# EDGAR Filing Document

**Accession Number:** 0002094989
**File Stem:** 0001185185-26-002077
**Filing Date:** 2026-5
**Character Count:** 1638808
**Document Hash:** 684d51970095fa23ad49e66664faaf11
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-26-002077.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001185185-26-002077

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 55

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RUI Holdings Inc
- **CENTRAL INDEX KEY:** 0002094989
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-FACILITIES SUPPORT MANAGEMENT SERVICES [8744]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296157
- **FILM NUMBER:** 261011440

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** AL-ZANBAQ STREET
- **STREET 2:** PLOT 2224, BLOCK 6739
- **CITY:** KING ABDULLAH ECONOMIC CITY
- **PROVINCE COUNTRY:** T0
- **ZIP:** 23982
- **BUSINESS PHONE:** 966-539245853

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** AL-ZANBAQ STREET
- **STREET 2:** PLOT 2224, BLOCK 6739
- **CITY:** KING ABDULLAH ECONOMIC CITY
- **PROVINCE COUNTRY:** T0
- **ZIP:** 23982

**As filed with the U.S. Securities and Exchange Commission on May 22, 2026.** 

**Registration No. 333-[●]**

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

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

**RUI HOLDINGS INC**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **8744** | **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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**Plot 2224, Block 6739, Al-Zanbaq Street, King Abdullah Economic City, Makkah Province, Saudi Arabia 23982**

**+ 966 539245853**

(Address, including zip code, and telephone number, including area code, of registrant's 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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| | |
|:---|:---|
| **Ying Li, Esq.**<br> **Warren Wang, Esq.**<br> **Hunter Taubman Fischer & Li LLC<br> 950 Third Avenue, 19th Floor<br> New York, NY 10022<br> 212-530-2206** | **William S. Rosenstadt, Esq.**<br> **Mengyi "Jason" Ye, Esq.**<br> **Yarona Yieh, Esq.**<br> **Ortoli Rosenstadt LLP**<br> **366 Madison Avenue, 3<sup>rd</sup> Floor,**<br> **New York, NY 10017**<br> **212-588-0022** |

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

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

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

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

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

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

Emerging growth company ☒

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

† The 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, 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.** 

The information in this prospectus is not complete and may be changed. We may not sell the 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 any offer to buy these securities in any jurisdiction where such offer or sale is not permitted.

**SUBJECT TO COMPLETION**

**PRELIMINARY PROSPECTUS DATED May 22, 2026**

***4,000,000 Class A Ordinary Shares***

![](image_001.jpg)

**RUI Holdings Inc**

This is an initial public offering of our class A ordinary shares, par value $0.0001 per share (each a "Class A Ordinary Share," and collectively, the "Class A Ordinary Shares") of RUI Holdings Inc, a Cayman Islands exempted company ("we," "us," "our," "RUI Cayman," "our Company," and the "Company"). Prior to this offering, there has been no public market for our Class A Ordinary Shares. We expect the initial public offering price to be in the range of $4.00 to $5.00 per Class A Ordinary Share. The offering is being made on a "firm commitment" basis by the underwriters.

**We are not an operating company but a Cayman Islands holding company with operations conducted by our subsidiaries. Investors in our Class A Ordinary Shares thus are purchasing an equity interest in a Cayman Islands holding company instead of equity interests in our operating subsidiaries.** We hold equity interests in our subsidiaries and do not operate business through variable interest entities. This structure involves unique risks to investors. As a holding company, we may rely on dividends from our subsidiaries for our cash requirements, including any payment of dividends to our shareholders. The ability of our subsidiaries to pay dividends to us may be restricted by the debt they incur on their own behalf or laws and regulations applicable to them.

Holders of the Class A Ordinary Shares and class B ordinary shares, par value $0.0001 per share (each a "Class B Ordinary Share," and collectively, the "Class B Ordinary Shares," and together with the Class A Ordinary Shares, the "Ordinary Shares") have the same rights except for voting and conversion rights. In respect of matters requiring a vote of all shareholders, each holder of Class A Ordinary Shares will be entitled to one vote per Class A Ordinary Share and each holder of Class B Ordinary Shares will be entitled to 20 votes per Class B Ordinary Share. The Class A Ordinary Shares are not convertible into shares of any other class. The Class B Ordinary Shares are convertible into Class A Ordinary Shares at any time after issuance at the option of the holder on a one-to-one basis, and shall be automatically converted into Class A Ordinary Shares upon the holder of the Class B Ordinary Shares transferring to any person which is not an affiliate of such holder. For a detailed description of the rights and privileges associated with holders of our share capital, see "Description of Share Capital."

We have applied to list our Class A Ordinary Shares on the Nasdaq Capital Market ("Nasdaq") and have reserved the symbol "RUIH" for purposes of listing our Class A Ordinary Shares on Nasdaq. At this time, Nasdaq has not yet approved our application to list our Class A Ordinary Shares. The closing of this offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on Nasdaq.

**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "Risk Factors" beginning on page 14 to read about factors you should consider before buying our Class A Ordinary Shares.**

Unless otherwise stated, as used in this prospectus, the terms "we," "us," "our," "RUI Cayman," "our Company," and the "Company" refer to RUI Holdings Inc, a Cayman Islands exempted company; "RUI Singapore" refers to RUI International Pte. Ltd., a company formed under the laws of the Republic of Singapore ("Singapore"), which is wholly owned by RUI Cayman; "RUI UAE" refers to RUI International Enterprise LLC, a company formed under the laws of the United Arab Emirates ("UAE"), which is 50% owned by RUI Singapore; "Aish Alnas" refers to Aish Alnas For Logistics, a company formed under the laws of The Kingdom of Saudi Arabia ("KSA"), which is wholly owned by RUI Singapore; "RUI Beijing" refers to Beijing Ruiwuhang Information Technology Co., Ltd., a limited liability company formed under the laws of the People's Republic of China ("PRC"), which is wholly owned by RUI Singapore; "RUI Shanghai" refers to Ruiwuhang (Shanghai) Information Technology Co., Ltd., a limited liability company formed under the laws of the PRC, which is wholly owned by RUI Singapore; "RUI Facility Management" refers to Ruiwuhang (Shanghai) Facility Management Co., Ltd., a limited liability company formed under the laws of the PRC, which is wholly owned by RUI Shanghai; "RUI Catering" refers to Ruiwuhang (Shanghai) Catering Management Co., Ltd., a limited liability company formed under the laws of the PRC and is wholly owned by RUI Facility Management; "Jiangsu Ruimu" refers to Jiangsu Ruimu Boshi Technology Co., Ltd., a limited liability company formed under the laws of the PRC and is wholly owned by RUI Facility Management; "RUI Wuxi" refers to Ruiwuxing (Wuxi) Facility Management Co., Ltd., a limited liability company formed under the laws of the PRC and is wholly owned by RUI Facility Management (collectively, the "PRC Operating Entities" or "PRC Subsidiaries"); and "Deep Quest" refers to Company Deep Quest, a company formed under the laws of the KSA and is wholly owned by Jiangsu Ruimu.

We are a holding company incorporated in the Cayman Islands with no material operations of our own and not a Chinese operating company. As a result, we conduct a substantial majority of our operations through our subsidiaries in the PRC, Singapore, and the KSA. We do not conduct any material business operations in the UAE. The Class A Ordinary Shares offered in this prospectus are shares of the Cayman Islands holding company instead of shares of our subsidiaries. Holders of our Class A Ordinary Shares do not directly own any equity interests in our subsidiaries, but will instead own shares of a Cayman Islands holding company. The Chinese regulatory authorities could disallow our corporate structure, which would likely result in a material change in our operations and/or a material change in the value of our Class A Ordinary Shares, including that it could cause the value of our Class A Ordinary Shares to significantly decline or become worthless. See "Risk Factors—Risks Relating to Doing Business in the PRC—Chinese regulatory authorities could disallow our holding company structure, which may result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless."

We are subject to certain legal and operational risks associated with the business operations of the PRC Subsidiaries being based in China, which could cause the value of our securities to significantly decline or become worthless. Applicable PRC laws and regulations governing such current business operations are sometimes vague and uncertain, and as a result, these risks may result in material changes in the operations of the PRC Subsidiaries, significant depreciation or a complete loss of the value of our Class A Ordinary Shares, or a complete hindrance of our ability to offer, or continue to offer, our securities to investors. Recently, the PRC government adopted a series of regulatory actions and issued statements to regulate business operations in China with little advance notice, including cracking down on illegal activities in the securities market, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. On December 28, 2021, 13 governmental departments of the PRC, including the Cyberspace Administration of China (the "CAC"), issued the Cybersecurity Review Measures, which became effective on February 15, 2022. As of the date of this prospectus, neither we nor our subsidiaries have been involved in any investigations on cybersecurity review initiated by any PRC regulatory authority, nor has any of them received any inquiry, notice, or sanction related to cybersecurity review under the Cybersecurity Review Measures. As confirmed by our PRC counsel, China Commercial Law Firm, we are not subject to cybersecurity review by the CAC under the Cybersecurity Review Measures, since we currently are not critical information infrastructure operators ("CIIOs") purchasing network products and services, or network platform operators conducting data processing activities that affect or may affect national security, and we do not have over one million users' personal information and do not anticipate that we will be collecting over one million users' personal information in the foreseeable future, which we understand might otherwise subject us to the Cybersecurity Review Measures. We are also not subject to national security review by the relevant authorities under the Regulation on Network Data Security Management, which became effective on January 1, 2025, because neither we nor our subsidiaries currently conduct data activities that may affect national security. See "Risk Factors—Risks Relating to Doing Business in the PRC— Recent greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, could adversely impact the PRC Subsidiaries' business and our offering."

