restaurants throughout the Term.
 Franchisor shall surrender and deliver possession of the Manuals to Franchisor upon expiration
 or termination of this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 Franchisee
 shall maintain the Manuals in a safe and secure location, with access to the Manuals limited
 to those officers or employees of Franchisee who need to know and need to access the Manuals
 for the conduct of the Franchised Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 Franchisee
 shall operate the Franchised Business in strict compliance with the specifications, standards,
 procedures, systems, rules and regulations incorporated in the Manuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 Franchisor
 may revise the Manuals from time to time, and Franchisee shall comply with all such matters
 as they may exist from time to time as though they were specifically set forth in this Deed
 as provisions hereto. The Manuals as revised from time to time are hereby incorporated into
 this Deed by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 Franchisor
 may transmit a copy of the Manuals and any revisions by electronic-mail, internet, intranet
 or other electronic means. Franchisee shall not duplicate the Manuals by any means, including
 by electronic means, and shall return all electronic data storage devices including memory
 sticks, disks and any electronic versions of the Manuals to Franchisor upon expiration or
 termination of this Deed.

**16.** **REQUIRED REPORTS TO FRANCHISOR** 

16.1 Franchisee
 shall provide to Franchisor the audited financial statements of Franchisee within sixty (60)
 days following completion of Franchisee's financial year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Franchisee
 shall provide a written report to Franchisor within ten (10) days after each month during
 the Term setting out the gross revenue received by Franchisee in the preceding month, and
 the corresponding calculation of the Monthly Franchised Business Fee for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 Franchisee
 shall provide Franchisor as soon as practicable with such additional information and documents
 Franchisor requests for the purpose of confirming or verifying the monthly revenue report
 of Franchisee or the calculation of the Monthly Franchised Business Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 Franchisee
 shall, in a manner satisfactory to Franchisor, and in accordance with generally accepted
 accounting principles in Hong Kong, maintain original, records, accounts, books, data, licenses,
 contracts and product supplier invoices which shall accurately reflect all particulars relating
 to Franchisee's business and such statistical and other information or records as Franchisor
 may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 Upon
 Franchisor's request, Franchisee shall compile and provide to Franchisor any statistical
 or financial information regarding the operation of the Franchised Business, the products
 and services sold by it, or data of a similar nature (including, without limitation, any
 financial data that Franchisor believes that it needs to compile or disclose in connection
 with the sale of franchises or that Franchisor may elect to disclose in connection with the
 sale of franchises).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6 Franchisor
 and its authorised representatives shall have the right to examine, audit and take copies
 of such records, accounts, books and data, and consult employees of Franchisee during normal
 business hours to ensure that Franchisee is complying with the terms of this Deed. Franchisee
 shall provide Franchisor (and its auditors and other advisors) with all reasonable co-operation,
 access and assistance in relation to each audit and consultation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7 If
 Franchisor determines that Franchisee has not accurately reported or paid the Monthly Franchised
 Business Fee, then in addition to all other rights and remedies of Franchisor, interest shall
 accrue on any underpayment at the rate of five per cent (5%) per annum from the date of such
 underpayment until the date of full payment and Franchisee shall immediately on demand pay
 Franchisor the amount of underpayment and all such interest.

-Confidential-

Page \| 6

Franchise Deed

**17.** **VERIFICATION RIGHTS** 

Franchisor and any of its authorised representatives shall have the right at any reasonable time to enter the Franchise Restaurants or relevant offices at which the Franchised Business is conducted, and to inspect, review and verify whether the provisions of this Deed have been complied with.

**18.** **INTELLECTUAL PROPERTY** 

18.1 Franchisee
 shall operate the Franchised Business under its own name on purchase agreements, contracts
 with vendors, and all related or similar documents. However, Franchisee must always refer
 to the Franchised Business by using such Trademark in marketing/advertising as is directed
 by Franchisor. Franchisor shall have the right to request the amendment of Franchisee's
 own corporate or firm name prior to Franchisee commencing the Franchised Business using the
 Licensed IPR.

18.2 Franchisee
 and Guarantor agree and acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Licensed IPR shall solely vest in Franchisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 Licensed IPR shall at all times be and remain the sole and exclusive property of Franchisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) neither
 Franchisee nor Guarantor, by reason of this Deed or otherwise, have acquired any right, title,
 interest or claim of ownerships in any Intellectual Property of Franchisor or Unico Japan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) neither
 Franchisee nor Guarantor has any claim, right or interest in the Intellectual Property of
 Franchisor or Unico Japan (or any part thereof) save as is expressly granted by this Deed,
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Franchisee, or any entity associated with it, shall hold all goodwill generated by its operations
 under this Deed as bare trustee for the benefit of the Franchisor.

18.3 Franchisee
 hereby assigns and transfers, and agrees to assign and transfer, to Franchisor (or to its
 designated nominee):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Intellectual Property which may arise from the performance of this Agreement;

(b) all
 Intellectual Property and Improvement Rights which may arise in respect of the Methods or
 the Manuals; and

(c) all
 goodwill accruing or arising from the Licensed IPR and from Franchisee's operation
 of the Franchised Business.

18.4 Franchisee
 will execute all documents and do all things requested by Franchisor to evidence this assignment
 and transfer, at Franchisor's request and cost, and all such documents will be in a
 form agreed by and acceptable to Franchisor.

18.5 Franchisor
 may use, license, change or exploit all Intellectual Property assigned and transferred by
 Franchisee to Franchisor as its Intellectual Property for itself and for any other person
 (including other franchised businesses) without any approval, notice or payment to Franchisee.

18.6 Franchisee
 irrevocably and unconditionally waives all moral rights in respect of any Intellectual Property
 assigned or transferred to Franchisor (or its designated nominee) under this Deed.

18.7 Nothing
 contained in this Deed shall be construed to prevent, limit or restrict Franchisor from licensing
 any other person or entity to use the Licensed IPR anywhere outside of the Franchised Area.

18.8 Franchisee
 shall execute and deliver any agreement or instruments as may be required by Franchisor in
 connection with Franchisee's use of the Licensed IPR and Franchisee shall comply with
 all procedures and cooperate in all filings, which Franchisor considers necessary or desirable
 to preserve and protect the interest of Franchisor in the Licensed IPR, during the Term and
 after the expiration or termination of this Deed.

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Franchise Deed

18.9 Franchisee
 shall only use the Licensed IPR in the exact form prescribed by Franchisor, and Franchisee
 shall indicate to the public in the manner directed by Franchisor that the Licensed IPR is
 used by Franchisee under licence.

18.10 All
 copyright in the Manuals and Methods is expressly reserved to Franchisor, and no licence,
 right or authority is given by Franchisor to copy, amend or change the Manuals or Methods
 (or any part of them).

18.11 Franchisee
 shall not display any sign, use any advertising materials or media, or engage in any advertising
 or promotional programs using the Licensed IPR that may adversely affect Franchisor or be
 detrimental to its good name and reputation, or adversely affect any other businesses licensed
 by Franchisor. Franchisee shall not do anything in anyway, directly or indirectly, at any
 time during the Term or thereafter, to infringe upon, impair, weaken, damage, contest or
 be detrimental to Franchisor's rights, title and interest in or to the Licensed IPR,
 or the reputation or goodwill associated with the Licensed IPR or the Franchisor, or the
 reputation or goodwill associated with the Licensed IPR or the Franchisor.

18.12 Franchisor
 shall be solely responsible for the commencement, conduct and expenses of any litigation
 or legal proceedings in relation to the protection of the Licensed IPR or other Intellectual
 Property of Franchisor under this Deed.

**19.** **INTELLECTUAL PROPERTY UNDERTAKINGS** 

Franchisee and Guarantor jointly and severally undertake and warrant that they shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not
 apply for, or obtain, registration of any Intellectual Property of Franchisor or Unico Japan
 or in respect of the Franchised Business in any jurisdiction (including Franchised Area)
 at any time;

(b) not
 contest the ownership, title and rights of Franchisor or Unico Japan to their respective
 Intellectual Property;

(c) not
 use the Licensed IPR or any confusingly similar words or colors as part of its own corporate
 or firm name or corporate or firm name of any corporation or other entity operating the Franchised
 Business pursuant to this Deed,

(d) at
 the request of Franchisor, furnish Franchisor with information or materials which are necessary
 or helpful to establish or evidence Franchisor's ownership of Intellectual Property,
 and the nature and scope of its rights therein (including but not limited to information
 regarding the Franchisee's first and subsequent dates of use, proof of such use dates,
 information regarding the nature and extent of the Franchisee's use, and actual specimens
 of use made by Franchisee in advertising, printed materials or other materials which are
 used in connection with the promotion of the Franchised Business and/ or Products); and

(e) at
 all times use their best endeavours to protect and preserve the goodwill and image of the
 Trade Name and Trademarks and to conduct business in a manner consistent with good business
 ethics and consistent with the Manuals or directions given by Franchisor from time to time.

**20.** **DUTIES OF FRANCHISEE** 

**20.1** **[Not applicable]** 

**20.2** **Ongoing** 

Throughout the Term, Franchisee agrees to participate on an active basis in the management of the Franchised Business, and at Franchisee's cost and expense, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conduct
 diligently and continuously the bona fide operations of the Franchised Business under the
 Trademarks and Trade Name in conformity in all respects with Methods at Franchise Restaurants
 during regular business hours.

(b) provide
 Franchisor with any information, methods, forms, business practices, marketing ideas, advertising
 ideas, recruiting methods, and ideas or suggestions which Franchisee is using which may improve
 the operations of the Franchised Business all of which may thereafter be used by Franchisor
 and others designated by Franchisor without Franchisee's approval or any compensation
 to Franchisee,

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Franchise Deed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) operate
 the Franchised Business solely under the Licensed IPR in all advertising, webpages, classified
 telephone directories, promotion and communications material all in accordance with Franchisor's
 policies,

(d) operate
 the Franchised Business and supervise all employees so that the operation of the Franchised
 Business complies with all laws and regulations in the jurisdiction in which the Franchise
 Restaurant is located;

(e) preserve,
 maintain and enhance the value of the Licensed IPR and the reputation and goodwill developed
 by Franchisor and its franchisees,

(f) employ
 sufficient qualified staff and workers to ensure the smooth and efficient operation of the
 Franchised Business at the Franchise Restaurants, provide suitable training therefor so that
 the employees, staff and workers serve the customers in a courteous, polite and pleasant
 manner,

(g) have
 the relevant employees acknowledge that the Confidential Information are proprietary information
 of Franchisor and comply with the obligations under clause [21],

(h) ensure
 the employees, staff, and workers working at Franchise Restaurants wear such uniforms and
 in such a manner as may be advised by the Franchisor and such uniform shall at all times
 be in reasonable state of cleanliness and neatness,

(i) promptly
 notify Franchisor of any changes in the employees with Franchisee,

(j) participate
 in any meetings with Franchisor as may be convened at the direction of the Franchisor from
 time to time for reporting to the Franchisor of the operation of the Franchised Business
 and for receiving such guidelines and/or direction from the Franchisor,

(k) maintain
 its books and records in the manner required by Franchisor and deliver to Franchisor, in
 accordance with its request, financial statements of the business of Franchisee prepared
 in Franchisor's prescribed format and in accordance with general accepted accounting
 principles within ten (10) days following its request,

(l) pay
 when due all taxes, accounts, liabilities and indebtedness incurred by Franchisee in the
 conduct of its business,

(m) at
 all times maintain a list of all personal data collected ()"**Personal Data** ")
 fully in compliance with this Deed and Personal Data (Privacy) Ordinance (Cap. 486) ()"**PDPO** "),

(n) ensure
 Franchisee has adequate finances, including working capital, to discharge Franchisee's
 obligations under this Deed, to ensure that Franchisee is not in default of any bank loans
 and to provide Franchisor with written evidence of this from Franchisee's banker on
 demand,

(o) operate
 only the Franchised Business, and conduct no other business;

(p) not
 conduct the Franchised Business in the operations of any other company, business entity or
 person (whether a subsidiary, affiliate or otherwise); and

(q) at
 all times to act in utmost good faith towards Franchisor;

**20.3** **Commitment** 

Throughout the Term, Franchisee agrees not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) operate
 another business at the Franchise Restaurant,

(b) whether
 directly or indirectly, be engaged, concerned or interested in a business similar to or competitive
 with the Franchised Business whether as an owner, part owner, or operator of, or affiliated
 with the same, including holding a financial interest in such a business that may enable
 the Franchisee to influence its economic conduct (but excluding all other financial interests),

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Franchise Deed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) use
 any Licensed IPR, the Manuals, the Methods or any other Intellectual Property of Franchisor
 or Unico Japan in relation to any documentation, merchandise, equipment, supplies, accessories,
 or other articles unless the same shall have been first submitted to and approved in writing
 by the Franchisor as meeting its standards of quality and utility,

(d) sell
 or give away any Products to any third party or parties except for the immediate consumption
 for the promotional purpose at the Franchise Restaurant,

(e) use
 any Intellectual Property or conduct its business in any manner that imposes any liability
 upon Franchisor or indicates the business is conducted by, or on behalf of, or subject to
 the direction of, Franchisor,

**21.** **GUARANTEE** 

21.1 In
 consideration of the granting of the license franchise and other rights to Franchisee hereinafter
 provided, Guarantor hereby irrevocably and unconditionally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees
 to Franchisor the punctual performance by Franchisee of all of the payment obligations assumes
 and/or expressed to be assumed by Franchisee under this Deed and undertakes with Franchisor
 that whenever Franchisee does not pay any amount when due under this Deed, Guarantor shall
 immediately on demand pay that amount as if it was the principal obligor; and

(b) undertakes
 to use his best endeavours to procure the strict observance and performance by Franchisee
 of each and all of its obligations contained or referred to in this Deed and undertakes to
 indemnify and keep indemnified Franchisor from and against all losses, costs and expenses
 (including legal expenses) which Franchisor may reasonably incur or sustain from or in relation
 to any breach or non-observance or non-performance of those obligations or incurred by Franchisor
 in respect of this Deed.

21.2 Guarantor
 hereby expressly waives any right he may have of first requiring Franchisor to proceed against
 or enforce any other rights or security or claim payment from any person before claiming
 from Guarantor hereunder. Likewise, Guarantor shall not exercise any right of subrogation,
 contribution, indemnity, reimbursement or similar rights with respect to any payments it
 makes under this clause until all of the guaranteed obligations and any amounts payable under
 this clause have been paid and performed in full.

21.3 The
 obligations of Guarantor under this clause are absolute and unconditional, irrespective of
 the value, genuineness, validity, regularity or enforceability of any of the documents relating
 to the obligations, or any substitution, release, impairment or exchange of any other guarantee
 of or security for any of the obligations, and, to the fullest extent permitted by applicable
 law, irrespective of any other circumstance whatsoever which might otherwise constitute a
 legal or equitable discharge or defense of a surety or guarantor, it being the intent of
 this clause that the obligations of Guarantor hereunder shall be absolute and unconditional
 under any and all circumstances.

**22.** **COMPLIANCE WITH LAWS** 

Franchisee shall operate the Franchised Business in compliance with all applicable laws of the Franchised Area.

**23.** **CONFIDENTIALITY** 

23.1 Franchisee
 and Guarantor hereby jointly and severally warrant to Franchisor that all Confidential Information
 obtained in connection with the Franchised Business shall be kept strictly confidential and
 that all Confidential Information disclosed or provided by Franchisor shall remain the property
 of Franchisor.

23.2 Franchisee
 and Guarantor hereby jointly and severally undertake to Franchisor that Franchisee and Guarantor
 shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not
 use the Confidential Information for any other purpose than for the purpose of operating
 Franchised Business;

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Franchise Deed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) protect
 the Confidential Information against disclosure to third parties in the same manner and with
 the same degree of care, but not less than a reasonable degree of care, with which Franchisee
 protects confidential information of its own; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) limit
 circulation of the Confidential Information to such employees of Franchisee who have a need
 to know in connection with the operation of the Franchised Business, provided that such employees
 are also bound by the confidentiality obligation herein.

23.3 The
 confidentiality obligations under this clause 23 will apply indefinitely.

23.4 The
 obligations of this clause 23 shall not apply to information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 or becomes a part of the public domain through no act or omission of Franchisee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was
 in Franchisee's lawful possession prior to the disclosure and had not been obtained
 by Franchisee either directly or indirectly from Franchisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is
 lawfully disclosed to Franchisee by a third party without restriction on disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is
 required to be disclosed by law or other governmental authority; provided, however, that
 Franchisee shall first have given notice to Franchisor that a protective order, if appropriate,
 may be sought by Franchisor.

**24.** **REPRESENTATIONS AND WARRANTIES** 

24.1 Franchisor
 represents and warrants to Franchisee that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 is a corporation duly incorporated and existing under the laws of Hong Kong and authorised
 to enter into this Deed and upon the execution and delivery of this Deed by the parties it
 will be a valid, binding obligation of Franchisor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entering
 into this Deed will not violate, or constitute a breach of, any other agreement or commitment
 to which Franchisor is a party.

24.2 Franchisee
 represents and warrants to Franchisor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee
 is not obtaining this Franchised Business for any purpose other than to own and operate the
 Franchised Business and has no present intention to sell, transfer, assign or attempt to
 sell, transfer or assign the Franchised Business in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Franchisee
 is a legal entity duly incorporated and existing under the laws of Hong Kong and qualified
 to do business in Hong Kong and authorized to enter into this Deed and will procure such
 certificates, licences and permits necessary for Franchisee to carry on the business contemplated
 by this Deed; the individual executing this Deed on behalf of Franchisee is duly authorised
 to do so and upon the execution and delivery of the Agreement, it will be a valid, binding
 obligation of Franchisee ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) entering
 into this Deed will not violate, or constitute a breach of, any other agreement or commitment
 to which Franchisee is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Franchisee
 understands and acknowledges the importance of the high and uniform standards of quality,
 appearance and service imposed by Franchisor in order to maintain the value of the Licensed
 IPR, the Manuals and the Methods, and the necessity of operating the Franchised Business
 in compliance with Franchisor's standards and that Franchisee currently has the capability
 to meet those standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no
 representation, promise, guarantee or warranty or statement regarding profits or expected
 earnings of any kind were or have been made by Franchisor or by any person representing himself
 as an authorised agent, employee or representative of Franchisor to induce Franchisee to
 execute this Deed;

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Franchise Deed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) neither
 Franchisor, nor any other person has guaranteed, represented or warranted that the use of
 the Rights or the Licensed IPR will result in the success or profitability of the Franchised
 Business, or has provided any sales or income projections of any kind to Franchisee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 success of the Franchised Business is dependent upon the efforts of Franchisee and its officers
 and employees, and intend to devote his full business time to the operation of the Franchised
 Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Franchisee
 is or will be qualified and licensed to conduct the Franchised Business under the laws of
 the Franchised Area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Franchisor
 has advised Franchisee to retain legal counsel to review this Deed and is aware that there
 are significant financial risks inherent in owning and operating the Franchised Business;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all
 information furnished by Franchisee pursuant to, and statements of Franchisee in, the application
 of Franchisee related to the Franchised Business are true and correct.

**25.** **RECTIFICATION OF DEFAULTS** 

Franchisee shall promptly rectify all defaults or failures to perform any of its obligations under this Deed as specified elsewhere in this Deed upon receipt of written notice from Franchisor.

**26.** **FULL TIME AND BEST ENDEAVOURS** 

Franchisee shall devote its best endeavours to actively conduct the Franchised Business within the Franchised Area in accordance with the terms and conditions of this Deed.

**27.** **REQUIREMENTS REGARDING FRANCHISED RESTAURANTS** 

27.1 For
 the purposes of opening a Franchise Restaurant on or before the Effective Date, and opening
 such further Franchise Restaurants thereafter,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee
 shall at its own expenses engage an estate and property agent for the purpose of looking
 for such sites or locations or premises as may be designated by Franchisor for the operation
 of the Franchised Business of the new Franchise Restaurant after signing of this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Franchisee
 shall enter into such tenancy agreement with the landlord of the premises on such terms and
 conditions as may be approved by Franchisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 costs and expenses arising from or in connection with the location of suitable premises for
 the operation of the Business (including but not limited to the rent, promotion levy etc.)
 and related legal matters shall be borne by Franchisee absolutely.

27.2 If
 Franchisee fails to procure the entry into any agreement or obtaining possession of suitable
 premises for the opening of the new Franchise Restaurant on or before the Effective Date,
 this Deed shall be deemed to be terminated immediately upon the expiration thereof. All parties
 are thereafter discharged from further performance of the terms and conditions of this Deed
 but without prejudice of any claim by Franchisor against Franchisee for any antecedent breach.

27.3 Franchisee
 shall continuously use the Franchised Location premises only as and for the Franchised Business
 during the Term, unless agreed to prior to use by Franchisor in writing.

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Franchise Deed

**28.** **AS S IGNMENT BY FRANCHISEE** 

28.1 Franchisee
 and Guarantor jointly and severally undertake that, save for any transfers as part of any
 reorganisation in contemplation of any initial public offering process in Hong Kong or anywhere
 in the World:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) neither
 Franchisee nor Guarantor shall sell, assign or encumber, all or any part of the assets and
 business of Franchisee;

(b) Franchisee
 shall not issue any shares or other securities to any person other than Guarantor;

(c) Guarantor
 shall not sell, transfer, encumber, grant, or otherwise dispose of the shares or securities
 of Franchisee or any interest therein;

(d) neither
 Franchisee nor Guarantor shall sell, transfer, assign, encumber, create any trust over, or
 otherwise dispose of this Deed or any rights under this Deed. (each a "**Transfer** ").

28.2 Any
 attempted Transfer shall be null and void and constitute an immediate termination of this
 Deed, save for Transfers permitted above.

28.3 Franchisee
 shall not be released or relieved of any continuing obligation of confidentiality and non-competition
 under this Deed as the result of a Transfer or Franchisor's consent to a Transfer.
 The consent to a Transfer by Franchisor shall be subject to the condition subsequent that
 the assignee (or an approved designee of assignee) completes the Training to the satisfaction
 of Franchisor and if the Training is not so completed the Transfer shall be null and void.
 If the Training is completed to Franchisor's satisfaction and Franchisee and the assignee
 have satisfied all other conditions related to the Transfer the rights and obligations of
 Franchisee under this Deed shall inure to the assignee.

**29.** **FRANCHISOR ASSIGNMENT** 

Franchisor may assign, novate or transfer this Deed and all or any part of its rights and obligations hereunder at any time, to any person or entity, without the consent of Franchisee. The rights and obligations of Franchisor under this Deed shall inure to Franchisor's successors and assigns.

**30.** **DEATH OR INCAPACITY OF GUARANTOR** 

In the event of the death or permanent incapacity or disability of Guarantor, Franchisee or its estate shall have the right to assign this Deed within ninety (90) days, subject to Franchisor's reasonable conditions of assignment. Otherwise, Franchisee or its estate shall continue to perform the obligations of Franchisee under this Deed.

**31.** **NO ENCUMBRANCE OF FRANCHISE** 

Notwithstanding the foregoing, Franchisee shall not have the right to pledge, encumber, charge, hypothecate or otherwise give any third party a security interest in this Deed without the prior written consent of Franchisor, which may be withheld for any reason whatsoever.

**32.** **FRANCHISEE'S FIRST RIGHT OF REFUSAL** 

Unless otherwise agreed in writing, if i) Franchisee wishes to expand and open any Franchised Restaurants in the regions outside of Hong Kong and submits a request for expansion in writing to the Franchisor, or ii) Franchisor elects to expand and open a Franchise Restaurant in regions outside of Hong Kong and Japan, then the Franchiser shall service a written notice of first right of refusal (the "Notice of Right of First Refusal") to the Franchisee. The Franchisee shall have a right of first refusal for a period of thirty (30) days from the date of the Notice of Right of First Refusal (the "Right of First Refusal Period"), within which to invest in such Franchised Restaurant on the same terms and conditions as offered to a third party. Where parties hereto failed to reach an agreement for such expansion within the Right of First Refusal Period, the Franchisor shall be free to enter into any agreement with any third parties with regard to any expansion of the Franchised Business and opening of the Franchised Restaurants in the said region.

**33.** **TERMINATION** 

33.1 If
 Franchisee breaches any of terms and conditions as herein provided (including breaches under
 clause 32.2) it shall promptly notify Franchisor in writing of such breach (the "**Notice of Breach** ").

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Franchise Deed

33.2 At
 any time after receipt of the Notice of Breach from Franchisee, or otherwise becoming aware
 of any breach of the terms and conditions of this Deed by Franchisee, Franchisor shall be
 entitled to give a written demand to Franchisee (the "**Letter of Demand** ")
 specifying the breach of any obligations to be performed and observed by Franchisee herein
 provided and requiring Franchisee to remedy or rectify the same within seven (7) days from
 the date of such demand, provided that in the event of occurrence of the events listed under
 clause 33.3, the Franchisor may terminate the Deed without serving the Letter of Demand pursuant
 to clause 33.3. If Franchisee fails to remedy or rectify the breach to the reasonable satisfaction
 of Franchisor, then Franchisor may (but not is obliged to) terminate this Deed by giving
 not less seven (7) days' prior written notice to Franchisee. Franchisee acknowledges
 that it is the right but not the obligation of the Franchisor to exercise any rights conferred
 herein.

33.3 If,
 on the occurrence of any of the following events, Franchisor may (but is not obliged to)
 terminate this Deed summarily and without giving any prior notice to Franchisee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee
 shall fail to pay any sum payable in accordance with Clause 5 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Franchisee
 shall fail to maintain a reasonable standard of the operation of Franchised Business in accordance
 with such reasonable instructions and advice by Franchisor so that in the opinion of Franchisor
 the goodwill and reputation of the Trade Name and Trademarks will be affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Franchisee
 shall carry on the Franchised Business not at a suitable location which may adversely affect
 the Trade Name and Trademarks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Guarantor
 shall be adjudged bankrupt or a trustee in bankruptcy is appointed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Franchisee
 enters liquidation either voluntary or compulsory (save for the purpose of reconstruction
 or amalgamation as may be reasonably approved by Franchisor) or a receiver shall be appointed
 in respect of the whole or any part of its assets or Franchisee shall make an assignment
 for the benefit of its creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 event specified in clause 27.2 hereinabove;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 giving by Franchisee of a Power of Attorney or similar authority whereby the donee of the
 Power obtains the right to use or otherwise enjoy the use of the Licensed IPR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 take-over reconstruction amalgamation merger or liquidation or winding up of Franchisee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) save
 for any transfers as part of any reorganisation in contemplation of any initial public offering
 process in Hong Kong or anywhere in the World, any change in the person or persons who owns
 or own a majority of the voting shares of and in Franchisee or otherwise has or have effective
 control of Franchisee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Guarantor
 ceases to hold or fails to maintain the legal and beneficial interest for (whether directly
 or indirectly)_at least fifty percent (50%) of the voting shares in issue by Franchisee ,
 unless such decrease in shareholding by the Guarantor in the Franchisee was the result of
 any reorganisation in contemplation of any initial public offering process in Hong Kong or
 anywhere in the World.

Franchisee acknowledges that it is the right but not the obligation of the Franchisor to exercise any rights conferred herein.

33.4 On
 the termination of this Deed, Franchisee shall refrain from operating the Franchised Business
 and using the Licensed IPR as soon as practicable and not later than one (1) month. Franchisee
 shall cease to use and remove all identifying matters from the premises as Franchisor may
 direct effectively to distinguish the premises and such from its appearance as a designation
 for the operation of the Franchised Business under the Trade Name and Trademark and if Franchisee
 shall fail or omit to make or cause to be made such changes within seven (7) days after written
 notice then Franchisor and its authorised agents shall have the right to enter upon the premises
 and to make or cause to be made such changes in the premises at the expense of Franchisee
 which expense Franchisee shall indemnify and keep Franchisor indemnified upon demand.

33.5 The
 accrued rights and the liabilities of the parties hereto shall not be affected upon the expiration
 or termination of this Deed and shall be enforceable despite such expiration or termination.

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Franchise Deed

33.6 If
 Franchisee operates the Franchised Business after the receipt of the Notice of Breach by
 the Franchisor or receipt of the Letter of Demand by the Franchisee (as the case may be)
 but before Franchiser elects to terminate this Deed pursuant to clause 33.3 or 33.4 (as the
 case may be), then in any such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee
 shall be deemed to be operating the Franchised Business on a month-to-month basis under the
 terms and conditions of this Deed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 fees paid to Franchisor on a monthly basis shall be twice the amount designated in the expired
 agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Franchisor
 may at any time by written notice to Franchisee require Franchisee to cease operating the
 Franchised Business, in which case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Franchisee
 shall cease operating the Franchised Business within one (1) month after that date of such
 written notice; and

(ii) from
 the date of such written notice, Franchisee shall account for and pay to Franchisor on demand
 (y) all profits arising from the conduct of the Franchised Business after the date of such
 written notice; and (z) all legal costs incurred by Franchisor after the date of such notice
 in respect of the cessation of the Franchised Business or enforcement of rights under this
 Deed (including those incurred in obtaining an order of the court to prevent Franchisee from
 continuing to operate the Franchised Business).

**34.** **COVENANT NOT TO COMPETE** 

34.1 In
 order to protect the Confidential Information, trade secrets and business connections of
 Franchisor, Franchisee and Guarantor hereby jointly and severally agree and undertake that
 they shall not, during the Term and for the period of one (1) year immediately after termination
 of this Deed, save for any businesses which are already in operation prior to the termination
 of this Deed, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 any manner whatsoever engage in any capacity in any business in Hong Kong in the restaurant,
 food and hospitality sector to conduct any style of Yakiniku Cuisines in Hong Kong for their
 own benefit or for the benefit of any person or entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have
 any interest as owner, sole proprietor, stockholder, partner, lender, director, officer,
 manager, employee, consultant, agent or otherwise in any business in Hong Kong in the restaurant,
 food and hospitality sector conducting any style of Yakiniku Cuisines in Hong Kong; provided,
 however, that Guarantor may hold, directly or indirectly, solely as an investment, not more
 than forty-nine percent (49%) of the securities of any entity notwithstanding the fact that
 such person or entity is engaged in a business competitive with the Franchised Business provided
 that the Guarantor covenants to comply with any terms of this agreement during the term of
 such investment.

34.2 Franchisor
 may, acting reasonably and in good faith, be entitled to damages to Franchisor's business
 arising from a material breach of the provisions under this clause.

34.3 The
 Franchisee and the Guarantor hereby acknowledge and agree that the aforesaid restrictions
 are fair and reasonable for the protection of the lawful rights and interests of the Franchisor.

**35.** **FRANCHISEE'S OBLIGATIONS OF DISCONTINUANCE UPON TERMINATION** 

35.1 Upon
 the expiration or termination of this Deed for whatever reason:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee
 shall forthwith discontinue use of the Licensed IPR, the Manuals, the Methods, know-hows,
 any other proprietary information belonging to the Franchisor or any Confidential Information
 and shall not thereafter operate or do business under any name or in any manner that might
 tend to give the general public the impression that it is, either directly or indirectly
 associated with the Franchised Business. Further, Franchisee shall not, use any trademark,
 name, logo, copyright, custom computer software, trade secret, confidential information,
 advertising, design, graphic, script, color combination, distinguishing feature or other
 element which is confusingly similar to or colorably imitative of those used by the Franchised
 Business.

-Confidential-

Page \| 15

Franchise Deed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Franchisee
 acknowledges the proprietary rights as set out in this Deed and agrees to forthwith return
 to Franchisor all copies in its possession of the Manuals and all other Confidential Information
 and materials containing the same relating to the Franchised Business, or bearing the Licensed
 IPR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Franchisee
 shall promptly pay to Franchisor, all sums of money, fees or other charges due (including
 unpaid fees for the Products) which are not validly disputed and have accrued to the date
 of termination or expiration, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Franchisee
 shall take all necessary steps to disassociate any and all listings and advertising of Franchisee
 or their agents from Licensed IPR upon termination or expiration, as applicable. Further,
 Franchisee shall immediately upon termination or expiration, notify the company providing
 webpage service or telephone service to Franchisee of Franchisee's termination or Franchisee's
 right to use any webpage, telephone number and any regular, classified or other listing(s)
 associated with the Licensed IPR. Franchisor has the sole rights to and interest in all listings
 associated with the Franchised Business and any other Intellectual Property in respect of
 the Franchised Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Franchisee
 shall take whatever steps Franchisor requires to cancel Franchisee's right to use any
 of Franchisor's other property or materials including use of and access to Licensed
 IPR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Franchisee
 shall not at any time thereafter make any disparaging or negative comments about Franchisor,
 the Franchised Business or do anything to damage Franchisor's goodwill or reputation
 or interfere with Franchisor's businesses or that of Franchisor's other franchisees.

35.2 If
 Franchisee fails or refuses to comply with this section in a professional and expeditious
 manner, as well as all other obligations hereunder intended to survive termination or expiration
 of this Deed (including the non-disclosure, non-competition and indemnification covenants),
 then Franchisee agrees to pay Franchisor for any and all costs and expenses (including but
 not limited to auditors, legal advisors, and collection fees) incurred by Franchisor in an
 effort to effect compliance hereunder.

35.3 All
 obligations of Franchisee and Franchisor (including Guarantor) hereunder which expressly
 or by their nature survive the expiration or termination of this Deed shall continue in full
 force and effect subsequent to and notwithstanding its expiration or termination and until
 they are satisfied in full or by their nature expire.

**36.** **FRANCHISOR'S RIGHT TO OPERATE** 

Upon expiration or termination of this Deed for whatever reason, Franchisor shall have the right to immediately establish, operate or franchise the Franchised Business anywhere within the Franchised Area.

**37.** **INDEMNITY** 

37.1 Franchisee
 and the Guarantor agree to collectively indemnify, keep indemnified and hold Franchisor and
 Unico Japan harmless against all loss and liability, as well as any depletion of goodwill
 and legal fees relating to such loss or liability, as a direct or indirect result of the
 Franchisee's conduct of the Franchised Business, including arising out of, or in any
 way connected with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee's
 failure to comply with or the Franchisee's acts or omissions in contravention of any
 applicable present and future authorisations, registrations, duties of care, codes of conduct,
 regulations, notices, permits, consents, approvals and licences issued, imposed or directed
 by any relevant body,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use
 of the Licensed IPR (or any other Intellectual Property) by Franchisee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 deliberate act, negligent act, error or omission of Franchisee or of the Franchisee's
 employees, agents or subcontractors,

-Confidential-

Page \| 16

Franchise Deed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 breach of this Deed or direct or indirect failure by Franchisee or of the Franchisee's
 employees or agents, to comply with any provision of this Deed,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Franchisee's
 breach, negligent performance or non-performance of this Deed by Franchisee, Franchisee's
 employees or agents,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 enforcement of this Deed,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 claim made against Franchisor by a third party for death, personal injury or damage to property
 arising out of or in connection with this Deed, to the extent attributable to the acts or
 omissions of Franchisee, Franchisee's employees, agents or subcontractors, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 claim made against Franchisor for actual or alleged infringement of a third party's
 intellectual property rights arising out of or in connection with operating the Franchised
 Business.

**38.** **GENERAL** 

38.1 This
 Deed contains the entire agreement between the parties and contains all of the terms and
 conditions agreed upon by the parties with reference to the subject matter of this Deed.
 In entering into this Deed, neither party relies upon, nor shall have any remedy in respect
 of, any statement, representation, assurance or warranty (whether negligently or innocently
 made) that is not set out in this Deed. No other agreements, oral or otherwise, shall be
 deemed to exist or to bind any of the parties, and all prior agreements and understandings
 are superseded hereby. This Deed may only be modified by a written agreement signed by both
 Franchisor and Franchisee.

38.2 Nothing
 in this clause shall exclude or restrict the liability of any of the parties arising out
 of its pre-contractual fraudulent misrepresentation.

38.3 All
 headings and captions in this Deed are for reference only and in no way alter the meaning
 or content of this Deed. The Schedule form an integral part of this Deed.

38.4 In
 case any provisions of this Deed or any application thereof shall be invalid, illegal or
 unenforceable in any respect, the validity, legality and enforceability of the remaining
 provisions contained herein and any other application thereof shall not in any way be affected
 or impaired thereby.

38.5 Franchisor
 may bring action for injunctive relief in order to compel Franchisee to comply with its obligations
 under this Deed so as to preserve and protect its Intellectual Property and the Licensed
 IPR, and other proprietary rights under this Deed and to maintain the uniformity and integrity
 of the Franchised Business as called for under this Deed.

38.6 In
 the event of any default on the part of either party to this Deed, in addition to all other
 remedies, the party in default will pay the aggrieved party all amounts due and all damages,
 costs and expenses, including reasonable legal fees, incurred by the aggrieved party in any
 legal action or arbitration proceeding as a result of such default, plus interest at the
 highest rate allowed by law, accruing from the date of such default.

38.7 This
 Deed shall be governed by, construed and interpreted according to the laws of Hong Kong.

38.8 Any
 dispute, controversy, difference or claim arising out of or relating to this contract, including
 the existence, validity, interpretation, performance, breach or termination thereof or any
 dispute regarding non-contractual obligations arising out of or relating to it shall be referred
 to and finally resolved by arbitration administered by the Hong Kong International Arbitration
 Centre under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration
 is submitted. The law of this arbitration clause shall be Hong Kong law. The seat of arbitration
 shall be Hong Kong. The number of arbitrators shall be one. The arbitration proceedings shall
 be conducted in English.

38.9 The
 terms and conditions or this Deed which by their nature require performance by Franchisee
 or others after assignment, expiration or termination shall remain enforceable notwithstanding
 the assignment, expiration or termination of this Deed.

-Confidential-

Page \| 17

Franchise Deed

38.10 Franchisee
 agrees that it will not, on the grounds of alleged non-performance by Franchisor of any of
 its obligations hereunder, or in the event of dispute, or a claim of Franchisee, or for any
 other reason whatsoever, withhold payment of any amounts due to Franchisor.

38.11 Each
 party acknowledges that it has been advised to seek independent legal advice and has been
 given ample opportunity to do so.

38.12 No
 variation of this Deed (or of any of the documents referred to in this Deed) shall be valid
 unless it is in writing and signed by or on behalf of each party.

38.13 Any
 notice required or permitted to be given under this Deed shall be in writing and shall be
 deemed to have been duly given if delivered by hand or sent by mailed by certified or registered
 mail, postage prepaid, addressed to Franchisor at its address as shown on the first page
 of this Deed; and to Franchisee at the Franchised Location address; or to such address as
 the respective parties may in writing advise.

38.14 Neither
 Franchisor's failure to exercise or delay in exercising any power, right or remedy
 given to the Franchisor hereunder nor to insist upon strict compliance by Franchisee with
 any obligation hereunder nor any custom or practice of Franchisee or the Franchisor's
 shall constitute any waiver of any of the Franchisor's rights under this Deed. Franchisor's
 waiver of any particular default by the Franchisee must be in writing and shall not affect
 or impair the Franchisor's rights in respect of any subsequent default of any kind
 by either Franchisee nor shall any delay by Franchisor or omission of Franchisor to exercise
 any rights arising from any default by Franchisee affect or impair Franchisor's rights
 in respect of the said default or any default of any kind. Any waiver of any rights by Franchisor
 will also operate as a waiver by Franchisee of any equivalent rights that either of them
 may have.

38.15 The
 submission of this Deed to Franchisee does not constitute an offer, and this Deed shall become
 effective only upon execution by both Franchisor and Franchisee.

38.16 This
 Deed may be executed in any number of counterparts, each of which when executed and delivered
 shall constitute an original of this Deed, but all the counterparts shall together constitute
 the same agreement. No counterpart shall be effective until each party has executed at least
 one counterpart. Each party consents to the use of the electronic signature of the other
 party for the purpose of any demand, notice or other document served or delivered by the
 other party in connection with this Deed.

38.17 A
 person who is not a party to this Deed shall not have any rights under the Contracts (Rights
 of Third Parties) Ordinance (Cap. 623 of the laws of Hong Kong) to enforce or enjoy the benefit
 of any of its provisions.

**IN WITNESS WHEREOF**, this Deed was entered into on, and is effective from, the Effective Date set forth in Schedule A.

-Confidential-

Page \| 18

Franchise Deed

**Schedule A: Particular Terms**

1. <u>Dates</u> 

1.1 Effective
 Date: September
 1<sup>st</sup>, 2022

1.2 Commencement
 Date: September
 1<sup>st</sup>, 2022

1.3 Expiry
 Date: August
 31<sup>st</sup>, 2037

1.4 First
 Monthly Franchised Business Fee: On
 or before October 31<sup>st</sup>, 2022

1.5 Financial
 Year End: March
 31<sup>st</sup>

2. <u>Franchise Location</u>:

2.1 Site
 1: G/F,
 14 Granville Road, Tsim Sha Tsui, Kowloon, Hong Kong

2.2 Site
 2: Shop
 321-323, 3/F, Tsuen Wan Plaza, 4-30 Taipa Street, Tsuen Wan, NT, Hong Kong

3. <u>Franchised Area</u>: Hong
 Kong S.A.R

-Confidential-

Page \| 19

Franchise Deed

**Execution Page**

<u>Franchisor</u>

---

| |
|:---|
| */s/ Futoshi Ushijima* |
| Futoshi Ushijima |
| Direct |
| /*s/ Yuta Ushijima* |
| Yuta Ushijima |
| Director |
| */s/ Luk Siu Fung Mark* |
| Luk Siu Fung Mark, |
| Sole Director |
| */s/ Luk Siu Fung Mark* |
| Luk Siu Fung Mark |

---

-Confidential-

Page \| 20

## Exhibit 10.6

**Exhibit 10.6**

Certain terms have been omitted pursuant to Regulation S-K Item 601(a)(6). The Registrant agrees to furnish supplementally a copy of any of the terms to the SEC upon request.

Dated the 21 day of July 2021

UNICO CO., LTD

UNICO HK CORPORATION LIMITED

And

C& HOSPITALITY LIMITED

LUK, SIU FUNG MARK （陸兆鋒）

FRANCHISE AGREEMENT

PANG, KUNG & Co.<br> Solicitors, Hong Kong SAR<br> Rooms 1808-9, 18th Floor<br> 71 Des Voeux Road Central<br> Hong Kong

THIS AGREEMENT made the 21<sup>st</sup> day of July Two Thousand And Twenty-One

BETWEEN

(A) **UNICO CO., LTD** whose registered office is situate at 3-1 Chuo-Honmachi, Saga City, Saga Prefecture,
 Japan **("Unico Japan")**;

(B) **UNICO HK CORPORATION LIMITED** whose registered office is situated at Unit 1214, 12/F., Chai
 Wan Industrial City, Phase 1, 60 Wing Tai Road, Chai Wan, Hong Kong **("Unico HK") ("Unico Japan"** and **"Unico HK<sup>"</sup>** collectively
 referred to as **"the Franchisor");** 

(C) **C& HOSPITALITY LIMITED** whose registered office is situated at Shop No. G1 & G3, Ground
 Floor, Site 11 (Treasure World), Whampoa Garden, Hung Hom, Kowloon, Hong Kong (the **"Franchisee")**;
 and

(D) **LUK, SIU FUNG MARK (陸兆鋒)** (holder of HKID: [\*\*\*]) of [\*\*\*]
 (the **"Director").** 

WHEREAS:-

(1) Unico
 Japan is the owner of the trade names of **"YAKINIKU KAKURA"** and **"焼肉芳水"** (hereinafter referred to as **"the Trade Name"**) and carries on the business
 of operating Japanese-style restaurants of roasted grilled and/ or barbecued pork and other
 cuisine with the use of the Trade Name.

(2) The
 operation of the Trade Name is conducted with a distinctive format and standard which comprise
 its trade names, trade marks, logos, designs, operational procedures, implementation plans,
 management guidelines, methods, personnel policies, training, specifications, style, settings,
 seating plans, menus, products, utensils, advertising, etc. (hereinafter referred to as **"the Method").** 

(3) The
 Director is the director and sole shareholder of the Franchisee, holding all the issued shares
 of the Franchisee.

(4) The
 Franchisee finds opportunities in the Business (as hereinafter defined) wishes to enter into
 the business of operating chain restaurants under the Trade Name in accordance with the Method
 in Hong Kong.

WHEREBY IT IS MUTUALLY AGREED BY AND BETWEEN the parties hereto as follows:

1.  **<u>DEFINITION AND INTERPRETATION</u>** 

1.1 In
 this Agreement unless the context otherwise requires the expression hereinbelow shall have
 the following meanings:-

---

| | |
|:---|:---|
| **"Business"** | means operating chain restaurants in accordance with the Method under the Trade Name in Hong Kong; |
| **"Company"** | means ES CONCEPT (F&B) CO., LIMITED (CR No.: 2945332) whose registered office is situated at Unit 1214, 12/F., Chaiwan Industrial City, Phase 1, 60 Wing Tai Road, Chai Wan, Hong Kong; |
| **"Intellectual Property"** | includes without limitation the Trade Name, the Trade Marks, the Methods, and all goodwill, patents, technology, copyright, designs, licenses and other intellectual property or similar rights owned, as may be owned or entitled to use by the Franchisor in connection with and/ or for use in the course of the Business (regardless of whether the same has been registered or not); |
| **"Products"** | means the specialty sauce and other food ingredients produced by or on the instructions of the Franchisor to be used with the Method and sold under the Trade Marks as may be advised and approved by the Franchisor; |
| **"Shops"** | means the restaurants operated by the Company in Hong Kong and, for the sake of greater clarity, it shall include the restaurant situate at Shop No. G1 & G3, Ground Floor, Site 11 (Treasure World), Whampoa Garden, Hunghom, Kowloon or such other restaurants or branches opened by the Company pursuant to the terms and conditions of this Agreement in the future; |
| **"Trade Marks"** | means the trade names, trade marks, designs, logos, patent and such other proprietary rights as may be owned or entitled to use by the Franchisor in connection with and/or for use in the course of the Business as at the date hereof and/or hereafter; |

---

1.2 The
 headings in this Agreement are for convenience only and do not affect its interpretation.

1.3 In
 this Agreement, the words include, includes, including and such as are to be construed as
 if they were immediately followed by the words without limitation.

2.  **<u>GRANT</u>** 

2.1 In
 consideration of the Franchisee duly observing and performing its obligations under this
 Agreement, the Franchisor hereby grants and gives unto the Franchisee during the continuance
 of this Agreement an exclusive franchise or licence to operate the Shop(s) in Hong Kong and
 carry on the Business of the Company under the Trade Name in accordance with the Method on
 the terms and conditions hereinafter provided. All other rights are hereby expressly reserved
 by the Franchisor.

2.2 The
 Franchisee and the Director hereby acknowledges that the franchise or licence granted pursuant
 to this Agreement is personal to the Franchisee and the Franchisee and the Director jointly
 and severally undertake that the Franchisee will not transfer assign mortgage charge or sub-license
 the said franchise or licence in whole or in part or otherwise enter into any arrangements
 having a similar effect without the prior written consent of the Franchisor and in accordance
 with the terms and conditions of this Agreement.

2.3 The
 franchise or licence shall be deemed to be revoked immediately upon expiration or termination
 of this Agreement by the Franchisor or sale of the operation by the Franchisee in accordance
 with terms hereinafter provided.

2.4 Waiver
 by the Franchisor or any particular default by the Franchisee shall not affect or prejudice
 the Franchisor's rights in respect of any other default nor any subsequent default
 of the same or of a different kind nor shall any delay or omission of the Franchisor to exercise
 any right arising from any default affect or prejudice the Franchisor's rights as to
 the same or any future default.

3.  **<u>TERM</u>** 

3.1 This
 Agreement shall commence on 1 July 2021 and, subject to any extension under Clause 3.2 herein
 or the earlier termination by the Franchisor pursuant to the terms of this Agreement, the
 franchise or licence hereunder will last for FIFTEEN (15) YEARS (i.e. until 30 June 2036,
 inclusively). The Franchisee and the Director hereby confirms that they have fully complied
 with the terms and conditions of this Agreement since the commencement date, notwithstanding
 that this Agreement was executed later.

3.2 Upon
 receiving written notice of the Franchisee of its intention to extend the term of this Agreement,
 the Franchisor may, at its absolute discretion, and subject to the Franchisee having fully
 complied with the terms and conditions of this Agreement, extend the term of this Agreement
 for one further period of FIFTEEN (15) YEARS (i.e. until 30 June 2051, inclusively).

4.  **<u>FEES AND PAYMENT</u>** 

In consideration of the granting of the licence franchise and other rights hereinafter provided, the Franchisee shall make the following payments:

4.1 The
 Franchisee shall pay the Franchisor a lump-sum Franchise Fee in the sum of DOLLARS ONE MILLION
 (HK$1,000,000.00) in the currency of Hong Kong (hereinafter referred to **"the Franchise Fee")** upon execution of this Agreement.

4.2 (a)
 During the continuance of this Agreement, the Franchisee shall pay a continuing monthly Franchise
 Fee at the rate of THREE PERCENTAGE POINT (3%) of the monthly sales of each Shop(s) **("the Continuing Franchise Fee").** The Continuing Franchise Fee shall be paid by the Franchisee
 to the Franchisor on a monthly basis during the continuance of this Agreement and shall be
 paid on the first business day of the immediate following calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Franchisee shall provide the Franchisor for verification detailed statement of the monthly sales of each Shop(s) certified by a director of the Company to be true and correct in all respects within the first seven days of the immediate following calendar month and shall provide the Franchisor the audited financial statements of the Company certified by a director of the Company to be true and correct in all respects within 10 business days upon the signing of the directors' report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Franchisor and its authorized agents or accountants shall have access to the Franchisee's books showing the monthly sales of each Shop(s) and other supporting documents for the purposes of verifying the Continuing Franchise Fee payable by the Franchisee hereunder to the Franchisor and the Franchisee shall afford the Franchisor and its duly authorized agents or accountants such access at all reasonable times as and when so requested by the Franchisor or its duly authorized agents or accountants.

4.3 During
 the continuance of this Agreement, the Franchisee shall purchase specialty sauce exclusively
 from the Franchisor (**"Supplies"**) and shall not use any other sauces except
 with the prior written consent of the Franchisor. The prices of the Supplies and such other
 Products which the Franchisee purchases from the Franchisor from time to time (collectively
 referred to as **"Prices of the Supplies")** shall be paid by the Franchisee
 to the Franchisor within 30 days from the date of shipment of the Supplies during the continuance
 of this Agreement. All costs (including but not limited to freight, warehousing or other
 transportation related costs) shall be borne by the Franchisee.

4.4 The
 payment of the Franchise Fee, the Continuing Franchise Fee and the Prices of the Supplies
 shall be made payable by the Franchisee to the Franchisor in immediately available cash free
 and clear from any and all set-offs, counter-claims, withholdings and deductions whatsoever
 and in accordance with the instructions of the Franchisor as may be advised from time to
 time by the Franchisor.

4.5 Time
 shall be of the essence for the purpose of payment of the Franchise Fee, the Continuing Franchise
 Fee and the Prices of the Supplies under this Agreement.

5.  **<u>OBLIGATIONS OF FRANCHISOR</u>** 

During the continuance of this Agreement, the Franchisor agrees and undertakes to fulfill the following obligations:

5.1 To
 permit the Franchisee to carry on Business under the Trade Name and to use the Trade Name
 or words in advertising the Business in accordance with the standard and format as may be
 advised by the Franchisor from time to time.

5.2 To
 provide, if the Franchisor thinks fit, operation manual instructions or direction from time
 to time as guidelines for the operation of the Business in accordance with the Method. If
 an operation manual is supplied by the Franchisor to the Franchisee, the operation manual
 so supplied shall serve as the objective standards by which the performance and observation
 of the obligations of the Franchisee as provided hereunder are assessed.

5.3 To
 advise and/or assist, if the Franchisor thinks fit, the Franchisee in connection with the
 location of premises for the operation of the Business, commencement and development of the
 Business in Hong Kong, in particular relating to the design, setting, layout, seating plans,
 equipment, fixtures, fittings, renovation of the Shop(s) in compliance with the requirements
 of the Business and/ or such operation manual as may be supplied by the Franchisor. The Franchisee
 may engage its own contractor for the renovation or decoration of the Shop(s) at its own
 expenses provided that the standard or level of workmanship shall meet the requirements of
 the Franchisor.

5.4 To
 advise, if the Franchisor thinks fit, the Franchisee on the management, technical knowledge,
 training, personnel policies, finance, promotion, advertising and/or any issues in connection
 with how the operation of the Business will comply with the Method.

5.5 To
 provide free training at the request of the Franchisee for not less than two of its employees
 and staff for the operating of Business in the management, plans, measures, techniques, methods,
 services, standards, etc. for a period of not less than 1 month in the outlet operated by
 the Franchisor at such place as determined by the Franchisor from time to time. For the avoidance
 of doubt, during such training period, the employees on training shall remain the employees
 of the Franchisee and all related salaries or wages or such other expenses of the employees
 on training including but not limited to air-ticket fares and accommodation shall be solely
 borne by the Franchisee.

5.6 To
 send or delegate at least one qualified chef in the employ of the Franchisor at the Franchisor's
 own expenses (except for the accommodation and transportation fees, which shall be borne
 by the Franchisee) to reasonably assist, advise and/or supervise the Franchisee in connection
 with the preparation and opening of any further Shop(s) and/or premises for the operation
 of the Business for a period of not less than two weeks or the launching of any campaigns
 and/or promotion activities.

5.7 To
 make available and to supply to the Franchisee the Supplies at reasonable prices as may be
 charged and supplied by the Franchisor.

5.8 To
 promote the Trade Name and the Business in Hong Kong and, if the Franchisor thinks fit, to
 issue from time to time for distribution among potential customers leaflets pamphlets and
 other advertising material including addresses of outlets and telephone numbers of the Franchisee
 and other operators as the Franchisor deems fit.

5.9 To
 advise and provide at the reasonable request of the Franchisee materials, information and
 assistance for advertising, sales promotion and/or publicity campaigns of the Business from
 time to time as the Franchisor thinks fit and to allow the Franchisee to conduct the advertising,
 sales promotion and/or publicity campaigns of the Business in such a manner that in the opinion
 of the Franchisee are effective and suitable for the taste of the local market.

For the sake of greater clarity, the Franchisee hereby expressly acknowledges and confirms that the Franchisor shall not be liable, answerable or accountable for any loss or damage resulting from or in relation to the advice and/ or assistance provided by the Franchisor to the Franchisee pursuant to this Clause 5, except to the extent that such loss or liability is found in a final non-appealable judgment of a court of competent jurisdiction to have been directly caused by the gross negligence or wilful misconduct of the Franchisor.

6.  **<u>OBLIGATIONS OF FRANCHISEE</u>** 

During the continuance of this Agreement, the Franchisee agrees and undertakes to fulfill the following obligations:

6.1 To
 carry on the Business only on or from the premises at the Shop(s) which has previously been
 approved by the Franchisor in writing.

6.2 To
consult with the Franchisor on the decoration, renovation, partitioning, refurbishment, furnishing, equipment, fixtures and fittings in
such Shop(s) and/or premises for the Business so that the format and standard of the Shop(s) are in compliance with the requirements
of the Business and Method.

6.3 To
 comply with all laws byelaws and regulations applicable to the type or nature of the Business
 from time to time issued by the local government or authorities.

6.4 To
 conduct the Business in an orderly and businesslike manner and to comply with the format,
 standards, reasonable rules, operation manual(s), guidelines and directions as may be advised
 by the Franchisor from time to time and maintain the quality of the Products served.

6.5 To
 obtain and maintain at its own expense such consents licences and permissions as may be necessary
 for the operation of the Business on the premises and the exhibition of advertising signs
 and other matters.

6.6 To
 cooperate with the Franchisor in the establishment and maintenance of the facilities for
 the operation of the business at the Shop(s) as may be suitable for the Business.

6.7 To
 devote the Shop(s) entirely to the operation of the Business.

6.8 To
 take such reasonable steps and measures to store and preserve the materials or ingredients
 supplied by the Franchisor for the Business.

6.9 To
 carry on bona fide operation of the Business under this Agreement and continue such operation
 continuously thereafter under the Trade Name on and from the premises in conformity in all
 respects with the Method.

6.10 To
 open a new Shop for the commencing of the bona fide operation of the Business under this
 Agreement on or before 30 September 2021 and continue such operation continuously thereafter
 under the Trade Name on and from the premises in conformity in all respects with the Method.

6.11 To
 maintain and upkeep the Shop(s) for the Business and the fixtures and fittings therein in
 a reasonable state of repair and cleanliness so as to enhance the reputation of the trade
 name of the Franchisor and to promote the Business.

6.12 To
 recruit and employ a sufficient number of qualified staff and workers to ensure the smooth
 and efficient operation of the Business at the shops and/or premises, to provide suitable
 training therefor and to ensure that the staff and workers serve the customers and patrons
 in a courteous, polite and pleasant manner.

6.13 To
 ensure the staff and workers working at the Shop(s) to wear such uniform and in such manner
 as may be advised by the Franchisor and such uniform shall at all times be in a reasonable
 state of cleanliness and neatness.

6.14 To
 pay the Prices of the Supplies to the Franchisor in accordance with Clause 4 hereinabove
 promptly and on time.

6.15 To
 furnish the Franchisor with an audited profit and loss account of the Business for its reference
 as may from time to time be requested by the Franchisor.

6.16 To
 diligently promote and make every effort steadily to increase the Business by advertisements
 suitable signs Provided Always that no such designs advertising signs or other forms of publicity
 shall be used in connection with the Business unless the same shall have been first submitted
 to and approved as to content design form colour number location and size by the owner as
 meeting its standards.

6.17 To
 permit the Franchisor and its authorized representatives at all reasonable times to enter
 upon the premises for the purpose of ascertaining whether the provisions of this Agreement
 are being complied with.

6.18 To
 make available to the Franchisor or such authorized representatives all books records accounts
 vouchers and other matters relating to the conduct of the Business and permit them to take
 copies of any of the same and provided them with such explanations as they reasonably require.

6.19 To
 attend such meetings with the Franchisor as may be convened at the direction of the Franchisor
 from time to time for reporting to the Franchisor of the operation of the Business and for
 receiving such guidelines and/or direction from the Franchisor.

6.20 Not
 to use the Trade Name upon or in relation to any documentation merchandise equipment supplies
 accessories or other articles unless the same shall have been first submitted to and approved
 in writing by the Franchisor as meeting its standards of quality and utility.

6.21 Not
 to sell or give away any Products supplied by the Franchisor to the Franchisee to any third
 party or parties except for the immediate consumption at the Shops and promotion of the same
 on the said premises.

6.22 Not
 to divulge any trade secrets in respect of the Business to any unauthorized person or party
 without the previous written consent of the Franchisor.

6.23 This
 Agreement shall be personal to the Franchisee named in this Agreement and shall in no way
 vest upon any of Franchisee's personal representatives, or successors-in-title, trustees
 or committee and without in any way limiting the generality of the foregoing, the following
 acts and events shall, unless approved in writing by the Franchisor (which approval the Franchisor
 may give or withhold at its absolute discretion without assigning any reason therefor), be
 deemed to be breaches of this Clause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 take over reconstruction amalgamation merger or dissolution (including but not limited to
 deregistration, voluntary winding-up or compulsory winding-up whatsoever) of the Franchisee
 and/ or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 the case of a Franchisee and/ or the Company which is a limited company, any change in the
 person or persons who owns or own a majority of the voting shares of and in the Franchisee
 and/ or the Company or otherwise has or have effective control of the Franchisee and/ or
 the Company or any change in the membership of its Board of Directors. For the avoidance
 of doubt, the Franchisor hereby acknowledges that the Director has informed the Franchisor,
 who has also agreed, that new shareholders will be brought in but the Director shall remain
 as the majority shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In
 the case of a Franchisee which is a partnership the taking in of one or more new partners
 whether on the death or retirement of an existing partner or otherwise.

(iv) Any
 change in the Franchisee's and/ or the Company's business name.

6.24 The
 Franchisee hereby agrees to fully indemnify and keep the Franchisor and its assigns fully
 indemnified on demand from and against any, all losses, costs and expenses (including legal
 expenses) which the Franchisor and its assigns may reasonably incur or sustain from or in
 relation to the breach of this Clause 6. This indemnity shall be without prejudice to any
 of the rights and remedies of the Franchisor and its assigns in relation to any such breach
 of Warranties and all such rights and remedies are hereby expressly reserved.

7. <u>GUARANTEE</u> 

7.1 In
 consideration of the granting of the licence franchise and other rights to the Franchisee
 hereinafter provided, the Director hereby irrevocably and unconditionally:-

(a) guarantees
 to the Franchisor the punctual performance by the Franchisee of all of the payment obligations
 assumed and/ or expressed to be assumed by the Franchisee under this Agreement and undertakes
 with the Franchisor that whenever the Franchisee does not pay any amount when due under this
 Agreement, the Director shall immediately on demand pay that amount as if it was the principal
 obligor; and

(b) undertakes
 to use its best endeavours to procure the strict observance and performance by the Franchisee
 of each and all of its obligations contained or referred to in this Agreement and undertakes
 to indemnify and keep indemnified the Franchisor from and against all losses, costs and expenses
 (including legal expenses) which the Franchisor may reasonably incur or sustain from or in
 relation to any breach or non-observance or non-performance of those obligations or incurred
 by the Franchisor of this Agreement.

7.2 The
 Director hereby expressly waives any right he may have of first requiring the Franchisor
 to proceed against or enforce any other rights or security or claim payment from any person
 before claiming from the Director under this Clause 7.

8. <u>LOCATION OF PREMISES FOR OPERATION</u> 

8.1 (a) For
 the purposes of opening a new Shop on or before 30 September 2021 and opening such further
 Shops thereafter, the Franchisee shall at its own expenses engage estate agent for the purpose
 of looking for such sites or locations or premises as may be designated by the Franchisor
 for the operation of the Business of the new Shop after signing of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Franchisee shall enter into such tenancy agreement with the landlord of the premises on such
 terms and conditions as may be approved by the solicitors for the Franchisor.

(c) The
 costs and expenses arising from or in connection with the location of suitable premises for
 the operation of the Business (including but not limited to the rent, promotion levy etc.)
 and related legal matters shall be borne by the Franchisee absolutely.

(d) In
 the event that the Franchisee shall fail to procure the entry into any agreement or obtaining
 possession of suitable premises for the opening of the new Shop on or before 30 September
 2021, this Agreement shall be deemed to be terminated immediately upon the expiration thereof
 and the Franchise Deposit already paid by the Franchisee to the Franchisor shall be forfeited
 by the Franchisor as the agreed service charges for assisting the Franchisee in the initial
 planning and the rendering of advice on the locating of premises. Both parties are thereafter
 discharged from the further performance of the terms and conditions of this Agreement but
 without prejudice of any claim by the Franchisor against the Franchisee for any antecedent
 breach.

9 <u>TRADE MARKS AND INTELLECTUAL PROPERTY</u>

9.1 The
 Franchisee understands and hereby acknowledges that the Franchisor has the right to use the
 Trade Names and Trade Marks in Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Method and all parts thereof including without limitation all procedures supplement forms
 advertising matter devices marks service marks trade marks insignia trade names and slogans
 from time to time used as a part of in connection with or applicable to the Method;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 copyrights, trade mark registrations, trade names and patents now or hereafter applied for
 or granted in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 right to licence or franchise others to use the trade name and all goodwill therein including
 all goodwill accruing to the use thereof by the Franchisee.

9.2 The
 Franchisee hereby warrants that it shall not apply or contest, whether directly or indirectly
 or whether by itself or any agent, for the registration of the Trade Marks or similar marks
 in Hong Kong in the capacity of a proprietor or owner.

9.3 If
 the Franchisee is aware of and/or suspects any infringement of the rights of the Franchisor
 in connection with the Business by other person(s) or parties, the Franchisee shall promptly
 notify the Franchisor of such infringement and to give such reasonable assistance to the
 Franchisor in the conduct of any legal action to protect the Franchisor's rights.

9.4 The
 Parties hereby acknowledge and agree that the Franchisor has commenced the registration of
 the Trade Marks in Hong Kong. The Franchisor agrees that, during the continuance of this
 Agreement, the Franchisor will be responsible for any litigation in Hong Kong arising from
 or in connection with the Trade Marks and the related legal costs. The Franchisee also covenants
 with the Franchisor that the Franchisee shall not make any claim against the Franchisor in
 respect of the use or registration of the Trade Marks pursuant to this Agreement.

9.5 The
 Franchisee and the Director hereby jointly and severally undertake and warrant that:-

(a) they
 shall not during the subsistence of this Agreement or at any future time register any of
 the Intellectual Property in its own name as proprietor;

(b) they
 shall not use any of the Intellectual Property as part of the name of any entity associated
 with the Franchisee and/ or the Director other than using the Intellectual Property as part
 of the business name(s) of the Shop(s);

(c) they
 shall not except with the prior written consent of the Franchisor make use of the name of
 the Franchisor in any connection otherwise than is expressly permitted by this Agreement;

(d) they
 shall not claim any right or interest in the Intellectual Property or any part thereof save
 as is granted by this Agreement;

(e) they
 shall, at the request of the Franchisor, furnish the Franchisor with information or materials
 which are necessary or helpful to establish or evidence the Franchisor's ownership
 of the Intellectual Property, and the nature and scope of its rights therein, including but
 not limited to information regarding the Franchisee's first and subsequent dates of use, proof
 of such use dates, information regarding the nature and extent of the Franchisee's
 use, and actual specimens of use made by Franchisee in advertising, printed materials or
 other materials which are used in connection with the promotion of the Business and/ or Products;

(f) they
 shall at all times use their best endeavours to protect and preserve the goodwill and image
 of the Trade Name and to conduct business in a manner consistent with good business ethics
 and consistent with the operation manual instructions or direction as may be advised by the
 Franchisor from time to time. For the avoidance of doubt the parties hereby agree that the
 Franchisor shall be solely responsible for the commencement, conduct and expenses of any
 litigation or legal proceedings in relation to the protection of the Trade Names, Trade Marks
 and/or Intellectual Property being the subject matter of this Agreement; and

(g) any
 additional goodwill generated by the Franchisee, or any entity associated with it, by its
 operations under this Agreement shall be the Franchisor's sole property and that the Franchisee,
 or any entity associated with it, shall hold all goodwill generated by its operations under
 this Agreement as bare trustee for the benefit of the Franchisor.

9.6 The
 Franchisee and the Director hereby agree to fully indemnify and keep the Franchisor and its
 assigns fully indemnified on demand from and against any, all losses, costs and expenses
 (including legal expenses) which the Franchisor and its assigns may reasonably incur or sustain
 from or in relation to the breach of this Clause 9. This indemnity shall be without prejudice
 to any of the other rights and remedies of the Franchisor and its assigns in relation to
 any such breach of warranties and all such rights and remedies are hereby expressly reserved.

10. <u>NO AGENCY OR PARTNERSHIP</u> 

10.1 This
 Agreement shall not operate to constitute the Franchisee as a partner agent or representative
 of the Franchisor and the Franchisee shall not represent itself as such agent nor represent
 itself as having any power or authority to incur any obligation of any nature express or
 implied on behalf of the Franchisor and shall not bind or pledge the credit of the Franchisor
 or attempt or purport to do any of such things.

11. <u>TERMINATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 If
 the Franchisee breaches any of terms and conditions as herein provided, the Franchisor shall
 give a written notice to the Franchisee specifying the breach of any obligations to be performed
 and observed by the Franchisee herein provided and requiring the Franchisee to remedy or
 rectify the same within seven days from the date of such notice. If the Franchisee fails
 to remedy or rectify the breach to the reasonable satisfaction of the Franchisor, then the
 Franchisor shall be entitled to terminate this Agreement by giving not less than seven days'
 prior written notice to the Franchisee.

11.2 If,
 on the occurrence of any of the following events, the Franchisor may terminate this Agreement
 summarily and without giving any prior notice to the Franchisee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Franchisee shall fail to pay any sum payable in accordance with Clause 4 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Franchisee and/ or the Company shall fail to maintain a reasonable standard of the operation
 of Business in accordance with such reasonable instructions and advice by the Franchisor
 so that in the opinion of the Franchisor the goodwill and reputation of the Trade Name will
 be affected;

(c) if
 the Franchisee and/ or the Company shall carry on the Business not at a suitable location
 which may adversely affect the Trade Name;

(d) if
 the Franchisee and/ or the Company shall be adjudged bankrupt in the case of an individual
 or go into liquidation either voluntary or compulsory (save for the purpose of reconstruction
 or amalgamation as may be reasonably approved by the Franchisor) in the case of a company
 or if a receiver shall be appointed in respect of the whole or any part of its assets or
 if the operator shall make an assignment for the benefit of its creditors generally;

(e) the
 event specified in Paragraph 7.1 (d) hereinabove

(f) the
 giving by the Franchisee of a Power of Attorney or similar authority whereby the donee of
 the Power obtains the right to use or otherwise enjoy the use of the Trade Marks and/ or
 Trade Name;

(g) any
 take-over reconstruction amalgamation merger or liquidation or winding up of the Franchisee
 and/ or the Company; and

(h) any
 change in the person or persons who owns or own a majority of the voting shares of and in
 the Franchisee or otherwise has or have effective control of the Franchisee;

11.3 On
 the termination of this Agreement, the Franchisee shall refrain from operating the Business
 and using the Trade Names and/ or Trade Marks as soon as practicable and not later than 1
 month. The Franchisee shall cease to use and remove all identifying matters from the premises
 as the Franchisor may direct effectively to distinguish the premises and such from its appearance
 as a designation for the operation of the Business under the Trade Name and if the Franchisee
 shall fail or omit to make or cause to be made such changes within seven days after written
 notice then the Franchisor and its authorized agents shall have the right to enter upon the
 premises and to make or cause to be made such changes in the premises at the expense of the
 Franchisee which expense the Franchisee shall indemnify and keep the Franchisor indemnified
 upon demand.

11.4 On
 termination of this Agreement, the Franchisee shall forthwith pay to the Franchisor the outstanding
 balance of the Continuing Franchise Fee and the Prices of the Supplies accrued up to the
 date of termination as well as all other amount payable under this Agreement.

11.5 The
 accrued rights and the liabilities of the parties hereto shall not be affected upon the expiration
 or termination of this Agreement and shall be enforceable despite such expiration or termination.

11.6 The
 Franchisee and the Director hereby agree and undertake that they shall not, for the period
 of 3 years immediately after the termination of this Agreement, directly or indirectly:-

(a) in
 any manner whatsoever engage in any capacity with any style of barbecue business in Hong
 Kong for their own benefit or for the benefit of any person or entity; or

(b) have
 any interest as owner, sole proprietor, stockholder, partner, lender, director, officer,
 manager, employee, consultant, agent or otherwise in any style of barbecue business in Hong
 Kong; provided, however, that the Franchisor may hold, directly or indirectly, solely as
 an investment, not more than one percent (5%) of the securities of any entity which is listed
 on any recognized securities exchange notwithstanding the fact that such person or entity
 is engaged in a business competitive with the Company's Business.

The Franchisee and the Director hereby acknowledge and agree that the aforesaid restrictions are fair and reasonable for the protection of the lawful rights and interests of the Franchisor.

12. <u>EXCLUSIVE RIGHT</u> 

12.1 The
 parties hereto acknowledge that prior to the signing hereof the Franchisor has given a licence
 to the opening and operation of a restaurant using the Method under name of "YAKINIKU
 KAKURA" at Shop G1 & G3, Ground Floor, Treasure World (Site 11), The Whampoa, Hunghom,
 Kowloon, Hong Kong. For the avoidance of doubt, the parties hereto agree that save and except
 this aforesaid shop, the Franchisor shall not grant or give any licence to any third party
 to use the Method and operate under the Trade Name during the continuance of this Agreement.

13. <u>CONFIDENTIALITY</u> 

13.1 The
 Franchisee and the Director hereby warrants to the Franchisor that: all information arising
 from or in connection with the Method, the Business, the Supplies, the Products and the Trade
 Marks obtained by the Franchisee is strictly confidential. The Franchisee shall not, whether
 before or after the expiration or sooner termination of this Agreement, divulge or disclose
 or make known to any third party such confidential information.

13.2 The
 Franchisee and the Director hereby undertakes to use their best endeavours to keep (and to
 procure that their employees, agents or other associated persons shall keep strictly confidential)
 any information arising from or in connection with the Method, the Business, the Supplies,
 the Products and the Trade Marks.

13.3 The
 obligations in this Clause 13 relating to confidentiality shall remain in full force and
 shall survive this Agreement.

14.  **<u>NOTICE</u>** 

14.1 Any
 notice required to be served hereunder shall be sufficiently served on the other party if
 delivered to it at its last known business address by registered post or left on the Premises
 or by facsimile. A notice sent by post shall be deemed to be given at the time when in due
 course of post it would be delivered at the address to which it is sent. In the event of
 a change in business address or facsimile number, each party shall inform the other of any
 such change within one month of such change.

15. <u>ENTIRE AGREEMENT</u> 

15.1 The
 parties hereby acknowledge this Agreement constitutes the entire agreement between the parties
 and replaces all previous agreement both verbal or written between them.

15.2 The
 invalidity or unenforceability of any part of this Agreement shall not prejudice or affect
 the validity or enforceability of the remainder of the Agreement.

15.3 In
 this Agreement unless the context otherwise requires and where not inapplicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**year** ",
 "**yearly** ", "**month**" and "**monthly** "
 refer respectively to a calendar year and a calendar month.

(b) words
 importing the masculine female or neuter gender include the others of them and words importing
 the singular number include the plural number and vice versa.

(c) the
 word "**person**" includes an individual, a partnership, a company or other
 corporate or unincorporated body.

(d) The
 word "business day" shall mean a day (other than a Saturday or Sunday) on which
 banks are open for general business in Hong Kong.

16 <u>JURISDICTIONS</u>

16.1 The
 interpretation and enforcement of the terms of this Agreement shall be governed by and subject
 to the laws of the Hong Kong Special Administrative Region of the People's Republic
 of China.

16.2 The
 parties hereto irrevocably submit themselves to the exclusive jurisdiction of the courts
 of the Hong Kong Special Administrative Region of the People's Republic of China.

17. In
 this Agreement, Messrs. Pang, Kung & Co. only act for the Franchisee and the Franchisor
 is reminded to seek independent legal advice if necessary.

**IN WITNESS** the hands of the parties hereto the day and year first above written:

---

| |
|:---|
| ![](image_003.jpg)<br>/s/ UNICO CO., LTD  |
| ![](image_003.jpg)<br>/s/ UNICO CO., LTD  |
| ![](image_003.jpg)<br>/s/ UNICO CO., LTD  |
| ![](image_003.jpg)<br>/s/ UNICO CO., LTD  |
| ![](image_003.jpg)<br>/s/ UNICO CO., LTD  |
| ![](image_003.jpg)<br>/s/ UNICO CO., LTD  |
| ![](image_003.jpg)<br>/s/ UNICO CO., LTD  |
| ![](image_003.jpg)<br>/s/ UNICO CO., LTD  |

---

/s/

---

| |
|:---|
| /s/ UNICO HK CORPORATION LIMITED |
| /s/ UNICO HK CORPORATION LIMITED |
| /s/ UNICO HK CORPORATION LIMITED |
| /s/ UNICO HK CORPORATION LIMITED |
| /s/ UNICO HK CORPORATION LIMITED |
| /s/ UNICO HK CORPORATION LIMITED |
| /s/ UNICO HK CORPORATION LIMITED |
| /s/ UNICO HK CORPORATION LIMITED |

---

---

| | |
|:---|:---|
| Tsang Wan Ching | [\*\*\*] |
| /s/ Tsang Wan Ching | /s/ Tsang Wan Ching |

---

---

| |
|:---|
| <br> /s/ C& HOSPITALITY LIMITED  |
| <br> /s/ C& HOSPITALITY LIMITED  |
| <br> /s/ C& HOSPITALITY LIMITED  |
| <br> /s/ C& HOSPITALITY LIMITED  |
| <br> /s/ C& HOSPITALITY LIMITED  |
| <br> /s/ C& HOSPITALITY LIMITED  |
| <br> /s/ C& HOSPITALITY LIMITED  |
| <br> /s/ C& HOSPITALITY LIMITED  |

---

---

| | |
|:---|:---|
| Tsang Wan Ching | [\*\*\*] |
| /s/ Tsang Wan Ching | /s/ Tsang Wan Ching |

---

---

| |
|:---|
| /s/ Luk Siu Fang Mark  |
| /s/ Luk Siu Fang Mark  |
| /s/ Luk Siu Fang Mark  |
| /s/ Luk Siu Fang Mark  |
| /s/ Luk Siu Fang Mark  |
| /s/ Luk Siu Fang Mark  |
| /s/ Luk Siu Fang Mark  |
| /s/ Luk Siu Fang Mark  |

---

---

| | |
|:---|:---|
| Tsang Wan Ching | [\*\*\*] |
| /s/ Tsang Wan Ching | /s/ Tsang Wan Ching |

---

## Exhibit 10.7

**Exhibit 10.7**

Certain terms have been omitted pursuant to Regulation S-K Item 601(a)(6). The Registrant agrees to furnish supplementally a copy of any of the terms to the SEC upon request.

**FRANCHISE DEED**

**UNICO HK CORPORATION LIMITED**

(Franchisor)

and

**C& HOSPITALITY LIMITED**

(Franchisee)

and

**LUK, Siu Fung Mark（陸兆鋒）**

(Guarantor)

**UFUFU CAFE**

-Confidential-

Franchise Deed

**This Franchise Deed** is entered into and effective from the Effective Date set out in Schedule A:

---

| | |
|:---|:---|
| between: | **Unico HK Corporation Limited**, a private company limited by shares incorporated in Hong Kong with Companies Registry number 2481945, having its registered office at Unit 1-3, 2/F., Chai Wan Industrial City, Phase 1, 60 Wing Tai Road, Chai Wan, Hong Kong ("**Franchisor**"); |
| and: | **C& Hospitality Limited**, a private company limited by shares incorporated in Hong Kong with Companies Registry number 3058178, having its registered office at Shop No. G1 & G3, Ground Floor, Site 11 (Treasure World), Whampoa Garden, Hunghom, Kowloon, Hong Kong ("**Franchisee**"); and |
| and: | **LUK, Siu Fung Mark (陸兆鋒)** (holder of HKID: [\*\*\*]) of [\*\*\*] ("**Guarantor**"). |

---

**RECITALS**

A. Franchisor
 is a subsidiary of Unico Co., Ltd., a company incorporated in Japan ()"**Unico Japan** ").

B. Franchisor
 and Unico Japan have carried on the business of operating Cafe and Foods Cuisine restaurants operating under various trade names
 and trademarks owned by Franchisor.

C. Franchisor
 has recently developed the Trade Name and associated business design, system and strategy for launch in and introduction to Hong
 Kong to operate Cafe and Foods Cuisine restaurants in Hong Kong.

D. Franchisor
 and Unico Japan have developed the Manuals and the Methods for the operation of the Franchised Business.

E. The
 Guarantor is the sole director and sole shareholder of Franchisee, holding and beneficially owning all issued shares in the capital
 of Franchisee.

F. Franchisee
 wishes to enter into this Deed to conduct the Franchised Business and operate Franchise Restaurants at Franchise Locations, subject
 to the terms and conditions of this Deed.

**THE PARTIES NOW AGREE:**

**1.** **INTERPRETATION** 

The definitions and rules of interpretation in this clause apply in this Deed:

**Cafe and Foods Cuisine** means Japanese style café along with various kind of modern dishes and other cuisine.

**Confidential Information** means information relating to the operation of the Franchised Business including, without limitation, the Manuals, the Methods, procedures and specifications, trade secrets, know-hows, vendors, vendor agreements, information about Franchisor and Unico Japan, and the operation of their businesses, information about suppliers and pricing, business plans, marketing plans, advertising programs, market research, information about customers, site evaluation and selection guidelines and techniques, and any information communicated in writing and through other means, including electronic media (e.g., internet, intranet, extranet, electronic memory devices, computer disk or video and audio tape) and all other information which is used in the Franchised Business which is derived from Franchisor and Unico Japan and which has value to Franchisor and Unico Japan.

**Franchised Business** means the business of operating Cafe and Foods Cuisine restaurants at Franchise Locations as a Franchise Restaurant under the Trade Name in accordance with the Manuals and the Methods and using the Licensed IPR and other Rights for this purpose.

**Franchise Location** means the location designated in the Schedule A at a site selected by Franchisee and approved by Franchisor.

-Confidential- <br> Page \| 1

Franchise Deed

**Franchise Restaurants** means restaurants conducting the Franchised Business in accordance with this Deed.

**Improvement Rights** means rights to, or rights to apply in respect of, improvements, additions, adaptations, modifications, or alterations to any Intellectual Property.

**Intellectual Property** means all intellectual property rights, including:

(a) (i)
 trademarks, service marks, business names, trade names; (ii) patents and inventions; (iii) artistic works (irrespective of artistic
 quality), aesthetic drawings, sketches, conceptual drawings, graphic work, CAD work, photographs, and charts; (iv) models, utility
 models, and prototypes; (v) specifications, instructions, blue prints, designs, diagrams, and plans; (vi) data, source codes and
 topography rights; (vii) patterns, features of shape, configuration, pattern or ornament; (viii) trade secrets, confidential information,
 and know how; and (ix) copyrights and moral rights;

(b) rights
 in the nature of unfair competition rights, and rights to sue for passing off;

(c) the
 benefit of know how, technical assistance, research, experimentation or development;

(d) goodwill
 in respect of any Intellectual Property;

(e) Registration
 Rights in respect of any Intellectual Property;

(f) Improvement
 Rights in respect of any Intellectual Property; and

(g) Renewal
 Rights in respect of any Intellectual Property.

**Licensed IPR** means the Trademarks, Trade Names and the Intellectual Property that is strictly related to the operation of the Franchised Business (including the Manuals and the Methods) which are licensed to Franchisee under clause 2.1.

**Manuals** means instructions, policies, procedures, standards, directions and guidelines developed, adopted, applied or communicated by Franchisor or Unico Japan for the operation of the Franchised Business in accordance with the Methods.

**Methods** means certain methods developed, adopted, applied or communicated by Franchisor or Unico Japan to operate restaurants offering Cafe and Foods Cuisine, including common use and promotion of the trade names and trademarks, distinctive format and standard of logos, designs, operational procedures, implementation plans, management guidelines, methods, advertising, personnel policies, trainings, specifications, style, settings, seating plans, menus, products, quality and service standards of menus, usage and management of products, ingredients, utensils.

**Registration Rights** means (a) registration or record of, or applications to register or record, any Intellectual Property; (b) rights to register or record, or to apply to register or record, any Intellectual Property; and (c) rights to claim priority for any Intellectual Property.

**Renewal Rights** means rights to, or rights to apply in respect of, renewals, extensions or revivals of any Intellectual Property.

**Rights** means the rights (including rights in respect of Licensed IPR) granted by Franchisor to Franchisee under clause 2.1.

**Term** means cumulatively, the Initial Term, the Renewal Term (if any), and any other period that this Deed is in force.

**Trademarks** means any trade names, trademarks, brand designs or logos and other similar proprietary rights as owned by or entitled to be used by Franchisor or Unico Japan, in connection with or for use in the course of the Franchised Business as designated in Exhibit A to this Deed for use by Franchisee during the term of this Deed and as supplemented substituted or modified after the date of this Deed by Franchisor.

**Trade Name** means "UFUFU CAFÉ"trade names.

-Confidential- <br> Page \| 2

Franchise Deed

**2.** **GRANT** 

2.1 In
 consideration of Franchisee duly observing and performing its obligations under this Deed, Franchisor grants to Franchisee an exclusive,
 non-transferrable and non-sublicenseable licence, right and franchise to use the Rights to operate Franchise Restaurants under the
 Trademarks and Trade Name at and from the Franchise Locations within the Franchised Area, subject to the terms and conditions of
 this Deed, solely for the purpose of conducting the Franchised Business, and Franchisee hereby accepts such grant.

2.2 This
 grant is conditional upon Franchisee continuing throughout the term of this Deed to be duly authorised and holding all licences to
 conduct the Franchised Business under the applicable laws and regulations of the Franchised Area.

2.3 Franchisor
 grants Franchisee the right to locate one Franchise Restaurant at each site as more fully described in Schedule A to this Deed.

2.4 Subject
 to compliance of Franchisee with its obligations under this Deed, Franchisor shall not grant any other person or entity a licence
 or other rights to operate the Franchised Business within the Franchised Area during the Term.

2.5 Nothing
 in this Deed shall prohibit Franchisor from using its Intellectual Property or any of the Rights to operate any business (including
 business that is similar to the Franchised Business) in the Franchised Area or any other location.

2.6 All
 rights which are not granted to Franchisee are reserved to Franchisor.

**3.** **RELATIONSHIP OF PARTIES** 

This Deed establishes a franchise relationship between Franchisor and Franchisee, each as an independent contractor. Neither party intends nor does this Deed create a fiduciary or delegator relationship, or a partnership or joint venture, or make Franchisee in any sense an agent, employee, beneficiary, affiliate, associate, or partner of Franchisor. Franchisee has no authority to and will not transact any business or enter into any contract in the name of Franchisor, make any representation or warranty on behalf of Franchisor, pledge the credit of Franchisor, create or assume in Franchisor's name or on its behalf in any manner, directly or indirectly, any liability or obligation, express or implied, act as its agent or representative for any purpose whatsoever, or bind or oblige Franchisor. Franchisee shall not hold itself out as having any such authority, nor conduct itself in any manner so as to confuse, mislead or deceive anyone as to its relationship with Franchisor.

**4.** **TERM** 

**4.1** **Initial and Effective Date** 

The initial term of this Deed and the appointment and rights granted herein (the "Initial Term") shall be fifteen (15) years commencing on the Effective Date set out in Schedule A to this Deed.

**4.2** **Commencement of Franchised Business** 

Upon execution of this Deed, Franchisee shall proceed diligently to fulfil all requirements to open and commence the Franchised Business for one Franchise Restaurant at Site 1 of the Franchise Location by the Commencement Date set out in Schedule A to this Deed. Franchisor shall cooperate with Franchisee as necessary to enable Franchisee to have all requirements attended to for the commencement of the Franchised Business. Commencement of the Franchised Business shall be subject to the prior written approval of Franchisor (not to be unreasonably delayed or denied), and no Franchised Business may be conducted by Franchisee until all requirements under this clause 4.2 are substantially fulfilled to the reasonable satisfaction of Franchisor.

**4.3** **Renewal Option** 

Upon the expiry of the Initial Term, Franchisor may, at its absolute discretion, grant Franchisee the right to renew the term of this Deed for a further single successive term of fifteen (15) years (the "Renewal Term"), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee
 has fully complied with the terms and conditions of this Deed and shall not be in breach of any provision of this Deed at the time
 of the right to exercise the renewal, and

(b) Franchisee
 gives Franchisor notice of exercise of the right to renew no earlier than six (6) months, and no later than three (3) months, prior
 to the expiry of the Initial Term for which time will be of the essence.

-Confidential- <br> Page \| 3

Franchise Deed

**4.4** **Deemed operation** 

If Franchisee operates the Franchised Business after expiry of the Initial Term without notice to or approval from Franchisor for any Renewal Term or after expiry of any Renewal Term, then in any such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee
 shall be deemed to be operating the Franchised Business on a month-to-month basis under the terms and conditions of this Deed;

(b) all
 fees paid to Franchisor on a monthly basis shall be twice the amount designated in the expired agreement; and

(c) Franchisor
 may at any time by written notice to Franchisee require Franchisee to cease operating the Franchised Business, in which case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Franchisee
 shall cease operating the Franchised Business within one (1) month after that date of such written notice; and

(ii) from
 the date of such written notice, Franchisee shall account for and pay to Franchisor on demand (y) all profits arising from the conduct
 of the Franchised Business after the date of such written notice; and (z) all legal costs incurred by Franchisor after the date of
 such notice in respect of the cessation of the Franchised Business or enforcement of rights under this Deed (including those incurred
 in obtaining an order of the court to prevent Franchisee from continuing to operate the Franchised Business).