On February 17, 2023, the China Securities Regulatory Commission (the "CSRC") promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the "Trial Measures") and five supporting guidelines, which came into effect on March 31, 2023. As advised by China Commercial Law Firm, we are not required to file with the CSRC for this offering pursuant to the Trial Measures because (i) our PRC Subsidiaries contributed only a minority portion of our consolidated operating revenue, total profit, total assets and consolidated net assets for the most recent fiscal year; (ii) our core business functions and management activities are primarily conducted outside of the PRC; (iii) the majority of the members of our board of directors and senior management in charge of our business operations or management are neither citizens nor habitual residents of the PRC. See "Risk Factors—Risks Relating to Doing Business in the PRC—The Opinions, the Trial Measures, and the revised Provisions recently issued by the PRC authorities subject us to additional compliance requirements." Other than the foregoing, as of the date of this prospectus, according to China Commercial Law Firm, no relevant PRC laws or regulations in effect require that we obtain permission from any PRC authorities to issue securities to foreign investors, and neither we nor our subsidiaries have received any inquiry, notice, warning, or sanction regarding our overseas listing from the CSRC or any other PRC governmental authorities. Since these statements and regulatory actions are newly published, however, official guidance and related implementation rules have not been issued. It is highly uncertain what the potential impact such modified or new laws and regulations will have on the daily business operations of our subsidiaries, our ability to accept foreign investments, and our listing on a U.S. exchange. The Standing Committee of the National People's Congress (the "SCNPC") or PRC regulatory authorities may in the future promulgate laws, regulations, or implementing rules that require us and our subsidiaries to obtain regulatory approval from Chinese authorities before listing in the U.S. See "Risk Factors—Risks Relating to Doing Business in the PRC—Any actions by the Chinese government, including any decision to intervene or influence the operations of the PRC Subsidiaries or to exert control over any offering of securities conducted overseas and/or foreign investment in China-based issuers, may cause us to make material changes to the operations of the PRC Subsidiaries, may limit or completely hinder our ability to offer or continue to offer securities to investors, and may cause the value of such securities to significantly decline or be worthless" and "Risk Factors—Risks Relating to Doing Business in the PRC—Recent regulatory actions and statements by the Chinese government regarding oversight of overseas offerings and foreign investment in China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless."

The Chinese government has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy through regulation and state ownership. Our ability to operate in China may be harmed by changes in its laws and regulations, including those relating to taxation, environmental regulations, land use rights, property and other matters. The central or local governments of these jurisdictions may impose new, stricter regulations or interpretations of existing regulations that would require additional expenditures and efforts on our and our PRC Subsidiaries' part to ensure compliance with such regulations or interpretations. As such, our PRC Subsidiaries may be subject to governmental and regulatory interference in the provinces in which it operates. See "Risk Factors—Risks Relating to Doing Business in the PRC—The PRC government exerts substantial influence over the manner in which the PRC Subsidiaries conduct their business activities. The PRC government may also intervene or influence our PRC Subsidiaries' operations at any time, which could result in a material change in our PRC Subsidiaries' operations."

In addition, our Class A Ordinary Shares may be prohibited from trading on a national exchange under the Holding Foreign Companies Accountable Act (the "HFCA Act"), if the Public Company Accounting Oversight Board (United States) (the "PCAOB") is unable to inspect our auditors for three consecutive years beginning in 2022. On December 16, 2021, the PCAOB issued a report on its determinations that it is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. Our auditor, Guangdong Prouden CPAs GP ("Prouden"), is headquartered in the PRC and registered with the PCAOB in November 2024. As of the date of this prospectus, the PCAOB has not determined that Prouden was unable to be inspected or investigated completely. If trading in our Class A Ordinary Shares is prohibited under the HFCA Act in the future because the PCAOB determines that it cannot inspect or fully investigate our auditor at such future time, Nasdaq may determine to delist our Class A Ordinary Shares and trading in our Class A Ordinary Shares could be prohibited. On August 26, 2022, the CSRC, the Ministry of Finance of the PRC (the "MOF"), and the PCAOB signed a Statement of Protocol (the "Protocol"), governing inspections and investigations of accounting firms based in mainland China and Hong Kong, taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong. Pursuant to the fact sheet with respect to the Protocol disclosed by the U.S. Securities and Exchange Commission (the "SEC"), the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December 15, 2022, the PCAOB determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB will consider the need to issue a new determination. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, and on December 29, 2022, legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by former President Biden, which contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable Act and amended the HFCA 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 period for triggering the delisting of our Company and the prohibition of trading in our securities if the PCAOB is unable to inspect our accounting firm at such future time. See "Risk Factors—Risks Relating to Doing Business in the PRC—Recent joint statement by the SEC and the PCAOB, rule changes by Nasdaq, and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. These developments could add uncertainties to our continued listing or future offerings of our securities in the U.S."

As of the date of this prospectus, none of our subsidiaries have made any dividends or distributions to our Company and our Company has not made any dividends or distributions to our shareholders. We intend to keep any future earnings to finance the expansion of our business, and we do not anticipate that any cash dividends will be paid in the foreseeable future. If we determine to pay dividends on any of our Class A Ordinary Shares in the future, as a holding company, we will be dependent on the receipt of funds from our Singapore subsidiary, RUI Singapore. RUI Singapore will rely on payments made from RUI UAE, Aish Alnas, RUI Beijing, and RUI Shanghai, which will in turn rely on payments made from RUI Facility Management as dividends. RUI Facility Management will rely on its operating profit and payments from RUI Catering, Jiangsu Ruimu, RUI Wuxi, and Deep Quest as dividends. However, as the PRC government imposes control over currency conversion, it has the authority to conduct exchange transfer reviews, which may impose certain limitations on our ability to transfer cash between our Company, our subsidiaries, and our investors, primarily reflected in the following aspects: (i) we are restricted from injecting capital or providing loans to our PRC Subsidiaries, which may adversely affect the operations of our PRC Subsidiaries; (ii) our PRC Subsidiaries may be restricted from paying dividends to us; and (iii) if we are unable to obtain dividends from our PRC Subsidiaries, it may adversely impact our dividends distribution to investors. See "Risk Factors—Risks Relating to Doing Business in the PRC—PRC regulations relating to offshore investment activities by PRC residents may subject our PRC resident beneficial owners or the PRC Subsidiaries to liability or penalties, limit our ability to inject capital into the PRC Subsidiaries, limit the PRC Subsidiaries' ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us," "Risk Factors—Risks Relating to Doing Business in the PRC—PRC regulation of parent/subsidiary loans and direct investment by offshore holding companies to PRC entities may delay or prevent us from using the proceeds of offshore offerings to make loans or additional capital contributions to the PRC Subsidiaries, which could materially and adversely affect their liquidity and their ability to fund and expand their business," and "Risk Factors—Risks Relating to Doing Business in the PRC—Governmental control of currency conversion may affect the value of your investment and our payment of dividends." Further, to the extent cash or assets in the business are in the PRC or a PRC entity, the funds or assets may not be available to fund operations or for other use outside of the PRC due to interventions in or the imposition of restrictions and limitations on the ability of our Company or our subsidiaries by the PRC government to transfer cash or assets. There is no assurance the PRC government will not intervene in or impose restrictions on the ability of our Company or our subsidiaries to transfer cash or assets. We have established controls and procedures for cash flows within our organization based on internal cash management policies established by our finance department, discussed, considered, and reviewed by the relevant departments in our Company, and approved by our chief financial officer. Specifically, our finance department supervises cash management, following the instructions of our management. Our finance department is responsible for establishing our cash operation plan and coordinating cash management matters among our subsidiaries and departments. Each subsidiary and department initiates a cash request by putting forward a cash demand plan, which explains the specific amount and timing of cash requested, and submitting it to our finance department. The finance department reviews the cash demand plan and prepares a summary for the management of our Company. Management examines and approves the allocation of cash based on the sources of cash and the priorities of the needs. Other than the above, we currently do not have other cash management policies or procedures that dictate how funds are transferred. As of the date of this prospectus, no cash transfer or transfer of other assets has occurred between our Company and our subsidiaries. See "Prospectus Summary—Asset Transfers Between Our Company and Our Subsidiaries," "Prospectus Summary—Dividends or Distributions Made to Our Company and U.S. Investors and Tax Consequences," and our audited consolidated financial statements for the fiscal years ended August 31, 2024 and 2025.

We are both an "emerging growth company" and a "foreign private issuer" under applicable SEC rules and will be eligible for reduced public company disclosure requirements. See section titled "Prospectus Summary—Implications of Being an 'Emerging Growth Company'" and "Prospectus Summary—Foreign Private Issuer Status" for additional information.

Additionally, we are, and following the completion of this offering will continue to be, a "controlled company" as defined under Nasdaq Marketplace Rule 5615(c). Upon the completion of this offering, Serenity Prime Limited, a British Virgin Islands company ("Serenity Prime Limited") for which Ms. Manli Zhang Robinson, our director and chief compliance officer, has sole voting and dispositive power over, will own 10,505,000 Class B Ordinary Shares, representing approximately 52.74% of the aggregate voting power of our issued and outstanding Ordinary Shares, assuming no exercise of the underwriters' over-allotment option, or approximately 52.65% assuming full exercise of the underwriters' over-allotment option. As a result, Ms. Manli Zhang Robinson, our director and chief compliance officer, as the beneficial owner of the shares held by Serenity Prime Limited, will be able to exercise at least 52.65% of the aggregate voting power of our issued and outstanding Ordinary Shares and will be able to determine all matters requiring approval by our shareholders, immediately after the consummation of this offering. For further information, see "Principal Shareholders" and "Risk Factors—Risks Relating to this Offering and the Trading Market—The dual class structure of our Ordinary Shares has the effect of concentrating voting control with our director, and her interests may not be aligned with the interests of our other shareholders." Although we do not intend to rely on the controlled company exemptions under the Nasdaq listing rules even if we are a controlled company, we could elect to rely on these exemptions in the future, and if so, you would not have the same protection afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. See "Risk Factors" and "Management—Controlled Company*.*"

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| | | | |
|:---|:---|:---|:---|
|  | **Per Class A <br> Ordinary <br> Share** |  | **Total With<br> Over-<br> Allotment<br> Option<sup>(5)</sup>** |
| **Initial public offering price<sup>(1)</sup>** | $| $<sup>(4)</sup> | $|
| **Underwriters' discounts<sup>(2)</sup>** | $| $— | $|
| **Proceeds to our company before expenses<sup>(3)</sup>** | $| $— | $|

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Initial public offering price per Class A Ordinary Share is assumed to be US$4.50, which is the midpoint of the range set forth on the cover page of this prospectus.

(2) We have agreed to pay Cathay Securities, Inc., a discount of seven percent (7%) per Class A Ordinary Share of the gross proceeds of the offering. This table does not include a non-accountable expense allowance equal to 1.0% of the gross proceeds received by us from the sales of the Class A Ordinary Shares in this offering payable to the underwriters, or the reimbursement of certain out-of-pocket expenses of the underwriters. See "Underwriting" starting on page 134 of this prospectus for more information regarding s a description of the compensation to be received by the underwriters.

(3) Excludes fees and expenses payable to the underwriters. For a description of compensation payable to the underwriters, see "Underwriting–Underwriting Discounts and Expenses" on page 135.

(4) Includes US$18,000,000 gross proceeds from the sale of 4,000,000 Class A Ordinary Shares offered by our Company, assuming the initial offering price of US$4.50.

(5) We have agreed to grant the underwriters a 45-day option to purchase up to 15% of the aggregate number of Class A Ordinary Shares sold in this offering.

**This offering is being conducted on a firm commitment basis and the underwriters are obligated to take and pay for all of the Class A Ordinary Shares if any such Class A Ordinary Shares are taken. If we complete this offering, net proceeds will be delivered to us for our respective sale of Class A Ordinary Shares on the closing date.**

The underwriters expect to deliver the Class A Ordinary Shares against payment in U.S. dollars in New York, New York on or about [●], 2026.

**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.**

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

No dealer, salesperson, or any other person is authorized to give any information or make any representations in connection with this offering other than those contained in this prospectus and, if given or made, the information or representations must not be relied upon as having been authorized by us. 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.

![](image_002.jpg)

**Cathay Securities, Inc.**

Prospectus dated [●], 2026

**TABLE OF CONTENTS**

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|:---|:---|
|  | **Page** |
| [**PROSPECTUS SUMMARY**](#a_001) | 1 |
| [**RISK FACTORS**](#a_002) | 14 |
| [**DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS**](#a_003) | 47 |
| [**ENFORCEABILITY OF CIVIL LIABILITIES**](#a_004) | 48 |
| [**USE OF PROCEEDS**](#a_005) | 49 |
| [**DIVIDEND POLICY**](#a_006) | 50 |
| [**CAPITALIZATION**](#a_007) | 52 |
| [**DILUTION**](#a_008) | 53 |
| [**CORPORATE HISTORY AND STRUCTURE**](#a_009) | 54 |
| [**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**](#a_010) | 57 |
| [**INDUSTRY**](#a_011) | 68 |
| [**BUSINESS**](#a_012) | 77 |
| [**REGULATIONS**](#a_013) | 88 |
| [**MANAGEMENT**](#a_014) | 109 |
| [**PRINCIPAL SHAREHOLDERS**](#a_015) | 114 |
| [**RELATED PARTY TRANSACTIONS**](#a_016) | 115 |
| [**DESCRIPTION OF SHARE CAPITAL**](#a_017) | 120 |
| [**SHARES ELIGIBLE FOR FUTURE SALE**](#a_018) | 128 |
| [**MATERIAL INCOME TAX CONSIDERATION**](#a_019) | 129 |
| [**UNDERWRITING**](#a_020) | 136 |
| [**EXPENSES RELATING TO THIS OFFERING**](#a_021) | 143 |
| [**LEGAL MATTERS**](#a_022) | 143 |
| [**EXPERTS**](#a_023) | 143 |
| [**WHERE YOU CAN FIND ADDITIONAL INFORMATION**](#a_024) | 143 |
| [**INDEX TO FINANCIAL STATEMENTS**](#a_025) | F-1 |

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

**ABOUT THIS PROSPECTUS**

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

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

**CONVENTIONS THAT APPLY TO THIS PROSPECTUS**

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

● "AI" are to artificial intelligence;

● "AIoT" are to artificial intelligence of things;

● "Aish Alnas" are to Aish Alnas For Logistics, a company formed under the laws of The Kingdom of Saudi Arabia;

● "Articles" or "Articles of Association" are to the Amended and Restated Articles of Association of the Company, as amended or restated from time to time;

● "China," "mainland China," or the "PRC" are to the People's Republic of China;

● "Class A Ordinary Shares" are to Class A ordinary shares of the Company, par value $0.0001 per share;

● "Class B Ordinary Shares" are to Class B ordinary shares of the Company, par value $0.0001 per share;

● "Deep Quest" are to Company Deep Quest, a company formed under the laws of The Kingdom of Saudi Arabia;

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

● " Group" are to RUI Holdings Inc and its subsidiaries;

● "IPO" are to initial public offering;

● "Jiangsu Ruimu" are to Jiangsu Ruimu Boshi Technology Co., Ltd., a limited liability company formed under the laws of the PRC;

● "KSA" are to The Kingdom of Saudi Arabia;

● "Memorandum" or "Memorandum of Association" are to the Amended and Restated Articles of Association of the Company, as amended or restated from time to time;

● "Memorandum and Articles" or "Memorandum and Articles of Association" are to the Memorandum of Association and the Articles of Association;

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● "PRC Operating Entities" or "PRC Subsidiaries" are to Beijing Ruiwuhang Information Technology Co., Ruiwuhang (Shanghai) Information Technology Co., Ltd., Ruiwuhang (Shanghai) Facility Management Co., Ltd., Ruiwuhang (Shanghai) Catering Management Co., Ltd., Jiangsu Ruimu Boshi Technology Co., Ltd., and Ruiwuxing (Wuxi) Facility Management Co., Ltd.;

● "R&D" are to research and development;

● "Renminbi" or "RMB" are to the legal currency of the PRC;

● "RUI Beijing" are to Beijing Ruiwuhang Information Technology Co., Ltd., a limited liability company formed under the laws of the PRC;

● "RUI Catering" are to Ruiwuhang (Shanghai) Catering Management Co., Ltd., a limited liability company formed under the laws of the PRC;

● "RUI Facility Management" are to Ruiwuhang (Shanghai) Facility Management Co., Ltd., a limited liability company formed under the laws of the PRC;

● "RUI Shanghai" are to Ruiwuhang (Shanghai) Information Technology Co., Ltd., a limited liability company formed under the laws of the PRC;

● "RUI Singapore" are to RUI International Pte. Ltd., a company formed under the laws of the Republic of Singapore;

● "RUI UAE" are to RUI International Enterprise L.L.C-FZ, a company formed under the laws of the United Arab Emirates;

● "RUI Wuxi" are to Ruiwuhang (Wuxi) Facility Management Co., Ltd., a limited liability company formed under the laws of the PRC;

● "Saudi Riyal" or "SAR" are to the legal currency of the KSA;

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

● "Ordinary Shares" are to the Class A Ordinary Shares and Class B Ordinary Shares of RUI Cayman, par value $0.0001 per share;

● "Singapore" are to the Republic of Singapore;

● "Singapore Dollar" or "SGD" are to the legal currency of Singapore;

● "UAE" are to the United Arab Emirates;

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

● "we," "us," "our," "RUI Cayman," "our Company," and "Company" are to RUI Holdings Inc, an exempted company incorporated in the Cayman Islands with limited liability.

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

Our business is conducted by our PRC Subsidiaries using RMB, RUI Singapore using SGD, and Aish Alnas and Deep Quest using Saudi Riyal. Our consolidated financial statements are presented in U.S. dollars. In this prospectus, we refer to assets, obligations, commitments, and liabilities in our consolidated financial statements in U.S. dollars. These dollar references are based on the exchange rate of RMB, SGD and Saudi Riyal to U.S. dollars, determined as of a specific date or for a specific period. Changes in the exchange rate will affect the amount of our obligations and the value of our assets in terms of U.S. dollars which may result in an increase or decrease in the amount of our obligations (expressed in dollars) and the value of our assets, including accounts receivable (expressed in dollars).

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**PROSPECTUS SUMMARY**

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

**Our Corporate Structure**

We are a holding company incorporated in the Cayman Islands and not a Chinese operating company. We conduct our operations through our subsidiaries established in the PRC, Singapore, and the KSA. We do not conduct any material business operations in the UAE. The Class A Ordinary Shares offered in this prospectus are shares of the Cayman Islands holding company instead of shares of any of our subsidiaries. Holders of our Class A Ordinary Shares do not directly own any equity interests in our subsidiaries, but will instead own shares of a Cayman Islands holding company. The Chinese regulatory authorities could disallow our corporate structure, which would likely result in a material change in our operations and/or a material change in the value of our Class A Ordinary Shares, including that it could cause the value of our Class A Ordinary Shares to significantly decline or become worthless. See "Risk Factors—Risks Relating to Doing Business in the PRC—Chinese regulatory authorities could disallow our holding company structure, which may result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless."