**5.** **FEES** 

**5.1** **Initial Franchised Business Fee** 

Franchisor waives an Initial Franchised Business Fee.

**5.2** **Monthly Franchised Business Fee** 

Throughout the Initial Term and any Renewal Term, Franchisee agrees to pay to Franchisor a fee equal to three percent (3%) (the "**Monthly Franchised Business Fee**") of all gross revenue and income of all Franchise Restaurants in each month. The Monthly Franchised Business Fee shall be paid by bank transfer to Franchisor in cleared funds without deduction or set off within thirty (30) days from the end of the month to which the fee relates.

**6.** **FRANCHISE AREA AND FRANCHISE LOCATION** 

The Franchise Area and the Franchise Location are detailed in Schedule A to this Deed.

**7.** **FRANCHISE RESTAURANTS STANDARD SPECIFICATIONS** 

Each Franchise Restaurant at each Franchise Location shall be equipped by Franchisee to Franchisor's standard specifications and layout pursuant to the Manuals and the Methods. No changes or deviations from the Manuals and the Methods shall be made without Franchisor's prior written approval (not to be unreasonably delayed or denied). Franchisee understands that the standards and specifications as illustrated in the Manuals as established and enforced by Franchisor are the essence of the Franchised Business and are for the purposes of maintaining standards of quality control among all Franchise Restaurants. In the event of a relocation of the Franchise Restaurants, the new Franchise Restaurants shall also be equipped and setup to Franchisor's then standard specifications and layout.

**8.** **CONDITION OF FRANCHISE RESTAURANTS** 

Franchisee shall carry out maintenance, repairs and replacements as required to maintain the condition and appearance of the Franchise Restaurants pursuant to the Manuals and the Methods. Franchisee may be required during the Term to upgrade Franchise Restaurants to Franchisor's then standards and specifications.

**9.** **USE OF PRODUCTS** 

Franchisee shall purchase all equipment, supplies and materials (including the specialty sauce and other food ingredients) for use in the Franchised Business (the "**Products**") from Franchisor or in accordance with and on the instructions of Franchisor. Franchisee must use all Products in accordance with the relevant instructions. Franchisee must provide Products under the Trademark if required by Franchisor. All Products must conform to Franchisor's specifications.

-Confidential- <br> Page \| 4

Franchise Deed

**10.** **SUBSTANDARD SUPPLIES** 

In order to maintain standardization and consistency among all Franchise Restaurants, Franchisor reserves the right to require Franchisee to remove from use any items or supplies that do not conform to Franchisor's specifications and quality control standards upon seventy two (72) hours' written notice. If Franchisee fails to do so, then Franchisor may enter the Franchise Restaurants for the purpose of such removal. If Franchisor's entry becomes necessary as a result of Franchisee's failure to remove any such items from use, Franchisee shall reimburse Franchisor upon demand for its reasonable costs and expenses associated with such removal.

**11.** **[Not applicable]** 

**12.** **ADVERTISING AND MARKETING** 

12.1 Franchisor
 may provide Franchisee with advertising and marketing materials, including without limitation merchandising materials, sales aids,
 special promotions and similar advertising at a reasonable price, plus handling.

12.2 Franchisor
 shall provide, at the reasonable request of Franchisee but at the discretion of Franchisor, materials, information and assistance
 for advertisements, sales promotions, and/or publicity campaigns of the Franchised Business from time to time.

12.3 Subject
 to clauses 12.4, 12.5 and 12.6, Franchisor grants Franchisee the right to conduct the advertisement, sales promotion and/or publicity
 campaigns of the Franchised Business in such a manner that in the reasonable opinion of Franchisee are effective and suitable for
 the market in the Franchise Area.

12.4 Franchisee
 shall provide Franchisor with reports in such form and content and with such frequency as Franchisor requires in respect of the advertising
 and marketing activities of Franchisee in respect of the Franchised Business.

12.5 Franchisee
 shall submit (through the mail, return receipt requested) to Franchisor for its prior written approval (except with respect to prices
 to be charged), samples of all advertising materials to be used by Franchisee that have not been prepared or previously approved
 by Franchisor or its designated agents.

12.6 If
 Franchisor determines in its sole judgment or discretion that any advertising or promotional programs or materials used or planned
 by Franchisee are directly or indirectly injurious or prejudicial to Franchisor or any of its franchisees, or breaches any provisions
 of this Deed (including clause 18), Franchisee shall cease such advertising or promotion immediately upon notification by Franchisor.

**13.** **SERVICE QUALITY** 

During the Term, Franchisee shall operate, pursuant to the Methods, the Franchised Business in an orderly and businesslike manner and to comply with the format, standards, reasonable rules, and the Manuals as may be advised by Franchisor from time to time and maintain the quality of the service. Franchisee shall safely and hygienically store and preserve all materials or ingredients and Products for the Franchised Business. Franchisee agrees that any breach of the above quality control standards in respect of ingredients, materials, the Products, or any breach of the Manuals or the Methods in relation to the service provision, quality control, or the Products regarding the Franchised Business shall be grounds for making this Franchised Business non-exclusive, for reducing the exclusive Franchised Area, or termination of this Deed by Franchisor at its sole and absolute discretion.

**14.** **PAYMENT** 

All payments required to be made by Franchisee to Franchisor hereunder shall be paid by bank draft, money order, automatic pre-authorized payment plan, electronic funds transfer or such other method as Franchisor may reasonably specify, and shall be made in cleared funds without deduction or set off.

-Confidential- <br> Page \| 5

Franchise Deed

**15.** **MATERIALS/ SERVICES** 

15.1 Franchisor
 shall provide the Manuals throughout the Term. The Manuals shall constitute the objective standards by which the performance of the
 Franchisee shall be assessed.

15.2 Franchisee
 shall maintain the Manuals on the premises of Franchise Restaurants throughout the Term. Franchisor shall surrender and deliver possession
 of the Manuals to Franchisor upon expiration or termination of this Deed.

15.3 Franchisee
 shall maintain the Manuals in a safe and secure location, with access to the Manuals limited to those officers or employees of Franchisee
 who need to know and need to access the Manuals for the conduct of the Franchised Business.

15.4 Franchisee
 shall operate the Franchised Business in strict compliance with the specifications, standards, procedures, systems, rules and regulations
 incorporated in the Manuals.

15.5 Franchisor
 may revise the Manuals from time to time, and Franchisee shall comply with all such matters as they may exist from time to time as
 though they were specifically set forth in this Deed as provisions hereto. The Manuals as revised from time to time are hereby incorporated
 into this Deed by this reference.

15.6 Franchisor
 may transmit a copy of the Manuals and any revisions by electronic-mail, internet, intranet or other electronic means. Franchisee
 shall not duplicate the Manuals by any means, including by electronic means, and shall return all electronic data storage devices
 including memory sticks, disks and any electronic versions of the Manuals to Franchisor upon expiration or termination of this Deed.

**16.** **REQUIRED REPORTS TO FRANCHISOR** 

16.1 Franchisee
 shall provide to Franchisor the audited financial statements of Franchisee within sixty (60) days following completion of Franchisee's
 financial year.

16.2 Franchisee
 shall provide a written report to Franchisor within ten (10) days after each month during the Term setting out the gross revenue
 received by Franchisee in the preceding month, and the corresponding calculation of the Monthly Franchised Business Fee for the preceding
 month.

16.3 Franchisee
 shall provide Franchisor as soon as practicable with such additional information and documents Franchisor requests for the purpose
 of confirming or verifying the monthly revenue report of Franchisee or the calculation of the Monthly Franchised Business Fee.

16.4 Franchisee
 shall, in a manner satisfactory to Franchisor, and in accordance with generally accepted accounting principles in Hong Kong, maintain
 original, records, accounts, books, data, licenses, contracts and product supplier invoices which shall accurately reflect all particulars
 relating to Franchisee's business and such statistical and other information or records as Franchisor may require.

16.5 Upon
 Franchisor's request, Franchisee shall compile and provide to Franchisor any statistical or financial information regarding
 the operation of the Franchised Business, the products and services sold by it, or data of a similar nature (including, without limitation,
 any financial data that Franchisor believes that it needs to compile or disclose in connection with the sale of franchises or that
 Franchisor may elect to disclose in connection with the sale of franchises).

16.6 Franchisor
 and its authorised representatives shall have the right to examine, audit and take copies of such records, accounts, books and data,
 and consult employees of Franchisee during normal business hours to ensure that Franchisee is complying with the terms of this Deed.
 Franchisee shall provide Franchisor (and its auditors and other advisors) with all reasonable co-operation, access and assistance
 in relation to each audit and consultation.

16.7 If
 Franchisor determines that Franchisee has not accurately reported or paid the Monthly Franchised Business Fee, then in addition to
 all other rights and remedies of Franchisor, interest shall accrue on any underpayment at the rate of five per cent (5%) per annum
 from the date of such underpayment until the date of full payment and Franchisee shall immediately on demand pay Franchisor the amount
 of underpayment and all such interest.

-Confidential- <br> Page \| 6

Franchise Deed

**17.** **VERIFICATION RIGHTS** 

Franchisor and any of its authorised representatives shall have the right at any reasonable time to enter the Franchise Restaurants or relevant offices at which the Franchised Business is conducted, and to inspect, review and verify whether the provisions of this Deed have been complied with.

**18.** **INTELLECTUAL PROPERTY** 

18.1 Franchisee
 shall operate the Franchised Business under its own name on purchase agreements, contracts with vendors, and all related or similar
 documents. However, Franchisee must always refer to the Franchised Business by using such Trademark in marketing/advertising as is
 directed by Franchisor. Franchisor shall have the right to request the amendment of Franchisee's own corporate or firm name
 prior to Franchisee commencing the Franchised Business using the Licensed IPR.

18.2 Franchisee
 and Guarantor agree and acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Licensed IPR shall solely vest in Franchisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 Licensed IPR shall at all times be and remain the sole and exclusive property of Franchisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) neither
 Franchisee nor Guarantor, by reason of this Deed or otherwise, have acquired any right, title, interest or claim of ownerships in
 any Intellectual Property of Franchisor or Unico Japan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) neither
 Franchisee nor Guarantor has any claim, right or interest in the Intellectual Property of Franchisor or Unico Japan (or any part
 thereof) save as is expressly granted by this Deed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Franchisee, or any entity associated with it, shall hold all goodwill generated by its operations under this Deed as bare trustee
 for the benefit of the Franchisor.

18.3 Franchisee
 hereby assigns and transfers, and agrees to assign and transfer, to Franchisor (or to its designated nominee):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Intellectual Property which may arise from the performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 Intellectual Property and Improvement Rights which may arise in respect of the Methods or the Manuals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 goodwill accruing or arising from the Licensed IPR and from Franchisee's operation of the Franchised Business.

18.4 Franchisee
 will execute all documents and do all things requested by Franchisor to evidence this assignment and transfer, at Franchisor's
 request and cost, and all such documents will be in a form agreed by and acceptable to Franchisor.

18.5 Franchisor
 may use, license, change or exploit all Intellectual Property assigned and transferred by Franchisee to Franchisor as its Intellectual
 Property for itself and for any other person (including other franchised businesses) without any approval, notice or payment to Franchisee.

18.6 Franchisee
 irrevocably and unconditionally waives all moral rights in respect of any Intellectual Property assigned or transferred to Franchisor
 (or its designated nominee) under this Deed.

18.7 Nothing
 contained in this Deed shall be construed to prevent, limit or restrict Franchisor from licensing any other person or entity to use
 the Licensed IPR anywhere outside of the Franchised Area.

18.8 Franchisee
 shall execute and deliver any agreement or instruments as may be required by Franchisor in connection with Franchisee's use
 of the Licensed IPR and Franchisee shall comply with all procedures and cooperate in all filings, which Franchisor considers necessary
 or desirable to preserve and protect the interest of Franchisor in the Licensed IPR, during the Term and after the expiration or
 termination of this Deed.

-Confidential- <br> Page \| 7

Franchise Deed

18.9 Franchisee
 shall only use the Licensed IPR in the exact form prescribed by Franchisor, and Franchisee shall indicate to the public in the manner
 directed by Franchisor that the Licensed IPR is used by Franchisee under licence.

18.10 All
 copyright in the Manuals and Methods is expressly reserved to Franchisor, and no licence, right or authority is given by Franchisor
 to copy, amend or change the Manuals or Methods (or any part of them).

18.11 Franchisee
 shall not display any sign, use any advertising materials or media, or engage in any advertising or promotional programs using the
 Licensed IPR that may adversely affect Franchisor or be detrimental to its good name and reputation, or adversely affect any other
 businesses licensed by Franchisor. Franchisee shall not do anything in anyway, directly or indirectly, at any time during the Term
 or thereafter, to infringe upon, impair, weaken, damage, contest or be detrimental to Franchisor's rights, title and interest
 in or to the Licensed IPR, or the reputation or goodwill associated with the Licensed IPR or the Franchisor, or the reputation or
 goodwill associated with the Licensed IPR or the Franchisor.

18.12 Franchisor
 shall be solely responsible for the commencement, conduct and expenses of any litigation or legal proceedings in relation to the
 protection of the Licensed IPR or other Intellectual Property of Franchisor under this Deed.

**19.** **INTELLECTUAL PROPERTY UNDERTAKINGS** 

Franchisee and Guarantor jointly and severally undertake and warrant that they shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not
 apply for, or obtain, registration of any Intellectual Property of Franchisor or Unico Japan or in respect of the Franchised Business
 in any jurisdiction (including Franchised Area) at any time;

(b) not
 contest the ownership, title and rights of Franchisor or Unico Japan to their respective Intellectual Property;

(c) not
 use the Licensed IPR or any confusingly similar words or colors as part of its own corporate or firm name or corporate or firm name
 of any corporation or other entity operating the Franchised Business pursuant to this Deed,

(d) at
 the request of Franchisor, furnish Franchisor with information or materials which are necessary or helpful to establish or evidence
 Franchisor's ownership of Intellectual Property, and the nature and scope of its rights therein (including but not limited
 to information regarding the Franchisee's first and subsequent dates of use, proof of such use dates, information regarding
 the nature and extent of the Franchisee's use, and actual specimens of use made by Franchisee in advertising, printed materials
 or other materials which are used in connection with the promotion of the Franchised Business and/ or Products); and

(e) at
 all times use their best endeavours to protect and preserve the goodwill and image of the Trade Name and Trademarks and to conduct
 business in a manner consistent with good business ethics and consistent with the Manuals or directions given by Franchisor from
 time to time.

**20.** **DUTIES OF FRANCHISEE** 

**20.1** **[Not applicable]** 

**20.2** **Ongoing** 

Throughout the Term, Franchisee agrees to participate on an active basis in the management of the Franchised Business, and at Franchisee's cost and expense, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conduct
 diligently and continuously the bona fide operations of the Franchised Business under the Trademarks and Trade Name in conformity
 in all respects with Methods at Franchise Restaurants during regular business hours.

(b) provide
 Franchisor with any information, methods, forms, business practices, marketing ideas, advertising ideas, recruiting methods, and
 ideas or suggestions which Franchisee is using which may improve the operations of the Franchised Business all of which may thereafter
 be used by Franchisor and others designated by Franchisor without Franchisee's approval or any compensation to Franchisee,

-Confidential- <br> Page \| 8

Franchise Deed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) operate
 the Franchised Business solely under the Licensed IPR in all advertising, webpages, classified telephone directories, promotion and
 communications material all in accordance with Franchisor's policies,

(d) operate
 the Franchised Business and supervise all employees so that the operation of the Franchised Business complies with all laws and regulations
 in the jurisdiction in which the Franchise Restaurant is located;

(e) preserve,
 maintain and enhance the value of the Licensed IPR and the reputation and goodwill developed by Franchisor and its franchisees,

(f) employ
 sufficient qualified staff and workers to ensure the smooth and efficient operation of the Franchised Business at the Franchise Restaurants,
 provide suitable training therefor so that the employees, staff and workers serve the customers in a courteous, polite and pleasant
 manner,

(g) have
 the relevant employees acknowledge that the Confidential Information are proprietary information of Franchisor and comply with the
 obligations under clause [21],

(h) ensure
 the employees, staff, and workers working at Franchise Restaurants wear such uniforms and in such a manner as may be advised by the
 Franchisor and such uniform shall at all times be in reasonable state of cleanliness and neatness,

(i) promptly
 notify Franchisor of any changes in the employees with Franchisee,

(j) participate
 in any meetings with Franchisor as may be convened at the direction of the Franchisor from time to time for reporting to the Franchisor
 of the operation of the Franchised Business and for receiving such guidelines and/or direction from the Franchisor,

(k) maintain
 its books and records in the manner required by Franchisor and deliver to Franchisor, in accordance with its request, financial statements
 of the business of Franchisee prepared in Franchisor's prescribed format and in accordance with general accepted accounting
 principles within ten (10) days following its request,

(l) pay
 when due all taxes, accounts, liabilities and indebtedness incurred by Franchisee in the conduct of its business,

(m) at
 all times maintain a list of all personal data collected ()"**Personal Data**") fully in compliance with this Deed
 and Personal Data (Privacy) Ordinance (Cap. 486) ()"**PDPO** "),

(n) ensure
 Franchisee has adequate finances, including working capital, to discharge Franchisee's obligations under this Deed, to ensure
 that Franchisee is not in default of any bank loans and to provide Franchisor with written evidence of this from Franchisee's
 banker on demand,

(o) operate
 only the Franchised Business, and conduct no other business;

(p) not
 conduct the Franchised Business in the operations of any other company, business entity or person (whether a subsidiary, affiliate
 or otherwise); and

(q) at
 all times to act in utmost good faith towards Franchisor;

**20.3** **Commitment** 

Throughout the Term, Franchisee agrees not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) operate
 another business at the Franchise Restaurant,

(b) whether
 directly or indirectly, be engaged, concerned or interested in a business similar to or competitive with the Franchised Business
 whether as an owner, part owner, or operator of, or affiliated with the same, including holding a financial interest in such a business
 that may enable the Franchisee to influence its economic conduct (but excluding all other financial interests),

-Confidential- <br> Page \| 9

Franchise Deed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) use
 any Licensed IPR, the Manuals, the Methods or any other Intellectual Property of Franchisor or Unico Japan in relation to any documentation,
 merchandise, equipment, supplies, accessories, or other articles unless the same shall have been first submitted to and approved
 in writing by the Franchisor as meeting its standards of quality and utility,

(d) sell
 or give away any Products to any third party or parties except for the immediate consumption for the promotional purpose at the Franchise
 Restaurant,

(e) use
 any Intellectual Property or conduct its business in any manner that imposes any liability upon Franchisor or indicates the business
 is conducted by, or on behalf of, or subject to the direction of, Franchisor,

**21.** **GUARANTEE** 

21.1 In
 consideration of the granting of the license franchise and other rights to Franchisee hereinafter provided, Guarantor hereby irrevocably
 and unconditionally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees
 to Franchisor the punctual performance by Franchisee of all of the payment obligations assumes and/or expressed to be assumed by
 Franchisee under this Deed and undertakes with Franchisor that whenever Franchisee does not pay any amount when due under this Deed,
 Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and

(b) undertakes
 to use his best endeavours to procure the strict observance and performance by Franchisee of each and all of its obligations contained
 or referred to in this Deed and undertakes to indemnify and keep indemnified Franchisor from and against all losses, costs and expenses
 (including legal expenses) which Franchisor may reasonably incur or sustain from or in relation to any breach or non-observance or
 non-performance of those obligations or incurred by Franchisor in respect of this Deed.

21.2 Guarantor
 hereby expressly waives any right he may have of first requiring Franchisor to proceed against or enforce any other rights or security
 or claim payment from any person before claiming from Guarantor hereunder. Likewise, Guarantor shall not exercise any right of subrogation,
 contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this clause until all of the
 guaranteed obligations and any amounts payable under this clause have been paid and performed in full.

21.3 The
 obligations of Guarantor under this clause are absolute and unconditional, irrespective of the value, genuineness, validity, regularity
 or enforceability of any of the documents relating to the obligations, or any substitution, release, impairment or exchange of any
 other guarantee of or security for any of the obligations, and, to the fullest extent permitted by applicable law, irrespective of
 any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor,
 it being the intent of this clause that the obligations of Guarantor hereunder shall be absolute and unconditional under any and
 all circumstances.

**22.** **COMPLIANCE WITH LAWS** 

Franchisee shall operate the Franchised Business in compliance with all applicable laws of the Franchised Area.

**23.** **CONFIDENTIALITY** 

23.1 Franchisee
 and Guarantor hereby jointly and severally warrant to Franchisor that all Confidential Information obtained in connection with the
 Franchised Business shall be kept strictly confidential and that all Confidential Information disclosed or provided by Franchisor
 shall remain the property of Franchisor.

23.2 Franchisee
 and Guarantor hereby jointly and severally undertake to Franchisor that Franchisee and Guarantor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not
 use the Confidential Information for any other purpose than for the purpose of operating Franchised Business;

(b) protect
 the Confidential Information against disclosure to third parties in the same manner and with the same degree of care, but not less
 than a reasonable degree of care, with which Franchisee protects confidential information of its own; and

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Franchise Deed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) limit
 circulation of the Confidential Information to such employees of Franchisee who have a need to know in connection with the operation
 of the Franchised Business, provided that such employees are also bound by the confidentiality obligation herein.

23.3 The
 confidentiality obligations under this clause 23 will apply indefinitely.

23.4 The
 obligations of this clause 23 shall not apply to information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 or becomes a part of the public domain through no act or omission of Franchisee;

(b) was
 in Franchisee's lawful possession prior to the disclosure and had not been obtained by Franchisee either directly or indirectly
 from Franchisor;

(c) is
 lawfully disclosed to Franchisee by a third party without restriction on disclosure;

(d) is
 required to be disclosed by law or other governmental authority; provided, however, that Franchisee shall first have given notice
 to Franchisor that a protective order, if appropriate, may be sought by Franchisor.

**24.** **REPRESENTATIONS AND WARRANTIES** 

24.1 Franchisor
 represents and warrants to Franchisee that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 is a corporation duly incorporated and existing under the laws of Hong Kong and authorised to enter into this Deed and upon the execution
 and delivery of this Deed by the parties it will be a valid, binding obligation of Franchisor,

(b) entering
 into this Deed will not violate, or constitute a breach of, any other agreement or commitment to which Franchisor is a party.

24.2 Franchisee
 represents and warrants to Franchisor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee
 is not obtaining this Franchised Business for any purpose other than to own and operate the Franchised Business and has no present
 intention to sell, transfer, assign or attempt to sell, transfer or assign the Franchised Business in whole or in part;

(b) Franchisee
 is a legal entity duly incorporated and existing under the laws of Hong Kong and qualified to do business in Hong Kong and authorized
 to enter into this Deed and will procure such certificates, licences and permits necessary for Franchisee to carry on the business
 contemplated by this Deed; the individual executing this Deed on behalf of Franchisee is duly authorised to do so and upon the execution
 and delivery of the Agreement, it will be a valid, binding obligation of Franchisee ;

(c) entering
 into this Deed will not violate, or constitute a breach of, any other agreement or commitment to which Franchisee is a party;

(d) Franchisee
 understands and acknowledges the importance of the high and uniform standards of quality, appearance and service imposed by Franchisor
 in order to maintain the value of the Licensed IPR, the Manuals and the Methods, and the necessity of operating the Franchised Business
 in compliance with Franchisor's standards and that Franchisee currently has the capability to meet those standards;

(e) no
 representation, promise, guarantee or warranty or statement regarding profits or expected earnings of any kind were or have been
 made by Franchisor or by any person representing himself as an authorised agent, employee or representative of Franchisor to induce
 Franchisee to execute this Deed;

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Franchise Deed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) neither
 Franchisor, nor any other person has guaranteed, represented or warranted that the use of the Rights or the Licensed IPR will result
 in the success or profitability of the Franchised Business, or has provided any sales or income projections of any kind to Franchisee;

(g) the
 success of the Franchised Business is dependent upon the efforts of Franchisee and its officers and employees, and intend to devote
 his full business time to the operation of the Franchised Business;

(h) Franchisee
 is or will be qualified and licensed to conduct the Franchised Business under the laws of the Franchised Area;

(i) Franchisor
 has advised Franchisee to retain legal counsel to review this Deed and is aware that there are significant financial risks inherent
 in owning and operating the Franchised Business; and

(j) all
 information furnished by Franchisee pursuant to, and statements of Franchisee in, the application of Franchisee related to the Franchised
 Business are true and correct.

**25.** **RECTIFICATION OF DEFAULTS** 

Franchisee shall promptly rectify all defaults or failures to perform any of its obligations under this Deed as specified elsewhere in this Deed upon receipt of written notice from Franchisor.

**26.** **FULL TIME AND BEST ENDEAVOURS** 

Franchisee shall devote its best endeavours to actively conduct the Franchised Business within the Franchised Area in accordance with the terms and conditions of this Deed.

**27.** **REQUIREMENTS REGARDING FRANCHISED RESTAURANTS** 

27.1 For
 the purposes of opening a Franchise Restaurant on or before the Effective Date, and opening such further Franchise Restaurants thereafter,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee
 shall at its own expenses engage an estate and property agent for the purpose of looking for such sites or locations or premises
 as may be designated by Franchisor for the operation of the Franchised Business of the new Franchise Restaurant after signing of
 this Deed.

(b) Franchisee
 shall enter into such tenancy agreement with the landlord of the premises on such terms and conditions as may be approved by Franchisor.

(c) the
 costs and expenses arising from or in connection with the location of suitable premises for the operation of the Business (including
 but not limited to the rent, promotion levy etc.) and related legal matters shall be borne by Franchisee absolutely.

27.2 If
 Franchisee fails to procure the entry into any agreement or obtaining possession of suitable premises for the opening of the new
 Franchise Restaurant on or before the Effective Date, this Deed shall be deemed to be terminated immediately upon the expiration
 thereof. All parties are thereafter discharged from further performance of the terms and conditions of this Deed but without prejudice
 of any claim by Franchisor against Franchisee for any antecedent breach.

27.3 Franchisee
 shall continuously use the Franchised Location premises only as and for the Franchised Business during the Term, unless agreed to
 prior to use by Franchisor in writing.

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Franchise Deed

**28.** **AS S IGNMENT BY FRANCHISEE** 

28.1 Franchisee
 and Guarantor jointly and severally undertake that, save for any transfers as part of any reorganisation in contemplation of any
 initial public offering process in Hong Kong or anywhere in the World:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) neither
 Franchisee nor Guarantor shall sell, assign or encumber, all or any part of the assets and business of Franchisee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Franchisee
 shall not issue any shares or other securities to any person other than Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Guarantor
 shall not sell, transfer, encumber, grant, or otherwise dispose of the shares or securities of Franchisee or any interest therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) neither
 Franchisee nor Guarantor shall sell, transfer, assign, encumber, create any trust over, or otherwise dispose of this Deed or any
 rights under this Deed. (each a "**Transfer** ").

28.2 Any
 attempted Transfer shall be null and void and constitute an immediate termination of this Deed, save for Transfers permitted above.

28.3 Franchisee
 shall not be released or relieved of any continuing obligation of confidentiality and non-competition under this Deed as the result
 of a Transfer or Franchisor's consent to a Transfer. The consent to a Transfer by Franchisor shall be subject to the condition
 subsequent that the assignee (or an approved designee of assignee) completes the Training to the satisfaction of Franchisor and if
 the Training is not so completed the Transfer shall be null and void. If the Training is completed to Franchisor's satisfaction
 and Franchisee and the assignee have satisfied all other conditions related to the Transfer the rights and obligations of Franchisee
 under this Deed shall inure to the assignee.

**29.** **FRANCHISOR ASSIGNMENT** 

Franchisor may assign, novate or transfer this Deed and all or any part of its rights and obligations hereunder at any time, to any person or entity, without the consent of Franchisee. The rights and obligations of Franchisor under this Deed shall inure to Franchisor's successors and assigns.

**30.** **DEATH OR INCAPACITY OF GUARANTOR** 

In the event of the death or permanent incapacity or disability of Guarantor, Franchisee or its estate shall have the right to assign this Deed within ninety (90) days, subject to Franchisor's reasonable conditions of assignment. Otherwise, Franchisee or its estate shall continue to perform the obligations of Franchisee under this Deed.

**31.** **NO ENCUMBRANCE OF FRANCHISE** 

Notwithstanding the foregoing, Franchisee shall not have the right to pledge, encumber, charge, hypothecate or otherwise give any third party a security interest in this Deed without the prior written consent of Franchisor, which may be withheld for any reason whatsoever.

**32.** **FRANCHISEE'S FIRST RIGHT OF REFUSAL** 

Unless otherwise agreed in writing, if i) Franchisee wishes to expand and open any Franchised Restaurants in the regions outside of Hong Kong and submits a request for expansion in writing to the Franchisor, or ii) Franchisor elects to expand and open a Franchise Restaurant in regions outside of Hong Kong and Japan, then the Franchiser shall service a written notice of first right of refusal (the "Notice of Right of First Refusal") to the Franchisee. The Franchisee shall have a right of first refusal for a period of thirty (30) days from the date of the Notice of Right of First Refusal (the "Right of First Refusal Period"), within which to invest in such Franchised Restaurant on the same terms and conditions as offered to a third party. Where parties hereto failed to reach an agreement for such expansion within the Right of First Refusal Period, the Franchisor shall be free to enter into any agreement with any third parties with regard to any expansion of the Franchised Business and opening of the Franchised Restaurants in the said region.

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Franchise Deed

**33.** **TERMINATION** 

33.1 If
 Franchisee breaches any of terms and conditions as herein provided (including breaches under clause 32.2) it shall promptly notify
 Franchisor in writing of such breach (the "**Notice of Breach** ").

33.2 At
 any time after receipt of the Notice of Breach from Franchisee, or otherwise becoming aware of any breach of the terms and conditions
 of this Deed by Franchisee, Franchisor shall be entitled to give a written demand to Franchisee (the "**Letter of Demand** ")
 specifying the breach of any obligations to be performed and observed by Franchisee herein provided and requiring Franchisee to remedy
 or rectify the same within seven (7) days from the date of such demand, provided that in the event of occurrence of the events listed
 under clause 33.3, the Franchisor may terminate the Deed without serving the Letter of Demand pursuant to clause 33.3. If Franchisee
 fails to remedy or rectify the breach to the reasonable satisfaction of Franchisor, then Franchisor may (but not is obliged to) terminate
 this Deed by giving not less seven (7) days' prior written notice to Franchisee. Franchisee acknowledges that it is the right
 but not the obligation of the Franchisor to exercise any rights conferred herein.

33.3 If,
 on the occurrence of any of the following events, Franchisor may (but is not obliged to) terminate this Deed summarily and without
 giving any prior notice to Franchisee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee
 shall fail to pay any sum payable in accordance with Clause 5 above;

(b) Franchisee
 shall fail to maintain a reasonable standard of the operation of Franchised Business in accordance with such reasonable instructions
 and advice by Franchisor so that in the opinion of Franchisor the goodwill and reputation of the Trade Name and Trademarks will be
 affected;

(c) Franchisee
 shall carry on the Franchised Business not at a suitable location which may adversely affect the Trade Name and Trademarks;

(d) Guarantor
 shall be adjudged bankrupt or a trustee in bankruptcy is appointed;

(e) Franchisee
 enters liquidation either voluntary or compulsory (save for the purpose of reconstruction or amalgamation as may be reasonably approved
 by Franchisor) or a receiver shall be appointed in respect of the whole or any part of its assets or Franchisee shall make an assignment
 for the benefit of its creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 event specified in clause 27.2 hereinabove;

(g) the
 giving by Franchisee of a Power of Attorney or similar authority whereby the donee of the Power obtains the right to use or otherwise
 enjoy the use of the Licensed IPR;

(h) any
 take-over reconstruction amalgamation merger or liquidation or winding up of Franchisee;

(i) save
 for any transfers as part of any reorganisation in contemplation of any initial public offering process in Hong Kong or anywhere
 in the World, any change in the person or persons who owns or own a majority of the voting shares of and in Franchisee or otherwise
 has or have effective control of Franchisee; and

(j) Guarantor
 ceases to hold or fails to maintain the legal and beneficial interest for (whether directly or indirectly)_at least fifty percent
 (50%) of the voting shares in issue by Franchisee , unless such decrease in shareholding by the Guarantor in the Franchisee was the
 result of any reorganisation in contemplation of any initial public offering process in Hong Kong or anywhere in the World.

Franchisee acknowledges that it is the right but not the obligation of the Franchisor to exercise any rights conferred herein.

33.4 On
 the termination of this Deed, Franchisee shall refrain from operating the Franchised Business and using the Licensed IPR as soon
 as practicable and not later than one (1) month. Franchisee shall cease to use and remove all identifying matters from the premises
 as Franchisor may direct effectively to distinguish the premises and such from its appearance as a designation for the operation
 of the Franchised Business under the Trade Name and Trademark and if Franchisee shall fail or omit to make or cause to be made such
 changes within seven (7) days after written notice then Franchisor and its authorised agents shall have the right to enter upon the
 premises and to make or cause to be made such changes in the premises at the expense of Franchisee which expense Franchisee shall
 indemnify and keep Franchisor indemnified upon demand.

33.5 The
 accrued rights and the liabilities of the parties hereto shall not be affected upon the expiration or termination of this Deed and
 shall be enforceable despite such expiration or termination.

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Franchise Deed

33.6 If
 Franchisee operates the Franchised Business after the receipt of the Notice of Breach by the Franchisor or receipt of the Letter
 of Demand by the Franchisee (as the case may be) but before Franchiser elects to terminate this Deed pursuant to clause 33.3 or 33.4
 (as the case may be), then in any such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee
 shall be deemed to be operating the Franchised Business on a month-to-month basis under the terms and conditions of this Deed;

(b) all
 fees paid to Franchisor on a monthly basis shall be twice the amount designated in the expired agreement; and

(c) Franchisor
 may at any time by written notice to Franchisee require Franchisee to cease operating the Franchised Business, in which case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Franchisee
 shall cease operating the Franchised Business within one (1) month after that date of such written notice; and

(ii) from
 the date of such written notice, Franchisee shall account for and pay to Franchisor on demand (y) all profits arising from the conduct
 of the Franchised Business after the date of such written notice; and (z) all legal costs incurred by Franchisor after the date of
 such notice in respect of the cessation of the Franchised Business or enforcement of rights under this Deed (including those incurred
 in obtaining an order of the court to prevent Franchisee from continuing to operate the Franchised Business).

**34.** **COVENANT NOT TO COMPETE** 

34.1 In
 order to protect the Confidential Information, trade secrets and business connections of Franchisor, Franchisee and Guarantor hereby
 jointly and severally agree and undertake that they shall not, during the Term and for the period of one (1) year immediately after
 termination of this Deed, save for any businesses which are already in operation prior to the termination of this Deed, directly
 or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 any manner whatsoever engage in any capacity in any business in Hong Kong in the restaurant, food and hospitality sector to conduct
 any style of Cafe and Foods Cuisines in Hong Kong for their own benefit or for the benefit of any person or entity; or

(b) have
 any interest as owner, sole proprietor, stockholder, partner, lender, director, officer, manager, employee, consultant, agent or
 otherwise in any business in Hong Kong in the restaurant, food and hospitality sector conducting any style of Cafe and Foods Cuisines
 in Hong Kong; provided, however, that Guarantor may hold, directly or indirectly, solely as an investment, not more than forty-nine
 percent (49%) of the securities of any entity notwithstanding the fact that such person or entity is engaged in a business competitive
 with the Franchised Business provided that the Guarantor covenants to comply with any terms of this agreement during the term of
 such investment.

34.2 Franchisor
 may, acting reasonably and in good faith, be entitled to damages to Franchisor's business arising from a material breach of
 the provisions under this clause.

34.3 The
 Franchisee and the Guarantor hereby acknowledge and agree that the aforesaid restrictions are fair and reasonable for the protection
 of the lawful rights and interests of the Franchisor.

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Franchise Deed

**35.** **FRANCHISEE'S OBLIGATIONS OF DISCONTINUANCE UPON TERMINATION** 

35.1 Upon
 the expiration or termination of this Deed for whatever reason:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee
 shall forthwith discontinue use of the Licensed IPR, the Manuals, the Methods, know-hows, any other proprietary information belonging
 to the Franchisor or any Confidential Information and shall not thereafter operate or do business under any name or in any manner
 that might tend to give the general public the impression that it is, either directly or indirectly associated with the Franchised
 Business. Further, Franchisee shall not, use any trademark, name, logo, copyright, custom computer software, trade secret, confidential
 information, advertising, design, graphic, script, color combination, distinguishing feature or other element which is confusingly
 similar to or colorably imitative of those used by the Franchised Business.

(b) Franchisee
 acknowledges the proprietary rights as set out in this Deed and agrees to forthwith return to Franchisor all copies in its possession
 of the Manuals and all other Confidential Information and materials containing the same relating to the Franchised Business, or bearing
 the Licensed IPR.

(c) Franchisee
 shall promptly pay to Franchisor, all sums of money, fees or other charges due (including unpaid fees for the Products) which are
 not validly disputed and have accrued to the date of termination or expiration, as applicable.

(d) Franchisee
 shall take all necessary steps to disassociate any and all listings and advertising of Franchisee or their agents from Licensed IPR
 upon termination or expiration, as applicable. Further, Franchisee shall immediately upon termination or expiration, notify the company
 providing webpage service or telephone service to Franchisee of Franchisee's termination or Franchisee's right to use
 any webpage, telephone number and any regular, classified or other listing(s) associated with the Licensed IPR. Franchisor has the
 sole rights to and interest in all listings associated with the Franchised Business and any other Intellectual Property in respect
 of the Franchised Business.

(e) Franchisee
 shall take whatever steps Franchisor requires to cancel Franchisee's right to use any of Franchisor's other property
 or materials including use of and access to Licensed IPR.

(f) Franchisee
 shall not at any time thereafter make any disparaging or negative comments about Franchisor, the Franchised Business or do anything
 to damage Franchisor's goodwill or reputation or interfere with Franchisor's businesses or that of Franchisor's
 other franchisees.

35.2 If
 Franchisee fails or refuses to comply with this section in a professional and expeditious manner, as well as all other obligations
 hereunder intended to survive termination or expiration of this Deed (including the non-disclosure, non-competition and indemnification
 covenants), then Franchisee agrees to pay Franchisor for any and all costs and expenses (including but not limited to auditors, legal
 advisors, and collection fees) incurred by Franchisor in an effort to effect compliance hereunder.

35.3 All
 obligations of Franchisee and Franchisor (including Guarantor) hereunder which expressly or by their nature survive the expiration
 or termination of this Deed shall continue in full force and effect subsequent to and notwithstanding its expiration or termination
 and until they are satisfied in full or by their nature expire.

**36.** **FRANCHISOR'S RIGHT TO OPERATE** 

Upon expiration or termination of this Deed for whatever reason, Franchisor shall have the right to immediately establish, operate or franchise the Franchised Business anywhere within the Franchised Area.

**37.** **INDEMNITY** 

37.1 Franchisee
 and the Guarantor agree to collectively indemnify, keep indemnified and hold Franchisor and Unico Japan harmless against all loss
 and liability, as well as any depletion of goodwill and legal fees relating to such loss or liability, as a direct or indirect result
 of the Franchisee's conduct of the Franchised Business, including arising out of, or in any way connected with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchisee's
 failure to comply with or the Franchisee's acts or omissions in contravention of any applicable present and future authorisations,
 registrations, duties of care, codes of conduct, regulations, notices, permits, consents, approvals and licences issued, imposed
 or directed by any relevant body,

(b) use
 of the Licensed IPR (or any other Intellectual Property) by Franchisee,

(c) the
 deliberate act, negligent act, error or omission of Franchisee or of the Franchisee's employees, agents or subcontractors,

(d) any
 breach of this Deed or direct or indirect failure by Franchisee or of the Franchisee's employees or agents, to comply with
 any provision of this Deed,

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Franchise Deed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Franchisee's
 breach, negligent performance or non-performance of this Deed by Franchisee, Franchisee's employees or agents,

(f) the
 enforcement of this Deed,

(g) any
 claim made against Franchisor by a third party for death, personal injury or damage to property arising out of or in connection with
 this Deed, to the extent attributable to the acts or omissions of Franchisee, Franchisee's employees, agents or subcontractors,
 and

(h) any
 claim made against Franchisor for actual or alleged infringement of a third party's intellectual property rights arising out
 of or in connection with operating the Franchised Business.

**38.** **GENERAL** 

38.1 This
 Deed contains the entire agreement between the parties and contains all of the terms and conditions agreed upon by the parties with
 reference to the subject matter of this Deed. In entering into this Deed, neither party relies upon, nor shall have any remedy in
 respect of, any statement, representation, assurance or warranty (whether negligently or innocently made) that is not set out in
 this Deed. No other agreements, oral or otherwise, shall be deemed to exist or to bind any of the parties, and all prior agreements
 and understandings are superseded hereby. This Deed may only be modified by a written agreement signed by both Franchisor and Franchisee.

38.2 Nothing
 in this clause shall exclude or restrict the liability of any of the parties arising out of its pre-contractual fraudulent misrepresentation.

38.3 All
 headings and captions in this Deed are for reference only and in no way alter the meaning or content of this Deed. The Schedule form
 an integral part of this Deed.

38.4 In
 case any provisions of this Deed or any application thereof shall be invalid, illegal or unenforceable in any respect, the validity,
 legality and enforceability of the remaining provisions contained herein and any other application thereof shall not in any way be
 affected or impaired thereby.

38.5 Franchisor
 may bring action for injunctive relief in order to compel Franchisee to comply with its obligations under this Deed so as to preserve
 and protect its Intellectual Property and the Licensed IPR, and other proprietary rights under this Deed and to maintain the uniformity
 and integrity of the Franchised Business as called for under this Deed.

38.6 In
 the event of any default on the part of either party to this Deed, in addition to all other remedies, the party in default will pay
 the aggrieved party all amounts due and all damages, costs and expenses, including reasonable legal fees, incurred by the aggrieved
 party in any legal action or arbitration proceeding as a result of such default, plus interest at the highest rate allowed by law,
 accruing from the date of such default.

38.7 This
 Deed shall be governed by, construed and interpreted according to the laws of Hong Kong.

38.8 Any
 dispute, controversy, difference or claim arising out of or relating to this contract, including the existence, validity, interpretation,
 performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it
 shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre under the
 HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall
 be Hong Kong law. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be one. The arbitration proceedings
 shall be conducted in English.

38.9 The
 terms and conditions or this Deed which by their nature require performance by Franchisee or others after assignment, expiration
 or termination shall remain enforceable notwithstanding the assignment, expiration or termination of this Deed.

38.10 Franchisee
 agrees that it will not, on the grounds of alleged non-performance by Franchisor of any of its obligations hereunder, or in the event
 of dispute, or a claim of Franchisee, or for any other reason whatsoever, withhold payment of any amounts due to Franchisor.

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Franchise Deed

38.11 Each
 party acknowledges that it has been advised to seek independent legal advice and has been given ample opportunity to do so.

38.12 No
 variation of this Deed (or of any of the documents referred to in this Deed) shall be valid unless it is in writing and signed by
 or on behalf of each party.

38.13 Any
 notice required or permitted to be given under this Deed shall be in writing and shall be deemed to have been duly given if delivered
 by hand or sent by mailed by certified or registered mail, postage prepaid, addressed to Franchisor at its address as shown on the
 first page of this Deed; and to Franchisee at the Franchised Location address; or to such address as the respective parties may in
 writing advise.

38.14 Neither
 Franchisor's failure to exercise or delay in exercising any power, right or remedy given to the Franchisor hereunder nor to
 insist upon strict compliance by Franchisee with any obligation hereunder nor any custom or practice of Franchisee or the Franchisor's
 shall constitute any waiver of any of the Franchisor's rights under this Deed. Franchisor's waiver of any particular
 default by the Franchisee must be in writing and shall not affect or impair the Franchisor's rights in respect of any subsequent
 default of any kind by either Franchisee nor shall any delay by Franchisor or omission of Franchisor to exercise any rights arising
 from any default by Franchisee affect or impair Franchisor's rights in respect of the said default or any default of any kind.
 Any waiver of any rights by Franchisor will also operate as a waiver by Franchisee of any equivalent rights that either of them may
 have.

38.15 The
 submission of this Deed to Franchisee does not constitute an offer, and this Deed shall become effective only upon execution by both
 Franchisor and Franchisee.

38.16 This
 Deed may be executed in any number of counterparts, each of which when executed and delivered shall constitute an original of this
 Deed, but all the counterparts shall together constitute the same agreement. No counterpart shall be effective until each party has
 executed at least one counterpart. Each party consents to the use of the electronic signature of the other party for the purpose
 of any demand, notice or other document served or delivered by the other party in connection with this Deed.

38.17 A
 person who is not a party to this Deed shall not have any rights under the Contracts (Rights of Third Parties) Ordinance (Cap. 623
 of the laws of Hong Kong) to enforce or enjoy the benefit of any of its provisions.

**IN WITNESS WHEREOF**, this Deed was entered into on, and is effective from, the Effective Date set forth in Schedule A.

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Franchise Deed

**Schedule A: Particular Terms**

1. <u>Dates</u> 

1.1 Effective
 Date: July
 1, 2023

1.2 Commencement
 Date: July
 1, 2023

1.3 Expiry
 Date: June
 30, 2038

1.4 First
 Monthly Franchised Business Fee: Already
 Paid And Performed

1.5 Financial
 Year End: March
 31<sup>st</sup>

2. <u>Franchise Location</u>:

2.1 Site
 1: SHOP
 NOS. 321-323 LEVEL 3 TSUEN
 WAN PLAZA 4-30
 TAI PA STREET TSUEN WAN NT

2.2 Site
 2: SHOP
 NOS. 101-102 1/F TOWER 535 NO.
 535 JAFFE RD CAUSEWAY
 BAY HK

3. <u>Franchised Area</u>: Hong
 Kong S.A.R.

-Confidential- <br> Page \| SA-1

Franchise Deed

**Execution Page**

<u>Franchisor</u>

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| | |
|:---|:---|
| Executed as a Deed) | *<u>/s/ Futoshi Ushijima</u>*<br>|
| and delivered) | Futoshi Ushijima |
| for and on behalf of) | Director |
| **Unico HK Corporation Limited**) |  |
|  | |
|  | *<u>/s/ Yuta Ushijima</u>*<br> Yuta Ushijima<br> Director |

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in the presence of:

*<u>/s/ Yoichi Suenaga</u>*

**Yoichi Suenaga** 

Flat 504, 5/F, Henning House, 385 Hennesy Road, Causeway Bay, Hong Kong

<u>Franchisee</u>

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| | |
|:---|:---|
| Executed as a Deed) | *<u>/s/ Luk Siu Fung Mark</u>* <br>|
| and delivered) | Luk Siu Fung Mark, |
| for and on behalf of) | Sole Director |
| **C& Hospitality Limited**) |  |

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in the presence of:

*<u>/s/ Ngai Ming Hon</u>*

**Ngai Ming Hon**

46/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay

<u>Guarantor</u>

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| |
|:---|
| *<u>/s/ Luk Siu Fung Mark</u>* <br>|
| Luk Siu Fung Mark |

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in the presence of:

*<u>/s/ Ngai Ming Hon</u>*

**Ngai Ming Hon**

46/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay

-Confidential-

## Exhibit 10.8

**Exhibit 10.8**

Certain terms have been omitted pursuant to Regulation S-K Item 601(a)(6). The Registrant agrees to furnish supplementally a copy of any of the terms to the SEC upon request.

<u>Dated the 6th day of April 2022</u>

SUN HUNG KAI REAL ESTATE (SALES

AND LEASING) AGENCY LIMITED

(Agent for the Owner)

AND

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| | |
|:---|:---|
| C& NTP LIMITED | ![](ex10-8_001.jpg) |

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TENANCY AGREEMENT

of

Shop No. 701 on Level 7 of the Commercial Units of

New Town Plaza, Sha Tin Town Lot No. 143

![](ex10-8_002.jpg)

**<u>INDEX OF CONTENTS</u>**

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| | | |
|:---|:---|:---|
|  | **SECTION I - AGREEMENT** | 1 |
| 1. | Premises, Term and Rent | 1 |
|  | **SECTION II - RENT AND OTHER CHARGES** | 2 |
| 2.1 | Rent and Other Charges | 2 |
| 2.2 | Air-Conditioning and Management Charges | 2 |
| 2.3 | Utility Charges and Deposits | 2 |
| 2.4 | Rates & Taxes | 3 |
| 2.5 | Promotion Levy | 3 |
| 2.6 | Interest and Legal Costs | 4 |
|  | **SECTION III - TENANT'S OBLIGATIONS** | 4 |
| 3.1 | Compliance with Ordinances | 4 |
| 3.2 | To Fit Out Premises | 4 |
| 3.3 | To Keep the Interior in Good Repair | 5 |
| 3.4 | Replacement of Windows | 5 |
| 3.5 | (a) Installation of Telephone Cables | 5 |
|  | (b) Electrical and Gas Installations | 5 |
|  | (c) Air-conditioning System | 6 |
|  | (d) Checking of Condition and Appliances | 6 |
| 3.6 | Sanitary and Water Apparatus | 6 |
| 3.7 | Cleaning of Drains, Air Filter/Extractor Units | 6 |
| 3.8 | Indemnity against Loss/Damage from Interior Defects | 6 |
| 3.9 | Contents | 6 |
| 3.10 | Protection from Typhoons | 6 |
| 3.11 | Entry by Landlord | 6 |
| 3.12 | To Execute Repairs on Receipt of Notice | 7 |
| 3.13 | Inform Landlord of Damage | 7 |
| 3.14 | Infestation | 7 |
| 3.15 | Damage to Building | 7 |
| 3.16 | To Comply with Government Lease | 7 |
| 3.17 | To Comply with Deed of Mutual Covenant, House Rules, General Rules, Car Park Rules and Club Rules | 7 |
| 3.18 | Viewing and Letting and Selling Notices | 7 |
| 3.19 | Contractors, Servants, Agents, Licensees, Visitors | 7 |

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i

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| | | |
|:---|:---|:---|
| 3.2 | Load and Unload through Cargo Lift | 8.0 |
| 3.21 | Refuse and Garbage Removal | 8.0 |
| 3.22 | Window Cleaning | 8.0 |
| 3.23 | Conduct of Business | 8.0 |
| 3.24 | Yield Up the Said Premises and Handover | 14.0 |
| 3.25 | Indemnity and Insurance | 15.0 |
| 3.26 | Keep and Maintain Electricity and Water Supply Accounts | 16.0 |
| 3.27 | Security System | 17.0 |
| 3.28 | Adjacent Excavation Of Shoring | 17.0 |
| 3.29 | Pipes And Conduits | 17.0 |
|  | **SECTION IV - LANDLORD'S OBLIGATIONS** | 17.0 |
| 4.1 | Quiet Enjoyment | 17.0 |
| 4.2 | Government Rent | 18.0 |
|  | **SECTION V - RESTRICTIONS AND PROHIBITIONS** | 18.0 |
| 5.1 | Installations and Alterations | 18.0 |
| 5.2 | Injury to Main Walls | 21.0 |
| 5.3 | Damage to Walls, Ceilings and Floors | 21.0 |
| 5.4 | Damage to Common Areas | 21.0 |
| 5.5 | Nuisance or Annoyance | 21.0 |
| 5.6 | Noise | 22.0 |
| 5.7 | Signs | 22.0 |
| 5.8 | User | 23.0 |
| 5.9 | Illegal or Immoral Use | 24.0 |
| 5.1 | Unlawful or Dangerous Goods | 24.0 |
| 5.11 | Obstructions | 24.0 |
| 5.12 | Prevention of Odours | 25.0 |
| 5.13 | Animals, Pets | 25.0 |
| 5.14 | Subletting, Assigning | 25.0 |
| 5.15 | Breach of Government Lease or Deed of Mutual Covenant | 26.0 |
| 5.16 | Breach of Insurance Policy | 26.0 |
| 5.17 | Aerials | 27.0 |
| 5.18 | Air-conditioning | 27.0 |
| 5.19 | Use of Common Areas | 27.0 |
| 5.2 | Food Restriction | 27.0 |
| 5.21 | Locks | 28.0 |
| 5.22 | Sale Of Liquor | 28.0 |

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ii

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| | | |
|:---|:---|:---|
| 5.23 | Tenant's Association | 28.0 |
|  | **SECTION VI - EXCLUSIONS** | 28.0 |
| 6.1 | (a) Common Services and Facilities | 28.0 |
|  | (b) Electricity/Gas/Water Supply | 28.0 |
|  | (c) Fire and Overflow of Water, Vermin | 29.0 |
|  | (d) Non-enforcement | 29.0 |
|  | (e) Security | 29.0 |
|  | (f) Vehicles | 29.0 |
| 6.2 | Exemptions Extend to Landlord's Agent and Manager | 30.0 |
| 6.3 | No Duty for Landlord to Insure | 30.0 |
| 6.4 | No Claim for Landlord's Works | 30.0 |
|  | **SECTION VII - ABATEMENT OF RENT** | 30.0 |
| 7. | Abatement | 30.0 |
|  | **SECTION VIII - DEFAULT** | 31.0 |
| 8.1 | Default | 31.0 |
| 8.2 | Exercise of Rights | 32.0 |
| 8.3 | Acceptance of Rent | 32.0 |
| 8.4 | Acts of Contractors, Guests, Servants, Agents, Licensees and Visitors | 32.0 |
| 8.5 | Distraint | 32.0 |
|  | **SECTION IX - DEPOSIT** | 33.0 |
| 9.1 | Deposit | 33.0 |
| 9.2 | Increase of Deposit | 33.0 |
| 9.3 | Repayment of Deposit | 34.0 |
| 9.4 | Deposit Not Rent | 34.0 |
| 9.5 | Transfer of Deposit | 34.0 |
|  | **SECTION X - INTERPRETATION AND MISCELLANEOUS** | 35.0 |
| 10.1 | Condonation Not a Waiver | 35.0 |
| 10.2 | Definition of Common Areas and Common Services and Facilities | 35.0 |
| 10.3 | Name of Development | 36.0 |
| 10.4 | Introduction of Rules and Regulations | 37.0 |
| 10.5 | Service of Notices | 37.0 |

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iii

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| | | |
|:---|:---|:---|
| 10.6 | No Fine | 37.0 |
| 10.7 | Exclusion of Warranties | 37.0 |
| 10.8 | Special Conditions | 38.0 |
| 10.9 | Joint and Several Liability | 38.0 |
| 10.10 | Genders and Plurals | 38.0 |
| 10.11 | Marginal Notes, Headings and Index | 38.0 |
| 10.12 | Stamp Duty and Costs | 38.0 |
| 10.13 | Each Provision Independent and Severable | 39.0 |
| 10.14 | Sale and Demolition | 40.0 |
| 10.15 | Time | 40.0 |
| 10.16 | Governing Law | 41.0 |
| 10.17 | Description of Premises | 41.0 |
| 10.18 | Rights of Third Party | 41.0 |
| **THE FIRST SCHEDULE** | **THE FIRST SCHEDULE** |  |
| Part I - Particulars of the Landlord | Part I - Particulars of the Landlord | 42.0 |
| Part II - Particulars of the Tenant | Part II - Particulars of the Tenant | 42.0 |
| Part III- Particulars of Premises | Part III- Particulars of Premises | 42.0 |
| Part IV - Particulars of Term | Part IV - Particulars of Term | 42.0 |
| Part V - Particulars of Rent | Part V - Particulars of Rent |  |
| Part VI - Particulars of Air-Conditioning and Management Charges | Part VI - Particulars of Air-Conditioning and Management Charges | 47.0 |
| Part VII - Particulars of Deposit | Part VII - Particulars of Deposit | 47.0 |
| Part VIII - Business Hours | Part VIII - Business Hours | 47.0 |
| Part IX - Promotion Levy | Part IX - Promotion Levy | 47.0 |
| **THE SECOND SCHEDULE -** User | **THE SECOND SCHEDULE -** User | 48.0 |
| **THE THIRD SCHEDULE -** Special Conditions | **THE THIRD SCHEDULE -** Special Conditions | 49.0 |
| **THE FOURTH SCHEDULE -** Exception and Reservations | **THE FOURTH SCHEDULE -** Exception and Reservations | 61.0 |
| **SIGNATURES** | **SIGNATURES** | 63.0 |

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iv

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| | |
|:---|:---|
| THIS TENANCY AGREEMENT | made this 6th day of April Two thousand and Twenty-Two |
| Parties | BETWEEN the party named and described as Landlord in Part I of the First Schedule hereto (hereinafter referred to as "the Landlord", which expression shall where the context admits include its successor(s) in title and assign(s) or company(ies) for the time being entitled to the immediate reversion expectant upon the term hereby created) of the one part and the party named and described as Tenant in Part II of the First Schedule hereto (hereinafter referred to as "the Tenant") of the other part. |
|  | WHEREBY IT IS AGREED as follows:- |

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SECTION I

<u>AGREEMENT</u>

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|:---|:---|:---|
| Premises<br>Term<br>Rent<br>| 1. | In consideration of the rent and the Tenant's covenants hereinafter reserved and contained, the Landlord hereby lets to the Tenant All Those the premises more particularly described in Part III of the First Schedule hereto (hereinafter referred to as "the said premises") Together with the use in common with the Landlord and all others having the like right of such of the entrances staircases landings passages lifts escalators and air cooling and heating services in the said building (if any and whenever the same shall be operating) and such other common areas and common services and facilities in the building of which the said premises form part (hereinafter referred to as "the said building") insofar as the same are necessary for the proper use and enjoyment of the said premises (except insofar as the Landlord and/or the manager of the said building may from time to time restrict such use) for the term specified in Part IV of the First Schedule hereto (hereinafter referred to as "the said term") EXCEPT AND RESERVED unto the Landlord and the manager of the said building and all persons authorized by the Landlord or the manager of the said building (i) all such rights and privileges as are reserved unto the Landlord and/or the manager of the said building under, if any, the Deed of Mutual Govenant and (if any) the Management Agreement of the said building hereinafter referred to as "the Deed", which expression shall also mean and include any and all such supplemental deed(s), supplemental agreement(s) and variation(s) and amendment(s) thereto) and (ii) such other rights and easements as specified in the Fourth Schedule hereto YIELDING AND PAYING therefor throughout the said term the rent as set out in Part V of the First Schedule hereto and, if payable by the Tenant hereunder and as set out in Part VI of the First Schedule hereto, the Air-Conditioning and Management Charges and other charges (all of which are unless the context otherwise requires hereinafter included under the term "the rent") which shall be paid together with all other outgoings incurred in respect of the said premises in advance clear of all deductions whatsoever (whether legal or equitable) by consecutive monthly payments on the first day of each calendar month the first and the last of such payments to be apportioned according to the number of days respectively in the first and the last month of the said term as included in the said term and the first of such payments shall be made upon the signing hereof. If the day on which the rent and other charges and (if any) rates fall due for payment under this Agreement is a public holiday, the relevant payment shall be deemed due and be payable on the preceding business day. |

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SECTION II

<u>RENT AND OTHER CHARGES</u>

2. The Tenant hereby agrees with the Landlord as follows:- <br>Rent and Other Charges 2.1 To pay the rent and other charges promptly on the days and in the manner hereinbefore provided for payment thereof and by bankers' standing order or by direct debit if so demanded.

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| | | |
|:---|:---|:---|
| Air-Conditioning and<br> Management Charges | 2.2(i) | To pay and discharge promptly on the days and in the manner hereinbefore provided for payment therefor and by bankers' standing order or by direct debit if so demanded a fixed monthly sum as determined by the Landlord or the manager of the said building to be the Tenant's share of the Air-Conditioning and Management Charges payable in respect of the said premises. Such fixed monthly sum shall initially be in the amount as set out in Part VI of the First Schedule hereto. In the event of a deficiency. occurring or seeming to the Landlord or the manager of the said building likely to occur, the Landlord or the manager of the said building shall be entitled to demand collect and recover from the Tenant such additional contributions as the Landlord or the manager of the said building may determine, or to carry forward (if any) any such deficiency to a later date for the purpose of revision of the rate of the aforesaid contribution by recouping the amount of such deficiency by including the same in the assessment. The Landlord or the manager of the said building shall also be entitled to increase the charges annually by reference to the increase of the operating costs of air-conditioning and/or management services. If the increase exceeds 10%, the Landlord or the manager of the said building will give a brief explanatory memorandum, but in any event such assessment shall be conclusive. |
|  | (ii) | If air-conditioning is provided by the Landlord and the Tenant shall require air-conditioning to be provided outside the normal business hours as specified in Part VIII of the First Schedule hereto, the Landlord or the manager of the said building shall be entitled to charge for such supply according to the cost therefor and such supply shall be subject to feasibility and prior reasonable notice of such request to the Landlord or the manager of the said building. The Tenant shall pay the cost of the additional air-conditioning on receipt of the demand note therefor which may be rendered weekly or at such other intervals as the Landlord or the manager of the said building may decide. |
|  | (iii) | To pay the Landlord or (as the case may be) the manager of the said building forthwith upon demand the cost of affixing repairing or replacing as necessary the Tenant's name in lettering to the directory boards (if any) at the said building. |

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| | | |
|:---|:---|:---|
| Utility Charges and Deposits | 2.3 | To be solely responsible for and pay and discharge promptly all deposits and charges in respect of water, electricity, gas, telephone and any other utility as may be shown by or operated from the Tenant's own metered supplies or by accounts rendered to the Tenant by the appropriate utility companies in respect of all such utilities consumed on or in or for the benefit of the said premises provided that if the Landlord has already paid for any of such deposits, the same shall be reimbursed by the Tenant to the Landlord upon demand. |

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| | | |
|:---|:---|:---|
| Rates and Taxes | 2.4(i) | To pay and discharge promptly all rates quarterly in advance within the months of January, April, July and October and to pay all taxes, assessments, duties, charges, impositions and outgoings of an annual or recurring nature now or hereafter to be assessed, imposed, levied or charged by the Government of the Hong Kong Special Administrative Region (hereinafter referred to as "the HKSAR") or other lawful authority(ies) upon the said premises or upon the owner or occupier thereof (Property Tax excepted). Without prejudice to the generality of this sub-clause the Tenant shall pay all rates imposed on the said premises in the first place to the Landlord who shall settle the same with the Government of the HKSAR. |
|  | (ii) | In the event that an assessment to rates in respect of the said premises shall be raised upon the Landlord direct the Landlord shall during the month immediately preceding any quarter in respect of which such rates may fall due be at liberty to debit the Tenant with and/or notify the Tenant of the amount thereof and the same shall forthwith be paid by the Tenant to the Landlord whereupon the Landlord shall account for the same to the Government of the HKSAR. |
|  | (iii) | In the event that no valuation or assessment of rates of the said premises shall have been made in accordance with the Rating Ordinance (Cap. 116) or any statutory amendment or modification thereof for the time being in force the Tenant shall pay to the Landlord a sum equal to the rates which would be charged by the Government of the HKSAR on the basis of a rateable value equal to twelve (12) months' rent (or, of the Basic Rental (as may be hereinafter defined) if the rent payable hereunder by the Tenant comprises Basic Rental and Additional Turnover Rental) payable by the Tenant on account of the Tenant's liability under this Clause. |
|  | (iv) | The Landlord shall be entitled to treat non-payment of any amount debited to the Tenant in accordance with the foregoing provisions of this Clause or any part thereof in all respects as non-payment of rent under this Agreement. |

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| | | |
|:---|:---|:---|
| Promotion Levy<br>| 2.5 | To pay to the Landlord punctually throughout the said term in advance the contribution towards the promotion levy in respect of the said premises the initial rate of which as set out in Part IX of the First Schedule hereto subject to the following:-<br>|

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| |
|:---|
| (a) such contribution shall be paid by the Tenant to the Landlord in advance on the first day of each and every calendar month during the said term without any deduction, abatement, set off, counterclaim or reduction whatsoever; |
| (b) the Landlord and/or the manager of the said building shall have the sole right to, as in its/their absolute discretion deemed fit and subject to the budget thereof, decide the mode, theme and/or promotion target(s) and frequency of and the budget set for the promotional services and activities of the retail accommodation of the said building or (as the case may be) the said building and the facilities and activities thereof; and |
| (c) the Landlord and/or the manager of the said building shall be entitled from time to time to increase the said contribution towards the Promotion Levy payable by the Tenant hereunder if in the opinion of the Landlord and/or the manager of the said building there is or is likely to be an increase in the costs for the promotional services and activities, and such assessment of the increase shall in any event be conclusive and binding on the Tenant. |

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| | | |
|:---|:---|:---|
| Interest and Legal Costs | 2.6 | Notwithstanding anything herein contained, the Landlord shall have the right to charge by way of additional rent interest at the rate of 1.25% per month in respect of any payment(s) to be made by the Tenant to the Landlord under this Agreement which shall be more than fifteen (15) days in arrears (whether legally or formally demanded or not) and such interest shall be payable by the Tenant to the Landlord on demand calculated from the date upon which such payment(s) in arrears fell due (and not fifteen (15) days thereafter) until the date of actual payment Provided that the demand and/or receipt by the Landlord of interest pursuant to this provision shall be without prejudice to and shall not affect the right of the Landlord to exercise any other right or remedy hereof (including the right of re-entry) exercisable under the terms of this Agreement. The Landlord shall further be entitled to recover from the Tenant as a debt under this Agreement all expenses including fees paid to debt collectors appointed by the Landlord and all solicitors' and/or counsel's fees and court fees incurred by the Landlord for the purpose of recovering the rental in arrears and/or other moneys unpaid or any part thereof from the Tenant and fee paid to leasing agent(s) for re-letting of the said premises in the event of earlier termination of this Agreement as resulted from the Tenant's breach of any term or condition hereof including but not limited to repudiation or anticipatory repudiation of this Agreement by the Tenant on a full indemnity basis together with such sum or sums as shall be determined by the Landlord as being collection charges for the additional work incurred by the Landlord and its staff and/or the manager of the said building (as the case may be) in recovering the said arrears and/or unpaid sums or any part thereof. |

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SECTION III

<u>TENANT'S OBLIGATIONS</u>

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| | | |
|:---|:---|:---|
|  | 3. | The Tenant hereby agrees with the Landlord as follows:- |
| Compliance with Ordinances | 3.1 | To observe, obey and comply with and to fully indemnify the Landlord against the breach by the Tenant of all ordinances, regulations, bye-laws, rules and requirements of any Governmental or other competent authority of the HKSAR relating to the use and occupation of the said premises by the Tenant or to any other act, deed, matter or thing done, permitted, suffered or omitted therein or thereon by the Tenant or any servant, employee, agent, licensee or visitor of the Tenant or occupier and to notify the Landlord forthwith in writing of any notice received from any statutory or public authority concerning or in respect of the said premises or any services supplied thereto or of a possible breach of this Clause. |
| To Fit Out Premises | 3.2 | The Tenant shall accept the condition of the said premises as at the commencement of this Agreement and, unless otherwise provided to the contrary herein, to fit out the shop front and the interior of the said premises in good and proper workmanlike fashion using good quality materials in compliance with the "Design and Fitting-Out Guide" adopted by the Landlord for the Mall (as hereinafter defined) (a copy of which has already been provided to the Tenant) and in accordance with such plans and specifications (hereinafter called "the Fit Out Plans") as shall have been first submitted to and approved in writing by the Landlord in good and proper workmanlike fashion using good quality materials and in all respects in a style and manner appropriate to a first class shopping center and commercial complex to the satisfaction of the Landlord and to maintain the same in good repair and condition throughout the said term. The Tenant will not cause or permit to be made any variation to the approved Fit Out Plans or to the interior design or layout of the said premises without any previous approval in writing of the Landlord. The Tenant shall comply with the provisions of this Agreement regarding installation and alterations in respect of such fitting out and shall employ only such competent contractor(s) as shall be approved in writing by the Landlord. The Tenant shall not carry out any fitting out work prior to the Landlord's written approval of the Fit Out Plans and it shall be a condition precedent to the granting of any approval under this Clause that the Tenant shall reimburse to the Landlord any fees and/or costs as may be incurred by the Landlord for the said approval. Without prejudice to or affecting the generality of the provisions in this Clause, the Fit Out Plans shall:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) include
 detailed drawings, plans and specifications of the works to be carried out;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) include
 schematic sketches showing the intended design and layout, material and colour scheme of the shopfront signage with the programme
 of work showing its duration and work progress;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) include
 details of any proposed amendments, additions or alterations to any electrical mechanical or other building services and of all electrical
 installations which shall be connected to the electrical systems installed by the Landlord;

(d) comply
 with all relevant Ordinances, regulations and bye-laws from time to time issued by the Government of the HKSAR; and

(e) be
 submitted to the Landlord for approval prior to commencement of any fitting out work and the Landlord will consider and may in its
 absolute discretion accept or reject the same or any part thereof within fourteen (14) days after submission.

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|:---|:---|:---|
|  |  | If the Tenant wishes to adopt an open shopfront design, then, subject to the prior written approval by the Landlord, the Tenant is allowed to remove the glass shopfront/glass door and replace with the roller shutter. However, the Tenant shall at its own costs reinstate the said premises and restore the glass shopfront/glass door upon delivery of vacant possession of the said premises to the Landlord at the expiration or sooner determination of this Agreement. |
| To Keep the Interior in Good Repair<br>| 3.3 | To keep and maintain at the expense of the Tenant all the interior parts of the said premises including the flooring and interior plaster or other finishing, material or rendering to walls, floors and ceilings and (if any) the Landlord's fixtures, fittings and furnishings therein and all additions thereto including (without limitation) all doors, windows, window frames, electrical, plumbing and other installations and wiring, piping, conduits, light fittings, suspended ceilings, fire alarm system, fire fighting equipment and apparatus and air-conditioning ducting and all waste, drain, water and other pipes and sanitary apparatus and fittings therein and all painting, papering and decoration thereof in good, clean, tenantable, substantial and proper repair and condition (fair wear and tear excepted) and as may be appropriate from time to time properly painted and decorated and so to maintain the same at the expense of the Tenant and to deliver up the same to the Landlord at the expiration or sooner determination of the said term in like condition. |
| Replacement of Windows | 3.4 | To reimburse to the Landlord on demand the cost of replacing all broken and damaged windows and glass of the said premises whether or not the same be broken or damaged by the negligence of the Tenant. |

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|:---|:---|:---|
| Installation of Telephone Cables | 3.5(a) | To make his own arrangements with the PCCW-HKT Telephone Limited or such other relevant companies with regard to the installation of telephones and other communication systems in the said premises, but the installation of telephone lines and communication lines outside the said premises must be in accordance with the directions given by the Landlord and/or the manager of the said building. |
| Electrical and Gas Installations | (b) | To repair or replace if so required by the appropriate utility company, authority or statutory undertaker as the case may be under the terms of the Electricity Supply Ordinance or any other Ordinance or Ordinances or any statutory modification or re-enactment thereof or any Orders in Council or Regulations made thereunder or if the same become dangerous or unsafe all the electrical and gas wiring, piping, installations, telephone lines, computer set-up and fittings within the said premises and the wiring and piping from the Tenant's meter or meters to the said premises and to give notice in writing to the Landlord when any electrical and/or gas wiring, piping, installation, telephone lines, computer set-up or fitting of the said premises shall become dangerous or unsafe and the Tenant shall use only a contractor approved in writing by the Landlord for the purposes of the said repair or replacement. The Tenant shall permit the Landlord or its authorised representatives or servants or agents to test the Tenant's electrical and/or gas wiring, piping, installations, telephone lines, computer set-up and fittings in the said premises at any time upon request being made. The Tenant shall fully indemnify the Landlord and hold it harmless against any cost, claim, damage or proceedings resulting from or attributable to any malfunctioning or disrepair of the electrical and/or gas wiring, piping, installations or telephone lines, computer set-up or fittings or apparatus in or belonging to the said premises. |

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|:---|:---|:---|
| Air-conditioning System | (c) | Where any plant machinery or equipment for cooling ventilation or circulating air is installed in or about the said premises (whether by the Landlord or the Tenant) the Tenant will regulate the same to ensure that the air-conditioning plant is employed to best advantage in the conditions from time to time prevailing and without prejudice to the generality of the foregoing will operate and maintain such air-conditioning plant machinery and equipment within the said premises as the Landlord may reasonably determine to ensure a reasonably uniform standard of air cooling or ventilation throughout the said building. |
| Checking of Condition and Appliances | (d) | To permit the Landlord and/or the Landlord's authorised representatives or servants or agents as shall be specified from time to time by the Landlord at any time during the said term to enter the said premises to check the state of repair and condition of the said premises and the air-conditioning system (if any), the furnishings and the appliances on or within the said premises. |

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| | | |
|:---|:---|:---|
| Sanitary and Water Apparatus | 3.6 | To maintain at the expenses of the Tenant all toilets and the sanitary and water apparatus in the said premises (if any) or used exclusively by the Tenant its agents servants employees workmen or visitors in a good, clean and tenantable manner and in proper repair and condition at all times during the said term to the satisfaction of the Landlord and in accordance with the regulations or bye-laws of all Public Health and other Government authorities concerned. |
| Cleaning of Drains, Air Filter/Extractor Units | 3.7 | To pay to the Landlord on demand all costs incurred by the Landlord in cleaning, clearing, repairing or replacing any of the drains, pipes or sanitary or plumbing or air filtering and extracting apparatus in the said building that become choked or stopped up owing to the careless or improper use or neglect by the Tenant or any servant, employee, agent, contractor, invitee, visitor or licensee of the Tenant and to fully indemnify the Landlord against any cost, claim or damage caused thereby or arising therefrom. |
| Indemnity against Loss/Damage from Interior Defects | 3.8 | To be wholly responsible for and to fully indemnify the Landlord against any loss, damage or injury caused to any person whomsoever or to any property whatsoever whether directly or indirectly through the defective or damaged condition or operation of any part of the interior of the said premises or any part of the fire fighting equipment or apparatus or any furniture or fixtures or fittings or furnishings or plumbing, electrical, computer or other installations or telephone lines or wiring or piping therein the repair of which the Tenant is responsible for hereunder or through or in any way caused by or owing to the spread of fire or smoke or fumes or the leakage or overflow of water of whatsoever origin including storm or rain water to or from the said premises or any part thereof or through the act, default or neglect of the Tenant, its servants, employees, agents, licensees or contractors and to keep the Landlord fully indemnified against all costs, claims, demands, actions and legal proceedings whatsoever made upon the Landlord by any person in respect of any loss, damage or injury as aforesaid and all costs and expenses incidental thereto. |

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| | | |
|:---|:---|:---|
| Contents<br>| 3.9 | To be wholly responsible for and (if applicable) to fully indemnify the Landlord against any loss or damage to property within the said premises including without limitation to all the furnishings therein belonging to the Landlord. |
| Protection from Typhoons | 3.1 | To take all necessary and appropriate precautions to protect the interior of the said premises against damage by storm, rainfall, typhoon or the like threats and in particular to ensure that all exterior doors and windows are securely fastened upon the threat of such adverse weather conditions. |
| Entry by Landlord | 3.11 | To permit the Landlord and the manager of the said building and all persons authorised by them with or without workmen or appliances at all reasonable times and upon reasonable prior notice to enter and view the state of repair and condition of the said premises, to take inventories of the Landlord's fixtures and fittings therein and the furnishings, to test the electric wiring, to read the meters and to carry out any works, repairs or maintenance which require to be done to the said premises, the common areas, the common services and facilities or any other part or parts of the said building and to remedy any breach of the Tenant's covenants in this Agreement and to carry out any work or repair required to be done by the Tenant hereunder, which the Tenant will have failed to do despite notice having first been given to the Tenant by the Landlord causing as little nuisance, annoyance or inconvenience to the Tenant and/or the occupiers of the said premises as possible Provided that in the event of an emergency the Landlord, its authorised representatives or servants or agents may enter without notice and forcibly if need be. |

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| | | |
|:---|:---|:---|
| To Execute Repairs on Receipt of Notice | 3.12 | To make good all defects and wants of repair to the said premises for which the Tenant may be liable within the span of fourteen (14) days from the receipt of written notice from the Landlord or its authorised representatives to repair and make good the same, and if the Tenant shall fail to execute such works or repairs as aforementioned, to permit the Landlord or its authorised representatives or servants or agents to enter upon the said premises and forcibly if need be and execute the same at the sole expense of the Tenant and the costs and expenses thereof shall be a debt due from the Tenant to the Landlord and be recoverable forthwith by action. |
| Inform Landlord of Damage<br>| 3.13 | To give notice in writing to the Landlord or its representative or agent of any damage that may be caused to the said premises or to persons thereupon and of any defects in the furnishings, the fire fighting equipment and apparatus, the water pipes, gas pipes, plumbing, telephone lines, electrical or other installations or wiring or piping or other fittings, fixtures and fittings or facilities provided by the Landlord within seven days from the Tenant becoming aware of any such damage or defect. |
| Infestation | 3.14 | At the Tenant's expense to take all such steps and precautions as shall be required by the Landlord to prevent the said premises or any part thereof from becoming infested by termites, rats, mice, roaches or any other pests or vermin. The Tenant shall employ at the Tenant's own cost and expense such pest extermination contractors as the Landlord may approve and at such intervals as the Landlord may direct. |
| Damage to Building | 3.15 | To pay to or reimburse to the Landlord the costs of repairing any part of the said building or the common areas or any of the common services and facilities installed therein that may be damaged by reason of any act, default, neglect or omission on the part of the Tenant, its agents, servants, employees, contractors, visitors or licensees. |
| To Comply with<br> Government Lease | 3.16 | To observe, obey and comply with and to keep the Landlord fully indemnified against any breach by the Tenant or any contractor, servant, employee, visitor, agent or licensee of the Tenant of the terms, conditions and covenants of the Government Lease or (as the case may be) Leases or other grant or grants under which the land(s) on which the said building is erected is/are held from the Government (hereinafter referred to as "the said Lot") and of the provision as regards the user of the said premises as contained in the relevant part(s) of the Occupation Permit issued in respect of the said building. |
| To Comply with Deed of Mutual Covenant, House Rules, General Rules, Car Park Rules and Club Rules | 3.17 | To observe, obey and comply with and to keep the Landlord fully indemnified against any breach by the Tenant or any contractor, servant, employee, visitor, agent or licensee of the Tenant of all the terms, conditions, provisions and covenants of the Deed (if any) and such house rules, general rules, car park rules and club rules as may from time to time be made by the manager of the said building, and, if there is the Deed, in accordance with the provisions of the Deed. |
| Viewing and Letting and Selling Notices | 3.18 | To allow at all reasonable times within three (3) calendar months immediately preceding the expiration or sooner determination of the said term prospective tenants or purchasers or occupiers to inspect and view the said premises and allow the Landlord to maintain affix and exhibit without interference upon any external part or parts of the said premises or where the Landlord shall think fit a notice or notices indicating that the said premises are to become vacant and available for selling or letting and such other information in connection therewith as the Landlord shall reasonably require which notice or notices the Tenant shall not remove or conceal. |
| Contractors, Servants, Agents, Licensees, Visitors | 3.19 | To be responsible and liable to the Landlord for the acts, neglects, omissions and defaults of all contractors, servants, employees, agents, licensees and visitors of the Tenant or occupier of the said premises as if they were the acts, neglects, omissions and defaults of the Tenant itself and to fully indemnify the Landlord against all costs, claims, demands, expenses or liabilities to any third party in connection therewith and for the purposes of this Agreement "licensee" shall include any person present in, using or visiting the said premises with the consent of the Tenant, express or implied. |

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| | | |
|:---|:---|:---|
| Load and unload through Cargo Lift | 3.2 | To load and unload goods and effects only at such times during daylight hours and through such cargo (or service) lifts and entrances and at such areas in the said building as may from time to time be designated by the Landlord or the manager of the said building, and in particular to give to the Landlord and the manager of the said building at least twenty four hours' advance notice of the movement of furniture or large objects or large quantities of goods and effects of the Tenant. |
| Refuse and Garbage Removal | 3.21 | To be responsible for the disposal or removal of garbage, rubbish and refuse from the said premises to such places as may be designated by the Landlord or the manager of the said building and not to dispose of or discharge or permit or suffer to be disposed of or discharged any garbage, rubbish or refuse in any other part or parts of the said building and to use only that type of refuse bag or container as may be specified by the Landlord or the manager of the said building from time to time and shall keep the Landlord fully and effectually indemnified against any cost, claim, proceeding, loss, damage or injury caused to any person whomsoever or any property whatsoever whether directly or indirectly as a result of or due to the accumulation of such garbage, rubbish or refuse of the Tenant in or at the said premises or the said building. If removal of wet garbage from the said premises is necessary, any extra fee to be charged by the Government and/or the Landlord and/or the manager of the said building shall be borne and paid by the Tenant absolutely. |
| Window Cleaning | 3.22 | To keep all external windows lights at all times in a clean and sanitary state and conditions and for the better observance hereof the Tenant shall at his own expense employ as cleaners only such person(s) or firm(s) approved by the Landlord. |

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| | | |
|:---|:---|:---|
| Conduct of Business | 3.23(a) | To furnish first class service to patrons and customers and not to conduct the business of the Tenant in such manner as to prejudice the goodwill and reputation of the Mall as a first-class shopping and commercial centre and in particular but without limiting the generality of the foregoing:- |
|  | (i) | To keep the said premises open for business at all times of the year during the normal business hours set forth in Part VIII of the First Schedule hereto and any suspension of the Tenant's business for a period of more than three (3) consecutive days without the Landlord's consent shall constitute a material breach of this provision entitling the Landlord to determine this Agreement and to regain possession of the said premises. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 install and at all times to maintain the interior design of the said premises and displays
 of merchandise in the display of shopfront windows or showcases of the said premises to a
 standard and of a composition appropriate to a first-class shopping centre to the satisfaction
 of the Landlord, and to alter any window or other display of goods or merchandise in or at
 the said premises immediately upon notice by the Landlord that such display will in the opinion
 of the Landlord prejudice the reputation or standing of the said building.

(iii) To
 at its expenses keep lit any shopfront windows and showcases together with the shop signs
 of the said premises during the normal business hours as set forth in Part VIII of the First
 Schedule hereto or during such hours as the common areas of the Mall are open to the public
 (whichever shall be longer) daily throughout the said term and the Tenant shall install a
 timer to control the lighting at its own cost in order to minimize inconvenience/darkness
 to the neighbouring. Notwithstanding anything herein contained, the Tenant shall keep lit
 the shopfront windows facing and/or abutting the landscape plazas, the central access spine,
 the sheltered circular entrance and the atrium for so long as there is public transport serving
 the said Lot or its vicinity.

(iv) Not
 to at any time during the term of this Agreement cause or permit or suffer the area under
 the fire shutters, the fire shutters, smoke detectors and smoke extraction ducts and outlets
 installed in the said premises to be obstructed or altered or prevented from operation in
 any way whatsoever and the design and layout of the said premises shall be in such manner
 so as not to be in breach of this provision.

(v) To
 display in the shopfront windows and showcases merchandise of a quality and in a manner and
 design appropriate to a first class commercial complex, and shall not, unless required by
 the Fire Service Department or permitted by the Landlord in writing, cause any obstruction
 of view along the shopfronts and not to install storeroom or changing room/blinds or the
 like along the shopfront area so as to block or cover the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The
 dimension, design, material and colour scheme of the shopfront, signage and logo must be
 submitted to the Landlord for prior approval.

(vii) To
 offer for sale or display within any display window forming part of the said premises only
 the goods belonging to or forming part of the stock-in-trade of the Tenant or advertising
 matter relating thereto or to the trade or business of the Tenant and not to offer for sale
 or display the goods of others or any advertising matter relating to the goods or services
 of others.

(viii) Not
 to affix or post or permit to be affixed or posted to or on the internal or external faces
 of the glass forming part of the display windows or entrance doors of the said premises any
 sign notice or exhibit of any nature other than such customary sign indicating the conduct
 of trade by way of the services of established credit card companies which signs shall in
 any event be discreetly displayed so as not to obstruct the viewing of merchandise displayed
 within the interior of the said premises.

(ix) Not
 to conduct any auction or closing down or similar sales or utilise any unethical business
 practice provided that this provision shall not preclude the conduct of genuine periodic
 seasonal or promotional sales.

(x) Not
 to carry out or allow to be carried out any touting for business outside the said premises
 at any time.

(xi) Not
 to put outside the said premises any directory or display stand.

(xii) Not
 to place any posters, banners or advertising signs inside or outside the curtain wall along
 the perimeter of the said building.

(xiii) Not
 to use any area in front of the shopfront of the said premises for:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) placing
 any cooking utensils, tables and/or chairs to carry on the intended business as stated herein
 or other business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) storage
 of goods, merchandise, furniture whether on a temporary or permanent basis;

(3) cleaning,
 washing or rinsing of cooking and serving utensils and cutlery; and

(4) any
 kind of food preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Not
 to use the said premises for manufacture of goods or merchandise or for the storage of goods
 or merchandise other than stock or materials in quantities reasonably required in connection
 with and consistent with the Tenant's trade or business carried on therein by way of
 samples and exhibits.

(xv) To
 maintain at all times on the said premises an adequate stock of merchandise for sale.

(xvi) To
 maintain and repair all mechanical and/or electrical service (as examples, escalators, lifts
 or air-side) within and/or outside the said premises which are for the Tenant's exclusive
 use.

(b) This
 clause shall apply without affecting the generality of the other provisions of this Agreement
 if the business of the Tenant to be carried on in the said premises is a restaurant or (as
 the case may be) other food outlet. The Tenant agrees to be bound by the following terms
 and conditions:-

(i) The
 Tenant shall be responsible for applying for and shall maintain in force during the said
 term the necessary licence(s) and satisfying all necessary licensing requirements for operation
 of a restaurant and, as the case may be, the type of restaurant or food outlet intended to
 be run by the Tenant in the said premises. The Landlord is under no obligation to make any
 addition and/or alteration to the said premises so as to satisfy any of the said licensing
 requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Tenant shall at its own expense keep the interior of the said premises and fixture and fittings
 therein and thereat, all kitchen(s), cooking equipment, water and sanitary apparatus used
 exclusively by the Tenant and his servants agents licensees and customers in good clean sanitary
 and tenantable repair and condition to the satisfaction of the Landlord and in accordance
 with the regulation or bye-laws of all Public Health and other Government Authorities concerned.
 In particular and without prejudice to the generality of the foregoing the Tenant shall at
 its own costs:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) install
 and maintain at all times hood over all cooking equipment in the kitchen(s) in the said premises
 together with suitable grease filters and air washer installed.

(2) install
 and maintain all grease traps whether within or outside the said premises in good clean working
 order and free from blockage and obstruction and to inspect and clean the same daily and
 at least once weekly, or more frequently as the real situation may require, to clean the
 same with hot water and strong solvent and the Tenant hereby undertakes to indemnify the
 Landlord against any claim arising from any leakage.

(3) install
 and maintain all necessary grease filters in the kitchen(s) in the said premises and to regularly
 inspect and clean the same and keep them free from blockage and obstruction.

(4) install
 and maintain all air-transfer grilles throughout the said premises in good clean working
 order and not to block off the same and to regularly inspect and clean the same and keep
 them free from blockage and obstruction.

(5) install
 and maintain screw-in grease valves in all ducting throughout the said premises and to regularly
 inspect and clean the same.

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| | |
|:---|:---|
| (6) | carry out at the Tenant's costs all water-proofing facilities within the kitchen area and undertakes to indemnify the Landlord against all claims arising from any leakage from the said premises. |
| (7) | complete the installation of, clean and maintain and repair at Tenant's sole costs and expenses throughout the said term a supply air system and an exhaust ventilation system with fire trip device within the said premises including an activated carbon filtering system, grease filters and an air washer for the range hood of the kitchen exhaust system connected with an electrostatic precipitator as specified by the Landlord and in compliance with relevant government and other regulations and requirements. |
| (8) | all drainage pipes within the said premises shall be enclosed by stainless steel by the Tenant at its own costs and expenses, with access panels to all pipe cleaning eyes for cleaning and maintenance. |
| (9) | carry out all goods delivery and/or garbage removal in a proper manner and at such time to be approved by the manager of the said building so as not to prejudice or affect the image of the Mall as a first class shopping centre in Hong Kong. |
| To ensure the compliance of this Clause 3.23(b)(ii) by the Tenant, the Tenant shall, if required by the Landlord, enter into at the Tenant's own costs and expenses such relevant contract(s) with the relevant contractor(s) approved by the Landlord or its agent. | To ensure the compliance of this Clause 3.23(b)(ii) by the Tenant, the Tenant shall, if required by the Landlord, enter into at the Tenant's own costs and expenses such relevant contract(s) with the relevant contractor(s) approved by the Landlord or its agent. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Tenant shall not sell or supply any beer wine spirits liquor or alcohol unless licence(s)
 so to do has first been obtained by the Tenant and the terms of the regulations under which
 such licence(s) is granted in respect of the said premises have been duly complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Landlord is not under any guarantee and warranty that the said premises are suitable for
 the Tenant's use and purpose and is under no obligations to make any application to
 satisfy the relevant statutory requirement (if any).

(v) Should
 the Tenant require air-intake and exhaust louvres on the external wall of the said building,
 the proposed location and design of the said louvres must be submitted to the Landlord for
 prior approval. If space on the external wall of the said building is so granted, the Tenant
 shall be responsible for providing efficient grease-washing equipment, such as hydro-vent,
 to regularly clean the exhaust louvres in order to prevent the grease or oily substance from
 accumulating on the exhaust louvres and/or external wall. If the standard of cleanliness
 is unacceptable to the Landlord, the Landlord shall have the right to employ other cleaners
 to carry out the cleaning work and the cost of which shall be borne by the Tenant solely.

(vi) Detailed
 plan for the design and construction of plumbing, drainage works, surface channel for proposed
 drainage and, if any, calculation of its construction, has to be submitted to the Landlord
 for prior approval, and the said design and construction (including routing outside the said
 premises) shall be carried out by the Tenant at his own costs and expenses.

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|:---|:---|:---|:---|
| Yield Up the Said Premises and Handover | 3.24 | (a) | To quietly yield up and deliver the said premises together with the furnishings and all fixtures, fittings and additions therein and thereto at the expiration or sooner determination of this Agreement in good, clean and tenantable repair and condition (fair wear and tear excepted) in accordance with its covenants to repair herein contained notwithstanding any rule of law or equity to the contrary PROVIDED THAT all personal properties and effects, alterations, decorations, partitions, fixtures, fittings and additions therein and thereto of the Tenant or occupier of the said premises shall notwithstanding that the Landlord's consent for the same may have been obtained or given or deemed to have been given if so required at the sole discretion of the Landlord be removed by and at the sole cost and expense of the Tenant at the expiration or sooner determination of this Agreement and the Tenant shall make good and repair in a proper and workmanlike manner all damage to the said premises the said building and the Landlord's fixtures and fittings and the furnishings in the said premises caused by such removal and reinstate the whole or part of the said premises to the condition as they were in at the commencement of the said term AND thereupon to surrender to the Landlord or its agent all keys giving access to all parts of the said premises held by the Tenant and at the Tenant's expense to remove from the doors of the said premises and the directory boards of the said building (if any) all lettering and characters and to make good any damage caused by such removal Provided that if the Tenant fails to remove its personal properties and effects as left in the said premises (hereinafter referred to as "the abandoned items") the Landlord shall be entitled to give notice in writing to the Tenant to demand the Tenant to remove the abandoned items within three (3) days from the date of the said notice, failing which the Landlord shall be entitled to remove the abandoned items from the said premises without incurring any liability whatsoever to the Tenant therefor but at the costs and expenses of the Tenant to be reimbursed by the Tenant to the Landlord forthwith upon demand or to be recovered by the Landlord from the Tenant as a debt hereunder payable AND thereafter the Landlord may by further notice in writing to the Tenant to demand the Tenant to collect the abandoned items in the manner as may be stated in the said notice but upon full payment of the aforesaid costs and expenses and such further or other costs and expenses which may then have been incurred (including but not limited to storage charges or fees) within three (3) days from the date of the said further notice, failing which the Landlord shall be absolutely entitled to dispose of, sell, give away or otherwise deal with the abandoned items as it shall in its sole discretion see fit and the Tenant shall be deemed to have abandoned its right of ownership of the abandoned items and the right to re-claim the same and/or to claim against and recover from the Landlord any proceeds of sale of the abandoned items if sold by or through or by the order of the Landlord and the Tenant shall indemnify and keep the Landlord indemnified fully against all such demand, claim, proceedings and costs made and brought against the Landlord by any third party(ies) in connection with and/or for the re-claim or recovery of the abandoned items or any part(s) thereof or any proceeds from sale of the same or any part(s) thereof. |

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| | | |
|:---|:---|:---|
|  | (b) | Notwithstanding anything contained herein, at the expiration or sooner determination of this Agreement the Landlord is absolutely entitled to at its sole discretion request for the retention of and retain all or any such furnishings, fixtures, fittings, additions, alterations, decorations, partitions and improvements installed erected or introduced in and to the said premises or any part(s) thereof for which the Landlord's consent may have been obtained or given or deemed to have been given but without payment of any compensation for the same to the Tenant. |
| Indenmity and Insurance | 3.25 (a) | To effect and maintain at all times during the currency of this Agreement comprehensive insurance cover to the satisfaction of the Landlord in respect of the following:- |

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| | |
|:---|:---|
| (i) | <u>Third Party</u> |
|  | In respect of liability for loss injury or damage to any person or property whatsoever caused through or by any act default or neglect of the Tenant which might give rise to a claim for indemnity pursuant to Clause 3.8 (or, as in case of rearrangement of clauses, such clause with margin note stating "Indemnity against Loss/Damage from Interior Defects") hereof. The policy of insurance shall be endorsed to show the Landlord as the owner of the said premises and shall be in any amount not less than HK$20,000,000.00 (in the case of the said premises being operated as a restaurant or food outlet or in the case of the said premises being not less than or equal to 5,000 square feet) or HK$10,000,000.00 (in the case of the said premises being operated other than as a restaurant or food outlet and being less than 5,000 square feet) or in such amount as the Landlord may from time to time reasonably require and such insurance policy shall contain a clause to the effect that the insurance cover thereby effected and the terms and conditions thereof shall not be cancelled modified or restricted without the prior consent of the Landlord. |

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| | |
|:---|:---|
| (ii) | <u>Glass</u> |
|  | All glass now or hereafter on or in the said premises for its full replacement value. |
| (iii) | <u>Water Damage</u> |
|  | Against damage to stock fixtures and fittings for the full insurable value occurring in respect of the use or misuse of the fire sprinkler system installed within the said premises or the incursion of water therein. |
| (iv) | <u>Tenant's Fittings and Stock</u> |
|  | The Tenant's fittings stock and equipment within the said premises against fire and extraneous perils for their full replacement value. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 pay the premium in respect of any policies effected pursuant to this Clause upon the due date and whenever so required by the Landlord
 to produce to the Landlord a certified copy of such policies of insurance and the receipts for the last premium paid and certificates
 from the insurance companies that the policies of insurance are in all respects valid and subsisting and in the event of failure to
 do so the Landlord may effect such insurance either in its sole name or in the joint names of the Landlord and the Tenant (as the Landlord
 may in its discretion decide) and in such event to reimburse the Landlord on demand all costs and expenses thereby incurred by the
 Landlord.

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| | | |
|:---|:---|:---|
| Keep and Maintain Electricity and Water Supply Accounts | 3.26 | To keep and maintain at the Tenant's sole cost and expense electricity and water supply account with the relevant power and supply companies for the supply of electricity and water to the said premises throughout the said term. In the event of the Tenant applying for disconnection of any of such supply or termination of any of such accounts at the expiration or sooner termination of this Agreement, the Tenant shall give to the Landlord sufficient prior notice in writing to enable the Landlord to make arrangement for the transfer of the said account. In the event that the supply of electricity and/or water to the said premises is disconnected without the said prior notice to the Landlord, the Tenant shall bear all costs and expenses whatsoever incurred by the Landlord of and incidental to the re-connection of such supply to the said premises and all such costs and expenses shall either be deducted by the Landlord (and the Tenant hereby expressly authorizes the Landlord so to do) from the deposit paid by the Tenant hereunder or be recoverable from the Tenant by the Landlord as a debt. |

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| | | |
|:---|:---|:---|
| Security System | 3.27 | To ensure that its own security system within and at the entrance of the said premises is at all times compatible with and linked up to the security system for the said building (if any) provided and operated by the Landlord or the manager of the said building, and to employ at its own expense such person(s) or such firm(s) as may be approved by the Landlord as security guard(s). |

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| | | |
|:---|:---|:---|
| Adjacent Excavation Of Shoring | 3.28 | If any excavation or other building works shall be made or authorised in the vicinity of the said building, the Tenant shall permit the Landlord its servants or agents to enter the said premises to do such work as may be deemed necessary to preserve the exterior walls of the said building from injury or damage without any claim for damages or indemnity against the Landlord. |
| Pipes And Conduits | 3.29 | To permit the Landlord to erect use and maintain pipes and conduits in and through the said premises. The Landlord or its agents shall have the right to enter the said premises at all reasonable times to examine the same Provided that the permission to the Landlord to use such pipes and conduits shall extend to the use of such pipes and conduits by the Landlord's authorised tenants and licensees, as the case may be. |

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SECTION IV

<u>LANDLORD'S OBLIGATIONS</u>

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| | | |
|:---|:---|:---|
|  | 4. | The Landlord hereby agrees with the Tenant as follows :- |
| Quiet Enjoyment | 4.1 | That the Tenant duly paying the rent, the Air-Conditioning and Management Charges, rates and other charges hereby agreed to be paid on the days and in the manner herein provided for payment of the same and observing and performing the agreements, stipulations, terms, obligations and conditions herein contained and on the Tenant's part to be observed and performed shall peacefully hold and enjoy the said premises during the said term without any interruption by the Landlord or any person lawfully claiming under or in trust for the Landlord. |

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Government Rent 4.2 To pay the Government Rent. and the Property Tax payable in respect of the said premises.

SECTION V

<u>RESTRICTIONS AND PROHIBITIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Tenant
 hereby agrees with the Landlord as follows:-

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| Installations<br> and Alterations | 5.1 | (a) | Not without the previous written consent of the Landlord to erect, install, alter, affix, attach or build or permit or suffer to be erected, installed, altered, affixed, attached or built any fixtures and fittings, partitionings, architectural features, air-conditioning units or plants, radio or television aerials or other erections or fixtures and fittings or equipment or installations of any kind in the said premises or the said building or upon the roofs or through the windows or external walls thereof or any other part or parts thereof or without the like consent to make or permit or suffer to be made installations in or alterations or additions to the sprinkler system or any other fire protection or fire fighting system, equipment or apparatus or security system, equipment or apparatus, electrical/gas wiring/piping, air-conditioning ducting, lighting, fixtures and fittings or other Landlord's fixtures and fittings or the furnishings or installations or to install or place or permit or suffer to be installed or placed any safe, equipment, furniture, plant, object, goods, apparatus or machinery which may impose a weight on any part of the flooring in excess of that for which it is designed or which requires any additional electrical/gas mains/ wiring/piping or which may consume electricity/gas not metered through the Tenant's separate meter. In the event of breach of this covenant, the Tenant shall keep the Landlord fully indemnified against all loss, damages, claims and demands as a result thereof and shall make good any damage caused thereby to that part of the said building or any fixtures and fittings therein provided that the indemnification and the making good of such damage as aforesaid shall be without prejudice to any further right competent to the Landlord by virtue of such breach. For the avoidance of doubt, the Tenant shall comply with the directions and instructions of the Landlord regarding installation of all permitted erections fixtures and fittings equipment and shall at its own expense be responsible for their periodic inspection, maintenance and repair and for the replacement of defective wiring and parts and the Tenant shall be strictly liable for any damage caused by the installation, operation, defect or removal of the same. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not to make or permit or
 suffer to be made any alterations in or additions to the mechanical or electrical installations in the said building nor to overload
 or permit or suffer to be overloaded the lifts or the electrical circuits within the said building nor to place or transport or install
 or use or permit or suffer to be placed or transported or installed or used any equipment, apparatus or machinery which may exceed
 the loading of the lifts or the electrical installations or the electrical main or wiring in the said building or which may consume
 electricity not metered through the Tenant's separate meter.

(c) Not to make or permit or
 suffer to be made any alterations to any installation or fixture so as to affect or be likely to affect the supply of water, electricity
 or other utility or service to or in the said building.

(d) Not to make or permit or
 suffer to be made any external or structural alteration or other alteration or addition whatsoever to the said building or to the
 existing design or external appearance of the facade or elevations of the said building or the common areas or the common services
 and facilities thereof.

(e) Not without the prior written
 consent of the Landlord which may be granted or withheld or granted subject to conditions imposed at its absolute discretion to erect
 or install or alter or affix or attach or build or permit or suffer to be erected, installed, altered, affixed, attached or built
 any fixtures and fittings, partitions, doors, gates, metal grilles, shutters or any other erection or structure or installation whatsoever
 whether of a temporary or permanent nature in the said premises or in or at the doorway or entrance or staircase or roof in or on
 or to the said premises or the said building or at any of the fire exits therefrom or erect any such fixture or partition or door
 or gate or metal grille or shutter or alter or obstruct the position of any smoke lobby doors or fire escape means of the said building
 or any other fire protection or fire fighting systems equipment or apparatus that might in any way contravene the laws, bye-laws
 or regulations from time to time in force of the Fire Services Department or other competent authority concerned, nor in any other
 respect to contravene the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any work hereunder for
 which the Landlord's written consent shall have been first had and obtained shall be carried out and completed at the Tenant's risk
 solely and shall in all respects fully comply with the Buildings Ordinance and any regulations thereunder and in carrying out any
 approved work hereunder the Tenant shall and shall cause its servants, employees, agents, contractors and workmen to cooperate fully
 with the Landlord and all authorised representatives, servants, employees, agents, contractors and workmen of the Landlord and with
 other tenants or contractors carrying out any work in the said building. The Tenant, its servants, employees, agents, contractors
 and workmen shall obey and comply with all instructions and directions which may be given by the Landlord and its authorised representatives
 and the manager of the said building in connection with the carrying out of such work.

(g) In carrying out any work
 to the mechanical and electrical installations and/or wirings and/or the sprinkler systems and/or the fire protection and fire fighting
 systems, equipment and apparatus and/or the security systems, equipment and apparatus which has been previously approved by the Landlord,
 the Tenant shall use only a contractor approved in writing for the purpose by the Landlord at the expense of the Tenant and in such
 manner as the Landlord shall in its absolute discretion think fit and the Tenant shall also be solely responsible for all electricity
 and other charges thereby incurred.

(h) The Tenant shall if required
 by the Landlord pay on demand all costs, charges and expenses (including legal costs and fees payable to architects, engineers and
 surveyors) which may be reasonably incurred by the Landlord in connection with any licence or consent granted for the work under
 this Clause.

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| Injury to<br> Main Walls | 5.2 | Not to cut, maim, injure, drill into, mark or deface or permit or suffer to be cut, maimed, injured, drilled into, marked or defaced any doors, windows, window frames, walls, beams, ceilings, structural members or any part of the fabric of the said premises or any of the plumbing or sanitary or air-conditioning or water-heating apparatus or installation included therein or the fixtures and fittings in the said premises or the said building. |
| Damage to Walls,<br> Ceilings and<br>Floors | 5.3 | Not without the consent of the Landlord (which consent the Landlord shall not unreasonably withhold) to drive or insert or permit or suffer to be driven or inserted any nails, screws, hooks, brackets or similar articles into the ceilings, walls or floors of the said premises nor without the previous written consent of the Landlord to lay or use or permit or suffer to be laid or used any floor covering or do or permit or suffer to be done any other act or thing which may damage or penetrate the existing flooring, floor screed or slabs of the said premises or the said building. |
| Damage to<br> Common Areas | 5.4 | Not to damage, injure or deface or permit or suffer to be damaged, injured or defaced any part of the structure, fabric or decorative features of the common areas and the common services and facilities including any stairs, gates, fences, hedges, trees, plants or shrubs therein or thereabout. |
| Nuisance or<br> Annoyance | 5.5 | Not to do or permit or suffer to be done any act or thing which may be or become a nuisance or annoyance to the Landlord or to the tenants or occupiers of other premises in the said building or in any adjoining or neighbouring premises or which may in any way interfere with or affect or which is likely to interfere with or affect the management and the maintenance of the said Lot and the said building and it is agreed that a persistent breach by the Tenant of the terms of this Clause after warning in writing has been given by the Landlord to the Tenant shall amount to a breach of this Agreement justifying the Landlord exercising its rights of re-entry hereunder. |

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| Noise | 5.6 | Not to cause or produce or permit or suffer to be produced at any time in the said premises any music or noise or vibration (including sound produced by broadcasting from radio, television or any apparatus or equipment capable of producing and reproducing sound) so as to be audible outside the said premises or any vibration or resonance or other form of disturbance nor to emit transmit or receive any microwaves by any unlicensed means of telecommunication or in any manner in contravention of the Telecommunications Ordinance (Chapter 106) or in interference with the use and enjoyment of broadcasting from radio or television of other owners, tenants or occupiers of adjacent or neighbouring premises or to do or cause or permit or suffer to be done any other acts or things in or on the said premises which is or are or may be or become a nuisance or annoyance to the owners, tenants or occupiers of adjacent or neighbouring premises or give rise to a cause for reasonable complaint and it is agreed that a persistent breach by the Tenant of the terms of this Clause after warning in writing has been given by the Landlord to the Tenant shall amount to a breach of this Agreement justifying the Landlord exercising its rights of re-entry hereunder. |

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| Signs | 5.7(a) | Not to affix anything or paint or make any alteration to the exterior of the said premises and not to paint or exhibit or affix or display or permit or suffer to be painted or exhibited or affixed or displayed outside the said premises any signboard, sign, decoration, advertising matter or other device whether illuminated or not nor to affix any writing, sign, signboard, decoration, advertising matter or other device in, at or above any part or parts of the common areas of the said building and the Landlord and/or the manager of the said building and their agents shall have the right to remove the same at the expense of the Tenant. |
|  | (b) | Not to paint or exhibit or affix or display or permit or suffer to be painted or exhibited or affixed or displayed within the said premises or any part thereof so as to be visible from outside the said premises any signboard, stand, sign, banner, decorations, advertising matters or other device, whether illuminated or not, which are arousing, illegal, offensive and morally corrupting or may constitute or amount and/or give rise to criminal offence(s) and/or be a subject of civil litigation(s) and/or (in the opinion of the Landlord and/or its agent and/or the manager of the said building) affect the image of the shopping centre or arcade of which the said premises form part and the Landlord and/or the manager of the said building and their agents shall have the right to remove the same at the expense of the Tenant after demand in writing having been given to the Tenant to remove the same. |

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|  | (c) | Notwithstanding the provisions hereinabove of this Clause, the Tenant may, subject to the Landlord's approval in writing, have its name and business displayed in lettering and/or characters to a design and standard of workmanship approved by the Landlord inside the said premises. If the Tenant carries on business under a name other than its own name he shall be entitled to have that name displayed as aforesaid but the Tenant shall not be entitled to change the business name without previous written consent of the Landlord and without prejudice to the foregoing the Landlord may in connection with any application for consent under this Clause require the Tenant to produce such evidence as it may think fit to show that no breach of the provision(s) hereof forbidding sub-letting or assignment of tenancy has taken place or is about to take place. |
| User | 5.8 (a) | Not to use, permit or suffer the said premises or any part thereof to be used for any purpose other than such as are specified in the Second Schedule hereto and the Tenant shall obtain any licence approval or permit required by any Governmental or other competent authority in connection with the use or occupation of the said premises by the Tenant prior to the commencement of the Tenant's business and to maintain the same in full force during the said term and shall conduct therein only such business undertakings which are duly authorised licensed approved or permitted as aforesaid and to comply in all respects with the conditions terms and regulations relating to such business or imposed on the granting of the licence and/or approval and/or permit in respect thereof. |
|  | (b) | Not to permit any person to remain in the said premises overnight without the prior written permission of the Landlord such permission shall only be given to enable the Tenant to post watchman to look after the contents of the said premises which shall not be used as sleeping quarters or as domestic premises within the meaning of any ordinance for the time being in force. |

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| Illegal or Immoral<br> Use | 5.9 | Not to use or cause or permit or suffer the said premises or any part thereof to be used for gambling or for any illegal or immoral or improper purposes. |
| Unlawful or<br> Dangerous Goods | 5.1 | Not to keep or store or permit or suffer or cause to be kept or stored in the said premises any unlawful goods or any arms, ammunition, gunpowder, salt-petre, petroleum, liquefied petroleum gas, butane gas, kerosene or other explosive or combustible substance or dangerous, hazardous or prohibited goods within the meaning of the Dangerous Goods Ordinance (Cap.295) and the regulations made thereunder or any statutory modification or re-enactment thereof from time to time in force and to fully indemnify the Landlord against all actions, costs, claims and demands in respect of any breach or non-observance of this provision. |
| Obstructions | 5.11 | Not to park in obstruct or otherwise use nor permit to be parked in obstructed or otherwise used by any employee agent contractor invitee or licensee of the Tenant those areas (if any) of the said building allocated to parking the movement of or access for vehicles or designated as loading/unloading areas other than in accordance with the regulations made from time to time by the manager of the said building or the provisions of the Deed, if any, or the car park rules (if any). Not to use or cause or permit or suffer the entrances, lobbies, staircases, landings, corridors, passages, driveways and other common areas to be used for loitering or eating and not to place or leave or encumber or obstruct or permit or suffer to be placed or left or encumbered or obstructed with any boxes, furniture, articles, dust bins, chattels, goods, packaging, rubbish or other obstruction of any kind or nature any of the entrances, staircases, corridors, landings, passages, lobbies, driveways or other common areas and the Landlord and its authorised representatives shall be entitled without notice and at the Tenant's expense to remove and dispose of as they see fit any such material aforesaid and the Landlord and its authorised representatives shall not thereby incur any liability to the Tenant or any other person whomsoever and the Tenant shall fully indemnify the Landlord against all loss, claims, damages or expenses as against the Landlord in respect thereof. |

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| Prevention<br> of Odours | 5.12 | Not to cause or permit or suffer any offensive or unusual odours or noxious smells which shall be offensive or unusual to be produced upon, permeate through or emanate from the said premises. |
| Animals,<br> Pets | 5.13 | Not to keep or permit or suffer to be kept any animals or pets inside the said premises. |
| Subletting,<br> Assigning | 5.14 | Not to assign, underlet, part with the possession of or transfer the said premises or any part thereof or any interest therein in any way nor permit or suffer any arrangement or transaction whether by way of sub-letting, lending, sharing or other means whereby any person or persons not a party to this Agreement obtains the use, possession, occupation or enjoyment of the said premises or any part thereof inspective of whether any rental or other consideration is given therefor and in the event of any such transfer, sub-letting, lending, sharing, assignment or parting with the possession of the said premises this Agreement shall absolutely determine at the option of the Landlord and the Tenant shall forthwith vacate the said premises on notice to that effect from the Landlord. The tenancy hereby created shall be personal to the Tenant named in this Agreement and without in any way limiting the generality of the foregoing the following acts and events shall be deemed to be breaches of this Clause:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case
 of a tenant which is a partnership the change in such partnership whether on the death or retirement of an existing partner or otherwise.

(b) In the case of a tenant
 which is a corporation any take-over, reconstruction, amalgamation, merger, voluntary liquidation or change in the person or persons
 who owns or own a majority of its voting shares or who otherwise has or have effective control thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of a tenant
 who is an individual the death, insanity or disability of that individual to the intent that no right to use, possess, occupy or
 enjoy the said premises or any part thereof shall vest in the executors, administrators, personal representatives, next of kin, trustee
 or receiver of any such individual.

(d) The change of the Tenant's
 name without the previous written approval of the Landlord.

(e) The giving by the Tenant
 of a Power of Attorney or similar authority whereby the donee of the Power obtains the right to use, possess, occupy or enjoy the
 said premises or any part thereof or does in fact use, possess, occupy or enjoy the same.

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| Breach of<br> Government<br> Lease or Deed<br> of Mutual<br> Covenant | 5.15 | Not to do or permit or suffer to be done any act, deed, matter or thing whatsoever which amounts to a breach of any of the provisions, terms, conditions and covenants of the Government Lease or Conditions under which the said Lot is held from the Government or of the Deed, if any, affecting the said building and to fully indemnify the Landlord against the consequences of any such breach. |
| Breach of<br> Insurance<br> Policy | 5.16 | Not to do or permit or suffer or cause to be done any act, deed, matter or thing whatsoever whereby the policy or policies of insurance on the said building or the said premises or any part or parts thereof against loss or damage by fire and/or other insurable perils and/or claims by or liabilities to third parties for the time being in force may be rendered void or voidable or whereby the rate of premium thereon may be increased Provided that if as the result of any act, deed, matter or thing done, permitted, suffered or caused by the Tenant or occupier of the said premises, the premium on any such policy or policies of insurance shall be increased the Landlord shall be entitled without prejudice to any other remedy hereunder to recover from the Tenant the amount of any such increase and the Tenant shall forthwith repay to the Landlord on demand all sums paid by the Landlord by way of increased or additional premium thereon and all expenses incurred by the Landlord in and about any renewal of such policy or policies arising from or rendered necessary by such breach and in the event of the said premises or the said building or any part or parts thereof being damaged or destroyed by fire or other insurable cause at any time and the insurance money under any insurance against fire or other such cause effected thereon being wholly or partially irrecoverable by reason solely or in part of the Tenant's act or default then and in every such case to forthwith pay to the Landlord the whole or (as the case may require) a fair proportion of the cost of completely rebuilding or reinstating the same. |

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| Aerials | 5.17 | Not to erect any aerial on the roofs or walls of the said building or within the said premises and not to interfere with, remove, dismantle or alter those common aerials (if any) of the said building. |
| Air-conditioning | 5.18 | Not without the prior written consent of the Landlord to install air-conditioning facilities in addition to such facilities as are provided by the Landlord and to take all possible measures to prevent excessive noise, condensation or dripping onto any part of the said building in respect of all such air-conditioning facilities of the said premises. |
| Use of<br> Common Areas | 5.19 | Not to use the common areas and the common services and facilities of the said building save and except in accordance with the directions of the Landlord or the manager of the said building or their authorised representatives or the general rules or the car park rules or the club rules (if any). |
| Food Restriction | 5.2 | Not to allow the delivery of food or food containers to and from the said premises except by means of the service lift or through the designated service passage(s)/route(s) by the Landlord or the manager of the said building and, if the business of the Tenant to be carried on in the said premises not being restaurant or other food outlet, not to cook, prepare or consume any food on or in the said premises except preparation and consumption of light meals or refreshments by the Tenant and/or the Tenant's employees or guests provided that such light meals or refreshments shall not be consumed within any retail areas of the said premises or within sight of customers and/or the public. |

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| Locks | 5.21 | Not, without the previous written consent of the Landlord, to alter the existing locks bolts and fittings on the entrance doors to the said premises and not to install any additional locks bolts or fittings thereon. |
| Sale Of Liquor | 5.22 | Not to sell or supply any beer wine spirits liquor or alcohol except in compliance with the terms of the regulations under which the relevant licence is granted in respect of the said premises. |
| Tenant's<br> Association | 5.23 | Not to form or organize or attempt or make any effort to form or organize any tenants' association or union with any tenants of the said building for whatever objects or purposes during the continuance of this Agreement. |

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SECTION VI

<u>EXCLUSIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The
 Landlord and its agents shall not in any circumstances be liable to the Tenant, occupier
 or any other person whomsoever:-

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| Common<br> Services and<br> Facilities | (a) | In respect of any loss of life or loss, injury or damage to person or property or for any disruption or inconvenience caused to or sustained by the Tenant, occupier or any such other person caused by or through or in any way owing to any defect in or failure or breakdown or suspension of the lifts escalators and air- conditioning system (if any) condenser water supply system (if any) electric power and water supplies, or any other common services and facilities provided in the said building for any reason whatsoever including negligent or wrongful acts or omissions by independent contractors; or |
| Electricity/<br> Gas/Water<br> Supply | (b) | In respect of any loss of life or loss, injury or damage to person or properly or for any disruption or inconvenience caused to or sustained by the Tenant, occupier or any such other person caused by or through or in any way owing to any failure, malfunction, explosion or suspension of the electricity or power or gas or water- supply or other utility to the said building or the said premises for any reason whatsoever; or |

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| Fire and<br> Overflow of<br> Water, Vermin | (c) | In respect of any loss of life or loss, injury or damage to person or property or for any disruption or inconvenience caused to or sustained by the Tenant, occupier or any such other person caused by or through or in any way owing to the escape or spread of fire, smoke or fumes or any other substance or thing or overflow or leakage of water or vibrations from anywhere within the said building or the influx of rain water or sea water into the said building or the said premises or typhoon, landslide, subsidence of the ground or the flooding or the activity of termites, roaches, mice, rats or other pests or vermin in the said building or the act neglect default or omission of the tenants and occupiers of neighbouring premises or the defective or damaged condition of the said premises or the said building or the furnishings, fixtures and fittings therein or the dropping or falling of any article whatsoever from neighbouring premises; or |
| Non-enforcement | (d) | In respect of any loss or damage howsoever caused by or through any non-enforcement of the provisions of the Deed, if any, in respect of the said building and such general rules, car park rules and club rules as may from time to time be made in accordance with the provisions of the Deed, if any, or non-observance thereof by any third party; or |
| Security | (e) | For the security or safekeeping of the said premises or the said building or any persons or contents therein and in particular but without prejudice to the generality of the foregoing the provision by the Landlord and/or its agents of any watchman and caretaker or any mechanical or electrical alarm systems (if any) of whatever nature shall not create any obligation on the part of the Landlord as to the security of the said premises or any contents therein and the responsibility for the same shall at all times rest with the Tenant; or |
| Vehicles | (f) | For the security or supervision of or for any damage to or loss of vehicles or accessories or injury to persons or any damage resulting therefrom. |
|  |  | And the Tenant shall indemnify and keep the Landlord fully indemnified against all claims and demands whatsoever made upon the Landlord by any servant agent employee contractor or licensee of the Tenant or any other person claiming through or under the Tenant as a result of any such loss or injury or damage aforesaid nor shall the rent and other charges hereinbefore mentioned or any part thereof abate or cease to be payable on account of the happening of any of the foregoing. |

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| Exemptions<br> Extend to<br> Landlord's Agent and Manager | 6.2 | The Tenant hereby acknowledges that the exemptions contained in this Section also extend to the Landlord's agent(s) and the manager of the said building; or |
| No Duty for<br> Landlord to<br> Insure | 6.3 | Nothing in this Section shall be construed as imposing on the Landlord or the manager of the said building any duty to insure against any of the above liabilities; or |
| No claim for<br> Landlord's<br> works | 6.4 | The Tenant hereby acknowledges that the Landlord and/or the manager of the said building shall have the right to carry out decoration or renovation works in the said building at such time or times as they think fit at their absolute discretion and during such period or periods of decoration or renovation works the Landlord and/or the manager of the said building shall have the absolute right to close certain part or parts of the said building and to alter suspense or cease the provision of services to certain part or parts of the said building and the Tenant further acknowledges that there shall not be any claim for any loss of business profit or earning as a result of or ancillary to such works or alteration closure suspension or cessation of services. |

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SECTION VII

<u>ABATEMENT OF RENT</u>

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| Abatement | 7. | If the said premises or the said building or any part thereof shall at any time during the said term be destroyed or damaged or become inaccessible owing to fire, water, storm, typhoon, defective construction, white ants, earthquake, subsidence of the ground, act of God, force majeure or any calamity or cause beyond the control of the Landlord or the Tenant and not attributable directly or indirectly to any act or default or neglect or omission of the Tenant his servants agents employees contractors or licensees so as to be rendered unfit for use and occupation or inaccessible and the policy or policies of insurance for such risk effected by the Landlord shall not have been vitiated or payment of the policy moneys refused in whole or in part in consequence of any act or default or neglect or omission of the Tenant or if at any time during the continuance of this Agreement the said premises or the said building shall be condemned as a dangerous structure or a demolition order or closing order shall become operative in respect of the said premises or the said building the happening of which is not attributable directly or indirectly to any act or default or neglect or omission of the Tenant his servants agents employees contractors or licensees then the rent hereby reserved or a fair proportion thereof according to the nature and extent of the damage sustained or order made shall after the expiration of the then current calendar month be suspended until the said premises or the said building shall have been reinstated or again be rendered accessible and fit for use and occupation PROVIDED THAT the Landlord shall be under no obligation to repair or reinstate the said premises or the said building if in its opinion it is not reasonably economical or practicable so to do and PROVIDED FURTHER THAT in circumstances when the whole or substantially the whole of the said premises has been rendered inaccessible or unfit for use and occupation and should the said premises not have been reinstated or rendered accessible in the meantime either the Landlord or the Tenant may at any time after six (6) months from the occurrence of such damage or destruction or order give to the other of them notice in writing to determine this Agreement and thereupon the same and everything herein contained shall cease and be void as from the date of the occurrence of such damage or destruction or order or of the said premises becoming inaccessible or unfit for use and occupation but without prejudice to the rights and remedies of either party against the other in respect of any antecedent claim or breach of the agreements, stipulations, terms and conditions herein contained or of the Landlord in respect of the rent or other charges payable hereunder prior to the occurrence of such damage or destruction or order. |

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SECTION VIII

<u>DEFAULT</u>

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|  | 8. | It is hereby further expressly agreed and declared as follows :- |
| Default | 8.1 | If the rent and/or other charges payable hereunder or any part thereof shall be unpaid for fifteen (15) days after the same shall have become payable (whether legally or formally demanded or not) or if the Tenant shall fail or neglect to observe or perform any of the agreements, stipulations or conditions herein contained and on the Tenant's part to be observed and performed or if the Tenant shall stop or suspend payment of its debts or be unable to or admit inability to pay its debts as they fall due or enter into any scheme of arrangement with its creditors or have an encumbrance take possession of any of its assets or in circumstances in which the Landlord shall have reasonable grounds to believe that the ability of the Tenant to pay the rent and other charges hereby reserved and to observe and perform its obligations under this Agreement shall have been prejudiced or put at risk or have a receiving order made against it or in such circumstances as aforesaid fail to satisfy any judgment that may be given in any action against it after final appeal or if the Tenant shall become bankrupt or being a corporation shall go into liquidation or if any petition shall be filed for the winding up of the Tenant or if the Tenant shall otherwise become insolvent or make any composition or arrangement with creditors or shall suffer any execution to be levied on the said premises or otherwise on the Tenant's goods or the Tenant continues to cause unnecessary annoyance inconvenience or disturbance to the Landlord after warning in writing has been served by the Landlord on the Tenant then and in any such case it shall be lawful for the Landlord at any time thereafter to re-enter on and upon the said premises or any part thereof in the name of the whole whereupon this Agreement shall absolutely cease and determine but without prejudice to any right of action by the Landlord in respect of any outstanding breach or non-observance or non-performance by the Tenant of any of the agreements, stipulations and conditions herein contained and on the Tenant's part to be observed and performed and to the Landlord's right to deduct all loss and damage thereby incurred from the deposit paid by the Tenant in accordance with Section IX hereof and without prejudice to the generality of the foregoing the Landlord shall also be entitled to forbid such defaulting Tenant and its agents employees servants licensees and visitors from using the services and amenities of the said premises and/or the said building until such default or breach has been rectified and the Landlord and/or the manager of the said building shall not incur any liability to the Tenant for any loss or damage suffered by the Tenant as a result thereof provided always that the rights and remedies given to the Landlord hereunder shall be deemed cumulative remedies and shall not prejudice any right of action or any remedy of the Landlord for the recovery of any rent and/or other moneys due to the Landlord from the Tenant. |

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| Exercise of<br> Rights | 8.2 | A written notice served by the Landlord on the Tenant in manner hereinafter mentioned to the effect that the Landlord thereby exercises the power of determination and/or re-entry herein contained shall be a full and sufficient exercise of such power without physical entry on the part of the Landlord notwithstanding any statutory or common law provision to the contrary. All costs and expenses incurred by the Landlord in demanding payment of the rent and other charges payable hereunder (if the Landlord elects to demand) and in exercising its rights and/or remedies or in attempting to do so shall be paid by the Tenant and shall be recoverable from the Tenant as a debt. |
| Acceptance of Rent | 8.3 | Acceptance by the Landlord of rent and/or interest and/or other charges payable by the Tenant hereunder shall not be deemed to operate as a waiver by the Landlord of any right to proceed against the Tenant in respect of any breach, non-observance or non-performance by the Tenant of any of the agreements, stipulations, terms and conditions herein contained and on the Tenant's part to be observed and performed notwithstanding any rule of law or equity to the contrary. |
| Acts of<br> Contractors,<br> Guests, Servants, Agents, Licensees and Visitors | 8.4 | For the purpose of this Agreement, any act, default, neglect or omission of any servant, agent, family member, guest, visitor, employee, contractor or licensee (as hereinbefore defined) of the Tenant or occupier of the said premises shall be deemed to be the act, default, neglect or omission of the Tenant. |
| Distraint | 8.5 | For the purposes of distress for rent in terms of Part III of the Landlord and Tenant (Consolidation) Ordinance (Cap.7) or any statutory modification or re-enactment thereof for the time being in force and of this Agreement the rent payable in respect of the said premises shall be and be deemed to be in arrears if not paid in advance at the times and in the manner hereinbefore provided for payment thereof. |

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SECTION IX

<u>DEPOSIT</u>

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| | | |
|:---|:---|:---|
| Deposit | 9.1 | The Tenant shall on the signing hereof and before it shall be entitled to possession of the said premises at the commencement of the said term and at such other times (if any) during the said term deposit and maintain with the Landlord the sum or sums specified in Part VII of the First Schedule hereto (hereinafter referred to as "the said deposit") to secure the due observance and performance by the Tenant of the agreements, stipulations, terms and conditions herein contained and on the Tenant's part to be observed and performed. The said deposit shall be retained by the Landlord throughout the said term and the currency of this Agreement free of any interest to the Tenant with the right for the Landlord (without prejudice to any other rights or remedy hereunder) to deduct therefrom the amount of any rent rates and other charges payable hereunder and any costs expenses loss or damage sustained by the Landlord as a result of any non-observance or non-performance by the Tenant of any of the said agreement, stipulations obligations or conditions, in which event the Tenant shall as a condition precedent to the continuation of the said term hereby created forthwith on demand by the Landlord deposit with the Landlord the amount so deducted and if the Tenant shall fail so to do the Landlord shall forthwith be entitled to re-enter on the said premises or any part thereof in the name of the whole and to determine this Agreement but without prejudice to any right of action by the Landlord in respect of any aforementioned outstanding breach or non-observance or non-performance by the Tenant. |
| Increase of<br> Deposit | 9.2 | Should increase in rent during the said term be provided for herein or should the Tenant's share of the Air-Conditioning and Management Charges be increased, the Tenant shall upon such increase becoming applicable pay to the Landlord by way of an increase in the said deposit a sum proportional to the said increase in rent and/or Air-Conditioning and Management Charges in order to restore the ratio of the said deposit to the rent plus the Tenant's share of the Air-Conditioning and Management Charges to that previously subsisting and the payment of such increase shall be a condition precedent to the continuation of this Agreement. |

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| | | |
|:---|:---|:---|
| Repayment of Deposit | 9.3 | Subject as aforesaid a sum equivalent to the amount of the said deposit shall be refunded to the Tenant by the Landlord without interest within forty five (45) days after the expiration of this Agreement and the delivery of vacant possession of the said premises to the Landlord and after the settlement of the last outstanding claim by the Landlord against the Tenant in respect of any arrears of rent, rates, Air-Conditioning and Management Charges and other charges and any breach, non- observance or non-performance of any of the agreements, stipulations, terms and conditions herein contained and on the part of the Tenant to be observed and performed whichever shall be the later. For the avoidance of doubt, the parties hereto declare and acknowledge that the said deposit is not paid over and held hereunder as a trust property and/or upon any trust, express or implied, that the said deposit needs not be segregated from other monies of the Landlord. |
| Deposit Not Rent | 9.4 | In no event shall the Tenant be entitled to treat payment of the said deposit as payment of the rent and other charges hereby reserved. |
| Transfer of<br> Deposit | 9.5 | The Tenant hereby expressly agrees, consents and authorises the Landlord to transfer the said deposit paid under this Agreement to the new owner(s) or the purchaser(s) (as the case may be) of the said premises in the event of the Landlord assigning or selling the said premises to new owner(s) or purchaser(s) at any time during the continuance of this Agreement subject to and with the benefit of this Agreement. If the Landlord elects to procure the new owner(s) or the purchaser(s) (as the case may be) to undertake in favour of the Tenant to refund the said deposit to the Tenant in accordance with the terms and conditions of this Agreement, further but without prejudice to the generality of the aforesaid, the Tenant shall within seven (7) days upon request being made by the Landlord and at the costs and expense of the Landlord (if both parties shall retain the same solicitors), or each party shall pay its own solicitors costs and expense (if separately represented), enter into an agreement or memorandum with the Landlord and/or the new owner(s) or the purchaser(s) (as the case may be) to effectuate the purpose as aforesaid. |

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SECTION X

<u>INTERPRETATION AND MISCELLANEOUS</u>

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| | | |
|:---|:---|:---|
| Condonation<br> Not a Waiver | 10.1 | No condoning, excusing, giving of time or overlooking by the Landlord of any default, breach or non-observance or non-performance by the Tenant at any time or times of any of the Tenant's agreements, stipulations, terms, conditions and obligations herein contained shall operate as a waiver of the Landlord's rights hereunder in respect of any continuing or subsequent default, breach or non-observance or non-performance or so as to defeat or affect in any way the rights and remedies of the Landlord hereunder in respect of any such continuing or subsequent default or breach and no waiver by the Landlord shall be inferred from or implied by anything done or omitted by the Landlord unless expressed in writing and signed by the Landlord. Any consent given by the Landlord shall operate as a consent only for the particular matter to which it relates and in no way shall be considered as a waiver or release of any of the provisions hereof nor shall it be construed as dispensing with the necessity of obtaining the specific written consent of the Landlord in the future in respect of similar or other matters unless expressly so provided. |

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| | | | |
|:---|:---|:---|:---|
| Definition of Common Areas and Common Services and Facilities | 10.2 | (a) | The common areas referred to in this Agreement shall mean the following :- |
|  |  | (i) | Such parts of the said building as may be designated under the Deed, if any, in respect of the said building as common areas for use in common by the co-owners for the time being of the said building; and |
|  |  | (ii) | Such other parts of the said building as may from time to time and at any time be so designated by the Landlord and/or the manager of the said building; |

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | (b) | The common services and facilities referred to in this Agreement shall mean the following :- | The common services and facilities referred to in this Agreement shall mean the following :- |
|  |  |  | (i) | Such services and facilities as may be designated under the Deed, if any, in respect of the said building as common services and facilities for the use in common by or benefit of the co-owners for the time being of the said building; and |
|  |  |  | (ii) | Such other services and facilities within the said building as may from time to time and at any time be so designated by the Landlord and/or the manager of the said building; |
|  |  | Provided always that the Landlord and/or the manager of the said building shall also have the full and unrestricted right and power from time to time and at any time without the same constituting an actual or constructive eviction of the Tenant and without incurring any liability to the Tenant therefor to designate redesignate reallocate and/or partition such part or parts of the common areas and/or the common services and facilities and (if any) the recreational areas and facilities on the said building for the use of any person or persons and at such charges (if any) as the Landlord and/or the manager of the said building may see fit and to erect install restrict and/or alter the arrangement and/or the location and/or the accessibility of the same and the Tenant shall not raise any objection thereto and shall not have any recourse or remedy in any manner whatsoever. | Provided always that the Landlord and/or the manager of the said building shall also have the full and unrestricted right and power from time to time and at any time without the same constituting an actual or constructive eviction of the Tenant and without incurring any liability to the Tenant therefor to designate redesignate reallocate and/or partition such part or parts of the common areas and/or the common services and facilities and (if any) the recreational areas and facilities on the said building for the use of any person or persons and at such charges (if any) as the Landlord and/or the manager of the said building may see fit and to erect install restrict and/or alter the arrangement and/or the location and/or the accessibility of the same and the Tenant shall not raise any objection thereto and shall not have any recourse or remedy in any manner whatsoever. | Provided always that the Landlord and/or the manager of the said building shall also have the full and unrestricted right and power from time to time and at any time without the same constituting an actual or constructive eviction of the Tenant and without incurring any liability to the Tenant therefor to designate redesignate reallocate and/or partition such part or parts of the common areas and/or the common services and facilities and (if any) the recreational areas and facilities on the said building for the use of any person or persons and at such charges (if any) as the Landlord and/or the manager of the said building may see fit and to erect install restrict and/or alter the arrangement and/or the location and/or the accessibility of the same and the Tenant shall not raise any objection thereto and shall not have any recourse or remedy in any manner whatsoever. |
| Name of<br> Development | 10.3 | The Landlord reserves the right to name or to change or to consent to the change of the name of the said building with or to any such name or style as it may determine and at any time and from time to time to change, alter, substitute or abandon any such name or style in its absolute discretion and without compensation to the Tenant and without the same constituting an actual or constructive eviction of the Tenant and without the Landlord incurring any liability to the Tenant therefor whether for any loss, injury, damage, annoyance or inconvenience which the Tenant may suffer as a consequence of any change of name of the said building. The Landlord shall however give the Tenant, the Post Office and other relevant Government Authority(ies) reasonable notice of its intention to do as aforesaid or (as the case may be) of the aforesaid naming or change of name. | The Landlord reserves the right to name or to change or to consent to the change of the name of the said building with or to any such name or style as it may determine and at any time and from time to time to change, alter, substitute or abandon any such name or style in its absolute discretion and without compensation to the Tenant and without the same constituting an actual or constructive eviction of the Tenant and without the Landlord incurring any liability to the Tenant therefor whether for any loss, injury, damage, annoyance or inconvenience which the Tenant may suffer as a consequence of any change of name of the said building. The Landlord shall however give the Tenant, the Post Office and other relevant Government Authority(ies) reasonable notice of its intention to do as aforesaid or (as the case may be) of the aforesaid naming or change of name. | The Landlord reserves the right to name or to change or to consent to the change of the name of the said building with or to any such name or style as it may determine and at any time and from time to time to change, alter, substitute or abandon any such name or style in its absolute discretion and without compensation to the Tenant and without the same constituting an actual or constructive eviction of the Tenant and without the Landlord incurring any liability to the Tenant therefor whether for any loss, injury, damage, annoyance or inconvenience which the Tenant may suffer as a consequence of any change of name of the said building. The Landlord shall however give the Tenant, the Post Office and other relevant Government Authority(ies) reasonable notice of its intention to do as aforesaid or (as the case may be) of the aforesaid naming or change of name. |

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| | | |
|:---|:---|:---|
| Introduction of Rules and Regulations | 10.4 | The Landlord or its agents and/or the manager of the said building shall be entitled from time to time and by notice in writing to the Tenant to make introduce and subsequently amend adopt or abolish if necessary such rules and regulations as they may consider proper or necessary for the management and maintenance of the said premises and/or the said building. Such rules and regulations shall be supplementary in nature and effect, and in the event of conflict the terms and conditions of this Agreement shall prevail the said rules and regulations. The Landlord shall not be liable for any loss or damage however caused arising from non-enforcement or non-observance by any third party of the said rules and regulations. |
| Service of Notices | 10.5 | Save as herein otherwise agreed and stipulated, any notice required to be served hereunder shall if to be served on the Tenant be sufficiently served if addressed to the Tenant and sent by prepaid post to or delivered at the said premises or the Tenant's last known place of business or registered office or residence in Hong Kong and if to be served on the Landlord shall be sufficiently served if addressed to the Landlord and sent by prepaid post to or delivered at the address given in Part I of the Schedule hereto or any other address which the Landlord may notify to the Tenant from time to time. A notice sent by prepaid post shall be deemed to be given at the time and date of posting. |
| No Fine | 10.6 | The Tenant expressly declares and acknowledges that no fine, premium, key money, construction money or other consideration has been paid by the Tenant or the Landlord for the grant of this Agreement. |
| Exclusion of Warranties | 10.7 | This Agreement sets out the full agreement reached between the parties and no other representations have been made or warranties given relating to the Landlord or the Tenant or the said building or the said premises and if any such representation or warranty has been made, given or implied the same is hereby waived. The Tenant hereby declares and confirms that it has duly inspected the said premises and is fully satisfied with the current state and condition of the said premises and the furnishings (if any) and finishes therein. The parties hereto agree that the said premises will be let to the Tenant by the Landlord in the state and condition as at the date of the signing of this Agreement and no warranty or representation whatsoever has been given or is made by the Landlord or its agents regarding the said premises and in particular but without prejudice to the generality of the foregoing, no warranty or representation is made by the Landlord or its agents regarding the state and condition of the said premises or the said building or the furnishings (if any) or the installations and appliances therein or the user thereof. |

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| | | |
|:---|:---|:---|
| Special Conditions | 10.8 | The parties hereto hereby agree that they shall respectively be bound by and entitled to the benefit of the Special Conditions (if any) contained in the Third Schedule hereto as if the same form an integral part of this Agreement, and in the event of any conflict between any of the Special Conditions and any of the provisions in the main body of this Agreement the former shall prevail. |
| Joint and Several Liability | 10.9 | Where more than one person is named as the Tenant all such persons shall sign this Agreement and shall be jointly and severally liable for the performance and observance of the terms, conditions and agreements contained herein and on the part of the Tenant to be performed and observed. |
| Genders and Plurals | 10.1 | In this Agreement unless the context otherwise requires words herein importing the masculine gender shall include the feminine and neuter genders and vice versa and words herein in the singular· shall include the plural and vice versa and references to persons include bodies corporate and unincorporate and the term "the Landlord" shall include its agents. |
| Marginal Notes, Headings and Index | 10.11 | The marginal notes, headings and index are intended for guidance only and do not form part of this Agreement nor shall any of the provisions of this Agreement be construed or interpreted by reference thereto or in any way affected or limited thereby. |

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|:---|:---|:---|:---|
| Stamp Duty and Costs | 10.12 | (a) | This Agreement is drafted and prepared by the Landlord, and the Tenant hereby acknowledges that it has all along been fully aware of its right to take independent advice on this Agreement, its content, meanings and effect, its completion and signing and that prior to the signing hereof at least a copy of this Agreement in its draft form has been sent to it for comment and/or agreement that the Tenant has thoroughly understood the content of this Agreement and agrees to be bound hereby at its own free will by the act of having this Agreement signed by it in case the Tenant is not legally represented hereon. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Should
 the Tenant choose to be legally represented on the matter relating to this Agreement, the
 Tenant shall bear and pay its own legal costs and such disbursement as may be charged by
 its solicitors hereof and incidental hereto, unless both the Landlord and Tenant are legally
 represented hereon by the same solicitors where the legal costs and disbursements of and
 incidental to the preparation, completion and signing of this Agreement shall be borne by
 the parties hereto in equal shares.

(c) Should
 the parties hereto be legally represented separately each party shall bear and pay its own
 legal costs and such disbursements as may be charged by its own solicitors hereof and incidental
 hereto.

(d) Notwithstanding
 and without affecting and limiting the generality of the provisions of sub-clauses. (a),
 (b) and (c) hereinabove, the stamp duty and (if any) registration fee and other disbursements
 of the Landlord in connection with this Agreement and its counterpart shall be borne by the
 parties hereto in equal shares. Unless otherwise agreed the stamping and (if applicable)
 registration of this Agreement and its counterpart shall be done by or through the Landlord
 that upon demand by the Landlord, the Tenant shall forthwith pay to the Landlord the Tenant's
 share of the stamp duty and registration fee aforesaid.

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|:---|:---|:---|
| Each Provision Independent and Severable | 10.13 | Each and every part of the clause sub-clause term condition stipulation or provision in this Agreement, save and except otherwise specified, shall be construed as an independent and severable part of the clause, sub-clause term condition stipulation or provision in this Agreement. In the event that any part of the clause, sub-clause term condition stipulation or provision is found to be illegal invalid or unenforceable such part of the clause, sub-clause term condition stipulation or provision shall be deemed to have been severed from this Agreement and shall not affect the validity and enforceability of the other part of the clause, sub-clause, te1m condition stipulation or provision and the other clauses, sub-clauses terms conditions stipulations or provisions of this Agreement. |

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|:---|:---|:---|
| Sale and Demolition | 10.14 | Notwithstanding anything herein contained to the contrary, if the owner of the said premises ("the Owner") shall resolve to sell or redevelop or demolish or re-build or refurbish or renovate the said premises or the Mall or the said building or any part(s) thereof (which intention shall be sufficiently and conclusively evidenced by a copy of the Resolution of its Board of Directors and, in case of the sale as aforesaid, of the sale contract certified by its Secretary or one of its Directors or a solicitor to be true and correct copy) then in any of such events the Landlord or the Owner shall be entitled to give not less than three (3) months' notice in writing to be given and to expire on any day of any calendar month to terminate this Agreement and immediately upon the expiration of such notice this Agreement shall be terminated and the Tenant's right to occupy and remain in the said premises shall cease notwithstanding any rule of law or equity or any prior agreement(s) and the Tenant shall forthwith deliver up vacant possession of the said premises to the Landlord or (as the case may be) the Owner without any claim, costs or compensation whatsoever but without prejudice to the rights and remedies of the Landlord and/or the Owner against the Tenant in respect of any antecedent claim or breach of any of the covenants restrictions stipulations or conditions herein contained. "Redevelopment" and/or "demolition" for the purposes of this Clause shall mean the redevelopment and/or demolition of the said building wholly or a substantial part(s) (but not necessarily a major part) thereof whether or not including any main walls exterior walls or roof of the said premises and whether or not any part thereof is to be re-built or redeveloped or reconstructed in the same or any other manner, and "refurbishment" and/or "renovation" for the purposes of this Clause may or may not include redevelopment or demolition or rebuilding of the said building or any part thereof. |
| Time | 10.15 | The parties hereto agree that time shall in all respect be of the essence of this Agreement. |

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|:---|:---|:---|
| Governing Law | 10.16 | This Agreement shall be governed by and construed in accordance with the laws of the HKSAR and the parties hereto shall submit to the non-exclusive jurisdiction of the courts of the HKSAR. |
| Description of Premises | 10.17 | The Landlord reserves the right to change the alphabetical or numerical description of the said premises to any such description name or style as the Landlord may at its sole discretion determine at any time and/or from time to time during the term of letting created hereunder without compensation to the Tenant and without the same constituting any actual or constructive eviction of the Tenant and without the Landlord in any event incurring any liability to the Tenant for any loss, injury damage, annoyance or inconvenience which the Tenant may suffer as a consequence of any change made by the Landlord as aforesaid. The Landlord shall however give the Tenant, the Post Office and other relevant Government Authorities 3 months' prior written notice of the aforesaid change of description of the said premises. |

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|:---|:---|:---|
| Rights of Third Party | 10.18(a) | Save as provided in sub-clause (b) below, the Landlord and the Tenant do not intend any term of this Agreement to be enforceable pursuant to the Contracts (Rights of Third Parties) Ordinance (Cap.623) (the "Rights of Third Parties Ordinance") |
|  | (b) | Subject to the provisions contained in this Clause, each of the following third parties (each being a "Designated Third Party") shall have the benefit of and may enforce this Agreement pursuant to the Rights of Third Parties Ordinance:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 manager of the said building; and

(ii) the
 Landlord's successor(s) in title and assign(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) This
Agreement may be varied from time to time or (where such tight of rescission exists) rescinded without the consent of any Designated
Third Party or any other person who is not a party to this Agreement and section 6(1) of the Rights of Third Parties Ordinance shall
not apply to this Agreement.

IN WITNESS whereof this Tenancy Agreement has been duly signed by the parties hereto the day and year first above written.

<u>THE FIRST SCHEDULE</u>

<u>PART I</u>

<u>THE LANDLORD</u>

SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED, whose registered office is situated at 45<sup>th</sup> Floor, Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong, Agent for the Owner of the said premises.

<u>PART II</u>

<u>THE TENANT</u>

C & NTP LIMITED, whose registered office is situated at Shop No Gl&G3, G/F, Site 11 (Treasure World), Whampoa Garden, Hung Hom, Kowloon.

<u>PART III</u>

<u>THE SAID PREMISES</u>

SHOP NO. 701 on LEVEL 7 of the Commercial Accommodation (herein called "the Mall") of the development at NEW TOWN PLAZA (PHASE I) (新城市廣場第一期) Hong Kong erected on Sha Tin Town Lot No. 143 (herein called "the said building"), as for identification purpose only shown on the plan attached hereto and thereon coloured Pink.

<u>PART IV</u>

<u>TERM OF TENANCY</u>

For the term of FOUR (4) YEAR(S) commencing on the 15<sup>th</sup> day of April 2022 and expiring on the 14<sup>th</sup> day of April 2026 (both days inclusive).

![](ex10-8_016.jpg)

<u>PART V</u>

<u>PARTICULARS OF RENT</u>

1. The
 monthly rental (exclusive of rates, Air-Conditioning and Management Charges and, if any,
 promotion levy, which are payable by the Tenant) for the said term shall comprise:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The
 Basic Rental:-

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|:---|:---|
| (i) | The Basic Rental for Year 1 of the said term shall be HK.$195,240.00 ONLY; |
| (ii) | The Basic Rental for Year 2 of the said term shall be HK$211,510.00 ONLY; |
| (iii) | The Basic Rental for Year 3 of the said term shall be HK$227,780.00 ONLY; and |
| (iv) | The Basic Rental for Year4 of the said term shall beHK$244,050.00 ONLY; |
| (hereinafter referred to as "the Basic Rental") AND | (hereinafter referred to as "the Basic Rental") AND |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (If
 any) The Additional Turnover Rental being an amount by which 15% of the Monthly Gross Receipt(s)
 (as hereinafter defined) of the Tenant's business at the said premises during and for
 the rental payable month (without any deduction) exceeds the Basic Rental (hereinafter referred
 to as "the Additional Turnover Rental")

and notwithstanding anything contained in this Agreement the rental for the said term payable hereunder shall be paid by the Tenant to the Landlord in the following manner.

2. The
 rental payable as the Basic Rental of any month will be paid in advance by the Tenant on
 the 1st day of each and every calendar month and shall not be refundable to the Tenant in
 any event.

3. In
 the event that the Additional Turnover Rental of any month becomes payable to the Landlord,
 the Tenant shall pay in an·ear but no later than the 14th day of the following month
 to the Landlord the full amount of the Additional Turnover Rental.

4. The
 payment of the Additional Turnover Rental in accordance with the provisions above shall be
 accompanied by separate advice (in the form of a written statement) as to the precise amount
 of the Monthly Gross Receipts of the Tenant's business at the said premises during
 the preceding month, such advice being duly certified by the Tenant's chief accountant(s)
 to be true and correct and shall be delivered to the Landlord within fourteen (14) days after
 the end of each month whether or not there being any Additional Turnover Rental payable.
 For the avoidance of doubt, in the event that no Additional Turnover Rental is payable for
 any calendar month the deficit shall not be carried forward to the next calendar month for
 determining the Additional Turnover Rental for the next calendar month.

![](ex10-8_017.jpg)

5. At
 the close of each Accounting Period (as hereinafter defined) the Tenant will at its own costs
 and expenses cause its entire records for the preceding Accounting Period to be audited by
 the auditors appointed from time to time by the Tenant and approved by the Landlord and procure
 the auditors to issue a certificate as to the Monthly Gross Receipts for each calendar month
 of the Accounting Period in question and such certificate shall forthwith be delivered to
 the Landlord and in no event later than three (3) months after the close of the Accounting
 Period in question.

6. Within
 15 days after the delivery of the said certificate of the auditors showing the Monthly Gross
 Receipts for each calendar month of the Accounting Period in question, the Tenant will pay
 to the Landlord or the Landlord will repay to the Tenant the amount (if any) by which the
 rental as calculated by reference to the aforesaid provisions and the auditors' certificate
 aforesaid exceeds or falls short of the rental already paid during the Accounting Period
 in question (as the case may be), but such adjustment shall not in any event require the
 Landlord to refund any of the Basic Rental agreed and received by the Landlord.

7. Notwithstanding
 anything herein contained and for the avoidance of doubt, the Tenant agrees and covenants
 that it shall still be under obligation to observe, perform and comply with the provisions
 of this Part V notwithstanding that at the time of any such provisions to be observed, performed
 and complied with by the Tenant and/or to be enforced by the Landlord this Agreement may
 have expired by effluxion of time or been earlier terminated pursuant to the provisions of
 this Agreement.

8. The
 Landlord may at any time at its own expense appoint auditors or agents to check the Monthly
 Gross Receipts of the Tenant's business. Furthermore, the Tenant shall install at its
 own expense electronic cash registers. The Tenant shall at all times permit such operation
 and open its books and records to the Landlord, its duly authorised agents or any such auditors
 or authorized agents.

![](ex10-8_018.jpg)

9. The
 Tenant shall also throughout the said term keep or cause to be kept complete, accurate and
 true records of the Monthly Gross Receipts in each calendar month. If at any time the Tenant
 fails to make complete and accurate reports thereof, the Tenant acknowledges that the Landlord
 shall then be at liberty to make an interim assessment of the Additional Turnover Rental
 (if any) and such interim assessment shall be deemed correct for all pm-poses and payment
 of the Additional Turnover Rental will be made thereon until complete and accurate reports
 of the Monthly Gross Receipts have been rendered. The Landlord may make such interim assessment
 on such basis as the Landlord may in its absolute discretion determine.

10. The
 expression "Gross Receipts" shall for the purpose of this Part V mean the gross
 amount of all sums billed or received in the course of the Tenant's business conducted
 at the said premises including but not limited to the sums billed or received for any sundry
 items and/or food and/or drinks sold at the said premises and/or all goods and services of
 whatsoever kind and description provided within or through or out of the said premises and
 all other income of whatsoever kind and description deriving from or in respect of the said
 premises including sales of souvenirs and all sums received by way of service charges (including
 but not limited to the 10% service charge) Provided That :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) every
 sale on credit terms or on an instalment basis shall be deemed to be a sale for the full
 cash price at the date when the same is made irrespective of the time or times at which the
 Tenant receives payment;

(b) every
 deposit by a customer shall be included in the Gross Receipts at the time of receipt and
 shall only be deducted if and when repaid;

(c) in
 calculating the amount of the Monthly Gross Receipts no deduction shall be made for bad or
 doubtful debts or (in the case of transactions paid by credit card) discounts or commissions
 payable by the Tenant to the provider of the credit;

(d) the
 full agreed price of any item of the goods or merchandises that the Tenant sells in the said
 premises traded or bartered out in the said premises for goods shall be included in the Gross
 Receipts disregarding the agreed value of the goods so traded or battered in AND, if any,
 the top-up payment to be made by either party of the goods trading in issue;

![](ex10-8_019.jpg)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) purchase
 tax and any similar sales or excise tax (if any) imposed directly on the Tenant in respect
 of the supply of goods or services shall be included in the Monthly Gross Receipts but only
 to the extent that such tax is actually paid or accounted for by the Tenant to the taxing
 authority;

(f) (if
 the Tenant's business in the said premises includes or involves (inter alia) redemption
 of cash, gift, festive product or other coupons (irrespective of where such coupons are sold
 and purchased or given and obtained) at the said premises for goods, service or money) the
 total value of the goods, service or money redeemed in the said premises as aforesaid shall,
 notwithstanding anything said hereinabove, be included in the Gross Receipts and then shall
 submit to the Landlord periodically as aforesaid a separate statement or account for any
 or all of the said business activities;

(g) The
 value of the goods collected and the service redeemed or utilized in the said premises as
 purchased or ordered online or via internet or other non-traditional means shall be included
 in the Gross Receipts, and in such connection the Tenant shall, together with the submission
 of the monthly statement as aforesaid, submit to the Landlord full and detailed record of
 the abovesaid collection and/or redemption; and

(h) In
 respect of the goods and service which is/are ordered in another location of the Tenant's
 business conducting the same business that the Tenant is carrying on in the said premises
 (hereinafter called "the place of order") but is/are collected or redeemed or
 utilized in the said premises, the value thereof (less, if any, the deposit paid upon the
 order therefor in the place of order) payable upon collection or redemption or use in the
 said premises shall be included in the Gross Receipts, and in such connection the Tenant
 shall, together with the submission of the monthly statement as aforesaid, submit to the
 Landlord full and detailed record of the abovesaid collection and/or redemption and/or use.

11. The
 expression "Accounting Period" shall for the purpose of this Part V mean the period from 1st January to 31st December
 (both days inclusive) in each year save that the first Accounting Period shall be the period from the date upon which rent
 commences to be payable to 31st December in the same year (both days inclusive) and the last Accounting Period shall be the period
 from 1st January in the last year of the said term to the date of expiration or earlier determination of the said term (both days inclusive).

![](ex10-8_020.jpg)

 

<u>PART VI</u>

<u>AIR-CONDITIONING AND MANAGEMENT CHARGES</u>

The monthly Air-Conditioning and Management Charges at the making hereof is HK$34,004.30 which shall be subject to revision prior to the commencement of and during the said term.

<u>PART VII</u>

<u>THE SAID DEPOSIT</u>

---

| | | |
|:---|:---|:---|
| RENTAL DEPOSIT | HK$ | 976200.0 |
| AIR-CONDITIONING AND MANAGEMENT CHARGES DEPOSIT | HK$ | 136017.2 |
| <br> TOTAL | HK$ | 1112217.2 |

---

(being 4 months' largest Basic Rental and Air-Conditioning and Management Charges)

<u>PART VIII</u>

<u>NORMAL BUSINESS HOURS</u>

The business hours of the Mall are from <u>10:00</u> a.m. to <u>10:00</u> p.m. daily. The Landlord reserves the right to alter or amend the said. business hours from time to time and to such extent as the Landlord shall in its discretion deem appropriate or necessary.

<u>PART IX</u>

<u>PROMOTION LEVY</u>

HK$5,369.10 per month at the making hereof, subject to revision prior to the commencement of and during the said term and in accordance with the provision of this Agreement.

![](ex10-8_05.jpg)

<u>THE SECOND SCHEDULE</u>

<u>USER</u>

Restricted to use for carrying on the business of operating a Japanese barbecue restaurant under the trade name and style of "Yakiniku Kakura" only but for no other purpose whatsoever.

![](ex10-8_006.jpg)

<u>THE THIRD SCHEDULE</u>

<u>SPECIAL CONDITIONS</u>

1. Notwithstanding
 anything said herein, the Tenant shall be entitled to a rent-free period commencing on (and inclusive of) the actual commencement
 date of the said term and expiring on (and inclusive of) (i) the 60<sup>th</sup> day counting forward from (and inclusive of) the
 actual commencement date of the said term OR (ii) the day immediately before the commencement date of the Tenant's business
 in the said premises, whichever shall FIRST OCCUR, for the purpose of fitting-out and/or renovation and/or decoration of the said
 premises (but for the avoidance of doubt, the Tenant shall pay all other charges payable hereunder by the Tenant during and for the
 said rent-free period).

2. The Tenant
 shall observe and comply with the <u>"Design and Fitting-out Guide"</u> and other relevant rules or requirements imposed by the Landlord or the manager of the said building for the carrying out of the
 Fitting Out Works, if any, for and to the said premises. The Landlord is entitled from time to time to amend and/or alter the content
 of the said general requirements as it deems appropriate or necessary without further notice to the Tenant.

3. The said
 premises will be handed over to the Tenant in an <u>"as is"</u> state
 and condition (i.e. the Landlord will not do any decoration work save and except repair of, if any, any structural defects within
 the said premises). The Tenant shall at its own costs and to the Landlord's satisfaction reinstate all alteration and additional
 work by it and deliver up vacant possession of the said premises to the Landlord in a "bare shell" state and condition
 upon expiration or sooner determination of the tenancy. The Landlord shall have the absolute discretion on retaining the transparent
 shutter (if any) upon expiration or sooner determination of the tenancy without any reimbursement or similar payment therefor to
 the Tenant.

4. <u>Shopfront Display & Control Area</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Tenant acknowledges that the shopfront design of the said premises within this particular level shall be in an open design concept,
 and therefore no shopfront glass or partition will be provided by the Landlord. The Landlord however may accept appropriate modification
 of "look", "design", "material" and "safety" on the shopfront design subject to the
 Landlord's final approval.

![](ex10-8_007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Tenant
 agrees to install and maintain merchandise display to the satisfaction of the Landlord, and to alter any display immediately upon
 notice by the Landlord. Any display/merchandise obstructing the common area of the arcade is strictly prohibited. If the Tenant wishes
 to put up advertising signs or posters within the said premises, the Landlord's approval must be obtained. If the Tenant fails
 to alter the display/merchandise to the satisfaction of the Landlord within 14 days after the said notice has been served, the Landlord
 is entitled to forfeit the tenancy and the said deposit and re-enter upon the said premises.

(iii) The dimension, design,
 material and colour scheme of the restaurant signage/logo within the said premises must be submitted for the Landlord's prior
 written approval.

(iv) The
 Tenant is fully aware that 4000 mm from the leased line along shopfront into the shop is the <u>Control Area</u>. The design of the ceiling and the flooring (if any) and
 elevation of the said Control Area shall be submitted to the Landlord for written approval prior to commencement of fitting out work.

(v) The Tenant further agrees
 that the partition wall(s), if any, (as coloured <u>purple</u> on the plan annexed
 hereto) within the Control Area between shop(s) <u>cannot exceed 1200 mm in height,</u> and will not block the visibility among shopfronts and common corridors. The design of such partition wall(s) shall be submitted
 to the Landlord for prior written approval.

(vi) The Tenant agrees that
 the layout of the Control Area must be designed in low range of fittings and fixtures which cannot exceed 1200 mm in height, and
 will not block the visibility among shopfronts (as coloured <u>yellow</u> on the plan
 attached hereto) and common corridors. For the purpose of this clause, the Tenant agrees to set back all fittings and fixtures which
 exceed 1200 mm (including but not limited to all security shutter, entrance doors and all kinds of entrance design) at the edge of
 the Control Area (such edge is highlighted in <u>orange</u> for identification purpose).
 The design of the same must be submitted to the Landlord for written approval prior to commencement of fitting out work.

(vii) The Tenant shall keep the
 shopfront of the said Control Area lit from 9:00 a.m. to 12:00 mid-night daily throughout the term of the Tenancy and shall install <u>a timer</u> to control the lighting at its own cost in order to minimize inconvenience/darkness
 to the neighboring.

![](ex10-8_008.jpg)

5. (a) The Tenant
 is required to use the shopfront (as coloured <u>yellow</u> on the plan attached hereto)
 as "Showcase(s)" and to maintain the shopfront display in the manner as a first class commercial complex throughout the
 said term. For the avoidance of doubt, any obstructions of view along the said shopfront and/or installation of storeroom/changing
 room/blinds or the like to block up or cover up the same are strictly prohibited. If the Tenant fails to alter the shopfront display
 to the satisfaction of the Landlord within 14 days after receipt of the Landlord's notice, the Landlord is entitled (but not
 obliged) to terminate this Agreement and forfeit the said deposit and to re-enter the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The layout
 of the shopfront area shall be designed by the Tenant in low range of fittings and fixtures which cannot exceed 1200 mm in height,
 and will not block the visibility among shopfronts (as coloured <u>yellow</u> on the
 plan attached hereto) and common corridors.

(c) The Tenant shall keep the
 shopfront of the said premises lit from 09:00 a.m. to 10:00 p.m. daily throughout the said term and shall install a timer to control
 the lighting at its own cost in order to minimize inconvenience/darkness to the neighboring.

(d) The Tenant undertakes not
 to obstruct the area under the fire shutter, if any (as coloured <u>blue</u> on the
 plan attached hereto), at anytime throughout the said term. The Tenant shall take into consideration the said requirement as its
 detailed design of the layout of the said premises.

(e) The Tenant shall adopt
 an open shopfront design at the shopfront of the said premises as coloured <u>purple</u> on the plan attached hereto, which design shall be subject to the prior written approval by the Landlord. The Tenant shall at its
 own costs and expenses install at the said shopfront roller shutter(s) as per the Landlord's specification and subject to the
 Landlord's approval. However, the Tenant undertakes to reinstate the said premises and restore the shopfront back to its original
 state and condition upon delivery of vacant possession of the said premises to the Landlord at the expiration or sooner determination
 of the tenancy.

(f) The Tenant shall not block
 and shall keep clear at all time throughout the said term the exit door(s), if any (as coloured <u>green</u> on the plan attached hereto), as an emergency exit.

![](ex10-8_009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Tenant
 shall reserve electrical conduit(s) for lighting up the oval shop sign(s) at the common corridor. The graphic design and production
 shall be carried out by the Landlord's approved contractor and the cost of which shall be borne by the Tenant.

(h) NO box, trolley or tray
 especially those bearing brand name and/or logo can be placed immediately on and/or along the shopfront glass panel and/or near the
 entrance of the said premises.

(i) Directory/display stand
 is not allowed to be put outside the said premises.

(j) The dimension,
 design, material and colour scheme of the signage inside the said premises must be submitted for the Landlord's prior approval.

(k) Installation of cockloft
 in the said premises is strictly prohibited.

(1) All delivery and/or removal
 of fitting-out equipment, material or debris, goods, merchandise and garbage shall be arranged outside the normal business hours
 of the Mall or at such time and at such routing to be approved and designated by the Management Office of the Mall.

(m) Bargain sale of merchandise
 at or near the shopfront is strictly prohibited and that such bargain sales should be conducted at the rear side of the said premises.

(n) Touting with loud voice
 causing nuisance or annoyance to the tenants or occupiers of adjacent premises or to users and customers of the same or to the Landlord
 is strictly prohibited.

(o) The Tenant undertakes not
 to put merchandise, rubbish, boxes and other articles outside the boundary of the said premises (i.e. in the Landlord's common
 area) throughout the said term. In particular, the Tenant undertakes not to obstruct/block the fire escape staircase and common corridor.

![](ex10-8_010.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Tenant acknowledges that neon-coloured
 poster/price list in hand-written or printed form sticking on shopfront or merchandise is not allowed.

6. The Tenant acknowledges that :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Landlord
 has the right to carry out renovation and/or alteration and/or addition work within, outside and/or above the said building; and

(b) there will be fitting out
 works carried out by the Landlord and/or other tenants of the Mall (including but not limited to alteration of ceiling, modification
 of glass shopfront and/or door, mechanical and electrical works, etc.)

which might cause inconvenience to the tenants of the Mall and that the Tenant hereby agrees that the Tenant shall have no claims whatsoever against the Landlord or its agent(s) therefor.

7. The Tenant
 shall at its own expense keep lit any shopfront windows, showcases and signs of the said premises throughout the hours during which
 the Mall is open to the public and for the better observance hereof the Tenant shall permit the Landlord to control the electrical
 circuits to the shopfront windows, showcases and signs and the Tenant shall be required to have such electrical circuits connected
 and wired to allow the Landlord to have such control. For the purpose of this Condition, shopfront windows shall be deemed to include
 those parts of the interior of the said premises immediately fronting onto the common areas of the Mall and/or the street frontage
 for display of merchandise.

8. The Tenant acknowledges
 that building services installation (such as ductworks, pipeworks, hose reel, and etc.) may not be shown on the plan attached hereto.

9. The Tenant agrees and undertakes
 that notwithstanding any other provisions herein contained, the Tenant shall :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submit the
 required fitting out plans to the Landlord before the commencement of the said term for the Landlord's approval;

(b) commence the fitting out
 works only upon receipt of the Landlords' said approval and in any event within two weeks from the commencement of the said
 term; and

![](ex10-8_011.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) start to operate his business in
 the said premises within two months from the commencement of the said term.

If the Tenant shall fail to perform and observe any of the above conditions, the Landlord shall be absolutely entitled to serve notice in writing to the Tenant to require the Tenant to perform and observe the above conditions within seven (7) days from the date of the said notice, failing which the Landlord shall be absolutely entitled (but not obliged) to serve on the Tenant seven (7) days' notice in writing to terminate this Agreement, and upon expiration of the said notice this Agreement shall cease absolutely and the Landlord shall re-enter and repossess the said premises free from any rights or interest of the Tenant but without prejudice to any rights or remedies that may have accrued to the Landlord against the Tenant in respect of any antecedent breach of condition or other term of this Agreement, including the breach in respect of which the termination is made. Upon termination of this Agreement all deposits paid by the Tenant shall be applied to set off such loss and damage that the Landlord may suffer or may have suffered as the result of the said breach(es) and the Landlord shall be entitled to re-let the said premises to other party or parties on such terms and conditions as it may deem appropriate without prejudice to the Landlord's rights to recover from the Tenant any loss and damages that it may sustain. In the event of the Tenant failing to perform any of the conditions above, as an alternative to serving the abovesaid notice to terminate this Agreement as aforesaid, the Landlord shall be entitled to take proceedings to enforce specific performance of this Agreement by the Tenant.

10. Notwithstanding
 anything herein contained to the contrary, the Tenant agrees to and shall pay to the Landlord the Basic Rental, Additional Turnover
 Rental (if any), air-conditioning and management charges, promotion levy (if any), rates and all other charges, fees and interest
 payable by the Tenant to the Landlord hereunder ("the Required Payments") by bank autopay. In such connection, the Tenant
 shall, prior to the actual commencement of the said term, fill in and complete in accordance with the Landlord's or its agent's
 direction, duly sign and return to the Landlord or its agent the bank autopay or direct debit authorization form(s) (prescribed and
 provided by the Landlord's or its agent's banker) ("the Authorization") provided by the Landlord or its agent,
 and further agrees that :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall not vary cancel
 terminate or withdraw the Authorization without the Landlord's or its agent's consent in writing PROVIDED THAT the Tenant
 shall be entitled to cancel terminate and withdraw the Authorization without the Landlord's or its agent's consent upon
 expiry of Forty-five (45) days after the expiry or termination of the letting hereunder subject strictly to there being at that time
 no Required Payment(s) or arrears thereof unpaid or remaining unpaid;

![](ex10-8_012.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prior to the
 actual commencement of the abovesaid bank autopay arrangement under the Authorization the Landlord or its agent shall be entitled
 to demand the Tenant to, and the Tenant shall so do, pay the Required Payments in cash or by cheque(s), banker's standing order(s)
 or direct debit(s);

(c) on default of the payment
 of the Required Payments (or any item(s) thereof) by way of the above said bank autopay the Landlord or its agent shall be entitled
 (but not obliged) to demand the Tenant to, and the Tenant shall so do, pay the Required Payments (or any items thereof) in arrears
 in cash or by cheque(s), banker's standing order(s) or direct debit(s), and the Landlord shall have right to charge by way
 of additional rent interest at such rate as stipulated and in such manner as provided in the relevant clause(s) hereof (or of the
 formal tenancy agreement herein if this document is a confirmation of tenancy or equivalent); and

(d) the Landlord or its agent
 shall, if they consider necessary, be absolutely entitled to demand the Tenant to, and the Tenant shall so do, fill in, complete,
 sign and return to the Landlord or its agent afresh bank autopay or direct debit authorization form(s) or the equivalent request(s)
 to replace the Authorization.

11. Waterproofing
 within the wet area, if any, (e.g. kitchen including food preparation area and dish washing area, toilet, bath, shower, sauna, wash
 basin for hair/hand washing purpose, etc.) within and/or outside the said premises for the Tenant's exclusive use shall be
 carried out by the Tenant. Waterproofing membrane (liquid or sheet form, not just waterproofing screed) shall be applied to the whole
 wet area and upturn to the wall to such a height and extent to prevent any water leakage from the wet area to the satisfaction of
 the Landlord. The details of the type of waterproofing to be used and the construction drawings regarding the application of the
 waterproofing works shall be submitted to the Landlord in advance prior to commencement of the Tenant's associated fitting
 out works. The Landlord reserves the right to disapprove the Tenant's waterproofing proposal if it is found unsatisfactory
 to the Landlord. The Tenant shall be fully responsible for the water tightness of the wet area and the said premises and shall fully
 indemnify the Landlord for any claims, loss, damages and liabilities so caused.

12. The Landlord has made no
 guarantee and/or warranty that the said premises are fit for the user as stated herein or any particular user or purpose.

![](ex10-8_013.jpg)

13. The Tenant
 agrees that (i) <u>NO</u> menu stand; (ii) <u>NO</u> seating and (iii) <u>NO</u> food in whatever nature (including but not limited to
 food served and/or sold through take away orders) can be displayed placed and/or sold outside the said premises. The reception counter
 must be placed within the said premises.

14. The Landlord will designate
 toilet facilities to the Tenant for licensing purpose.

15. The Tenant shall at its
 own costs install and maintain an e-booking system (including all the associated electronic devices and accessories) in accordance
 with the Landlord's requirements and specifications for the purpose of table reservation and, as the case may be, cause such
 booking system to be linked up or connected to the central e-booking system as may be installed and operated by the manager of the
 Commercial Units in respect of and for those tenants and licensees whose business carried on in the Commercial Units requires booking.
 For the avoidance of doubt, the said e-booking system shall be in full operation throughout the said term and failure to comply with
 this condition shall constitute a material breach of this Agreement entitling the Landlord to early terminate this Agreement.

16. Notwithstanding
 anything said herein, the Tenant covenants with the Landlord that the business hours of its business at the said premises throughout
 the said term shall be <u>**from 10:00 a.m. to 10:00 p.m.**</u> on every day during
 the said term and that there will be no "time-out" session (落場時間) during the aforesaid
 business hours. Failure to comply with this condition shall constitute a material breach of this Agreement entitling (but not obliging)
 the Landlord to early terminate this Agreement.

17. The Landlord and its agent
 have made no warranty, representation or guarantee that the said premises are fit for the purpose for which the Tenant has agreed
 to take the said premises ("the User") or any particular user. The Tenant shall use its own endeavour and at its own
 cost satisfy itself that the said premises are fit for the User and apply for all relevant and necessary permissions, consents, approvals
 or licences from all relevant Government department(s)/authority(ies) and such other competent authority(ies) for the User and the
 business to be carried on at the said premises by the Tenant, and comply with and satisfy all such requirements and continuous requirements
 imposed upon and in connection with the granting and renewal of the aforesaid permissions, consents, approvals or licences ("the
 Requirements"). The Landlord shall be under no obligation whatsoever to make any addition/alteration to and in the said premises
 and/or to and in and upon any other part(s) of the said building to satisfy the Requirements, and the Tenant shall have no claim
 whatsoever against the Landlord and/or its agent for, if any, the refusal or objection to the granting or renewal of the aforesaid
 permissions, consents, approvals or licences AND/OR the inability on the part of the Tenant or otherwise to satisfy and comply with
 the Requirements.

![](ex10-8_014.jpg)

18. The
 Tenant shall obtain any license approval or permit required by any Government or other competent
 authority in connection with the discharge capacity of the area of the said premises not
 exceeding 60 people, failing which the Landlord shall be absolutely entitled (but not obliged)
 to terminate this Agreement by giving to the Tenant seven (7) days' notice in writing,
 and upon expiration of the said notice this Agreement shall cease absolutely and the Landlord
 shall re-enter and repossess the said premises free from any rights or interest of the Tenant
 but without prejudice to any rights or remedies that may have accrued to the Landlord against
 the Tenant in respect of any antecedent breach of condition or other term of this Agreement.

18. Without
 prejudice or affecting the generality of the provisions herein regarding the fitting-out
 and/or reinstatement works of the said premises, and if the Tenant wishes to, subject to
 the Landlord's prior consent, re-fit out and renovate the said premises, the Tenant
 agrees to erect a hoarding with full height graphic design sticker covering the same to hoard
 up the entirety of the said premises ("the said Hoarding") at its own costs and
 expenses and to the Landlord's satisfaction forthwith upon the commencement and/or
 expiry/termination of the said term and during the course of the fitting-out and/or re-fit
 out and/or reinstatement works of the said premises, failing which the Landlord shall be
 entitled to without first seeking the Tenant's consent to do the said Hoarding but
 at the sole costs and expenses of the Tenant, which costs and expenses shall be fully reimbursed
 by the Tenant to the Landlord within Seven (7) days from the written demand therefor, failing
 which the Landlord shall be entitled to treat such unpaid costs and expenses as a debt under
 this Agreement and to set off the same by deduction from the deposit held hereunder. For
 the avoidance of doubt, the Landlord is not obliged to demolish the said Hoarding, and the
 same shall be done by the Tenant at its own cost and expenses and upon the approval of the
 Landlord.