The following diagram illustrates our corporate structure as of the date of this prospectus and upon the completion of this offering (assuming no exercise by the underwriters of their over-allotment option). Certain entities immaterial to our results of operations, business and financial condition are omitted. For more details on our corporate history, please refer to "Corporate History and Structure."

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Notes: all percentages reflect the voting rights held by each of our shareholders.

\* As of the date of this prospectus, the Company's authorized share capital is US$50,000, divided into 450,000,000 Class A Ordinary Shares, with one vote per share, and 50,000,000 Class B Ordinary Shares, with 20 votes per share. As of the date of this prospectus, 15,690,000 Class A Ordinary Shares (representing 15,690,000 votes) and 18,935,000 Class B Ordinary Shares (representing 378,700,000 votes) are issued and outstanding, representing an aggregate of 394,390,000 votes. Immediately upon the completion of this offering, assuming no exercise of the over-allotment option by the underwriters, there will be 19,690,000 Class A Ordinary Shares issued and outstanding (or 20,290,000 Class A Ordinary Shares if the underwriter exercises the over-allotment option to purchase additional Class A Ordinary Shares in full) and 18,935,000 Class B Ordinary Shares issued and outstanding.

As of the date of this prospectus, holders of the outstanding Class B Ordinary Shares beneficially own approximately 95.97% of the aggregate voting power of our issued and outstanding Ordinary Shares. Following the completion of this offering, they will beneficially own approximately 95.06% of the aggregate voting power, assuming no exercise of the underwriters' over-allotment option, or approximately 94.91% if the underwriters exercise the over-allotment option in full. As a result, they have the ability to control matters requiring shareholder approval, including the election of directors, amendment of memorandum and articles of association, and approval of certain major corporate transactions in accordance with the Cayman Companies Act. This concentrated control may limit or preclude the ability of holders of Class A Ordinary Shares to influence corporate matters for the foreseeable future. See "Risk Factors—Risks Relating to this Offering and the Trading Market—The dual class structure of our Ordinary Shares has the effect of concentrating voting control with our director, and her interests may not be aligned with the interests of our other shareholders" and "Risk Factors—Risks Relating to this Offering and the Trading Market—We will be a 'controlled company' within the meaning of the Nasdaq listing rules, and are allowed to follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders."

(1) Represents 10,505,000 Class B Ordinary Shares indirectly
held by Manli Zhang Robinson, our chief compliance officer and director and the 100% beneficial owner of Serenity Prime Limited, as of
the date of this prospectus. Serenity Prime Limited is incorporated at Aegis Chambers, 1<sup>st</sup> Floor, Ellen Skelton Building,
3076 Sir Francis Drake's Highway, Road Town, Tortola, VG1110, British Virgin Islands.

(2) Represents 4,215,000 Class B Ordinary Shares indirectly held
by Xiang Chen, our chief financial officer and director and the 100% beneficial owner of RUI Horizon Holding Ltd., as of the date of
this prospectus. RUI Horizon Holding Ltd. is incorporated with ICS Corporate Services (BVI) Limited, Sea Meadow House, P.O. Box 116,
Road Town, Tortola, British Virgin Islands.

(3) Represents 4,215,000 Class B Ordinary Shares indirectly held
by Peng Yu, our chief executive officer and director and the 100% beneficial owner of Southenlake Holding Ltd., as of the date of this
prospectus. Southenlake Holding Ltd. is incorporated with ICS Corporate Services (BVI) Limited, Sea Meadow House, P.O. Box 116, Road
Town, Tortola, British Virgin Islands.

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&nbsp;&nbsp;&nbsp;&nbsp;(4) Represents 1,725,000 Class A Ordinary Shares indirectly held by Lim Choon San, our director and the 100% beneficial owner of MAIS HOLDING LIMITED, as of the date of this prospectus. MAIS HOLING LIMITED is incorporated with ICS Corporate Services (BVI) Limited, Sea Meadow House, P.O. Box 116, Road Town, Tortola, British Virgin Islands.

(5) Represents an aggregate of 13,965,000 Class A Ordinary Shares held by seven shareholders, each one of which holds less than 5% of our voting interests, as of the date of this prospectus.

We are subject to certain legal and operational risks associated with the business operations of our PRC Subsidiaries being based in China, which could cause the value of our securities to significantly decline or become worthless. Applicable PRC laws and regulations governing such current business operations are sometimes vague and uncertain, and as a result, these risks may result in material changes in the operations of the PRC Subsidiaries, significant depreciation of the value of our Class A Ordinary Shares, or a complete hindrance of our ability to offer, or continue to offer, our securities to investors. Recently, the PRC government adopted a series of regulatory actions and issued statements to regulate business operations in China with little advance notice, including cracking down on illegal activities in the securities market, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. As of the date of this prospectus, neither we nor our subsidiaries have been involved in any investigations on cybersecurity review initiated by any PRC regulatory authority, nor has any of them received any inquiry, notice, or sanction related to cybersecurity review under the Cybersecurity Review Measures. On December 28, 2021, 13 governmental departments of the PRC, including the CAC, issued the Cybersecurity Review Measures, which became effective on February 15, 2022. As confirmed by our PRC counsel, China Commercial Law Firm, we are not subject to cybersecurity review by the CAC under the Cybersecurity Review Measures, because none of our PRC Subsidiaries is a CIIO, a network platform operator that conducts data processing activities that affect or may affect national security, or an online platform operator with personal information of more than one million users. We are not subject to national security review by the relevant authorities under the Regulation on Network Data Security Management, because neither we nor our subsidiaries currently conduct data activities that may affect national security. See "Risk Factors—Risks Relating to Doing Business in the PRC—Recent greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, could adversely impact the PRC Subsidiaries' business and our offering."

On February 17, 2023, the CSRC promulgated the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. As advised by China Commercial Law Firm, we are not required to file with the CSRC for this offering pursuant to the Trial Measures because (i) our PRC Subsidiaries contributed only a minority portion of our consolidated operating revenue, total profit, total assets and consolidated net assets for the most recent fiscal year; (ii) our core business functions and management activities are primarily conducted outside of the PRC; (iii) the majority of the members of our board of directors and senior management in charge of our business operations or management are neither citizens nor habitual residents of the PRC. See "Risk Factors—Risks Relating to Doing Business in the PRC—The Opinions, the Trial Measures, and the revised Provisions recently issued by the PRC authorities subject us to additional compliance requirements." As of the date of this prospectus, neither we nor our subsidiaries have received any inquiry, notice, warning, or sanctions regarding our overseas listing from the CSRC or any other PRC governmental authorities. Since these statements and regulatory actions are newly published, however, official guidance and related implementation rules have not been issued. It is highly uncertain what the potential impact such modified or new laws and regulations will have on the daily business operations of our subsidiaries, our ability to accept foreign investments, and our listing on a U.S. exchange. The SCNPC or PRC regulatory authorities may in the future promulgate laws, regulations, or implementing rules that require us and our subsidiaries to obtain regulatory approval from Chinese authorities for listing in the U.S. If we do not receive or maintain the approval, or inadvertently conclude that such approval is not required, or applicable laws, regulations, or interpretations change such that we are required to obtain approval in the future, we may be subject to an investigation by competent regulators, fines or penalties, or an order prohibiting us from conducting an offering, and these risks could result in a material adverse change in our operations and the value of our Class A Ordinary Shares, significantly limit or completely hinder our ability to offer or continue to offer securities to investors, or cause such securities to significantly decline in value or become worthless. See "Risk Factors—Risks Relating to Doing Business in the PRC—Any actions by the Chinese government, including any decision to intervene or influence the operations of the PRC Subsidiaries or to exert control over any offering of securities conducted overseas and/or foreign investment in China-based issuers, may cause us to make material changes to the operations of the PRC Subsidiaries, may limit or completely hinder our ability to offer or continue to offer securities to investors, and may cause the value of such securities to significantly decline or be worthless" and "Risk Factors—Risks Relating to Doing Business in the PRC—Recent regulatory actions and statements by the Chinese government regarding oversight of overseas offerings and foreign investment in China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless."

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The Chinese government has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy through regulation and state ownership. Our ability to operate in China may be harmed by changes in its laws and regulations, including those relating to taxation, environmental regulations, land use rights, property and other matters. The central or local governments of these jurisdictions may impose new, stricter regulations or interpretations of existing regulations that would require additional expenditures and efforts on our and our PRC Subsidiaries' part to ensure compliance with such regulations or interpretations. As such, our PRC Subsidiaries may be subject to governmental and regulatory interference in the provinces in which it operates. See "Risk Factors—Risks Relating to Doing Business in the PRC—The PRC government exerts substantial influence over the manner in which the PRC Subsidiaries conduct their business activities. The PRC government may also intervene or influence our PRC Subsidiaries' operations at any time, which could result in a material change in our PRC Subsidiaries' operations."