19. (a) Notwithstanding anything contained in this Agreement, the Landlord shall have the right (but not obliged) to terminate this Agreement at any time during the said term by giving not less than NINETY (90) days' notice in writing (such notice of termination may expire at any time) to the Tenant upon the happening of the following event ("the Event"):- If the average of the Gross Receipts (as defined in Part V of the First Schedule to this Agreement and whether as advised by the Tenant or audited by the auditors or otherwise) of any twelve (12) consecutive months (but after the aforesaid rent-free period) during the said term shall be less than <u>HK$1,301,600.00</u> per month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 the expiry of the said notice of termination, everything contained in this Agreement shall
 cease and be void and the Tenant shall immediately deliver up vacant possession of the said
 premises to the Landlord. The Tenant shall not be entitled to claim against the Landlord
 for any compensation for the loss of goodwill or business, damages or any costs and expenses
 incurred by the Tenant whatsoever but any such termination shall be without prejudice to
 the rights and remedies of either party against the other in respect of any antecedent claim
 or breach of any covenants agreements stipulations terms or conditions herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the avoidance of doubt, the said notice of termination may be served at any time after the
 happening of the Event. No acceptance of rent or any other payment or inaction, condoning,
 excusing or overlooking whatsoever by the Landlord after the happening of the Event shall
 operate or be regarded by the Tenant as a waiver of the Landlord's rights hereunder
 or so as to defeat or affect in any way the rights and remedies of the Landlord hereunder
 and no waiver by the Landlord shall be inferred from or implied by anything done or omitted
 by the Landlord, unless expressed in writing and signed by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Tenant shall not be entitled to any claim against the Landlord for any damages or compensation
 or any relief against such extinguishment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding
 the right of the Landlord to make interim assessment as aforesaid in Part V of the First
 Schedule hereto, if the Tenant fails to submit to the Landlord the written statement of the
 Monthly Gross Receipts for any month in the manner as stipulated under Part V of the First
 Schedule hereto, a material breach of this Agreement by the Tenant shall be deemed constituted,
 and the Landlord shall be absolutely entitled to serve notice in writing to the Tenant to
 require the Tenant to submit such statement within seven (7) working days from the date of
 the said notice, failing which the Landlord shall be absolutely entitled (but not obliged)
 to terminate this Agreement by giving to the Tenant seven (7) days' notice in writing,
 and upon expiration of the said notice this Agreement shall
cease absolutely and the Landlord shall re-enter and repossess the said premises free from any rights or interest of the Tenant but
without prejudice to any rights or remedies that may have accrued to the Landlord against the Tenant in respect of any antecedent
breach of the condition or other term of this Agreement, including the breach in respect of which the termination is made. Upon
termination of this Agreement all deposits paid by the Tenant shall be applied to set off such loss and damage that the Landlord may
suffer or may have suffered as the result of the said breach(es) and the Landlord shall entitled to re-let the said premises to
other party or parties on such terms and conditions as it may deem appropriate without prejudice to the Landlord's right to
recover from the Tenant any loss and damages that it may sustain. In the event of the Tenant failing to perform this condition, as
an alternative to serving the abovesaid notice to terminate this Agreement as aforesaid, the Landlord shall be entitled to take
proceedings to enforce specific performance of this Agreement by the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Notwithstanding
 anything said herein, the Tenant agrees to extend the operation of its business and keep
 the shopfront of the said premises lit on the following days until the specified business
 closing hours as appended hereinbelow :-

---

| | | |
|:---|:---|:---|
|  |  | <u>Business Closing Hours</u> |
| a. | Christmas' Eve | Not earlier than 12:00 midnight of the following day. |
| b. | New Year's Eve | Not earlier than 12:00 midnight of the following day. |
| c. | Chinese New Year's Eve | Not earlier than 12:30 a.m. of the following day. |

---

Failure to comply with the above condition shall constitute a material breach of this Agreement entitling the Landlord to early terminate this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. The
 Tenant agrees to make available to its customers in the said premises more options for payment,
 and in such connection the Tenant shall use its best endeavor to, at its own costs and risk(s),
 adopt, install, maintain and cause to be operative during the said term, in addition to whatever
 method(s) of payment it intends to use in the said premises during the said term, at least
 FOUR (4) of such mobile payment systems/devices currently available for use in Hong Kong
 to achieve and serve the abovesaid purpose. Failure on the part of the Tenant to perform
 this Condition shall constitute a breach of this Agreement entitling (but not obliging) the
 Landlord to early terminate this Agreement by giving not less than seven (7) days'
 prior notice thereof in writing to the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. The
 Tenant declares that its business at the said premises is being operated under a franchise
 agreement ("the franchise"). The Tenant agrees that the subsistence and validity
 of the franchise is a condition precedent to the granting of this tenancy. Should the franchise
 expire, be terminated or cease to be valid and binding for whatever reason, which the Tenant
 shall forthwith inform the Landlord of, the Landlord shall in such event be entitled to terminate
 the tenancy granted hereunder forthwith by serving a written notice to the Tenant and re-enter
 upon the said premises and thereupon this Agreement shall absolutely determine but without
 prejudice to any right of action of the Landlord in respect of any outstanding breach or
 non-observance or non-performance by the Tenant of any terms of this Agreement. The Tenant
 further agrees that should either of the following events take place, it shall be deemed
 to have been conclusively proved for the purpose of this Agreement that the franchise has
 ceased to be valid and binding and the Landlord could exercise its right hereunder :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 notice in writing from the Franchisor stating that the franchise agreement has expired, been
 terminated or ceased to have effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Tenant is unable to prove to the satisfaction of the Landlord that the franchise agreement
 is still valid and binding within 14 days upon receiving written request from the Landlord
 for such proof.

<u>THE FOURTH SCHEDULE</u>

<u>EXCEPTIONS AND RESERVATIONS</u>

1. The right of free and uninterrupted passage egress from and
ingress to the common services of the said building as are in or under above or through the said premises to install, affix, erect or
permit to be installed, affixed or erected any aerial(s), transmitter(s) or other telecommunication cable(s) wiring(s) or equipment above
the false ceiling or otherwise over or under the said premises and the Tenant shall permit the Landlord and/or the manager of the said
building and their authorized agent(s) or contractor(s) (with or without tools and materials and workmen) to enter the said premises
to install affix erect maintain repair replace or renew such aerial(s) transmitter(s) cable(s) wiring(s) or equipment at all reasonable
time but upon prior appointment and shall not remove, alter, tamper or otherwise cause damage to such aerial(s) transmitter(s) cable(s)
wiring(s) or equipment at the said premises and shall indemnify the Landlord against all such claims demands actions proceedings loss
or damages costs expenses arising from the breach of aforesaid provision by the Tenant.

2. The
 right to erect or permit or suffer there to be erected any building structure or thing on
 any other part of the said building or the land and/or building(s) adjoining or neighbouring
 the said building notwithstanding that such building may diminish interfere with obstruct
 or affect the amenity of the said premises the access of light or air to the said premises
 or any easement, privilege or right whatsoever enjoyed by the said premises.

3. (a) The right to remove, cancel, relocate or otherwise change or carry out any alteration or
 addition or other works to the common areas (including but not limited to entrances, passages,
 corridors and staircases) and common facilities (including but not limited to lifts, escalators
 and toilets) of the said building and such other part or parts of the said building (other
 than the said premises) from time to time and in such manner as the Landlord may in its
 absolute discretion deem fit without the same constituting an actual or constructive eviction
 of the Tenant and without incurring any liability whatsoever to the Tenant therefor. In particular,
 the Landlord hereby expressly reserves the right at any time and at its sole discretion to
 renovate or refurbish the commercial/retail accommodation of the said building and to change,
 alter, amend, vary, add to and relocate the layout of the commercial/retail accommodation
 including but not limited to the external walls, entrance lobbies, staircases, landings,
 passages, corridors, toilets, lifts and escalators and to carry out works to effect such
 renovation, refurbishment, change, alteration, amendment, variation, addition and re-location
 Provided that the size of the said premises shall not be affected or reduced in any way And
 Provided further that the Tenant shall not be entitled to object to the renovation, refurbishment,
 change, alteration, amendment, variation, addition, re-location or any works thereof and
 shall have no right of action or claim for compensation whatsoever in connection with any
 matters arising from this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The right, subject to the Deed, to provide and install a public
address system throughout the common areas and to play relay or broadcast or permit any other person to play relay or broadcast recorded
music or public announcement therein.

4. The
 right of free and uninterrupted passage running and transmission of water, soil, gas, electricity
 and of all other services or supplies through such conduits, sprinklers, wires, cables, watercourses,
 sewers, flues, gutters and other associated apparatus and similar items, ductworks, pipeworks
 and hose reel ("the conduits") now or may after the date of this Agreement be
 in the said premises and serving or capable of serving other parts of the said building or
 the land and/or building(s) adjoining or neighbouring the said building together with the
 right to enter upon the said premises at reasonable times and upon prior appointment to inspect
 repair maintain replace renew alter improve or remove any such conduits or to lay any new
 conduits in the said premises, such works to be carried out with all due care and expedition
 causing as little damage or disturbance as possible and making good all damages caused thereby
 to the said premises.

5. The
 right of shelter protection and support from the said premises for any other part of the said
 building.

6. All
 easements, quasi-easements, privileges and rights whatsoever now enjoyed by other parts of
 the said building in, under, over or in respect of the said premises as if such parts of the
 said building and the said premises had at all times heretofore been in separate ownership
 and occupation and such matters had been acquired by prescription or formal grant.

---

| | |
|:---|:---|
| SEALED with the Common Seal of) | /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| Sun Hung Kai Real Estate (Sales and) | /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| Leasing) Agency Limited, the Agent for | /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| the Licensor as aforesaid, and Chow Shuk Man Judy) | /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| SIGNED by its authorized person,) | /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| whose signature is verified by :-) | /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| /s/) |  |

---

---

| | |
|:---|:---|
| SEALED with the Common Seal of) | /s/ C& NTP LIMITED  |
| Of the Tenant and SIGNED by) | /s/ C& NTP LIMITED  |
| (being the person(s) duly authorized and | /s/ C& NTP LIMITED  |
| approved by the Board of Directors of the) | /s/ C& NTP LIMITED  |
| Tenant) for and on behalf of the Licensee | /s/ C& NTP LIMITED  |
| in the presence:-) | /s/ C& NTP LIMITED  |
| /s/ |  |

---

NAME: <br> (Holder of Hong Kong Identity Card No. [\*\*\*])

---

| | |
|:---|:---|
| RECEIVED the day and year first above written of and from) |  |
| the Tenant the sum of HONG KONG DOLLARS ONE) | HK$1,112,217.20 |
| MILLION ONE HUNDRED TWELVE THOUSAND TWO) | /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED |
| HUNDRED SEVENTEEN AND CENTS TWENTY ONLY) | /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED |
| being the deposit above expressed to be paid by the Tenant to) | /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED |
| the Landlord.) | /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED |

---

## Exhibit 10.9

**Exhibit 10.9**

Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.

<u>Dated the 27th day of March 2023</u>

SUN HUNG KAI REAL ESTATE (SALES

AND LEASING) AGENCY LIMITED

(Agent for the Owner)

AND

ES& TWP LIMITED

TENANCY AGREEMENT

Of

Shop Nos. 321-323 on Level 3 of Tsuen Wan Plaza,

Tsuen Wan Town Lot No. 326

321-323 Yakiniku 801 & Ufufu Cafe (new let) 2023

**<u>INDEX OF CONTENTS</u>**

---

| | |
|:---|:---|
|  | **SECTION I - AGREEMENT** |
| 1. | Premises, Term and Rent |
|  | **SECTION II - RENT AND OTHER CHARGES** |
| 2.1 | Rent and Other Charges |
| 2.2 | Air-Conditioning and Management Charges |
| 2.3 | Utility Charges and Deposits |
| 2.4 | Rates & Taxes |
| 2.5 | Promotion Levy |
| 2.6 | Interest and Legal Costs |
|  | **SECTION III - TENANT'S OBLIGATIONS** |
| 3.1 | Compliance with Ordinances |
| 3.2 | To Fit Out Premises |
| 3.3 | To Keep the Interior in Good Repair |
| 3.4 | Replacement of Windows |
| 3.5 | (a) Installation of Telephone Cables |
|  | (b) Electrical and Gas Installations |
|  | (c) Air-conditioning System |
|  | (d) Checking of Condition and Appliances |
| 3.6 | Sanitary and Water Apparatus |
| 3.7 | Cleaning of Drains, Air Filter/Extractor Units |
| 3.8 | Indemnity against Loss/Damage from Interior Defects |
| 3.9 | Contents |
| 3.10 | Protection from Typhoons |
| 3.11 | Entry by Landlord |
| 3.12 | To Execute Repairs on Receipt of Notice |
| 3.13 | Inform Landlord of Damage |
| 3.14 | Infestation |
| 3.15 | Damage to Building |
| 3.16 | To Comply with Government Lease |
| 3.17 | To Comply with Deed of Mutual Covenant, House Rules, General Rules, Car Park Rules and Club Rules |
| 3.18 | Viewing and Letting and Selling Notices |
| 3.19 | Contractors, Servants, Agents, Licensees, Visitors |

---

i

---

| | |
|:---|:---|
| 3.2 | Load and Unload through Cargo Lift |
| 3.21 | Refuse and Garbage Removal |
| 3.22 | Window Cleaning |
| 3.23 | Conduct of Business |
| 3.24 | Yield Up the Said Premises and Handover |
| 3.25 | Indemnity and Insurance |
| 3.26 | Keep and Maintain Electricity and Water Supply Accounts |
| 3.27 | Security System |
| 3.28 | Adjacent Excavation or Shoring |
| 3.29 | Pipes And Conduits |
|  | **SECTION IV - LANDLORD'S OBLIGATIONS** |
| 4.1 | Quiet Enjoyment |
| 4.2 | Government Rent |
|  | **SECTION V - RESTRICTIONS AND PROHIBITIONS** |
| 5.1 | Installations and Alterations |
| 5.2 | Injury to Main Walls |
| 5.3 | Damage to Walls, Ceilings and Floors |
| 5.4 | Damage to Common Areas |
| 5.5 | Nuisance or Annoyance |
| 5.6 | Noise |
| 5.7 | Signs |
| 5.8 | User |
| 5.9 | Illegal or Immoral Use |
| 5.1 | Unlawful or Dangerous Goods |
| 5.11 | Obstructions |
| 5.12 | Prevention of Odours |
| 5.13 | Animals, Pets |
| 5.14 | Subletting, Assigning |
| 5.15 | Breach of Government Lease or Deed of Mutual Covenant |
| 5.16 | Breach of Insurance Policy |
| 5.17 | Aerials |
| 5.18 | Air-conditioning |
| 5.19 | Use of Common Areas |
| 5.2 | Food Restriction |
| 5.21 | Locks |
| 5.22 | Sale Of Liquor |
| 5.23 | Tenant's Association |

---

ii

---

| | |
|:---|:---|
|  | **SECTION VI - EXCLUSIONS** |
| 6.1 | (a) Common Services and Facilities |
|  | (b) Electricity/Gas/Water Supply |
|  | (c) Fire and Overflow of Water, Vermin |
|  | (d) Non-enforcement |
|  | (e) Security |
|  | (f) Vehicles |
| 6.2 | Exemptions Extend to Landlord's Agent and Manager |
| 6.3 | No Duty for Landlord to Insure |
| 6.4 | No Claim for Landlord's Works |
|  | **SECTION VII - ABATEMENT OF RENT** |
| 7. | Abatement |
|  | **SECTION VIII - DEFAULT** |
| 8.1 | Default |
| 8.2 | Exercise of Rights |
| 8.3 | Acceptance of Rent |
| 8.4 | Acts of Contractors, Guests, Servants, Agents, Licensees and Visitors |
| 8.5 | Distraint |
|  | **SECTION IX - DEPOSIT** |
| 9.1 | Deposit |
| 9.2 | Increase of Deposit |
| 9.3 | Repayment of Deposit |
| 9.4 | Deposit Not Rent |
| 9.5 | Transfer of Deposit |
|  | **SECTION X - INTERPRETATION AND MISCELLANEOUS** |
| 10.1 | Condonation Not a Waiver |
| 10.2 | Definition of Common Areas and Common Services and Facilities |
| 10.3 | Name of Development |
| 10.4 | Introduction of Rules and Regulations |
| 10.5 | Service of Notices |

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iii

---

| | |
|:---|:---|
| 10.6 | No Fine |
| 10.7 | Exclusion of Warranties |
| 10.8 | Special Conditions |
| 10.9 | Joint and Several Liability |
| 10.10 | Genders and Plurals |
| 10.11 | Marginal Notes, Headings and Index |
| 10.12 | Stamp Duty and Costs |
| 10.13 | Each Provision Independent and Severable |
| 10.14 | Sale and Demolition |
| 10.15 | Time |
| 10.16 | Governing Law |
| 10.17 | Description of Premises |
| 10.18 | Rights of Third Party |
| **THE FIRST SCHEDULE** | **THE FIRST SCHEDULE** |
| Part I - Particulars of the Landlord | Part I - Particulars of the Landlord |
| Part II - Particulars of the Tenant | Part II - Particulars of the Tenant |
| Partill - Particulars of Premises | Partill - Particulars of Premises |
| Part IV - Particulars of Term | Part IV - Particulars of Term |
| PartV - Particulars of Rent | PartV - Particulars of Rent |
| Part VI - Particulars of Air-Conditioning and Management Charges | Part VI - Particulars of Air-Conditioning and Management Charges |
| Part VII - Particulars of Deposit | Part VII - Particulars of Deposit |
| Part VIII - Business Hours | Part VIII - Business Hours |
| Part IX - Promotion Levy | Part IX - Promotion Levy |
| **THE SECOND SCHEDULE -** User | **THE SECOND SCHEDULE -** User |
| **THE THIRD SCHEDULE -** Special Conditions | **THE THIRD SCHEDULE -** Special Conditions |
| **THE FOURTH SCHEDULE -** Exception and Reservations | **THE FOURTH SCHEDULE -** Exception and Reservations |
| **SIGNATURES** | **SIGNATURES** |

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iv

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| | |
|:---|:---|
| THIS TENANCY AGREEMENT | made this 27th day of March Two thousand and Twenty-Three |
| Parties | BETWEEN the party named and described as Landlord in Part I of the First Schedule hereto (hereinafter referred to as "the Landlord", which expression shall where the context admits include its successor(s) in title and assign(s) or company(ies) for the time being entitled to the immediate reversion expectant upon the term hereby created) of the one part and the party named and described as Tenant in Part II of the First Schedule hereto (hereinafter referred to as "the Tenant") of the other part. |
|  | WHEREBY IT IS AGREED as follows:- |

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SECTION I

<u>AGREEMENT</u>

---

| | | |
|:---|:---|:---|
| Premises<br>Term<br>Rent<br>| 1. | In consideration of the rent and the Tenant's covenants hereinafter reserved and contained, the Landlord hereby lets to the Tenant All Those the premises more particularly described in Part III of the First Schedule hereto (hereinafter referred to as "the said premises") Together with the use in common with the Landlord and all others having the like right of such of the entrances staircases landings passages lifts escalators and air cooling and heating services in the said building (if any and whenever the same shall be operating) and such other common areas and common services and facilities in the building of which the said premises form part (hereinafter referred to as "the said building") insofar as the same are necessary for the proper use and enjoyment of the said promises (except insofar as the Landlord and/or the manager of the said building may from time to time restrict such use) for the term specified in Part IV of the First Schedule hereto (hereinafter referred to as "the said term") EXCEPT AND RESERVED unto the Landlord and the manager of the said building and all persons authorized by the Landlord or the manager of the said building (i) all such rights and privileges as are reserved unto the Landlord and/or the manager of the said building under, if any, the Deed of Mutual Covenant and (if any) the Management Agreement of the said building (hereinafter referred to as "the Deed", which expression shall also mean and include any and all such supplemental deed(s), supplemental agreement(s) and variation(s) and amendment(s) thereto) and (ii) such other rights and easements as specified in the Fourth Schedule hereto YIELDING AND PAYING therefor throughout the said term the rent as set out in Part V of the First Schedule hereto and, if payable by the Tenant hereunder and as set out in Part VI of the First Schedule hereto, the Air-Conditioning and Management Charges and other charges (all of which are unless the context otherwise requires hereinafter included under the term "the rent") which shall be paid together with all other outgoings incurred in respect of the said premises in advance clear of all deductions whatsoever (whether legal or equitable) by consecutive monthly payments on the first day of each calendar month the first and the last of such payments to be apportioned according to the number of days respectively in the first and the last month of the said term as included in the said term and the first of such payments shall be made upon the signing hereof. If the day on which the rent and other charges and (if any) rates fall due for payment under this Agreement is a public holiday, the relevant payment shall be deemed due and be payable on the preceding business day. |

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SECTION II

<u>RENT AND OTHER CHARGES</u>

2. The Tenant hereby agrees with the Landlord as follows:- <br>Rent and Other Charges 2.1 To pay the rent and other charges promptly on the days and in the manner hereinbefore provided for payment thereof and by bankers' standing order or by direct debit if so demanded.

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| | | |
|:---|:---|:---|
| Air-Conditioning and<br> Management Charges | 2.2(i) | To pay and discharge promptly on the days and in the manner hereinbefore provided for payment therefor and by bankers' standing order or by direct debit if so demanded a fixed monthly sum as determined by the Landlord or the manager of the said building to be the Tenant's share of the Air-Conditioning and Management Charges payable in respect of the said premises. Such fixed monthly sum shall initially be in the amount as set out in Part VI of the First Schedule hereto. In the event of a deficiency occurring or seeming to the Landlord or the manager of the said building likely to occur, the Landlord or the manager of the said building shall be entitled to demand collect and recover from the Tenant such additional contributions as the Landlord or the manager of the said building may determine, or to carry forward (if any) any such deficiency to a later date for the purpose of revision of the rate of the aforesaid contribution by recouping the amount of such deficiency by including the same in the assessment. The Landlord or the manager of the said building shall also be entitled to increase the charges annually by reference to the increase of the operating costs of air-conditioning and/or management services. If the increase exceeds 10%, the Landlord or the manager of the said building will give a brief explanatory memorandum, but in any event such assessment shall be conclusive. |
|  | (ii) | If air-conditioning is provided by the Landlord and the Tenant shall require air-conditioning to be provided outside the normal business hours as specified in Part VIII of the First Schedule hereto, the Landlord or the manager of the said building shall be entitled to charge for such supply according to the cost therefor and such supply shall be subject to feasibility and prior reasonable notice of such request to the Landlord or the manager of the said building. The Tenant shall pay the cost of the additional air-conditioning on receipt of the demand note therefor which may be rendered weekly or at such other intervals as the Landlord or the manager of the said building may decide. |
|  | (iii) | To pay the Landlord or (as the case may be) the manager of the said building forthwith upon demand the cost of affixing repairing or replacing as necessary the Tenant's name in lettering to the directory boards (if any) at the said building. |

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---

| | | |
|:---|:---|:---|
| Utility Charges and Deposits | 2.3 | To be solely responsible for and pay and discharge promptly all deposits and charges in respect of water, electricity, gas, telephone and any other utility as may be shown by or operated from the Tenant's own metered supplies or by accounts rendered to the Tenant by the appropriate utility companies in respect of all such utilities consumed on or in or for the benefit of the said premises provided that if the Landlord has already paid for any of such deposits, the same shall be reimbursed by the Tenant to the Landlord upon demand. |

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---

| | | |
|:---|:---|:---|
| Rates and Taxes | 2.4(i) | To pay and discharge promptly all rates quarterly in advance within the months of January, April, July and October and to pay all taxes, assessments, duties, charges, impositions and outgoings of an annual or recurring nature now or hereafter to be assessed, imposed, levied or charged by the Government of the Hong Kong Special Administrative Region (hereinafter referred to as "the HKSAR") or other lawful authority(ies) upon the said premises or upon the owner or occupier thereof (Property Tax excepted). Without prejudice to the generality of this sub-clause the Tenant shall pay all rates imposed on the said premises in the first place to the Landlord who shall settle the same with the Government of the HKSAR. |
|  | (ii) | In the event that an assessment to rates in respect of the said premises shall be raised upon the Landlord direct the Landlord shall during the month immediately preceding any quarter in respect of which such rates may fall due be at liberty to debit the Tenant with and/or notify the Tenant of the amount thereof and the same shall forthwith be paid by the Tenant to the Landlord whereupon the Landlord shall account for the same to the Government of the HKSAR. |
|  | (iii) | In the event that no valuation or assessment of rates of the said premises shall have been made in accordance with the Rating Ordinance (Cap. 116) or any statutory amendment or modification thereof for the time being in force the Tenant shall pay to the Landlord a sum equal to the rates which would be charged by the Government of the HKSAR on the basis of a rateable value equal to twelve (12) months' rent (or, of the Basic Rental (as may be hereinafter defined) if the rent payable hereunder by the Tenant comprises Basic Rental and Additional Turnover Rental) payable by the Tenant on account of the Tenant's liability under this Clause. |
|  | (iv) | The Landlord shall be entitled to treat non-payment of any amount debited to the Tenant in accordance with the foregoing provisions of this Clause or any part thereof in all respects as non-payment of rent under this Agreement. |

---

Promotion Levy 2.5 To pay to the Landlord punctually throughout the said term in advance the contribution towards the promotion levy in respect of the said premises the initial rate of which as set out in Part IX of the First Schedule hereto subject to the following:-

---

| |
|:---|
| (a) such contribution shall be paid by the Tenant to the Landlord in advance on the first day of each and every calendar month during the said term without any deduction, abatement, set off, counterclaim or reduction whatsoever; |
| (b) the Landlord and/or the manager of the said building shall have the sole right to, as in its/their absolute discretion deemed fit and subject to the budget thereof, decide the mode, theme and/or promotion target(s) and frequency of and the budget set for the promotional services and activities of the retail accommodation of the said building or (as the case may be) the said building and the facilities and activities thereof; and |
| (c) the Landlord and/or the manager of the said building shall be entitled from time to time to increase the said contribution towards the Promotion Levy payable by the Tenant hereunder if in the opinion of the Landlord and/or the manager of the said building there is or is likely to be an increase in the costs for the promotional services and activities, and such assessment of the increase shall in any event be conclusive and binding on the Tenant. |

---

---

| | | |
|:---|:---|:---|
| Interest and Legal Costs | 2.6 | Notwithstanding anything herein contained, the Landlord shall have the right to charge by way of additional rent interest at the rate of 1.25% per month in respect of any payment(s) to be made by the Tenant to the Landlord under this Agreement which shall be more than fifteen (15) days in arrears (whether legally or formally demanded or not) and such interest shall be payable by the Tenant to the Landlord on demand calculated from the date upon which such payment(s) in arrears fell due (and not fifteen (15) days thereafter) until the date of actual payment Provided that the demand and/or receipt by the Landlord of interest pursuant to this provision shall be without prejudice to and shall not affect the right of the Landlord to exercise any other right or remedy hereof (including the right of re-entry) exercisable under the terms of this Agreement. The Landlord shall further be entitled to recover from the Tenant as a debt under this Agreement all expenses including fees paid to debt collectors appointed by the Landlord and all solicitors' and/or counsel's fees and court fees incurred by the Landlord for the purpose of recovering the rental in arrears and/or other moneys unpaid or any part thereof from the Tenant and fee paid to leasing agent(s) for re-letting of the said premises in the event of earlier termination of this Agreement as resulted from the Tenant's breach of any term or condition hereof including but not limited to repudiation or anticipatory repudiation of this Agreement by the Tenant on a full indemnity basis together with such sum or sums as shall be determined by the Landlord as being collection charges for the additional work incurred by the Landlord and its staff and/or the manager of the said building (as the case may be) in recovering the said arrears and/or unpaid sums or any part thereof. |

---

SECTION III

<u>TENANT'S OBLIGATIONS</u>

---

| | | |
|:---|:---|:---|
|  | 3. | The Tenant hereby agrees with the Landlord as follows:- |
| Compliance with<br> Ordinances | 3.1 | To observe, obey and comply with and to fully indemnify the Landlord against the breach by the Tenant of all ordinances, regulations, bye- laws, rules and requirements of any Governmental or other competent authority of the HKSAR relating to the use and occupation of the said premises by the Tenant or to any other act, deed, matter or thing done, permitted, suffered or omitted therein or thereon by the Tenant or any servant, employee, agent, licensee or visitor of the Tenant or occupier and to notify the Landlord forthwith in writing of any notice received from any statutory or public authority concerning or in respect of the said premises or any services supplied thereto or of a possible breach of this Clause. |

---

---

| | | |
|:---|:---|:---|
| To Fit Out Premises | 3.2 | The Tenant shall accept the condition of the said premises as at the commencement of this Agreement and, unless otherwise provided to the contrary herein, to fit out the shop front and the interior of the said premises in good and proper workmanlike fashion using good quality materials in compliance with the "Design and Fitting-Out Guide" adopted by the Landlord for the Mall (as hereinafter defined) (a copy of which has already been provided to the Tenant) and in accordance with such plans and specifications (hereinafter called "the Fit Out Plans") as shall have been first submitted to and approved in writing by the Landlord in good and proper workmanlike fashion using good quality materials and in all respects in a style and manner appropriate to a first class shopping centre and commercial complex to the satisfaction of the Landlord and to maintain the same in good repair and condition throughout the said term. The Tenant will not cause or permit to be made any variation to the approved Fit Out Plans or to the interior design or layout of the said premises without any previous approval in writing of the Landlord. The Tenant shall comply with the provisions of this Agreement regarding installation and alterations in respect of such fitting out and shall employ only such competent contractor(s) as shall be approved in writing by the Landlord. The Tenant shall not carry out any fitting out work prior to the Landlord's written approval of the Fit Out Plans and it shall be a condition precedent to the granting of any approval under this Clause that the Tenant shall reimburse to the Landlord any fees and/or costs as may be incurred by the Landlord for the said approval. Without prejudice to or affecting the generality of the provisions in this Clause, the Fit Out Plans shall:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) include
 detailed drawings, plans and specifications of the works to be carried out;

(b) include
 schematic sketches showing the intended design and layout, material and colour scheme of the shopfront signage with the programme
 of work showing its duration and work progress;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) include
 details of any proposed amendments, additions or alterations to any electrical mechanical or other building services and of all electrical
 installations which shall be connected to the electrical systems installed by the Landlord;

(d) comply
 with all relevant Ordinances, regulations and bye-laws from time to time issued by the Government of the HKSAR; and

(e) be
 submitted to the Landlord for approval prior to commencement of any fitting out work and the Landlord will consider and may in its
 absolute discretion accept or reject the same or any part thereof within fourteen (14) days after submission.

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|:---|:---|:---|
|  |  | If the Tenant wishes to adopt an open shopfront design, then, subject to the prior written approval by the Landlord, the Tenant is allowed to remove the glass shopfront/glass door and replace with the roller shutter. However, the Tenant shall at its own costs reinstate the said premises and restore the glass shopfront/glass door upon delivery of vacant possession of the said premises to the Landlord at the expiration or sooner determination of this Agreement. |
| To Keep the Interior<br> in Good Repair | 3.3 | To keep and maintain at the expense of the Tenant all the interior parts of the said premises including the flooring and interior plaster or other finishing, material or rendering to walls, floors and ceilings and (if any) the Landlord's fixtures, fittings and furnishings therein and all additions thereto including (without limitation) all doors, windows, window frames, electrical, plumbing and other installations and wiring, piping, conduits, light fittings, suspended ceilings, fire alarm system, fire fighting equipment and apparatus and air-conditioning ducting and all waste, drain, water and other pipes and sanitary apparatus and fittings therein and all painting, papering and decoration thereof in good, clean, tenantable, substantial and proper repair and condition (fair wear and tear excepted) and as may be appropriate from time to time properly painted and decorated and so to maintain the same at the expense of the Tenant and to deliver up the same to the Landlord at the expiration or sooner determination of the said term in like condition. |
| Replacement of Windows | 3.4 | To reimburse to the Landlord on demand the cost of replacing all broken and damaged windows and glass of the said premises whether or not the same be broken or damaged by the negligence of the Tenant. |

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| | | |
|:---|:---|:---|
| Installation of Telephone Cables | 3.5(a) | To make his own arrangements with the PCCW-HKT Telephone Limited or such other relevant companies with regard to the installation of telephones and other communication systems in the said premises, but the installation of telephone lines and communication lines outside the said premises must be in accordance with the directions given by the Landlord and/or the manager of the said building. |
| Electrical and Gas<br> Installations | (b) | To repair or replace if so required by the appropriate utility company, authority or statutory undertaker as the case may be under the terms of the Electricity Supply Ordinance or any other Ordinance or Ordinances or any statutory modification or re-enactment thereof or any Orders in Council or Regulations made thereunder or if the same become dangerous or unsafe all the electrical and gas wiring, piping, installations, telephone lines, computer set-up and fittings within the said premises and the wiring and piping from the Tenant's meter or meters to the said premises and to give notice in writing to the Landlord when any electrical and/or gas wiring, piping, installation, telephone lines, computer set-up or fitting of the said premises shall become dangerous or unsafe and the Tenant shall use only a contractor approved in writing by the Landlord for the purposes of the said repair or replacement. The Tenant shall permit the Landlord or its authorised representatives or servants or agents to test the Tenant's electrical and/or gas wiring, piping, installations, telephone lines, computer set-up and fittings in the said premises at any time upon request being made. The Tenant shall fully indemnify the Landlord and hold it harmless against any cost, claim, damage or proceedings resulting from or attributable to any malfunctioning or disrepair of the electrical and/or gas wiring, piping, installations or telephone lines, computer set-up or fittings or apparatus in or belonging to the said premises. |

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|:---|:---|:---|
| Air-conditioning System | (c) | Where any plant machinery or equipment for cooling ventilation or circulating air is installed in or about the said premises (whether by the Landlord or the Tenant) the Tenant will regulate the same to ensure that the air-conditioning plant is employed to best advantage in the conditions from time to time prevailing and without prejudice to the generality of the foregoing will operate and maintain such air-conditioning plant machinery and equipment within the said premises as the landlord may reasonably determine to ensure a reasonably uniform standard of air cooling or ventilation throughout the said building. |
| Checking of Condition and Appliances | (d) | To permit the Landlord and/or the Landlord's authorised representatives or servants or agents as shall be specified from time to time by the Landlord at any time during the said term to enter the said premises to check the state of repair and condition of the said premises and the air-conditioning system (if any), the furnishings and the appliances on or within the said premises. |

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|:---|:---|:---|
| Sanitary and Water<br> Apparatus | 3.6 | To maintain at the expenses of the Tenant all toilets and the sanitary and water apparatus in the said promises (if any) or used exclusively by the Tenant its agents servants employees workmen or visitors in a good, clean and tenantable manner and in proper repair and condition at all times during the said term to the satisfaction of the Landlord and in accordance with the regulations or bye-laws of all Public Health and other Government authorities concerned. |
| Cleaning of Drains, Air Filter/Extractor Units | 3.7 | To pay to the Landlord on demand all costs incurred by the Landlord in cleaning, clearing, repairing or replacing any of the drains, pipes or sanitary or plumbing or air filtering and extracting apparatus in the said building that become choked or stopped up owing to the careless or improper use or neglect by the Tenant or any servant, employee, agent, contractor, invitee, visitor or licensee of the Tenant and to fully indemnify the Landlord against any cost, claim or damage caused thereby or arising therefrom. |
| Indemnity against Loss/Damage from Interior Defects<br>| 3.8 | To be wholly responsible for and to fully indemnify the Landlord against any loss, damage or injury caused to any person whomsoever or to any properly whatsoever whether directly or indirectly through the defective or damaged condition or operation of any part of the interior of the said premises or any part of the fire fighting equipment or apparatus or any furniture or fixtures or fittings or furnishings or plumbing, electrical, computer or other installations or telephone lines or wiring or piping therein the repair of which the Tenant is responsible for hereunder or through or in any way caused by or owing to the spread of fire or smoke or fumes or the leakage or overflow of water of whatsoever origin including storm or rain water to or from the said premises or any part thereof or through the act, default or neglect of the Tenant, its servants, employees, agents, licensees or contractors and to keep the landlord fully indemnified against all costs, claims, demands, actions and legal proceedings whatsoever made upon the Landlord by any person in respect of any loss, damage or injury as aforesaid and all costs and expenses incidental thereto. |
| Contents | 3.9 | To be wholly responsible for and (if applicable) to fully indemnify the Landlord against any loss or damage to property within the said premises including without limitation to all the furnishings therein belonging to the Landlord. |
| Protection from Typhoons | 3.1 | To take all necessary and appropriate precautions to protect the interior of the said promises against damage by storm, rainfall, typhoon or the like threats and in particular to ensure that all exterior doors and windows are securely fastened upon the threat of such adverse weather conditions. |
| Entry by Landlord | 3.11 | To permit the Landlord and the manager of the said building and all persons authorised by them with or without workmen or appliances at all reasonable times and upon reasonable prior notice to enter and view the state of repair and condition of the said premises, to take inventories of the Landlord's fixtures and fittings therein and the furnishings, to test the electric wiring, to read the meters and to carry out any works, repairs or maintenance which require to be done to the said premises, the common areas, the common services and facilities or any other part or parts of the said building and to remedy any breach of the Tenant's covenants in this Agreement and to carry out any work or repair required to be done by the Tenant hereunder, which the Tenant will have failed to do despite notice having first been given to the Tenant by the Landlord causing as little nuisance, annoyance or inconvenience to the Tenant and/or the occupiers of the said premises as possible Provided that in the event of an emergency the Landlord, its authorised representatives or servants or agents may enter without notice and forcibly if need be. |

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| | | |
|:---|:---|:---|
| To Execute Repairs on<br> Receipt of Notice | 3.12 | To make good all defects and wants of repair to the said premises for which the Tenant may be liable within the span of fourteen (14) days from the receipt of written notice from the Landlord or its authorised representatives to repair and make good the same, and if the Tenant shall fail to execute such works or repairs as aforementioned, to permit the Landlord or its authorised representatives or servants or agents to enter upon the said promises and forcibly if need be and execute the same at the sole expense of the Tenant and the costs and expenses thereof shall be a debt due from the Tenant to the Landlord and be recoverable forthwith by action. |
| Inform Landlord of Damage | 3.13 | To give notice in writing to the Landlord or its representative or agent of any damage that may be caused to the said premises or to persons thereupon and of any defects in the furnishings, the fire fighting equipment and apparatus, the water pipes, gas pipes, plumbing, telephone lines, electrical or other installations or wiring or piping or other fittings, fixtures and fittings or facilities provided by the Landlord within seven days from the Tenant becoming aware of any such damage or defect. |
| Infestation | 3.14 | At the Tenant's expense to take all such steps and precautions as shall be required by the Landlord to prevent the said premises or any part thereof from becoming infested by termites, rats, mice, roaches or any other pests or vermin. The Tenant shall employ at the Tenant's own cost and expense such pest extermination contractors as the Landlord may approve and at such intervals as the Landlord may direct. |
| Damage to Building | 3.15 | To pay to or reimburse to the Landlord the costs of repairing any part of the said building or the common areas or any of the common services and facilities installed therein that may be damaged by reason of any act, default, neglect or omission on the part of the Tenant, its agents, servants, employees, contractors, visitors or licensees. |
| To Comply with<br> Government Lease | 3.16 | To observe, obey and comply with and to keep the Landlord fully indemnified against any breach by the Tenant or any contractor, servant, employee, visitor, agent or licensee of the Tenant of the terms, conditions and covenants of the Government Lease or (as the case may be) Leases or other grant or grants under which the land(s) on which the said building is erected is/are held from the Government (hereinafter referred to as "the said Lot") and of the provision as regards the user of the said premises as contained in the relevant part(s) of the Occupation Permit issued in respect of the said building. |
| To Comply with Deed of Mutual Covenant, House<br> Rules, General Rules, Car<br> Park Rules and Club Rules | 3.17 | To observe, obey and comply with and to keep the Landlord fully indemnified against any breach by the Tenant or any contractor, servant, employee, visitor, agent or licensee of the Tenant of all the terms, conditions, provisions and covenants of the Deed (if any) and such house rules, general rules, car park rules and club rules as may from time to time be made by the manager of the said building, and, if there is the Deed, in accordance with the provisions of the Deed. |
| Viewing and Letting and Selling Notices | 3.18 | To allow at all reasonable times within three (3) calendar months immediately preceding the expiration or sooner determination of the said term prospective tenants or purchasers or occupiers to inspect and view the said premises and allow the Landlord to maintain affix and exhibit without interference upon any external part or parts of the said premises or where the Landlord shall think fit a notice or notices indicating that the said premises are to become vacant and available for selling or letting and such other information in connection therewith as the Landlord shall reasonably require which notice or notices the Tenant shall not remove or conceal. |
| Contractors, Servants,<br> Agents, Licensees, Visitors | 3.19 | To be responsible and liable to the Landlord for the acts, neglects, omissions and defaults of all contractors, servants, employees, agents, licensees and visitors of the Tenant or occupier of the said premises as if they were the acts, neglects, omissions and defaults of the Tenant itself and to fully indemnify the Landlord against all costs, claims, demands, expenses or liabilities to any third party in connection therewith and for the purposes of this Agreement "licensee" shall include any person present in, using or visiting the said premises with the consent of the Tenant, express or implied. |

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|:---|:---|:---|
| Load and unload through<br> Cargo Lift | 3.2 | To load and unload goods and effects only at such times during daylight hours and through such cargo (or service) lifts and entrances and at such areas in the said building as may from time to time be designated by the Landlord or the manager of the said building, and in particular to give to the Landlord and the manager of the said building at least twenty four hours' advance notice of the movement of furniture or large objects or large quantities of goods and effects of the Tenant. |
| Refuse and<br> Garbage Removal | 3.21 | To be responsible for the disposal or removal of garbage, rubbish and refuse from the said premises to such places as may be designated by the Landlord or the manager of the said building and not to dispose of or discharge or permit or suffer to be disposed of or discharged any garbage, rubbish or refuse in any other part or parts of the said building and to use only that type of refuse bag or container as may be specified by the Landlord or the manager of the said building from time to time and shall keep the Landlord fully and effectually indemnified against any cost, claim, proceeding, loss, damage or injury caused to any person whomsoever or any property whatsoever whether directly or indirectly as a result of or due to the accumulation of such garbage, rubbish or refuse of the Tenant in or at the said premises or the said building. If removal of wet garbage from the said premises is necessary, any extra fee to be charged by the Government and/or the Landlord and/or the manager of the said building shall be borne and paid by the Tenant absolutely. |
| Window Cleaning | 3.22 | To keep all external windows lights at all times in a clean and sanitary state and conditions and for the better observance hereof the Tenant shall at his own expense employ as cleaners only such person(s) or firm(s) approved by the Landlord. |

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|:---|:---|:---|:---|
| Conduct of Business | 3.23 | (a) | To furnish first class service to patrons and customers and not to conduct the business of the Tenant in such manner as to prejudice the goodwill and reputation of the Mall (as hereinafter defined) as a first-class shopping and commercial centre and in particular but without limiting the generality of the foregoing:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To keep the said premises
 open for business at all times of the year during the normal business hours set forth in Part VIII of the First Schedule hereto and
 any suspension of the Tenant's business for a period of more than three (3) consecutive days without the Landlord's consent
 shall constitute a material breach of this provision entitling the Landlord to determine this Agreement and to regain possession of
 the said premises.

(ii) To install and at all times
 to maintain the interior design of the said premises and displays of merchandise in the display of shopfront windows or showcases of
 the said premises to a standard and of a composition appropriate to a first-class shopping centre to the satisfaction of the Landlord,
 and to alter any window or other display of goods or merchandise in or at the said premises immediately upon notice by the Landlord
 that such display will in the opinion of the Landlord prejudice the reputation or standing of the said building.

(iii) To at its expenses keep lit
 any shopfront windows and showcases together with the shop signs of the said premises during the normal business hours as set forth
 in Part VIII of the First Schedule hereto or during such hours as the common areas of the Mall (as hereinafter defined) are open to
 the public (whichever shall be longer) daily throughout the said term and the Tenant shall install a timer to control the lighting
 at its own cost in order to minimize inconvenience/darkness to the neighbouring. Notwithstanding anything herein contained, the Tenant
 shall keep lit the shopfront windows facing and/or abutting the landscape plazas, the central access spine, the sheltered circular
 entrance and the atrium for so long as there is public transport serving the said Lot or its vicinity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Not to at any time during
 the term of this Agreement cause or permit or suffer the area under the fire shutters, the fire shutters, smoke detectors and smoke
 extraction ducts and outlets installed in the said premises to be obstructed or altered or prevented from operation in any way whatsoever
 and the design and layout of the said premises shall be in such manner so as not to be in breach of this provision.

(v) To display in the shopfront windows and showcases merchandise of a quality and in a manner and design appropriate to a first class commercial
complex, and shall not, unless required by the Fire Service Department or permitted by the Landlord in writing, cause any obstruction
of view along the shopfronts and not to install storeroom or changing room/blinds or the like along the shopfront area so as to block
or cover the same.

(vi) The dimension, design, material
 and colour scheme of the shopfront, signage and logo must be submitted to the Landlord for prior approval.

(vii) To offer for sale or display
 within any display window forming part of the said premises only the goods belonging to or forming part of the stock-in-trade of the
 Tenant or advertising matter relating thereto or to the trade or business of the Tenant and not to offer for sale or display the goods
 of others or any advertising matter relating to the goods or services of others.

(viii) Not to affix or post or permit
 to be affixed or posted to or on the internal or external faces of the glass forming part of the display windows or entrance doors
 of the said premises any sign notice or exhibit of any nature other than such customary sign indicating the conduct of trade by way
 of the services of established credit card companies which signs shall in any event be discreetly displayed so as not to obstruct the
 viewing of merchandise displayed within the interior of the said premises.

(ix) Not to conduct any auction
 or closing down or similar sales or utilise any unethical business practice provided that this provision shall not preclude the conduct
 of genuine periodic seasonal or promotional sales.

(x) Not to carry out or allow
 to be carried out any touting for business outside the said premises at any time.

(xi) Not to put outside the said
 premises any directory or display stand.

(xii) Not to place any posters,
 banners or advertising signs inside or outside the curtain wall along the perimeter of the said building.

(xiii) Not to use any area in front
 of the shopfront of the said premises for:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) placing any cooking utensils,
 tables and/or chairs to carry on the intended business as stated herein or other business;

(2) storage of goods, merchandise,
 furniture whether on a temporary or permanent basis;

(3) cleaning, washing or rinsing
 of cooking and serving utensils and cutlery; and

(4) any kind of food preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Not to use the said premises
 for manufacture of goods or merchandise or for the storage of goods or merchandise other than stock or materials in quantities reasonably
 required in connection with and consistent with the Tenant's trade or business carried on therein by way of samples and exhibits.

(xv) To maintain at all times
 on the said premises an adequate stock of merchandise for sale.

(xvi) To maintain and repair all
 mechanical and/or electrical service (as examples, escalators, lifts or air-side) within and/or outside the said premises which are
 for the Tenant's exclusive use.

(b) This Clause shall apply without
 affecting the generality of the other provisions of this Agreement if the business of the Tenant to be carried on in the said premises
 is a restaurant or (as the case may be) other food outlet. The Tenant agrees to be bound by the following terms and conditions:-

(i) The Tenant shall be responsible
 for applying for and shall maintain in force during the said term the necessary licence(s) and satisfying all necessary licensing requirements
 for operation of a restaurant and, as the case may be, the type of restaurant or food outlet intended to be run by the Tenant in the
 said premises. The Landlord is under no obligation to make any addition and/or alteration to the said premises so as to satisfy any
 of the said licensing requirements.

(ii) The Tenant shall at its own
 expense keep the interior of the said premises and fixture and fittings therein and thereat, all kitchen(s), cooking equipment, water
 and sanitary apparatus used exclusively by the Tenant and his servants agents licensees and customers in good clean sanitary and tenantable
 repair and condition to the satisfaction of the Landlord and in accordance with the regulation or bye-laws of all Public Health and
 other Government Authorities concerned. In particular and without prejudice to the generality of the foregoing the Tenant shall at
 its own costs:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) install and maintain at all
 times hood over all cooking equipment in the kitchen(s) in the said premises together with suitable grease filters and air washer installed.

(2) install and maintain all
 grease traps whether within or outside the said premises in good clean working order and free from blockage and obstruction and to
 inspect and clean the same daily and at least once weekly, or more frequently as the real situation may require, to clean the same
 with hot water and strong solvent and the Tenant hereby undertakes to indemnify the Landlord against any claim arising from any leakage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) install and maintain all
 necessary grease filters in the kitchen(s) in the said premises and to regularly inspect and clean the same and keep them free from
 blockage and obstruction,

(4) install and maintain all
 air-transfer grilles throughout the said premises in good clean working order and not to block off the same and to regularly inspect
 and clean the same and keep them free from blockage and obstruction.

(5) install and maintain screw-in
 grease valves in all ducting throughout the said premises and to regularly inspect and clean the same.

(6) carry
 out at the Tenant's costs all water-proofing facilities within the kitchen area and undertakes to indemnify the Landlord
 against all claims arising from any leakage from the said premises.

(7) complete the installation
 of, clean and maintain and repair at Tenant's sole costs and expenses throughout the said term a supply air system and an exhaust
 ventilation system with fire trip device within the said premises including an activated carbon filtering system, grease filters and
 an air washer for the range hood of the kitchen exhaust system connected with an electrostatic precipitator as specified by the Landlord
 and in compliance with relevant government and other regulations and requirements.

(8) all drainage pipes within
 the said premises shall be enclosed by stainless steel by the Tenant at its own costs and expenses, with access panels to all pipe
 cleaning eyes for cleaning and maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) carry out all goods delivery
 and/or garbage removal in a proper manner and at such time to be approved by the manager of the said building so as not to prejudice
 or affect the image of the Mall as a first class shopping centre in Hong Kong.

To ensure the compliance of this Clause 3.23(b)(ii) by the Tenant, the Tenant shall, if required by the Landlord, enter into at the Tenant's own costs and expenses such relevant contract(s) with the relevant contractor(s) approved by the Landlord or its agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Tenant shall not sell or supply any beer wine spirits liquor or alcohol unless licence(s) so to do has first been obtained by the Tenant
 and the terms of the regulations under which such licence(s) is granted in respect of the said premises have been duly complied with.

(iv) The Landlord is not under
 any guarantee and warranty that the said premises are suitable for the Tenant's use and purpose and is under no obligations to
 make any application to satisfy the relevant statutory requirement (if any).

(v) Should
 the Tenant require air-intake and exhaust louvres on the external wall of the said building, the proposed location and design of the
 said louvres must be submitted to the Landlord for prior approval. If space on the external wall of the said building is so granted,
 the Tenant shall be responsible for providing efficient grease-washing equipment, such as hydro-vent, to regularly clean the exhaust
 louvres in order to prevent the grease or oily substance from accumulating on the exhaust louvres and/or external wall. If the standard
 of cleanliness is unacceptable to the Landlord, the Landlord shall have the right to employ other cleaners to carry out the cleaning
 work and the cost of which shall be borne by the Tenant solely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Detailed plan for the design
 and construction of plumbing, drainage works, surface channel for proposed drainage and, if any, calculation of its construction, has
 to be submitted to the Landlord for prior approval, and the said design and construction (including routing outside the said premises)
 shall be carried out by the Tenant at his own costs and expenses.

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|:---|:---|:---|:---|
| Yield Up the Said Premises and Handover | 3.24 | (a) | To quietly yield up and deliver the said premises together with the furnishings and all fixtures, fittings and additions therein and thereto at the expiration or sooner determination of this Agreement in good, clean and tenantable repair and condition (fair wear and tear excepted) in accordance with its covenants to repair herein contained notwithstanding any rule of law or equity to the contrary PROVIDED THAT all personal properties and effects, alterations, decorations, partitions, fixtures, fittings and additions therein and thereto of the Tenant or occupier of the said premises shall notwithstanding that the Landlord's consent for the same may have been obtained or given or deemed to have been given if so required at the sole discretion of the Landlord be removed by and at the sole cost and expense of the Tenant at the expiration or sooner determination of this Agreement and the Tenant shall make good and repair in a proper and workmanlike manner all damage to the said premises the said building and the Landlord's fixtures and fittings and the furnishings in the said premises caused by such removal and reinstate the whole or part of the said premises to the condition as they were in at the commencement of the said term AND thereupon to surrender to the Landlord or its agent all keys giving access to all parts of the said premises held by the Tenant and at the Tenant's expense to remove from the doors of the said premises and the directory boards of the said building (if any) all lettering and characters and to make good any damage caused by such removal Provided that if the Tenant fails to remove its personal properties and effects as left in the said premises (hereinafter referred to as "the abandoned items") the Landlord shall be entitled to give notice in writing to the Tenant to demand the Tenant to remove the abandoned items within three (3) days from the date of the said notice, failing which the Landlord shall be entitled to remove the abandoned items from the said premises without incurring any liability whatsoever to the Tenant therefor but at the costs and expenses of the Tenant to be reimbursed by the Tenant to the Landlord forthwith upon demand or to be recovered by the Landlord from the Tenant as a debt hereunder payable *AND* thereafter the Landlord may by further notice in writing to the Tenant to demand the Tenant to collect the abandoned items in the manner as may be stated in the said notice but upon full payment of the aforesaid costs and expenses and such further or other costs and expenses which may then have been incurred (including but not limited to storage charges or fees) within three (3) days from the date of the said further notice, failing which the Landlord shall be absolutely entitled to dispose of, sell, give away or otherwise deal with the abandoned items as it shall in its sole discretion see fit and the Tenant shall be deemed to have abandoned its right of ownership of the abandoned items and the right to re-claim the same and/or to claim against and recover from the Landlord any proceeds of sale of the abandoned items if sold by or through or by the order of the Landlord and the Tenant shall indemnify and keep the Landlord indemnified fully against all such demand, claim, proceedings and costs made and brought against the Landlord by any third party(ies) in connection with and/or for the re-claim or recovery of the abandoned items or any part(s) thereof or any proceeds from sale of the same or any part(s) thereof. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything
 contained herein, at the expiration or sooner determination of this Agreement the Landlord is absolutely entitled to at its sole discretion
 request for the retention of and retain all or any such furnishings, fixtures, fittings, additions, alterations, decorations, partitions
 and improvements installed erected or introduced in and to the said premises or any part(s) thereof for which the Landlord's
 consent may have been obtained or given or deemed to have been given but without payment of any compensation for the same to the Tenant.

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|:---|:---|:---|:---|
| Indemnity and Insurance | 3.25 | (a) | To effect and maintain at all times during the currency of this Agreement comprehensive insurance cover to the satisfaction of the Landlord in respect of the following:- |

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| | |
|:---|:---|
| (i) | <u>Third Party</u> |
|  | In respect of liability for loss injury or damage to any person or property whatsoever caused through or by any act default or neglect of the Tenant which might give rise to a claim for indemnity pursuant to Clause 3.8 (or, as in case of re-arrangement of clauses, such clause with margin note stating "Indemnity against Loss/Damage from Interior Defects") hereof. The policy of insurance shall be endorsed to show the Landlord as the owner of the said premises and shall be in any amount not less than HK$20,000,000.00 (in the case of the said premises being operated as a restaurant or food outlet or in the case of the said premises being not less than or equal to 5,000 square feet) or HK$10,000,000.00 (in the case of the said premises being operated other than as a restaurant or food outlet and being less than 5,000 square feet) or in such amount as the Landlord may from time to time reasonably require and such insurance policy shall contain a clause to the effect that the insurance cover thereby effected and the terms and conditions thereof shall not be cancelled modified or restricted without the prior consent of the Landlord. |
| (ii) | <u>Glass</u> |
|  | All glass now or hereafter on or in the said premises for its full replacement value. |
| (iii) | <u>Water Damage</u> |
|  | Against damage to stock fixtures and fittings for the full insurable value occurring in respect of the use or misuse of the fire sprinkler system installed within the said premises or the incursion of water therein. |
| (iv) | <u>Tenant's Fittings and Stock</u> |
|  | The Tenant's fittings stock and equipment within the said premises, against fire and extraneous perils for their full replacement value. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To pay the premium in respect
 of any policies effected pursuant to this Clause upon the due date and whenever so required by the Landlord to produce to the Landlord
 a certified copy of such policies of insurance and the receipts for the last premium paid and certificates from the insurance companies
 that the policies of insurance are in all respects valid and subsisting and in the event of failure to do so the Landlord may effect
 such insurance either in its sole name or in the joint names of the Landlord and the Tenant (as the Landlord may in its discretion
 decide) and in such event to reimburse the Landlord on demand all costs and expenses thereby incurred by the Landlord.

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|:---|:---|:---|
| Keep and Maintain Electricity and Water Supply Accounts | 3.26 | To keep and maintain at the Tenant's sole cost and expense electricity and water supply account with the relevant power and supply companies for the supply of electricity and water to the said premises throughout the said term. In the event of the Tenant applying for disconnection of any of such supply or termination of any of such accounts at the expiration or sooner termination of this Agreement, the Tenant shall give to the Landlord sufficient prior notice in writing to enable the landlord to make arrangement for the transfer of the said account. In the event that the supply of electricity and/or water to the said premises is disconnected without the said prior notice to the Landlord, the Tenant shall bear all costs and expenses whatsoever incurred by the Landlord of and incidental to the re-connection of such supply to the said premises and all such costs and expenses shall either be deducted by the Landlord (and the Tenant hereby expressly authorizes the landlord so to do) from the deposit paid by the Tenant hereunder or be recoverable from the Tenant by the Landlord as a debt. |

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|:---|:---|:---|
| Security System | 3.27 | To ensure that its own security system within and at the entrance of the said premises is at all times compatible with and linked up to the security system for the said building (if any) provided and operated by the Landlord or the manager of the said building, and to employ at its own expense such person(s) or such firm(s) as may be approved by the Landlord as security guard(s). |

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|:---|:---|:---|
| Adjacent Excavation or Shoring | 3.28 | If any excavation or other building works shall be made or authorised in the vicinity of the said building, the Tenant shall permit the Landlord its servants or agents to enter the said premises to do such work as may be deemed necessary to preserve the exterior walls of the said building from injury or damage without any claim for damages or indemnity against the Landlord. |
| Pipes And Conduits | 3.29 | To permit the Landlord to erect use and maintain pipes and conduits in and through the said premises. The Landlord or its agents shall have the right to enter the said premises at all reasonable times to examine the same Provided that the permission to the Landlord to use such pipes and conduits shall extend to the use of such pipes and conduits by the Landlord's authorised tenants and licensees, as the case may be. |

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SECTION IV

<u>LANDLORD'S OBLIGATIONS</u>

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| | | |
|:---|:---|:---|
|  | 4. | The Landlord hereby agrees with the Tenant as follows :- |
| Quiet Enjoyment | 4.1 | That the Tenant duly paying the rent, the Air-Conditioning and Management Charges, rates and other charges hereby agreed to be paid on the days and in the manner herein provided for payment of the same and observing and performing the agreements, stipulations, terms, obligations and conditions herein contained and on the Tenant's part to be observed and performed shall peacefully hold and enjoy the said premises during the said term without any interruption by the Landlord or any person lawfully claiming under or in trust for the Landlord. |
| Government Rent | 4.2 | To pay the Government Rent and the Property Tax payable in respect of the said premises. |

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SECTION V

<u>RESTRICTIONS AND PROHIBITIONS</u>

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| | | |
|:---|:---|:---|
|  | 5. | The Tenant hereby agrees with the Landlord as follows:- |
| Installations and Alterations | 5.1 (a) | Not without the previous written consent of the Landlord to erect, install, alter, affix, attach or build or permit or suffer to be erected, installed, altered, affixed, attached or built any fixtures and fittings, partitionings, architectural features, air-conditioning units or plants, radio or television aerials or other erections or fixtures and fittings or equipment or installations of any kind in the said premises or the said building or upon the roofs or through the windows or external walls thereof or any other part or parts thereof or without the like consent to make or permit or suffer to be made installations in or alterations or additions to the sprinkler system or any other fire protection or fire fighting system, equipment or apparatus or security system, equipment or apparatus, electrical/gas wiring/piping, air-conditioning ducting, lighting, fixtures and fittings or other Landlord's fixtures and fittings or the furnishings or installations or to install or place or permit or suffer to be installed or placed any safe, equipment, furniture, plant, object, goods, apparatus or machinery which may impose a weight on any part of the flooring in excess of that for which it is designed or which requires any additional electrical/gas mains/ wiring/piping or which may consume electricity/gas not metered through the Tenant's separate meter. In the event of breach of this covenant, the Tenant shall keep the Landlord fully indemnified against all loss, damages, claims and demands as a result thereof and shall make good any damage caused thereby to that part of the said building or any fixtures and fittings therein provided that the indemnification and the making good of such damage as aforesaid shall be without prejudice to any further right competent to the Landlord by virtue of such breach. For the avoidance of doubt, the Tenant shall comply with the directions and instructions of the Landlord regarding installation of all permitted erections fixtures and fittings equipment and shall at its own expense be responsible for their periodic inspection, maintenance and repair and for the replacement of defective wiring and parts and the Tenant shall be strictly liable for any damage caused by the installation, operation, defect or removal of the same. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 to make or permit or suffer to be made any alterations in or additions to the mechanical or electrical installations in the said
 building nor to overload or permit or suffer to be overloaded the lifts or the electrical circuits within the said building nor to
 place or transport or install or use or permit or suffer to be placed or transported or installed or used any equipment, apparatus
 or machinery which may exceed the loading of the lifts or the electrical installations or the electrical main or wiring in the said
 building or which may consume electricity not metered through the Tenant's separate meter.

(c) Not
 to make or permit or suffer to be made any alterations to any installation or fixture so as to affect or be likely to affect the
 supply of water, electricity or other utility or service to or in the said building.

(d) Not
 to make or permit or suffer to be made any external or structural alteration or other alteration or addition whatsoever to the said
 building or to the existing design or external appearance of the facade or elevations of the said building or the common areas or
 the common services and facilities thereof.

(e) Not
 without the prior written consent of the Landlord which may be granted or withheld or granted subject to conditions imposed at its
 absolute discretion to erect or install or alter or affix or attach or build or permit or suffer to be erected, installed, altered,
 affixed, attached or built any fixtures and fittings, partitions, doors, gates, metal grilles, shutters or any other erection or
 structure or installation whatsoever whether of a temporary or permanent nature in the said premises or in or at the doorway or entrance
 or staircase or roof in or on or to the said premises or the said building or at any of the fire exits therefrom or erect any such
 fixture or partition or door or gate or metal grille or shutter or alter or obstruct the position of any smoke lobby doors or fire
 escape means of the said building or any other fire protection or fire fighting systems equipment or apparatus that might in any
 way contravene the laws, bye-laws or regulations from time to time in force of the Fire Services Department or other competent authority
 concerned, nor in any other respect to contravene the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any
 work hereunder for which the Landlord's written consent shall have been first had and obtained shall be carried out and completed
 at the Tenant's risk solely and shall in all respects fully comply with the Buildings Ordinance and any regulations thereunder
 and in carrying out any approved work hereunder the Tenant shall and shall cause its servants, employees, agents, contractors and
 workmen to cooperate fully with the Landlord and all authorised representatives, servants, employees, agents, contractors and workmen
 of the Landlord and with other tenants or contractors carrying out any work in the said building. The Tenant, its servants, employees,
 agents, contractors and workmen shall obey and comply with all instructions and directions which may be given by the Landlord and
 its authorised representatives and the manager of the said building in connection with the carrying out of such work.

(g) In
 carrying out any work to the mechanical and electrical installations and/or wirings and/or the sprinkler systems and/or the fire
 protection and fire fighting systems, equipment and apparatus and/or the security systems, equipment and apparatus which has been
 previously approved by the Landlord, the Tenant shall use only a contractor approved in writing for the purpose by the Landlord at
 the expense of the Tenant and in such manner as the Landlord shall in its absolute discretion think fit and the Tenant shall also
 be solely responsible for all electricity and other charges thereby incurred.

(h) The
 Tenant shall if required by the Landlord pay on demand all costs, charges and expenses (including legal costs and fees payable to
 architects, engineers and surveyors) which may be reasonably incurred by the Landlord in connection with any licence or consent granted
 for the work under this Clause.

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|:---|:---|:---|
| Injury to Main Walls | 5.2 | Not to cut, maim, injure, drill into, mark or deface or permit or suffer to be cut, maimed, injured, drilled into, marked or defaced any doors, windows, window frames, walls, beams, ceilings, structural members or any part of the fabric of the said premises or any of the plumbing or sanitary or air-conditioning or water-heating apparatus or installation included therein or the fixtures and fittings in the said premises or the said building. |
| Damage to Walls, Ceilings and Floors | 5.3 | Not without the consent of the Landlord (which consent the Landlord shall not unreasonably withhold) to drive or insert or permit or suffer to be driven or inserted any nails, screws, hooks, brackets or similar articles into the ceilings, walls or floors of the said premises nor without the previous written consent of the Landlord to lay or use or permit or suffer to be laid or used any floor covering or do or permit or suffer to be done any other act or thing which may damage or penetrate the existing flooring, floor screed or slabs of the said premises or the said building. |
| Damage to Common Areas | 5.4 | Not to damage, injure or deface or permit or suffer to be damaged, injured or defaced any part of the structure, fabric or decorative features of the common areas and the common services and facilities including any stairs, gates, fences, hedges, trees, plants or shrubs therein or thereabout. |
| Nuisance or Annoyance | 5.5 | Not to do or permit or suffer to be done any act or thing which may be or become a nuisance or annoyance to the Landlord or to the tenants or occupiers of other premises in the said building or in any adjoining or neighbouring premises or which may in any way interfere with or affect or which is likely to interfere with or affect the management and the maintenance of the said Lot and the said building and it is agreed that a persistent breach by the Tenant of the terms of this Clause after warning in writing has been given by the Landlord to the Tenant shall amount to a breach of this Agreement justifying the Landlord exercising its rights of re-entry hereunder. |

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|:---|:---|:---|
| Noise | 5.6 | Not to cause or produce or permit or suffer to be produced at any time in the said premises any music or noise or vibration (including sound produced by broadcasting from radio, television or any apparatus or equipment capable of producing and reproducing sound) so as to be audible outside the said premises or any vibration or resonance or other form of disturbance nor to emit transmit or receive any microwaves by any unlicensed means of telecommunication or in any manner in contravention of the Telecommunications Ordinance (Chapter 106) or in interference with the use and enjoyment of broadcasting from radio or television of other owners, tenants or occupiers of adjacent or neighbouring premises or to do or cause or permit or suffer to be done any other acts or things in or on the said premises which is or are or may be or become a nuisance or annoyance to the owners, tenants or occupiers of adjacent or neighbouring premises or give rise to a cause for reasonable complaint and it is agreed that a persistent breach by the Tenant of the terms of this Clause after warning in writing has been given by the Landlord to the Tenant shall amount to a breach of this Agreement justifying the Landlord exercising its rights of re-entry hereunder. |
| Signs | 5.7 (a) | Not to affix anything or paint or make any alteration to the exterior of the said premises and not to paint or exhibit or affix or display or permit or suffer to be painted or exhibited or affixed or displayed outside the said premises any signboard, sign, decoration, advertising matter or other device whether illuminated or not nor to affix any writing, sign, signboard, decoration, advertising matter or other device in, at or above any part or parts of the common areas of the said building and the Landlord and/or the manager of the said building and their agents shall have the right to remove the same at the expense of the Tenant. |
|  | (b) | Not to paint or exhibit or affix or display or permit or suffer to be painted or exhibited or affixed or displayed within the said premises or any part thereof so as to be visible from outside the said premises any signboard, stand, sign, banner, decorations, advertising matters or other device, whether illuminated or not, which are arousing, illegal, offensive and morally corrupting or may constitute or amount and/or give rise to criminal offence(s) and/or be a subject of civil litigation(s) and/or (in the opinion of the Landlord and/or its agent and/or the manager of the said building) affect the image of the shopping centre or arcade of which the said premises form part and the Landlord and/or the manager of the said building and their agents shall have the right to remove the same at the expense of the Tenant after demand in writing having been given to the Tenant to remove the same. |

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|:---|:---|:---|
|  | (c) | Notwithstanding the provisions hereinabove of this Clause, the Tenant may, subject to the Landlord's approval in writing, have its name and business displayed in lettering and/or characters to a design and standard of workmanship approved by the Landlord inside the said premises. If the Tenant carries on business under a name other than its own name he shall be entitled to have that name displayed as aforesaid but the Tenant shall not be entitled to change the business name without previous written consent of the Landlord and without prejudice to the foregoing the Landlord may in connection with any application for consent under this Clause require the Tenant to produce such evidence as it may think fit to show that no breach of the provision(s) hereof forbidding sub-letting or assignment of tenancy has taken place or is about to take place. |
| User | 5.8 (a) | Not to use, permit or suffer the said premises or any part thereof to be used for any purpose other than such as are specified in the Second Schedule hereto and the Tenant shall obtain any licence approval or permit required by any Governmental or other competent authority in connection with the use or occupation of the said premises by the Tenant prior to the commencement of the Tenant's business and to maintain the same in full force during the said term and shall conduct therein only such business undertakings which are duly authorised licensed approved or permitted as aforesaid and to comply in all respects with the conditions terms and regulations relating to such business or imposed on the granting of the licence and/or approval and/or permit in respect thereof. |
|  | (b) | Not to permit any person to remain in the said premises overnight without the prior written permission of the Landlord such permission shall only be given to enable the Tenant to post watchman to look after the contents of the said premises which shall not be used as sleeping quarters or as domestic premises within the meaning of any ordinance for the time being in force. |

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|:---|:---|:---|
| Illegal or Immoral Use | 5.9 | Not to use or cause or permit or suffer the said premises or any part thereof to be used for gambling or for any illegal or immoral or improper purposes. |
| Unlawful or Dangerous Goods | 5.1 | Not to keep or store or permit or suffer or cause to be kept or stored in the said premises any unlawful goods or any arms, ammunition, gunpowder, salt-petre, petroleum, liquefied petroleum gas, butane gas, kerosene or other explosive or combustible substance or dangerous, hazardous or prohibited goods within the meaning of the Dangerous Goods Ordinance (Cap.295) and the regulations made thereunder or any statutory modification or re-enactment thereof from time to time in force and to fully indemnify the Landlord against all actions, costs, claims and demands in respect of any breach or non-observance of this provision. |
| Obstructions | 5.11 | Not to park in obstruct or otherwise use nor permit to be parked in obstructed or otherwise used by any employee agent contractor invitee or licensee of the Tenant those areas (if any) of the said building allocated to parking the movement of or access for vehicles or designated as loading/unloading areas other than in accordance with the regulations made from time to time by the manager of the said building or the provisions of the Deed, if any, or the car park rules (if any). Not to use or cause or permit or suffer the entrances, lobbies, staircases, landings, corridors, passages, driveways and other common areas to be used for loitering or eating and not to place or leave or encumber or obstruct or permit or suffer to be placed or left or encumbered or obstructed with any boxes, furniture, articles, dust bins, chattels, goods, packaging, rubbish or other obstruction of any kind or nature any of the entrances, staircases, corridors, landings, passages, lobbies, driveways or other common areas and the Landlord and its authorised representatives shall be entitled without notice and at the Tenant's expense to remove and dispose of as they see fit any such material aforesaid and the Landlord and its authorised representatives shall not thereby incur any liability to the Tenant or any other person whomsoever and the Tenant shall fully indemnify the Landlord against all loss, claims, damages or expenses as against the Landlord in respect thereof. |

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| Prevention of Odours | 5.12 | Not to cause or permit or suffer any offensive or unusual odours or noxious smells which shall be offensive or unusual to be produced upon, permeate through or emanate from the said premises. |
| Animals, Pets | 5.13 | Not to keep or permit or suffer to be kept any animals or pets inside the said premises. |
| Subletting, Assigning | 5.14 | Not to assign, underlet, part with the possession of or transfer the said premises or any part thereof or any interest therein in any way nor permit or suffer any arrangement or transaction whether by way of sub-letting, lending, sharing or other means whereby any person or persons not a party to this Agreement obtains the use, possession, occupation or enjoyment of the said premises or any part thereof irrespective of whether any rental or other consideration is given therefor and in the event of any such transfer, sub-letting, lending, sharing, assignment or parting with the possession of the said premises this Agreement shall absolutely determine at the option of the Landlord and the Tenant shall forthwith vacate the said premises on notice to that effect from the Landlord. The tenancy hereby created shall be personal to the Tenant named in this Agreement and without in any way limiting the generality of the foregoing the following acts and events shall be deemed to be breaches of this Clause :- |
|  | (a)<br>| In the case of a tenant which is a partnership the change in such partnership whether on the death or retirement of an existing partner or otherwise. |
|  | (b) | In the case of a tenant which is a corporation any take-over, reconstruction, amalgamation, merger, voluntary liquidation or change in the person or persons who owns or own a majority of its voting shares or who otherwise has or have effective control thereof. |

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|:---|:---|:---|:---|
|  |  | (c)<br>| In the case of a tenant who is an individual the death, insanity or disability of that individual to the intent that no right to use, possess, occupy or enjoy the said premises or any part thereof shall vest in the executors, administrators, personal representatives, next of kin, trustee or receiver of any such individual. |
|  |  | (d) | The change of the Tenant's name without the previous written approval of the Landlord. |
|  |  | (e) | The giving by the Tenant of a Power of Attorney or similar authority whereby the donee of the Power obtains the right to use, possess, occupy or enjoy the said premises or any part thereof or does in fact use, possess, occupy or enjoy the same. |
| Breach of Government Lease or Deed of Mutual Covenant | 5.15 | Not to do or permit or suffer to be done any act, deed, matter or thing whatsoever which amounts to a breach of any of the provisions, terms, conditions and covenants of the Government Lease or Conditions under which the said Lot is held from the Government or of the Deed, if any, affecting the said building and to fully indemnify the Landlord against the consequences of any such breach. | Not to do or permit or suffer to be done any act, deed, matter or thing whatsoever which amounts to a breach of any of the provisions, terms, conditions and covenants of the Government Lease or Conditions under which the said Lot is held from the Government or of the Deed, if any, affecting the said building and to fully indemnify the Landlord against the consequences of any such breach. |
| Breach of Insurance Policy | 5.16 | Not to do or permit or suffer or cause to be done any act, deed, matter or thing whatsoever whereby the policy or policies of insurance on the said building or the said premises or any part or parts thereof against loss or damage by fire and/or other insurable perils and/or claims by or liabilities to third parties for the time being in force may be rendered void or voidable or whereby the rate of premium thereon may be increased Provided that if as the result of any act, deed, matter or thing done, permitted, suffered or caused by the Tenant or occupier of the said premises, the premium on any such policy or policies of insurance shall be increased the Landlord shall be entitled without prejudice to any other remedy hereunder to recover from the Tenant the amount of any such increase and the Tenant shall forthwith repay to the Landlord on demand all sums paid by the Landlord by way of increased or additional premium thereon and all expenses incurred by the Landlord in and about any renewal of such policy or policies arising from or rendered necessary by such breach and in the event of the said premises or the said building or any part or parts thereof being damaged or destroyed by fire or other insurable cause at any time and the insurance money under any insurance against fire or other such cause effected thereon being wholly or partially irrecoverable by reason solely or in part of the Tenant's act or default then and in every such case to forthwith pay to the Landlord the whole or (as the case may require) a fair proportion of the cost of completely rebuilding or reinstating the same. | Not to do or permit or suffer or cause to be done any act, deed, matter or thing whatsoever whereby the policy or policies of insurance on the said building or the said premises or any part or parts thereof against loss or damage by fire and/or other insurable perils and/or claims by or liabilities to third parties for the time being in force may be rendered void or voidable or whereby the rate of premium thereon may be increased Provided that if as the result of any act, deed, matter or thing done, permitted, suffered or caused by the Tenant or occupier of the said premises, the premium on any such policy or policies of insurance shall be increased the Landlord shall be entitled without prejudice to any other remedy hereunder to recover from the Tenant the amount of any such increase and the Tenant shall forthwith repay to the Landlord on demand all sums paid by the Landlord by way of increased or additional premium thereon and all expenses incurred by the Landlord in and about any renewal of such policy or policies arising from or rendered necessary by such breach and in the event of the said premises or the said building or any part or parts thereof being damaged or destroyed by fire or other insurable cause at any time and the insurance money under any insurance against fire or other such cause effected thereon being wholly or partially irrecoverable by reason solely or in part of the Tenant's act or default then and in every such case to forthwith pay to the Landlord the whole or (as the case may require) a fair proportion of the cost of completely rebuilding or reinstating the same. |

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|:---|:---|:---|
| Aerials | 5.17 | Not to erect any aerial on the roofs or walls of the said building or within the said premises and not to interfere with, remove, dismantle or alter those common aerials (if any) of the said building. |
| Air- conditioning | 5.18 | Not without the prior written consent of the Landlord to install air- conditioning facilities in addition to such facilities as are provided by the Landlord and to take all possible measures to prevent excessive noise, condensation or dripping onto any part of the said building in respect of all such air-conditioning facilities of the said premises. |
| Use of Common Areas | 5.19 | Not to use the common areas and the common services and facilities of the said building save and except in accordance with the directions of the Landlord or the manager of the said building or their authorised representatives or the general rules or the car park rules or the club rules (if any). |
| Food Restriction | 5.2 | Not to allow the delivery of food or food containers to and from the said premises except by means of the service lift or through the designated service passage(s)/route(s) by the Landlord or the manager of the said building and, if the business of the Tenant to be carried on in the said premises not being restaurant or other food outlet, not to cook, prepare or consume any food on or in the said premises except preparation and consumption of light meals or refreshments by the Tenant and/or the Tenant's employees or guests provided that such light meals or refreshments shall not be consumed within any retail areas of the said premises or within sight of customers and/or the public. |

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|:---|:---|:---|
| Locks | 5.21 | Not, without the previous written consent of the Landlord, to alter the existing locks bolts and fittings on the entrance doors to the said premises and not to install any additional locks bolts or fittings thereon. |
| Sale Of Liquor | 5.22 | Not to sell or supply any beer wine spirits liquor or alcohol except in compliance with the terms of the regulations under which the relevant licence is granted in respect of the said premises. |
| Tenant's Association | 5.23 | Not to form or organize or attempt or make any effort to form or organize any tenants' association or union with any tenants of the said building for whatever objects or purposes during the continuance of this Agreement. |

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SECTION VI

<u>EXCLUSIONS</u>

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|:---|:---|:---|
|  | 6.1<br>| The Landlord and its agents shall not in any circumstances be liable to the Tenant, occupier or any other person whomsoever:- |
| Common Services and Facilities | (a) | In respect of any loss of life or loss, injury or damage to person or property or for any disruption or inconvenience caused to or sustained by the Tenant, occupier or any such other person caused by or through or in any way owing to any defect in or failure or breakdown or suspension of the lifts escalators and air-conditioning system (if any) condenser water supply system (if any) electric power and water supplies, or any other common services and facilities provided in the said building for any reason whatsoever including negligent or wrongful acts or omissions by independent contractors; or |
| Electricity/ Gas/Water Supply | (b) | In respect of any loss of life or loss, injury or damage to person or property or for any disruption or inconvenience caused to or sustained by the Tenant, occupier or any such other person caused by or through or in any way owing to any failure, malfunction, explosion or suspension of the electricity or power or gas or water supply or other utility to the said building or the said premises for any reason whatsoever; or |

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|:---|:---|:---|
| Fire and Overflow of Water, Vermin | (c) | In respect of any loss of life or loss, injury or damage to person or property or for any disruption or inconvenience caused to or sustained by the Tenant, occupier or any such other person caused by or through or in any way owing to the escape or spread of fire, smoke or fumes or any other substance or thing or overflow or leakage of water or vibrations from anywhere within the said building or the influx of rain water or sea water into the said building or the said premises or typhoon, landslide, subsidence of the ground or the flooding or the activity of termites, roaches, mice, rats or other pests or vermin in the said building or the act neglect default or omission of the tenants and occupiers of neighbouring premises or the defective or damaged condition of the said premises or the said building or the furnishings, fixtures and fittings therein or the dropping or falling of any article whatsoever from neighbouring premises; or |
| Non-enforcement<br>| (d) | In respect of any loss or damage howsoever caused by or through any non-enforcement of the provisions of the Deed, if any, in respect of the said building and such general rules, car park rules and club rules as may from time to time be made in accordance with the provisions of the Deed, if any, or non-observance thereof by any third party; or |
| Security<br>| (e) | For the security or safekeeping of the said premises or the said building or any persons or contents therein and in particular but without prejudice to the generality of the foregoing the provision by the Landlord and/or its agents of any watchman and caretaker or any mechanical or electrical alarm systems (if any) of whatever nature shall not create any obligation on the part of the Landlord as to the security of the said premises or any contents therein and the responsibility for the same shall at all times rest with the Tenant; or |

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| | | | |
|:---|:---|:---|:---|
| Vehicles |  | (f) | For the security or supervision of or for any damage to or loss of vehicles or accessories or injury to persons or any damage resulting therefrom. |
|  |  |  | And the Tenant shall indemnify and keep the Landlord fully indemnified against all claims and demands whatsoever made upon the Landlord by any servant agent employee contractor or licensee of the Tenant or any other person claiming through or under the Tenant as a result of any such loss or injury or damage aforesaid nor shall the rent and other charges hereinbefore mentioned or any part thereof abate or cease to be payable on account of the happening of any of the foregoing. |
| Exemptions Extend to Landlord's Agent and Manager | 6.2 | The Tenant hereby acknowledges that the exemptions contained in this Section also extend to the Landlord's agent(s) and the manager of the said building; or | The Tenant hereby acknowledges that the exemptions contained in this Section also extend to the Landlord's agent(s) and the manager of the said building; or |
| No Duty for Landlord to Insure | 6.3 | Nothing in this Section shall be construed as imposing on the Landlord or the manager of the said building any duty to insure against any of the above liabilities; or | Nothing in this Section shall be construed as imposing on the Landlord or the manager of the said building any duty to insure against any of the above liabilities; or |
| No claim for Landlord's works | 6.4 | The Tenant hereby acknowledges that the Landlord and/or the manager of the said building shall have the right to carry out decoration or renovation works in the said building at such time or times as they think fit at their absolute discretion and during such period or periods of decoration or renovation works the Landlord and/or the manager of the said building shall have the absolute right to close certain part or parts of the said building and to alter suspense or cease the provision of services to certain part or parts of the said building and the Tenant further acknowledges that there shall not be any claim for any loss of business profit or earning as a result of or ancillary to such works or alteration closure suspension or cessation of services. | The Tenant hereby acknowledges that the Landlord and/or the manager of the said building shall have the right to carry out decoration or renovation works in the said building at such time or times as they think fit at their absolute discretion and during such period or periods of decoration or renovation works the Landlord and/or the manager of the said building shall have the absolute right to close certain part or parts of the said building and to alter suspense or cease the provision of services to certain part or parts of the said building and the Tenant further acknowledges that there shall not be any claim for any loss of business profit or earning as a result of or ancillary to such works or alteration closure suspension or cessation of services. |

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SECTION VII

<u>ΑΒΑΤΕΜΕΝT OF RENT</u>

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| Abatement | 7. | If the said premises or the said building or any part thereof shall at any time during the said term be destroyed or damaged or become inaccessible owing to fire, water, storm, typhoon, defective construction, white ants, earthquake, subsidence of the ground, act of God, force majeure or any calamity or cause beyond the control of the Landlord or the Tenant and not attributable directly or indirectly to any act or default or neglect or omission of the Tenant his servants agents employees contractors or licensees so as to be rendered unfit for use and occupation or inaccessible and the policy or policies of insurance for such risk effected by the Landlord shall not have been vitiated or payment of the policy moneys refused in whole or in part in consequence of any act or default or neglect or omission of the Tenant or if at any time during the continuance of this Agreement the said premises or the said building shall be condemned as a dangerous structure or a demolition order or closing order shall become operative in respect of the said premises or the said building the happening of which is not attributable directly or indirectly to any act or default or neglect or omission of the Tenant his servants agents employees contractors or licensees then the rent hereby reserved or a fair proportion thereof according to the nature and extent of the damage sustained or order made shall after the expiration of the then current calendar month be suspended until the said premises or the said building shall have been reinstated or again be rendered accessible and fit for use and occupation PROVIDED THAT the Landlord shall be under no obligation to repair or reinstate the said premises or the said building if in its opinion it is not reasonably economical or practicable so to do and PROVIDED FURTHER THAT in circumstances when the whole or substantially the whole of the said premises has been rendered inaccessible or unfit for use and occupation and should the said premises not have been reinstated or rendered accessible in the meantime either the Landlord or the Tenant may at any time after six (6) months from the occurrence of such damage or destruction or order give to the other of them notice in writing to determine this Agreement and thereupon the same and everything herein contained shall cease and be void as from the date of the occurrence of such damage or destruction or order or of the said premises becoming inaccessible or unfit for use and occupation but without prejudice to the rights and remedies of either party against the other in respect of any antecedent claim or breach of the agreements, stipulations, terms and conditions herein contained or of the Landlord in respect of the rent or other charges payable hereunder prior to the occurrence of such damage or destruction or order. |

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SECTION VIII<br> <u>DEFAULT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. It
 is hereby further expressly agreed and declared as follows

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| Default | 8.1 | If the rent and/or other charges payable hereunder or any part thereof shall be unpaid for fifteen (15) days after the same shall have become payable (whether legally or formally demanded or not) or if the Tenant shall fail or neglect to observe or perform any of the agreements, stipulations or conditions herein contained and on the Tenant's part to be observed and performed or if the Tenant shall stop or suspend payment of its debts or be unable to or admit inability to pay its debts as they fall due or enter into any scheme of arrangement with its creditors or have an encumbrance take possession of any of its assets or in circumstances in which the Landlord shall have reasonable grounds to believe that the ability of the Tenant to pay the rent and other charges hereby reserved and to observe and perform its obligations under this Agreement shall have been prejudiced or put at risk or have a receiving order made against it or in such circumstances as aforesaid fail to satisfy any judgment that may be given in any action against it after final appeal or if the Tenant shall become bankrupt or being a corporation shall go into liquidation or if any petition shall be filed for the winding up of the Tenant or if the Tenant shall otherwise become insolvent or make any composition or arrangement with creditors or shall suffer any execution to be levied on the said premises or otherwise on the Tenant's goods or the Tenant continues to cause unnecessary annoyance inconvenience or disturbance to the Landlord after warning in writing has been served by the Landlord on the Tenant then and in any such case it shall be lawful for the Landlord at any time thereafter to re-enter on and upon the said premises or any part thereof in the name of the whole whereupon this Agreement shall absolutely cease and determine but without prejudice to any right of action by the Landlord in respect of any outstanding breach or non-observance or non-performance by the Tenant of any of the agreements, stipulations and conditions herein contained and on the Tenant's part to be observed and performed and to the Landlord's right to deduct all loss and damage thereby incurred from the deposit paid by the Tenant in accordance with Section IX hereof and without prejudice to the generality of the foregoing the Landlord shall also be entitled to forbid such defaulting Tenant and its agents employees servants licensees and visitors from using the services and amenities of the said premises and/or the said building until such default or breach has been rectified and the Landlord and/or the manager of the said building shall not incur any liability to the Tenant for any loss or damage suffered by the Tenant as a result thereof provided always that the rights and remedies given to the Landlord hereunder shall be deemed cumulative remedies and shall not prejudice any right of action or any remedy of the Landlord for the recovery of any rent and/or other moneys due to the Landlord from the Tenant. |

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| Exercise of Rights | 8.2 | A written notice served by the Landlord on the Tenant in manner hereinafter mentioned to the effect that the Landlord thereby exercises the power of determination and/or re-entry herein contained shall be a full and sufficient exercise of such power without physical entry on the part of the Landlord notwithstanding any statutory or common law provision to the contrary. All costs and expenses incurred by the Landlord in demanding payment of the rent and other charges payable hereunder (if the Landlord elects to demand) and in exercising its rights and/or remedies or in attempting to do so shall be paid by the Tenant and shall be recoverable from the Tenant as a debt. |
| Acceptance of Rent | 8.3 | Acceptance by the Landlord of rent and/or interest and/or other charges payable by the Tenant hereunder shall not be deemed to operate as a waiver by the Landlord of any right to proceed against the Tenant in respect of any breach, non-observance or non-performance by the Tenant of any of the agreements, stipulations, terms and conditions herein contained and on the Tenant's part to be observed and performed notwithstanding any rule of law or equity to the contrary. |
| Acts of Contractors, Guests, Servants, Agents, Licensees and Visitors | 8.4 | For the purpose of this Agreement, any act, default, neglect or omission • of any servant, agent, family member, guest, visitor, employee, contractor or licensee (as hereinbefore defined) of the Tenant or occupier of the said premises shall be deemed to be the act, default, neglect or omission of the Tenant. |

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|:---|:---|:---|
| Distraint | 8.5 | For the purposes of distress for rent in terms of Part III of the Landlord and Tenant (Consolidation) Ordinance (Cap.7) or any statutory modification or re-enactment thereof for the time being in force and of this Agreement the rent payable in respect of the said premises shall be and be deemed to be in arrears if not paid in advance at the times and in the manner hereinbefore provided for payment thereof. |

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SECTION IX

<u>DEPOSIT</u>

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|:---|:---|:---|
| Deposit | 9.1 | The Tenant shall on the signing hereof and before it shall be entitled to possession of the said premises at the commencement of the said term and at such other times (if any) during the said term deposit and maintain with the Landlord the sum or sums specified in Part VII of the First Schedule hereto (hereinafter referred to as "the said deposit") to secure the due observance and performance by the Tenant of the agreements, stipulations, terms and conditions herein contained and on the Tenant's part to be observed and performed. The said deposit shall be retained by the Landlord throughout the said term and the currency of this Agreement free of any interest to the Tenant with the right for the Landlord (without prejudice to any other rights or remedy hereunder) to deduct therefrom the amount of any rent rates and other charges payable hereunder and any costs expenses loss or damage sustained by the Landlord as a result of any non-observance or non-performance by the Tenant of any of the said agreement, stipulations obligations or conditions, in which event the Tenant shall as a condition precedent to the continuation of the said term hereby created forthwith on demand by the Landlord deposit with the Landlord the amount so deducted and if the Tenant shall fail so to do the Landlord shall forthwith be entitled to re-enter on the said premises or any part thereof in the name of the whole and to determine this Agreement but without prejudice to any right of action by the Landlord in respect of any aforementioned outstanding breach dr non-observance or non-performance by the Tenant. |

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|:---|:---|:---|
| Increase of Deposit | 9.2 | Should increase in rent during the said term be provided for herein or should the Tenant's share of the Air-Conditioning and Management Charges be increased, the Tenant shall upon such increase becoming applicable pay to the Landlord by way of an increase in the said deposit a sum proportional to the said increase in rent and/or Air-Conditioning and Management Charges in order to restore the ratio of the said deposit to the rent plus the Tenant's share of the Air-Conditioning and Management Charges to that previously subsisting and the payment of such increase shall be a condition precedent to the continuation of this Agreement. |

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|:---|:---|:---|
| Repayment of Deposit | 9.3 | Subject as aforesaid a sum equivalent to the amount of the said deposit shall be refunded to the Tenant by the Landlord without interest within forty five (45) days after the expiration of this Agreement and the delivery of vacant possession of the said premises to the Landlord and after the settlement of the last outstanding claim by the Landlord against the Tenant in respect of any arrears of rent, rates, Air-Conditioning and Management Charges and other charges and any breach, non- observance or non-performance of any of the agreements, stipulations, terms and conditions herein contained and on the part of the Tenant to be observed and performed whichever shall be the later. For the avoidance of doubt, the parties hereto declare and acknowledge that the said deposit is not paid over and held hereunder as a trust property and/or upon any trust, express or implied, that the said deposit needs not be segregated from other monies of the Landlord. |
| Deposit Not Rent | 9.4 | In no event shall the Tenant be entitled to treat payment of the said deposit as payment of the rent and other charges hereby reserved. |
| Transfer of Deposit | 9.5 | The Tenant hereby expressly agrees, consents and authorises the Landlord to transfer the said deposit paid under this Agreement to the new owner(s) or the purchaser(s) (as the case may be) of the said premises in the event of the Landlord assigning or selling the said premises to new owner(s) or purchaser(s) at any time during the continuance of this Agreement subject to and with the benefit of this Agreement. If the Landlord elects to procure the new owner(s) or the purchaser(s) (as the case may be) to undertake in favour of the Tenant to refund the said deposit to the Tenant in accordance with the terms and conditions of this Agreement, further but without prejudice to the generality of the aforesaid, the Tenant shall within seven (7) days upon request being made by the Landlord and at the costs and expense of the Landlord (if both parties shall retain the same solicitors), or each party shall pay its own solicitors costs and expense (if separately represented), enter into an agreement or memorandum with the Landlord and/or the new owner(s) or the purchaser(s) (as the case may be) to effectuate the purpose as aforesaid. |

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SECTION X

<u>INTERPRETATION AND MISCELLANEOUS</u>

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| Condonation Not a Waiver | 10.1 | No condoning, excusing, giving of time or overlooking by the Landlord of any default, breach or non-observance or non-performance by the Tenant at any time or times of any of the Tenant's agreements, stipulations, terms, conditions and obligations herein contained shall operate as a waiver of the Landlord's rights hereunder in respect of any continuing or subsequent default, breach or non-observance or non-performance or so as to defeat or affect in any way the rights and remedies of the Landlord hereunder in respect of any such continuing or subsequent default or breach and no waiver by the Landlord shall be inferred from or implied by anything done or omitted by the Landlord unless expressed in writing and signed by the Landlord. Any consent given by the Landlord shall operate as a consent only for the particular matter to which it relates and in no way shall be considered as a waiver or release of any of the provisions hereof nor shall it be construed as dispensing with the necessity of obtaining the specific written consent of the Landlord in the future in respect of similar or other matters unless expressly so provided. |

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| Definition of Common Areas and Common Services and Facilities | 10.2 | (a) | The common areas referred to in this Agreement shall mean the following:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Such
 parts of the said building as may be designated under the Deed, if any, in respect of the said building as common areas for use
 in common by the co-owners for the time being of the said building; and

(ii) Such
 other parts of the said building as may from time to time and at any time be so designated by the Landlord and/or the manager of
 the said building;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 common services and facilities referred to in this Agreement shall mean the following:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Such
 services and facilities as may be designated under the Deed, if any, in respect of the said building as common services and facilities
 for the use in common by or benefit of the co-owners for the time being of the said building; and

(ii) Such
 other services and facilities within the said building as may from time to time and at any time be so designated by the Landlord
 and/or the manager of the said building;

Provided always that the Landlord and/or the manager of the said building shall also have the full and unrestricted right and power from time to time and at any time without the same constituting an actual or constructive eviction of the Tenant and without incurring any liability to the Tenant therefor to designate redesignate reallocate and/or partition such part or parts of the common areas and/or the common services and facilities and (if any) the recreational areas and facilities on the said building for the use of any person or persons and at such charges (if any) as the Landlord and/or the manager of the said building may see fit and to erect install restrict and/or alter the arrangement and/or the location and/or the accessibility of the same and the Tenant shall not raise any objection thereto and shall not have any recourse or remedy in any manner whatsoever.

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| Name of Development | 10.3 | The Landlord reserves the right to name or to change or to consent to the change of the name of the said building with or to any such name or style as it may determine and at-any time and from time to time to change, alter, substitute or abandon any such name or style in its absolute discretion and without compensation to the Tenant and without the same constituting an actual or constructive eviction of the Tenant and without the Landlord incurring any liability to the Tenant therefor whether for any loss, injury, damage, annoyance or inconvenience which the Tenant may suffer as a consequence of any change of name of the said building. The Landlord shall however give the Tenant, the Post Office and other relevant Government Authority(ies) reasonable notice of its intention to do as aforesaid or (as the case may be) of the aforesaid naming or change of name. |

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| Introduction of Rules and Regulations | 10.4 | The Landlord or its agents and/or the manager of the said building shall be entitled from time to time and by notice in writing to the Tenant to make introduce and subsequently amend adopt or abolish if necessary such rules and regulations as they may consider proper or necessary for the management and maintenance of the said premises and/or the said building. Such rules and regulations shall be supplementary in nature and effect, and in the event of conflict the terms and conditions of this Agreement shall prevail the said rules and regulations. The Landlord shall not be liable for any loss or damage however caused arising from non-enforcement or non-observance by any third party of the said rules and regulations. |
| Service of Notices | 10.5 | Save as herein otherwise agreed and stipulated, any notice required to be served hereunder shall if to be served on the Tenant be sufficiently served if addressed to the Tenant and sent by prepaid post to or delivered at the said premises or the Tenant's last known place of business or registered office or residence in Hong Kong and if to be served on the Landlord shall be sufficiently served if addressed to the Landlord and sent by prepaid post to or delivered at the address given in Part I of the Schedule hereto or any other address which the Landlord may notify to the Tenant from time to time. A notice sent by prepaid post shall be deemed to be given at the time and date of posting. |
| No Fine | 10.6 | The Tenant expressly declares and acknowledges that no fine, premium, key money, construction money or other consideration has been paid by the Tenant or the Landlord for the grant of this Agreement. |

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| Exclusion of Warranties | 10.7 | This Agreement sets out the full agreement reached between the parties and no other representations have been made or warranties given relating to the Landlord or the Tenant or the said building or the said premises and if any such representation or warranty has been made, given or implied the same is hereby waived. The Tenant hereby declares and confirms that it has duly inspected the said premises and is fully satisfied with the current state and condition of the said premises and the furnishings (if any) and finishes therein. The parties hereto agree that the said premises will be let to the Tenant by the Landlord in the state and condition as at the date of the signing of this Agreement and no warranty or representation whatsoever has been given or is made by the Landlord or its agents regarding the said premises and in particular but without prejudice to the generality of the foregoing, no warranty or representation is made by the Landlord or its agents regarding the state and condition of the said premises or the said building or the furnishings (if any) or the installations and appliances therein or the user thereof. |

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| Special Conditions | 10.8 | The parties hereto hereby agree that they shall respectively be bound by and entitled to the benefit of the Special Conditions (if any) contained in the Third Schedule hereto as if the same form an integral part of this Agreement, and in the event of any conflict between any of the Special Conditions and any of the provisions in the main body of this Agreement the former shall prevail. |
| Joint and Several Liability | 10.9 | Where more than one person is named as the Tenant all such persons shall sign this Agreement and shall be jointly and severally liable for the performance and observance of the terms, conditions and agreements contained herein and on the part of the Tenant to be performed and observed. |
| Genders and Plurals | 10.1 | In this Agreement unless the context otherwise requires words herein importing the masculine gender shall include the feminine and neuter genders and vice versa and words herein in the singular shall include the plural and vice versa and references to persons include bodies corporate and unincorporate and the term "the Landlord" shall include its agents. |

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|:---|:---|:---|
| Marginal Notes, Headings and Index | 10.11 | The marginal notes, headings and index are intended for guidance only and do not form part of this Agreement nor shall any of the provisions of this Agreement be construed or interpreted by reference thereto or in any way affected or limited thereby. |

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| Stamp Duty and Costs | 10.12 | (a) | This Agreement is drafted and prepared by the Landlord, and the Tenant hereby acknowledges that it has all along been fully aware of its right to take independent advice on this Agreement, its content, meanings and effect, its completion and signing and that prior to the signing hereof at least a copy of this Agreement in its draft form has been sent to it for comment and/or agreement that the Tenant has thoroughly understood the content of this Agreement and agrees to be bound hereby at its own free will by the act of having this Agreement signed by it in case the Tenant is not legally represented hereon. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Should
 the Tenant choose to be legally represented on the matter relating to this Agreement, the Tenant shall bear and pay its own legal
 costs and such disbursement as may be charged by its solicitors hereof and incidental hereto, unless both the Landlord and Tenant
 are legally represented hereon by the same solicitors where the legal costs and disbursements of and incidental to the preparation,
 completion and signing of this Agreement shall be borne by the parties hereto in equal shares.

(c) Should
 the parties hereto be legally represented separately each party shall bear and pay its own legal costs and such disbursements as
 may be charged by its own solicitors hereof and incidental hereto.

(d) Notwithstanding
 and without affecting and limiting the generality of the provisions of sub-clausés (a), (b) and (c) hereinabove, the stamp duty and
 (if any) registration fee and other disbursements of the Landlord in connection with this Agreement and its counterpart shall be
 borne by the parties hereto in equal shares. Unless otherwise agreed the stamping and (if applicable) registration of this Agreement
 and its counterpart shall be done by or through the Landlord that upon demand by the Landlord, the Tenant shall forthwith pay to
 the Landlord the Tenant's share of the stamp duty and registration fee aforesaid.

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|:---|:---|:---|
| Each Provision Independent and Severable | 10.13 | Each and every part of the clause sub-clause term condition stipulation or provision in this Agreement, save and except otherwise specified, shall be construed as an independent and severable part of the clause, sub-clause term condition stipulation or provision in this Agreement. In the event that any part of the clause, sub-clause term condition stipulation or provision is found to be illegal invalid or unenforceable such part of the clause, sub-clause term condition stipulation or provision shall be deemed to have been severed from this Agreement and shall not affect the validity and enforceability of the other part of the clause, sub-clause, term condition stipulation or provision and the other clauses, sub-clauses terms conditions stipulations or provisions of this Agreement. |
| Sale and Demolition | 10.14 | Notwithstanding anything herein contained to the contrary, if the owner of the said premises ("the Owner") shall resolve to sell or redevelop or demolish or re-build or refurbish or renovate the said premises or the Mall or the said building or any part(s) thereof (which intention shall be sufficiently and conclusively evidenced by a copy of the Resolution of its Board of Directors and, in case of the sale as aforesaid, of the sale contract certified by its Secretary or one of its Directors or a solicitor to be true and correct copy) then in any of such events the Landlord or the Owner shall be entitled to give not less than three (3) months' notice in writing to be given and to expire on any day of any calendar month to terminate this Agreement and immediately upon the expiration of such notice this Agreement shall be terminated and the Tenant's right to occupy and remain in the said premises shall cease notwithstanding any rule of law or equity or any prior agreement(s) and the Tenant shall forthwith deliver up vacant possession of the said premises to the Landlord or (as the case may be) the Owner without any claim, costs or compensation whatsoever but without prejudice to the rights and remedies of the Landlord and/or the Owner against the Tenant in respect of any antecedent claim or breach of any of the covenants restrictions stipulations or conditions herein contained. "Redevelopment" and/or "demolition" for the purposes of this Clause shall mean the redevelopment and/or demolition of the said building wholly or a substantial part(s) (but not necessarily a major part) thereof whether or not including any main walls exterior walls or roof of the said premises and whether or not any part thereof is to be re-built or redeveloped or reconstructed in the same or any other manner, and "refurbishment" and/or "renovation" for the purposes of this Clause may or may not include redevelopment or demolition or rebuilding of the said building or any part thereof. |

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| Time | 10.15 | The parties hereto agree that time shall in all respect be of the essence of this Agreement. |
| Governing Law | 10.16 | This Agreement shall be governed by and construed in accordance with the laws of the HKSAR and the parties hereto shall submit to the non-exclusive jurisdiction of the courts of the HKSAR. |
| Description of Premises | 10.17 | The Landlord reserves the right to change the alphabetical or numerical description of the said premises to any such description name or style as the Landlord may at its sole discretion determine at any time and/or from time to time during the term of letting created hereunder without compensation to the Tenant and without the same constituting any actual or constructive eviction of the Tenant and without the Landlord in any event incurring any liability to the Tenant for any loss, injury, damage, annoyance or inconvenience which the Tenant may suffer as a consequence of any change made by the Landlord as aforesaid. The Landlord shall however give the Tenant, the Post Office and other relevant Government Authorities 3 months' prior written notice of the aforesaid change of description of the said premises. |

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| Rights of Third Party | 10.18 | (a) | Save as provided in sub-clause (b) below, the Landlord and the Tenant do not intend any term of this Agreement to be enforceable pursuant to the Contracts (Rights of Third Parties) Ordinance (Cap.623) (the "Rights of Third Parties Ordinance"). |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the provisions contained in this Clause, each of the following third parties (each being a "Designated Third Party")
 shall have the benefit of and may enforce this Agreement pursuant to the Rights of Third Parties Ordinance:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 manager of the said building; and

(ii) the
 Landlord's successor(s) in title and assign(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Agreement may be varied from time to time or (where such right of rescission exists) rescinded without the consent of any Designated
 Third Party or any other person who is not a party to this Agreement and section 6(1) of the Rights of Third Parties Ordinance shall
 not apply to this Agreement.

IN WITNESS whereof this Agreement has been duly signed by the parties hereto the day and year first above written.

<u>THE FIRST SCHEDULE</u>

<u>PART I</u>

<u>THE LANDLORD</u>

SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED, whose registered office is situated at 45<sup>th</sup> Floor, Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong, Agent for the Owner of the said premises.

<u>PART II (A)\*</u>

<u>THE TENANT</u>

ES& TWP LIMITED, whose registered office is situated at Shop Nos. 101-102, 1<sup>st</sup> Floor, Tower 535, 535 Jaffe Road, Causeway Bay, Hong Kong.

<u>PART III</u>

<u>THE SAID PREMISES</u>

SHOP NOS. 321-323 on LEVEL 3 of the commercial accommodation (herein called "the Mall") of the development at TSUEN WAN PLAZA, Hong Kong erected on TSUEN WAN TOWN LOT NO. 326, as for identification purpose only shown on the Plan attached hereto and thereon coloured Pink.

<u>PART IV</u>

<u>TERM OF TENANCY</u>

For the term of FOUR (4) YEAR(S) commencing on the 31<sup>st</sup> day of March 2023 and expiring on the 30<sup>th</sup> day of March 2027 (both days inclusive).

<u>PART V</u>

<u>PARTICULARS OF RENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 monthly rental (exclusive of rates, Air-Conditioning and Management Charges and, if any,
 promotion levy, which are payable by the Tenant) for the said term shall comprise:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Basic
 Rental as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
Basic Rental for Year 1 and Year 2 of the said term shall be HK$216,518.00 ONLY; and

(ii) The
 Basic Rental for Year 3 and Year 4 of the said term shall be HK$222,450.00 ONLY;

(hereinafter referred to as "the Basic Rental") AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (If
 any) The Additional Turnover Rental being an amount by which:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 11%
 (for Year 1 and Year 2 of the said term); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 12%
 (for Year 3 and Year 4 of the said term)

of the Monthly Gross Receipt(s) (as hereinafter defined) of the Tenant's business at the said premises and the Extended Seating Area licensed by the Landlord (as licensor) to the Tenant (as licensee) for use under a separate Licence Agreement to be signed simultaneously herewith by the Tenant during and for the rental payable month (without any deduction) exceeds the aggregate of the Basic Rental and the Licence Fee payable by the Tenant (as licensee) under the said Licence Agreement for the same month in issue (hereinafter referred to as "the Additional Turnover Rental")

and notwithstanding anything contained in this Agreement the rental for the said term payable hereunder shall be paid by the Tenant to the Landlord in the following manner.

2. The
 rental payable as the Basic Rental of any month will be paid in advance by the Tenant on the 1st day of each and every calendar
 month and shall not be refundable to the Tenant in any event.

3. In
 the event that the Additional Turnover Rental of any month becomes payable to the Landlord,
 the Tenant shall pay in arrear but no later than the 14th day of the following month to the
 Landlord the full amount of the Additional Turnover Rental.

4. The
 payment of the Additional Turnover Rental in accordance with the provisions above shall be
 accompanied by separate advice (in the form of a written statement) as to the precise amount
 of the Monthly Gross Receipts of the Tenant's business at the said premises during
 the preceding month, such advice being duly certified by the Tenant's chief accountant(s)
 to be true and correct and shall be delivered to the Landlord within fourteen (14) days after
 the end of each month whether or not there being any Additional Turnover Rental payable.
 For the avoidance of doubt, in the event that no Additional Turnover Rental is payable for
 any calendar month the deficit shall not be carried forward to the next calendar month for
 determining the Additional Turnover Rental for the next calendar month.

5. At
 the close of each Accounting Period (as hereinafter defined) the Tenant will at its own costs
 and expenses cause its entire records for the preceding Accounting Period to be audited by
 the auditors appointed from time to time by the Tenant and approved by the Landlord and procure
 the auditors to issue a certificate as to the Monthly Gross Receipts for each calendar month
 of the Accounting Period in question and such certificate shall forthwith be delivered to
 the Landlord and in no event later than three (3) months after the close of the Accounting
 Period in question.

6. Within
 15 days after the delivery of the said certificate of the auditors showing the Monthly Gross
 Receipts for each calendar month of the Accounting Period in question, the Tenant will pay
 to the Landlord or the Landlord will repay to the Tenant the amount (if any) by which the
 rental as calculated by reference to the aforesaid provisions and the auditors' certificate
 aforesaid exceeds or falls short of the rental already paid during the Accounting Period
 in question (as the case may be), but such adjustment shall not in any event require the
 Landlord to refund any of the Basic Rental agreed and received by the Landlord.

7. Notwithstanding
 anything herein contained and for the avoidance of doubt, the Tenant agrees and covenants
 that it shall still be under obligation to observe, perform and comply with the provisions
 of this Part V notwithstanding that at the time of any such provisions to be observed, performed
 and complied with by the Tenant and/or to be enforced by the Landlord this Agreement may
 have expired by effluxion of time or been earlier terminated pursuant to the provisions of
 this Agreement.

8. The
 Landlord may at any time at its own expense appoint auditors or agents to check the Monthly Gross Receipts of the Tenant's
 business. Furthermore, the Tenant shall install at its own expense electronic cash registers. The Tenant shall at all times permit
 such operation and open its books and records to the Landlord, its duly authorised agents or any such auditors or authorized agents.

9. The
 Tenant shall also throughout the said term keep or cause to be kept complete, accurate and true records of the Monthly Gross Receipts
 in each calendar month. If at any time the Tenant fails to make complete and accurate reports thereof, the Tenant acknowledges that
 the Landlord shall then be at liberty to make an interim assessment of the Additional Turnover Rental (if any) and such interim assessment
 shall be deemed correct for all purposes and payment of the Additional Turnover Rental will be made thereon until complete and accurate
 reports of the Monthly Gross Receipts have been rendered. The Landlord may make such interim assessment on such basis as the Landlord
 may in its absolute discretion determine.

10. The
 expression "Gross Receipts" shall for the purpose of this Part V mean the gross amount of all sums billed or received
 in the course of the Tenant's business conducted at the said premises including but not limited to the sums billed or received
 for any sundry items and/or food and/or drinks sold at the said premises and/or all goods and services of whatsoever kind and description
 provided within or through or out of the said premises and all other income of whatsoever kind and description deriving from or in
 respect of the said premises including sales of souvenirs and all sums received by way of service charges (including but not limited
 to the 10% service charge) Provided That :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) every
 sale on credit terms or on an instalment basis shall be deemed to be a sale for the full cash price at the date when the same is
 made irrespective of the time or times at which the Tenant receives payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every
 deposit by a customer shall be included in the Gross Receipts at the time of receipt and shall only be deducted if and when repaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 calculating the amount of the Monthly Gross Receipts no deduction shall be made for bad or doubtful debts or (in the case of transactions
 paid by credit card) discounts or commissions payable by the Tenant to the provider of the credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 full agreed price of any item of the goods or merchandises that the Tenant sells in the said premises traded or bartered out in the
 said premises for goods shall be included in the Gross Receipts disregarding the agreed value of the goods so traded or bartered
 in AND, if any, the top-up payment to be made by either party of the goods trading in issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) purchase
 tax and any similar sales or excise tax (if any) imposed directly on the Tenant in respect of the supply of goods or services shall
 be included in the Monthly Gross Receipts but only to the extent that such tax is actually paid or accounted for by the Tenant to
 the taxing authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (if
 the Tenant's business in the said premises includes or involves (inter alia) redemption of cash, gift, festive product or other
 coupons (irrespective of where such coupons are sold and purchased or given and obtained) at the said premises for goods, service
 or money) the total value of the goods, service or money redeemed in the said premises as aforesaid shall, notwithstanding anything
 said hereinabove, be included in the Gross Receipts and then shall submit to the Landlord periodically as aforesaid a separate statement
 or account for any or all of the said business activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 value of the goods collected and the service redeemed or utilized in the said premises as purchased or ordered online or via internet
 or other non-traditional means shall be included in the Gross Receipts, and in such connection the Tenant shall, together with the
 submission of the monthly statement as aforesaid, submit to the Landlord full and detailed record of the abovesaid collection and/or
 redemption; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In
 respect of the goods and service which is/are ordered in another location of the Tenant's business conducting the same business
 that the Tenant is carrying on in the said premises (hereinafter called "the place of order") but is/are collected or
 redeemed or utilized in the said premises, the value thereof (less, if any, the deposit paid upon the order therefor in the place
 of order) payable upon collection or redemption or use in the said premises shall be included in the Gross Receipts, and in such
 connection the Tenant shall, together with the submission of the monthly statement as aforesaid, submit to the Landlord full and
 detailed record of the abovesaid collection and/or redemption and/or use.

11. The
 expression "Accounting Period" shall for the purpose of this Part V mean the period from 1st January to 31st December
 (both days inclusive) in each year save that the first Accounting Period shall be the period from the date upon which rent commences
 to be payable to 31st December in the same year (both days inclusive) and the last Accounting Period shall be the period frorn 1st
 January in the last year of the said term to the date of expiration or earlier determination of the said term (both days inclusive).

<u>PART VI</u>

<u>AIR-CONDITIONING AND MANAGEMENT CHARGES</u>

The monthly Air-Conditioning and Management Charges at the making hereof is HK$53,026.60, which shall be subject to revision prior to the commencement of and during the said term.

<u>PART VII</u>

<u>THE SAID DEPOSIT</u>

---

| | | |
|:---|:---|:---|
| RENTAL DEPOSIT | HK$ | 889800.00 |
| AIR-CONDITIONING AND MANAGEMENT CHARGES DEPOSIT | HK$ | 212106.40 |
| TOTAL (being 4 months' largest Basic Rental and Air-Conditioning and Management Charges) | HK$ | 1,101.906.40 |

---

<u>PART VIII</u>

<u>NORMAL BUSINESS HOURS</u>

The business hours of the Mall are from <u>10:30</u> a.m. to <u>9:30</u> p.m. daily. The Landlord reserves the right to alter or amend the said business hours from time to time and to such extent as the Landlord shall in its discretion deem appropriate or necessary.

<u>PART IX</u>

<u>PROMOTION LEVY</u>

HK$8,898.00 per month at the making hereof, subject to revision prior to the commencement of and during the said term and in accordance with the provision of this Agreement.

<u>THE SECOND SCHEDULE</u>

<u>USER</u>

Restricted to use for the operation of TWO (2) individual restaurants in the following manner:-

(i) A
 Japanese yakiniku restaurant under the trade name and style of "Yakiniku 801" only; and

(ii) A
 Japanese dessert cafe under the trade name and style of "Ufufu Cafe" only but for no other purpose whatsoever.

<u>THE THIRD SCHEDULE</u>

<u>SPECIAL CONDITIONS</u>

1. Notwithstanding
 anything said herein, the Tenant shall be entitled to a rent-free period from 31<sup>st</sup> March 2023 to 20<sup>th</sup> June
 2023 (both days inclusive) for the purpose of fitting-out, and/or renovation and/or decoration of the said premises (but for the
 avoidance of doubt, the Tenant shall pay all other charges payable hereunder by the Tenant during and for the said rent-free period).

2. The
 Tenant shall observe and comply with <u>"Design and Fitting-out Guide"</u> and other relevant rules or requirements imposed
 by the Landlord or the manager of the said building for the carrying out of the Fitting Out Works, if any, for and to the said premises.
 The Landlord is entitled from time to time to amend and/or alter the content of the said general requirements as it deems appropriate
 or necessary without further notice to the Tenant.

3. (a) The
 said premises shall be handed over to the Tenant in a " <u>bare shell</u> " state and condition without any shopfront device
 (e.g. shopfront glazing, shopfront glass or wall, door or fence) at the shopfront of the said premises as coloured  **<u>purple</u>** on
 the plan attached hereto and the Landlord shall not do any decoration work save and except repair of any structural defect within
 the said premises. The Tenant shall at its own costs and to the Landlord's satisfaction reinstate all alteration and additional
 work by it and deliver up vacant possession of the said premises to the Landlord in a "bare shell" state and condition
 upon expiration or sooner determination of the tenancy. The Landlord shall have the absolute discretion on retaining the transparent
 shutter (if any) upon expiration or sooner determination of the tenancy without any reimbursement or similar payment therefor to
 the Tenant.

4. (a) The
 Tenant is required to use the shopfront of the said premises (as coloured <u>yellow</u> on the plan attached hereto) as "Showcase(s)"
 and to maintain the shopfront display in the manner as a first class commercial complex throughout the said term. For the avoidance
 of doubt, any obstructions of view along the said shopfront and/or installation of storeroom/changing room/blinds or the like to
 block up or cover up the same are strictly prohibited. If the Tenant fails to alter the shopfront display to the satisfaction of
 the Landlord within 14 days after receipt of the Landlord's notice, the Landlord is entitled (but not obliged) to terminate
 this Agreement and forfeit the said deposit and to re-enter the said premises but without prejudice to the right of action by the
 Landlord in respect of any outstanding breach or non-observance or non-performance by the Tenant of any of the terms of this Agreement
 resulting for any loss and damage that the Landlord may sustain not being set off by the deposit paid hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 layout of the shopfront area shall be designed by the Tenant in low range of fittings and fixtures which cannot exceed 1000 mm in
 height, and will not block the visibility among shopfronts (as coloured <u>yellow</u> on the plan attached hereto) and common corridors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Tenant shall keep the shopfront of the said premises lit from 9:30 a.m. to 10:00 p.m. daily throughout the said term and shall install
 a timer to control the lighting at its own cost in order to minimize inconvenience/darkness to the neighbouring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Tenant undertakes not to obstruct the area under the fire shutter, if any (as coloured <u>blue</u> on the plan attached hereto),
 at anytime throughout the said term. The Tenant shall take into consideration the said requirement as its detailed design of the
 layout of the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Tenant shall not block and shall keep clear at all time throughout the said term the exit door(s), if any (as coloured <u>green</u> on the plan attached hereto), as an emergency exit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Tenant shall keep the entrance(s) (if any) (as coloured <u>orange</u> on the plan attached hereto) open for public access during
 the normal business hours of the said building set forth in Part VIII of the First Schedule hereto throughout the said term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Tenant shall reserve electrical conduit(s) for lighting up the oval shop sign(s) at the common corridor. The graphic design and production
 shall be carried out by the Landlord's approved contractor and the cost of which shall be borne by the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) NO
 box, trolley or tray especially those bearing brand name and/or logo can be placed immediately on and/or along the shopfront glass
 panel and/or near the entrance of the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Directory/display
 stand is not allowed to be put outside the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 dimension, design, material and colour scheme of the signage inside the said premises must be submitted for the Landlord's
 prior approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Installation
 of cockloft in the said premises is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) All
 delivery and/or removal of fitting-out equipment, material or debris, goods, merchandise and garbage shall be arranged outside the
 normal business hours of the Mall or at such time and at such routing to be approved and designated by the Management Office of the
 Mall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Bargain
sale of merchandise at or near the shopfront is strictly prohibited and that such bargain sales should be conducted at the rear side
of the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Touting
 with loud voice causing nuisance or annoyance to the tenants or occupiers of adjacent premises or to users and customers of the same
 or to the Landlord is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The
 Tenant undertakes not to put merchandise, rubbish, boxes and other articles outside the boundary of the said premises (i.e. in the
 Landlord's common area) throughout the said term. In particular, the Tenant undertakes not to obstruct/block the fire escape
 staircase and common corridor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The
 Tenant acknowledges that neon-coloured poster/price list in hand-written or printed form sticking on shopfront or merchandise is
 not allowed.

5. The
 Tenant agrees that any delay in submitting or resubmitting fitting-out proposals and plans which are unsatisfactory to the Landlord
 shall not entitle the Tenant to claim for any extension of rent-free fitting-out period.

6. The
 Tenant has to pay debris removal deposit, debris removal fee, temporary electricity charge, if any, etc. at the amount to be advised
 by the management office of the said building prior to commencement of fitting out works.

7. The
 Tenant acknowledges that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Landlord has the right to carry out renovation and/or alteration and/or addition work within, outside and/or above the said building;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 will be fitting out works carried out by the Landlord and/or other tenants of the Mall (including but not limited to alteration of
 ceiling, modification of glass shopfront and/or door, mechanical and electrical works, etc.)

which might cause inconvenience to the tenants of the Mall and that the Tenant hereby agrees that the Tenant shall have no claims whatsoever against the Landlord or its agent(s) therefor.

8. The
 Tenant shall at its own expense keep lit any shopfront windows, showcases and signs of the said premises throughout the hours during
 which the Mall is open to the public and for the better observance hereof the Tenant shall permit the Landlord to control the electrical
 circuits to the shopfront windows, showcases and signs and the Tenant shall be required to have such electrical circuits connected
 and wired to allow the Landlord to have such control. For the purpose of this Special Condition, shopfront windows shall be deemed
 to include those parts of the interior of the said premises immediately fronting onto the common areas of the Mall and/or the street
 frontage for display of merchandise.

9. The
 Tenant acknowledges that building services installation (such as ductworks, pipeworks, hose reel, and etc.) may not be shown on the
 plan attached hereto.

10. The
 Tenant agrees and undertakes that notwithstanding any other provisions herein contained, the Tenant shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submit
 the required fitting out plans to the Landlord before the commencement of the said term for the Landlord's approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commence
 the fitting out works only upon receipt of the Landlords' said approval and in any event within two weeks from the commencement
 of the said term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) start
 to operate his business in the said premises within three months from the commencement of the said term.

If the Tenant shall fail to perform and observe any of the above conditions, the Landlord shall be absolutely entitled to serve notice in writing to the Tenant to require the Tenant to perform and observe the above conditions within seven (7) days from the date of the said notice, failing which the Landlord shall be absolutely entitled (but not obliged) to serve on the Tenant seven (7) days' notice in writing to terminate this Agreement, and upon expiration of the said notice this Agreement shall cease absolutely and the Landlord shall re-enter and repossess the said premises free from any rights or interest of the Tenant but without prejudice to any rights or remedies that may have accrued to the Landlord against the Tenant in respect of any antecedent breach of condition or other term of this Agreement, including the breach in respect of which the termination is made. Upon termination of this Agreement all deposits paid by the Tenant shall be applied to set off such loss and damage that the Landlord may suffer or may have suffered as the result of the said breach(es) and the Landlord shall be entitled to re-let the said premises to other party or parties on such terms and conditions as it may deem appropriate without prejudice to the Landlord's rights to recover from the Tenant any loss and damage that it may sustain. In the event of the Tenant failing to perform any of the conditions above, as an alternative to serving the abovesaid notice to terminate this Agreement as aforesaid, the Landlord shall be entitled to take proceedings to enforce specific performance of this Agreement by the Tenant.

11. Notwithstanding
 anything herein contained to the contrary, the Tenant agrees to and shall pay to the Landlord the Basic Rental, Additional Turnover
 Rental (if any), air- conditioning and management charges, promotion levy (if any), rates and all other charges, fees and interest
 payable by the Tenant to the Landlord hereunder ("the Required Payments") by bank autopay. In such connection, the Tenant
 shall, prior to the actual commencement of the said term, fill in and complete in accordance with the Landlord's or its agent's
 direction, duly sign and return to the Landlord or its agent the bank autopay or direct debit authorization form(s) (prescribed and
 provided by the Landlord's or its agent's banker) ("the Authorization") provided by the Landlord or its agent,
 and further agrees that :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 shall not vary cancel terminate or withdraw the Authorization without the Landlord's or its agent's consent in writing
 PROVIDED THAT the Tenant shall be entitled to cancel terminate and withdraw the Authorization without the Landlord's or its
 agent's consent upon expiry of Forty-five (45) days after the expiry or termination of the letting hereunder subject strictly
 to there being at that time no Required Payment(s) or arrears thereof unpaid or remaining unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prior
 to the actual commencement of the abovesaid bank autopay arrangement under the Authorization the Landlord or its agent shall be entitled
 to demand the Tenant to, and the Tenant shall so do, pay the Required Payments in cash or by cheque(s), banker's standing order(s)
 or direct debit(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on
 default of the payment of the Required Payments (or any item(s) thereof) by way of the abovesaid bank autopay the Landlord or its
 agent shall be entitled (but not obliged) to demand the Tenant to, and the Tenant shall so do, pay the Required Payments (or any
 items thereof) in arrears in cash or by cheque(s), banker's standing order(s) or direct debit(s), and the Landlord shall have
 right to charge by way of additional rent interest at such rate as stipulated and in such manner as provided in the relevant clause(s)
 hereof (or of the formal tenancy agreement herein if this document is a confirmation of tenancy or equivalent); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Landlord or its agent shall, if they consider necessary, be absolutely entitled to demand the Tenant to, and the Tenant shall so
 do, fill in, complete, sign and return to the Landlord or its agent afresh bank autopay or direct debit authorization form(s) or
 the equivalent request(s) to replace the Authorization.

12. Without
 prejudice or affecting the generality of the provisions herein regarding the fitting-out and/or reinstatement works of the said premises,
 and if the Tenant wishes to, subject to the Landlord's prior consent, re-fit out and renovate the said premises, the Tenant
 agrees to erect a hoarding with full height graphic design sticker covering the same to hoard up the entirety of the said premises
 ("the said Hoarding") at its own costs and expenses and to the Landlord's satisfaction forthwith upon the commencement
 and/or expiry/termination of the said term and during the course of the fitting-out and/or re-fit out and/or reinstatement works
 of the said premises, failing which the Landlord shall be entitled to without first seeking the Tenant's consent to do the
 said Hoarding but at the sole costs and expenses of the Tenant, which costs and expenses shall be fully reimbursed by the Tenant
 to the Landlord within Seven (7) days from the written demand therefor, failing which the Landlord shall be entitled to treat such
 unpaid costs and expenses as a debt under this Agreement and to set off the same by deduction from the said deposit. For the avoidance
 of doubt, the Landlord is not obliged to demolish the said Hoarding, and the same shall be done by the Tenant at its own cost and
 expenses and upon the approval of the Landlord.

13. The
 Tenant agrees to make available to its customers in the said premises more options for payment, and in such connection the Tenant
 shall use its best endeavor to, at its own costs and risk(s), adopt, install, maintain and cause to be operative during the said
 term, in addition to whatever method(s) of payment it intends to use in the said premises during the said term, at least FOUR (4)
 of such mobile payment systems/devices currently available for use in Hong Kong to achieve and serve the abovesaid purpose. Failure
 on the part of the Tenant to perform this Special Condition shall constitute a breach of this Agreement entitling (but not obliging)
 the Landlord to early terminate this tenancy by giving not less than seven (7) days' prior notice thereof in writing to the
 Tenant.

14. Notwithstanding
 anything aforesaid in this Agreement, the Tenant acknowledges that the Landlord is entitled to, by giving reasonable prior notice
 to the Tenant, for the purpose of compliance of any order(s) and/or direction(s) issued by relevant Government authorities in respect
 of the said premises during the said term, enter into the said premises for carrying out alteration and/or demolition works at the
 said premises which may result in the making of noise and vibration and emission of dust and other substances and other forms of
 disturbance and such works will be carried out by the Landlord and/or its authorized agents or contractors which may cause inconvenience
 to the Tenant and that the Tenant hereby agrees that it shall not make any complaint and shall not be entitled to any abatement of
 rent or any claims/compensation of whatsoever nature against the Landlord or its agent(s) or the manager of the said building in
 relation to the said works.

15. Waterproofing
 within the wet area, if any, (e.g. kitchen including food preparation area and dish washing area, toilet, bath, shower, sauna, wash
 basin for hair/hand washing purpose, etc.) within and/or outside the said premises for the Tenant's exclusive use shall be
 carried out by the Tenant. Waterproofing membrane (liquid or sheet form, not just waterproofing screed) shall be applied to the whole
 wet area and upturn to the wall to such a height and extent to prevent any water leakage from the wet area to the satisfaction of
 the Landlord. The details of the type of waterproofing to be used and the construction drawings regarding the application of the
 waterproofing works shall be submitted to the Landlord in advance prior to commencement of the Tenant's associated fitting
 out works. The Landlord reserves the right to disapprove the Tenant's waterproofing proposal if it is found unsatisfactory
 to the Landlord. The Tenant shall be fully responsible for the water tightness of the wet area and the said premises and shall fully
 indemnify the Landlord for any claims, loss, damages and liabilities so caused.

16. The
 Tenant agrees that (i) <u>NO</u> menu stand; (ii) <u>NO</u> seating and (iii) <u>NO</u> food in whatever nature (including but not
 limited to food served and/or sold through take away orders) can be displayed placed and/or sold outside the said premises. The reception
 counter must be placed within the said premises.

17. The
 Landlord will designate toilet facilities to the Tenant for licensing purpose.

18. The
 Tenant shall at its own costs install and maintain an e-booking system (including all the associated electronic devices and accessories)
 in accordance with the Landlord's requirements and specifications for the purpose of table reservation and, as the case may
 be, cause such booking system to be linked up or connected to the central e-booking system as may be installed and operated by the
 manager of the Commercial Units in respect of and for those tenants and licensees whose business carried on in the Commercial Units
 requires booking. For the avoidance of doubt, the said e-booking system shall be in full operation throughout the said term and failure
 to comply with this condition shall constitute a material breach of this Agreement entitling the Landlord to early terminate this
 Agreement.

19. Notwithstanding
 anything said herein, the Tenant covenants with the Landlord that the business hours of its business at the said premises throughout
 the said term shall be  **<u>from 10:30 a.m. to 09:30 p.m.</u>** on every day during the said term and that there will be no "time-out"
 session (落場時間) during the aforesaid business hours. Failure to comply with this condition shall
 constitute a material breach of this Agreement entitling (but not obliging) the Landlord to early terminate this Agreement.

20. The
 Landlord and its agent have made no warranty, representation or guarantee that the said premises are fit for the purpose for which
 the Tenant has agreed to take the said premises ("the User") or any particular user. The Tenant shall use its own endeavour
 and at ,its own cost satisfy itself that the said premises are fit for the User and apply for all relevant and necessary permissions,
 consents, approvals or licences from all relevant Government department(s)/authority(ies) and such other competent authority(ies)
 for the User and the business to be carried on at the said premises by the Tenant, and comply with and satisfy all such requirements
 and continuous requirements imposed upon and in connection with the granting and renewal of the aforesaid permissions, consents,
 approvals or licences ("the Requirements"). The Landlord shall be under no obligation whatsoever to make any addition/alteration
 to and in the said premises and/or to and in and upon any other part(s) of the said building to satisfy the Requirements, and the
 Tenant shall have no claim whatsoever against the Landlord and/or its agent for, if any, the refusal or objection to the granting
 or renewal of the aforesaid permissions, consents, approvals or licences AND/OR the inability on the part of the Tenant or otherwise
 to satisfy and comply with the Requirements.

21. Without
 prejudice to anything aforesaid in this Agreement, the Tenant shall apply for all relevant and necessary permissions, consents, approvals
 or licences from all relevant Government department(s)/authority(ies) and such other competent authority(ies) for the discharge capacity
 of the said premises not exceeding 100 people ("the Discharge Capacity") prior to the commencement of Tenant's
 business and to maintain the same in full force during the said term. The Tenant is not allowed to open for business unless the Tenant
 has fully complied with the said application and provide the copy of such application approval to the Landlord. The Tenant's
 failure to do so will entitle the Landlord (but not obliged) to terminate this Agreement by giving to the Tenant seven (7) days'
 notice in writing, and upon expiration of the said notice this Agreement shall cease absolutely and the Landlord shall enter and
 possess the said premises free from any rights or interest of the Tenant. Upon termination of this Agreement all the said deposit
 paid by the Tenant shall be applied to set off such loss and damage that the Landlord may suffer or may have suffered as the result
 of the said breach and the Landlord shall be entitled to re-let the said premises to other party or parties on such terms and conditions
 as it may deem appropriate without prejudice to the Landlord's right to recover from the Tenant any loss and damages that it
 may sustain not being set off by the said deposit.

22. Without
 prejudice to the provisions contained in this Agreement regarding repayment of the said deposit upon expiry or earlier termination
 of this tenancy, the Tenant shall apply to the relevant Government department(s) for the discharge of its food licence (the "Food
 Licence Discharge"). The said deposit shall only be refunded to the Tenant by the Landlord without interest within forty five
 (45) days after the expiry or earlier termination of this tenancy and the delivery of vacant possession of the said premises to the
 Landlord and, inter alia, the Food Licence Discharge is issued by the relevant Government department(s) and the Tenant has fully
 complied with the requirements imposed in connection with the Food Licence Discharge to the satisfaction of the Landlord.

23. The
 Tenant declares that its business of "Ufufu Café" at the said premises is being operated under a franchise agreement
 ("the franchise"). The Tenant agrees that the subsistence and validity of the franchise is a condition precedent to the
 granting of this tenancy. Should the franchise expire, be terminated or cease to be valid and binding for whatever reason, which
 the Tenant shall forthwith inform the Landlord of, the Landlord shall in such event be entitled to terminate the tenancy granted
 hereunder forthwith by serving a written notice to the Tenant and re-enter upon the said premises and thereupon this Agreement shall
 absolutely determine but without prejudice to any right of action of the Landlord in respect of any outstanding breach or non-observance
 or non-performance by the Tenant of any terms of this Agreement. The Tenant further agrees that should either of the following events
 take place, it shall be deemed to have been conclusively proved for the purpose of this Agreement that the franchise has ceased to
 be valid and binding and the Landlord could exercise its right hereunder :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 notice in writing from the Franchisor stating that the franchise agreement has expired, been terminated or ceased to have effect;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Tenant is unable to prove to the satisfaction of the Landlord that the franchise agreement is still valid and binding within fourteen
 (14) days upon receiving written request from the Landlord for such proof.

24. Without
 prejudice to and affecting the generality of Part V of the First Schedule hereto, within fourteen (14) days after the end of each
 month the Tenant shall submit to the Landlord TWO (2) sets of individual written statements, one for the business of the Japanese
 yakiniku restaurant under the trade name of "Yakiniku 801" and the other for the business of the Japanese dessert cafe
 under the trade name of "Ufufu Café", as to the precise amount of the Monthly Gross Receipts of the said TWO (2) business
 respectively for and during the preceding month.

25. (a) Notwithstanding
 anything contained in this Agreement, the Landlord shall have the right (but not obliged) to terminate this tenancy at any time during
 the said term by giving not less than NINETY (90) days' notice in writing (such notice of termination may expire at any time)
 to the Tenant upon the happening of the following event ("the Event") :-

If the average of the Gross Receipts (as defined in Part V of the First Schedule to this Agreement and whether as advised by the Tenant or audited by the auditors or otherwise) of any twelve (12) consecutive months (but after the aforesaid rent-free period) during the said term shall be less than <u>HK$1,779,600.00</u> per month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 the expiry of the said notice of termination, everything contained in this Agreement shall cease and be void and the Tenant shall
 immediately deliver up vacant possession of the said premises to the Landlord. The Tenant shall not be entitled to claim against
 the Landlord for any compensation for the loss of goodwill or business, damages or any costs and expenses incurred by the Tenant
 whatsoever but any such termination shall be without prejudice to the rights and remedies of either party against the other in respect
 of any antecedent claim or breach of any covenants agreements stipulations terms or conditions herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the avoidance of doubt, the said notice of termination may be served at any time after the happening of the Event. No acceptance
 of rent or any other payment or inaction, condoning, excusing or overlooking whatsoever by the Landlord after the happening of the
 Event shall operate or be regarded by the Tenant as a waiver of the Landlord's rights hereunder or so as to defeat or affect
 in any way the rights and remedies of the Landlord hereunder and no waiver by the Landlord shall be inferred from or implied by anything
 done or omitted by the Landlord, unless expressed in writing and signed by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Tenant shall not be entitled to any claim against the Landlord for any damages or compensation or any relief against such extinguishment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding
 the right of the Landlord to make interim assessment as aforesaid in Part V of the First Schedule hereto, if the Tenant fails to
 submit to the Landlord the written statement of the Monthly Gross Receipts for any month in the manner as stipulated under Part V
 of the First Schedule hereto, a material breach of this Agreement by the Tenant shall be deemed constituted, and the Landlord shall
 be absolutely entitled to serve notice in writing to the Tenant to require the Tenant to submit such statement within seven (7) working
 days from the date of the said notice, failing which the Landlord shall be absolutely entitled (but not obliged) to terminate this
 Agreement by giving to the Tenant seven (7) days' notice in writing, and upon expiration of the said notice this Agreement
 shall cease absolutely and the Landlord shall re-enter and repossess the said premises free from any rights or interest of the Tenant
 but without prejudice to any rights or remedies that may have accrued to the Landlord against the Tenant in respect of any antecedent
 breach of the condition or other term of this Agreement, including the breach in respect of which the termination is made. Upon termination
 of this Agreement all deposits paid by the Tenant shall be applied to set off such loss and damage that the Landlord may suffer or
 may have suffered as the result of the said breach(es) and the Landlord shall entitled to re-let the said premises to other party
 or parties on such terms and conditions as it may deem appropriate without prejudice to the Landlord's right to recover from
 the Tenant any loss and damages that it may sustain. In the event of the Tenant failing to perform this condition, as an alternative
 to serving the abovesaid notice to terminate this Agreement as aforesaid, the Landlord shall be entitled to take proceedings to enforce
 specific performance of this Agreement by the Tenant.

25. Notwithstanding
 anything contained herein, the Tenant shall adopt for its business in the said premises a 3-dimensional shopfront design in full
 compliance with the guidelines rules or requirements imposed by the Landlord or the manager of the Mall. Failure to comply with this
 Special Condition shall be a material breach of this Agreement entitling (but not obliging) the Landlord to terminate this Agreement
 forthwith and forfeit the said deposit with or without prior warning or notice but without prejudice to the right of action by the
 Landlord in respect of any outstanding breach or non-observance or non-performance by the Tenant of any of the terms of this Agreement
 resulting for any loss and damage that the Landlord may sustain not being set off by the deposit paid hereunder.

26. Notwithstanding
 anything said herein, the Tenant agrees to extend the operation of its business and keep the shopfront of the said premises lit on
 the following days until the specified business closing hours as appended hereinbelow

---

| | | |
|:---|:---|:---|
|  |  | <u>Business Closing Hours</u> |
| a. | Christmas' Eve | Not earlier than 12:00 midnight of the following day. |
| b. | New Year's Eve | Not earlier than 12:00 midnight of the following day. |
| c. | Chinese New Year's Eve | Not earlier than 12:30 a.m. of the following day. |

---

Failure to comply with the above condition shall constitute a material breach of this Agreement entitling the Landlord to early terminate this Agreement.

27. (i) The
 Tenant shall enter into a separate licence agreement ("the Licence Agreement") as the Licensee to occupy All That the
 area as <u>coloured Pink and hatched Black</u> on the plan attached hereto ("the Licensed Area") as a seating area at
 such monthly licence fee and on such terms and conditions as more particularly set out in the Licence Agreement for a term to expire
 on the expiry date of the said term herein. For the avoidance of doubt, the Tenant as the Licensee shall have no tenancy or any other
 legal or equitable interest estate right title or benefit of and in the Licensed Area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Tenant as the Licensee of the Licensed Area shall, throughout the said term, pay to the Landlord as the Licensor the aforesaid licence
 fee and service and management charges in advance on the first day of each and every calendar month without deduction whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 decoration of the Licensed Area shall be in the same style of the seating area of the said premises and the Licensed Area shall be
 decorated to the standard in keeping with a first class commercial complex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If
 for any such reason as contained in the Licence Agreement the licensing of the Licensed Areas is early terminated, the Landlord shall,
 notwithstanding anything herein contained, be absolutely entitled (but not obliged) to terminate this Agreement by giving to the
 Tenant not less than one (1) month's notice thereof in writing, which notice shall be given and shall expire on any day of
 any calendar month, whereupon the tenancy hereunder shall be terminated absolutely and the Tenant shall have no claim whatsoever
 against the Landlord therefor.

28. The
 installation of signage/neon signage/logo along the perimeter of the said building (as coloured red on the attached floor plans)
 by the Tenant is strictly prohibited unless prior approval from the Landlord has been obtained. For the avoidance of doubt, this
 restriction also applies to posters, banners or advertising signs of any kind on the inner and outer faces/sides of the glass panels
 along the said perimeter of the said building.

<u>THE FOURTH SCHEDULE</u>

<u>EXCEPTIONS AND RESERVATIONS</u>

1. The
 right of free and uninterrupted passage egress from and ingress to the common services of the said building as are in or under above
 or through the said premises to install, affix, erect or permit to be installed, affixed or erected any aerial(s), transmitter(s)
 or other telecommunication cable(s) wiring(s) or equipment above the false ceiling or otherwise over or under the said premises and
 the Tenant shall permit the Landlord and/or the manager of the said building and their authorized agent(s) or contractor(s) (with
 or without tools and materials and workmen) to enter the said premises to install affix erect maintain repair replace or renew such
 aerial(s) transmitter(s) cable(s) wiring(s) or equipment at all reasonable time but upon prior appointment and shall not remove,
 alter, tamper or otherwise cause damage to such aerial(s) transmitter(s) cable(s) wiring(s) or equipment at the said premises and
 shall indemnify the Landlord against all such claims demands actions proceedings loss or damages costs expenses arising from the
 breach of aforesaid provision by the Tenant.

2. The
 right to erect or permit or suffer there to be erected any building structure or thing on any other part of the said building or
 the land and/or building(s) adjoining or neighbouring the said building notwithstanding that such building may diminish interfere
 with obstruct or affect the amenity of the said premises the access of light or air to the said premises or any easement, privilege
 or right whatsoever enjoyed by the said premises.

3. (a) The
 right to remove, cancel, relocate or otherwise change or carry out any alteration or addition or other works to the common areas (including
 but not limited to entrances, passages, corridors and staircases) and common facilities (including but not limited to lifts, escalators
 and toilets) of the said building and such other part or parts of the said building (other than the said premises) from time to time
 and in such manner as the Landlord may in its absolute discretion deem fit without the same constituting an actual or constructive
 eviction of the Tenant and without incurring any liability whatsoever to the Tenant therefor. In particular, the Landlord hereby
 expressly reserves the right at any time and at its sole discretion to renovate or refurbish the commercial/retail accommodation
 of the said building and to change, alter, amend, vary, add to and relocate the layout of the commercial/retail accommodation including
 but not limited to the external walls, entrance lobbies, staircases, landings, passages, corridors, toilets, lifts and escalators
 and to carry out works to effect such renovation, refurbishment, change, alteration, amendment, variation, addition and re-location
 Provided that the size of the said premises shall not be affected or reduced in any way And Provided further that the Tenant shall
 not be entitled to object to the renovation, refurbishment, change, alteration, amendment, variation, addition, re-location or any
 works thereof and shall have no right of action or claim for compensation whatsoever in connection with any matters arising from
 this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 right, subject to the Deed, to provide and install a public address system throughout the common areas and to play relay or broadcast
 or permit any other person to play relay or broadcast recorded music or public announcement therein.

4. The
 right of free and uninterrupted passage running and transmission of water, soil, gas, electricity and of all other services or supplies
 through such conduits, sprinklers, wires, cables, watercourses, sewers, flues, gutters and other associated apparatus and similar
 items, ductworks, pipeworks and hose reel ("the conduits") now or may after the date of this Agreement be in the said
 premises and serving or capable of serving other parts of the said building or the land and/or building(s) adjoining or neighbouring
 the said building together with the right to enter upon the said premises at reasonable times and upon prior appointment to inspect
 repair maintain replace renew alter improve or remove any such conduits or to lay any new conduits in the said premises, such works
 to be carried out with all due care and expedition causing as little damage or disturbance as possible and making good all damages
 caused thereby to the said premises.

5. The
 right of shelter protection and support from the said premises for any other part of the said building.

6. All
 easements, quasi-easements, privileges and rights whatsoever now enjoyed by other parts of the said building in, under, over or in
 respect of the said premises as if such parts of the said building and the said premises had at all times heretofore been in separate
 ownership and occupation and such matters had been acquired by prescription or formal grant.

---

| |
|:---|
| <br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |

---

/s/ Ip Shun Chun Joyce

---

| |
|:---|
| <br> /s/ ES& TWP LIMITED  |
| <br> /s/ ES& TWP LIMITED  |
| <br> /s/ ES& TWP LIMITED  |
| <br> /s/ ES& TWP LIMITED  |
| <br> /s/ ES& TWP LIMITED  |
| <br> /s/ ES& TWP LIMITED  |
| <br> /s/ ES& TWP LIMITED  |
| <br> /s/ ES& TWP LIMITED  |
| <br> /s/ ES& TWP LIMITED  |
| <br> /s/ ES& TWP LIMITED  |
| <br> /s/ ES& TWP LIMITED  |
| <br> /s/ ES& TWP LIMITED  |
| <br> /s/ ES& TWP LIMITED  |

---

---

| | |
|:---|:---|
| NAME : | /s/ /s/ Tan Ka Wing |

---

---

| |
|:---|
| <br><u>HK$1,101,906.40</u><br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br><u>HK$1,101,906.40</u><br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br><u>HK$1,101,906.40</u><br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br><u>HK$1,101,906.40</u><br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br><u>HK$1,101,906.40</u><br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br><u>HK$1,101,906.40</u><br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br><u>HK$1,101,906.40</u><br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br><u>HK$1,101,906.40</u><br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br><u>HK$1,101,906.40</u><br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br><u>HK$1,101,906.40</u><br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| <br><u>HK$1,101,906.40</u><br>/s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |

---

[\*\*\*]

## Exhibit 10.10

**Exhibit 10.10**

**THIS AGREEMENT** is made the 21st day of June Two Thousand and Twenty-two

**BETWEEN**

(A) the Landlord whose name address or registered office and description
are set out in Part I of the First Schedule hereto (hereinafter called "Landlord" of the one part; and

(B) the Tenant whose name address or registered office and description
are set out in Part II of the First Schedule hereto (hereinafter called "Tenant") of the other part.

**WHEREBY IT IS AGREED** as follows :-

**<u>Subject Matter</u>**

1. The Landlord lets and the Tenant takes ALL THOSE the premises set out in the Second Schedule hereto (hereinafter called "the said premises") TOGETHER with the right in common with the Landlord and the other tenants of the building mentioned in the Second Schedule hereto (hereinafter referred to as "the said building") and all other persons having the like right to use for the purposes only of access to and egress from the said premises the driveways entrances exists staircases lifts (if any) (during such hours as the same shall be working), for the term of years ("Term") set out in Part III of the First Schedule A hereto YIELDING AND PAYING therefor during the Term the calendar monthly rent ("Rent") and payable in the manner set out in Part IV of the First Schedule hereto,

TOGETHER with and subject to a rent free period set out in Part IV of the First

**THIS AGREEMENT** is made the 21st day of June Two Thousand and Twenty-two

**BETWEEN**

(A) the
 Landlord whose name address or registered office and description are set out in Part I of
 the First Schedule hereto (hereinafter called "Landlord") of the one part;
 and

(B) the
 Tenant whose name address or registered office and description are set out in Part II of
 the First Schedule hereto (hereinafter called "Tenant") of the other part.

**WHEREBY IT IS AGREED** as follows :-

**<u>Subject Matter</u>**

1. The Landlord lets and the Tenant takes ALL THOSE the premises set out in the Second Schedule hereto (hereinafter called "the said premises") TOGETHER with the right in common with the Landlord and the other tenants of the building mentioned in the Second Schedule hereto (hereinafter referred to as "the said building") and all other persons having the like right to use for the purposes only of access to and egress from the said premises the entrances exists staircases lifts (if any) (during such hours as the same shall be working), for the term of years ("Term") set out in Part III of the First hereto YIELDING AND PAYING therefor during the Term the calendar monthly rent ("Rent") and payable in the manner set out in Part IV of the First Schedule hereto,

TOGETHER with and subject to a rent free period set out in Part IV of the First Schedule hereto.

**<u>Tenant's Obligation and Covenant</u>**

2. The Tenant to the intent that the obligations may continue throughout the Term hereby created hereby agrees with the Landlord as follows :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 pay unto the Landlord the Rent at the time and in manner aforesaid without any deduction,
 or right to set-off whether legal, equitable or otherwise whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 pay all charges for telephone water gas and electricity supplied to the said premises, and
 all other outgoings (except for Property Tax and outgoings of a capital and non-recurring
 nature which are discharged and paid by the Landlord) of recurring nature now or hereafter
 to be assessed, imposed or charged by The Government of Hong Kong Special Administrative
 Region ("Government") or other lawful authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 maintain in good condition all the interior non-structural parts of the said premises including
 all doors windows water and electrical installations and apparatus and electrical wiring
 and the Landlord's fixtures (if any) and to keep the same in good clean tenantable
 substantial and proper repair and condition (fair wear and tear excepted) and deliver up
 the same to the Landlord at the expiration or sooner determination of the Term hereby created
 in the like condition (fair wear and tear excepted), and to keep in good order and condition
 and properly cleansed and free from obstructions all the sanitary equipment drains sinks
 and pipes within the said premises (fair wear and tear excepted), and to replace at the Tenant's
 expense all broken or damaged windows doors and fixtures where the same have been broken
 or damaged by the negligence of the Tenant, and to take all precautions to protect the interior
 of the said premises against damage by storms or typhoons or the like.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not
to keep or store or cause or permit or suffer to be kept or stored any arms ammunition gunpowder saltpetre or unlawful goods in any part
of the said premises and shall not keep or store or cause or permit or suffer to be kept or stored other combustible substance or hazardous
goods in any part of the said premises and shall not at any time during the Term allow the said premises or any part thereof to be used
in any way entailing a fine forfeiture or penalty against the Landlord under any law in force in The Hong Kong Special Administrative
Region ("Hong Kong SAR").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 permit the Landlord and all persons authorised by the Landlord upon prior appointment at
 all reasonable times to enter into the said premises to view the condition thereof and give
 or leave notice in writing to the Tenant or upon the said premises of all defects and want
 of repair therefound AND within one month or such other reasonable period of time after every
 such notice to well and sufficiently repair and make good such defects and want of repair
 for which the Tenant is responsible hereunder accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not
 to do or suffer any act which shall amount to a breach or non- observance of any negative
 or restrictive covenant contained in the Conditions or any Government Lease under which the
 Landlord holds the said premises or in the Deed of Mutual Covenant and/ or the Management
 Agreement (if any) in respect of the said building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Not
 to do or permit to be done anything whereby the policy or policies of insurance on the said
 premises against damage by fire for the time subsisting may become void or voidable or whereby
 the rate of premium thereon may be increased and to repay to the Landlord all sums paid by
 way of increased premium and all expenses incurred by the Landlord in or about any renewal
 of such policy or policies rendered necessary by a breach of the terms of this clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not
 to do or permit to be done in or upon the said premises or any part thereof anything which
 may be or become a nuisance annoyance damage or disturbance to the Landlord or the tenants
 or occupiers of the other floors of the said building, of the said premises (if any) and
 in the neighbourhood.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not
 to obstruct or cause any obstruction in or upon any part of the said building which the Tenant
 has a right to use in common with the other persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not
 to use or suffer or permit the said premises to be used for any unlawful or immoral purposes
 or for Guests House or Hostel purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To
 permit the Landlord during 2 months immediately preceding the determination of the tenancy
 to affix and retain but causing the least possible inconvenience to the Tenant upon any part
 of the said premises a notice of reletting the same and during the said 2 months to permit
 persons with written authority from the Landlord and the Landlord's agent at reasonable times
 of the day and upon reasonable prior appointment made to view the said premises provided
 such viewing shall cause minimum disturbance to the Tenant's business at the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Not
 without the written consent of the Landlord to make any structural addition and alteration
 in the said premises or remove any partition door or other fixtures therein and not to cut
 maim or injure any of the floors walls or timbers thereof which shall affect the structural
 component of the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To
 be answerable and responsible for the consequence of any breach of any Ordinance Orders in
 Council or Regulations by any occupiers licensee or guests of the said premises and to indemnify
 the Landlord against any breach of the terms of this clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To
 be responsible for all the damage to the said premises and to the said building or any other
 part thereof caused by the Tenant's agents invitees and permittees or persons companies and
 firms taking delivery of or delivering goods and chattels from and at the said premises AND
 to reimburse the Landlord on demand all costs incurred by the Landlord as result of the said
 damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Not
 to assign, underlet, part with the possession of, or transfer the said premises or any part
 thereof or any interest therein, nor permit or suffer any arrangement of transaction whereby
 any person who is not party to this Agreement obtains the use, possession, occupation or
 enjoyment of the said premises or any part thereof irrespective of whether any monetary or
 other consideration is given therefor and without in any way limiting the generality of the
 foregoing and the following acts and events shall, unless approved in writing by the Landlord
 (which approval the Landlord shall not withhold unreasonably), be deemed to be breaches of
 this clause

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In
 the case of a tenant which is a partnership, the taking in of one or more new partners whether
 on the death or retirement of an existing partner or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In
 the case of a tenant who is an individual (including a sole surviving partner of a partnership
 tenant) the death, insanity or other disability of that individual, to the intent that no
 right to use, possess, occupy and enjoy the said premises or any part thereof shall vest
 in the executors, administrators, personal representatives, next of kin, trustee or committee
 or any such individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In
 the case of a corporation, any reconstruction amalgamation, merger or voluntary liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Not
to affix or put up or display or paint any signage signboard decoration advertisement being any business or trade name other than that
of the Tenant's business (collectively "the Signboard") on the said premises or which may be visible from the
outside of the said premises unless (i) the Tenant shall at its own costs observe and comply with and shall indemnify the Landlord against
the breach of all relevant laws and regulations and all relevant provisions in the Deed of Mutual Covenant and, if required, apply to
get all necessary consent or approval from the Buildings Department and/or management office; and (ii) the Tenant shall keep the Signboard
in proper repair and condition at all times and shall be wholly responsible for any loss, damage or injury caused to any person whomsoever
directly or indirectly through the erection demolition and/or the defective or damaged condition of the Signboard and shall make good
the same by payment or otherwise and to indemnify the Landlord against all actions, proceedings, costs, claims and demands made upon
the Landlord by any person in respect of any such loss, damage or injury and all costs and expenses incidental thereto; and (iii) the
tenant shall at the expiration or sooner determination of the Term demolish and remove the Signboard at the Tenant's own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) At
the expiration or sooner determination of the Term to deliver up to the Landlord the said premises with vacant possession and to remove
all fixtures and fittings installed in the said premises and to make good all damage caused by their removal and to deliver the said
premises in a "Bare Shell" condition.

**<u>Landlord's Obligation and Covenant</u>**

3. The Landlord hereby agrees with the Tenant as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) That
 the Tenant paying the Rent hereby reserved and performing and observing the Tenant's
 stipulations herein contained may peaceably enjoy the said premises without any interruption
 by the Landlord or any person lawfully claiming under or in trust for the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 pay all Property Tax in respect of the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Maintain
 or caused to be maintained the main structure of the said premises in proper repair and condition
 Provided that the Landlord's liability under this Clause 3(c) shall not arise unless
 and until written notice of any defect or want of repair has been given by the Tenant to
 the Landlord and the Landlord shall have failed to take reasonable steps to repair or remedy
 the same after the lapse of a reasonable time from the date of service of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To
 use his reasonable endeavours to procure the Manager to perform the terms of the Deed of
 Mutual Covenant.

4. **PROVIDED ALWAYS AND IT IS HEREBY AGREED** as follows :-

**<u>Re-entry</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 and whenever any part of the Rent hereby reserved shall be in arrears for 15 days whether
 the same shall have been legally demanded or not, or if any stipulation on the Tenant's
 part herein contained shall not be performed or observed, or if the Tenant shall become bankrupt
 or being a corporation shall go into liquidation (save the voluntary liquidation of a solvent
 company for the purpose of amalgamation or reconstruction) or being struck off from the companies
 register kept by the Registrar of Companies or similar body (or overseas counterpart if the
 Tenant being a foreign corporation), or the Tenant shall otherwise become insolvent or enter
 into any composition with the Tenant's creditors or suffer any distress or execution
 to be levied on the Tenant's goods, then and in any of the said cases it shall be lawful
 for the Landlord and the person for the time being entitled to the receipt of the Rent hereunder
 at any time thereafter to re-enter upon the said premises or any part thereof in the name
 of the whole and thereupon this tenancy shall absolutely determine but without prejudice
 to the right of action of the Landlord in respect of any breach of the Tenant's stipulations
 herein contained.

**<u>Notice</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 notice hereunder shall be in writing. Any notice, process of Court proceedings and/or Court
 Orders (particularly action for re-possession of the said premises) to the Tenant shall be
 sufficiently and deemed to have been duly served if:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) left addressed to the Tenant on or at the said premises or
any part thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sent
 to the Tenant by registered post at or left at the Tenant's usual or last known
 address in Hong Kong SAR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sent
 to the Tenant by registered post or left at the Tenant's place of business and/or
 registered office in Hong Kong SAR in the case of the Tenant being a corporation.

Any notice to the Landlord shall be sufficiently served if delivered to the Landlord personally or sent to the Landlord by registered post at the Landlord's last known address in Hong Kong SAR, and in the case of the Landlord being a corporation any notice shall be delivered to the Landlord's registered office or sent to the Landlord by registered post at the Landlord's registered office in Hong Kong SAR.

**<u>Deposit</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Tenant shall pay to the Landlord the sum set out in Part V of the First Schedule hereto as
 a security deposit ("the Deposit")on or before the signing of this Agreement.
 The Deposit shall bear no interest and if there shall be no breach of any of the terms and
 conditions on the part of the Tenant herein contained, the Deposit shall be returned to the
 Tenant within 5 days from the date of delivery of vacant possession of the said premises
 by the Tenant to the Landlord on the expiration of the Term or sooner determination of the
 same, but the Landlord shall be entitled to deduct therefrom the amount of any loss damage
 costs or expenses sustained by the Landlord as a result of any non-observance or non-performance
 by the Tenant of any of the terms or conditions of this Agreement without prejudice to the
 Landlord's right of action against the Tenant for damages in excess thereof.

**<u>Destruction</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
 the event of the said premises or any part thereof being damaged or destroyed by reason of
 fire typhoon earthquake or subsidence or any cause for which the Tenant shall not be responsible
 or become subject to a closure or demolition executive or court order or is inaccessible,
 and that if the said premises shall not have been repaired and reinstated within one month
 from the occurrence of the destruction or damage or remain subject to the closure or demolition
 order, the Rent or a proportionate part thereof shall cease to become payable until the said
 premises shall have been repaired reinstated or again rendered fit for use and occupation
 and PROVIDED that the Landlord shall be under no obligation to repair or reinstate the said
 premises or any part thereof so damaged or destroyed and PROVIDED FURTHER that if the said
 premises shall not have been repaired and reinstated within two months from the occurrence
 of the destruction or damage or remain subject to the closure or demolition executive or
 court order either party shall be entitled at any time before the same are so repaired and
 reinstated to terminate this Agreement by notice in writing to the other.

**<u>Government Rates and Government Rent</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 party set out in Part VI of the First Schedule hereto shall pay all Government rates and
 Government Rent throughout the Term hereby created.

**<u>Periodic Management Charges</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 party set out in Part VII of the First Schedule hereto shall pay all the periodic management
 charges throughout the Term hereby created.

**<u>Disclaim of Liability</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Landlord shall not be under any liability to the Tenant or to any other person whomsoever
 in respect of any loss or damage to person or property sustained by the Tenant or any such
 other person caused by or through or in any way owing to the failure or malfunctioning of
 the drainage system or electrical wiring or equipment of and in the said building or the
 overflow of water or escape of fumes smoke fire or any other substance or thing from anywhere
 within the said building including the said premises. The Tenant shall fully and effectually
 indemnify the Landlord from and against all claims and demands made against the Landlord
 by any person in respect of any loss, damage or injury caused by or through or in any way
 owing to the overflow of water or the escape of fumes smoke fire or any other substance or
 thing from the said premises or to the neglect or default of the Tenant his servants, agents
 or licensees or to the defective or damaged conditions of the interior of the said premises
 or any fixtures or fittings for the repair of which the Tenant is responsible hereunder and
 against all costs and expenses incurred by the Landlord in respect of any such claim or demand.

**<u>Key Money</u>**

5. It is hereby expressly declared and agreed that no key or construction money or other premium of a similar nature (other than the Rent and the Deposit) has/have been paid or is/are payable by the Tenant for the Term hereby created.

**<u>Waiver</u>**

6. It is hereby expressly agreed that in the event of any breach of any terms or conditions on the part of the Tenant herein contained, the Landlord shall not by acceptance of any Rent or by any other act whatsoever or by any omission be deemed to have waived any such breach of terms or conditions notwithstanding any rule or law or equity to the contrary and that no consent to or waiver of any breach be binding on the Landlord unless the same is in writing under the hand of the Landlord.

**<u>User</u>**

7. (a) The Tenant further covenants with the Landlord to use the
said premises and every part thereof primarily for the purpose permitted under this Agreement as set out in Part VIII of the First
Schedule hereto. However the Tenant may apply to the relevant competent Government and/or other authorities for such other use
as may be permitted but at the entire expense and cost of the Tenant which permitted use is also subject to written consent of the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 observe all rules regulations and Ordinance at all times applicable to the said premises
 and to the present or any other use of the said premises by the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No
 warranty expressed or implied is given by the Landlord that the said premises are fit or
 otherwise permitted by the relevant authorities to be used for the purposes which the Tenant
 shall use the said premises; the Tenant shall not have any claim whatsoever against the Landlord
 and shall forthwith cease to use the said premises for such purpose if and whenever the Landlord
 and/or the Tenant shall be required ordered or demanded by the relevant authorities to cease
 to use the said premises for such purpose, failing which the Tenant shall be deemed to be
 in breach of this clause and in such event re-entry provisions contained in clause 4(a) hereof
 shall apply.

**<u>Legal Costs and Stamp Duty</u>**

8. (a) All stamp duty in respect of this Tenancy Agreement and
its counterpart shall be borne by the parties hereto in equal shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each party shall bear his own legal costs and disbursements
of and incidental to the preparation and completion of this Tenancy Agreement and its counterpart.

**<u>Full Agreement</u>**

9. This Agreement comprises all the terms agreed between the parties hereto and supersedes all previous agreements, whether oral or in writing entered into by the parties or their agents. No warranty or representation express or implied is or has been made or given by the Landlord or by any person on his behalf relating to the said premises prior to the signing hereof and if any such warranty or representation express or implied has been made the same is withdrawn or deemed to have been withdrawn immediately before the parties entered into this Agreement.

**<u>"As is" Basis</u>**

10. The Tenant hereby declares acknowledges and confirms that the Tenant has duly inspected and is fully satisfied with and accepts in all respects the existing physical state, condition and finishes of the said premises and the fixtures and fittings therein and is fully aware that the Landlord is letting the said premises in their present state and condition and the Tenant shall not make any objection or requisition thereto or in connection therewith. The said premises are and will be let on an "as is" basis and in the physical state and condition as they stand and no warranty or representation whatsoever has been given or is made by the Landlord or his agents regarding the physical state and condition thereof or of the said building. In particular and without limiting the generality of the foregoing, no warranty or representation is given or made by the Landlord or his agents on any of the following matters, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 physical state and condition, quality, fitness or finishes of the fittings installations
 and appliances (if any) incorporated or installed in the said premises or the said building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 physical state and condition, composition or construction of the said premises or the legality
 or illegality of any structures erected thereon or the said building.

**<u>Option to Renewal</u>**

11. Notwithstanding any provision to the contrary herein, it is hereby expressly agreed by and between the parties hereto that at the expiration of the said term hereby granted (that is from the 23<sup>rd</sup> day of June 2022 to the 22<sup>nd</sup> day of June 2025), if there shall not have been any existing material breach or material non-performance or non-observance by the Tenant of any of the Tenant's conditions herein contained, the Landlord shall allow an option to the Tenant subject to not less than three (3) calendar months' prior notice in writing being given to the Landlord by the Tenant prior to the date of the expiration of the said term to renew the tenancy of the said premises for a further term of three (3) years (that is from the 23<sup>rd</sup> day of June 2025 to the 22<sup>nd</sup> day of June 2028) from the expiration of the term hereby granted at HK$255,000.00 per month (exclusive of Government rates and periodic management charges) and otherwise upon the same terms and conditions as herein contained with the exception of this Clause for option to renewal and the provision herein for any rent-free period. Time shall be of the essence in respect of this right of option to renewal.

**<u>Special Conditions</u>**

12. Notwithstanding the above terms and conditions, those additional terms and conditions in Chinese in the following (<sup>"</sup>the Additional Terms<sup>"</sup>) shall form part of this Agreement. Should there be any conflict between the terms and conditions of this Agreement and the Additional Terms, the latter shall prevail:-

---

| | |
|:---|:---|
| (a) | 租客承諾於租約期滿交回舖位予業主時以「拆清裝修狀況」交回。 |
| (b) | 業主承諾會另外提供多三十天免租期予租客*，*由2024年6月23日至2024 年7月22日止(包括首尾兩天)，於此段免租期內租客須負責支付該物業之 差餉，管理費及冷氣，水電媒之費用。 |
| (c) | 業主承諾*，*若因為政府防疫措施而禁止晚上6時後之堂食*，*於該段期間租 金自動寬減15%。 |
| (d) | 業主不反對租客轉用有限公司簽署正式租約，但租客必須提供證明與 |
|  | 〃YAKINIKUKAKURA〃三間分店之經營公司為共同大股東。 |

---

**<u>Interpretation</u>**

13. It is hereby declared that in the construction of these presents, unless the contrary intention appears, words importing the singular number only shall include the plural number and vice versa, words importing the masculine gender shall include the feminine gender and neuter gender and words importing persons shall include companies or corporations AND where more than one person is party hereto as tenant, the expression "the Tenant" shall where the context admits include all or either or any of such persons and their liability in respect of the obligations on the part of the Tenant contained or implied herein shall be joint and several.

14. A caption to any Clauses of this Agreement shall be for easy reference only and shall not have any legal effect and shall not in any way vary, limit or extend the interpretation of this Agreement.

15. This Agreement shall be governed by and construed in accordance with the law of Hong Kong SAR and the parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of the Courts of Hong Kong SAR.

**<u>THE FIRST SCHEDULE ABOVE REFERRED TO</u>**

**<u>Part I</u>**

**<u>Landlord</u>**

LAI AND SON COMPANY LIMITED 黎氏父子有限公司 whose registered office is situate at 1st Floor, 4 Shek Lung Street, Kowloon.

**<u>Part II</u>**

**<u>Tenant</u>**

ES& GRANVILLE LIMITED whose registered office is situate at Shop No.Gl & G3, Ground Floor, Site 11 (Treasure World), Whampoa Garden, Hung Hom, Kowloon, Hong Kong.

**<u>Part III</u>**

**<u>Term</u>**

A Fixed Term of THREE (3) YEARS commencing from the 23<sup>rd</sup> day of June 2022 to the 22<sup>nd</sup> day of June 2025 both days inclusive.

**<u>Part IV</u>**

**<u>Rent</u>**

DOLLARS TWO HUNDRED AND EIGHT THOUSAND ONLY (HK$208,000.00) (exclusive of Government rates and periodic management charges) to be paid in advance without any deduction whatsoever on the 23<sup>rd</sup> day of each and every calendar month.

**<u>Rent Free Period</u>**

The Landlord agreed to provide a rent-free period commencing from 23<sup>rd</sup> day June 2022 to the 6<sup>th</sup> day of August 2022 (both days inclusive) during which the Tenant shall be entitled to enter into and remain in the Property free of renal but the Tenant shall be responsible for payment of Government Rates and periodic management charges and air conditioning other charges including gas, water, telephone and electricity charges within the said rent free period.

**<u>PART V</u>**

**<u>Deposit</u>**

DOLLARS SIX HUNDRED AND TWENTY-FOUR THOUSAND ONLY (HK$624,000.00) Hong Kong Currency.

**<u>Part VI</u>**

**<u>Party paying Government Rent</u>**

The Landlord

**<u>Party paying Government Rates</u>**

The Tenant

**<u>PartVII</u>**

**<u>Party paying; periodic management charges</u>**

The Tenant

**<u>Part VIII</u>**

**<u>Purpose</u>**

For Commercial Use Only

**<u>THE SECOND SCHEDULE ABOVE REFERRED TO</u>**

("the said premises")

Ground Floor, No. 14 Granville Road, Kowloon, Hong Kong..

AS WITNESS the hands of the parties hereto the day and year first above written.

---

| |
|:---|
| /s/ LAI & SON COMPANY LIMITED  |
| /s/ LAI & SON COMPANY LIMITED  |
| /s/ LAI & SON COMPANY LIMITED  |
| /s/ LAI & SON COMPANY LIMITED  |
| /s/ LAI & SON COMPANY LIMITED  |
| /s/ LAI & SON COMPANY LIMITED  |
| /s/ LAI & SON COMPANY LIMITED  |

---

/s/ CHEUNG Ka Wai

HK$624,000.00

---

| |
|:---|
| /s/ LAI & SON COMPANY LIMITED  |
| the Landlord |

---

---

| |
|:---|
| /s/ ES& GRANVILLE LIMITED  |
| /s/ ES& GRANVILLE LIMITED  |
| /s/ ES& GRANVILLE LIMITED  |
| /s/ ES& GRANVILLE LIMITED  |
| /s/ ES& GRANVILLE LIMITED  |
| /s/ ES& GRANVILLE LIMITED  |
| /s/ ES& GRANVILLE LIMITED  |

---

/s/ Tam B Ray Billy

<u>Dated the 21st day of June 2022.</u>

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

**TENANCY AGREEMENT**

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

KELVIN CHEUNG & CO.,<br> SOLICITORS,<br> UNIT 101,1ST FLOOR,<br> HONG KONG TRADE CENTRE,<br> 161-167 DES VOEUX ROAD CENTRAL,<br> HONG KONG.

**Ref.: KC-24535/2022(am)**

**[G/F., No.14 Granville Road, Kln]**

## Exhibit 10.11

**Exhibit 10.11**

Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.

<u>DATED the 30<sup>th</sup> day of June 2023</u>

**PALLISER INVESTMENTS LIMITED**

and

**ES CONCEPT (F&B) CO., LIMITED**

TENANCY AGREEMENT

---

| | |
|:---|:---|
| Premises | Shops G1 and G3 on the Ground Floor of the Commercial Podium of Site 11 of Whampoa Garden |
| Term | Three Years |
| Option | Nil |
| Commencing | 4 October 2023 |
| Expiring | 3 October 2026 |
| Rent | As mentioned in Part II of the Second Schedule |
| Service Charges | HK$31,647.90 per month |
| Extra Air-Conditioning Charges | HK$8,375.00 per month |
| Promotional Charges | HK$2,552.30 per month |
| Deposit | HK$1,500,887.40 |

---

**<u>SECTION I</u>**

THIS AGREEMENT is made the 30<sup>th</sup> day of June Two thousand and twenty three

---

| | |
|:---|:---|
| Parties | BETWEEN **PALLISER INVESTMENTS LIMITED** whose registered office is situate at 7th Floor, Cheung Kong Center, 2 Queen's Road Central, Hong Kong (which company and its successors and assigns are where not inapplicable hereinafter included under the designation "the Landlord") of the one part and **ES CONCEPT (F&B) CO., LIMITED** whose registered office is situate at Units 1-3, 2nd Floor, Chai Wan Industrial City Phase 1, 60 Wing Tai Road, Chai Wan, Hong Kong (hereinafter called "the Tenant") of the other part. |
|  | WHEREBY IT IS HEREBY AGREED as follows:- |
| Premises | The Landlord lets and the Tenant takes ALL THAT/THOSE portion(s) of the Commercial Podium (hereinafter called "the Podium") of WHAMPOA GARDEN - SITE 11 (hereinafter referred to as "the Building") erected or to be erected on ALL THAT piece or parcel of land registered at the Land Registry as SECTION K OF KOWLOON INLAND LOT NO. 10750 (hereinafter referred to as "the Land") (which said portion(s) is/are more particularly described in the First Schedule hereto and is/are hereinafter called "the Premises") TOGETHER with all rights easements and appurtenances thereto belonging or usually held and enjoyed therewith TOGETHER with the use in common with the Landlord and all others having the like right of the common entrances, staircases, landings, lavatories, passages and escalators and lifts (whenever the same shall be operating) in the Podium and the Building from time to time designated by the Landlord for common use by the tenants and occupiers of the Podium and/or the Building and those expressly or by implication authorized by the Landlord in so far as the same are necessary for the proper use and enjoyment of the Premises EXCEPT AND RESERVED unto the Landlord and all persons authorised by the Landlord or otherwise entitled thereto:- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 right of free and uninterrupted passage and running of water, soil, gas, drainage, electricity and all other services or supplies
 through such sewers, watercourses, conduits, pipes, wires, cables and ducts as are now or may hereafter be in, on or under the Premises
 and serving or capable of serving the Building or any adjoining or neighbouring property or any part thereof together with the right
 to enter upon the Premises to inspect repair or maintain any such sewers, watercourses, conduits, pipes, wires, cables and ducts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 exclusive right to install in or affix to any part of the Building such flues, pipes, conduits, chimneys, aerials, plant, machinery
 and other apparatus, signs, placards, posters and other advertising structures whatsoever (whether illuminated or not) as the Landlord
 shall think fit together with the right to repair maintain service remove or replace the same provided that the Landlord shall cause
 as little interference as possible to the Tenant and make good any damage caused to the Premises forthwith;

(iii) the
 right to erect or alter or consent to the erection or alteration of any building for the time being on any adjoining or neighbouring
 property notwithstanding that such erection or alteration may diminish the access of light and air enjoyed by the Premises and the
 right to deal with any such property as it may think fit;

(iv) the
 right and liberty to enter upon the Premises in the circumstances in which the covenants by the Tenant contained in these presents
 permit such entry;

(v) the
 right to subjacent and lateral support from the Premises for the remainder of the Podium and the Building;

(vi) all
 easements quasi-easements privileges and rights whatsoever now enjoyed by any adjoining or neighbouring property in under over or
 in respect of the Premises as if such adjoining and neighbouring property and the Premises had at all times heretofore been in separate
 ownership and occupation and such matters had been acquired by prescription or formal grant; and

(vii) the
 absolute and unfettered right to use the external walls of the Building for whatever purpose the Landlord may deem fit and to assign
 or delegate such right,

---

| | |
|:---|:---|
| Term Rent | for the term of THREE YEARS commencing from the Tenancy Commencement Date as specified in Part I of the Second Schedule hereto determinable as hereinafter mentioned (which term or any other extended term hereunder shall hereinafter be collectively referred to as "the said term") EXCEPT and RESERVING to the Landlord the rights hereinafter mentioned YIELDING AND PAYING therefor during the said term the rent and other charges as set out in the Second Schedule hereto which rent (exclusive of rates) and other charges shall be payable in advance without any deductions including legal or equitable set-off on the 1st day of each calendar month. The Premises shall be handed over by the Landlord to the Tenant in an "as is" condition and the Tenant is required to fit out the Premises in accordance with the terms of this Agreement. |

---

**<u>SECTION II</u>**

**<u>RENT AND OTHER CHARGES</u>**

The Tenant hereby agrees with the Landlord as follows:-

Rent and Other Charges 1. To pay the rent and other charges on the days and in the manner hereinbefore provided for payment thereof and in banknotes if so demanded.

---

| | |
|:---|:---|
| Rates, Taxes and etc. | 2. To pay and discharge all rates, taxes, assessments, duties, charges, impositions and outgoings of an annual or recurring nature now or hereafter to be assessed, imposed or charged by the Government of the Hong Kong Special Administrative Region or other lawful authority upon the Premises or upon the owner or occupier thereof (Government Rent and Property Tax only excepted). Without prejudice to the generality of this clause the Tenant shall pay all rates imposed on the Premises in the first place to the Landlord who shall settle the same with the Government of the Hong Kong Special Administrative Region and in the event of the Premises not yet having been assessed to rates the Tenant shall pay to the Landlord a sum estimated by the Landlord to be likely the rates which would be charged by the Government of the Hong Kong Special Administrative Region on the basis of a rateable value equal to twelve months' rent payable by the Tenant on account of the Tenant's liability under this clause. |

---

---

| | |
|:---|:---|
| Utilities | 3. To pay and discharge all deposit and charges for gas, water, telephone and electricity consumed in the Premises including charges for the air-conditioning and the mechanical ventilation system (if any) installed therein and operated from the Tenant's own metered electricity supply. |

---

Additional Air- Conditioning Charges 4. To pay promptly the additional air-conditioning charges which may be chargeable by the Landlord in accordance with Section IV (4) hereof.