In addition, our Class A Ordinary Shares may be prohibited from trading on a national exchange under the HFCA Act if the PCAOB is unable to inspect our auditors for three consecutive years beginning in 2022. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, and on December 29, 2022, the Consolidated Appropriations Act was signed into law by former President Biden, which contained, among other things, an identical provision to Accelerating Holding Foreign Companies Accountable Act, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two. On December 16, 2021, the PCAOB issued a report on its determinations that it is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China, because of positions taken by PRC authorities in those jurisdictions. Our auditor, Prouden, is headquartered in the PRC and registered with the PCAOB in November 2024. As of the date of this prospectus, the PCAOB has not determined that Prouden was not unable to be inspected or investigated completely. If trading in our Class A Ordinary Shares is prohibited under the HFCA Act in the future because the PCAOB determines that it cannot inspect or fully investigate our auditor at such future time, Nasdaq may determine to delist our Class A Ordinary Shares. On August 26, 2022, the CSRC, the MOF, and the PCAOB signed the Protocol, governing inspections and investigations of accounting firms based in mainland China, taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December 15, 2022, the PCAOB determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB will consider the need to issue a new determination. See "Risk Factors—Risks Relating to Doing Business in the PRC—Recent joint statement by the SEC and the PCAOB, rule changes by Nasdaq, and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. These developments could add uncertainties to our continued listing or future offerings of our securities in the U.S."

**Business Overview**

Through our subsidiaries, we provide two primary lines of services: integrated facility management and integrated logistics services. Moreover, our subsidiaries provide a secondary line of service in equipment leasing and software development services as value-added offerings that we believe complement and enhance our two primary lines of service.

Our integrated facility management offerings include security management, fire safety management, energy management, and cleaning and landscaping. These services are provided through deployed personnel, "intelligent systems," or a combination of both. For personnel deployment, our PRC Subsidiaries engage third-party human resource companies to supply the necessary workforce. In terms of "intelligent systems," our PRC Subsidiaries source sensors and other smart hardware from third-party providers, integrate them with our proprietary AIoT cloud platform, and deploy them across client sites. We believe this AIoT cloud platform serves as the backbone of our facility management services, connecting physical devices to digital systems and enabling automation, incident alerts, and system-wide optimization.

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In addition, we offer integrated logistics services, providing comprehensive logistics solutions that cover the supply chain from port operations and customs clearance to land transportation and delivery to designated project sites.

***Competitive Strengths***

We believe that the following strengths contribute to our subsidiaries' success and are the differentiating factors that set them apart from their peers:

● Integrated service model;

● Customer loyalty driven by embedded AIoT solutions;

● Early-mover advantage in emerging markets;

● AIoT cloud platform's seamless compatibility with a wide range of branded hardware; and

● Experienced management team.

***Challenges***

Set forth below are the challenges we believe our subsidiaries face in their business operations:

● Geopolitical risks and market uncertainty in the Middle East;

● Supply chain complexities in expanding operations to the Middle East; and

● Upfront costs and integration complexity of our service model.

***Growth Strategies***

We intend to develop our business and strengthen brand loyalty by implementing the following strategies:

● Driving growth through exemplary case studies;

● Leveraging acquisitions for market consolidation; and

● Expansion into new markets.

***Corporate Information***

Our principal executive office is located at Plot 2224, Block 6739, Al-Zanbaq Street, King Abdullah Economic City, Makkah Province, the KSA, 23982, and our phone number is +966 567794806. Our registered office in the Cayman Islands is located at the Office of ICS Corporate Services (Cayman) Limited, 3-212 Governors Square, 23 Lime Tree Bay Avenue, P.O. Box 30746, Seven Mile Beach, Grand Cayman KY1-1203, Cayman Islands, and the phone number of our registered office is +1(345)917-1939. We maintain a corporate website at *www.ruigroup.com*. The information contained in, or accessible from, our website or any other website does not constitute a part of this prospectus. Our agent for service of process in the United States is Cogency Global Inc.

**Summary of Risk Factors**

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

*Risks Related to Our Business (for a more detailed discussion, see "Risk Factors—Risks Related to Our Business" beginning on page 14 of this prospectus)*

 

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Our business face risks and uncertainties, including, but not limited to, the following:

● We conduct our operations in the Middle East. The current hostilities involving Israel, the Gaza Strip, and their regional neighbors may materially and adversely impact our operations (see page 14 of this prospectus);

● Our service model requires substantial upfront investment and ongoing integration efforts, which could have a material adverse effect on our business, financial condition, and results of operations (see page 15 of this prospectus);

● Defects, errors, or any other problems associated with our subsidiaries' products and services could diminish demand for our subsidiaries' products or services, harm our business and results of operations, and subject us to liability (see page 15 of this prospectus);

● Our PRC Subsidiaries' products incorporate open-source AI and third-party technologies, and our PRC Subsidiaries' use of open-source AI technology and third-party technologies could negatively affect both our PRC Subsidiaries' and our business, results of operations, financial condition, and prospects (see page 15 of this prospectus);

● Our business depends on a license to use the AIoT cloud platform, and the loss or restriction of this license could materially adversely affect our business, financial condition, or results of operations (see page 16 of this prospectus);

● Breaches of and other types of security incidents involving our PRC Subsidiaries' systems could negatively impact our business, our brand and reputation, our ability to retain existing customers and attract new customers, may cause us to incur significant liabilities and adversely affect our business, results of operations, financial condition, and future prospects (see page 16 of this prospectus);

● Disruptions in our subsidiaries' supply chain could adversely affect our subsidiaries' operations, ultimately harming our business, financial condition, and results of operations (see page 17 of this prospectus);

● High customer concentration exposes our subsidiaries to all of the risks faced by their major customers and may subject them to significant fluctuations or declines in revenue, which may have a material adverse impact on our business, financial condition, and results of operations (see page 17 of this prospectus);

● If our subsidiaries lose one or more of their major suppliers, their operation may be disrupted, and both our subsidiaries' and our results of operations may be adversely and materially impacted (see page 18 of this prospectus);

● Our equipment leasing operations rely on third-party suppliers for equipment, and disruptions, cost increases, or issues with these third-party suppliers' relationships could materially impact our business, financial condition, or results of operations (see page 18 of this prospectus);

● Aish Alnas faces risks associated with the items it delivers and the contents of shipments handled through its logistics networks, including real or perceived quality or health issues with the products that are handled through its logistics networks, and risks inherent in the logistics industry, including personal injury, product damage, and transportation-related incidents (see page 19 of this prospectus);

● If our PRC Subsidiaries fail to keep up with the technological developments and implementation of advanced technologies, our business, results of operations and prospects may be materially and adversely affected (see page 19 of this prospectus);

● Some of our directors and executive officers have commitments to other companies, which may create competing time demands and could adversely affect their ability to devote sufficient time and attention to our business (see page 19 of this prospectus);

● Overall tightening of the labor market, increases in labor costs, or any possible labor unrest may adversely affect both our subsidiaries' and our business, financial condition, and results of operations (see page 19 of this prospectus); and

● Fluctuations in exchange rates could have a material and adverse effect on our results of operations and the value of your investment (see page 21 of this prospectus).

*Risks Relating to Doing Business in the PRC (for a more detailed discussion, see "Risk Factors—Risks Relating to Doing Business in the PRC" beginning on page 22 of this prospectus)*

We face risks and uncertainties relating to doing business in the PRC in general, including, but not limited to, the following:

● Changes in China's economic, political, or social conditions or government policies could have a material adverse effect on our PRC Subsidiaries' business and operations (see page 23 of this prospectus);

● Uncertainties in the interpretation and enforcement of PRC laws and regulations and changes in policies, rules, and regulations in China, which may be quick with little advance notice, could limit the legal protection available to you and us (see page 23 of this prospectus);

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● You may experience difficulties in effecting service of legal process, enforcing foreign judgments, or bringing actions in the KSA, Singapore, or China against us or our management named in this prospectus based on foreign laws. It may also be difficult for you or overseas regulators to conduct investigations or collect evidence within the KSA, Singapore, or China (see page 24 of this prospectus);

● The PRC government exerts substantial influence over the manner in which the PRC Subsidiaries conduct their business activities. The PRC government may also intervene or influence our PRC Subsidiaries' operations at any time, which could result in a material change in our PRC Subsidiaries' operations (see page 25 of this prospectus);

● Any actions by the Chinese government, including any decision to intervene or influence the operations of the PRC Subsidiaries or to exert control over any offering of securities conducted overseas and/or foreign investment in China-based issuers, may cause us to make material changes to the operations of the PRC Subsidiaries, may limit or completely hinder our ability to offer or continue to offer securities to investors, and may cause the value of such securities to significantly decline or be worthless (see page 25 of this prospectus);

● Recent regulatory actions and statements by the Chinese government regarding oversight of overseas offerings and foreign investment in China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless (see page 25 of this prospectus);

● Recent greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, could adversely impact the PRC Subsidiaries' business and our offering (see page 25 of this prospectus);

● The Opinions, the Trial Measures, and the revised Provisions recently issued by the PRC authorities subject us to additional compliance requirements (see page 26 of this prospectus);

● Recent joint statement by the SEC and the PCAOB, rule changes by Nasdaq, and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. These developments could add uncertainties to our continued listing or future offerings of our securities in the U.S. (see page 27 of this prospectus);

● The approval of the CSRC may be required in connection with this offering under a regulation adopted in August 2006, and, if required, we cannot assure you that we will be able to obtain such approval, in which case we may face sanctions by the CSRC or other PRC regulatory agencies for failure to seek the CSRC approval for this offering under such regulation (see page 33 of this prospectus);

● The M&A Rules and certain other PRC regulations establish complex procedures for certain acquisitions of Chinese companies by foreign investors, which could make it more difficult for us to pursue growth through acquisitions in China (see page 34 of this prospectus); and

● Chinese regulatory authorities could disallow our holding company structure, which may result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless (see page 34 of this prospectus).

*Risks Relating to Doing Business in the Certain Countries and Regions (for a more detailed discussion, see "Risk Factors—Risks Relating to Doing Business in Certain Countries and Regions" beginning on page 35 of this prospectus)*

We face risks and uncertainties relating to doing business in the certain countries and regions in general, including, but not limited to, the following:

● Investments in emerging markets are subject to greater risks than those in more developed markets (see page 35 of this prospectus);

● The economies within the GCC region are highly dependent upon the oil and gas industry (see page 36 of this prospectus);

● Our business may be adversely affected by changes in government policies, laws, and regulations in the KSA (see page 37 of this prospectus); and

● Our subsidiary's non-compliance with certain KSA regulatory requirements may render its contracts unenforceable and expose our subsidiary to penalties, operational suspension, or other adverse consequences (see page 37 of this prospectus).

*Risks Relating to this Offering and the Trading Market (for a more detailed discussion, see "Risk Factors—Risks Relating to this Offering and the Trading Market" beginning on page 38 of this prospectus)*

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We face risks and uncertainties relating to this offering and the trading market, including, but not limited to, the following:

● Nasdaq has proposed changes to its listing standards applicable to issuers, which could adversely affect our ability to complete this offering, obtain or maintain a Nasdaq listing, and the liquidity of our securities (see page 38 of this prospectus);

● Recent changes to Nasdaq listing standards and Nasdaq's expanded discretionary authority to deny initial listings may make it more difficult for us to qualify for or maintain a listing on Nasdaq, which could adversely affect the liquidity and market price of our Class A Ordinary Shares (see page 38 of this prospectus);

● 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 (see page 38 of this prospectus);

● The initial public offering price for our Class A Ordinary Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile (see page 39 of this prospectus);

● You will experience immediate and substantial dilution in the net tangible book value of Class A Ordinary Shares purchased (see page 39 of this prospectus);

● If we fail to implement and maintain an effective system of internal controls or fail to remediate the material weaknesses in our internal control over financial reporting that have been identified, we may fail to meet our reporting obligations or be unable to accurately report our results of operations or prevent fraud, and investor confidence and the market price of our Class A Ordinary Shares may be materially and adversely affected (see page 39 of this prospectus);

● Substantial future sales of our Class A Ordinary Shares or the anticipation of future sales of our Class A Ordinary Shares in the public market could cause the price of our Class A Ordinary Shares to decline (see page 40 of this prospectus);

● The market price of our Class A Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public offering price (see page 41 of this prospectus);

● The price of our Class A Ordinary Shares could be subject to rapid and substantial volatility (see page 41 of this prospectus);

● If we cease to qualify as a foreign private issuer, we would be required to comply fully with the reporting requirements of the Exchange Act applicable to U.S. domestic issuers, and we would incur significant additional legal, accounting and other expenses that we would not incur as a foreign private issuer (see page 42 of this prospectus);

● Because we are a foreign private issuer and are permitted to take advantage of exemptions from certain Nasdaq corporate governance standards applicable to U.S. issuers, you may have less protection than you would have if we were a domestic issuer (see page 42 of this prospectus);

● The dual class structure of our Ordinary Shares has the effect of concentrating voting control with our director, and her interests may not be aligned with the interests of our other shareholders (see page 42 of this prospectus);

● We will continue to be a "controlled company" within the meaning of the Nasdaq listing rules, and are allowed to follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders (see page 43 of this prospectus);

● Because we are an "emerging growth company," we may not be subject to requirements that other public companies are subject to, which could affect investor confidence in us and our Class A Ordinary Shares (see page 43 of this prospectus);

● If we are classified as a PFIC, United States taxpayers who own our Class A Ordinary Shares may have adverse United States federal income tax consequences (see page 44 of this prospectus); and

● Our pre-IPO shareholders will be able to sell their shares upon completion of this offering subject to restrictions under Rule 144 under the Securities Act (see page 45 of this prospectus).

**Permissions or Approval Required from the PRC Authorities for Our Operating and Offering**

Our PRC legal counsel, China Commercial Law Firm, has advised us that, in order to operate our business activities as currently conducted in China, the PRC Subsidiaries are required to obtain business licenses from the State Administration for Market Regulation (the "SAMR"). As of the date of this prospectus, as confirmed by China Commercial Law Firm, our PRC legal counsel, each of our PRC Subsidiaries has obtained a valid business license from the SAMR and no application for any such license has been denied. However, it is uncertain whether we or our PRC Subsidiaries will be required to obtain additional approvals, licenses, or permits in connection with our business operations pursuant to evolving PRC laws and regulations, and whether we would be able to obtain and renew such approvals on a timely basis or at all. Failing to do so could result in a material change in our operations, and the value of our Class A Ordinary Shares could depreciate significantly or become worthless. China Commercial Law Firm has advised us that, as of the date of this prospectus, neither we nor any of the PRC Subsidiaries (1) are subject to approval requirements from the CSRC, the CAC, or any other entity to approve our operations, and (2) have been denied such permissions by any PRC authorities.

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The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the "Opinions on Severely Cracking Down on Illegal Securities Activities According to Law," or the "Opinions," which were made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities and the need to strengthen the supervision over overseas listings by Chinese companies. These opinions proposed to take effective measures, such as promoting the construction of relevant regulatory systems, to deal with the risks and incidents facing China-concept overseas-listed companies and the demand for cybersecurity and data privacy protection. On February 17, 2023, the CSRC promulgated the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following its submission of initial public offerings or listing application. If a domestic company fails to complete required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines. As advised by China Commercial Law Firm, we are not required to file with the CSRC for this offering pursuant to the Trial Measures because (i) our PRC Subsidiaries contributed only a minority portion of our consolidated operating revenue, total profit, total assets and consolidated net assets for the most recent fiscal year; (ii) our core business functions and management activities are primarily conducted outside of the PRC; (iii) the majority of the members of our board of directors and senior management in charge of our business operations or management are neither citizens nor habitual residents of the PRC. See "Regulations—Regulations Related to Mergers and Acquisitions and Overseas Listings" and "Risk Factors—The Opinions, the Trial Measures, and the revised Provisions recently issued by the PRC authorities subject us to additional compliance requirements."

On February 24, 2023, the CSRC, together with the MOF, the National Administration of State Secrets Protection, and the National Archives Administration of China, revised the Provisions on Strengthening Confidentiality and Archives Administration for Overseas Securities Offering and Listing, which were issued by the CSRC and National Administration of State Secrets Protection and National Archives Administration of China in 2009 (the "Provisions"). The revised Provisions were issued under the title "Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies," and came into effect on March 31, 2023 together with the Trial Measures. One of the major revisions to the revised Provisions is expanding their application to cover indirect overseas offering and listing, as is consistent with the Trial Measures. The revised Provisions require that, among other things, (a) a domestic company that plans to, either directly or indirectly through its overseas listed entity, publicly disclose or provide to relevant individuals or entities, including securities companies, securities service providers, and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level; and (b) a domestic company that plans to, either directly or indirectly through its overseas listed entity, publicly disclose or provide to relevant individuals and entities, including securities companies, securities service providers, and overseas regulators, any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall strictly fulfill relevant procedures stipulated by applicable national regulations. Any failure or perceived failure by our Company, or our PRC Subsidiaries to comply with the above confidentiality and archives administration requirements under the revised Provisions and other PRC laws and regulations may result in the relevant entities being held legally liable by competent authorities, and referred to the judicial organ to be investigated for criminal liability if suspected of committing a crime.

As there are still uncertainties regarding the interpretation and implementation of such regulatory guidance, we cannot assure you that we will be able to comply with new regulatory requirements relating to our listing on Nasdaq and our future overseas capital-raising activities and we may become subject to more stringent requirements with respect to matters such as cross-border investigation, data privacy, and enforcement of legal claims. See "Risk Factors—Risks Relating to Doing Business in the PRC—Uncertainties in the interpretation and enforcement of PRC laws and regulations and changes in policies, rules, and regulations in China, which may be quick with little advance notice, could limit the legal protection available to you and us." Notwithstanding the foregoing, as of the date of this prospectus, we have not received any inquiry, notice, warning, sanction, or any regulatory objection to this offering from the CSRC, the CAC, or any other PRC authorities that have jurisdiction over our operations.

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The Cybersecurity Review Measures, which became effective on February 15, 2022, provide that, in addition to CIIOs that intend to purchase Internet products and services, online platform operators engaging in data processing activities that affect or may affect national security must be subject to cybersecurity review by the Cybersecurity Review Office of the PRC. According to the Cybersecurity Review Measures, a cybersecurity review assesses potential national security risks that may be brought about by any procurement, data processing, or overseas listing. The Cybersecurity Review Measures further require that CIIOs and data processing operators that possess personal data of at least one million users must apply for a review by the Cybersecurity Review Office of the PRC before conducting listings in foreign countries. As of the date of this prospectus, we have not received any notice from any authorities identifying any of our PRC Subsidiaries as a CIIO or requiring us to go through cybersecurity review or network data security review by the CAC. As confirmed by China Commercial Law Firm, we are not subject to cybersecurity review by the CAC under the Cybersecurity Review Measures, because our PRC Subsidiaries are not CIIOs or online platform operators with personal information of more than one million users. We are also not subject to national security review by the relevant authorities under the Regulation on Network Data Security Management, because neither we nor our subsidiaries currently conduct data activities that may affect national security. There remains uncertainty, however, as to how the Cybersecurity Review Measures will be interpreted or implemented and whether the PRC's oversight of data security, particularly for companies seeking to list on a foreign exchange, could adversely impact our PRC Subsidiaries' business and our offering.