**<u>SECTION III</u>**

**<u>TENANT'S OBLIGATIONS</u>**

The Tenant hereby agrees with the Landlord as follows:-

---

| | |
|:---|:---|
| User | 1. To use the Premises wholly and exclusively as a Japanese yakiniku restaurant offering grilled meat cuisine under the trade name of "YAKINKU KAKURA" and not to use or permit or suffer the Premises or any part thereof to be used for any other purposes or without the consent in writing by the Landlord use any other trade name. |

---

---

| | |
|:---|:---|
| Compliance with Ordinance | 2. To obey and comply with and to indemnify the Landlord against the breach of all ordinances, regulations, by-laws, rules and requirements of any Governmental or other competent authority relating to the conduct and carrying on of the Tenant's business on the Premises or to any other act, deed, matter or thing done, permitted, suffered or omitted therein or thereon by the Tenant or any employee, agent or licensee of the Tenant and to notify the Landlord forthwith in writing of any notice received from any statutory or public authority concerning or in respect of the Premises or any services supplied thereto. |

---

---

| | | |
|:---|:---|:---|
| Fitting Out | 3.(a) | To fit out the Premises in a style and manner appropriate to a high class shopping centre and in accordance with such plans design and specifications (including, but not limited to the design, finishing and materials of the shop front, the electrical wiring diagram and air-conditioning and mechanical ventilation plans) as shall have been first submitted to and approved in writing by the Landlord who may in its absolute discretion accept or reject such plans design and specifications as it thinks fit in a good and proper workmanlike fashion and so to maintain the same throughout the said term in good condition and repair to the satisfaction of the Landlord. The Landlord shall have the right to vary or specify the choice of finishes and materials to be used for the fitting out work and the Tenant in carrying out such work shall obey and comply with and ensure that his contractors, workmen, servants and agents comply with the requirements and provisions in this Agreement regarding the fitting-out of the Premises and the rules and regulations as may from time to time be adopted by the Landlord in accordance with Section X hereof. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 fit out the Premises in accordance with such ordinances or other governmental rules and regulations as shall from time to time be
 in force during the said term and to maintain, add to, modify or alter the same in accordance with such ordinances, rules and regulations
 as are in force from time to time. The Tenant shall in carrying out the works hereunder use only such contractor as shall be approved
 by the Landlord in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Before
 carrying out any internal decoration partitioning alteration and fitting out works (including but not limited to electrical wiring
 installations) to submit details and plans thereof to the Landlord for its prior approval and to re-submit for the Landlord's
 further prior approval such amendments to the said details and plans as may be desired by the Tenant or required by the relevant
 government authorities and any costs incurred by the Landlord in connection with such approval including architect's fees shall
 be for the account of the Tenant. The Tenant shall only carry out such internal decorations partitioning alterations and fitting
 out works and any amendments thereto in accordance with such approved details and plans and such other directions and conditions
 as may be given and imposed by the Landlord relating thereto in accordance with such ordinances and other governmental rules and
 regulations as shall from time to time be in force during the said term. Such approval from the Landlord shall not relieve the Tenant
 from the responsibility of obtaining all necessary permits licences and approval pertaining to the proposed decoration partitioning
 alteration or fitting out work and the Tenant shall submit all applications required and shall comply with all government ordinances
 rules and regulations and all regulations and by-laws of any public utility company or authority having jurisdiction over the said
 works. The Tenant shall not commence any such internal decoration partitioning alteration and fitting out works unless and until
 all necessary approvals licences or permits relating thereto have been obtained from the relevant government departments or authorities
 and if the Tenant shall for any reason put in hand any such works as aforesaid prior to obtaining the necessary approvals licences
 or permits from the relevant government authorities the Tenant shall be solely responsible for the consequences of such unauthorised
 works including but not limited to the costs of demolition, addition and alteration required to comply with government requirements
 and shall indemnify and keep the Landlord fully indemnified against all losses claims costs actions and proceedings arising from
 the Tenant's breach of the provisions of this sub-clause. The Tenant shall at its own cost and expense make good any default
 in complying with this sub-clause notwithstanding that its fitting out partitioning and decoration proposals may have been submitted
 by the Landlord or the Landlord's agent to the relevant government authorities on behalf of the Tenant and the Tenant shall
 solely bear the consequences of any rejections or any amendments required by the relevant government authorities of the Tenant's
 proposals and of any delay or losses resulting from such rejections or amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To
 keep all the interior of the Premises including the flooring and interior plaster glass curtain wall (if any) or other finishes or
 rendering to walls, floors and ceilings and the Landlord's fixtures therein and all additions thereto and including the roller
 shutters (if any), the shop front and all doors, windows (if any), window blinds (if any), electrical installations and wiring in
 good, clean and tenantable repair and condition and properly preserved and painted and so to maintain the same at the expense of
 the Tenant and to deliver up the same to the Landlord at the expiration or sooner determination of the said term in like condition.

(e) To
 engage suitably qualified engineers to prepare proper building services plans regarding the installation and layout of the air- conditioning,
 mechanical ventilation, fire services, electrical, plumbing and drainage systems in the Premises for the approval of the Landlord
 prior to the installation thereof and to carry out the said building services works by the Landlord's recommended contractors
 for the Building.

(f) The
 approval of any plans does not in any way imply the Landlord's or its agent's endorsement of the specifications upon
 which the proposal has been based. The approval will neither guarantee the performance under any conditions of the plant or materials
 used nor imply that the Tenant's proposals will be acceptable to the relevant Authorities/Government Departments,

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| Replacement of<br> Windows | 4. To pay to or reimburse the Landlord the cost of replacing all broken and damaged windows and glass and any part of the curtain wall (if any) whether or not the same be broken or damaged by the negligence of the Tenant or owing to circumstances beyond the control of the Tenant. |

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| Repair and<br> Installation of<br> Electrical Wiring | 5. At the Tenant's own cost and expense to install all wirings and other apparatus and installations for the supply of electricity to the Premises and to repair or replace any electrical installation or wiring of the Tenant from the Tenants meter to and within the Premises if the same becomes dangerous or unsafe or if so reasonably required by the Landlord (or by CLP Holdings Limited) and the Tenant shall use the Landlord's recommended contractor for the wiring work from the meter room to the Tenant's main switch and shall only use a contractor approved by the Landlord in writing for the internal wiring work within the Premises. The Tenant shall permit the Landlord or its agents to test the Tenant's wiring in the Premises at any time upon request being made. |

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| Good Repair of<br> Sanitary and Water Apparatus | 6. To keep the sanitary and water apparatus used exclusively by the Tenant and his servants, agents, licensees and customers in good, clean and tenantable repair and condition to the satisfaction of the Landlord and in accordance with the regulations or by-laws of all Public Health and other Government Authorities. |

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| Cleaning of Drains | 7. To pay to the Landlord on demand all costs incurred by the Landlord in cleansing, clearing, repairing or replacing any of the drains, pipes or sanitary or plumbing apparatus choked or stopped up owing to the careless or improper use or neglect by the Tenant or any employee, agent, licensee or customer of the Tenant. |

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| Indemnify Against <br> Loss Damage from<br> Interior Defects and<br> to Take Out<br> Adequate Insurance<br> Cover | 8. To be wholly responsible for any loss damage or injury caused to the Landlord or any person whomsoever or any property whatsoever of the Landlord or of any person whether directly or indirectly through the defective or damaged condition of any part of the interior of the Premises (including doors and windows (if any)) or any fittings, fixtures or wiring therein for the repair of which the Tenant is responsible hereunder or through or in any way owing to the spread of fire or smoke or the overflow of water from the Premises or any part thereof or through the act, default or neglect of the Tenant his servants, sub-tenants (if any), agents, licensees or customers and to make good the same by payment or otherwise and shall indemnify the Landlord against all claims demands actions and legal proceedings whatsoever made upon the Landlord by any person in respect thereof. The Tenant shall further effect and maintain adequate insurance covering the full term hereby created (including the rent free period as provided in the Second Schedule hereto, if any) in respect of such risks with a reputable insurance company to the satisfaction of the Landlord. The policy of such insurance shall be endorsed to show the Landlord as registered owner of the Premises and shall be in the sum of not less than HK$5 million for any one claim or series of claims arising out of any one event and unlimited in amount for the period of insurance and shall contain a clause to the effect that the insurance cover thereby effected and the terms and conditions thereof shall not be cancelled modified or restricted without the prior written consent of the Landlord. The Tenant hereby further undertakes to produce and make available to the Landlord, as and when so required by the Landlord, such policy of insurance together with the receipt for the last payment of premium and a certificate from the insurance company that the policy is fully paid up and in all respects valid and subsisting. |

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Protection from Typhoon 9. To take all reasonable precautions to protect the interior of the Premises against damage by storm or typhoon or the like.

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| To Permit Landlord<br> to Enter and View | 10. Without prejudice to the obligations of the Tenant hereunder, to permit the Landlord and all persons authorised by it at all reasonable times access to the fan rooms and switch room (if any) housing the equipment serving the Premises and to enter and view the state of repair of the Premises, to take inventories of the fixtures therein, to carry out any works repairs or maintenance which are required to be done Provided that in the event of any emergency the Landlord, its servants or agents may enter without notice and forcibly if need be. |

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|:---|:---|
| To Execute Repairs<br> on Receipt of Notice | 11. On receipt of any notice from the Landlord or its authorised representative specifying any works or repairs which are required to be done and which are the responsibility of the Tenant hereunder, forthwith to put in hand and execute the same with all possible despatch and without any delay and if the Tenant shall fail to execute such works or repairs as aforementioned within 14 days from the said notice except in a case of emergency to permit the Landlord to enter upon the Premises and execute the same and the Tenant shall reimburse the Landlord for all costs and expenses thereby incurred within a space of 14 days and if the Tenant shall fail to reimburse the Landlord as aforesaid, the costs and expenses shall become a debt due from the Tenant to the Landlord and be recoverable forthwith by action. |

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|:---|:---|
| Outside Windows | 12. To keep all outside windows (if any) and doors closed at all times during which air-conditioning supply is being provided to the Premises and in the event of a breach of this clause the Landlord shall have the right to send a representative to close any open door or doors or window or windows (if any) should the Tenant fail to comply forthwith with a notice from the Landlord requiring closing of the same AND it is agreed that a persistent breach by the Tenant of the terms of this clause shall amount to a breach of this Agreement justifying the Landlord exercising its rights of re-entry hereunder. |

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| Inform Landlord of Damage | 13. To give notice to the Landlord or its agent of any damage that may be caused to and/or of any accident to or defects in the Premises or the water pipes, gas pipes, electrical wiring, fire alarm and fire fighting installations, the air-conditioning system or fittings, fixtures or other facilities installed or provided by the Landlord in the Premises. |

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Cleaning and Cleaning Contractors 14. To employ as cleaning contractors of the Premises only such persons or such firm as may be approved by the Landlord. Such cleaning contractors shall be employed at the sole expense of the Tenant.

Directory Board 15. To pay the Landlord immediately upon demand the cost of re-affixing, repairing, altering or replacing as necessary any name slat of the Tenant's name on the Directory Boards (if any) which shall be provided by the Landlord.

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|:---|:---|
| Damaged Electric<br> Light Bulbs and etc. | 16. To reimburse the Landlord the cost of replacing any damaged, broken, defective or burned out electric light bulbs, tubes and globes in the Premises which may be provided by the Landlord. |

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|:---|:---|
| Allow Prospective<br> Tenant to Inspect | 17. To allow at all reasonable times within six calendar months immediately preceding the expiration of the said term prospective tenants or purchasers to inspect the Premises and allow the Landlord to exhibit where the Landlord shall think fit a notice indicating that the Premises are to be let or for sale, which notice the Tenant shall not conceal. |

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Regulations 18. To obey and comply with such regulations as may from time to time be adopted by the Landlord in accordance with Section X hereof.

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|:---|:---|
| Acts, Neglects<br> Omissions and<br> Defaults | 19. To be responsible to the Landlord for the acts, neglects, omissions and defaults of all contractors, servants, sub-tenants (if any), agents, licensees and customers of the Tenant as if they were the acts, neglects, omissions and defaults of the Tenant himself and for the purpose of this Agreement "licensee" shall include any person present in, using or visiting the Premises. |

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Load and Unload Goods 20. To load and unload goods only at such times during business hours and through such service entrances and by such service lift(s) (if any) as shall be designated by the Landlord for this purpose from time to time.

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| Removal of Garbage<br> and Refuse | 21. To be responsible for the removal of garbage and refuse from the Premises to such location as shall be specified by the Landlord from time to time and to use only the type of refuse containers as is specified by the Landlord from time to time. The Tenant shall ensure that all refuse containers shall be fully sealed at all times. In the event of the Landlord providing a collection service for garbage and refuse the same shall be used by the Tenant to the exclusion of any other similar service and the use of such service provided by the Landlord shall be at the sole cost of the Tenant. |

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Not to Prejudice Goodwill 22. Subject to Clause (1) of this Section to conduct the business of the Tenant so as not to prejudice the goodwill and reputation of the Building and/or the Podium.

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| Open for Business | 23. To keep the Premises open for business every day throughout the year (Chinese customary holidays of the Tenant's trade excepted and also a reasonable period of renovation requiring suspension of business excepted) for the business hours between 10:00 a.m. and 10:00 p.m. or such business hours as the Landlord may from time to time define PROVIDED that if the Tenant shall at its own expense keep lit any shopfront windows showcases and shopsigns of the Premises during the hours aforesaid the Tenant may open the Premises for a shorter period of business hours every day. For the better observance of this clause, the Tenant shall permit the Landlord, its agents or employees or representatives to control the electrical circuits to the said shopfront windows showcases and shopsigns but the Landlord shall not be liable for any damage, loss or injury caused to the Tenant or any other person in connection therewith save and except those caused by the wilful default or wilful negligence of the Landlord. For the purpose of this clause shopfront windows shall be deemed to include those parts of the interior of the Premises used for the display of merchandise immediately fronting onto the common areas of the Building. |

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| Yield up Premises<br> and Handover | 24. To quietly yield up vacant possession of the Premises together with all fixtures, fittings and equipment provided by the Landlord (including but not limited to roller shutters (if any) provided by the Landlord for the shopfront) therein and thereto at the expiration or sooner determination of this tenancy in good, clean and tenantable repair and condition notwithstanding any rule of law or equity to the contrary PROVIDED THAT if so required by the Landlord the Tenant shall at his own expense remove all or any personal property, trade fixtures and fittings and additions therein and thereto of the Tenant (whether of a non-structural or structural nature) ("the Tenant's Property") at the expiration or sooner determination of this tenancy and in such event the Tenant shall make good all damage caused to the Premises and/or the Building by such removal AND thereupon to surrender to the Landlord all keys giving access to all parts of the Premises held by the Tenant and to remove at the Tenant's expense all lettering and characters from all the doors, walls or windows (if any) of the Premises and to make good any damage caused by such removal PROVIDED FURTHER THAT if after the Tenant has vacated the Premises any Tenant's Property remains in or on the Premises such property shall be deemed to be abandoned and the Landlord may remove, sell or otherwise dispose of the Tenant's Property and the Tenant shall indemnify the Landlord against any liability incurred including liability to any third party whose property is sold or disposed of by him and against any damage occasioned to the Premises and any losses caused by or related to the presence of the Tenant's Property in or on the Premises. |

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| Carry Out and<br> Comply with<br> Ordinance | 25. To carry out and comply with all ordinances regulations by-laws and rules and all notices and requirements of the appropriate Government authorities and departments and to obtain and renew all permits and licences in connection with or in relation to the Tenant's trade or business carried on at the Premises and to keep the Landlord indemnified against any breach of this clause. |

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Observe Deed of Mutual Covenant 26. To observe the covenants terms and conditions of the Deed of Mutual Covenant and Sub-Deed of Mutual Covenant (if any) relating to the Building and the Podium.

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| Responsible for Losses and Damages | 27. Without prejudice to the liability of the Tenant under any of the terms and conditions herein contained to be responsible for any loss and damage sustained or suffered by the Landlord or any other person or persons or the property of the Landlord or such other person or persons as aforesaid and any damage which may be done to the Building and/or to the Podium directly or indirectly due to the defective condition or in any way connected with the use, maintenance or repair by the Tenant of anything whatsoever constructed, erected, installed and maintained by the Tenant under any provision hereof or otherwise and further the Tenant shall comply with all ordinances, regulations and by-laws relating thereto and the Tenant shall fully indemnify the Landlord against all claims proceedings actions costs expenses and demands whatsoever made upon the Landlord by any person or persons in respect of any damage or injury to persons or property in respect of any of the matters aforesaid. |

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| Indemnify Landlord<br> for All Actions | 28. To indemnify and keep the Landlord fully indemnified from and against all actions proceedings demands costs expenses and claims whatsoever brought or made by the tenants and occupiers of the other parts of the Building and/or the Podium or any third party in respect of any act or liability caused by or arising from the act, neglect or default (irrespective of whether wilful or not) of the Tenant or any workmen servants sub-tenants (if any) licensees or persons who are permitted by the Tenant in the Premises or any part thereof. |

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| Alteration Works to Air-Conditioning<br> System | 29.(a) | To be responsible for installing at the Tenant's own expense all alteration works associated with the air-conditioning system including but not limited to internal air-ducting, outlet grilles and any necessary equipment and apparatus associated therewith and with air-conditioning system plus power wiring to the small motors of the fan coil units for supplying air-conditioning services to the Premises. The running cost of such motors shall be for the Tenant's account. |

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| Provision and Maintenance of<br> Additional Fire-<br> Fighting Water<br> Sprinkler System | (b) | To bear the cost of provision and installation of and thereafter be responsible for the regular maintenance and cleaning of any changes to or additional fire-fighting water sprinkler system installed by the Tenant over and above that provided by the Landlord and all such necessary equipment and apparatus associated therewith. The installation of such additional system and associated equipment shall first be approved in writing by the Landlord. The Tenant shall only carry out the aforesaid works by the Landlord's recommended contractors for the Building. |

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| Providing and<br> Installing Additional<br> Fan Coil or Air-<br> Handling Units | (c) | To be responsible for the provision and installation of additional fan coil or air-handling units in the Premises required by the Tenant over and above those provided by the Landlord Provided That the prior written consent of the Landlord shall first be obtained and the Landlord, as a condition for the grant of such consent, shall have the right to adjust the air-conditioning charges payable by the Tenant under Part III of the Second Schedule hereof to cover the maintenance cost of such additional fan coils or air-handling units installed by the Tenant and the additional cost for providing extra chilled water incurred as a result. The Tenant, in carrying out the aforesaid works, shall only use such contractors as shall be recommended by the Landlord. |

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| Permit Inspections<br> by Landlord of Air-<br> Conditioning<br> System | 30.(a) | To permit the Landlord and all person(s) authorised by the Landlord to enter the Premises with or without appliances during normal office hours to inspect such part or parts of the air-conditioning system (including but not limited to the said fan coil units, air-handling units, internal air ducting and outlet grilles) in the Building which are located or installed in the Premises whether by the Landlord or the Tenant (hereinafter collectively called "the air-conditioning installations") and the fire-fighting water sprinkler system and to carry out any repair and/or maintenance and/or replacement work thereto as the Landlord shall consider necessary and for such purposes the Tenant shall at all times during the said term afford the Landlord and all persons authorised by the Landlord with proper access to the air-conditioning installations and the fire-fighting water sprinkler system and in case proper access is being obstructed the Landlord and/or all persons authorised by the Landlord shall be entitled to clear such obstructions or modify the same as it or they shall think fit at the cost and expense of the Tenant without being responsible for any loss or damage caused to the Tenant or any other person(s) in connection with such clearance or modification. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 pay to the Landlord on demand all costs loss and damages incurred or sustained by the Landlord as a result of the act neglect or
 default of the Tenant his servants agents and contractors in the use and protection of the air-conditioning installations and/or
 the fire-fighting water sprinkler system and/or as a result of the clearance or modification of obstruction aforesaid. In particular,
 but without limiting the generality of the foregoing, the Tenant shall pay to the Landlord on demand all repair and replacement costs
 of the air-conditioning installations and/or the fire-fighting water sprinkler system or any part thereof necessitated by the negligence
 or misuse of the same by the Tenant his servants and agents.

(c) To
 pay to the Landlord all overtime costs incurred by the Landlord (the Landlord's assessment of the costs shall be conclusive
 and binding) in respect of repair, replacement and/or maintenance of the air conditioning and fire fighting systems if such repair
 maintenance and/or replacement works shall at the request of the Tenant be carried out after the normal office hours.

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| Displays of<br> Merchandise | 31. To maintain displays of merchandise within the Premises and in the show windows at the shop fronts of the Premises to a standard and composition appropriate to a high class shopping centre and to the satisfaction of the Landlord and it is hereby agreed that the Landlord shall have the right to order the removal of any item of display which is considered in its sole opinion not in conformity with the standard expected of a first class shopping centre. The shop front shall be lit up with downlights/spotlights/light fittings controlled by a timer from 10:00 a.m. to 11:00 p.m. daily or for such hours as specified by the Landlord from time to time. |

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| Adjacent Excavation<br> or Building Work | 32. If any excavation or other building work shall be undertaken or authorized in the vicinity of the Building to permit the Landlord, its servants or agents to enter the Premises to do such work at the expense of the Landlord as may be deemed necessary to preserve the exterior walls of the Building from damage without any claim for damages or indemnity against the Landlord. |

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**<u>SECTION IV</u>**

**<u>LANDLORd'S OBLIGATIONS</u>**

The Landlord hereby agrees with the Tenant as follows:-

Enjoyment Without Interruption 1. That, subject and without prejudice to the Landlord's rights under Section VIII of this Agreement (including Clause 5(b) of Section VIII) and always provided and on condition that the Tenant :-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly
 pays the rent and other charges (including the rates and charges referred to in Section II of this Agreement) on the days and in
 the manner stipulated in this Agreement; and

(ii) observes
 and performs all the agreements, stipulations and conditions which are contained in this Agreement and which are to be observed and
 performed by the Tenant

the Tenant shall peaceably hold and enjoy the Premises during the said term without interruption by the Landlord or any person lawfully claiming under or in trust for the Landlord.

Government Rent and Property Tax 2. To pay the Government Rent and Property Tax payable in respect of the Premises.

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| Structural Parts and<br> Main Drains | 3. To keep the structural parts of the Premises and the main drains, pipes and cables therein in a proper state of repair Provided that the Landlord shall not incur any liability under this clause unless and until written notice of any defect or want of repair has been given by the Tenant to the Landlord and the Landlord shall have failed to take reasonable steps to repair or remedy the same after the lapse of a reasonable time from the date of service of such notice. |

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| Provided Air-<br> Conditioning<br> Service | 4. To provide air-conditioning services to the Premises each day which shall be limited to the supply of chilled water at a cooling capacity of approximately 17.4 tons in accordance with the Landlord's standard provisions between the hours of 11:00 a.m. and 11:00 p.m. ("the Normal Hours"). If the Tenant shall require air-conditioning services with extra cooling capacity and/or supply of chilled water outside the Normal Hours, the Landlord may provide the same to the Tenant on receiving reasonable notice of the Tenant's requirements on the condition that it is technically feasible to do so. The charges for air-conditioning services with extra cooling capacity and/or supply of chilled water provided outside the Normal Hours shall be determined by the Landlord and notified to the Tenant from time to time and shall (inter alia) cover the operational and electrical consumption costs involved in running the main air-conditioning plant during such extended hours of supply. |

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Fan-Coil Units 5. To provide the Premises with adequate fan coil units (in the opinion of the Landlord) complete with automatic thermostatic control for chilled water pipelines in accordance with the Landlord's standard provision.

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| Maintenance of Air-<br> Conditioning<br> System | 6. To maintain and keep in a good and proper state of maintenance and repair the air-conditioning system installed in the Premises by the Landlord Provided That the Landlord shall not incur any liability or obligation to the Tenant under this clause in the event of any breakdown of the same not due to the wilful neglect or wilful default of the Landlord its servants agents or contractors.<br>|

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| Maintenance of Fire-Fighting Water Sprinkler System | 7. To provide a fire-fighting water sprinkler system in the Premises and to maintain and keep in a good and proper state of maintenance and repair the said fire-fighting water sprinkler system installed in the Premises by the Landlord Provided that the Landlord shall not incur any liability or obligation to the Tenant under this clause in the event of any breakdown of the same not due to the wilful neglect or wilful default of the Landlord its servants agents or contractors. |

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| Directory Board | 8. Subject to Section III Clause 15 and Section V Clause 7 hereof, to provide at the cost of the Tenant a name slat bearing the name of the Tenant affixed in lettering and/or characters (the sign design and location of which shall be determined by the Landlord) to be displayed on the Directory Boards (if any) of the Building. |

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**<u>SECTION V</u>**

**<u>RESTRICTIONS AND PROHIBITIONS</u>**

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|  | The Tenant hereby further agrees with the Landlord as follows: | The Tenant hereby further agrees with the Landlord as follows: |
| Installation and Alterations | l.(a) | Not without the previous written consent of the Landlord to erect, install or alter any fixtures, partitioning or other erection or installation in the Premises including but not limited to the shop front and the roller shutters (if any) thereof provided by the Landlord which shall remain the property of the Landlord or any part thereof or without the like consent to make or permit or suffer to be made alterations in or additions to the interior or exterior of the Premises or to the electrical wiring and installations therein or to install or permit or suffer to be installed in the Premises or any part thereof any equipment, apparatus or machinery which imposes a weight on any part of the flooring in excess of that for which it is designed or which requires any additional electrical main wiring or which consumes electricity not metered through the Tenant's separate meter or to make any alteration or change in the shop front of the Premises (which shall remain at all times the property of the Landlord). The Landlord shall be entitled to prescribe the maximum weight and permitted location of safes and other heavy equipment and to require that the same stand on supports of such dimensions and material to distribute the weight as the Landlord may deem necessary. |
|  | (b) | In carrying out any approved work hereunder, the Tenant shall and shall cause his servants, agents, contractors and workmen to cooperate fully with the Landlord and all servants, agents, contractors and workmen of the Landlord and with other tenants or contractors carrying out any work in the Building and/or the Podium. The Tenant his servants, agents, contractors and workmen shall obey and comply with all instructions and directions which may from time to time be given by the Landlord, the Landlord's Architect, Project Manager or other authorised representative in connection with the carrying out of such work. |
|  | (c) | In carrying out any work to the electrical and/or air-conditioning installations and/or wiring and/or to the fire alarm and/or fighting installations, the Tenant shall use only the Landlord's recommended contractors for the Building. |
| Damage to<br> Premises | 2. Not without the previous written consent of the Landlord to cut, drill into, mark or deface or permit or suffer to be cut, drilled into, marked or defaced any doors, windows (if any), walls, beams, structural members or any part of the fabric of the Premises and/or the Building and/or the Podium nor any of the plumbing or sanitary apparatus or installations included therein. | 2. Not without the previous written consent of the Landlord to cut, drill into, mark or deface or permit or suffer to be cut, drilled into, marked or defaced any doors, windows (if any), walls, beams, structural members or any part of the fabric of the Premises and/or the Building and/or the Podium nor any of the plumbing or sanitary apparatus or installations included therein. |

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| Nails Screw and<br> etc. | 3. Not without the previous written consent of the Landlord (such consent shall not be unreasonably withheld) to drive or insert or permit or suffer to be driven or inserted any nails, screws, hooks, brackets or similar articles into the ceiling, walls or floor of the Premises. |
| Locks | 4. Not without the previous written consent of the Landlord (such consent shall not be unreasonably withheld) to alter the existing locks, bolts and fittings on the entrance doors to the Premises, nor to install any additional locks, bolts or fittings thereon. |
| Nuisance and<br> Annoyance | 5. Not to do or permit or suffer to be done any act or thing which may be or become a nuisance or annoyance to the Landlord or to the tenants or occupiers of other premises in the Building and/or the Podium or in any adjoining or neighbouring building or in anywise against the laws or regulations in Hong Kong. |
| Noise | 6. Not to produce or suffer or permit to be produced at any time in the Premises any music or noise (including sound produced by broadcasting or by any equipment or instrument capable of producing or reproducing music or sound) so as to constitute, in the opinion of the Landlord (which opinion shall be conclusive) a nuisance or to give cause for reasonable complaint from the occupants of any other premises in the Building and/or in the Podium or persons using or visiting the same and the Tenant shall at his own cost and expense install a sound proof system in the Premises to ensure that the Tenant will not cause the aforesaid nuisance. |
| Signs | 7. Not to affix or display or permit or suffer to be affixed or displayed within or outside the Premises any signboard, sign, decoration, flag, poster, advertising matter or other device whether illuminated or not which may be visible from outside the Premises, save that:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 Directory Boards shall be provided by the Landlord, the Tenant shall be entitled to have its name displayed thereon in English and
 Chinese in uniform lettering or characters designated by the Landlord, such lettering and characters and any additions or alterations
 thereto to be affixed by the Landlord at the Tenant's expense.

(b) The
 Tenant shall be entitled at his own expense to have its trade name affixed in lettering and/or characters on a signboard (the size
 design and location of which shall first be approved by the Landlord in writing) to be displayed outside the Premises, such lettering
 and/or characters thereon and any additions or alterations thereto or thereon to be made by the Landlord at the Tenant's expense.

The Landlord shall have the right to remove at the cost and expense of the Tenant any signboard, sign, decoration, illuminated signs, flags, posters, or thing which shall be affixed put up or displayed in contravention of this clause.

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| Illegal or<br> Immoral Use | 8. Not to use or permit or suffer the Premises to be used for any illegal immoral or improper purposes or in any way so as to cause nuisance annoyance inconvenience or damage or danger to the Landlord or the tenants or occupiers of adjacent or neighbouring premises. |
| Sleeping or<br> Domestic Use | 9. Not to use or permit or suffer the Premises or any part thereof to be used as sleeping quarters or as domestic premises within the meaning of the Landlord and Tenant (Consolidation) Ordinance or similar legislation for the time being in force nor to allow any person to remain in the Premises overnight Provided That if the Tenant wishes to have a watchman to remain in the Premises in order to look after the contents thereof during the night the written consent of the Landlord shall first be obtained. |
| Manufacture of<br> Goods | 10. Not to use or permit or suffer the Premises to be used for the purpose of the manufacture of goods and merchandise or for the storage of goods and merchandise other than stock reasonably required in connection with the Tenant's business carried on therein. |
| Storage of<br> Hazardous and<br> Dangerous Goods | 11. Not to keep or store or permit or suffer to be kept or stored in the Premises any arms, ammunition, gun-powder, salt-petre, kerosene or other explosive or combustible substance or hazardous goods or such other dangerous goods within the meaning of the Dangerous Goods Ordinance and the regulations thereunder or any statutory modification or re-enactment thereof. |
| Obstructions of<br> Passages | 12. Not to encumber or obstruct or permit or suffer to be encumbered or obstructed with any boxes, packaging or other obstruction of any kind or nature any of the entrances, staircases, landings, passages, escalators, lifts, lobbies or other parts of the Building and/or the Podium in common use and not to leave rubbish garbage or any other article or thing in the front or on the sides of the Premises or in any part of the Building or the Podium not in the exclusive occupation of the Tenant or outside the Building or the Podium except in the place(s) specifically designated for the disposal of rubbish or garbage. Notwithstanding anything herein contained, the Landlord and all servants, agents, contractors and workmen of the Landlord shall have the right to remove and dispose without notice to the Tenant and without incurring any liability to the Tenant and at the cost and expense of the Tenant any encumbrance or obstruction or any article or thing which shall have been left or placed in contravention of this clause and the Tenant shall pay to the Landlord on demand the whole costs and expenses that may be incurred by the Landlord for the removal or disposal under this clause. |
| Toilet Facilities | 13. Not to use or permit or suffer the toilet facilities and sanitary installations provided by the Landlord to be used for any purpose other than that for which they are intended and not to throw or permit or suffer to be thrown therein any foreign substance of any kind and the Tenant shall pay to the Landlord on demand the whole expense of any breakage, blockage or damage resulting from a violation of this clause. |

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| | |
|:---|:---|
| Articles in Entrance | 14. Not to lay, install, affix or attach any wiring, cables or other article or thing in or upon any of the entrances, staircases, landings, passages, lobbies or other parts of the Building or of the Podium in common use. |
| Offensive or<br> Unusual Odours | 15. Not to cause or permit any offensive or unusual odours or excessive smoke to be produced upon, permeate through or emanate from the Premises. |
| Transportation of Merchandise | 16. Not to permit or allow any food or food containers goods and merchandise to be brought onto or removed from the Premises or in any way transported or carried onto any part of the Podium or the Building intended for common use except by way of service lift(s) (if any), service entrances and service exits. |
| Animals, Pets and Infestations | 17. Not to keep or permit or suffer to be kept any animals or pets inside the Premises and to take all such steps and precautions to the satisfaction of the Landlord to prevent the Premises or any part thereof from becoming infested by termites, rats, mice, cockroaches or any other pests or vermin. The Tenant shall employ, at the Tenant's cost, such pest extermination contractors as the Landlord may require and at such intervals as any Government authorities or the Landlord may direct to have the Premises disinfected. For the above mentioned purposes, the Landlord and all persons authorised by it shall be permitted to enter and view the Premises at all reasonable times. |
| Assigning and<br> Subletting | 18. Not to assign, underlet, part with the possession of or transfer the Premises or any part thereof or any interest therein, nor permit or suffer any arrangement or transaction whereby any person who is not a party to this Agreement obtains the use, possession, occupation or enjoyment of the Premises or any part thereof irrespective of whether any rental or other consideration is given therefor and in the event of any such transfer sub-letting sharing assignment or parting with the possession of the Premises (whether for monetary consideration or not) this Agreement shall absolutely determine and the Tenant shall forthwith vacate the Premises on notice to that effect from the Landlord. The Landlord and its authorised persons shall have the right to enter the Premises at all reasonable times to require the Tenant to produce evidence and/or to take such action as it may think fit in order to verify whether the Tenant complies with its obligation under this clause. The tenancy shall be personal to the Tenant named in this Agreement and, without in any way limiting the generality of the foregoing the following acts and events shall, unless approved in advance in writing by the Landlord, be deemed to be breaches of this clause:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the case of a tenant which is a partnership, the taking in of one or more new partners whether on the death or retirement of an existing
 partner or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the case of a tenant who is an individual (including a sole surviving partner of a partnership tenant) the death, insanity or other
 disability of that individual, to the intent that no right to use, possess, occupy or enjoy the Premises or any part thereof shall
 vest in the executors, administrators, personal representatives, next of kin, trustee or committee of any such individual.

(c) In
 the case of a tenant which is a corporation any take-over, reconstruction, amalgamation, merger, voluntary liquidation or change
 in the person or persons who owns or own a majority of its voting shares or who otherwise has or have effective control thereof.

(d) The
 giving by the Tenant of a Power of Attorney or similar authority whereby the donee of the Power obtains the right to use, possess,
 occupy or enjoy the Premises or any part thereof or does in fact use, possess, occupy or enjoy the same.

(e) The
 change of the Tenant's trade name without the previous written consent of the Landlord which the Landlord may give or withhold
 at its discretion and the Landlord may, in connection with any application for consent under this clause, require the Tenant to produce
 evidence as it may think fit to show that no breach under this clause has taken or is about to take place.

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| | |
|:---|:---|
| Breach of Grant | 19. Not to do or permit or suffer to be done any act, deed, matter or thing whatsoever which amounts to a breach of any of the terms and conditions under which the Land and the Premises are held from the Government and to indemnify the Landlord against any such breach. |
| Acts Rendered<br> Insurance Policy<br> Voidable | 20. Not to do or permit or suffer to be done any act, deed, matter or thing whatsoever whereby the insurance on the Building and/or the Podium and/or the Premises against loss or damage by fire and/or other insurable perils and/or claims by third parties for the time being in force may be rendered void or voidable or whereby the premium thereon may be increased Provided that if as the result of any act, deed, matter or thing done, permitted or suffered by the Tenant, the premium on any such policy of insurance shall be increased, the Landlord shall be entitled without prejudice to any other remedy hereunder to recover from the Tenant the amount of any such increase and further the Tenant shall keep the Landlord fully indemnified against all loss, damages, claims and demands sustained by or made against the Landlord by any person as a result of any breach by the Tenant of this clause PROVIDED that notwithstanding anything herein contained the Landlord does not warrant that any or adequate insurance against fire or any other risks exist in respect of the Building and/or the Podium and/or the Premises and/or all or any of the property stored therein by the Tenant AND the Tenant shall be responsible in any event for insurance of the interior and the Premises and his property left or stored in the Premises and/or the Building and/or the Podium. |

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| | |
|:---|:---|
| Aerial on Roof | 21. Not to erect any aerial on the roof or walls or any other part of the Building and/or the Podium or on the ceiling or walls or any other part of the Premises. |
| Additional and<br> Existing Air-<br> Conditioning<br> Facilities | 22. Not to install air-conditioning facilities in addition to such facilities as provided by the Landlord or to alter, modify or remove or suffer to be altered or modified or removed the air-conditioning facilities in the Premises without the prior written consent of the Landlord. |
| Chilled Water<br> Supply | 23. Not to use or permit or suffer the supply of chilled water (if any) to be used for any purpose other than for the production of cool air to the Premises for air-conditioning services. |
| Additional and<br> Existing Fire-<br> Fighting Water<br> Sprinkler System | 24. Not to install fire-fighting water sprinkler system in addition to such facilities as provided by the Landlord or to alter, modify or remove or suffer to be altered or modified or removed the fire-fighting water sprinkler system installed in the Premises without the prior written consent of the Landlord. |
| Touting or<br> Soliciting Business | 25. Not to permit any touting or soliciting for business or the distributing of any pamphlets, notices, or advertising matter to be conducted outside or near the Premises or in any part of the Podium or the Building by any of the Tenant's servants, agents or licensees. |
| Electricity Supply<br> Capacity | 26. Not to do anything whereby the maximum capacity of electricity supply to the Premises shall be exceeded. |
| Cover Up Hose<br> Reel | 27. Not to cover up the hose reel within the Premises. |
| Use of Name / Logo | 28. Not without the written consent of the Landlord to use or permit to be used the name/logo or any part of the name/logo of WHAMPOA GARDEN or the Chinese characters (黃 埔 花 園) or any likeness or similarity to the said name/logo in connection with the business or operation of the Tenant or for any other purpose save for indicating the address of the Tenant. The Landlord shall have complete discretion in deciding whether such consent shall be given. |

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**<u>SECTION VI</u>**

**<u>EXCLUSIONS, EXCEPTIONS AND RESERVATIONS</u>**

1. Notwithstanding anything herein contained the Landlord shall not in any circumstances be liable to the Tenant his servants sub-tenants (if any) licensees or invitees or any other person whomsoever:-

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| | | |
|:---|:---|:---|
| Loss Damage or<br> Injury to Person | (a) | in respect of any loss, damage or injury to person or property sustained by the Tenant his servants, sub-tenants (if any), licensees, invitees or any such other person caused by or through or in any way owing to any defect in and/or breakdown and/or the defective or negligent working and/or operation and/or condition of any lift(s) and/or escalator(s) or air-conditioning system in the Premises and/or the Building and/or Podium by the Landlord and/or its servants or otherwise, and/or |
| Loss or Damage to<br> Person or Property | (b) | in respect of any loss or damage to person or property sustained by the Tenant his servants, sub-tenants (if any), licensees, invitees or any such other person caused by or through or in any way owing to fire or spread of smoke or the overflow or leakage of water from or through any part or portion of the Premises and/or the Building and/or the Podium, and/or |
| Security and Safe<br> Keeping of Premises<br> and Contents | (c) | for the security or safekeeping of the Premises or any contents therein and in particular but without prejudice to the generality of the foregoing the provision by the Landlord of watchmen and caretakers (if any) shall not create any obligation on the part of the Landlord as to the security of the Premises and/or any contents therein and the responsibility for the safety of the Premises and/or the contents thereof shall at all times rest with the Tenant. |

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| | |
|:---|:---|
|  | And the Tenant shall indemnify and keep the Landlord fully indemnified against all claims, actions and demands whatsoever made upon the Landlord by any servants, sub-tenants (if any), licensees or invitees of the Tenant as a result of all such loss damage or injury aforesaid nor shall the rent, other charges or any part thereof abate or cease to be payable on account thereof save as provided in Section VII hereof. |
| Act Neglect or<br> Default of the Other Tenant | 2. The Landlord shall not be liable or responsible for any damage suffered by the Tenant (whether personally or in respect of the Premises or any property of the Tenant therein or any goods stored therein) or any servant invitee sub-tenants (if any) or licensee of the Tenant through or by the acts neglect or default of the tenants and occupiers of the other parts of the Building and their servants licensees and invitees. |

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| | |
|:---|:---|
| Lifts and Air-<br> Conditioning<br> Utilities | 3. The Landlord shall neither be liable to pay compensation to the Tenant in respect of any period during which the proper operation of the lift(s) escalator(s) and/or the central air-conditioning system in the Building or in the Podium and/or the air-conditioning system or any other building service system in the Premises shall be interrupted nor shall the Landlord be liable to grant any abatement of rental and/or air-conditioning charges in respect thereof. |
| Power Supply<br> System | 4. The Landlord shall not in any way be liable for any loss or damage suffered by the Tenant in respect of any period during which the power supply and/or other utility supply in the Premises and/or the Building and/or the Podium is suspended and the Tenant shall at his own cost and expense make his own standby arrangements or install uninterrupted power supply (UPS) facilities. |
| Defective or<br> Damaged Condition<br> of Premises, Fire<br> Smoke Leakage and Overflow of Water | 5. The Landlord, its employees, agents and/or the manager of the Building shall not be in any way liable to the Tenant or to any person or persons claiming any right title or interest under the Tenant for any damage or injury which may be sustained by the Tenant or by any such person or persons as aforesaid on account of the defective or damaged condition of the Premises, the Building or the Landlord's fixtures therein or any part thereof and in particular the Landlord, its employees, agents and/or the manager of the Building shall not be responsible to the Tenant or any person or persons as aforesaid for any damage whatsoever caused by or through or in any way owing to any typhoon, heat or humidity, escape of fire or spread of smoke leakage or overflow of water or electric current from the water pipes or electric wiring or cable situated upon or in any way connected with the Building or the Podium or any part thereof or dropping of cigarette ends, broken pieces of glass or other articles and the spread of smoke, escape of water, fire or electricity, heat or humidity and vibrations from any floor office or premises in the Podium and/or in the Building or in the neighbourhood and the Tenant hereby agrees to indemnify the Landlord, its employees, agents and/or the manager of the Building against all claims, demands, actions, costs, expenses whatsoever made upon the Landlord, its employees, agents and/or the manager of the Building by any person or persons as aforesaid in respect of the matters aforesaid and further the Tenant shall be responsible for any damage which may be done to any part of the Premises or to the Landlord's fixtures and fittings therein. |

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| | |
|:---|:---|
| Designation and Re- designation of<br> Common Areas | 6. Notwithstanding anything herein contained, the Landlord hereby reserves the absolute and unfettered right to close or render inaccessible the common entrances, exits, staircases, landings and passages in the Podium as mentioned in Section I hereof for the purposes of replacing, renewing, repairing, decorating or maintaining the same (Provided that in case of complete inaccessibility of the Premises as a result thereof, the Landlord shall arrange or provide alternative access to the Premises) and the absolute and unfettered right to designate redesignate or convert any part of the Podium (except the Premises) not presently being used as common area into common area or for its own use or for the use of any particular tenant or occupier of the Building and vice versa as it may in its sole discretion determine and at any time from time to time to change, alter or redesignate such designation or conversion provided that the Tenant shall not be entitled to complain or claim compensation or damages against the Landlord for any alleged disturbance nuisance or interference with its user of the Premises or any loss or damages whatsoever arising out of such designation or redesignation or conversion as the case may be or any operations including but not limited to building works decoration removal or installation or otherwise that may be carried on by the Landlord its servants agents contractors and workmen in connection therewith. The Landlord further reserves unto itself an absolute and unfettered right at any time to add to vary amend or delete from the building plans of the Building or the plan hereto annexed without reference or prior notice to the Tenant. |
| Repairing,<br> Renovation and etc.<br> of Common Areas | 7. It is hereby reserved unto the Landlord and the Tenant acknowledges the Landlord's right to repair, renovate, reinstate and redecorate at any time any of the areas in the Building designated or re-designated as common areas from time to time and to do any act or thing ancillary or incidental to such purposes. In such event the Tenant shall not claim against the Landlord any compensation for any loss or damages directly or indirectly sustained by the Tenant as a result thereof including without limitation any alleged nuisance or interference or disturbance with the Tenant's user of the Premises and any loss in business and no rent or other payment due to the Landlord hereunder shall be reduced or shall abate on account thereof. |
| Letting or Leasing to Others | 8. The Landlord shall not in any circumstances be liable or responsible for any loss or damage suffered by the Tenant (whether personally or in respect of the Premises) or any other servant invitee sub-tenants (if any) or licensee of the Tenant or any person claiming through the Tenant as a result of the letting or leasing of any part of the Building to any person or persons for any purpose whatsoever as lawfully provided for under which the Land is held from the Government of the Hong Kong Special Administrative Region. |

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**<u>SECTION VII</u>**

**<u>ABATEMENT OF RENT</u>**

If the Premises or any part thereof shall be rendered unfit for use or inaccessible by fire, typhoon, act of God, force majeure or any other cause beyond the control of the Landlord (other than on account of the Tenant's act neglect or default) and the policy or policies of insurance effected by the Landlord shall not have been vitiated or payment of the policy moneys refused in whole or in part in consequence of any act or default of the Tenant or if the Premises shall be condemned as a dangerous structure or a demolition order or closing order shall become operative in respect of the Premises then the Rent or a fair proportion thereof according to the nature and extent of the damage sustained or order made (the determination of which by the Landlord shall be final and conclusive and be binding on the Tenant) shall, after the expiration of the then current month, abate and cease to be payable until the same shall have been again rendered fit for use and accessible PROVIDED that if the Premises shall remain unfit for use or inaccessible for 6 months or that if the Landlord shall consider it uneconomical to repair rebuild or replace the Premises whether or not in the same form or if any competent authority shall refuse permission for or otherwise prevent any rebuilding or replacement either the Landlord or the Tenant may at any time after the said 6 months' period or within one month of the notification by the Landlord of its decision or such refusal or prevention as the case may be give to the other of them notice in writing to determine this Agreement and the tenancy hereby created and thereupon the same and everything herein contained shall determine as from the date of the notice but without prejudice to any antecedent claims or causes of action which either party hereto may have against the other hereunder.

**<u>SECTION VIII</u>**

**<u>DEFAULT</u>**

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| | |
|:---|:---|
|  | It is hereby further expressly agreed and declared as follows:- |
| Default | 1. If and whenever the rent and/or other charges or other payments hereby reserved or any part thereof respectively shall remain unpaid for 14 days after becoming payable (whether legally or formally demanded or not) or if any agreements, terms or conditions on the Tenant's part herein contained shall not be performed or observed or if the Tenant shall be wound up whether voluntarily (save for the purpose of a reconstruction or amalgamation approved by the Landlord in writing) or compulsorily or if the Tenant for the time being not being a corporation shall go into bankruptcy or if a petition for the winding-up of the Tenant (in the case of a corporation) or a petition in bankruptcy against the Tenant shall have been filed or if the Tenant shall enter into composition with his creditors or suffer any distress or execution to be levied on his goods then and in any of the said cases it shall be lawful for the Landlord at any time thereafter to re-enter upon the Premises or any part or parts thereof in the name of the whole and thereupon this Agreement shall absolutely determine and the deposit paid under Section IX hereof shall be absolutely forfeited to the Landlord or, at the option of the Landlord, shall be used to set off all loss and damage sustained by the Landlord but the rights and remedies given to the Landlord by this clause shall be deemed cumulative remedies and shall not prejudice any right of action or any remedy of the Landlord for the recovery of any rent or money due to the Landlord by the Tenant or in respect of any antecedent breach of the Tenant's agreement terms and conditions herein contained. |
| Notice of Re-entry | 2. A written notice served by the Landlord on the Tenant in manner hereinafter mentioned to the effect that the Landlord thereby exercises the power of re-entry and/or forfeiture herein contained shall be a full and sufficient exercise of such power without physical entry on the part of the Landlord and notwithstanding any statutory or common law provision to the contrary |
| Acceptance of Rent<br> Not to Operate as<br> Waiver | 3. Acceptance of rent and/or other charges by the Landlord shall not be deemed to operate as a waiver by the Landlord of any right to proceed against the Tenant in respect of any breach, non-observance or non-performance by the Tenant of any of the agreements, stipulations and conditions herein contained and on the Tenant's part to be observed and performed. |

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| | |
|:---|:---|
| Distress for Rent | 4. For the purpose of distress for rent in terms of Part III of the Landlord and Tenant (Consolidation) Ordinance (Chapter 7) and of this Agreement, the rent payable in respect of the Premises shall be and be deemed to be in arrears if not paid in advance at the times and in manner hereinbefore provided for payment thereof. |
|  | 5. Notwithstanding anything whatsoever contained in this Agreement (including Section IV), if the Tenant shall fail promptly to pay the rental and/or other charges and/or other moneys herein reserved (including the rents, rates and other charges referred to in Section II of this Agreement) or any part thereof on due date the Landlord shall be entitled to:- |

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Collection Charges, Interest & etc. (a) recover from the Tenant as a debt the following expenses incurred by the Landlord in the course of recovering the rental and/or other charges in arrears and/or other moneys unpaid or any part thereof:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 collection charge of such sum as the Landlord shall conclusively determine from time to time for the additional work incurred by
 the Landlord's staff in collecting the rental and/or other charges in arrears and/or other moneys unpaid or any part thereof
 from the Tenant;

(ii) all
 Solicitors' and/or Counsel's fees (on a solicitor and own client basis) and court fees incurred by the Landlord for the
 purpose of recovering the rental and/or other charges in arrears and/or other moneys unpaid or any part thereof from the Tenant;

(iii) any
 other fees paid to debt-collectors appointed by the Landlord for the purpose of collecting the rental and/or other charges in arrears
 and/or other moneys unpaid or any part thereof from the Tenant;

(iv) interest
 calculated at the rate of 1.25% per month on the rental and/or other charges in arrears and/or other moneys unpaid or any part thereof
 from the date due for payment to the date of actual payment; and

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| | | |
|:---|:---|:---|
| Disconnect Supply<br> of Services | (b) | disconnect or discontinue the supply of services to the Premises and/or to the Tenant such as water, electric power, management services and air-conditioning services forthwith without prior notice to the Tenant. |

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**<u>SECTION IX</u>**

**<u>DEPOSIT</u>**

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| | |
|:---|:---|
| Deposit | 1. The Tenant shall deposit and at all times hereafter during the said term maintain with the Landlord as security for the due payment of the rent and the due performance and observance of the agreements, terms, stipulations and conditions on the part of the Tenant herein contained such sum as shall be equivalent to six months' rental and service charges payable hereunder from time to time. The said deposit shall be retained by the Landlord throughout the said term free of any interest to the Tenant and in the event of any breach or non-observance or non-performance by the Tenant of any of the said agreements, stipulations or conditions aforesaid, the Landlord shall be entitled to terminate this Agreement in which event the said deposit shall be absolutely forfeited to the Landlord or, at the option of the Landlord, shall be used to set off all loss and damage sustained by the Landlord. Notwithstanding the foregoing, the Landlord may in any such event at its option elect not to terminate this Agreement but to deduct from the said deposit the amount of any monetary loss incurred by the Landlord in consequence of the breach, non- observance or non-performance by the Tenant in which event the Tenant shall, as a condition precedent to the continuation of the tenancy, deposit with the Landlord the amount so deducted and, if the Tenant shall fail so to do, the Landlord shall forthwith be entitled to re-enter on the Premises and to determine this Agreement, in which event the whole of the said deposit shall be forfeited to the Landlord as hereinbefore provided. |
| Increase of Deposit | 2. It is hereby expressly agreed and declared by the parties hereto that at any time during the said term if the rent and/or service charges shall be increased pursuant to the terms and provisions herein contained the Tenant shall forthwith deposit and maintain with the Landlord in accordance with Clause 1 of this Section such sum as shall together with the security deposit then held by the Landlord make up six months' rental and service charges. |
| Repayment of<br> Deposit | 3. Subject to the aforesaid the said deposit shall be refunded to the Tenant by the Landlord without interest within 30 days after the expiration or sooner determination of this Agreement and the delivery of vacant possession of the Premises to the Landlord provided that all the Tenant's agreements, terms and conditions herein contained shall have been duly performed and observed or within 30 days of the Tenant's submission to the Landlord of the statements of total Gross Turnover for the period from the beginning of the last financial year of the Tenant up to the expiry of the said term in accordance with paragraph 1.4 of Part II of the Second Schedule hereto and settlement of the last outstanding claim by the Landlord against the Tenant in respect of any breach, non-observance or non-performance of any of the agreements, stipulations or conditions herein contained and on the part of the Tenant to be observed and performed, whichever is the later. |

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**<u>SECTION X</u>**

**<u>REGULATIONS</u>**

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| | |
|:---|:---|
| Introduction of Regulations | 1. The Landlord reserves the right from time to time and by notice in writing to the Tenant to make and introduce, and subsequently amend, adopt or abolish if necessary, such regulations as it may consider necessary for the management and maintenance of the Building and/or the Podium. |
| Conflict Between Regulations and the Agreement | 2. Such regulations shall be supplementary to the terms and conditions contained in this Agreement and shall not in any way derogate from such terms and conditions. In the event of conflict between such regulations and the terms and conditions of this Agreement, the terms and conditions of this Agreement shall prevail. |

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**<u>SECTION XI</u>**

**<u>PROMOTIONAL FUND AND LEVY</u>**

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| | |
|:---|:---|
|  | It is hereby agreed between the parties that:- |
| Promotional Fund<br> and Levy | 1. The Landlord shall establish a promotional fund for the purpose of promoting, advertising and publicizing the whole of the commercial complexes of Whampoa Garden of which the Premises form part ("the Promotional Fund") and shall operate the same at its absolute discretion. The Landlord or its agent shall prepare an annual expense budget relating to the operation of the Promotional Fund; and |
|  | 2. The Tenant shall contribute a non-refundable monthly charge as set out in Part III of the Second Schedule hereto subject to adjustments as therein mentioned ("the monthly promotional charges") towards the Promotional Fund. |

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**<u>SECTION XII</u>**

**<u>SALE AND REDEVELOPMENT</u>**

Sale and Redevelopment It is hereby agreed that notwithstanding anything herein contained and any law to the contrary:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. At any time during the said term if the Landlord shall resolve to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sell the Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) re-develop
 the Premises or the Podium or the Building or any part thereof whether wholly by demolition
 and rebuilding or otherwise, or partially by renovation, refurbishment or otherwise or amend
 change or alter the layout or configuration of the Podium or the Building or any part thereof
 either alone or jointly with the owner or owners of the other premises of the Podium and/or
 the Building

then in any of such events the Landlord shall have the right upon giving six months' previous notice in writing ("the Termination Notice") to the Tenant to terminate this Agreement and this Agreement and the said term shall determine upon the expiration of the Termination Notice but without prejudice to the rights and remedies of either party against the other in respect of any antecedent claim or breach of any of the agreements or stipulations herein set out. The Tenant shall deliver vacant possession of the Premises to the Landlord upon the expiration of the Termination Notice and shall not be entitled to claim any damages or compensation in respect of such early determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For the purpose of this clause and Agreement:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Landlord is deemed to have resolved to sell the Premises or to re-develop the Premises or
 the Podium or the Building or any part thereof if the Landlord has passed a resolution by
 its Board of Directors to the effect that the Landlord intends to sell the Premises or re-develop
 the Premises or the Podium or the Building or any part thereof as aforesaid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the

 of the Tenant's exercise of its optional right(s) (if any) or otherwise, and the Termination
 Notice can expire at any time during the said term,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Tenant's optional right(s) (if any) shall extinguish and determine upon the service of the Termination Notice (whether the same shall have been exercised by the Tenant or not) and the Tenant shall not be entitled to any claim against the Landlord for any damages or compensation or any relief against such early determination of optional right(s).

**<u>SECTION XIII</u>**

**<u>INTERPRETATION AND MISCELLANEOUS</u>**

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|:---|:---|
| Landlord and Tenant Legislation | 1. To the extent that the Tenant can lawfully do so, the Tenant hereby expressly agrees to deprive himself of all rights (if any) to protection against eviction or ejectment afforded by any existing or future legislation from time to time in force and applicable to the Premises or to this tenancy and the Tenant agrees to deliver up vacant possession of the Premises to the Landlord on the expiration or sooner termination of the tenancy hereby created, notwithstanding any rule of law or equity to the contrary. |

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| Condonation Not a <br> Waiver | 2. No condoning, excusing or overlooking by the Landlord of any default, breach, non-observance or non-performance by the Tenant at any time or times of any of the Tenant's obligations herein contained shall operate as a waiver of the Landlord's rights hereunder in respect of any antecedent continuing or subsequent default, breach, non-observance or non-performance or so as to defeat or affect in any way the rights and remedies of the Landlord hereunder in respect of any such antecedent continuing or subsequent default breach non-observance or non-performance and no waiver by the Landlord shall be inferred from or implied by anything done or omitted by the Landlord, unless expressed in writing and signed by the Landlord. Any consent given by the Landlord shall operate as a consent only for the particular matter to which it relates and in no way shall be considered as a waiver or release of any of the provisions hereof nor shall it be construed as dispensing with the necessity of obtaining the specific written consent of the Landlord in the future, unless expressly so provided. |

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| Service of Notice | 3. Any notice required to be served hereunder shall, if to be served on the Tenant, be sufficiently served if addressed to the Tenant and sent by prepaid post to or delivered at the Premises or the Tenant's last known registered office or place of business or residence in Hong Kong and, if to be served on the Landlord, be sufficiently served if addressed to the Landlord and sent by prepaid post to or delivered at the address given above or any other address which the Landlord may notify the Tenant from time to time. A notice sent by post shall be deemed to have been received by the Tenant at the time when in due course of post it would be delivered at the address to which it is sent. |
| No Fine, Premium <br> & etc. | 4. The Tenant acknowledges that no fine, premium, key money or other consideration has been paid by the Tenant to the Landlord for the grant of this tenancy. |

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| Full Agreement | 5.(a) | This Agreement supersedes any and all previous representations, arrangements, understandings and agreements between the parties (whether by themselves or through their respective agents and whether written or oral) relating to the Premises and/or any tenancy of the Premises and constitutes the entire, complete and exclusive agreement and understanding between them relating to the tenancy of the Premises and there are no other express terms (whether by themselves or through their respective agents and whether written or oral) or implied terms agreed between them. Unless otherwise agreed or confirmed by the parties in writing after the date of this Agreement, this Agreement cancels any and all previous representations, arrangements, understandings and agreements between the parties (whether by themselves or through their respective agents and whether written or oral) relating to the Premises and/or any tenancy of the Premises. This Agreement also cancels and nullifies any and all rights of either party arising against the other by virtue of all or any of such previous representations, arrangements, understandings and agreements or the provisions thereof, notwithstanding the existence of any provision in any such previous agreement that such rights or provisions shall survive the termination of such previous agreement. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 party acknowledges that in entering into this Agreement, it is not relying upon any representation,
 arrangement, understanding, agreement, warranty, undertaking, promise or assurance made or
 given by the other or any other person (whether by themselves or through their respective
 agents and whether written or oral) at any time prior to the execution of this Agreement
 which is not expressly set out in this Agreement.

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| Right to Name the <br> Building Reserved | 6. The Landlord reserves the right to name the Building or the Podium with any such name(s) or style(s) as it may in its sole discretion determine and at any time and from time to time to change, alter, substitute or abandon any such name(s) or style(s) provided that the Landlord shall give to the Tenant and where necessary, to the Postal and other relevant Government Authorities not less than three months' notice of its intention so to do and the Landlord shall not be liable for any costs or expenses incurred or any loss suffered by the Tenant as a result of such change. |

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Gender 7. Unless the context otherwise requires, words herein importing the masculine gender shall include the feminine and neuter genders and words herein in the singular shall include the plural and vice versa.

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| Legal Costs and <br> Stamp Duty | 8. The Stamp Duty and Land Registry registration fee (if any) on this Agreement and on its counterpart shall be borne by the parties hereto in equal shares PROVIDED THAT the Tenant shall pay to the Landlord an administration fee as specified by the Landlord in writing for preparation, approval and stamping of this Agreement. If the Tenant shall instruct his own firm of Solicitors to act for him in connection with this tenancy, the Tenant shall be fully responsible for paying his own legal costs and expenses and shall further be responsible for paying the Landlord's administration fee as aforesaid. |

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| No Warranty of <br> User | 9. The Landlord does not warrant that the Premises are fit for the purpose for which they are let or for any other purposes whatsoever used or intended to be used by the Tenant and shall not be responsible or liable to the Tenant for any damages or loss in respect thereof. The Landlord's consent to the use of the Premises shall not in any way be taken as a guarantee or warranty that the Premises are fit for such use and the Tenant should procure and obtain all necessary consents or licences from all relevant authorities pursuant to Clause 25 of Section III. |

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| Marginal Notes <br> Heading & Index | 10. The Marginal Notes, Headings and Index are intended for guidance only and do not form a part of this Agreement nor shall any of the provisions of this Agreement be construed or interpreted by reference thereto or in any way affected or limited thereby. |

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| Joint Tenants | 11. Where more than one person is included under the designation "the Tenant" all such persons signing this Agreement as Tenant shall be jointly and severally liable for the due observance and performance of all the terms, agreements and obligations herein contained and on the Tenant's part to be observed and performed notwithstanding that such persons hold as tenants in common, joint tenants or otherwise. |

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| Reinstatement | 12. If the Premises were not for any reason handed over to the Tenant as a "shell" at the commencement of the term hereby created, the Landlord reserves the right to require the Tenant at the sole expense of the Tenant to remove any or all alterations or additions made prior to the date of this Agreement and/or reinstate the Premises to the same condition as the Premises were first handed over to the Tenant whether pursuant to this Agreement, an earlier agreement or otherwise or to reinstate the Premises as a "shell" as the case may be to the satisfaction of the Landlord and to make good any damage to the Premises caused thereby at the expiration or sooner determination of this Agreement. Notwithstanding the above, the Tenant shall leave the Premises in such other condition as may be directed by the Landlord at the expiration or sooner determination of this Agreement. |

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Manager 13. Wherever it is provided in this Agreement that the Landlord is entitled or empowered to do certain things, such things can be done by the Landlord through the management agent from time to time appointed by the Landlord to be the manager of the Building or the Podium.

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| Landlord's Agent | 14. The Tenant shall pay to the Landlord's agent, Hutchison Estate Agents Limited ("HEAL"), all deposits, rents, other charges and all other monies payable by the Tenant to the Landlord under this Agreement. The receipt by HEAL from the Tenant of any monies as aforesaid shall be a sufficient discharge of the Tenant's obligation in respect of the payment of such monies. |

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| The Contracts<br> (Rights of Third<br> Parties) Ordinance <br> (Cap.623) | 15. The Contracts (Rights of Third Parties) Ordinance (Cap.623) shall not apply to this Agreement (save and except for Clause 5 of Section VI of this Agreement) and unless specifically herein provided no person other than the parties to this Agreement shall have any rights under it nor shall it be enforceable by any person other than the parties to it. |

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**<u>SECTION XIV</u>**

**<u>SPECIAL CONDITIONS</u>**

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| Town Gas | 1. The Tenant is aware and understands that there is a town gas connection point at the Premises. The Tenant shall take over the town gas connection point at the Premises and shall accept all liabilities thereof. The Tenant shall at its own cost carry out any modification, alteration and/or addition work(s) for the relevant pipework thereat and apply for a gas meter from The Hong Kong and China Gas Company Limited if the same are required for the Tenant's operation of the Premises for the purpose as mentioned in Clause 1 of Section III hereof Provided that the Tenant shall obtain the prior written approval of the Landlord and/or the Manager of the Building and The Hong Kong and China Gas Company Limited for the installation of town gas pipes. Notwithstanding anything hereinbefore contained, the Tenant shall not use any fuel other than town gas and shall not construct or erect or cause to be constructed or erected any chimney or smoke stack in the Premises in that connection. |

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| Insurance | 2. The Tenant shall for the duration of the term and any extended term take out an adequate insurance policy with a reputable insurance company to cover all risks in respect of any injury loss or whatsoever damage to property or to any person or persons using the Premises or to the Tenant's licensees in connection with the provision and consumption of food drink beverages on the Premises. The Tenant shall produce a copy of such insurance policy to the Landlord upon the Landlord's request. The Tenant shall further indemnify and keep the Landlord indemnified against all claims, costs, expenses, damages and demands arising therefrom. |

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| Removal of Food <br> Waste & Refuse | 3. The Tenant shall at Tenant's cost provide and ensure that all food waste and refuse shall be kept in suitable containers securely and fully sealed and shall procure the removal of such food waste and refuse from the building in which the Premises stands to such location and at such times as the Landlord shall specify from time to time without creating any nuisance or excessive odour in the process of such removal. |

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| Pest Control | 4. The Tenant shall at its own cost and expense make suitable and adequate arrangements for pest control against cockroaches rodents and other vermin to be conducted in and at the Premises on a regular basis and compatible with the Tenant's operation of the Premises for the purpose as mentioned in Clause 1 of Section III hereof. If the Tenant shall default in fulfilling its obligations as aforesaid or if the Landlord shall have grounds for dissatisfaction over the pest control measures carried out by the Tenant in and at the Premises (which the Landlord's opinion shall be conclusive), the Landlord shall have the right to request the Tenant to carry out any effective control measures which the Landlord may in its discretion deem necessary, including but not limited to employing a rodent control specialist recommended by the Landlord to carry out rodent control service in and at the Premises and to submit regular report to the Landlord in this respect. If the Tenant shall have failed within a reasonable time to comply with the Landlord's said request the Landlord shall have the right to appoint a competent pest control contractor whom the Landlord shall think fit to carry out the necessary/comprehensive pest control measures in and at the Premises and the costs thereof shall be a debt due from the Tenant to the Landlord and be forthwith recoverable by action. If the Landlord shall exercise the right to appoint such pest control contractor for the purpose aforesaid and shall have so notified the Tenant in writing, the Tenant shall afford the pest control contractor and its workmen with tools and apparatus access to the Premises at suitable times for the purpose of such operation and shall render its fullest cooperation to the contractor in the carrying out of the operation and shall further indemnify and keep indemnified the Landlord and the pest control contractor so appointed by the Landlord against all claims demands and action arising from the pest control operations so carried out in and at the Premises. For the above mentioned purposes, the Landlord and all persons authorised by it shall be permitted to enter and view the Premises at all reasonable times. |

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| Kitchen and <br> Drainage System | 5. The Tenant shall at its cost and expense fit out and furnish the flooring of the kitchen (if any) in the Premises and the drainage system thereof with water-proofing materials to prevent seeping of water from the Premises to other areas of the Building and keep and maintain the same in good and tenantable repair and condition to the satisfaction of the Landlord and in accordance with the regulations or by-laws of all Public Health and other Government Authorities. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Without prejudice to any other obligation of the Tenant herein contained the Tenant shall at its own cost and expense keep all kitchen and cooking equipment used exclusively by the Tenant and his servants, agents, licensees and customers in clean and good repair and condition to the satisfaction of the Landlord and in accordance with the regulations or bye-laws of all Public Health and other Government Authorities. In particular but without prejudice to generality of the foregoing, the Tenant shall:-

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| Grease Filters | (a) | Install and maintain at all times hoods over all cooking equipment in the kitchens of the Premises together with suitable grease filters; |

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| Ventilation, Air-<br> Exhaust System and <br> etc. | (b) | Install and maintain all necessary grease traps grease filters air-transfer grilles screw-in valves in all ducting, smoke vents, ventilation and air-exhaust system and pipes in the kitchens and in all other parts of the Premises in good, clean and working order and free from blockage and obstruction and to inspect and clean the same with hot water and strong solvent at regular intervals and to replace the same whenever necessary PROVIDED always and without prejudice to any right of the Landlord to inspect the Premises, the Landlord may, at any time on giving reasonable notice to the Tenant, enter the Premises with or without workmen and with or without apparatus to inspect the Premises and view the condition of the said hoods grease traps grease filters air-transfer grilles screw-in valves smoke vents ventilation and air-exhaust system and pipes and if there shall be found to be any defect or want of repair thereto the Landlord may forthwith execute such repairs or works as may be necessary and the costs thereof shall be a debt due from the Tenant to the Landlord and be forthwith recoverable by action. The Tenant further agrees with the Landlord that the Tenant shall at its sole cost and expense carry out comprehensive maintenance of the said grease traps including chemical degreasing and cleaning of the installations on a regular basis and shall in carrying out the said work use only such contractor recommended by the Landlord and/or its agents. |

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Service to <br> Customers 7. The Tenant shall furnish first class service to the patrons and customers of the Tenant.

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| Reduction of <br> Odours and/or <br> Smoke | 8. Without prejudice to any other obligation of the Tenant herein contained, the Tenant shall at its own cost and expense take appropriate measures, including but not limited to the installation of de-odorising and cooking fume removal equipment and/or system such as Photolytic oxygen (UV) Unit, Photolytic oxygen (UV) Purifier, Electro-Precipitator, Hydrovent and/or equivalent equipment ("the Equipment") to reduce the odours and/or smoke produced upon, permeate through or emanate from the Premises to a level in compliance with the Air Pollution Control Ordinance and in accordance with the regulations and requirements of the Environmental Protection Department. The Tenant shall submit comprehensive testing reports of the Equipment which show such information as specified by the Landlord, including but not limited to the effectiveness of the Equipment in removing cooking fume and odour to a level satisfactory to the Landlord, as and when required by the Landlord or its agent. |

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| Fresh Water Supply | 9. The Tenant shall take over the existing fresh water supply pipe(s) connecting to the Premises and shall accept all liabilities thereof. The Tenant shall at its own cost modify the said fresh water supply pipe(s) and the respective water meter if such modification is required for the Tenant's operation of the Premises for the purpose as mentioned in Clause 1 of Section III hereof Provided that the Tenant shall obtain the prior written approval of the Landlord and/or the Manager of the Building and the Water Supplies Department for the modification of permanent water meter and fresh water supply pipes. |

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| Drain Point | 10. The Tenant is aware and understands that there is a drain point at the Premises. The Tenant shall take over the drain point at the Premises and all associated drainage pipes and the drainage system (if any) and shall accept all liabilities and/or all costs incurred thereof. The Tenant shall at its own cost carry out any modification, alteration and/or addition work(s) for the drain point at the Premises with drainage pipe(s) connecting to the building drainage system if the same are required for the Tenant's operation of the Premises for the purpose as mentioned in Clause 1 of Section III hereof Provided that the Tenant shall obtain the prior written approval of the Landlord and/or the Manager of the Building for such works. For the avoidance of doubt, before carrying out such works, the Tenant shall engage suitably qualified engineers to prepare proper building services plans and all relevant and/or related documents/reports in relation thereto ("the Documents") and submit the Documents to the Landlord and/or the Manager of the Building for its prior written approval. In addition, the Tenant shall obtain the approval of the Building Authority and/or other competent Government authorities in respect of such works in strict compliance with the Buildings Ordinance applicable from time to time. |

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| Device *for*<br> Receiving Receipts | 11(a). | The Tenant shall permit the Landlord and all persons authorized by it to install and operate in the Premises and from time to time to inspect, repair or replace any device, equipment, appliance, apparatus, mechanism, instrument whether electronic or otherwise (collectively called "the Device") which the Landlord may deem necessary for the purpose of testing, ascertaining or determining the gross receipts. The Tenant shall adopt and use the Device as the Tenant's only device for receiving gross receipts and shall input the gross receipts in relation to each and every transaction into the Device immediately upon receipt thereof. The Tenant shall not interfere with, conceal or remove the Device and/or the connection from the Device to the internet through telephone line dial up or connected broadband. The Tenant shall link its own cashier to the Landlord's control devices for the purpose of calculation of Gross Turnover as defined in paragraph 2.1 of Part II of the Second Schedule. The Tenant shall purchase the Device from the Landlord's recommended suppliers and bear all costs in relation thereto including the cost of a dedicated telephone line or broadband service for internet connection. |

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| Close Circuit <br> Television and etc. | (b). | The Tenant shall permit the Landlord and all persons authorized by it to install and operate in the Premises and from time to time to inspect, repair or replace any close circuit television or similar device for the purpose of ensuring the Tenant's full compliance with its obligations set out in Clause 11(a) above. The Tenant shall not interfere with, conceal or remove the said close circuit television or similar device. |

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| Electricity Cable | 12. Notwithstanding anything hereinbefore contained, the Tenant shall hand over the electricity cable leading from the main switch room to the periphery of the Premises to the Landlord in a good, clean and tenantable repair and condition at the expiration or sooner determination of this Agreement. |

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| Additional Fan Coil <br> Units | 13. The Premises is currently provided with 4 additional fan coil units, three of which were left by the previous tenant of the Premises and one of which was installed by the Tenant at its own cost and expense ("the Additional Fan Coil Units"). The Tenant shall take over the Additional Fan Coil Units and accept all liabilities and/or all costs incurred thereof. The Landlord may, upon the Tenant's request, provide extra chilled water at a cooling capacity of approximately 12.52 tons to the Additional Fan Coil Units during the Normal Hours at HK$8,375.00 per calendar month. If the Tenant shall modify and/or remove the Additional Fan Coil Units, the Tenant shall submit all relevant plan(s) to the Landlord for its prior written approval and carry out the said works by the Landlord's recommended contractor(s) at the Tenant's own cost and expense. |

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| Confidentiality | 14. The Tenant undertakes that it shall and shall procure that its employees, servants and agents ("Personnel") shall hold in confidence and not disclose any terms and conditions contained hereunder ("the Confidential Information") to any third party without the prior written consent of the Landlord and shall limit access to the Confidential Information only to such Personnel who have a need to know the Confidential Information in the course of the performance and observance of the tenancy hereby created. The Tenant agrees that in the event of any breach of this Clause, the Landlord shall have the right to terminate this Agreement and the deposit paid under Section IX hereof shall be absolutely forfeited to the Landlord or, at the option of the Landlord, shall be used to set off all loss and damage sustained by the Landlord without prejudice to the Landlord's right of action or any remedy to claim for damages arising from such breach over and above the said deposit. |

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| Air Change | 15. The Tenant shall comply with the requirements on air change or air purifiers in catering premises in accordance with the latest guidelines from the Food and Environmental Hygiene Department ("FEHD"). The Tenant shall submit on the FEHD's webpage (a) a declaration that the restaurant operated by the Tenant has met the requirement of having a minimum of six air changes per hour at the seating areas of the Premises or installing air purifiers that meet the specified specifications as required by FEHD and (b) a certificate issued by a registered specialist contractor (ventilation works category) certifying the Tenant has met the said requirement. |

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AS WITNESS the hands of the parties hereto the day and year first above written.

**<u>THE FIRST SCHEDULE ABOVE REFERRED TO</u>**

**<u>DESCRIPTION OF PREMISES</u>**

ALL THOSE SHOPS G1 AND G3 on the GROUND FLOOR of the COMMERCIAL PODIUM of SITE 11, WHAMPOA GARDEN erected on ALL THAT piece or parcel of ground registered in the Land Registry as Section K of Kowloon Inland Lot No. 10750 which said Shops G1 and G3 on the Ground Floor are shown and coloured pink on the Plan annexed hereto.

**<u>THE SECOND SCHEDULE ABOVE REFERRED TO</u>**

**<u>PART I - TENANCY COMMENCEMENT DATE</u>**

Tenancy Commencement Date : 4 October 2023

**<u>PART II - PARTICULARS OF RENT</u>**

1. Rent

1.1 The rent (exclusive of rates, service charges, extra air-conditioning charges (as hereinafter defined), the monthly promotional charges, utility and other outgoings) for the said term shall be the Basic Rental plus the Turnover Rent (if any) as follows:-

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| <u>Term</u> | Rent per calendar month <br> <u>in Hong Kong Dollars</u> |
| Three Years (a) | HK$218,500.00 per calendar month (the "Basic Rental"); plus |
| (b) | the amount by which 10% of Gross Turnover (as hereinafter defined) for each calendar month of the said term exceeds the Basic Rental for that calendar month (the "Turnover Rent") (if any). |

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1.2 The Tenant shall pay to the Landlord the monthly Basic Rental in advance and without any deductions including legal or equitable set-off whatsoever on the first day of each calendar month.

1.3 The Tenant shall provide the Landlord for verification with detailed statements of Gross Turnover certified by a director of the Tenant to be true and correct for each calendar month or part of a calendar month within the first seven days of the immediate following calendar month. The statements so delivered shall be supported by such documents and records as the Landlord may reasonably require from time to time including, but not limited to, the daily turnover register and computer and other records showing various receipts .If for any calendar month or part of a calendar month for which the Turnover Rent is payable during the calendar month or part of the calendar month, the Tenant shall pay the Turnover Rent to the Landlord at the same time as the statements of Gross Turnover are submitted to the Landlord.

1*.*4 The Tenant shall submit statements of total Gross Turnover for each calendar month or part thereof audited by a firm of Certified Public Accountants to the Landlord within one calendar month after the end of each financial year of the Tenant during the said term Provided That the last of such audited statements shall be submitted to the Landlord within one calendar month after the expiry of the said term. The Tenant shall advise the Landlord in writing of its financial year end date and shall advise the Landlord from time to time in writing of any change of its financial year within 14 days from the resolution resolving such change during the said term.

1.5 The Landlord and its duly authorized agents or accountants shall have access to the Tenant's books showing the total Gross Turnover and other supporting documents for the purposes of verifying the Turnover Rent payable by the Tenant hereunder to the Landlord and the Tenant's audited statements for each calendar month or part thereof in each financial year of the Tenant during the said term and the Tenant shall afford the Landlord and its duly authorized agents or accountants such access at all reasonable times as and when so requested by the Landlord or its duly authorized agents or accountants.

1.6 In case of dispute the Turnover Rent shall be determined by a qualified accountant to be appointed by the Chairman for the time being of the Hong Kong Institute of Certified Public Accountants. The accountant so appointed shall act as an expert whose decision shall be final and binding upon both parties. The cost of the appointment of the accountant shall be borne and paid for by the Landlord and the Tenant in equal shares.

1.7 If the Tenant's audited statements as aforesaid, after verification and acceptance by the Landlord, reveal that the Turnover Rent of any calendar month or part thereof as calculated by reference to this Schedule and the said audited statements exceeds the Turnover Rent of that particular month actually received by the Landlord, the Tenant shall pay to the Landlord the amount so exceeded forthwith upon demand by the Landlord.

2. Gross Turnover

2.1 "Gross Turnover" means the aggregate of all sums of money or other consideration (inclusive of the 10% service charge customarily charged to the customers in the trade or business of the Tenant as mentioned in Clause 1 of Section III hereof, if any) received or receivable without any deduction whatsoever for all articles items or goods traded sold leased hired or otherwise disposed of and for all services sold or performed and for all facilities provided and from all trade or business of any nature whatsoever conducted operated at in from upon or through or otherwise deriving from or in respect of the Premises or any part of the Premises by the Tenant (as defined in paragraph 2.2 below).

2.2 For the purposes of this paragraph 2 only the "Tenant" means the Tenant and any subtenant licensee or concessionaire of the Tenant and any other person in occupation of the Premises or any part thereof whether the occupation by any of these sub-tenant, licensee, concessionaire or other person is permitted under this Agreement or otherwise.

For the avoidance of doubt, the Basic Rental and the Turnover Rent stated above or referred to elsewhere in this Agreement shall be exclusive of rates, service charges, extra air- conditioning charges, the monthly promotional charges hereinafter mentioned, utility and other outgoings.

**<u>PART III - PARTICULARS OF OTHER CHARGES</u>**

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| A.1. | The service charges for the supply of air-conditioning to the Premises as provided in Section IV Clause 4 and the provision of management services shall be HONG KONG DOLLARS THIRTY ONE THOUSAND SIX HUNDRED FORTY SEVEN AND CENTS NINETY ONLY (HK$31,647.90) per calendar month subject to adjustments as mentioned in paragraph (2) hereunder. |

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&nbsp;&nbsp;&nbsp;&nbsp;2. The
 air-conditioning charges for the supply of extra chilled water to the Premises as provided
 in Section XIV Clause 13 shall be HONG KONG DOLLARS EIGHT THOUSAND THREE HUNDRED AND SEVENTY
 FIVE ONLY (HK$8,375.00) per calendar month ("extra air-conditioning charges")
 subject to adjustments as mentioned in paragraph (3) hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;3. If
 at any time during the said term (i) the costs relative to the supply of air-conditioning (including,
 inter alia, the operating costs of the Landlord; the electricity charges imposed by CLP Holdings
 Limited; the costs of maintaining and/or replacing the air-conditioning system of the Landlord
 or any part thereof and the air- conditioning installations) shall have risen over the costs
 thereof prevailing at the commencement of the said term; or (ii) the operating costs relative
 to the provision of the management services (including, inter alia, the operating costs of
 the Landlord) shall have increased over the operating costs for the time being charged by
 the Landlord, the Landlord shall in either cases be entitled to serve a notice in writing
 upon the Tenant increasing the service charges and/or the extra air-conditioning charges
 by an appropriate amount and thereafter such increased charges shall be payable in lieu of
 the charges provided for above. Further increases may be made after an earlier notice of
 increase shall have become operative. When any notice of increase shall be sent by the Landlord
 to the Tenant the notice shall be accompanied by an explanatory memorandum but the Landlord's
 assessment of the appropriate increase shall be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;4. All
 service charges and/or the extra air-conditioning charges shall be payable monthly in advance
 clear of all deductions including legal or equitable set-off by way of additional rent.

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| B.1. | The monthly promotional charges provided in Section XI Clause 2 hereof shall be HONG KONG DOLLARS TWO THOUSAND FIVE HUNDRED FIFTY TWO AND CENTS THIRTY ONLY (HK$2,552.30) per month subject to adjustments as mentioned in paragraph (2) hereunder. |

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&nbsp;&nbsp;&nbsp;&nbsp;2. If
 the operating costs of the Promotional Fund shall in the opinion of the Landlord have risen
 over the expense budget prepared by the Landlord or its agent, the Landlord shall be entitled
 at its absolute discretion to increase the monthly promotional charges and serve a notice
 in writing upon the Tenant advising the increase and thereafter such increased monthly promotional
 charges shall be payable in lieu of the monthly promotional charges provided for above.
 Further increases may be made after an earlier notice of increase shall have become operative.
 When any notice of increase shall be sent by the Landlord to the Tenant the notice shall
 be accompanied by an explanatory memorandum but the Landlord's assessment of the appropriate
 increase shall be conclusive and binding on the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;3. All
 monthly promotional charges shall be payable monthly in advance without any deductions including
 legal or equitable set-off by way of additional rent.

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|:---|:---|
| SIGNED by) | *For and on behalf of* |
| TSUI Kin Tung, Tony) | PALLISER INVESTMENTS LIMITED |
| for and on behalf of the Landlord) |  |
| in the presence of:-) | /s/ PALLISER INVESTMENTS LIMITED  |
|  | Director/Authorised Signature(s) |
| /s/ Austin AU |  |
| SIGNED by) | For and on behalf of  |
| Suenaga Yoichi) | ES CONCEPT (F&B) CO., LIMITED |
| for and on behalf of the Tenant) |  |
| in the presence of :-) | /s/ ES CONCEPT (F&B) CO., LIMITED |
|  | *Authorized Signature(s)* |
| /s/ Paulus Chan |  |

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|:---|:---|
| RECEIVED on or before the day and year) |  |
| first above written of and from the Tenant the) |  |
| sum of HONG KONG DOLLARS ONE) |  |
| HUNDRED AND SEVENTY ONE) |  |
| THOUSAND ONLY being portion of the) | HK$171,000.00 |
| security deposit above mentioned and the) | ============<br>|
| balance of the security deposit in the sum of) |  |
| HK$1,329,887.40 will be transferred from the) |  |
| existing tenancy deposit under the tenancy) |  |
| agreement dated 12 October 2020 (the) |  |
| "Original Deposit") on the commencement |  |
| date of this Agreement PROVIDED THAT) |  |
| should there be any deduction from the) |  |
| Original Deposit the Tenant shall pay the) |  |
| shortfall prior to the commencement date of) |  |
| this Agreement.) |  |

---

---

| |
|:---|
| *For and on behalf of* |
| PALLISER INVESTMENTS LIMITED |
| /s/ PALLISER INVESTMENTS LIMITED  |
| Director/Authorised Signature(s) |

---

## Exhibit 10.12

**Exhibit 10.12**

Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.