**Asset Transfers Between Our Company and Our Subsidiaries**

As of the date of this prospectus, no cash transfer or transfer of other assets has occurred between our Company and our subsidiaries. We have established controls and procedures for cash flows within our organization based on internal cash management policies established by our finance department, discussed, considered, and reviewed by the relevant departments in our Company, and approved by our chief financial officer. Specifically, our finance department supervises cash management, following the instructions of our management. Our finance department is responsible for establishing our cash operation plan and coordinating cash management matters among our subsidiaries and departments. Each subsidiary and department initiate a cash request by putting forward a cash demand plan, which explains the specific amount and timing of cash requested, and submitting it to our finance department. The finance department reviews the cash demand plan and prepares a summary for the management of our Company. Management examines and approves the allocation of cash based on the sources of cash and the priorities of the needs. Other than the above, we currently do not have other cash management policies or procedures that dictate how funds are transferred.

**Dividends or Distributions Made to Our Company and U.S. Investors and Tax Consequences**

As of the date of this prospectus, none of our subsidiaries have made any dividends or distributions to our Company and our Company has not made any dividends or distributions to our shareholders. We intend to keep any future earnings to finance the expansion of our business, and we do not anticipate that any cash dividends will be paid in the foreseeable future. Subject to the passive foreign investment company ("PFIC") rules, the gross amount of distributions we make to investors with respect to our Class A Ordinary Shares (including the amount of any taxes withheld therefrom) will be taxable as a dividend, to the extent that the distribution is paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles.

Under Cayman Islands law, a Cayman Islands company may pay a dividend on its shares out of either profit or share premium amount, provided that in no circumstances may a dividend be paid out of share premium if this would result in the company being unable to pay its debts as they fall due in the ordinary course of business.

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If we determine to pay dividends on any of our Class A Ordinary Shares in the future, as a holding company, we will be dependent on the receipt of funds from our Singapore subsidiary, RUI Singapore, who will be dependent on our subsidiaries in the UAE, the KSA and the PRC. However, as the PRC government imposes control over currency conversion, it has the authority to conduct exchange transfer reviews, which may impose certain limitations on our ability to transfer cash between our Company, our subsidiaries, and our investors, primarily reflected in the following aspects: (i) we are restricted from injecting capital or providing loans to our PRC Subsidiaries, which may adversely affect the operations of our PRC Subsidiaries; (ii) our PRC Subsidiaries may be restricted from paying dividends to us; and (iii) if we are unable to obtain dividends from our PRC Subsidiaries, it may adversely impact our dividends distribution to investors. See "Risk Factors—Risks Relating to Doing Business in the PRC—PRC regulations relating to offshore investment activities by PRC residents may subject our PRC resident beneficial owners or the PRC Subsidiaries to liability or penalties, limit our ability to inject capital into the PRC Subsidiaries, limit the PRC Subsidiaries' ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us," "Risk Factors— Risks Relating to Doing Business in the PRC—PRC regulation of parent/subsidiary loans and direct investment by offshore holding companies to PRC entities may delay or prevent us from using the proceeds of offshore offerings to make loans or additional capital contributions to the PRC Subsidiaries, which could materially and adversely affect their liquidity and their ability to fund and expand their business," and "Risk Factors—Risks Relating to Doing Business in the PRC—Governmental control of currency conversion may affect the value of your investment and our payment of dividends." Further, to the extent cash or assets in the business are in the PRC or a PRC entity, the funds or assets may not be available to fund operations or for other use outside of the PRC due to interventions in or the imposition of restrictions and limitations on the ability of our Company or our subsidiaries by the PRC government to transfer cash or assets. There is no assurance the PRC government will not intervene in or impose restrictions on the ability of our Company or our subsidiaries to transfer cash or assets. See "Risk Factors—Risks Relating to Doing Business in the PRC—To the extent cash or assets in the business are in the PRC or a PRC entity, the funds or assets may not be available to fund operations or for other use outside of the PRC due to interventions in or the imposition of restrictions and limitations on the ability of our Company or our subsidiaries by the PRC government to transfer cash or assets." Current PRC regulations permit RUI Shanghai and RUI Beijing to pay dividends to RUI Singapore only out of its accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. The PRC government also imposes controls on the conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. For instance, the Circular on Promoting the Reform of Foreign Exchange Management and Improving Authenticity and Compliance Review, or "SAFE Circular 3," issued on January 26, 2017, provides that banks shall, when dealing with dividend remittance transactions from a domestic enterprise to its offshore shareholders of more than $50,000, review the relevant board resolutions, original tax filing form, and audited financial statements of such domestic enterprise based on the principle of genuine transaction. Furthermore, if RUI Shanghai, RUI Beijing, and RUI Facility Management, incur debt on their own in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments. If we or our PRC Subsidiaries are unable to receive all of the revenue from its operations, we may be unable to pay dividends on our Class A Ordinary Shares.

Cash dividends, if any, on our Class A Ordinary Shares will be paid in U.S. dollars. RUI Singapore may be considered a non-resident enterprise for tax purposes, so that any dividends RUI Beijing and RUI Shanghai pay to RUI Singapore may be regarded as China-sourced income and as a result may be subject to PRC withholding tax at a rate of up to 10%. See "Material Income Tax Consideration—Regulations on Tax in the PRC."

In order for us to pay dividends to our shareholders, we will rely on payments from RUI Singapore, as dividends. RUI Singapore will rely on payments made from RUI Beijing and RUI Shanghai, which will in turn rely on payments made from RUI Facility Management. RUI Facility Management will rely on its operating profit and payments from RUI Catering, Jiangsu Ruimu, RUI Wuxi, and Deep Quest's dividends. If RUI Facility Beijing, RUI Shanghai, and their subsidiaries, RUI Facility Management, RUI Catering, Jiangsu Ruimu, RUI Wuxi, and Deep Quest, incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to us.

See our audited consolidated financial statements for the fiscal years ended August 31, 2024 and 2025 on pages F-3 to F-29.

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

As a company with less than $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 of 2012, or the "JOBS Act." 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 auditors on our management's assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

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

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

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

We intend to take advantage of the above-described 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 until we no longer meet the definition of an "emerging growth company." 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.

The JOBS Act provides that we would cease to be an "emerging growth company" at the end of the fiscal year in which the fifth anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act occurred, if we have more than $1.235 billion in annual revenue, have more than $700 million in market value of our Class A Ordinary Shares held by non-affiliates, or issue more than $1 billion in principal amount of non-convertible debt over a three-year period.

**Controlled Company**

Upon the completion of this offering, Ms. Manli Zhang Robinson, our director and chief compliance officer, through Serenity Prime Limited, will beneficially own 10,505,000 Class B Ordinary Shares, representing approximately 52.74% of the aggregate voting power of our issued and outstanding Ordinary Shares, assuming no exercise of the underwriters' over-allotment option, or approximately 52.65% assuming full exercise of the underwriters' over-allotment option, and will be able to determine all matters requiring approval by our shareholders. As a result, we will be deemed a "controlled company" for the purpose of the Nasdaq listing rules. As a controlled company, we are permitted to elect to rely on certain exemptions from the obligations to comply with certain corporate governance requirements, including the requirements that:

● a majority of our board of directors consist of independent directors;

● the requirement that our director nominees be selected or recommended solely by independent directors; and

● the requirement that we have a nominating and corporate governance committee and a compensation committee that are composed entirely of independent directors with a written charter addressing the purposes and responsibilities of the committees.

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Although we do not intend to rely on the controlled company exemptions under the Nasdaq Listing Rules even if we are deemed to be a controlled company, we could elect to rely on these exemptions in the future, and if so, you would not have the same protection afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

In the event that we were to lose our "controlled company" status, we could still rely, to a certain extent, on Nasdaq rules that permit a foreign private issuer to follow its home country practices with respect to corporate governance matters, including the requirement that a majority of our board of directors be independent.

**Foreign Private Issuer Status**

We are a foreign private issuer within the meaning of the rules under the Exchange Act. As such, we are exempt from certain provisions 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's 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 FD 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

● our officers, directors and principal shareholders are exempt from the short-swing profit recovery provisions contained in Section 16 of the Exchange Act. Nevertheless, our directors and officers are required to file Section 16(a) reports (Forms 3, 4, and 5) with the SEC to report beneficial ownership interests in us. Our principal shareholders who are not officers or directors, however, will remain exempt from Section 16(a) reporting requirements.

As of the date of this prospectus, we do not intend to rely on home country practices with respect to our corporate governance following the completion of this offering. However, if we elect to follow home country practices in the future in lieu of the requirements under Nasdaq listing rules with respect to certain corporate governance standards, including Nasdaq Listing Rule 5635, our shareholders may be afforded less protection than they would otherwise receive under the corporate governance listing standards applicable to U.S. domestic issuers.