<u>Dated the 18th day of November 2024</u>

SUCCESS KEEP LIMITED

(成協有限公司)

AND

ES& YOHO LIMITED

TENANCY AGREEMENT

of

Shop No. B155 on Level 1 of

the Commercial Accommodation of the development

at 1 Long Lok Road, Yuen Long, New Territories,

Hong Kong erected on Yuen Long Town Lot No. 510

YMX B155 – TA (nwe-let 2024)

**<u>INDEX OF CONTENTS</u>**

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| | |
|:---|:---|
|  | **SECTION I - AGREEMENT** |
| 1. | Premises, Term and Rent |
|  | **SECTION II - RENT AND OTHER CHARGES** |
| 2.1 | Rent and Other Charges |
| 2.2 | Air-Conditioning and Management Charges |
| 2.3 | Utility Charges and Deposits |
| 2.4 | Rates & Taxes |
| 2.5 | Promotion Levy |
| 2.6 | Interest and Legal Costs |
|  | **SECTION III - TENANT'S OBLIGATIONS** |
| 3.1 | Compliance with Ordinances |
| 3.2 | To Fit Out Premises |
| 3.3 | To Keep the Interior in Good Repair |
| 3.4 | Replacement of Windows |
| 3.5 | (a) Installation of Telephone Cables |
|  | (b) Electrical and Gas Installations |
|  | (c) Air-conditioning System |
|  | (d) Checking of Condition and Appliances |
| 3.6 | Sanitary and Water Apparatus |
| 3.7 | Cleaning of Drains, Air Filter/Extractor Units |
| 3.8 | Indemnity against Loss/Damage from Interior Defects |
| 3.9 | Contents |
| 3.10 | Protection from Typhoons |
| 3.11 | Entry by Landlord |
| 3.12 | To Execute Repairs on Receipt of Notice |
| 3.13 | Inform Landlord of Damage |
| 3.14 | Infestation |
| 3.15 | Damage to Building |
| 3.16 | To Comply with Government Lease |
| 3.17 | To Comply with Deed of Mutual Covenant, House Rules, General Rules, Car Park Rules and Club Rules |
| 3.18 | Viewing and Letting and Selling Notices |
| 3.19 | Contractors, Servants, Agents, Licensees, Visitors |

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i

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| | |
|:---|:---|
| 3.2 | Load and Unload through Cargo Lift |
| 3.21 | Refuse and Garbage Removal |
| 3.22 | Window Cleaning |
| 3.23 | Conduct of Business |
| 3.24 | Yield Up the Said Premises and Handover |
| 3.25 | Indemnity and Insurance |
| 3.26 | Keep and Maintain Electricity and Water Supply Accounts |
| 3.27 | Security System |
| 3.28 | Adjacent Excavation or Shoring |
| 3.29 | Pipes And Conduits |
|  | **SECTION IV - LANDLORD'S OBLIGATIONS** |
| 4.1 | Quiet Enjoyment |
| 4.2 | Government Rent |
|  | **SECTION V - RESTRICTIONS AND PROHIBITIONS** |
| 5.1 | Installations and Alterations |
| 5.2 | Injury to Main Walls |
| 5.3 | Damage to Walls, Ceilings and Floors |
| 5.4 | Damage to Common Areas |
| 5.5 | Nuisance or Annoyance |
| 5.6 | Noise |
| 5.7 | Signs |
| 5.8 | User |
| 5.9 | Illegal or Immoral Use |
| 5.1 | Unlawful or Dangerous Goods |
| 5.11 | Obstructions |
| 5.12 | Prevention of Odours |
| 5.13 | Animals, Pets |
| 5.14 | Subletting, Assigning |
| 5.15 | Breach of Government Lease or Deed of Mutual Covenant |
| 5.16 | Breach of Insurance Policy |
| 5.17 | Aerials |
| 5.18 | Air-conditioning |
| 5.19 | Use of Common Areas |
| 5.2 | Food Restriction |
| 5.21 | Locks |
| 5.22 | Sale Of Liquor |
| 5.23 | Tenant's Association |

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ii

---

| | |
|:---|:---|
|  | **SECTION VI - EXCLUSIONS** |
| 6.1 | (a) Common Services and Facilities |
|  | (b) Electricity/Gas/Water Supply |
|  | (c) Fire and Overflow of Water, Vermin |
|  | (d) Non-enforcement |
|  | (e) Security |
|  | (f) Vehicles |
| 6.2 | Exemptions Extend to Landlord's Agent and Manager |
| 6.3 | No Duty for Landlord to Insure |
| 6.4 | No Claim for Landlord's Works |
|  | **SECTION VII - ABATEMENT OF RENT** |
| 7. | Abatement |
|  | **SECTION VIII - DEFAULT** |
| 8.1 | Default |
| 8.2 | Exercise of Rights |
| 8.3 | Acceptance of Rent |
| 8.4 | Acts of Contractors, Guests, Servants, Agents, Licensees and Visitors |
| 8.5 | Distraint |
|  | **SECTION IX - DEPOSIT** |
| 9.1 | Deposit |
| 9.2 | Increase of Deposit |
| 9.3 | Repayment of Deposit |
| 9.4 | Deposit Not Rent |
| 9.5 | Transfer of Deposit |
|  | **SECTION X - INTERPRETATION AND MISCELLANEOUS** |
| 10.1 | Condonation Not a Waiver |
| 10.2 | Definition of Common Areas and Common Services and Facilities |
| 10.3 | Name of Development |
| 10.4 | Introduction of Rules and Regulations |
| 10.5 | Service of Notices |

---

iii

10.6 No
 Fine

10.7 Exclusion
 of Warranties

10.8 Special
 Conditions

10.9 Joint
 and Several Liability

10.10 Genders
 and Plurals

10.11 Marginal
 Notes, Headings and Index

10.12 Stamp
 Duty and Costs

10.13 Each
 Provision Independent and Severable

10.14 Sale
 and Demolition

10.15 Time

10.16 Governing
 Law

10.17 Description
 of Premises

10.18 Rights
 of Third Party

**THE FIRST SCHEDULE**

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| | |
|:---|:---|
| Part I | Particulars of the Landlord |
| Part II | Particulars of the Tenant |
| Part III | Particulars of Premises |
| Part IV | Particulars of Term |
| Part V | Particulars of Rent |
| Part VI | Particulars of Air-Conditioning and Management Charges |
| Part VII | Particulars of Deposit |
| Part VIII | Business Hours |
| Part IX | Promotion Levy |

---

**THE SECOND SCHEDULE -** User

**THE THIRD SCHEDULE -** Special Conditions

**THE FOURTH SCHEDULE -** Exception and Reservations

**SIGNATURES**

iv

THIS TENANCY AGREEMENT made this 18th day of November Two thousand and Twenty Four

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| | |
|:---|:---|
| Parties | BETWEEN the party named and described as Landlord in Part I of the First Schedule hereto (hereinafter referred to as "the Landlord", which expression shall where the context admits include its successor(s) in title and assign(s) or company(ies) for the time being entitled to the immediate reversion expectant upon the term hereby created) of the one part and the party named and described as Tenant in Part II of the First Schedule hereto (hereinafter referred to as "the Tenant") of the other part. |

---

WHEREBY IT IS AGREED as follows:-

SECTION I

<u>AGREEMENT</u>

---

| | | |
|:---|:---|:---|
| Premises<br>Term<br>Rent | 1. | In consideration of the rent and the Tenant's covenants hereinafter reserved and contained, the Landlord hereby lets to the Tenant All Those the premises more particularly described in Part III of the First Schedule hereto (hereinafter referred to as "the said premises") Together with the use in common with the Landlord and all others having the like right of such of the entrances staircases landings passages lifts escalators and air cooling and heating services in the said building (if any and whenever the same shall be operating) and such other common areas and common services and facilities in the building of which the said premises form part (hereinafter referred to as <sup>"</sup>the said building") insofar as the same are necessary for the proper use and enjoyment of the said premises (except insofar as the Landlord and/or the manager of the said building may from time to time restrict such use) for the term specified in Part IV of the First Schedule hereto (hereinafter referred to as "the said term") EXCEPT AND RESERVED unto the Landlord and the manager of the said building and all persons authorized by the Landlord or the manager of the said building (i) all such rights and privileges as are reserved unto the Landlord and/or the manager of the said building under, if any, the Deed of Mutual Covenant and (if any) the Management Agreement of the said building (hereinafter referred to as "the Deed", which expression shall also mean and include any and all such supplemental deed(s), supplemental agreement(s) and variation(s) and amendment(s) thereto) and (ii) such other rights and easements as specified in the Fourth Schedule hereto YIELDING AND PAYING therefor throughout the said term the rent as set out in Part V of the First Schedule hereto and, if payable by the Tenant hereunder and as set out in Part VI of the First Schedule hereto, the Air-Conditioning and Management Charges and other charges (all of which are unless the context otherwise requires hereinafter included under the term "the rent") which shall be paid together with all other outgoings incurred in respect of the said premises in advance clear of all deductions whatsoever (whether legal or equitable) by consecutive monthly payments on the first day of each calendar month the first and the last of such payments to be apportioned according to the number of days respectively in the first and the last month of the said term as included in the said term and the first of such payments shall be made upon the signing hereof. If the day on which the rent and other charges and (if any) rates fall due for payment under this Agreement is a public holiday, the relevant payment shall be deemed due and be payable on the preceding business day. |

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SECTION II

<u>RENT AND OTHER CHARGES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Tenant hereby agrees
 with the Landlord as follows:-

Rent and Other Charges 2.1 To pay the rent and other charges promptly on the days and in the manner hereinbefore provided for payment thereof and by bankers' standing order or by direct debit if so demanded.

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| | | | |
|:---|:---|:---|:---|
| Air-Conditioning and Management Charges | 2.2 | (i) | To pay and discharge promptly on the days and in the manner hereinbefore provided for payment therefor and by bankers' standing order or by direct debit if so demanded a fixed monthly sum as determined by the Landlord or the manager of the said building to be the Tenant's share of the Air-Conditioning and Management Charges payable in respect of the said premises. Such fixed monthly sum shall initially be in the amount as set out in Part VI of the First Schedule hereto. In the event of a deficiency occurring or seeming to the Landlord or the manager of the said building likely to occur, the Landlord or the manager of the said building shall be entitled to demand collect and recover from the Tenant such additional contributions as the Landlord or the manager of the said building may determine, or to carry forward (if any) any such deficiency to a later date for the purpose of revision of the rate of the aforesaid contribution by recouping the amount of such deficiency by including the same in the assessment. The Landlord or the manager of the said building shall also be entitled to increase the charges annually by reference to the increase of the operating costs of air-conditioning and/or management services. If the increase exceeds 10%, the Landlord or the manager of the said building will give a brief explanatory memorandum, but in any event such assessment shall be conclusive. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 air-conditioning is provided by the Landlord and the Tenant shall require air-conditioning
 to be provided outside the normal business hours as specified in Part VIII of the First Schedule
 hereto, the Landlord or the manager of the said building shall be entitled to charge for
 such supply according to the cost therefor and such supply shall be subject to feasibility
 and prior reasonable notice of such request to the Landlord or the manager of the said building.
 The Tenant shall pay the cost of the additional air-conditioning on receipt of the demand
 note therefor which may be rendered weekly or at such other intervals as the Landlord or
 the manager of the said building may decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 pay the Landlord or (as the case may be) the manager of the said building forthwith upon
 demand the cost of affixing repairing or replacing as necessary the Tenant's name in lettering
 to the directory boards (if any) at the said building.

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| | | |
|:---|:---|:---|
| Utility Charges and Deposits | 2.3 | To be solely responsible for and pay and discharge promptly all deposits and charges in respect of water, electricity, gas, telephone and any other utility as may be shown by or operated from the Tenant's own metered supplies or by accounts rendered to the Tenant by the appropriate utility companies in respect of all such utilities consumed on or in or for the benefit of the said premises provided that if the Landlord has already paid for any of such deposits, the same shall be reimbursed by the Tenant to the Landlord upon demand. |

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| | | | |
|:---|:---|:---|:---|
| Rates and Taxes | 2.4 | (i) | To pay and discharge promptly all rates quarterly in advance within the months of January, April, July and October and to pay all taxes, assessments, duties, charges, impositions and outgoings of an annual or recurring nature now or hereafter to be assessed, imposed, levied or charged by the Government of the Hong Kong Special Administrative Region (hereinafter referred to as "the HKSAR") or other lawful authority(ies) upon the said premises or upon the owner or occupier thereof (Property Tax excepted). Without prejudice to the generality of this sub-clause the Tenant shall pay all rates imposed on the said premises in the first place to the Landlord who shall settle the same with the Government of the HKSAR. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 the event that an assessment to rates in respect of the said premises shall be raised upon
 the Landlord direct the Landlord shall during the month immediately preceding any quarter
 in respect of which such rates may fall due be at liberty to debit the Tenant with and/or
 notify the Tenant of the amount thereof and the same shall forthwith be paid by the Tenant
 to the Landlord whereupon the Landlord shall account for the same to the Government of the
 HKSAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In
 the event that no valuation or assessment of rates of the said premises shall have been made
 in accordance with the Rating Ordinance (Cap. 116) or any statutory amendment or modification
 thereof for the time being in force the Tenant shall pay to the Landlord a sum equal to the
 rates which would be charged by the Government of the HKSAR on the basis of a rateable value
 equal to twelve (12) months' rent (or, of the Basic Rental (as may be hereinafter defined)
 if the rent payable hereunder by the Tenant comprises Basic Rental and Additional Turnover
 Rental) payable by the Tenant on account of the Tenant's liability under this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Landlord shall be entitled
 to treat non-payment of any amount debited to the Tenant in accordance with the foregoing provisions of this Clause or any part thereof
 in all respects as non-payment of rent under this Agreement.

Promotion Levy 2.5 To pay to the Landlord punctually throughout the said term in advance the contribution towards the promotion levy in respect of the said premises the initial rate of which as set out in Part IX of the First Schedule hereto subject to the following:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such
 contribution shall be paid by the Tenant to the Landlord in advance on the first day of each
 and every calendar month during the said term without any deduction, abatement, set off, counterclaim
 or reduction whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Landlord and/or the manager of the said building shall have the sole right to<sub></sub>,
 as in its/their absolute discretion deemed fit and subject to the budget thereof, decide the
 mode, theme and/or promotion target(s) and frequency of and the budget set for the promotional
 services and activities of the retail accommodation of the said building or (as the case
 may be) the said building and the facilities and activities thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Landlord and/or the manager of the said building shall be entitled from time to time to increase
 the said contribution towards the Promotion Levy payable by the Tenant hereunder if in the
 opinion of the Landlord and/or the manager of the said building there is or is likely to
 be an increase in the costs for the promotional services and activities, and such assessment
 of the increase shall in any event be conclusive and binding on the Tenant.

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| | | |
|:---|:---|:---|
| Interest and Legal Costs | 2.6 | Notwithstanding anything herein contained, the Landlord shall have the right to charge by way of additional rent interest at the rate of 1.25% per month in respect of any payment(s) to be made by the Tenant to the Landlord under this Agreement which shall be more than fifteen (15) days in arrears (whether legally or formally demanded or not) and such interest shall be payable by the Tenant to the Landlord on demand calculated from the date upon which such payment(s) in arrears fell due (and not fifteen (15) days thereafter) until the date of actual payment Provided that the demand and/or receipt by the Landlord of interest pursuant to this provision shall be without prejudice to and shall not affect the right of the Landlord to exercise any other right or remedy hereof (including the right of re-entry) exercisable under the terms of this Agreement. The Landlord shall further be entitled to recover from the Tenant as a debt under this Agreement all expenses including fees paid to debt collectors appointed by the Landlord and all solicitors' and/or counsel's fees and court fees incurred by the Landlord for the purpose of recovering the rental in arrears and/or other moneys unpaid or any part thereof from the Tenant and fee paid to leasing agent(s) for re-letting of the said premises in the event of earlier termination of this Agreement as resulted from the Tenant's breach of any term or condition hereof including but not limited to repudiation or anticipatory repudiation of this Agreement by the Tenant on a full indemnity basis together with such sum or sums as shall be determined by the Landlord as being collection charges for the additional work incurred by the Landlord and its staff and/or the manager of the said building (as the case may be) in recovering the said arrears and/or unpaid sums or any part thereof. |

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SECTION III

<u>TENANT'S OBLIGATIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Tenant hereby agrees with the Landlord as follows:-

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| | | |
|:---|:---|:---|
| Compliance with Ordinances | 3.1 | To observe, obey and comply with and to fully indemnify the Landlord against the breach by the Tenant of all ordinances, regulations, bye-laws, rules and requirements of any Governmental or other competent authority of the HKSAR relating to the use and occupation of the said premises by the Tenant or to any other act, deed, matter or thing done, permitted, suffered or omitted therein or thereon by the Tenant or any servant, employee, agent, licensee or visitor of the Tenant or occupier and to notify the Landlord forthwith in writing of any notice received from any statutory or public authority concerning or in respect of the said premises or any services supplied thereto or of a possible breach of this Clause. |

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| | | |
|:---|:---|:---|
| To Fit Out Premises | 3.2 | The Tenant shall accept the condition of the said premises as at the commencement of this Agreement and, unless otherwise provided to the contrary herein, to fit out the shop front and the interior of the said premises in good and proper workmanlike fashion using good quality materials in compliance with the "Design and Fitting-Out Guide" adopted by the Landlord for the Mall (as hereinafter defined) (a copy of which has already been provided to the Tenant) and in accordance with such plans and specifications (hereinafter called "the Fit Out Plans") as shall have been first submitted to and approved in writing by the Landlord in good and proper workmanlike fashion using good quality materials and in all respects in a style and manner appropriate to a first class shopping centre and commercial complex to the satisfaction of the Landlord and to maintain the same in good repair and condition throughout the said term. The Tenant will not cause or permit to be made any variation to the approved Fit Out Plans or to the interior design or layout of the said premises without any previous approval in writing of the Landlord. The Tenant shall comply with the provisions of this Agreement regarding installation and alterations in respect of such fitting out and shall employ only such competent contractor(s) as shall be approved in writing by the Landlord. The Tenant shall not carry out any fitting out work prior to the Landlord's written approval of the Fit Out Plans and it shall be a condition precedent to the granting of any approval under this Clause that the Tenant shall reimburse to the Landlord any fees and/or costs as may be incurred by the Landlord for the said approval. Without prejudice to or affecting the generality of the provisions in this Clause, the Fit Out Plans shall:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) include
 detailed drawings, plans and specifications of the works to be carried out;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) include
 schematic sketches showing the intended design and layout, material and colour scheme of
 the shopfront signage with the programme of work showing its duration and work progress;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) include
 details of any proposed amendments, additions or alterations to any electrical mechanical
 or other building services and of all electrical installations which shall be connected to
 the electrical systems installed by the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) comply
 with all relevant Ordinances, regulations and bye-laws from time to time issued by the Government
 of the HKSAR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) be
 submitted to the Landlord for approval prior to commencement of any fitting out work and
 the Landlord will consider and may in its absolute discretion accept or reject the same or
 any part thereof within fourteen (14) days after submission.

If the Tenant wishes to adopt an open shopfront design, then, subject to the prior written approval by the Landlord, the Tenant is allowed to remove the glass shopfront/glass door and replace with the roller shutter. However, the Tenant shall at its own costs reinstate the said premises and restore the glass shopfront/glass door upon delivery of vacant possession of the said premises to the Landlord at the expiration or sooner determination of this Agreement.

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| | | |
|:---|:---|:---|
| To Keep the Interior in Good Repair | 3.3 | To keep and maintain at the expense of the Tenant all the interior parts of the said premises including the flooring and interior plaster or other finishing, material or rendering to walls, floors and ceilings and (if any) the Landlord's fixtures, fittings and furnishings therein and all additions thereto including (without limitation) all doors, windows, window frames, electrical, plumbing and other installations and wiring, piping, conduits, light fittings, suspended ceilings, fire alarm system, fire fighting equipment and apparatus and air-conditioning ducting and all waste, drain, water and other pipes and sanitary apparatus and fittings therein and all painting, papering and decoration thereof in good, clean, tenantable, substantial and proper repair and condition (fair wear and tear excepted) and as may be appropriate from time to time properly painted and decorated and so to maintain the same at the expense of the Tenant and to deliver up the same to the Landlord at the expiration or sooner determination of the said term in like condition. |

---

Replacement of Windows 3.4 To reimburse to the Landlord on demand the cost of replacing all broken and damaged windows and glass of the said premises whether or not the same be broken or damaged by the negligence of the Tenant.

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| | | | |
|:---|:---|:---|:---|
| Installation of Telephone Cables | 3.5 | (a) | To make his own arrangements with the PCCW-HKT Telephone Limited or such other relevant companies with regard to the installation of telephones and other communication systems in the said premises, but the installation of telephone lines and communication lines outside the said premises must be in accordance with the directions given by the Landlord and/or the manager of the said building. |

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| | | |
|:---|:---|:---|
| Electrical and Gas Installations | (b) | To repair or replace if so required by the appropriate utility company, authority or statutory undertaker as the case may be under the terms of the Electricity Ordinance (Cap. 406) or any other Ordinance or Ordinances or any statutory modification or re-enactment thereof or any Orders in Council or Regulations made thereunder or if the same become dangerous or unsafe all the electrical and gas wiring, piping, installations, telephone lines, computer set-up and fittings within the said premises and the wiring and piping from the Tenant's meter or meters to the said premises and to give notice in writing to the Landlord when any electrical and/or gas wiring, piping, installation, telephone lines, computer set-up or fitting of the said premises shall become dangerous or unsafe and the Tenant shall use only a contractor approved in writing by the Landlord for the purposes of the said repair or replacement. The Tenant shall permit the Landlord or its authorised representatives or servants or agents to test the Tenant's electrical and/or gas wiring, piping, installations, telephone lines, computer set-up and fittings in the said premises at any time upon request being made. The Tenant shall fully indemnify the Landlord and hold it harmless against any cost, claim, damage or proceedings resulting from or attributable to any malfunctioning or disrepair of the electrical and/or gas wiring, piping, installations or telephone lines, computer set-up or fittings or apparatus in or belonging to the said premises. |

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| | | |
|:---|:---|:---|
| Air-conditioning System | (c) | Where any plant machinery or equipment for cooling ventilation or circulating air is installed in or about the said premises (whether by the Landlord or the Tenant) the Tenant will regulate the same to ensure that the air-conditioning plant is employed to best advantage in the conditions from time to time prevailing and without prejudice to the generality of the foregoing will operate and maintain such air-conditioning plant machinery and equipment within the said premises as the Landlord may reasonably determine to ensure a reasonably uniform standard of air cooling or ventilation throughout the said building. |

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| | | |
|:---|:---|:---|
| Checking of Condition and Appliances | (d) | To permit the Landlord and/or the Landlord's authorised representatives or servants or agents as shall be specified from time to time by the Landlord at any time during the said term to enter the said premises to check the state of repair and condition of the said premises and the air-conditioning system (if any), the furnishings and the appliances on or within the said premises. |

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| | | |
|:---|:---|:---|
| Sanitary and Water Apparatus | 3.6 | To maintain at the expenses of the Tenant all toilets and the sanitary and water apparatus in the said premises (if any) or used exclusively by the Tenant its agents servants employees workmen or visitors in a good, clean and tenantable manner and in proper repair and condition at all times during the said term to the satisfaction of the Landlord and in accordance with the regulations or bye-laws of all Public Health and other Government authorities concerned. |

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| | | |
|:---|:---|:---|
| Cleaning of Drains, Air Filter/Extractor Units | 3.7 | To pay to the Landlord on demand all costs incurred by the Landlord in cleaning, clearing, repairing or replacing any of the drains, pipes or sanitary or plumbing or air filtering and extracting apparatus in the said building that become choked or stopped up owing to the careless or improper use or neglect by the Tenant or any servant, employee, agent, contractor, invitee, visitor or licensee of the Tenant and to fully indemnify the Landlord against any cost, claim or damage caused thereby or arising therefrom. |

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| | | |
|:---|:---|:---|
| Indemnity against Loss/Damage from Interior Defects | 3.8 | To be wholly responsible for and to fully indemnify the Landlord against any loss, damage or injury caused to any person whomsoever or to any property whatsoever whether directly or indirectly through the defective or damaged condition or operation of any part of the interior of the said premises or any part of the fire fighting equipment or apparatus or any furniture or fixtures or fittings or furnishings or plumbing, electrical, computer or other installations or telephone lines or wiring or piping therein the repair of which the Tenant is responsible for hereunder or through or in any way caused by or owing to the spread of fire or smoke or fumes or the leakage or overflow of water of whatsoever origin including storm or rain water to or from the said premises or any part thereof or through the act, default or neglect of the Tenant, its servants, employees, agents, licensees or contractors and to keep the Landlord fully indemnified against all costs, claims, demands, actions and legal proceedings whatsoever made upon the Landlord by any person in respect of any loss, damage or injury as aforesaid and all costs and expenses incidental thereto. |

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Contents 3.9 To be wholly responsible for and (if applicable) to fully indemnify the Landlord against any loss or damage to property within the said premises including without limitation to all the furnishings therein belonging to the Landlord.

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| | | |
|:---|:---|:---|
| Protection from Typhoons | 3.1 | To take all necessary and appropriate precautions to protect the interior of the said premises against damage by storm, rainfall, typhoon or the like threats and in particular to ensure that all exterior doors and windows are securely fastened upon the threat of such adverse weather conditions. |

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|:---|:---|:---|
| Entry by Landlord | 3.11 | To permit the Landlord and the manager of the said building and all persons authorised by them with or without workmen or appliances at all reasonable times and upon reasonable prior notice to enter and view the state of repair and condition of the said premises, to take inventories of the Landlord's fixtures and fittings therein and the furnishings, to test the electric wiring, to read the meters and to carry out any works, repairs or maintenance which require to be done to the said premises, the common areas, the common services and facilities or any other part or parts of the said building and to remedy any breach of the Tenant's covenants in this Agreement and to carry out any work or repair required to be done by the Tenant hereunder, which the Tenant will have failed to do despite notice having first been given to the Tenant by the Landlord causing as little nuisance, annoyance or inconvenience to the Tenant and/or the occupiers of the said premises as possible Provided that in the event of an emergency the Landlord, its authorised representatives or servants or agents may enter without notice and forcibly if need be. |

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|:---|:---|:---|
| To Execute Repairs on Receipt of Notice | 3.12 | To make good all defects and wants of repair to the said premises for which the Tenant may be liable within the span of fourteen (14) days from the receipt of written notice from the Landlord or its authorised representatives to repair and make good the same, and if the Tenant shall fail to execute such works or repairs as aforementioned, to permit the Landlord or its authorised representatives or servants or agents to enter upon the said premises and forcibly if need be and execute the same at the sole expense of the Tenant and the costs and expenses thereof shall be a debt due from the Tenant to the Landlord and be recoverable forthwith by action. |

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| | | |
|:---|:---|:---|
| Inform Landlord of Damage | 3.13 | To give notice in writing to the Landlord or its representative or agent of any damage that may be caused to the said premises or to persons thereupon and of any defects in the furnishings, the fire fighting equipment and apparatus, the water pipes, gas pipes, plumbing, telephone lines, electrical or other installations or wiring or piping or other fittings, fixtures and fittings or facilities provided by the Landlord within seven days from the Tenant becoming aware of any such damage or defect. |

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| | | |
|:---|:---|:---|
| Infestation | 3.14 | At the Tenant's expense to take all such steps and precautions as shall be required by the Landlord to prevent the said premises or any part thereof from becoming infested by termites, rats, mice, roaches or any other pests or vermin. The Tenant shall employ at the Tenant's own cost and expense such pest extermination contractors as the Landlord may approve and at such intervals as the Landlord may direct. |

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| | | |
|:---|:---|:---|
| Damage to Building | 3.15 | To pay to or reimburse to the Landlord the costs of repairing any part of the said building or the common areas or any of the common services and facilities installed therein that may be damaged by reason of any act, default, neglect or omission on the part of the Tenant, its agents, servants, employees, contractors, visitors or licensees. |

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| | | |
|:---|:---|:---|
| To Comply with Government Lease | 3.16 | To observe, obey and comply with and to keep the Landlord fully indemnified against any breach by the Tenant or any contractor, servant, employee, visitor, agent or licensee of the Tenant of the terms, conditions and covenants of the Government Lease or (as the case may be) Leases or other grant or grants under which the land(s) on which the said building is erected is/are held from the Government (hereinafter referred to as "the said Lot") and of the provision as regards the user of the said premises as contained in the relevant part(s) of the Occupation Permit issued in respect of the said building. |

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| | | |
|:---|:---|:---|
| To Comply with Deed of Mutual Covenant, House Rules, General Rules, Car Park Rules and Club Rules | 3.17 | To observe, obey and comply with and to keep the Landlord fully indemnified against any breach by the Tenant or any contractor, servant, employee, visitor, agent or licensee of the Tenant of all the terms, conditions, provisions and covenants of the Deed (if any) and such house rules, general rules, car park rules and club rules as may from time to time be made by the manager of the said building, and, if there is the Deed, in accordance with the provisions of the Deed. |

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| | | |
|:---|:---|:---|
| Viewing and Letting and Selling Notices | 3.18 | To allow at all reasonable times within three (3) calendar months immediately preceding the expiration or sooner determination of the said term prospective tenants or purchasers or occupiers to inspect and view the said premises and allow the Landlord to maintain affix and exhibit without interference upon any external part or parts of the said premises or where the Landlord shall think fit a notice or notices indicating that the said premises are to become vacant and available for selling or letting and such other information in connection therewith as the Landlord shall reasonably require which notice or notices the Tenant shall not remove or conceal. |

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| | | |
|:---|:---|:---|
| Contractors, Servants, Agents, Licensees, Visitors | 3.19 | To be responsible and liable to the Landlord for the acts, neglects, omissions and defaults of all contractors, servants, employees, agents, licensees and visitors of the Tenant or occupier of the said premises as if they were the acts, neglects, omissions and defaults of the Tenant itself and to fully indemnify the Landlord against all costs, claims, demands, expenses or liabilities to any third party in connection therewith and for the purposes of this Agreement "licensee" shall include any person present in, using or visiting the said premises with the consent of the Tenant, express or implied. |

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| | | |
|:---|:---|:---|
| Load and unload through Cargo Lift | 3.2 | To load and unload goods and effects only at such times during daylight hours and through such cargo (or service) lifts and entrances and at such areas in the said building as may from time to time be designated by the Landlord or the manager of the said building, and in particular to give to the Landlord and the manager of the said building at least twenty four hours' advance notice of the movement of furniture or large objects or large quantities of goods and effects of the Tenant. |

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| | | |
|:---|:---|:---|
| Refuse and Garbage Removal | 3.21 | To be responsible for the disposal or removal of garbage, rubbish and refuse from the said premises to such places as may be designated by the Landlord or the manager of the said building and not to dispose of or discharge or permit or suffer to be disposed of or discharged any garbage, rubbish or refuse in any other part or parts of the said building and to use only that type of refuse bag or container as may be specified by the Landlord or the manager of the said building from time to time and shall keep the Landlord fully and effectually indemnified against any cost, claim, proceeding, loss, damage or injury caused to any person whomsoever or any property whatsoever whether directly or indirectly as a result of or due to the accumulation of such garbage, rubbish or refuse of the Tenant in or at the said premises or the said building. If removal of wet garbage from the said premises is necessary, any extra fee to be charged by the Government and/or the Landlord and/or the manager of the said building shall be borne and paid by the Tenant absolutely. |

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Window Cleaning 3.22 To keep all external windows lights at all times in a clean and sanitary state and conditions and for the better observance hereof the Tenant shall at his own expense employ as cleaners only such person(s) or firm(s) approved by the Landlord.

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| | | | |
|:---|:---|:---|:---|
| Conduct of Business | 3.23 | (a) | To furnish first class service to patrons and customers and not to conduct the business of the Tenant in such manner as to prejudice the goodwill and reputation of the Mall (as hereinafter defined) as a first-class shopping and commercial centre and in particular but without limiting the generality of the foregoing:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To
 keep the said premises open for business at all times of the year during the normal business
 hours set forth in Part VIII of the First Schedule hereto and any suspension of the Tenant's
 business for a period of more than three (3) consecutive days without the Landlord's
 consent shall constitute a material breach of this provision entitling the Landlord to determine
 this Agreement and to regain possession of the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 install and at all times to maintain the interior design of the said premises and displays
 of merchandise in the display of shopfront windows or showcases of the said premises to a
 standard and of a composition appropriate to a first-class shopping centre to the satisfaction
 of the Landlord, and to alter any window or other display of goods or merchandise in or at
 the said premises immediately upon notice by the Landlord that such display will in the opinion
 of the Landlord prejudice the reputation or standing of the said building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 at its expenses keep lit any shopfront windows and showcases together with the shop signs
 of the said premises during the normal business hours as set forth in Part VIII of the First
 Schedule hereto or during such hours as the common areas of the Mall (as hereinafter defined)
 are open to the public (whichever shall be longer) daily throughout the said term and the
 Tenant shall install a timer to control the lighting at its own cost in order to minimize
 inconvenience/darkness to the neighbouring. Notwithstanding anything herein contained, the
 Tenant shall keep lit the shopfront windows facing and/or abutting the landscape plazas,
 the central access spine, the sheltered circular entrance and the atrium for so long as there
 is public transport serving the said Lot or its vicinity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Not
 to at any time during the term of this Agreement cause or permit or suffer the area under the fire shutters, the fire shutters, smoke
 detectors and smoke extraction ducts and outlets installed in the said premises to be obstructed or altered or prevented from operation
 in any way whatsoever and the design and layout of the said premises shall be in such manner so as not to be in breach of this provision.

(v) To
 display in the shopfront windows and showcases merchandise of a quality and in a manner and design appropriate to a first class commercial
 complex, and shall not, unless required by the Fire Service Department or permitted by the Landlord in writing, cause any obstruction
 of view along the shopfronts and not to install storeroom or changing room/blinds or the like along the shopfront area so as to block
 or cover the same.

(vi) The
 dimension, design, material and colour scheme of the shopfront, signage and logo must be submitted to the Landlord for prior approval.

(vii) To
 offer for sale or display within any display window forming part of the said premises only the goods belonging to or forming part
 of the stock-in-trade of the Tenant or advertising matter relating thereto or to the trade or business of the Tenant and not to offer
 for sale or display the goods of others or any advertising matter relating to the goods or services of others.

(viii) Not
 to affix or post or permit to be affixed or posted to or on the internal or external faces of the glass forming part of the display
 windows or entrance doors of the said premises any sign notice or exhibit of any nature other than such customary sign indicating
 the conduct of trade by way of the services of established credit card companies which signs shall in any event be discreetly displayed
 so as not to obstruct the viewing of merchandise displayed within the interior of the said premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Not
 to conduct any auction or closing down or similar sales or utilise any unethical business practice provided that this provision shall
 not preclude the conduct of genuine periodic seasonal or promotional sales.

(x) Not
 to carry out or allow to be carried out any touting for business outside the said premises at any time.

(xi) Not
 to put outside the said premises any directory or display stand.

(xii) Not
 to place any posters, banners or advertising signs inside or outside the curtain wall along the perimeter of the said building.

(xiii) Not
 to use any area in front of the shopfront of the said premises for:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) placing
 any cooking utensils, tables and/or chairs to carry on the intended business as stated herein or other business;

(2) storage
 of goods, merchandise, furniture whether on a temporary or permanent basis;

(3) cleaning,
 washing or rinsing of cooking and serving utensils and cutlery; and

(4) any
 kind of food preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Not
 to use the said premises for manufacture of goods or merchandise or for the storage of goods or merchandise other than stock or materials
 in quantities reasonably required in connection with and consistent with the Tenant's trade or business carried on therein
 by way of samples and exhibits.

(xv) To
 maintain at all times on the said premises an adequate stock of merchandise for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) To
 maintain and repair all mechanical and/or electrical service (as examples, escalators, lifts or air-side) within and/or outside the
 said premises which are for the Tenant's exclusive use.

(b) This
 Clause shall apply without affecting the generality of the other provisions of this Agreement if the business of the Tenant to be
 carried on in the said premises is a restaurant or (as the case may be) other food outlet. The Tenant agrees to be bound by the following
 terms and conditions:-

(i) The
 Tenant shall be responsible for applying for and shall maintain in force during the said term the necessary licence(s) and satisfying
 all necessary licensing requirements for operation of a restaurant and, as the case may be, the type of restaurant or food outlet
 intended to be run by the Tenant in the said premises. The Landlord is under no obligation to make any addition and/or alteration
 to the said premises so as to satisfy any of the said licensing requirements.

(ii) The
 Tenant shall at its own expense keep the interior of the said premises and fixture and fittings therein and thereat, all kitchen(s),
 cooking equipment, water and sanitary apparatus used exclusively by the Tenant and his servants agents licensees and customers in
 good clean sanitary and tenantable repair and condition to the satisfaction of the Landlord and in accordance with the regulation
 or bye-laws of all Public Health and other Government Authorities concerned. In particular and without prejudice to the generality
 of the foregoing the Tenant shall at its own costs:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) install
 and maintain at all times hood over all cooking equipment in the kitchen(s) in the said premises together with suitable grease filters
 and air washer installed.

(2) install
 and maintain all grease traps whether within or outside the said premises in good clean working order and free from blockage and
 obstruction and to inspect and clean the same daily and at least once weekly, or more frequently as the real situation may require,
 to clean the same with hot water and strong solvent and the Tenant hereby undertakes to indemnify the Landlord against any claim
 arising from any leakage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) install
 and maintain all necessary grease filters in the kitchen(s) in the said premises and to regularly inspect and clean the same and
 keep them free from blockage and obstruction.

(4) install
 and maintain all air-transfer grilles throughout the said premises in good clean working order and not to block off the same and
 to regularly inspect and clean the same and keep them free from blockage and obstruction.

(5) install
 and maintain screw-in grease valves in all ducting throughout the said premises and to regularly inspect and clean the same.

(6) carry
 out at the Tenant's costs all water-proofing facilities within the kitchen area and undertakes to indemnify the Landlord against
 all claims arising from any leakage from the said premises.

(7) complete
 the installation of, clean and maintain and repair at Tenant's sole costs and expenses throughout the said term a supply air
 system and an exhaust ventilation system with fire trip device within the said premises including an activated carbon filtering system,
 grease filters and an air washer for the range hood of the kitchen exhaust system connected with an electrostatic precipitator as
 specified by the Landlord and in compliance with relevant government and other regulations and requirements.

(8) all
 drainage pipes within the said premises shall be enclosed by stainless steel by the Tenant at its own costs and expenses, with access
 panels to all pipe cleaning eyes for cleaning and maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) carry
 out all goods delivery and/or garbage removal in a proper manner and at such time to be approved by the manager of the said building
 so as not to prejudice or affect the image of the Mall as a first class shopping centre in Hong Kong.

(10) provide
 information and the relevant drawings of air pollution control equipment within the kitchen to the Landlord for prior approval.

To ensure the compliance of this Clause 3.23(b)(ii) by the Tenant, the Tenant shall, if required by the Landlord, enter into at the Tenant's own costs and expenses such relevant contract(s) with the relevant contractor(s) approved by the Landlord or its agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Tenant shall not sell or supply any beer wine spirits liquor or alcohol unless licence(s) so to do has first been obtained by the
 Tenant and the terms of the regulations under which such licence(s) is granted in respect of the said premises have been duly complied
 with.

(iv) The
 Landlord is not under any guarantee and warranty that the said premises are suitable for the Tenant's use and purpose and is
 under no obligations to make any application to satisfy the relevant statutory requirement (if any).

(v) Should
 the Tenant require air-intake and exhaust louvres on the external wall of the said building, the proposed location and design of
 the said louvres must be submitted to the Landlord for prior approval. If space on the external wall of the said building is so granted,
 the Tenant shall be responsible for providing efficient grease-washing equipment, such as hydro-vent, to regularly clean the exhaust
 louvres in order to prevent the grease or oily substance from accumulating on the exhaust louvres and/or external wall. If the standard
 of cleanliness is unacceptable to the Landlord, the Landlord shall have the right to employ other cleaners to carry out the cleaning
 work and the cost of which shall be borne by the Tenant solely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Detailed
 plan for the design and construction of plumbing, drainage works, surface channel for proposed drainage and, if any, calculation
 of its construction, has to be submitted to the Landlord for prior approval, and the said design and construction (including routing
 outside the said premises) shall be carried out by the Tenant at his own costs and expenses.

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|:---|:---|:---|:---|
| Yield Up the Said Premises and Handover | 3.24 | (a) | To quietly yield up and deliver the said premises together with the furnishings and all fixtures, fittings and additions therein and thereto at the expiration or sooner determination of this Agreement in good, clean and tenantable repair and condition (fair wear and tear excepted) in accordance with its covenants to repair herein contained notwithstanding any rule of law or equity to the contrary PROVIDED THAT all personal properties and effects, alterations, decorations, partitions, fixtures, fittings and additions therein and thereto of the Tenant or occupier of the said premises shall notwithstanding that the Landlord's consent for the same may have been obtained or given or deemed to have been given if so required at the sole discretion of the Landlord be removed by and at the sole cost and expense of the Tenant at the expiration or sooner determination of this Agreement and the Tenant shall make good and repair in a proper and workmanlike manner all damage to the said premises the said building and the Landlord's fixtures and fittings and the furnishings in the said premises caused by such removal and reinstate the whole or part of the said premises to the condition as they were in at the commencement of the said term AND thereupon to surrender to the Landlord or its agent all keys giving access to all parts of the said premises held by the Tenant and at the Tenant's expense to remove from the doors of the said premises and the directory boards of the said building (if any) all lettering and characters and to make good any damage caused by such removal Provided that if the Tenant fails to remove its personal properties and effects as left in the said premises (hereinafter referred to as "the abandoned items") the Landlord shall be entitled to give notice in writing to the Tenant to demand the Tenant to remove the abandoned items within three (3) days from the date of the said notice, failing which the Landlord shall be entitled to remove the abandoned items from the said premises without incurring any liability whatsoever to the Tenant therefor but at the costs and expenses of the Tenant to be reimbursed by the Tenant to the Landlord forthwith upon demand or to be recovered by the Landlord from the Tenant as a debt hereunder payable AND thereafter the Landlord may by further notice in writing to the Tenant to demand the Tenant to collect the abandoned items in the manner as may be stated in the said notice but upon full payment of the aforesaid costs and expenses and such further or other costs and expenses which may then have been incurred (including but not limited to storage charges or fees) within three (3) days from the date of the said further notice, failing which the Landlord shall be absolutely entitled to dispose of, sell, give away or otherwise deal with the abandoned items as it shall in its sole discretion see fit and the Tenant shall be deemed to have abandoned its right of ownership of the abandoned items and the right to re-claim the same and/or to claim against and recover from the Landlord any proceeds of sale of the abandoned items if sold by or through or by the order of the Landlord and the Tenant shall indemnify and keep the Landlord indemnified fully against all such demand, claim, proceedings and costs made and brought against the Landlord by any third party(ies) in connection with and/or for the re-claim or recovery of the abandoned items or any part(s) thereof or any proceeds from sale of the same or any part(s) thereof. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 anything contained herein, at the expiration or sooner determination of this Agreement the Landlord is absolutely entitled to at
 its sole discretion request for the retention of and retain all or any such furnishings, fixtures, fittings, additions, alterations,
 decorations, partitions and improvements installed erected or introduced in and to the said premises or any part(s) thereof for which
 the Landlord's consent may have been obtained or given or deemed to have been given but without payment of any compensation
 for the same to the Tenant.

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|:---|:---|:---|:---|
| Indemnity and Insurance | 3.25 | (a) | To effect and maintain at all times during the currency of this Agreement comprehensive insurance cover to the satisfaction of the Landlord in respect of the following:- |

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| | |
|:---|:---|
| (i) | <u>Third Party</u> |
|  | In respect of liability for loss injury or damage to any person or property whatsoever caused through or by any act default or neglect of the Tenant which might give rise to a claim for indemnity pursuant to Clause 3.8 (or, as in case of re-arrangement of clauses, such clause with margin note stating "Indemnity against Loss/Damage from Interior Defects") hereof. The policy of insurance shall be endorsed to show the Landlord as the owner of the said premises and shall be in any amount not less than HK$20,000,000.00 (in the case of the said premises being operated as a restaurant or food outlet or in the case of the said premises being not less than or equal to 5,000 square feet) or HK$10,000,000.00 (in the case of the said premises being operated other than as a restaurant or food outlet and being less than 5,000 square feet) or in such amount as the Landlord may from time to time reasonably require and such insurance policy shall contain a clause to the effect that the insurance cover thereby effected and the terms and conditions thereof shall not be cancelled modified or restricted without the prior consent of the Landlord. |
| (ii) | <u>Glass</u> |
|  | All glass now or hereafter on or in the said premises for its full replacement value. |
| (iii) | <u>Water Damage</u> |
|  | Against damage to stock fixtures and fittings for the full insurable value occurring in respect of the use or misuse of the fire sprinkler system installed within the said premises or the incursion of water therein. |

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(iv) <u>Tenant's Fittings and Stock</u> <br> The Tenant's fittings stock and equipment within the said premises against fire and extraneous perils for their full replacement value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 pay the premium in respect of any policies effected pursuant to this Clause upon the due date and whenever so required by the Landlord
 to produce to the Landlord a certified copy of such policies of insurance and the receipts for the last premium paid and certificates
 from the insurance companies that the policies of insurance are in all respects valid and subsisting and in the event of failure
 to do so the Landlord may effect such insurance either in its sole name or in the joint names of the Landlord and the Tenant (as
 the Landlord may in its discretion decide) and in such event to reimburse the Landlord on demand all costs and expenses thereby incurred
 by the Landlord.

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|:---|:---|:---|
| Keep and Maintain Electricity and Water Supply Accounts | 3.26 | To keep and maintain at the Tenant's sole cost and expense electricity and water supply account with the relevant power and supply companies for the supply of electricity and water to the said premises throughout the said term. In the event of the Tenant applying for disconnection of any of such supply or termination of any of such accounts at the expiration or sooner termination of this Agreement, the Tenant shall give to the Landlord sufficient prior notice in writing to enable the Landlord to make arrangement for the transfer of the said account. In the event that the supply of electricity and/or water to the said premises is disconnected without the said prior notice to the Landlord, the Tenant shall bear all costs and expenses whatsoever incurred by the Landlord of and incidental to the re-connection of such supply to the said premises and all such costs and expenses shall either be deducted by the Landlord (and the Tenant hereby expressly authorizes the Landlord so to do) from the deposit paid by the Tenant hereunder or be recoverable from the Tenant by the Landlord as a debt. |
| Security System | 3.27 | To ensure that its own security system within and at the entrance of the said premises is at all times compatible with and linked up to the security system for the said building (if any) provided and operated by the Landlord or the manager of the said building, and to employ at its own expense such person(s) or such firm(s) as may be approved by the Landlord as security guard(s). |

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| | | |
|:---|:---|:---|
| Adjacent Excavation or Shoring | 3.28 | If any excavation or other building works shall be made or authorised in the vicinity of the said building, the Tenant shall permit the Landlord its servants or agents to enter the said premises to do such work as may be deemed necessary to preserve the exterior walls of the said building from injury or damage without any claim for damages or indemnity against the Landlord. |
| Pipes And Conduits | 3.29 | To permit the Landlord to erect use and maintain pipes and conduits in and through the said premises. The Landlord or its agents shall have the right to enter the said premises at all reasonable times to examine the same Provided that the permission to the Landlord to use such pipes and conduits shall extend to the use of such pipes and conduits by the Landlord's authorised tenants and licensees, as the case may be. |

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SECTION IV

<u>LANDLORD'S OELIGATIONS</u>

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| | | |
|:---|:---|:---|
|  | 4. | The Landlord hereby agrees with the Tenant as follows:- |
| Quiet Enjoyment | 4.1 | That the Tenant duly paying the rent, the Air-Conditioning and Management Charges, rates and other charges hereby agreed to be paid on the days and in the manner herein provided for payment of the same and observing and performing the agreements, stipulations, terms, obligations and conditions herein contained and on the Tenant's part to be observed and performed shall peacefully hold and enjoy the said premises during the said term without any interruption by the Landlord or any person lawfully claiming under or in trust for the Landlord. |
| Government Rent | 4.2 | To pay the Government Rent and the Property Tax payable in respect of the said premises. |

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SECTION V

<u>RESTRICTIONS AND PROHIBITIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Tenant hereby agrees with the Landlord as follows:-

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| | | | |
|:---|:---|:---|:---|
| Installations<br> and Alterations | 5.1 | (a) | Not without the previous written consent of the Landlord to erect, install, alter, affix, attach or build or permit or suffer to be erected, installed, altered, affixed, attached or built any fixtures and fittings, partitionings, architectural features, air-conditioning units or plants, radio or television aerials or other erections or fixtures and fittings or equipment or installations of any kind in the said premises or the said building or upon the roofs or through the windows or external walls thereof or any other part or parts thereof or without the like consent to make or permit or suffer to be made installations in or alterations or additions to the sprinkler system or any other fire protection or fire fighting system, equipment or apparatus or security system, equipment or apparatus, electrical/gas wiring/piping, air-conditioning ducting, lighting, fixtures and fittings or other Landlord's fixtures and fittings or the furnishings or installations or to install or place or permit or suffer to be installed or placed any safe, equipment, furniture, plant, object, goods, apparatus or machinery which may impose a weight on any part of the flooring in excess of that for which it is designed or which requires any additional electrical/gas mains/ wiring/piping or which may consume electricity/gas not metered through the Tenant's separate meter. In the event of breach of this covenant, the Tenant shall keep the Landlord fully indemnified against all loss, damages, claims and demands as a result thereof and shall make good any damage caused thereby to that part of the said building or any fixtures and fittings therein provided that the indemnification and the making good of such damage as aforesaid shall be without prejudice to any further right competent to the Landlord by virtue of such breach. For the avoidance of doubt, the Tenant shall comply with the directions and instructions of the Landlord regarding installation of all permitted erections fixtures and fittings equipment and shall at its own expense be responsible for their periodic inspection, maintenance and repair and for the replacement of defective wiring and parts and the Tenant shall be strictly liable for any damage caused by the installation, operation, defect or removal of the same.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 to make or permit or suffer to be made any alterations in or additions to the mechanical or electrical installations in the said
 building nor to overload or permit or suffer to be overloaded the lifts or the electrical circuits within the said building nor to
 place or transport or install or use or permit or suffer to be placed or transported or installed or used any equipment, apparatus
 or machinery which may exceed the loading of the lifts or the electrical installations or the electrical main or wiring in the said
 building or which may consume electricity not metered through the Tenant's separate meter.

(c) Not
 to make or permit or suffer to be made any alterations to any installation or fixture so as to affect or be likely to affect the
 supply of water, electricity or other utility or service to or in the said building.

(d) Not
 to make or permit or suffer to be made any external or structural alteration or other alteration or addition whatsoever to the said
 building or to the existing design or external appearance of the facade or elevations of the said building or the common areas or
 the common services and facilities thereof

(e) Not
 without the prior written consent of the Landlord which may be granted or withheld or granted
 subject to conditions imposed at its absolute discretion to erect or install or alter or
 affix or attach or build or permit or suffer to be erected, installed, altered, affixed,
 attached or built any fixtures and fittings, partitions, doors, gates, metal grilles, shutters
 or any other erection or structure or installation whatsoever whether of a temporary or permanent
 nature in the said premises or in or at the doorway or entrance or staircase or roof in or
 on or to the said premises or the said building or at any of the fire exits therefrom or
 erect any such fixture or partition or door or gate or metal grille or shutter or alter or
 obstruct the position of any smoke lobby doors or fire escape means of the said building
 or any other fire protection or fire fighting systems equipment or apparatus that might in
 any way contravene the laws, bye-laws or regulations from time to time in force of the Fire
 Services Department or other competent authority concerned, nor in any other respect to contravene
 the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any
 work hereunder for which the Landlord's written consent shall have been first had and
 obtained shall be carried out and completed at the Tenant's risk solely and shall in
 all respects fully comply with the Buildings Ordinance and any regulations thereunder and
 in carrying out any approved work hereunder the Tenant shall and shall cause its servants,
 employees, agents, contractors and workmen to cooperate fully with the Landlord and all authorised
 representatives, servants, employees, agents, contractors and workmen of the Landlord and
 with other tenants or contractors carrying out any work in the said building. The Tenant,
 its servants, employees, agents, contractors and workmen shall obey and comply with all instructions
 and directions which may be given by the Landlord and its authorised representatives and
 the manager of the said building in connection with the carrying out of such work.

(g) In
 carrying out any work to the mechanical and electrical installations and/or wirings and/or
 the sprinkler systems and/or the fire protection and fire fighting systems, equipment and
 apparatus and/or the security systems, equipment and apparatus which has been previously
 approved by the Landlord, the Tenant shall use only a contractor approved in writing for
 the purpose by the Landlord at the expense of the Tenant and in such manner as the Landlord
 shall in its absolute discretion think fit and the Tenant shall also be solely responsible
 for all electricity and other charges thereby incurred.

(h) The
 Tenant shall if required by the Landlord pay on demand all costs, charges and expenses (including legal costs and fees payable to
 architects, engineers and surveyors) which may be reasonably incurred by the Landlord in connection with any licence or consent granted
 for the work under this Clause.

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| | | |
|:---|:---|:---|
| Injury to Main Walls | 5.2 | Not to cut, maim, injure, drill into, mark or deface or permit or suffer to be cut, maimed, injured, drilled into, marked or defaced any doors, windows, window frames, walls, beams, ceilings, structural members or any part of the fabric of the said premises or any of the plumbing or sanitary or air-conditioning or water-heating apparatus or installation included therein or the fixtures and fittings in the said premises or the said building.<br>|
| Damage to Walls, Ceilings and Floors | 5.3 | Not without the consent of the Landlord (which consent the Landlord shall not unreasonably withhold) to drive or insert or permit or suffer to Floors be driven or inserted any nails, screws, hooks, brackets or similar articles into the ceilings, walls or floors of the said premises nor without the previous written consent of the Landlord to lay or use or permit or suffer to be laid or used any floor covering or do or permit or suffer to be done any other act or thing which may damage or penetrate the existing flooring, floor screed or slabs of the said premises or the said building.<br>|
| Damage to Common Areas | 5.4 | Not to damage, injure or deface or permit or suffer to be damaged, injured or defaced any part of the structure, fabric or decorative features of the common areas and the common services and facilities including any stairs, gates, fences, hedges, trees, plants or shrubs therein or thereabout. |
| Nuisance or Annoyance | 5.5 | Not to do or permit or suffer to be done any act or thing which may be or become a nuisance or annoyance to the Landlord or to the tenants or occupiers of other premises in the said building or in any adjoining or neighbouring premises or which may in any way interfere with or affect or which is likely to interfere with or affect the management and the maintenance of the said Lot and the said building and it is agreed that a persistent breach by the Tenant of the terms of this Clause after warning in writing has been given by the Landlord to the Tenant shall amount to a breach of this Agreement justifying the Landlord exercising its rights of re-entry hereunder.<br>|

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| | | |
|:---|:---|:---|
| Noise | 5.6 | Not to cause or produce or permit or suffer to be produced at any time in the said premises any music or noise or vibration (including sound produced by broadcasting from radio, television or any apparatus or equipment capable of producing and reproducing sound) so as to be audible outside the said premises or any vibration or resonance or other form of disturbance nor to emit transmit or receive any microwaves by any unlicensed means of telecommunication or in any manner in contravention of the Telecommunications Ordinance (Chapter 106) or in interference with the use and enjoyment of broadcasting from radio or television of other owners, tenants or occupiers of adjacent or neighbouring premises or to do or cause or permit or suffer to be done any other acts or things in or on the said premises which is or are or may be or become a nuisance or annoyance to the owners, tenants or occupiers of adjacent or neighbouring premises or give rise to a cause for reasonable complaint and it is agreed that a persistent breach by the Tenant of the terms of this Clause after warning in writing has been given by the Landlord to the Tenant shall amount to a breach of this Agreement justifying the Landlord exercising its rights of re-entry hereunder. |
| Signs | 5.7 (a) | Not to affix anything or paint or make any alteration to the exterior of the said premises and not to paint or exhibit or affix or display or permit or suffer to be painted or exhibited or affixed or displayed outside the said premises any signboard, sign, decoration, advertising matter or other device whether illuminated or not nor to affix any writing, sign, signboard, decoration, advertising matter or other device in, at or above any part or parts of the common areas of the said building and the Landlord and/or the manager of the said building and their agents shall have the right to remove the same at the expense of the Tenant. |
|  | (b) | Not to paint or exhibit or affix or display or permit or suffer to be painted or exhibited or affixed or displayed within the said premises or any part thereof so as to be visible from outside the said premises any signboard, stand, sign, banner, decorations, advertising matters or other device, whether illuminated or not, which are arousing, illegal, offensive and morally corrupting or may constitute or amount and/or give rise to criminal offence(s) and/or be a subject of civil litigation(s) and/or (in the opinion of the Landlord and/or its agent and/or the manager of the said building) affect the image of the shopping centre or arcade of which the said premises form part and the Landlord and/or the manager of the said building and their agents shall have the right to remove the same at the expense of the Tenant after demand in writing having been given to the Tenant to remove the same.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 the provisions hereinabove of this Clause, the Tenant may, subject to the Landlord's
 approval in writing, have its name and business displayed in lettering and/or characters
 to a design and standard of workmanship approved by the Landlord inside the said premises.
 If the Tenant carries on business under a name other than its own name he shall be entitled
 to have that name displayed as aforesaid but the Tenant shall not be entitled to change the
 business name without previous written consent of the Landlord and without prejudice to the
 foregoing the Landlord may in connection with any application for consent under this Clause
 require the Tenant to produce such evidence as it may think fit to show that no breach of
 the provision(s) hereof forbidding sub - letting or assignment of tenancy has taken place
 or is about to take place.

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| | | | |
|:---|:---|:---|:---|
| User | 5.8 | (a) | Not to use, permit or suffer the said premises or any part thereof to be used for any purpose other than such as are specified in the Second Schedule hereto and the Tenant shall obtain any licence approval or permit required by any Governmental or other competent authority in connection with the use or occupation of the said premises by the Tenant prior to the commencement of the Tenant's business and to maintain the same in full force during the said term and shall conduct therein only such business undertakings which are duly authorised licensed approved or permitted as aforesaid and to comply in all respects with the conditions terms and regulations relating to such business or imposed on the granting of the licence and/or approval and/or permit in respect thereof.<br>|

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| | | | |
|:---|:---|:---|:---|
|  |  | (b) | Not to permit any person to remain in the said premises overnight without the prior written permission of the Landlord such permission shall only be given to enable the Tenant to post watchman to look after the contents of the said premises which shall not be used as sleeping quarters or as domestic premises within the meaning of any ordinance for the time being in force. |
| Illegal or Immoral Use | 5.9 |  | Not to use or cause or permit or suffer the said premises or any part thereof to be used for gambling or for any illegal or immoral or improper purposes.<br>|
| Unlawful or Dangerous Goods | 5.1 |  | Not to keep or store or permit or suffer or cause to be kept or stored in the said premises any unlawful goods or any arms, ammunition, gunpowder, salt-petre, petroleum, liquefied petroleum gas, butane gas, kerosene or other explosive or combustible substance or dangerous, hazardous or prohibited goods within the meaning of the Dangerous Goods Ordinance (Cap.295) and the regulations made thereunder or any statutory modification or re-enactment thereof from time to time in force and to fully indemnify the Landlord against all actions, costs, claims and demands in respect of any breach or non-observance of this provision.<br>|
| Obstructions | 5.11 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not to park in obstruct or otherwise use nor permit to be parked in obstructed or otherwise used by any employee agent contractor invitee or licensee of the Tenant those areas (if any) of the said building allocated to parking the movement of or access for vehicles or designated as loading/unloading areas other than in accordance with the regulations made from time to time by the manager of the said building or the provisions of the Deed, if any,or the car park rules (if any). Not to use or cause or permit or suffer the entrances, lobbies, staircases, landings, corridors, passages, driveways and other common areas to be used for loitering or eating and not to place or leave or encumber or obstruct or permit or suffer to be placed or left or encumbered or obstructed with any boxes, furniture, articles, dust bins, chattels, goods, packaging, rubbish or other obstruction of any kind or nature any of the entrances, staircases, corridors, landings, passages, lobbies, driveways or other common areas and the Landlord and its authorised representatives shall be entitled without notice and at the Tenant's expense to remove and dispose of as they see fit any such material aforesaid and the Landlord and its authorised representatives shall not thereby incur any liability to the Tenant or any other person whomsoever and the Tenant shall fully indemnify the Landlord against all loss, claims, damages or expenses as against the Landlord in respect thereof.<br>|

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| | | |
|:---|:---|:---|
| Prevention of Odours | 5.12 | Not to cause or permit or suffer any offensive or unusual odours or noxious smells which shall be offensive or unusual to be produced upon, permeate through or emanate from the said premises.<br>|
| Animals, Pets | 5.13 | Not to keep or permit or suffer to be kept any animals or pets inside the said premises.<br>|
| Subletting, Assigning | 5.14 | Not to assign, underlet, part with the possession of or transfer the said premises or any part thereof or any interest therein in any way nor permit or suffer any arrangement or transaction whether by way of sub-letting, lending, sharing or other means whereby any person or persons not a party to this Agreement obtains the use, possession, occupation or enjoyment of the said premises or any part thereof irrespective of whether any rental or other consideration is given therefor and in the event of any such transfer, sub-letting, lending, sharing, assignment or parting with the possession of the said premises this Agreement shall absolutely determine at the option of the Landlord and the Tenant shall forthwith vacate the said premises on notice to that effect from the Landlord. The tenancy hereby created shall be personal to the Tenant named in this Agreement and without in any way limiting the generality of the foregoing the following acts and events shall be deemed to be breaches of this Clause:- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the case of a tenant which is a partnership the change in such partnership whether on the
 death or retirement of an existing partner or otherwise.

(b) In
 the case of a tenant which is a corporation any take-over, reconstruction, amalgamation, merger, voluntary liquidation or change
 in the person or persons who owns or own a majority of its voting shares or who otherwise has or have effective control thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 the case of a tenant who is an individual the death, insanity or disability of that individual
 to the intent that no right to use, possess, occupy or enjoy the said premises or any part
 thereof shall vest in the executors, administrators, personal representatives, next of kin,
 trustee or receiver of any such individual.

(d) The
 change of the Tenant's name without the previous written approval of the Landlord.

(e) The
 giving by the Tenant of a Power of Attorney or similar authority whereby the donee of the
 Power obtains the right to use, possess, occupy or enjoy the said premises or any part thereof
 or does in fact use, possess, occupy or enjoy the same.

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| | | |
|:---|:---|:---|
| Breach of Government Lease or Deed of Mutual Covenant | 5.15 | Not to do or permit or suffer to be done any act, deed, matter or thing whatsoever which amounts to a breach of any of the provisions, terms, conditions and covenants of the Government Lease or Conditions under which the said Lot is held from the Government or of the Deed, if any, affecting the said building and to fully indemnify the Landlord against the consequences of any such breach.<br>|
| Breach of Insurance Policy | 5.16 | Not to do or permit or suffer or cause to be done any act, deed, matter or thing whatsoever whereby the policy or policies of insurance on the said building or the said premises or any part or parts thereof against loss or damage by fire and/or other insurable perils and/or claims by or liabilities to third parties for the time being in force may be rendered void or voidable or whereby the rate of premium thereon may be increased Provided that if as the result of any act, deed, matter or thing done, permitted, suffered or caused by the Tenant or occupier of the said premises, the premium on any such policy or policies of insurance shall be increased the Landlord shall be entitled without prejudice to any other remedy hereunder to recover from the Tenant the amount of any such increase and the Tenant shall forthwith repay to the Landlord on demand all sums paid by the Landlord by way of increased or additional premium thereon and all expenses incurred by the Landlord in and about any renewal of such policy or policies arising from or rendered necessary by such breach and in the event of the said premises or the said building or any part or parts thereof being damaged or destroyed by fire or other insurable cause at any time and the insurance money under any insurance against fire or other such cause effected thereon being wholly or partially irrecoverable by reason solely or in part of the Tenant's act or default then and in every such case to forthwith pay to the Landlord the whole or (as the case may require) a fair proportion of the cost of completely rebuilding or reinstating the same.<br>|

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|:---|:---|:---|
| Aerials | 5.17 | Not to erect any aerial on the roofs or walls of the said building or within the said premises and not to interfere with, remove, dismantle or alter those common aerials (if any) of the said building.<br>|
| Air- conditioning | 5.18 | Not without the prior written consent of the Landlord to install air-conditioning facilities in addition to such facilities as are provided by the Landlord and to take all possible measures to prevent excessive noise, condensation or dripping onto any part of the said building in respect of all such air-conditioning facilities of the said premises.<br>|
| Use of Common Areas | 5.19 | Not to use the common areas and the common services and facilities of the said building save and except in accordance with the directions of the Landlord or the manager of the said building or their authorised representatives or the general rules or the car park rules or the club rules (if any). |
| Food Restriction | 5.2 | Not to allow the delivery of food or food containers to and from the said premises except by means of the service lift or through the designated service passage(s)/route(s) by the Landlord or the manager of the said building and, if the business of the Tenant to be carried on in the said premises not being restaurant or other food outlet, not to cook, prepare or consume any food on or in the said premises except preparation and consumption of light meals or refreshments by the Tenant and/or the Tenant's employees or guests provided that such light meals or refreshments shall not be consumed within any retail areas of the said premises or within sight of customers and/or the public.<br>|

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| | | |
|:---|:---|:---|
| Locks | 5.21 | Not, without the previous written consent of the Landlord, to alter the existing locks bolts and fittings on the entrance doors to the said premises and not to install any additional locks bolts or fittings thereon. |
| Sale Of Liquor | 5.22 | Not to sell or supply any beer wine spirits liquor or alcohol except in compliance with the terms of the regulations under which the relevant licence is granted in respect of the said premises. |
| Tenant's Association | 5.23 | Not to form or organize or attempt or make any effort to form or organize any tenants' association or union with any tenants of the said building for whatever objects or purposes during the continuance of this Agreement. |

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SECTION VI<br> <u>EXCLUSIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Landlord and its agents shall not in any
 circumstances be liable to the Tenant, occupier or any other person whomsoever:-

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| | | |
|:---|:---|:---|
| Common Services and Facilities | (a) | In respect of any loss of life or loss, injury or damage to person or property or for any disruption or inconvenience caused to or sustained by the Tenant, occupier or any such other person caused by or through or in any way owing to any defect in or failure or breakdown or suspension of the lifts escalators and air- conditioning system (if any) condenser water supply system (if any) electric power and water supplies, or any other common services and facilities provided in the said building for any reason whatsoever including negligent or wrongful acts or omissions by independent contractors; or |
| Electricity/<br> Gas/Water Supply | (b) | In respect of any loss of life or loss, injury or damage to person or property or for any disruption or inconvenience caused to or sustained by the Tenant, occupier or any such other person caused by or through or in any way owing to any failure, malfunction explosion or suspension of the electricity or power or gas or water supply or other utility to the said building or the said premises for any reason whatsoever; or |

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| | | |
|:---|:---|:---|
| Fire and Overflow of Water, Vermin | (c) | In respect of any loss of life or loss, injury or damage to person or property or for any disruption or inconvenience caused to or sustained by the Tenant, occupier or any such other person caused by or through or in any way owing to the escape or spread of fire, smoke or fumes or any other substance or thing or overflow or leakage of water or vibrations from anywhere within the said building or the influx of rain water or sea water into the said building or the said premises or typhoon, landslide, subsidence of the ground or the flooding or the activity of termites, roaches, mice, rats or other pests or vermin in the said building or the act neglect default or omission of the tenants and occupiers of neighbouring premises or the defective or damaged condition of the said premises or the said building or the furnishings, fixtures and fittings therein or the dropping or falling of any article whatsoever from neighbouring premises; or |
| Non-enforcement | (d) | In respect of any loss or damage howsoever caused by or through any non-enforcement of the provisions of the Deed, if any, in respect of the said building and such general rules, car park rules and club rules as may from time to time be made in accordance with the provisions of the Deed, if any, or non-observance thereof by any third party; or |
| Security | (e) | For the security or safekeeping of the said premises or the said building or any persons or contents therein and in particular but without prejudice to the generality of the foregoing the provision by the Landlord and/or its agents of any watchman and caretaker or any mechanical or electrical alarm systems (if any) of whatever nature shall not create any obligation on the part of the Landlord as to the security of the said premises or any contents therein and the responsibility for the same shall at all times rest with the Tenant; or |

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| | | | |
|:---|:---|:---|:---|
| Vehicles |  | (f) | For the security or supervision of or for any damage to or loss of vehicles or accessories or injury to persons or any damage resulting therefrom. |
|  |  | And the Tenant shall indemnify and keep the Landlord fully indemnified against all claims and demands whatsoever made upon the Landlord by any servant agent employee contractor or licensee of the Tenant or any other person claiming through or under the Tenant as a result of any such loss or injury or damage aforesaid nor shall the rent and other charges hereinbefore mentioned or any part thereof abate or cease to be payable on account of the happening of any of the foregoing. | And the Tenant shall indemnify and keep the Landlord fully indemnified against all claims and demands whatsoever made upon the Landlord by any servant agent employee contractor or licensee of the Tenant or any other person claiming through or under the Tenant as a result of any such loss or injury or damage aforesaid nor shall the rent and other charges hereinbefore mentioned or any part thereof abate or cease to be payable on account of the happening of any of the foregoing. |
| Exemptions Extend to Landlords Agent<br> and Manager | 6.2 | The Tenant hereby acknowledges that the exemptions contained in this Section also extend to the Landlord's agent(s) and the manager of the said building; or | The Tenant hereby acknowledges that the exemptions contained in this Section also extend to the Landlord's agent(s) and the manager of the said building; or |
| No Duty for Landlord to Insure | 6.3 | Nothing in this Section shall be construed as imposing on the Landlord or the manager of the said building any duty to insure against any of the above liabilities; or | Nothing in this Section shall be construed as imposing on the Landlord or the manager of the said building any duty to insure against any of the above liabilities; or |
| No claim for Landlord's works | 6.4 | The Tenant hereby acknowledges that the Landlord and/or the manager of the said building shall have the right to carry out decoration or renovation works in the said building at such time or times as they think fit at their absolute discretion and during such period or periods of decoration or renovation works the Landlord and/or the manager of the said building shall have the absolute right to close certain part or parts of the said building and to alter suspense or cease the provision of services to certain part or parts of the said building and the Tenant further acknowledges that there shall not be any claim for any loss of business profit or earning as a result of or ancillary to such works or alteration closure suspension or cessation of services. | The Tenant hereby acknowledges that the Landlord and/or the manager of the said building shall have the right to carry out decoration or renovation works in the said building at such time or times as they think fit at their absolute discretion and during such period or periods of decoration or renovation works the Landlord and/or the manager of the said building shall have the absolute right to close certain part or parts of the said building and to alter suspense or cease the provision of services to certain part or parts of the said building and the Tenant further acknowledges that there shall not be any claim for any loss of business profit or earning as a result of or ancillary to such works or alteration closure suspension or cessation of services. |

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SECTION VII

<u>ABATEMENT OF RENT</u>

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| | | |
|:---|:---|:---|
| Abatement | 7. | If the said premises or the said building or any part thereof shall at any time during the said term be destroyed or damaged or become inaccessible owing to fire, water, storm, typhoon, defective construction, white ants, earthquake, subsidence of the ground, act of God, force majeure or any calamity or cause beyond the control of the Landlord or the Tenant and not attributable directly or indirectly to any act or default or neglect or omission of the Tenant his servants agents employees contractors or licensees so as to be rendered unfit for use and occupation or inaccessible and the policy or policies of insurance for such risk effected by the Landlord shall not have been vitiated or payment of the policy moneys refused in whole or in part in consequence of any act or default or neglect or omission of the Tenant or if at any time during the continuance of this Agreement the said premises or the said building shall be condemned as a dangerous structure or a demolition order or closing order shall become operative in respect of the said premises or the said building the happening of which is not attributable directly or indirectly to any act or default or neglect or omission of the Tenant his servants agents employees contractors or licensees then the rent hereby reserved or a fair proportion thereof according to the nature and extent of the damage sustained or order made shall after the expiration of the then current calendar month be suspended until the said premises or the said building shall have been reinstated or again be rendered accessible and fit for use and occupation PROVIDED THAT the Landlord shall be under no obligation to repair or reinstate the said premises or the said building if in its opinion it is not reasonably economical or practicable so to do and PROVIDED FURTHER THAT in circumstances when the whole or substantially the whole of the said premises has been rendered inaccessible or unfit for use and occupation and should the said premises not have been reinstated or rendered accessible in the meantime either the Landlord or the Tenant may at any time after six (6) months from the occurrence of such damage or destruction or order give to the other of them notice in writing to determine this Agreement and thereupon the same and everything herein contained shall cease and be void as from the date of the occurrence of such damage or destruction or order or of the said premises becoming inaccessible or unfit for use and occupation but without prejudice to the rights and remedies of either party against the other in respect of any antecedent claim or breach of the agreements, stipulations, terms and conditions herein contained or of the Landlord in respect of the rent or other charges payable hereunder prior to the occurrence of such damage or destruction or order. |

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SECTION VIII<br> <u>DEFAULT</u>

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| | | |
|:---|:---|:---|
|  | 8. | It is hereby further expressly agreed and declared as follows:- |
| Default | 8.1 | If the rent and/or other charges payable hereunder or any part thereof shall be unpaid for fifteen (15) days after the same shall have become payable (whether legally or formally demanded or not) or if the Tenant shall fail or neglect to observe or perform any of the agreements, stipulations or conditions herein contained and on the Tenant's part to be observed and performed or if the Tenant shall stop or suspend payment of its debts or be unable to or admit inability to pay its debts as they fall due or enter into any scheme of arrangement with its creditors or have an encumbrance take possession of any of its assets or in circumstances in which the Landlord shall have reasonable grounds to believe that the ability of the Tenant to pay the rent and other charges hereby reserved and to observe and perform its obligations under this Agreement shall have been prejudiced or put at risk or have a receiving order made against it or in such circumstances as aforesaid fail to satisfy any judgment that may be given in any action against it after final appeal or if the Tenant shall become bankrupt or being a corporation shall go into liquidation or if any petition shall be filed for the winding up of the Tenant or if the Tenant shall otherwise become insolvent or make any composition or arrangement with creditors or shall suffer any execution to be levied on the said premises or otherwise on the Tenant's goods or the Tenant continues to cause unnecessary annoyance inconvenience or disturbance to the Landlord after warning in writing has been served by the Landlord on the Tenant then and in any such case it shall be lawful for the Landlord at any time thereafter to re-enter on and upon the said premises or any part thereof in the name of the whole whereupon this Agreement shall absolutely cease and determine but without prejudice to any right of action by the Landlord in respect of any outstanding breach or non-observance or non-performance by the Tenant of any of the agreements, stipulations and conditions herein contained and on the Tenant's part to be observed and performed and to the Landlord's right to deduct all loss and damage thereby incurred from the deposit paid by the Tenant in accordance with Section IX hereof and without prejudice to the generality of the foregoing the Landlord shall also be entitled to forbid such defaulting Tenant and its agents employees servants licensees and visitors from using the services and amenities of the said premises and/or the said building until such default or breach has been rectified and the Landlord and/or the manager of the said building shall not incur any liability to the Tenant for any loss or damage suffered by the Tenant as a result thereof provided always that the rights and remedies given to the Landlord hereunder shall be deemed cumulative remedies and shall not prejudice any right of action or any remedy of the Landlord for the recovery of any rent and/or other moneys due to the Landlord from the Tenant. |

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| Exercise of<br> Rights | 8.2 | A written notice served by the Landlord on the Tenant in manner hereinafter mentioned to the effect that the Landlord thereby exercises the power of determination and/or re-entry herein contained shall be a full and sufficient exercise of such power without physical entry on the part of the Landlord notwithstanding any statutory or common law provision to the contrary. All costs and expenses incurred by the Landlord in demanding payment of the rent and other charges payable hereunder (if the Landlord elects to demand) and in exercising its rights and/or remedies or in attempting to do so shall be paid by the Tenant and shall be recoverable from the Tenant as a debt. |
| Acceptance | 8.3 | Acceptance by the Landlord of rent and/or interest and/or other charges of Rent payable by the Tenant hereunder shall not be deemed to operate as a waiver by the Landlord of any right to proceed against the Tenant in respect of any breach, non-observance or non-performance by the Tenant of any of the agreements, stipulations, terms and conditions herein contained and on the Tenant's part to be observed and performed notwithstanding any rule of law or equity to the contrary. |
| Acts of Contractors, Guests, Servants, Agents, Licensees and Visitors | 8.4 | For the purpose of this Agreement, any act, default, neglect or omission of any servant, agent, family member, guest, visitor, employee, contractor or licensee (as hereinbefore defined) of the Tenant or occupier of the said premises shall be deemed to be the act, default, neglect or omission of the Tenant.<br>|
| Distraint | 8.5 | For the purposes of distress for rent in terms of Part III of the Landlord and Tenant (Consolidation) Ordinance (Cap.7) or any statutory modification or re-enactment thereof for the time being in force and of this Agreement the rent payable in respect of the said premises shall be and be deemed to be in arrears if not paid in advance at the times and in the manner hereinbefore provided for payment thereof. |

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SECTION IX

<u>DEPOSIT</u>

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| | | |
|:---|:---|:---|
| Deposit | 9.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tenant shall on the signing hereof and before it shall be entitled to possession of the said premises at the commencement of the said term and at such other times (if any) during the said term deposit and maintain with the Landlord the sum or sums specified in Part VII of the First Schedule hereto (hereinafter referred to as "the said deposit") to secure the due observance and performance by the Tenant of the agreements, stipulations, terms and conditions herein contained and on the Tenant's part to be observed and performed. The said deposit shall be retained by the Landlord throughout the said term and the currency of this Agreement free of any interest to the Tenant with the right for the Landlord (without prejudice to any other rights or remedy hereunder) to deduct therefrom the amount of any rent rates and other charges payable hereunder and any costs expenses loss or damage sustained by the Landlord as a result of any non-observance or non-performance by the Tenant of any of the said agreement, stipulations obligations or conditions, in which event the Tenant shall as a condition precedent to the continuation of the said term hereby created forthwith on demand by the Landlord deposit with the Landlord the amount so deducted and if the Tenant shall fail so to do the Landlord shall forthwith be entitled to re-enter on the said premises or any part thereof in the name of the whole and to determine this Agreement but without prejudice to any right of action by the Landlord in respect of any aforementioned outstanding breach or non-observance or non-performance by the Tenant.<br>|
| Increase of Deposit | 9.2 | Should increase in rent during the said term be provided for herein or should the Tenant's share of the Air-Conditioning and Management Charges be increased, the Tenant shall upon such increase becoming applicable pay to the Landlord by way of an increase in the said deposit a sum proportional to the said increase in rent and/or Air-Conditioning and Management Charges in order to restore the ratio of the said deposit to the rent plus the Tenant's share of the Air-Conditioning and Management Charges to that previously subsisting and the payment of such increase shall be a condition precedent to the continuation of this Agreement. |
| Repayment<br> of Deposit | 9.3 | Subject as aforesaid a sum equivalent to the amount of the said deposit shall be refunded to the Tenant by the Landlord without interest within forty five (45) days after the expiration of this Agreement and the delivery of vacant possession of the said premises to the Landlord and after the settlement of the last outstanding claim by the Landlord against the Tenant in respect of any arrears of rent, rates, Air-Conditioning and Management Charges and other charges and any breach, non- observance or non-performance of any of the agreements, stipulations, terms and conditions herein contained and on the part of the Tenant to be observed and performed whichever shall be the later. For the avoidance of doubt, the parties hereto declare and acknowledge that the said deposit is not paid over and held hereunder as a trust property and/or upon any trust, express or implied, that the said deposit needs not be segregated from other monies of the Landlord. |
| Deposit Not Rent | 9.4 | In no event shall the Tenant be entitled to treat payment of the said deposit as payment of the rent and other charges hereby reserved. |

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|:---|:---|:---|
| Transfer of Deposit | 9.5 | The Tenant hereby expressly agrees, consents and authorises the Landlord to transfer the said deposit paid under this Agreement to the new owner(s) or the purchaser(s) (as the case may be) of the said premises in the event of the Landlord assigning or selling the said premises to new owner(s) or purchaser(s) at any time during the continuance of this Agreement subject to and with the benefit of this Agreement. If the Landlord elects to procure the new owner(s) or the purchaser(s) (as the case may be) to undertake in favour of the Tenant to refund the said deposit to the Tenant in accordance with the terms and conditions of this Agreement, further but without prejudice to the generality of the aforesaid, the Tenant shall within seven (7) days upon request being made by the Landlord and at the costs and expense of the Landlord (if both parties shall retain the same solicitors), or each party shall pay its own solicitors costs and expense (if separately represented), enter into an agreement or memorandum with the Landlord and/or the new owner(s) or the purchaser(s) (as the case may be) to effectuate the purpose as aforesaid.  |

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SECTION X<br> <u>INTERPRETATION AND MISCELLANEOUS</u>

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| | | |
|:---|:---|:---|
| Condonation Not a Waiver | 10.1 | No condoning, excusing, giving of time or overlooking by the Landlord of any default, breach or non-observance or non-performance by the Tenant at any time or times of any of the Tenant's agreements, stipulations, terms, conditions and obligations herein contained shall operate as a waiver of the Landlord's rights hereunder in respect of any continuing or subsequent default, breach or non-observance or non-performance or so as to defeat or affect in any way the rights and remedies of the Landlord hereunder in respect of any such continuing or subsequent default or breach and no waiver by the Landlord shall be inferred from or implied by anything done or omitted by the Landlord unless expressed in writing and signed by the Landlord. Any consent given by the Landlord shall operate as a consent only for the particular matter to which it relates and in no way shall be considered as a waiver or release of any of the provisions hereof nor shall it be construed as dispensing with the necessity of obtaining the specific written consent of the Landlord in the future in respect of similar or other matters unless expressly so provided. |

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|:---|:---|:---|:---|
| Definition of Common Areasand Common<br> Services and Facilities | 10.2 | (a) | The common areas referred to in this Agreement shall mean the following :- |

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|:---|:---|:---|
|  | (i) | Such parts of the said building as may be designated under the Deed, if any, in respect of the said building as common areas for use in common by the co-owners for the time being of the said building; and |
|  | (ii) | Such other parts of the said building as may from time to time and at any time be so designated by the Landlord and/or the manager of the said building; |
| (b) |  | The common services and facilities referred to in this Agreement shall mean the following:- |
|  | (i) | Such services and facilities as may be designated under the Deed, if any, in respect of the said building as common services and facilities for the use in common by or benefit of the co-owners for the time being of the said building; and |
|  | (ii) | Such other services and facilities within the said building as may from time to time and at any time be so designated by the Landlord and/or the manager of the said building; |
| Provided always that the Landlord and/or the manager of the said building shall also have the full and unrestricted right and power from time to time and at any time without the same constituting an actual or constructive eviction of the Tenant and without incurring any liability to the Tenant therefor to designate redesignate reallocate and/or partition such part or parts of the common areas and/or the common services and facilities and (if any) the recreational areas and facilities on the said building for the use of any person or persons and at such charges (if any) as the Landlord and/or the manager of the said building may see fit and to erect install restrict and/or alter the arrangement and/or the location and/or the accessibility of the same and the Tenant shall not raise any objection thereto and shall not have any recourse or remedy in any manner whatsoever. | Provided always that the Landlord and/or the manager of the said building shall also have the full and unrestricted right and power from time to time and at any time without the same constituting an actual or constructive eviction of the Tenant and without incurring any liability to the Tenant therefor to designate redesignate reallocate and/or partition such part or parts of the common areas and/or the common services and facilities and (if any) the recreational areas and facilities on the said building for the use of any person or persons and at such charges (if any) as the Landlord and/or the manager of the said building may see fit and to erect install restrict and/or alter the arrangement and/or the location and/or the accessibility of the same and the Tenant shall not raise any objection thereto and shall not have any recourse or remedy in any manner whatsoever. | Provided always that the Landlord and/or the manager of the said building shall also have the full and unrestricted right and power from time to time and at any time without the same constituting an actual or constructive eviction of the Tenant and without incurring any liability to the Tenant therefor to designate redesignate reallocate and/or partition such part or parts of the common areas and/or the common services and facilities and (if any) the recreational areas and facilities on the said building for the use of any person or persons and at such charges (if any) as the Landlord and/or the manager of the said building may see fit and to erect install restrict and/or alter the arrangement and/or the location and/or the accessibility of the same and the Tenant shall not raise any objection thereto and shall not have any recourse or remedy in any manner whatsoever. |

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|:---|:---|:---|
| Name of Development | 10.3 | The Landlord reserves the right to name or to change or to consent to the change of the name of the said building with or to any such name or style as it may determine and at any time and from time to time to change, alter, substitute or abandon any such name or style in its absolute discretion and without compensation to the Tenant and without the same constituting an actual or constructive eviction of the Tenant and without the Landlord incurring any liability to the Tenant therefor whether for any loss, injury, damage, annoyance or inconvenience which the Tenant may suffer as a consequence of any change of name of the said building. The Landlord shall however give the Tenant, the Post Office and other relevant Government Authority(ies) reasonable notice of its intention to do as aforesaid or (as the case may be) of the aforesaid naming or change of name. |

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|:---|:---|:---|
| Introduction of Rules and Regulations | 10.4 | The Landlord or its agents and/or the manager of the said building shall be entitled from time to time and by notice in writing to the Tenant to make introduce and subsequently amend adopt or abolish if necessary such rules and regulations as they may consider proper or necessary for the management and maintenance of the said premises and/or the said building. Such rules and regulations shall be supplementary in nature and effect, and in the event of conflict the terms and conditions of this Agreement shall prevail the said rules and regulations. The Landlord shall not be liable for any loss or damage however caused arising from non-enforcement or non-observance by any third party of the said rules and regulations. |

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|:---|:---|:---|
| Service of Notices | 10.5 | Save as herein otherwise agreed and stipulated, any notice required to be served hereunder shall if to be served on the Tenant be sufficiently served if addressed to the Tenant and sent by prepaid post to or delivered at the said premises or the Tenant's last known place of business or registered office or residence in Hong Kong and if to be served on the Landlord shall be sufficiently served if addressed to the Landlord and sent by prepaid post to or delivered at the address given in Part I of the Schedule hereto or any other address which the Landlord may notify to the Tenant from time to time. A notice sent by prepaid post shall be deemed to be given at the time and date of posting. |

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No Fine 10.6 The Tenant expressly declares and acknowledges that no fine, premium, key money, construction money or other consideration has been paid by the Tenant or the Landlord for the grant of this Agreement.

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|:---|:---|:---|
| Exclusion of Warranties | 10.7 | This Agreement sets out the full agreement reached between the parties and no other representations have been made or warranties given relating to the Landlord or the Tenant or the said building or the said premises and if any such representation or warranty has been made, given or implied the same is hereby waived. The Tenant hereby declares and confirms that it has duly inspected the said premises and is fully satisfied with the current state and condition of the said premises and the furnishings (if any) and finishes therein. The parties hereto agree that the said premises will be let to the Tenant by the Landlord in the state and condition as at the date of the signing of this Agreement and no warranty or representation whatsoever has been given or is made by the Landlord or its agents regarding the said premises and in particular but without prejudice to the generality of the foregoing, no warranty or representation is made by the Landlord or its agents regarding the state and condition of the said premises or the said building or the furnishings (if any) or the installations and appliances therein or the user thereof. |

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|:---|:---|:---|
| Special Conditions | 10.8 | The parties hereto hereby agree that they shall respectively be bound by and entitled to the benefit of the Special Conditions (if any) contained in the Third Schedule hereto as if the same form an integral part of this Agreement, and in the event of any conflict between any of the Special Conditions and any of the provisions in the main body of this Agreement the former shall prevail. |

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|:---|:---|:---|
| Joint and Several Liability | 10.9 | Where more than one person is named as the Tenant all such persons shall sign this Agreement and shall be jointly and severally liable for the performance and observance of the terms, conditions and agreements contained herein and on the part of the Tenant to be performed and observed. |

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|:---|:---|:---|
| Genders and Plurals | 10.1 | In this Agreement unless the context otherwise requires words herein importing the masculine gender shall include the feminine and neuter genders and vice versa and words herein in the singular shall include the plural and vice versa and references to persons include bodies corporate and unincorporate and the term "the Landlord" shall include its agents. |

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|:---|:---|:---|
| Marginal Notes, Headings and Index | 10.11 | The marginal notes, headings and index are intended for guidance only and do not form part of this Agreement nor shall any of the provisions of this Agreement be construed or interpreted by reference thereto or in any way affected or limited thereby. |

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|:---|:---|:---|:---|
| Stamp Duty and Costs | 10.12 | (a) | This Agreement is drafted and prepared by the Landlord, and the Tenant hereby acknowledges that it has all along been fully aware of its right to take independent advice on this Agreement, its content, meanings and effect, its completion and signing and that prior to the signing hereof at least a copy of this Agreement in its draft form has been sent to it for comment and/or agreement that the Tenant has thoroughly understood the content of this Agreement and agrees to be bound hereby at its own free will by the act of having this Agreement signed by it in case the Tenant is not legally represented hereon. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Should
 the Tenant choose to be legally represented on the matter relating to this Agreement, the Tenant shall bear and pay its own legal
 costs and such disbursement as may be charged by its solicitors hereof and incidental hereto, unless both the Landlord and Tenant
 are legally represented hereon by the same solicitors where the legal costs and disbursements of and incidental to the preparation,
 completion and signing of this Agreement shall be bome by the parties hereto in equal shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Should
 the parties hereto be legally represented separately each party shall bear and pay its own legal costs and such disbursements as
 may be charged by its own solicitors hereof and incidental hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding
 and without affecting and limiting the generality of the provisions of sub-clauses (a), (b) and (c) hereinabove, the stamp duty and
 (if any) registration fee and other disbursements of the Landlord in connection with this Agreement and its counterpart shall be
 borne by the parties hereto in equal shares. Unless otherwise agreed the stamping and (if applicable) registration of this Agreement
 and its counterpart shall be done by or through the Landlord that upon demand by the Landlord, the Tenant shall forthwith pay to
 the Landlord the Tenant's share of the stamp duty and registration fee aforesaid

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|:---|:---|:---|
| Each Provision Independent and Severable | 10.13 | Each and every part of the clause sub-clause term condition stipulation or provision in this Agreement, save and except otherwise specified, shall be construed as an independent and severable part of the clause, sub-clause term condition stipulation or provision in this Agreement. In the event that any part of the clause, sub-clause term condition stipulation or provision is found to be illegal invalid or unenforceable such part of the clause, sub-clause term condition stipulation or provision shall be deemed to have been severed from this Agreement and shall not affect the validity and enforceability of the other part of the clause, sub-clause, term condition stipulation or provision and the other clauses, sub-clauses terms conditions stipulations or provisions of this Agreement. |

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|:---|:---|:---|
| Sale and Demolition | 10.14 | Notwithstanding anything herein contained to the contrary, if the owner of the said premises ("the Owner") shall resolve to sell or redevelop or demolish or re-build or refurbish or renovate the said premises or the Mall or the said building or any part(s) thereof (which intention shall be sufficiently and conclusively evidenced by a copy of the Resolution of its Board of Directors and, in case of the sale as aforesaid, of the sale contract certified by its Secretary or one of its Directors or a solicitor to be true and correct copy) then in any of such events the Landlord or the Owner shall be entitled to give not less than three (3) months' notice in writing to be given and to expire on any day of any calendar month to terminate this Agreement and immediately upon the expiration of such notice this Agreement shall be terminated and the Tenant's right to occupy and remain in the said premises shall cease notwithstanding any rule of law or equity or any prior agreement(s) and the Tenant shall forthwith deliver up vacant possession of the said premises to the Landlord or (as the case may be) the Owner without any claim, costs or compensation whatsoever but without prejudice to the rights and remedies of the Landlord and/or the Owner against the Tenant in respect of any antecedent claim or breach of any of the covenants restrictions stipulations or conditions herein contained. "Redevelopment" and/or "demolition" for the purposes of this Clause shall mean the redevelopment and/or demolition of the said building wholly or a substantial part(s) (but not necessarily a major part) thereof whether or not including any main walls exterior walls or roof of the said premises and whether or not any part thereof is to be re-built or redeveloped or reconstructed in the same or any other manner, and "refurbishment" and/or "renovation" for the purposes of this Clause may or may not include redevelopment or demolition or rebuilding of the said building or any part thereof. |

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Time 10.15 The parties hereto agree that time shall in all respect be of the essence of this Agreement.

Governing Law 10.16 This Agreement shall be governed by and construed in accordance with the laws of the HKSAR and the parties hereto shall submit to the non-exclusive jurisdiction of the courts of the HKSAR.

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|:---|:---|:---|
| Description of Premises | 10.17 | The Landlord reserves the right to change the alphabetical or numerical description of the said premises to any such description name or style as the Landlord may at its sole discretion determine at any time and/or from time to time during the term of letting created hereunder without compensation to the Tenant and without the same constituting any actual or constructive eviction of the Tenant and without the Landlord in any event incurring any liability to the Tenant for any loss, injury, damage, annoyance or inconvenience which the Tenant may suffer as a consequence of any change made by the Landlord as aforesaid. The Landlord shall however give the Tenant, the Post Office and other relevant Government Authorities 3 month's prior written notice of the aforesaid change of description of the said premises. |

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|:---|:---|:---|:---|
| Rights of Third Party | 10.18 | (a) | Save as provided in sub-clause (b) below, the Landlord and the Tenant do not intend any term of this Agreement to be enforceable pursuant to the Contracts (Rights of Third Parties) Ordinance (Cap.623) (the "Rights of Third Parties Ordinance"). |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the provisions contained in this Clause, each of the following third parties (each being a "Designated Third Party")
 shall have the benefit of and may enforce this Agreement pursuant to the Rights of Third Parties Ordinance:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 manager of the said building; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Landlord's successor(s) in title and assign(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Agreement may be varied from time to time or (where such right of rescission exists) rescinded without the consent of any Designated
 Third Party or any other person who is not a party to this Agreement and section 6(1) of the Rights of Third Parties Ordinance shall
 not apply to this Agreement.

IN WITNESS whereof this Agreement has been duly signed by the parties hereto the day and year first above written.

<u>THE FIRST SCHEDULE</u>

<u>PART I</u>

<u>THE LANDLORD</u>

SUCCESS KEEP LIMITED (成協有限公司),whose registered office is situated at 45<sup>th</sup> Floor, Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.

<u>PART II</u>

<u>THE TENANT</u>

ES& YOHO LIMITED, whose registered office is situated at Shop Nos. 101-102, 1<sup>st</sup> Floor, Tower 535, No. 535 Jaffe Road, Causeway Bay, Hong Kong.

<u>PART III</u>

<u>THE SAID PREMISES</u>

SHOP NO. B155 on LEVEL 1 of the commercial accommodation (herein called "the Mall") of the development at 1 Long Lok Road, Yuen Long, New Territories, Hong Kong erected on Yuen Long Town Lot No. 510, as for identification purpose only shown on the Plan attached hereto and thereon coloured Pink.

<u>PART IV</u>

<u>TERM OF TENANCY</u>

For the term of FOUR (4) YEARS commencing on the 2nd day of April 2024 and expiring on the 1st day of April 2028 (both days inclusive).

<u>PART V</u>

<u>PARTICULARS OF RENT</u>

1 The monthly rental (exclusive of rates, Air-Conditioning and Management Charges and<br> promotion levy, which are payable by the Tenant) for the said term shall comprise :-

&nbsp;&nbsp;&nbsp;&nbsp;(A) Basic
 Rental as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Basic Rental for Year 1 of the said term shall be HK$255,424.00 ONLY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Basic Rental for Year 2 of the said term shall be HK$265,248.00 ONLY; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Basic Rental for Year 3 of the said term shall be HK$275,<sub></sub>072.00 ONLY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Basic Rental for Year 4 of the said term shall be HK$284,896.00 ONLY

(hereinafter referred to as "the Basic Rental") AND

&nbsp;&nbsp;&nbsp;&nbsp;(B) (If
 any) The Additional Turnover Rental being an amount by which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 12.5%
 for Year 1 and Year 2 of the said term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 13%
 for Year 3 and Year 4 of the said term

of the Monthly Gross Receipt(s) (as hereinafter defined) of the Tenant's business at the said premises during and for the rental payable month (without any deduction) exceeds the Basic Rental (hereinafter referred to as "the Additional Turnover Rental")

and notwithstanding anything contained in this Agreement the rental for the said term payable hereunder shall be paid by the Tenant to the Landlord in the following manner.

2. The
 rental payable as the Basic Rental of any month will be paid in advance by the Tenant on
 the 1st day of each and every calendar month and shall not be refundable to the Tenant in
 any event.

3. In
 the event that the Additional Turnover Rental of any month becomes payable to the Landlord,
 the Tenant shall pay in arrear but no later than the 14th day of the following month to the
 Landlord the full amount of the Additional Turnover Rental.

4. The
 payment of the Additional Turnover Rental in accordance with the provisions above shall be
 accompanied by separate advice (in the form of a written statement) as to the precise amount
 of the Monthly Gross Receipts of the Tenant's business at the said premises during the preceding
 month, such advice being duly certified by the Tenant's chief accountant(s) to be true and
 correct and shall be delivered to the Landlord within fourteen (14) days after the end of
 each month whether or not there being any Additional Turnover Rental payable. For
 the avoidance of doubt, in the event that no Additional Turnover Rental is payable for any
 calendar month the deficit shall not be carried forward to the next calendar month for determining
 the Additional Turnover Rental for the next calendar month.

5. At
 the close of each Accounting Period (as hereinafter defined) the Tenant will at its own costs
 and expenses cause its entire records for the preceding Accounting Period to be audited by
 the auditors appointed from time to time by the Tenant and approved by the Landlord and procure
 the auditors to issue a certificate as to the Monthly Gross Receipts for each calendar month
 of the Accounting Period in question and such certificate shall forthwith be delivered to
 the Landlord and in no event later than three (3) months after the close of the Accounting
 Period in question.

6. Within
 15 days after the delivery of the said certificate of the auditors showing the Monthly Gross
 Receipts for each calendar month of the Accounting Period in question, the Tenant will pay
 to the Landlord or the Landlord will repay to the Tenant the amount (if any) by which the
 rental as calculated by reference to the aforesaid provisions and the auditors'
 certificate aforesaid exceeds or falls short of the rental already paid during the Accounting
 Period in question (as the case may be), but such adjustment shall not in any event require
 the Landlord to refund any of the Basic Rental agreed and received by the Landlord.

7. Notwithstanding
 anything herein contained and for the avoidance of doubt, the Tenant agrees and covenants
 that it shall still be under obligation to observe, perform and comply with the provisions
 of this Part V notwithstanding that at the time of any such provisions to be observed, performed
 and complied with by the Tenant and/or to be enforced by the Landlord this Agreement may
 have expired by effluxion of time or been earlier terminated pursuant to the provisions of
 this Agreement.

8. The
 Landlord may at any time at its own expense appoint auditors or agents to check the Monthly
 Gross Receipts of the Tenant's business. Furthermore, the Tenant shall install at its own
 expense electronic cash registers. The Tenant shall at all times permit such operation
 and open its books and records to the Landlord, its duly authorised agents or any such auditors
 or authorized agents.

9. The
 Tenant shall also throughout the said term keep or cause to be kept complete, accurate and
 true records of the Monthly Gross Receipts in each calendar month. If at any time the Tenant
 fails to make complete and accurate reports thereof, the Tenant acknowledges that the Landlord
 shall then be at liberty to make an interim assessment of the Additional Turnover Rental
 (if any) and such interim assessment shall be deemed correct for all purposes and payment
 of the Additional Turnover Rental will be made thereon until complete and accurate reports
 of the Monthly Gross Receipts have been rendered. The Landlord may make such interim assessment
 on such basis as the Landlord may in its absolute discretion determine.

10. The
 expression "Gross Receipts" shall for the purpose of this Part V mean the gross
 amount of all sums billed or received in the course of the Tenant's business conducted at
 the said premises including but not limited to the sums billed or received for any sundry
 items and/or food and/or drinks sold at the said premises and/or all goods and services of
 whatsoever kind and description provided within or through or out of the said premises and
 all other income of whatsoever kind and description deriving from or in respect of the said
 premises including sales of souvenirs and all sums received by way of service charges (including
 but not limited to the 10% service charge) Provided That

&nbsp;&nbsp;&nbsp;&nbsp;(a) every
 sale on credit terms or on an instalment basis shall be deemed to be a sale for the full
 cash price at the date when the same is made irrespective of the time or times at which the
 Tenant receives payment;

&nbsp;&nbsp;&nbsp;&nbsp;(b) every
 deposit by a customer shall be included in the Gross Receipts at the time of receipt and
 shall only be deducted if and when repaid;

&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 calculating the amount of the Monthly Gross Receipts no deduction shall be made for bad or
 doubtful debts or (in the case of transactions paid by credit card) discounts or commissions
 payable by the Tenant to the provider of the credit;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 full agreed price of any item of the goods or merchandises that the Tenant sells in the said
 premises traded or bartered out in the said premises for goods shall be included in the Gross
 Receipts disregarding the agreed value of the goods so traded or bartered in AND, if any,
 the top-up payment to be made by either party of the goods trading in issue;

&nbsp;&nbsp;&nbsp;&nbsp;(e) purchase
 tax and any similar sales or excise tax (if any) imposed directly on the Tenant in respect of the supply of goods or services shall
 be included in the Monthly Gross Receipts but only to the extent that such tax is actually paid or accounted for by the Tenant to
 the taxing authority;

(f) (if
 the Tenant's business in the said premises includes or involves (inter alia) redemption of cash, gift, festive product or other
 coupons (irrespective of where such coupons are sold and purchased or given and obtained) at the said premises for goods, service
 or money) the total value of the goods, service or money redeemed in the said premises as aforesaid shall, notwithstanding anything
 said hereinabove, be included in the Gross Receipts and then shall submit to the Landlord periodically as aforesaid a separate statement
 or account for any or all of the said business activities;

(g) The
 value of the goods collected and the service redeemed or utilized in the said premises as purchased or ordered online or via internet
 or other non-traditional means shall be included in the Gross Receipts, and in such connection the Tenant shall, together with the
 submission of the monthly statement as aforesaid, submit to the Landlord full and detailed record of the abovesaid collection and/or
 redemption; and

(h) In
 respect of the goods and service which is/are ordered in another location of the Tenant's business conducting the same business
 that the Tenant is carrying on in the said premises (hereinafter called "the place of order") but is/are collected or
 redeemed or utilized in the said premises, the value thereof (less, if any, the deposit paid upon the order therefor in the place
 of order) payable upon collection or redemption or use in the said premises shall be included in the Gross Receipts, and in such
 connection the Tenant shall, together with the submission of the monthly statement as aforesaid, submit to the Landlord full and
 detailed record of the abovesaid collection and/or redemption and/or use.

11. The
 expression "Accounting Period" shall for the purpose of this Part V mean the period from 1st January to 31st December
 (both days inclusive) in each year save that the first Accounting Period shall be the period from the date upon which rent commences
 to be payable to 31st December in the same year (both days inclusive) and the last Accounting Period shall be the period from 1st
 January in the last year of the said term to the date of expiration or earlier determination of the said term (both days inclusive).

<u>PART VI</u>

<u>AIR-CONDITIONING AND MANAGEMENT CHARGES</u>

The monthly Air-Conditioning and Management Charges at the making hereof is HK$52,312.80, which shall be subject to revision prior to the commencement of and during the said term.

<u>PART VII</u>

<u>THE SAID DEPOSIT</u>

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| | | |
|:---|:---|:---|
| RENTAL DEPOSIT | HK$ | l,139,584.00 |
| AIR-CONDITIONING AND MANAGEMENT CHARGES DEPOSIT | <u>HK$</u> | 209251.20 |
| TOTAL (being 4 months' largest Basic Rental and 4 months' Air-Conditioning and Management Charges) | <u>HK$</u> | 1348835.20 |

---

<u>PART VIII</u>

<u>NORMAL BUSINESS HOURS</u>

The business hours of the Mall are from <u>10:00</u> a.m. to <u>10:00</u> p.m. daily. The Landlord reserves the right to alter or amend the said business hours from time to time and to such extent as the Landlord shall in its discretion deem appropriate or necessary.

<u>PART IX</u>

<u>PROMOTION LEVY</u>

HK$8,104.80 per month at the making hereof, subject to revision prior to the commencement of and during the said term and in accordance with the provision of this Agreement.

<u>THE SECOND SCHEDULE</u>

<u>USER</u>

Restricted to the operation of a Japanese barbecure restaurant under the trade name and style of "Yakiniku Kakura" only but for no other purpose whatsoever.

<u>THE THIRD SCHEDULE</u>

<u>SPECIAL CONDITIONS</u>

1. Notwithstanding
 anything said herein, the Tenant shall be entitled to a rent-free period of SIXTY (60) days as from (and inclusive of) the actual
 commencement date of the said term for the purpose of fitting-out, and/or renovation and/or decoration of the said premises (but
 for the avoidance of doubt, the Tenant shall pay all other charges payable hereunder by the Tenant during and for the said rent-free
 period).

2. The
 Tenant shall observe and comply with the <u>"Design and Fitting-Out Guide"</u> and other relevant rules or requirements
 imposed by the Landlord or the manager of the said building for the carrying out of the Fitting Out Works, if any, for and to the
 said premises. The Landlord is entitled from time to time to amend and/or alter the content of the said general requirements as it
 deems appropriate or necessary without further notice to the Tenant.

3. (a) The
 provisions contained in the Offer to Tenancy preceding hereto relating to "Handover Condition" of the said premises shall,
 in so far as the same is/are still applicable, take effect and bind the parties hereto as if the said provisions were repeated herein
 forming an integral part of this Agreement. The Tenant shall at its own costs and to the Landlord's satisfaction reinstate
 all alteration and additional work by it and to deliver up vacant possessions of the said premises to the Landlord in a "bare
 shell" state and condition upon expiration or sooner determination of the tenancy. The Landlord shall have the absolute discretion
 on retaining the transparent shutter (if any) upon expiration or sooner determination of the tenancy without any reimbursement or
 similar payment therefor to the Tenant.

(b) The
 Tenant shall at its own expense be responsible for installation of the shopfront device (e.g. shopfront glass or wall, door or fence)
 of the said premises but the design / material of the abovesaid shopfront device shall be prior approved by the Landlord at its sole
 discretion and complied with relevant statutory requirement.

4. The
 Tenant agrees and undertakes that notwithstanding any other provisions herein contained, the Tenant shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) adopt
 for its business in the said premises such new interior design concept not having ever been adopted for other shop(s) or retail outlet(s)
 of the Tenant's business (same of or similar to that herein stipulated) located in the following areas:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Yuen
 Long; and

(ii) Tuen
 Mun;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) submit
 the required fitting out plans including M & E drawings to the Landlord before the commencement of the said term for the Landlord's
 approval;

(c) commence
 the fitting out works only upon receipt of the Landlords' said approval; and

(d) start
 to operate its business in the said premises within three months from the commencement of the said term.

If the Tenant shall fail to perform and observe any of the above conditions, the Landlord shall be absolutely entitled to serve notice in writing to the Tenant to require the Tenant to perform and observe the above conditions within seven (7) days from the date of the said notice, failing which the Landlord shall be absolutely entitled (but not obliged) to serve on the Tenant seven (7) days' notice in writing to terminate this Agreement, and upon expiration of the said notice this Agreement shall cease absolutely and the Landlord shall re-enter and repossess the said premises free from any rights or interest of the Tenant but without prejudice to any rights or remedies that may have accrued to the Landlord against the Tenant in respect of any antecedent breach of condition or other term of this Agreement, including the breach in respect of which the termination is made. Upon termination of this Agreement all deposits paid by the Tenant shall be applied to set off such loss and damage that the Landlord may suffer or may have suffered as the result of the said breach(es) and the Landlord shall be entitled to re-let the said premises to other party or parties on such terms and conditions as it may deem appropriate without prejudice to the Landlord's rights to recover from the Tenant any loss and damages that it may sustain. In the event of the Tenant failing to perform any of the conditions above, as an alternative to serving the abovesaid notice to terminate this Agreement as aforesaid, the Landlord shall be entitled to take proceedings to enforce specific performance of this Agreement by the Tenant.

5. The
 Tenant agrees that any delay in submitting or resubmitting fitting-out proposals and plans which are unsatisfactory to the Landlord
 shall not entitle the Tenant to claim for any extension of rent-free fitting-out period.

6. The
 Tenant has to pay debris removal deposit, debris removal fee, temporary electricity charge, if any, etc. at the amount to be advised
 by the management office of the said building prior to commencement of fitting out works.

7. (a) The
 Tenant is required to use the shopfront of the said premises (as coloured <u>yellow</u> on the plan attached hereto) as "Showcase(s)"
 and to maintain the shopfront display in the manner as a first class commercial complex throughout the said term. For the avoidance
 of doubt, any obstructions of view along the said shopfront and/or installation of storeroom/changing room/blinds or the like to
 block up or cover up the same are strictly prohibited. If the Tenant fails to alter the shopfront display to the satisfaction of
 the Landlord within 14 days after receipt of the Landlord's notice, the Landlord is entitled (but not obliged) to terminate
 this Agreement and forfeit the said deposit and to re-enter the said premises but without prejudice to the right of action by the
 Landlord in respect of any outstanding breach or non-observance or non-performance by the Tenant of any of the terms of this Agreement
 resulting for any loss and damage that the Landlord may sustain not being set off by the deposit paid hereunder.

(b) The
 layout of the shopfront area shall be designed by the Tenant in low range of fittings and fixtures which cannot exceed 1000 mm in
 height, and will not block the visibility among shopfronts (as coloured <u>yellow</u> on the plan attached hereto) and common corridors.
 The design and layout and the use of the area of the curtain glazing and the area in its proximity shall be subject to the Landlord's
 approval at it sole discretion. The Tenant shall submit to the Landlord for its prior approval all the relevant drawings and specification(s)
 (showing the colour(s), materials used, the content (e.g. words and pictures) of the matters forming subject of such said design
 and layout and use) before commencement of the fitting-out work of the said premises, and shall from time to time and upon the Landlord's
 request in writing alter to the satisfaction of the Landlord such existing design and layout and use, though previously approved,
 if the Landlord finds the same unsatisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Tenant shall keep the shopfront of the said premises lit from 9:00 a.m. to 11:00 p.m. daily throughout the said term and shall install
 a timer to control the lighting at its own cost in order to minimize inconvenience/darkness to the neighbouring.

(d) The
 Tenant undertakes not to obstruct the area under the fire shutter, if any (as coloured <u>blue</u> on the plan attached hereto),
 at anytime throughout the said term. The Tenant shall take into consideration the said requirement as its detailed design of the
 layout of the said premises.

(e) The
 Tenant shall not block and shall keep clear at all time throughout the said term the exit door(s), if any (as coloured <u>green</u> on the plan attached hereto), as an emergency exit.

(f) The
 Tenant shall keep the entrance(s), if any (as coloured <u>orange</u> on the plan attached hereto) open for public access during
 the normal business hours of the Mall set forth in Part VIII of the First Schedule hereto throughout the said term.

(g) NO
 box, trolley or tray especially those bearing brand name and/or logo can be placed immediately on and/or along the shopfront glass
 panel and/or near the entrance of the said premises.

(h) Directory/display
 stand is not allowed to be put outside the said premises.

(i) The
 dimension, design, material and colour scheme of the signage inside the said premises must be submitted for the Landlord's
 prior approval.

(j) Installation
 of cockloft in the said premises is strictly prohibited.

(k) All
 delivery and/or removal of fitting-out equipment, material or debris, goods, merchandise and garbage shall be arranged outside the
 normal business hours of the Mall or at such time and at such routing to be approved and designated by the Management Office of the
 Mall.

(l) The
 Tenant acknowledges that building services installation (such as ductworks, pipeworks, hose reel, and etc.) may not be shown on the
 plan attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Bargain
 sale of merchandise at or near the shopfront is strictly prohibited and that such bargain sales should be conducted at the rear side
 of the said premises.

(n) Touting
 with loud voice causing nuisance or annoyance to the tenants or occupiers of adjacent premises or to users and customers of the same
 or to the Landlord is strictly prohibited.

(o) The
 Tenant undertakes not to put merchandise, rubbish, boxes and other articles outside the boundary of the said premises (i.e. in the
 Landlord's common area) throughout the said term. In particular, the Tenant undertakes not to obstruct/block the fire escape
 staircase and common corridor.

(p) The
 Tenant acknowledges that neon-coloured poster/price list in hand-written or printed form sticking on shopfront or merchandise is
 not allowed.

8. The
 Tenant acknowledges that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Landlord has the right to carry out renovation and/or alteration and/or addition work within, outside and/or above the said building;
 and

(b) there
 will be fitting out works carried out by the Landlord and/or other tenants of the Mall (including but not limited to alteration of
 ceiling, modification of glass shopfront and/or door, mechanical and electrical works, etc.)

which might cause inconvenience to the tenants of the Mall and that the Tenant hereby agrees that the Tenant shall have no claims whatsoever against the Landlord or its agent(s) therefor.

9. The
 Tenant shall at its own expense keep lit any shopfront windows, showcases and signs of the said premises throughout the hours during
 which the Mall is open to the public and for the better observance hereof the Tenant shall permit the Landlord to control the electrical
 circuits to the shopfront windows, showcases and signs and the Tenant shall be required to have such electrical circuits connected
 and wired to allow the Landlord to have such control. For the purpose of this Special Condition, shopfront windows shall be deemed
 to include those parts of the interior of the said premises immediately fronting onto the common areas of the Mall and/or the street
 frontage for display of merchandise.

10. The
 Landlord shall have the right to name and re-name the Mall as in its sole discretion deemed fit and desirable, to which the Tenant
 shall have no objection whatsoever. The Tenant further agrees that upon being notified by the Landlord or its agent of the name or
 the new name of the Mall the Tenant shall adopt such name or new name as the name of the Mall when stating the address or location
 of the Tenant's business in the said premises in and on all the promotion and advertising and introductory means and/or materials
 (e.g. leaflet, print advertisements, press releases and any other means of advertising), and the Tenant shall state and include the
 name or new name of the Mall in and on all such said means and materials.

11. Notwithstanding
 anything said herein, the Tenant agrees to extend the operation of its business at the said premises on the following days until
 the specified business closing hours as appended hereinbelow:-

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| | | |
|:---|:---|:---|
|  |  | Business Closing Hours |
| a. | Christmas' Eve | Not earlier than 12:00 midnight of the following day. |
| b. | New Year's Eve | Not earlier than 12:00 midnight of the following day. |
| c. | Chinese New Year's Eve | Not earlier than 12:30 a.m. of the following day. |

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| | |
|:---|:---|
|  | Failure to comply with the above condition shall constitute a material breach of this Agreement entitling the Landlord to early terminate this Agreement. |
| 12. | Without prejudice or affecting the generality of the provisions herein regarding the fitting-out and/or reinstatement works of the said premises, and if the Tenant wishes to, subject to the Landlord's prior consent, re-fit out and renovate the said premises, the Tenant agrees to erect a hoarding with full height graphic design sticker covering the same to hoard up the entirety of the said premises ("the said Hoarding") at its own costs and expenses and to the Landlord's satisfaction forthwith upon the commencement and/or expiry/termination of the said term and during the course of the fitting-out and/or re-fit out and/or reinstatement works of the said premises, failing which the Landlord shall be entitled to without first seeking the Tenant's consent to do the said Hoarding but at the sole costs and expenses of the Tenant, which costs and expenses shall be fully reimbursed by the Tenant to the Landlord within Seven (7) days from the written demand therefor, failing which the Landlord shall be entitled to treat such unpaid costs and expenses as a debt under this Agreement and to set off the same by deduction from the said deposit. For the avoidance of doubt, the Landlord is not obliged to demolish the said Hoarding, and the same shall be done by the Tenant at its own cost and expenses and upon the approval of the Landlord. |

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13. Notwithstanding
 anything contained herein, the Tenant shall adopt for its business in the said premises a 3-dimensional shopfront design in full
 compliance with the guidelines rules or requirements imposed by the Landlord or the manager of the Mall. Failure to comply with this
 Special Condition shall be a material breach of this Agreement entitling (but not obliging) the Landlord to terminate this Agreement
 forthwith and forfeit the said deposit with or without prior warning or notice but without prejudice to the right of action by the
 Landlord in respect of any outstanding breach or non-observance or non-performance by the Tenant of any of the terms of this Agreement
 resulting for any loss and damage that the Landlord may sustain not being set off by the deposit paid hereunder.

---

| | |
|:---|:---|
| 14.(a) | Notwithstanding anything contained in this Agreement, the Landlord shall have the right (but not obliged) to terminate this tenancy at any time during the said term by giving not less than NINETY (90) days' notice in writing (such notice of termination may expire at any time) to the Tenant upon the happening of the following event ("the Event"):- |
|  | If the average of the Gross Receipts (as defined in Part V of the First Schedule to this Agreement and whether as advised by the Tenant or audited by the auditors or otherwise) of any twelve (12) consecutive months (but after the aforesaid rent-free period) during the said term shall be less than <u>HK$l,473,600.00</u> per month. |
| (b) | On the expiry of the said notice of termination, everything contained in this Agreement shall cease and be void and the Tenant shall immediately deliver up vacant possession of the said premises to the Landlord. The Tenant shall not be entitled to claim against the Landlord for any compensation for the loss of goodwill or business, damages or any costs and expenses incurred by the Tenant whatsoever but any such termination shall be without prejudice to the rights and remedies of either party against the other in respect of any antecedent claim or breach of any covenants agreements stipulations terms or conditions herein contained. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the avoidance of doubt, the said notice of termination may be served at any time after the happening of the Event. No acceptance
 of rent or any other payment or inaction, condoning, excusing or overlooking whatsoever by the Landlord after the happening of the
 Event shall operate or be regarded by the Tenant as a waiver of the Landlord's rights hereunder or so as to defeat or affect
 in any way the rights and remedies of the Landlord hereunder and no waiver by the Landlord shall be inferred from or implied by anything
 done or omitted by the Landlord, unless expressed in writing and signed by the Landlord.

(d) The
 Tenant shall not be entitled to any claim against the Landlord for any damages or compensation or any relief against such extinguishment.

(e) Notwithstanding
 the right of the Landlord to make interim assessment as aforesaid in Part V of the First Schedule hereto, if the Tenant fails to
 submit to the Landlord the written statement of the Monthly Gross Receipts for any month in the manner as stipulated under Part V of
 the First Schedule hereto, a material breach of this Agreement by the Tenant shall be deemed constituted, and the Landlord shall be
 absolutely entitled to serve notice in writing to the Tenant to require the Tenant to submit such statement within seven (7) working
 days from the date of the said notice, failing which the Landlord shall be absolutely entitled (but not obliged) to terminate this
 Agreement by giving to the Tenant seven (7) days' notice in writing, and upon expiration of the said notice this Agreement
 shall cease absolutely and the Landlord shall re-enter and repossess the said premises free from any rights or interest of the
 Tenant but without prejudice to any rights or remedies that may have accrued to the Landlord against the Tenant in respect of any
 antecedent breach of the condition or other term of this Agreement, including the breach in respect of which the termination is
 made. Upon termination of this Agreement all deposits paid by the Tenant shall be applied to set off such loss and damage that the
 Landlord may suffer or may have suffered as the result of the said breach(es) and the Landlord shall entitled to re-let the said
 premises to other party or parties on such terms and conditions as it may deem appropriate without prejudice to the Landlord's
 right to recover from the Tenant any loss and damages that it may sustain. In the event of the Tenant failing to perform this
 condition, as an alternative to serving the abovesaid notice to terminate this Agreement as aforesaid, the Landlord shall be
 entitled to take proceedings to enforce specific performance of this Agreement by the Tenant.

15. Notwithstanding
 anything herein contained to the contrary, the Tenant agrees to and shall pay to the Landlord the Basic Rental, Additional Turnover
 Rental (if any), air- conditioning and management charges, promotion levy (if any), rates and all other charges, fees and interest
 payable by the Tenant to the Landlord hereunder ("the Required Payments") by bank autopay. In such connection, the Tenant
 shall, prior to the actual commencement of the said term, fill in and complete in accordance with the Landlord's or its agent's
 direction, duly sign and return to the Landlord or its agent the bank autopay or direct debit authorization form(s) (prescribed and
 provided by the Landlord's or its agent's banker) ("the Authorization") provided by the Landlord or its agent, and
 further agrees that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 shall not vary cancel terminate or withdraw the Authorization without the Landlord's or its agent's consent in writing PROVIDED
 THAT the Tenant shall be entitled to cancel terminate and withdraw the Authorization without the Landlord's or its agent's
 consent upon expiry of Forty-five (45) days after the expiry or termination of the letting hereunder subject strictly to there being
 at that time no Required Payment(s) or arrears thereof unpaid or remaining unpaid;

(b) prior
 to the actual commencement of the abovesaid bank autopay arrangement under the Authorization the Landlord or its agent shall be entitled
 to demand the Tenant to, and the Tenant shall so do, pay the Required Payments in cash or by cheque(s), banker's standing order(s)
 or direct debit(s);

(c) on
 default of the payment of the Required Payments (or any item(s) thereof) by way of the abovesaid bank autopay the Landlord or its
 agent shall be entitled (but not obliged) to demand the Tenant to, and the Tenant shall so do, pay the Required Payments (or any
 items thereof) in arrears in cash or by cheque(s), banker's standing order(s) or direct debit(s), and the Landlord shall have right
 to charge by way of additional rent interest at such rate as stipulated and in such manner as provided in the relevant clause(s)
 hereof (or of the formal tenancy agreement herein if this document is a confirmation of tenancy or equivalent); and

(d) the
 Landlord or its agent shall, if they consider necessary, be absolutely entitled to demand the Tenant to, and the Tenant shall so
 do, fill in, complete, sign and return to the Landlord or its agent afresh bank autopay or direct debit authorization form(s) or
 the equivalent request(s) to replace the Authorization.

16. Notwithstanding
 anything aforesaid in this Agreement, the Tenant acknowledges that the Landlord is entitled to, by giving reasonable prior notice
 to the Tenant, for the purpose of compliance of any order(s) and/or direction(s) issued by relevant Government authorities in respect
 of the said premises during the said term, enter into the said premises for carrying out alteration and/or demolition works at the
 said premises which may result in the making of noise and vibration and emission of dust and other substances and other forms of
 disturbance and such works will be carried out by the Landlord and/or its authorized agents or contractors which may cause inconvenience
 to the Tenant and that the Tenant hereby agrees that it shall not make any complaint and shall not be entitled to any abatement of
 rent or any claims/compensation of whatsoever nature against the Landlord or its agent(s) or the manager of the said building in
 relation to the said works.

17. The
 Tenant agrees to make available to its customers in the said premises more options for payment, and in such connection the Tenant
 shall use its best endeavour to, at its own costs and risk(s),<sub></sub> adopt, install, maintain and cause to be operative
 during the said term, in addition to whatever method(s) of payment it intends to use in the said premises during the said term, at
 least FOUR (4) of such mobile payment systems/devices currently available for use in Hong Kong to achieve and serve the abovesaid
 purpose. Failure on the part of the Tenant to perform this Special Condition shall constitute a breach of this tenancy entitling
 (but not obliging) the Landlord to early terminate this Agreement by giving not less than seven (7) days' prior notice thereof
 in writing to the Tenant.

18. Waterproofing
 within the wet area, if any (e.g. kitchen including food preparation area and dish washing area, toilet, bath, shower, sauna, wash
 basin for hair/hand washing purpose, etc.) within and/or outside the said premises for the Tenant's exclusive use shall be
 carried out by the Tenant. Waterproofing membrane (liquid or sheet form, not just waterproofing screed) shall be applied to the whole
 wet area and upturn to the wall to such a height and extent to prevent any water leakage from the wet area to the satisfaction of
 the Landlord. The details of the type of waterproofing to be used and the construction drawings regarding the application of the
 waterproofing works shall be submitted to the Landlord in advance prior to commencement of the Tenant's associated fitting
 out works. The Landlord reserves the right to disapprove the Tenant's waterproofing proposal if it is found unsatisfactory
 to the Landlord. The Tenant shall be fully responsible for the water tightness of the wet area and the said premises and shall
 fully idemnify the Landlord for any claims, loss, damages and liabilities so caused.

19. The
 Landlord will designate toilet facilities to the Tenant for licensing purpose.

20. The
 Landlord and its agent have made no warranty, representation or guarantee that the said premises are fit for the purpose for which
 the Tenant has agreed to take the said premises ("the User") or any particular user. The Tenant shall use its own endeavour
 and at its own cost satisfy itself that the said premises are fit for the User and apply for all relevant and necessary permissions,
 consents, approvals or licences from all relevant Government department(s)/authority(ies) and such other competent authority(ies)
 for the User and the business to be carried on at the said premises by the Tenant, and comply with and satisfy all such requirements
 and continuous requirements imposed upon and in connection with the granting and renewal of the aforesaid permissions, consents,
 approvals or licences ("the Requirements"). The Landlord shall be under no obligation whatsoever to make any addition/alteration
 to and in the said premises and/or to and in and upon any other part(s) of the said building to satisfy the Requirements, and the
 Tenant shall have no claim whatsoever against the Landlord and/or its agent for, if any, the refusal or objection to the granting
 or renewal of the aforesaid permissions, consents, approvals or licences AND/OR the inability on the part of the Tenant or otherwise
 to satisfy and comply with the Requirements.

21. The
 Tenant agrees that (i) NO menu stand; (ii) NO seating and (iii) NO food in whatever nature (including but not limited to food served
 and/or sold through take away orders) can be displayed placed and/or sold outside the said premises. The reception counter must be
 placed within the said premises.

22. Notwithstanding
 anything said herein, the Tenant covenants with the Landlord that the business hours of its business at the said premises throughout
 the said term shall be  **<u>from</u>** <u>**10:00 a.m. to 10:00 p.m.**</u> on every day during the said term and that there
 will be no "time-out" session (落場時間)during the aforesaid business hours. Failure to comply
 with this condition shall constitute a material breach of this Agreement entitling (but not obliging) the Landlord to early terminate
 this Agreement.

23. The
 Tenant shall at its own costs install and maintain an e-booking system (including all the associated electronic devices and accessories)
 in accordance with the Landlord's requirements and specifications for the purpose of table reservation and, as the case may be, cause
 such booking system to be linked up or connected to the central e-booking system as may be installed and operated by the manager
 of the Mall in respect of and for those tenants and licensees whose business carried on in the Mall requires booking. For the avoidance
 of doubt, the said e-booking system shall be in full operation throughout the said term and failure to comply with this condition
 shall constitute a material breach of this Agreement entitling the Landlord to early terminate this Agreement.

24. Without
 prejudice to anything aforesaid in this Agreement, the Tenant shall apply for all relevant and necessary permissions, consents, approvals
 or licences from all relevant Government department(s)/authority(ies) and such other competent authority(ies) for the discharge capacity
 of the said premises not exceeding 105 people ("the Discharge Capacity") prior to the commencement of Tenant's
 business and to maintain the same in full force during the said term. The Tenant is not allowed to open for business unless the Tenant
 has fully complied with the said application and provide the copy of such application approval to the Landlord. The Tenant's
 failure to do so will entitle the Landlord (but not obliged) to terminate this Agreement by giving to the Tenant seven (7) days,
 notice in writing, and upon expiration of the said notice this Agreement shall cease absolutely and the Landlord shall enter and
 possess the said premises free from any rights or interest of the Tenant. Upon termination of this Agreement all the said deposit
 paid by the Tenant shall be applied to set off such loss and damage that the Landlord may suffer or may have suffered as the result
 of the said breach and the Landlord shall be entitled to re-let the said premises to other party or parties on such terms and conditions
 as it may deem appropriate without prejudice to the Landlord's right to recover from the Tenant any loss and damages that it may sustain
 not being set off by the said deposit.

25. Without
 prejudice to the provisions contained in this Agreement regarding repayment of the said deposit upon expiry or earlier termination
 of this tenancy, the Tenant shall apply to the relevant Government department(s) for the discharge of its food licence (the "Food
 Licence Discharge"). The said deposit shall only be refunded to the Tenant by the Landlord without interest within forty five
 (45) days after the expiry or earlier termination of this tenancy and the delivery of vacant possession of the said premises to the
 Landlord and, inter alia, the Food Licence Discharge is issued by the relevant Government department(s) and the Tenant has fully
 complied with the requirements imposed in connection with the Food Licence Discharge to the satisfaction of the Landlord.

26. Notwithstanding
 anything herein contained to the contrary, the Tenant shall join the Landlord's "The Point mall loyalty program ("the
 Program") upon commencement of the said term by installation at the said premises of the system of the Program (including wired
 or wireless connection with and access to the said system and all the associated electronic devices and accessories) in accordance
 with the Landlord's requirements and specifications for the purpose of facilitating members of the Program to (i) earn bonus points
 at the said premises at the time of purchase and/or (ii) use or redeem the bonus points to settle payment for goods and/or services
 purchased or ordered at the said premises and/or any benefits offered at the commercial accommodation of the said building. For the
 avoidance of doubt, the said system or the said associated devices and accessories shall be in full operation and made available
 for use by the Tenant's customers who are members of the Program during the opening hours of the commercial accommodation of
 the said building. The Tenant undertakes to hang, stick or display related promotional material of the Program within the said premises
 throughout the said term. Failure to comply with this Special Condition shall constitute a material breach of this Agreement which
 entitles the Landlord (but not obliged) to terminate the tenancy and recover possession of the said premises by giving fourteen (14)
 days' notice in writing but without prejudice to the Landlord's right to make claim against the Tenant for, if any, such damage
 and loss the Landlord may sustain and may have sustained as a result of the Tenant's violation of this Special Condition.

<u>THE FOURTH SCHEDULE</u>

<u>EXCEPTIONS AND RESERVATIONS</u>

1. The
 right of free and uninterrupted passage egress from and ingress to the common services of the said building as are in or under above
 or through the said premises to install, affix, erect or permit to be installed, affixed or erected any aerial(s), transmitter(s)
 or other telecommunication cable(s) wiring(s) or equipment above the false ceiling or otherwise over or under the said premises and
 the Tenant shall permit the Landlord and/or the manager of the said building and their authorized agent(s) or contractor(s) (with
 or without tools and materials and workmen) to enter the said premises to install affix erect maintain repair replace or renew such
 aerial(s) transmitter(s) cable(s) wiring(s) or equipment at all reasonable time but upon prior appointment and shall not remove,
 alter, tamper or otherwise cause damage to such aerial(s) transmitter(s) cable(s) wiring(s) or equipment at the said premises and
 shall indemnify the Landlord against all such claims demands actions proceedings loss or damages costs expenses arising from the
 breach of aforesaid provision by the Tenant.

2. The
 right to erect or permit or suffer there to be erected any building structure or thing on any other part of the said building or
 the land and/or building(s) adjoining or neighbouring the said building notwithstanding that such building may diminish interfere
 with obstruct or affect the amenity of the said premises the access of light or air to the said premises or any easement, privilege
 or right whatsoever enjoyed by the said premises.

3. (a) The
 right to remove, cancel, relocate or otherwise change or carry out any alteration or addition or other works to the common areas
 (including but not limited to entrances, passages, corridors and staircases) and common facilities (including but not limited to
 lifts, escalators and toilets) of the said building and such other part or parts of the said building (other than the said premises)
 from time to time and in such manner as the Landlord may in its absolute discretion deem fit without the same constituting an actual
 or constructive eviction of the Tenant and without incurring any liability whatsoever to the Tenant therefor. In particular, the
 Landlord hereby expressly reserves the right at any time and at its sole discretion to renovate or refurbish the commercial/retail
 accommodation of the said building and to change, alter, amend, vary, add to and relocate the layout of the commercial/retail accommodation
 including but not limited to the external walls, entrance lobbies, staircases, landings, passages, corridors, toilets, lifts and
 escalators and to carry out works to effect such renovation, refurbishment, change, alteration, amendment, variation, addition and
 re-location Provided that the size of the said premises shall not be affected or reduced in any way And Provided further that the
 Tenant shall not be entitled to object to the renovation, refurbishment, change, alteration, amendment, variation, addition, re-location
 or any works thereof and shall have no right of action or claim for compensation whatsoever in connection with any matters arising
 from this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 right, subject to the Deed, to provide and install a public address system throughout the common areas and to play relay or broadcast
 or permit any other person to play relay or broadcast recorded music or public announcement therein.

4. The
 right of free and uninterrupted passage running and transmission of water, soil, gas, electricity and of all other services or supplies
 through such conduits, sprinklers, wires, cables, watercourses, sewers, flues, gutters and other associated apparatus and similar
 items, ductworks, pipeworks and hose reel ("the conduits") now or may after the date of this Agreement be in the said
 premises and serving or capable of serving other parts of the said building or the land and/or building(s) adjoining or neighbouring
 the said building together with the right to enter upon the said premises at reasonable times and upon prior appointment to inspect
 repair maintain replace renew alter improve or remove any such conduits or to lay any new conduits in the said premises, such works
 to be carried out with all due care and expedition causing as little damage or disturbance as possible and making good all damages
 caused thereby to the said premises.

5. The
 right of shelter protection and support from the said premises for any other part of the said building.

6. All
 easements, quasi-easements, privileges and rights whatsoever now enjoyed by other parts of the said building in, under, over or in
 respect of the said premises as if such parts of the said building and the said premises had at all times heretofore been in separate
 ownership and occupation and such matters had been acquired by prescription or formal grant.

---

| |
|:---|
| /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |
| /s/ SUN HUNG KAI REAL ESTATE (SALES AND LEASING) AGENCY LIMITED  |

---

/s/ Ip Shun Chun Joyce <br>

---

| |
|:---|
| /s/ ES& YOHO LIMITED  |
| /s/ ES& YOHO LIMITED  |
| /s/ ES& YOHO LIMITED  |
| /s/ ES& YOHO LIMITED  |
| /s/ ES& YOHO LIMITED  |
| /s/ ES& YOHO LIMITED  |
| /s/ ES& YOHO LIMITED  |
| /s/ ES& YOHO LIMITED  |
| /s/ ES& YOHO LIMITED  |
| /s/ ES& YOHO LIMITED  |
| /s/ ES& YOHO LIMITED  |

---

/s/ Ngai Hing Hon

NAME: Ngai Hing Hon

HKID: [\*\*\*]

---

| |
|:---|
| HK$1,348,835.20 |
| /s/ Sun Hung Kai Real Estate (Sales and Leasing) Agency Limited  |
| /s/ Sun Hung Kai Real Estate (Sales and Leasing) Agency Limited  |
| /s/ Sun Hung Kai Real Estate (Sales and Leasing) Agency Limited  |
| /s/ Sun Hung Kai Real Estate (Sales and Leasing) Agency Limited  |
| /s/ Sun Hung Kai Real Estate (Sales and Leasing) Agency Limited  |
| /s/ Sun Hung Kai Real Estate (Sales and Leasing) Agency Limited  |
| /s/ Sun Hung Kai Real Estate (Sales and Leasing) Agency Limited  |

---

## Ex-21

**<u>Exhibit 21</u>**

<u>List of Subsidiaries</u>

Pursuant to Item 601(b)(21) of Regulation SK The following is a list of the Subsidiaries of the registrant, the state or other jurisdiction of incorporation or organization of each, and the names under which such subsidiaries do business:

---

| | |
|:---|:---|
| **Subsidiary<u> </u>** | **Jurisdiction<u> </u>** |
| Master Central Holdings Limited | British Virgin Islands |
| Waraku Group Limited | Hong Kong |
| Rich Plenty Group Limited | British Virgin Islands |
| C& Hospitality Limited | Hong Kong |
| ES Concept (F&B) Co., Limited | Hong Kong |
| ES& TWP Limited | Hong Kong |
| ES& Yoho Limited | Hong Kong |
| C& NTP Limited | Hong Kong |
| ES& Granville Limited | Hong Kong |
| 2811387 Ontario Inc. | Ontario |
| 2750039 Ontario Inc. | Ontario |
| Ajisen Ramen (Canada) Inc. | Ontario |
| 1000047451 Ontario Limited | Ontario |
| 2770933 Ontario Inc. | Ontario |
| 2512118 Ontario Inc. | Ontario |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**Consent of Independent Registered Public Accounting Firm**

We consent to the inclusion in this Amendment of the Registration Statement of Riku Dining Group Limited on Form F-1 of our report dated March 13, 2025, except Notes 2 and 10, as to which the date was May 9, 2025; and Notes 13 and 16, as to which the date is November 18, 2025, with respect to our audits of the consolidated balance sheets of Riku Dining Group Limited as of September 30, 2024 and 2023, and related consolidated statements of income and comprehensive income, changes in shareholders' equity and cash flows for each of the years in the two-year period ended September 30, 2024, appearing in the Prospectus, and as part of this Registration Statement. We also consent to the reference to our firm under the heading "Experts" in the Prospectus, which is part of this Registration Statement.

/s/ Golden Eagle CPAs LLC

Bedminster, New Jersey

November 18, 2025

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_003.jpg)

---

| | |
|:---|:---|
| **BY EMAIL ONLY** | 17 November 2025 |

---

Our Ref: YCT/W-61/BP/2024 (33228.115010)

**RIKU DINING GROUP LIMITED**

CO Services Cayman Limited,

PO Box 10008, Willow House,

Cricket Square, Grand Cayman

KY1-1001, Cayman Islands

<u>Attn.: The Board of Directors</u>

Dear Sirs,

---

| | |
|:---|:---|
| **Company:** | **Riku Dining Group Limited (the "Company")** |
| **Transaction:** | **Proposed listing of the Company's Class A ordinary shares on the NASDAQ Capital Market ("NASDAQ")** |
| **Subject:** | **Legal opinion – Compliance with laws and due incorporation of the Company's subsidiaries in Hong Kong** |

---

We are qualified lawyers of the Hong Kong Special Administrative Region of the People's Republic of China ("**Hong Kong**") and as such are qualified to issue this opinion on the laws and regulations of Hong Kong effective as of the date hereof.

We have acted as the Hong Kong counsel to the Company, an exempted company incorporated under the laws of the Cayman Islands with limited liability, and its subsidiaries established in Hong Kong, in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the "**Registration Statement**"), filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended), and the rules and regulations promulgated thereunder, relating to the initial public offering (the "**Offering**") by the Company of its Class A ordinary shares (the "**Class A Ordinary Shares**") and the listing of the Company's Class A Ordinary Shares on NASDAQ and the registration for resale Class A Ordinary Shares held by certain Seller Shareholders named therein. We have been requested to give this opinion as to the matters set forth below.

For the purpose of giving this opinion, we have examined copies of due diligence documents provided by Waraku Group Limited, C& NTP Limited, C& Hospitality Limited, ES Concept (F&B) Co., Limited, ES& TWP Limited, ES& Yoho Limited and ES& Granville Limited (collectively the "**HK Subsidiaries**") in respect of the subject matter specified in Section B entitled "Opinions" (below) and conducted the searches listed in Schedule 1 we deemed necessary for the purpose of rendering this opinion. Where certain facts were not independently established and verified by us, we have relied upon statements issued or made by, among others, appropriate representatives of the Company or the HK Subsidiaries.

![](ex99-2_002.jpg)

***In association: SFKS CK Kwong, Solicitors* · *China Commercial Law Firm, Guangdong · China Commercial Hastings (Futian) Associate Law Firm***

---

| | |
|:---|:---|
| **HASTINGS & CO.** | **CONTINUED Page No. 2** |

---

 ****

---

| | |
|:---|:---|
| **A.** | **Assumptions** |
|  | In rendering this opinion, we have assumed without independent investigation the following (the "**Assumptions**"):- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 signatures, seals and chops are genuine, each signature on behalf of a party thereto is that of a person duly authorized by such
 party to execute the same, all documents (the "**Documents**") submitted to us in relation to the Matter as originals
 (if any) are authentic, and all documents submitted to us as certified or photostatic copies conform to the originals;

(ii) each
 of the parties (other than the HK Subsidiaries) to the Documents, (a) if a legal person or other entity, is duly organized and is
 validly existing in good standing under the laws of its jurisdiction of organization and/or incorporation; or (b) if an individual,
 has full capacity for civil conduct; each of them, has full power and authority to execute, deliver and perform its/her/his obligations
 under such documents to which it is a party in accordance with the laws of its jurisdiction of organization or incorporation or the
 laws that it/she/he is subject to;

(iii) the
 Documents remain in full force and effect on the date of this opinion and have not been revoked, amended or supplemented, and no
 amendments, revisions, supplements, modifications or other changes have been made, and no revocations or termination has occurred,
 with respect to any of such Documents after they were submitted to us for the purposes of this opinion;

(iv) the
 accuracy and completeness of all factual representations, whether via oral or written instructions, provided by the Company and/or
 the HK Subsidiaries to us;

(v) the
 information disclosed by company searches and/or other public searches in Hong Kong are accurate and complete as at the time of this
 Opinion and conforms to records maintained by the Company and/or the HK Subsidiaries, and that such searches would not fail to disclose
 any information which had been filed with or delivered to the Hong Kong Companies Registry and/or the relevant bodies but had not
 been processed at the time when the relevant searches were conducted;

(vi) the
 laws of jurisdictions other than Hong Kong which may be applicable to the execution, delivery, performance or enforcement of the
 Documents are complied with;

(vii) the
 instructions and information provided by the Company and/or the HK Subsidiaries are true and accurate to our best belief; and

(viii) there
 has been no change in the information contained in the latest records of the Company and the HK Subsidiaries and/or any other relevant
 company under the Hong Kong Companies Registry made up to the issuance of this opinion.

---

| | |
|:---|:---|
| **HASTINGS & CO.** | **CONTINUED Page No. 3** |

---

---

| | |
|:---|:---|
| **B.** | **Opinions** |
|  | Subject to the Assumptions and Qualifications (as defined below), we are of the opinion that:- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 HK Subsidiaries have been duly incorporated with limited liability and registered as companies limited by shares in Hong Kong and
 have legal capacity to sue and be sued in their own names in a court of law in Hong Kong. In addition, we note that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company Search (as defined below) revealed no orders or resolutions for the winding-up of the HK Subsidiaries and no notices of appointment
 in respect of the HK Subsidiaries of a liquidator, receiver or receiver and manager; and

(b) the
 Winding-up Search (as defined below) revealed that no petitions for the winding-up of the HK Subsidiaries have been presented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) based
 on the results of the Business Registration Search (as defined below) and documents provided to us, the HK Subsidiaries have obtained
 the requisite business registration certificates to carry on businesses in Hong Kong and the business registration certificates are
 in full force and effect as at the date of the Business Registration Search;

(iii) the
 articles of associations of each of the HK Subsidiaries were validly adopted under the applicable Hong Kong legislation;

(iv) based
 solely on our examination of the articles of association of each of the HK Subsidiaries provided to us by the Company, the HK Subsidiaries
 have full power, authority and capacity under each of its articles of association to carry out any object not prohibited by any law
 of Hong Kong and to conduct their respective businesses;

(v) based
 solely on the corporate documents provided to us, the allotment, issue and transfer of shares of the HK Subsidiaries effected prior
 to this date are valid and legal;

(vi) based
 on the results of the Company Search and the documents provided to us, there are no mortgages, charges and other encumbrances registered
 with the Hong Kong Companies Registry that have not been discharged in respect of the HK Subsidiaries;

---

| | |
|:---|:---|
| **HASTINGS & CO.** | **CONTINUED Page No. 4** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) based
 on the Litigation Search (as defined below) and documents provided to us, it is noted that one of the HK Subsidiaries, ES Concept
 (F&B) Co., Limited, has been involved in the following proceeding which has not yet been settled:

---

| | |
|:---|:---|
| **Plaintiff** | JRS INTERNATIONAL LIMITED |
| **Action No.** | DCCJ 3103/2023 |
| **Filing Date** | 25 July 2023 |
| **1st Defendant** | ES Concept (F&B) Co., Limited |
| **2nd Defendant** | C& 535 LIMITED |
| **Amount** | HK$154,290.00 |
| **Nature of claim** | Failing to settle the invoice in relation to the maintenance work carried out by the Plaintiff. |
| **Status** | The Plaintiff applied to set this case down for trial without a jury on 12 August 2025, with pre-trial review on a date 12 weeks before trial. The trial is fixed on 1 December 2026 for 6 days, with pre-trial review on 28 August 2026. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) based
 solely on the Litigation Search, the HK Subsidiaries have not been convicted, charged, summoned or penalized over any offences, violations
 or breaches of laws or regulations in Hong Kong which are considered material to their operation and revenue or render any licence
 or authorisation granted to the HK Subsidiaries liable to be revoked, save for the above litigation;

(ix) based
 solely on the documents provided to us, the HK Subsidiaries have obtained all material licenses, permits, consents, approvals, authorizations,
 orders and certificates which are valid and necessary to conduct its operations and business in Hong Kong from the relevant governmental
 bodies or authorities in Hong Kong as at the date hereof, and no such licenses, permits, consents, approvals, authorizations, orders
 and certificates have been revoked as at the date hereof;

(x) based
 on the registers of directors and members provided by the Company and the representation and confirmation made by the Directors,
 the statutory books of each of the HK Subsidiaries have been written up to date and all shares in each of the HK Subsidiaries which
 have been issued are valid;

(xi) based
 solely on the results of the MPF Search (as defined below), we are not aware of any non-compliant records against the HK Subsidiaries
 resulting from legal proceedings initiated by the Hong Kong Mandatory Provident Fund Schemes Authority in connection with the violation
 of the Mandatory Provident Fund Schemes Ordinance (Cap. 485 of the Laws of Hong Kong) as at 17 November 2025;

(xii) based
 solely on the results of the IP Searches (as defined below), we note that C& Hospitality Limited is the registered owner of trademark
 no. 306181812 in Hong Kong. Save as so disclosed, and except for the licences to use the tradename and/or trademark as stipulated
 in the Material Contracts (a) to (c), we are not aware of any other trademarks, patents or registered designs in Hong Kong registered
 in the name of the HK Subsidiaries as at 17 November 2025;

(xiii) the
 courts of Hong Kong may recognize and enforce judgments made by courts in other jurisdictions pursuant to a statutory scheme under
 the Foreign Judgments (Reciprocal Enforcement) Ordinance (Cap. 319 of the Laws of Hong Kong) in relation to judgments in civil and
 commercial matters made by courts in specified jurisdictions as well as under common law principles. However, the United States is
 not a designated country under (Cap.319A Foreign Judgments (Reciprocal Enforcement) Order. As such, judgments rendered by a court
 in the United States may only be enforced under common law;

---

| | |
|:---|:---|
| **HASTINGS & CO.** | **CONTINUED Page No. 5** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the
 statements set forth in the Registration Statement insofar as such statements purport to describe or summarize Hong Kong legal matters
 currently in effect at the date of this opinion stated therein as at the date hereof, are true and accurate in all material respects,
 and represent a fair and accurate summary in all material respects of the Hong Kong legal matters stated therein as at the date hereof;

(xv) the
 following is a summary of the list of contracts which are crucial to the businesses of the HK Subsidiaries ()"**Material Contracts** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Franchise
 Deed dated 1 September 2022 entered by C& Hospitality Limited with Unico HK Corporation Limited, and Luk, Siu Fung Mark;

(b) Franchise
 Agreement dated 21 July 2021 entered by C& Hospitality Limited with Unico Co., Ltd, Unico HK Corporation Limited, and Luk, Siu
 Fung Mark;

(c) Franchise
 Deed dated 1 July 2023 entered by C& Hospitality Limited with Unico HK Corporation Limited, and Luk, Siu Fung Mark;

(d) Tenancy
 Agreement dated 6 April 2022 entered by C& NTP Limited with Sun Hung Kai Real Estate (Sales and Leasing) Agency Limited regarding
 Shop No. 701 on Level 7 of the Commercial Units of New Town Plaza, Sha Tin Town Lot No. 143;

(e) Tenancy
 Agreement dated 27 March 2023 entered by ES& TWP Limited with Sun Hung Kai Real Estate (Sales and Leasing) Agency Limited regarding
 Shop Nos. 321-323 on Level 3 of Tsuen Wan Plaza, Tsuen Wan Town Lot No. 326;

(f) Tenancy
 Agreement dated 21 June 2022 entered by ES& Granville Limited with Lai and Son Company Limited regarding Ground Floor, No. 14
 Granville Road, Kowloon, Hong Kong;

(g) Tenancy
 Agreement dated 30 June 2023 entered by ES Concept (F&B) Co., Limited with Palliser Investments Limited regarding Shops G1 and
 G3 on the Ground Floor of the Commercial Podium of Site 11 of Whampoa Garden; and

(h) Tenancy
 Agreement dated 1 June 2024 entered by ES& Yoho Limited with Success Keep Limited regarding Shop No. B155 on Level 1 of the Commercial
 Accommodation of the development at 1 Long Lok Road, Yuen Long, New Territories, Hong Kong erected on Yuen Long Town Lot No. 510.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) based
 on the review of the Material Contracts set out above, the Material Contracts have been legally and validly entered into and constitute
 binding obligations on the parties. Further, save for Material Contracts (b), we have not sighted any provisions in the Material
 Contracts that restrict the change of control of the HK Subsidiaries;

(xvii) based
 on review of the consent letter executed by Unico HK Corporation Limited dated 1 April 2024, C& Hospitality Limited has obtained
 the necessary consent from the franchisor under the Material Contract (b) in relation to the Offering and the proposed listing on
 NASDAQ;

---

| | |
|:---|:---|
| **HASTINGS & CO.** | **CONTINUED Page No. 6** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) based
 on our review of the consent letters executed by Unico HK Corporation Limited dated 21 July 2021 and 1 August 2023, the franchisor
 has granted consent to C& Hospitality Limited to sub-franchise under each of Material Contracts (b) and (c) respectively; and

(xix) based
 on the confirmation from the Directors and our review of the Material Contracts (d) to (h), we are not aware of any material breach
 in relation to the tenancy agreements which will affect the enjoyment of the properties leased by the HK Subsidiaries.

---

| | |
|:---|:---|
| **C.** | **Qualifications** |
|  | The opinion expressed above is subject to the following qualifications ("**Qualifications**"):- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) our
 opinion is limited to the laws of Hong Kong and of general application on the date hereof. We have not made investigation of, and
 do not express or imply any view on, the laws of any jurisdiction other than Hong Kong, and accordingly express or imply no opinion,
 whether directly or indirectly, on the laws of any jurisdiction other than Hong Kong;

(ii) the
 laws of Hong Kong referred to herein are the laws and regulations publicly available and currently in force on the date hereof and
 there is no guarantee that any of such laws and regulations, or the interpretation or enforcement thereof, will not be changed, amended
 or revoked in the future with or without retrospective effect;

(iii) our
 opinion is subject to the effects of (a) certain legal or statutory principles affecting the enforceability of contractual rights
 generally under the concepts of public interest, social ethics, national security, good faith, fair dealing, and applicable statutes
 of limitation; (b) any circumstance in connection with formulation, execution or performance of any legal documents that would be
 deemed materially mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions with a lawful form;
 (c) judicial discretion with respect to the availability of specific performance, injunctive relief, remedies or defenses, or calculation
 of damages; and (d) the discretion of any competent Hong Kong legislative, administrative or judicial bodies in exercising their
 authority in Hong Kong;

(iv) this
 opinion is issued based on the laws of Hong Kong that are currently in effect. For matters which are not explicitly provided for
 under the laws of Hong Kong, the future interpretation, implementation and application of the specific requirements under the laws
 of Hong Kong are subject to the final discretion of competent Hong Kong legislative, administrative and judicial authorities, and
 there can be no assurance that the government agencies will not ultimately take a view that is contrary to our opinion stated above;

---

| | |
|:---|:---|
| **HASTINGS & CO.** | **CONTINUED Page No. 7** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) we
 may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem proper, on certificates and confirmations
 of responsible officers of the Company, the HK Subsidiaries, relevant governmental and regulatory authorities, and public searches
 conducted in Hong Kong and such matters of facts and the legal conclusions drawn therefrom are subject to any limitation, disclaimers
 or qualifications therein, and that they are further subject to and limited by the documents and information made available to us,
 including without limitation the HK Subsidiaries' internal records, employment records, corporate records, and other documents
 which may not be a complete and accurate representation or record of the matters contained therein;

(vi) the
 Company Search is not capable of revealing conclusively whether or not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 winding-up order has been made or a resolution passed for the winding-up of a company;

(b) a
 receiver, receiver and manager, or liquidator has been appointed; or

(c) amendments
 have been made to the memorandum and articles of association of a company, since notice of these matters may not be filed with the
 Hong Kong Companies Registry immediately and, when filed, may not be entered on the public database or recorded on the public microfiches
 of the relevant company immediately. In addition, the Company Search is not capable of revealing, prior to the making of the relevant
 order, whether or not a winding-up petition has been presented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the
 Winding-up Search relates only to a compulsory winding-up and is not capable of revealing conclusively whether or not a winding-up
 petition in respect of a compulsory winding-up has been presented, since details of the petition may not have been entered on the
 records of the Official Receiver's Office or High Court of Hong Kong (as appropriate) immediately;

(viii) the
 results of the Litigation Search are provided by ECREDIT MANAGEMENT LIMITED, and the results may not be conclusive since the Litigation
 Search is limited to those data in the search agent's database as listed in Schedule 2. There may also be a time lag between
 receipt of information and the time that the information is entered into the search agent's database;

(ix) the
 results of the MPF Search may not be conclusive since:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 MPF Search contains MPF non-compliance records resulting from criminal convictions and civil awards or judgments, any non-compliance
 before criminal convictions and civil awards or judgments will not be recorded in the non-compliant employer and officer records
 maintained by the Hong Kong Mandatory Provident Fund Schemes Authority ()"**Non-Compliant Employer and Officer Records** ");

(b) any
 criminal convictions and civil awards or judgments may not be immediately recorded in the Non-Compliant Employer and Officer Records;
 and

(c) all
 past non-compliance records of an employer or officer will be removed from the Non-Compliant Employer and Officer Records if the
 employer or officer has no further non-compliance issues within five years of the last posted record.

---

| | |
|:---|:---|
| **HASTINGS & CO.** | **CONTINUED Page No. 8** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) this
 opinion is intended to be used in the context which is specifically referred to herein. It should be read as a whole and each paragraph
 of this opinion should not be read independently;

(xi) this
 opinion is strictly limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly
 stated herein. The opinion expressed herein is rendered only as of the date hereof, and we assume no responsibility to advise you
 of facts, circumstances, events or developments that hereafter may be brought to our attention and that may alter, affect or modify
 the opinion expressed herein; and

(xii) we
 have not undertaken any independent investigation to determine the existence or absence of any fact, and no inference as to our knowledge
 of the existence or absence of any fact should be drawn from our representation of the Company and/or the HK Subsidiaries or the
 rendering of this opinion.

We hereby consent to the use of this opinion in the Registration Statement, and to the reference to our name in such Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

---

| | |
|:---|:---|
| Yours faithfully, |  |
| */s/ Hastings & Co.* | |
| **Hastings & Co.** |  |

---

---

| | |
|:---|:---|
| **HASTINGS & CO.** | **CONTINUED Page No. 9** |

---

**<u>SCHEDULE 1</u>**

**SEARCHES**

---

| | |
|:---|:---|
| 1. | Company searches of the HK Subsidiaries at the Hong Kong Companies Registry on 17 November 2025 (the "**Company Search**"); |
| 2. | Winding-up searches on the HK Subsidiaries at the Official Receiver's Office in Hong Kong on 17 November 2025 (the "**Winding-up Search**"); |
| 3. | Litigation searches the HK Subsidiaries conducted through ECREDIT MANAGEMENT LIMITED on 17 November 2025 (the "**Litigation Search**"); |
| 4. | Trademark searches on the HK Subsidiaries conducted through the Hong Kong Intellectual Property Department on 17 November 2025; |
| 5. | Patent searches on the HK Subsidiaries conducted through the Hong Kong Intellectual Property Department on 17 November 2025; |
| 6. | Design searches on the HK Subsidiaries conducted through the Hong Kong Intellectual Property Department on 17 November 2025; |
|  | (items 4 to 6 collectively, the "**IP Searches**") |
| 7. | Business registration searches on the HK Subsidiaries at the Hong Kong Inland Revenue Department Business Registration Office on 17 November 2025 (the "**Business Registration Search**"); and |
| 8. | Mandatory Provident Fund non-compliance searches on the HK Subsidiaries through the online Non-Compliant Employer and Officer Records maintained by the Hong Kong Mandatory Provident Fund Schemes Authority on 17 November 2025 (the "**MPF Search**"). |

---

---

| | |
|:---|:---|
| **HASTINGS & CO.** | **CONTINUED Page No. 10** |

---

**<u>SCHEDULE 2</u>**

**LITIGATION SEARCH DATA**

1. High
 Court Cause Book Registry (data since 1992)

Civil Action

Constitutional and Administrative Law Proceedings

Admiralty Action

Bankruptcy Proceedings

Commercial Action

Companies Winding-up Proceedings

Construction and Arbitration Proceedings

Personal Injuries Action

Miscellaneous Proceedings

Application to set aside a Statutory Demand (under Bankruptcy Ordinance)

Book Debt Registration

High Court Bankruptcy Interim Order

Bill of Sale Registration

Stop Notice

Intellectual Property Case

2. District
 Court Cause Book Registry (data since 1992)

Personal Injuries Action

Employee's Compensation Case

Equal Opportunities Action

Miscellaneous Proceedings

Distraint Case

Civil Action

District Court Tax Claim

3. Bankruptcy
 Proceedings (data since 1992)

4. Bankruptcy
 Petition (data since 1992)

5. Bankruptcy
 Order (data since 1992)

6. Bankruptcy
 Discharge (data since 1992)

7. Bankruptcy
 Objections to Discharge (data since 1992)

8. Bankruptcy
 Interim Order (data since 1992)

9. Companies
 Winding-Up Proceedings (data since 1992)

10. Companies
 Winding-Up Petition (data since 1992)

11. Insolvency
 (data since 1992)

12. Court
 of Final Appeal (data since 2000)

13. Court
 of Appeal of High Court (data since 2000)

14. Court
 of First Instance of the High Court (data since 2000)

High Court (Master's List) (data since 2000)

High Court (3 Minutes Chambers List) (data since 2000)

High Court (Bankruptcy Petition) (data since 2000)

High Court (Chambers List PI) (data since 2000)

High Court (Check List / Case Management Conference) (data since 2000)

High Court (Checklist Reviewing Hearing PI Cases) (data since 2000)

High Court (Companies Winding-up Petition) (data since 2000)

High Court (Miscellaneous Insolvency Application) (data since 2000)

High Court (Objections to discharge) (data since 2000)

High Court (Appointment of Joint & Several Liquidators) (data since 2000)

High Court (O.14 List) (data since 2000)

15. Competition
 Tribunal (data since 2000)

16. Lands
 Tribunal (data since 2000)

17. District
 Court (data since 2000)

18. Eastern
 Magistrates' Courts (data since 2000)

19. Kowloon
 City Magistrates' Courts (data since 2000)

20. Kwun
 Tong Magistrates' Courts (data since 2000)

21. West
 Kowloon Magistrates' Courts (data since 2000)

22. Shatin
 Magistrates' Courts (data since 2000)

23. Fanling
 Magistrates' Courts (data since 2000)

24. Tuen
 Mun Magistrates' Courts (data since 2000)

25. Labour
 Tribunal (data since 2000)

26. Small
 Claims Tribunal (data since 2000)

## Exhibit 99.3

**Exhibit 99.3**

![](ex99-3_001.jpg)

November 18, 2025

---

| | |
|:---|:---|
| TO: | RIKU DINING GROUP LIMITED |
| RE: | Legal opinions on |
|  | 2750039 Ontario Inc.; |
|  | 2512118 Ontario Inc.; |
|  | 2770933 Ontario Inc.; |
|  | 2811387 Ontario Inc.; and |
|  | 1000047451 Ontario Limited (collectively, the "**Ontario Corporations**"); and |
|  | Ajisen Ramen (Canada) Inc. ("**Ajisen Canada**", and together with the Ontario Corporations, the "**Subject Corporations**"). |
|  | MBB File Number: 32615JL |

---

We are lawyers qualified to practice law in the Province of Ontario, Canada and are qualified to provide a legal opinion based on the laws of the Province of Ontario and federal laws of Canada as of the date hereof (this "**Opinion Letter**").

We have acted as Ontario counsel to the Subject Corporations, relating to the initial public offering (the "**Offering**") by Riku Dining Group Limited ("**Riku**"), the indirect parent of the Subject Corporations of its ordinary shares (the "**Ordinary Shares**") and the listing of Riku's Ordinary Shares on NASDAQ and the registration for resale Ordinary Shares held by certain Seller Shareholders named therein.

**<u>Examination</u>**

For the purposes of the opinions expressed herein, we have examined the following documents (collectively, the "**Searches**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the constating documents and by-laws of the Subject Corporations;

2. a Certificate of Status of each of the Ontario Corporations issued by the Ministry of Government Services (Ontario) dated November 18, 2025 (the "**Certificate(s) of Status** ");

3. a Certificate of Compliance of Ajisen Canada issued by the Ministry of Public and Business Services Delivery dated November 18, 2025 (the "**Certificate of Compliance** ");

4. a certificate of corporate authority of an officer of each of the Subject Corporations dated November 18, 2025 (the "**Officer's Certificate(s)** ");

![](ex99-3_002.jpg)

![](ex99-3_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. a certified copy of a resolution of each of the Subject Corporations authorizing corporate changes resulting from or pursuant to the Offering and the proposed listing on NASDAQ;

6. the minute book and corporate records of the Subject Corporations;

7. The Franchise Agreement between Shigemitsu Industry Co. Ltd, Ajisen Overseas Franchising Company Limited and Ajisen Ramen (Canada) Inc. dated November 5, 2019;

8. lease agreements (the "**Lease(s)**") as more particularly described in Schedule "**A** ";

9. Bankruptcy and Insolvency Records Search of each of the Subject Corporations dated November 14, 2025 (the "**Bankruptcy Searches** ");

10. search of records under the *Personal Property Security Act* (Ontario) of each of the Subject Corporations dated November 14, 2025 (the "**PPSA Searches** ");

11. certificates of search of writs of executions with the office of the Sheriff of the City of Toronto, and with the office of the Sheriff of the Regional Municipality of York, of each of the Subject Corporations dated November 18, 2025 (the "**Execution Searches** ");

12. each of the Sub-Franchise Agreements in respect of other franchised locations (9 in total) as more particularly described in Schedule "**B**" (the "**Franchise Agreements** ");

13. the liquor licenses for the Subject Corporations, as applicable, as more particularly described in Schedule "**C**" (the "**Liquor Licenses** ");

14. Municipal or regional establishment inspection and health compliance results, as more particularly described in Schedule "**D**" (the "**Inspection Reports** ");

15. Parcel register of the property known municipally as Units 4 & 5, 130 Dynamic Drive, Toronto, Ontario, Canada dated November 18, 2025 (the "**Land Registry Search** ");

16. Litigation searches of each of the Subject Corporations dated November 18, 2025 (the "**Litigation Searches** "); and

![](ex99-3_002.jpg)

![](ex99-3_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Searches made against each of the Subject Corporations in the Intellectual property databases of the Government of Canada dated November 18, 2025 (the "**IP Searches** "),

and we have made all further examinations, investigations and searches and we have considered such questions of law as we have deemed relevant and necessary.

**<u>Assumptions</u>**

For the purposes of the opinions set out in this Opinion Letter, we have relied upon the following and made certain assumptions as set forth below, and without independent investigation or inquiry:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all facts set forth in official public records and certificates and other documents supplied by public officials or otherwise conveyed to us by public officials are complete, true and accurate and continue to be complete, true and accurate as of the date of this Opinion Letter as if issued on such date;

2. all signatures are genuine, all documents submitted to us as originals are authentic and complete, and all documents submitted to us as copies conform to the authentic and original documents;

3. all facts addressed and statements made in the Officer's Certificates are complete, true and accurate as of the date of this Opinion Letter without independent investigation or verification;

4. none of the documents provide to us have been terminated, varied, amended or modified and that none of the parties thereto are in breach thereof or have become entitled to rescind, repudiate or avoid the same; and

5. where opinions are expressed herein to be based upon matters of fact, such opinions are based solely upon the Officer's Certificate, as the case may be, in respect of which we have made no independent enquiry or verification.

The opinions expressed herein are restricted to matters governed by the laws of the Province of Ontario, and the federal laws of Canada applicable therein, which are in effect as at the date hereof (the "**Applicable Law**").

We relied solely on the Certificates of Status as to the subsistence of the Ontario Corporations in the opinion set out in paragraph 1 below. We relied solely on the Certificate of Compliance as to the subsistence of Ajisen Canada in the opinion set out in paragraph 2 below.

![](ex99-3_002.jpg)

![](ex99-3_001.jpg)

This Opinion Letter is expressed as of the date hereof, and we have no responsibility or obligation to: (i) update this Opinion Letter; (ii) take into account or inform the addressees of any changes in law, facts or other developments subsequent to this date that may affect the opinions we express herein; or (iii) advise the addressees or any other person of any other change in any matter addressed in this Opinion Letter of which we become aware subsequent to the date of this Opinion Letter.

**<u>Opinions</u>**

Based and relying upon the foregoing and subject to the limitations, qualifications, assumptions and exceptions contained herein, we are of the opinion that:

1. Each of the Ontario Corporations is a corporation validly existing under the laws of the Province of Ontario. Each of the Ontario Corporations has legal capacity to sue and be sued in its own name in a court of competent jurisdiction in Ontario.

2. Ajisen Canada is a corporation validly existing under the federal laws of Canada. Ajisen Canada has legal capacity to sue and be sued in its own name in a court of competent jurisdiction in Ontario.

3. Each of the Subject Corporations has all necessary corporate power and capacity to lease or own real property and conduct the business that each is currently conducting in Ontario.

4. Based solely on the corporate documents provided to us, the allotment, issue and transfer of shares of the Subject Corporations effected prior to this date are valid and legal.

5. The Bankruptcy Searches reveal no records of bankruptcy or insolvency of any of the Subject Corporations.

6. Based on the PPSA Searches, the following secured parties have security interest in certain person property of the following Subject Corporations:

---

| | | | |
|:---|:---|:---|:---|
| PPSA File No. | Debtor | Secured Party | Collateral Classification (Property subject to Secured Party's Interest) |
| 723887658 | 2512118 ONTARIO INC. | Royal Bank of Canada | Inventory/Equipment/Accounts/Other /Motor Vehicle |
| 723971133 | 2512118 ONTARIO INC. | Royal Bank of Canada | Equipment/Other/Motor Vehicle |
| 761443218 | 2512118 ONTARIO INC. | Business Development Bank of Canada | Inventory/Equipment/Accounts/Other /Motor Vehicle |
| 761443173<br>| 2750039 ONTARIO INC. | Business Development Bank of Canada | Inventory/Equipment/Accounts/Other /Motor Vehicle |
| 515624058 | 2770933 ONTARIO INC. | Porsche Financial Services Canada | VIN# WP1BA2AY1SDA30303 |
| 767917422 | 2770933 ONTARIO INC. | Royal Bank of Canada | Equipment/Other/Motor Vehicle |
| 767975823 | 2770933 ONTARIO INC. | Royal Bank of Canada | Inventory/Equipment/Accounts/Other /Motor Vehicle |
| 772430292<br>| 2811387 ONTARIO INC. | Royal Bank of Canada | Equipment/Other/Motor Vehicle |
| 772487991 | 2811387 ONTARIO INC. | Royal Bank of Canada | Inventory/Equipment/Accounts/Other /Motor Vehicle |
| 781840422 | 1000047451 ONTARIO LIMITED | Royal Bank of Canada | Inventory/Equipment/Accounts/Other /Motor Vehicle |
| 781905924<br>| 1000047451 ONTARIO LIMITED | Royal Bank of Canada | Equipment/Other/Motor Vehicle |
| 515235816 | 1000047451 ONTARIO LIMITED | Royal Bank of Canada | VIN# 5TDDZ3DC3JS206702 |
| 511670574 | 1000047451 ONTARIO LIMITED | WS Leasing Ltd. | VIN# WUAAWCF5XPA900452 |
| 789087051<br>| AJISEN RAMEN (CANADA) INC. | LITHIA CANADA LEASING GP, INC. | VIN# SCA665C53FUX85569 |

---

![](ex99-3_002.jpg)

![](ex99-3_001.jpg)

7. The Executions Searches reveal no writs of execution showing outstanding judgements obtained from a court.

8. Based on the Litigation Searches, none of the Subject Corporations have been sued in any litigation proceedings in the jurisdictions indicated in the Litigation Searches.

9. Based on the Litigation Searches and the Inspection Reports, the Subject Corporations are not charged with any offences, violations or breaches of laws or regulations in Ontario which are considered material to their operation and revenue or render any licence or authorisation granted to the Subject Corporations liable to be revoked.

10. Based on solely on the documents provided to us and the Searches, the Subject Corporations have obtained all material licenses, permits, consents, approvals, authorizations, orders and certificates which are valid and necessary to conduct its operations and business in Ontario from the relevant governmental bodies or authorities, and no such licenses, permits, consents, approvals, authorizations, orders and certificates have been revoked as at the date hereof.

11. The statements set forth in the Registration Statement insofar as such statements purport to describe or summarize Ontario legal matters currently in effect at the date of this opinion stated therein as at the date hereof, are true and accurate in all material respects, and represent a fair and accurate summary in all material respects of the Ontario legal matters stated therein as at the date hereof.

12. A list of contracts materials to the operations of the Subject Corporations are set out in Schedules A and B (the "**Materials Contracts** "). The Material Contracts have been legally and validly entered into and constitute binding obligations on the Subject Corporation named therein.

13. Based on review of the Consent Letter dated 5 September 2024 executed by Shigemitsu Industry Co. Ltd and Ajisen Overseas Franchising Company Limited, the Subject Corporations have obtained the necessary consent from the franchisors in relation to the Offering and the proposed listing on NASDAQ.

![](ex99-3_002.jpg)

![](ex99-3_001.jpg)

14. Based on the Officer's Certificate and our review of the Leases, we are not aware of any material breach in relation to the tenancy agreements which will affect the enjoyment of the properties leased by the Subject Corporations.

15. Based on the Land Registry Search, 2750039 Ontario Inc. is the sole legal and beneficial owner of the property known municipally as Units 4 & 5, 130 Dynamic Drive, Toronto, Ontario, Canada.

16. Based on the Officer's Certificates and the IP Searches, none of the Subject Corporations own any registered patents, trademarks, domain names or software copyrights.

**<u>Qualifications</u>**

The foregoing opinions are subject to the following qualifications and limitations:

We are qualified lawyers in the Province of Ontario, Canada and we are qualified to render opinions only as to the laws in force in the Province of Ontario, including the applicable federal laws of Canada as currently applied and in force in Ontario and we express no opinion as to the laws in any other jurisdiction;

**<u>Acknowledgement</u>**

Notwithstanding that my fee for this Opinion Letter will be paid by the Subject Corporations or an affiliate thereof and that we have acted for Subject Corporations in the capacity noted above, we acknowledge that the recipient is relying upon this Opinion Letter and the opinions expressed herein with the Subject Corporations in connection with the relation to the Offering and the proposed listing on NASDAQ.

We authorize the addressee(s) to attach a copy of this Opinion Letter to the Registration Statement.

Notwithstanding the above, this Opinion Letter may only be relied upon by the parties to whom it is specifically addressed.

Yours truly,

**Metcalfe, Blainey & Burns LLP**

![](ex99-3_002.jpg)

![](ex99-3_001.jpg)

**Schedule "A"**

Lease Agreements

---

| | |
|:---|:---|
| 1. | Agreement to Lease Commercial – Short Form, between 2750039 Ontario Inc. as Landlord, and Ajisen Ramen Canada Inc. as Tenant, dated August 1, 2024, for the premises located at 130 Dynamic Dr., Toronto, Ontario, Canada; |
|  | Based on the Officer's Certificates, such lease is in good standing. |
| 2. | Agreement to Lease Commercial – Long Form, between BBGM Holding Inc. as Landlord, and 2770933 Ontario Inc. as Tenant, dated October 6, 2020, as amended by an Amendment to Agreement to Lease Commercial dated October 30, 2020, for the premises located at #9610 - 3175 Rutherford Rd., Vaughan, Ontario, Canada; |
|  | Based on the Officer's Certificates, such lease is in good standing. |
| 3. | Agreement to Sub-Lease Commercial, between 2773918 Ontario Inc. as Sub-Landlord, and 2811387 Ontario Inc. as Sub-Tenant, dated October 6, 2020, for the premises located at 3720 Midland Ave., Scarborough, Ontario, Canada; |
|  | Based on the Officer's Certificates, such lease is in good standing. |
| 4. | Lease between Quick Motion Ltd. as Landlord, and Raku Ramen Izakaya Inc. as Tenant, dated August 1, 2012, for the premises located at Units 87, 88, 89 and 90, 8360-8362 Kennedy Road, Markham, Canada. Raku Ramen Izakaya Inc. subsequently assigned such lease to 2512118 Ontario Inc. pursuant to an Assignment of Lease dated as of November 1, 2016 between Raku Ramen Izakaya Inc. as Assignor, 2512118 Ontario Inc. as Assignee, Chin. P Wu as Indemnifier, Ching Po Johnny Luk as Additional Indemnifier, and Quick Motion Ltd. as Landlord. This lease was subsequently amended by a Lease Extension and Amending Agreement dated April 20, 2017, and further amended by a Lease Extension and Amending Agreement dated April 12, 2022. |
|  | Based on the Officer's Certificates, such lease is in good standing. |
| 5. | Lease between 399 Church Inc. as Landlord, Westbrook Bistros Ltd. as Tenant and Westbrook Holdings Inc. as Indemnifier, dated October 30, 2015, for the premises located at Unit 3, 399 Church Street, Toronto, Ontario, Canada. Westbrook Bistros Ltd. subsequently assigned such lease to 1000047451 Ontario Limited, pursuant to an Assignment Consent and Lease Amendment Agreement dated December 31, 2021, between Westbrook Bistros Ltd. as Assignor, 1000047451 Ontario Limited as Assignee, 2811387 Ontario Inc. as Indemnitor, and 399 Church Inc. as Landlord. |

---

Based on the Officer's Certificates, such lease is in good standing.

**Schedule "B"**

Sub-Franchise Agreements

1. Sub-Franchise Agreement between Ajisen Ramen (Canada) Inc. and 15397294 Canada Inc. dated 7/8/2024.

2. Sub-Franchise Agreement between Ajisen Ramen (Canada) Inc. and 1000435435 Ontario Inc. dated February 10, 2023.

3. Sub-Franchise Agreement between Ajisen Ramen (Canada) Inc. and 1000047451 Ontario Ltd. dated December 22, 2021.

4. Sub-Franchise Agreement between Ajisen Ramen (Canada) Inc. and 1000076454 Ontario Inc. dated April 27, 2023.

5. Sub-Franchise Agreement between Ajisen Ramen (Canada) Inc. and 1000459276 Ontario Inc. dated February 28, 2023.

6. Sub-Franchise Agreement between Ajisen Ramen (Canada) Inc. and 2770933 Ontario Inc. dated August 30, 2020.

7. Sub-Franchise Agreement between Ajisen Ramen (Canada) Inc. and 2778335 Ontario Inc. dated November 27, 2020.

8. Sub-Franchise Agreement between Ajisen Ramen (Canada) Inc. and 2811387 Ontario Inc. dated February 5, 2021.

9. Sub-Franchise Agreement between Ajisen Ramen (Canada) Inc. and 13035450 Canada Inc. dated July 17, 2021.

![](ex99-3_002.jpg)

**Schedule "C"**

Liquor Licenses

1. Liquor Sales Licence (Licence to Operate a Liquor Consumption Premises) issued to 2811387 Ontario Inc. for 3720 Midland Ave Suite 115, Scarborough ON, dated September 11, 2023 with an expiry date of September 10, 2027.

2. Liquor Sales Licence (Licence to Operate a Liquor Consumption Premises) issued to 2770933 Ontario Inc. for 3175 Rutherford Rd Unit 9, Concord ON, dated June 24, 2022 with an expiry date of June 23, 2026.

3. Liquor Sales Licence (Licence to Operate a Liquor Consumption Premises) issued to 1000047451 Ontario Limited for 399 Church St Unit 100, Toronto ON, dated May 7, 2025 with an expiry date of July 17, 2027.

![](ex99-3_002.jpg)

![](ex99-3_001.jpg)

**Schedule "D"**

Inspection Reports

1. YorkSafe Inspection Report for 9-10 3175 Rutherford Rd, Woodbridge, ON dated November 14, 2025.

2. YorkSafe Inspection Report for 87-90 8360 Kennedy Road, Markham, ON dated November 14, 2025.

3. Inspection report for 399 Church St, Bldg-1 issued by Toronto Public Health dated November 14, 2025.

4. Inspection report for 130 Dynamic Dr, Unit-5 issued by Toronto Public Health dated November 14, 2025.

5. Inspection report for 3720 Midland Ave, Unit-115 issued by Toronto Public Health dated November 14, 2025.

6. Health letter for 3175 Rutherford Rd unit 9 -10 Vaughan, ON issued by Community and Health Services Department dated February 24, 2025.

![](ex99-3_002.jpg)