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**THE OFFERING**

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| | |
|:---|:---|
| **Class A Ordinary Shares offered by us** | 4,000,000 Class A Ordinary Shares (or 4,600,000 Class A Ordinary Shares if the underwriters exercise their over-allotment option in full) |
| **Assumed Offering Price per Class A Ordinary Share** | We currently estimate that the initial public offering price will be in the range of $4.00 to $5.00 per Class A Ordinary Share. |
| **Ordinary Shares issued and outstanding prior to completion of this offering** | 15,690,000 Class A Ordinary Shares and 18,935,000 Class B Ordinary Shares |

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| | |
|:---|:---|
| **Ordinary Shares outstanding immediately after this offering** | 19,690,000 Class A Ordinary Shares and 18,935,000 Class B Ordinary Shares assuming no exercise of the underwriters' over-allotment option<br>20,290,000 Class A Ordinary Shares and 18,935,000 Class B Ordinary Shares assuming full exercise of the underwriters' over-allotment option |
| **Listing** | We have applied to have our Class A Ordinary Shares listed on Nasdaq. At this time, Nasdaq has not yet approved our application to list our Class A Ordinary Shares. The closing of this offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on Nasdaq. |
| **Ticker symbol** | "RUIH" |
| **Transfer Agent** | Transhare Corporation |
| **Over-allotment Option** | We have granted to the underwriters an option to purchase from us, up to fifteen percent (15%) of the Class A Ordinary Shares being offered in this Offering, exercisable within 45 days from the closing of this offering. |
| **Use of proceeds** | We intend to use the proceeds from this offering as follows: approximately 40% for market expansion and sales channel; approximately 30% for technology development; and approximately 30% for working capital and general corporate purposes. See "Use of Proceeds" on page 48 for more information*.* |
| **Lock-up** | We have agreed that, we will not, for a period of six (6) months from the closing of this offering, (i) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any of our Class A Ordinary Shares or any securities that are convertible into or exercisable or exchangeable for our Class A Ordinary Shares, and (ii) file or cause to be filed any registration statement with the SEC relating to the offering of any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares.<br>Each of our directors, officers, and shareholders owning 5% or more of our securities (including Class A Ordinary Shares, warrants, options, and convertible securities) as of the date of the prospectus has agreed, for a period of six (6) months from the date of this prospectus, not to offer, sell, or otherwise transfer, or dispose of, directly or indirectly, any of our Class A Ordinary Shares and securities convertible into or exercisable or exchangeable for our Class A Ordinary Shares. See "Underwriting—Lock-up Agreements" for more information. |
| **Risk factors** | The Class A Ordinary Shares offered hereby involve a high degree of risk. You should read "Risk Factors," beginning on page 14 for a discussion of factors to consider before deciding to invest in our Class A Ordinary Shares. |

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**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 Business**

***Our subsidiaries' operating history may not be indicative of their future growth or financial results and our subsidiaries may not be able to sustain their historical growth rates.***

 ****

Our subsidiaries' operating history may not be indicative of their future growth or financial results. There is no assurance that our subsidiaries will be able to grow their revenue in future periods. Their growth rates may decline for any number of possible reasons, and some of them are beyond their control, including decreasing client demand, increasing competition, declining growth of the industry in general, emergence of alternative business models, or changes in government policies or general economic conditions. Our subsidiaries expect to continue to expand their offerings to and to increase their customer base. However, the execution of their expansion plan is subject to uncertainty and the number of clients may not grow at the rate they expect for the reasons stated above. If their growth rates decline, investors' perceptions of their business and prospects may be adversely affected and the market price of our Class A Ordinary Shares could decline.

***Our subsidiaries operate in a highly-competitive market and their failure to compete effectively could adversely affect both their and our business, financial condition, and results of operations.***

 ****

The industries of integrated facility management and integrated transportation are highly-competitive and rapidly evolving, with many new companies joining the competition in recent years. See "Business—Competition." Some of our subsidiaries' competitors and potential competitors have greater product development capabilities and financial, marketing, and human resources than we do. Other companies have developed technologies that could be the basis for competitive products. Some of these products have an entirely different approach or means of accomplishing the desired effect than products we are developing. Alternative products may be developed that are more effective, more efficient, and are less costly than our products. Competitors may succeed in developing products earlier than our PRC Subsidiaries, or developing products that are more effective than our PRC Subsidiaries' products. Over time, our PRC Subsidiaries' technology or products may become obsolete or uncompetitive, which may adversely impact both our subsidiaries' and our business, financial condition, and results of operations.

***We conduct our operations in the Middle East. The current hostilities involving Israel, the Gaza Strip, and their regional neighbors may materially and adversely impact our operations.***

 ****

Our business and operations could be influenced by the economic, political, geopolitical, and military conditions in and around the KSA and the UAE.

On October 7, 2023, Hamas, a U.S. designated terrorist organization, launched a series of coordinated attacks from the Gaza Strip onto Israel. On October 8, 2023, Israel formally declared war on Hamas, and the armed conflict is ongoing as of the date of this prospectus. As of the date of this prospectus, our operations have not experienced material and adverse impacts from the current hostilities involving Israel, the Gaza Strip, and their regional neighbors. However, the ongoing conflict could lead to a decrease in customs closures, disruptions in supply chains and shipping, alter market demand and lead to changes in regulatory environments, which could materially and adversely affect our business, financial condition, and results of operations in the future.

***Our service model requires substantial upfront investment and ongoing integration efforts, which could have a material adverse effect on our business, financial condition, and results of operations.***

Our integrated logistics and integrated facility management service model requires substantial upfront investment. To effectively deliver both services involves acquiring and maintaining a fleet of logistics equipment, hiring and training personnel with expertise across both logistics and facility management, and establishing systems and processes to support coordinated service delivery. These investments are significant and may require time before generating returns proportional to the resources committed.

In addition, the service model entails ongoing integration complexities. Coordinating logistics and facility management operations requires aligning scheduling, workflows, and resource allocation across multiple service lines, managing teams across different functional areas, and standardizing operational procedures to maintain consistent service quality. Inefficient management of these integration efforts could increase operating costs, delay service delivery, reduce client satisfaction, or limit the scalability of operations, which could materially affect our business, financial condition, and results of operations.

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***Defects, errors, or any other problems associated with our subsidiaries' products and services could diminish demand for our subsidiaries' products or services, harm our business and results of operations, and subject us to liability.***

 ****

Our subsidiaries' customers use our subsidiaries' products and services for important aspects of their businesses, and any errors, defects, or disruptions to our subsidiaries' products and services and any other performance problems with our subsidiaries' products and services could damage the customers' businesses and, in turn, hurt our subsidiaries' brand and reputation. Our subsidiaries' products and services may contain undetected errors, failures, vulnerabilities, and bugs when first introduced or released. Real or perceived errors, failures, bugs, or security vulnerabilities in our PRC Subsidiaries' products could result in negative publicity, loss of or delay in market acceptance of their products, loss of competitive position, lower customer retention, or claims by customers for losses sustained by them. In such an event, our subsidiaries may be required, or may choose, for customer relations or other reasons, to expend additional resources in order to help correct the problem. As a result, both our subsidiaries' and our reputation and our brand could be harmed, and our business, operating results, and financial condition may be adversely affected. Moreover, our PRC Subsidiaries source smart hardware and devices from their suppliers for the clients or their integrated facility management. Such smart hardware and devices may contain defects, errors, or other product issues, which may negatively impact the performance of the AIoT cloud platform and our PRC Subsidiaries' services, damage our PRC Subsidiaries' reputation, harm their ability to attract new and existing customers, and incur significant support, repair, or replacement costs even if our PRC Subsidiaries can be reimbursed from the third-party suppliers.

***Our PRC Subsidiaries' products incorporate open-source AI and third-party technologies, and our PRC Subsidiaries' use of open-source AI technology and third-party technologies could negatively affect both our PRC Subsidiaries' and our business, results of operations, financial condition, and prospects.***

Our PRC Subsidiaries' products incorporate open-source AI and third-party technologies, which may expose them to various risks. Our PRC Subsidiaries rely on contributions from a community of external developers to maintain and update these technologies, which introduces uncertainty regarding their availability and development timeline. Any discontinuation or delay in updates could force our PRC Subsidiaries to seek alternative solutions, increasing their costs, and potentially disrupting their operations. Additionally, compliance with the complex landscape of open-source licenses is challenging. Non-compliance could lead to significant legal penalties or the requirement to release our PRC Subsidiaries' proprietary code.

Open-source AI technologies may also pose security and reliability concerns, as they are more susceptible to exploitation due to their public nature. Security vulnerabilities or bugs could compromise the integrity of our PRC Subsidiaries' products, resulting in reputational harm, loss of customer trust, and financial damage. Open-source software may not always align with regulatory requirements in different jurisdictions, potentially exposing our PRC Subsidiaries to legal and compliance risks. Ensuring that the use of open-source AI technology complies with applicable laws and regulations adds complexity and could incur additional costs. The inherent lack of control over these external technologies and their development could limit our PRC Subsidiaries' ability to customize solutions and promptly respond to market demands, impacting our PRC Subsidiaries' innovation capabilities and market position. In addition, Companies that incorporate open-source software into their solutions and services have, from time to time, faced claims challenging the ownership of open-source software and compliance with open-source license terms. As a result, our PRC Subsidiaries could be subject to suits by parties claiming ownership of what our PRC Subsidiaries believe to be open-source software or noncompliance with open-source licensing terms. Some open-source software licenses may require users who distribute open-source software as part of their software to publicly disclose all or part of the source code to such software and make available any derivative works of the open-source code on unfavorable terms or at no cost. Any requirement to disclose our PRC Subsidiaries' source code or pay damages for breach of contract could be harmful to both our PRC Subsidiaries' and our business, financial condition, and results of operations.

***Our business depends on a license to use the AIoT cloud platform, and the loss or restriction of this license could materially adversely affect our business, financial condition, or results of operations.***

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Our subsidiaries do not directly own the copyrights for our AIoT cloud platform, which are held by Jiangsu Ruiwuhang Zhilian Technology Co., Ltd. ("Zhilian Technology"), a related party, which is a company indirectly controlled by our chief financial officer. Our subsidiaries, RUI Facility Management and Deep Quest, rely on a license from Zhilian Technology to use the software underlying these copyrights for a period of ten years at no cost since September 20, 2025.

Our ability to provide integrated facility management depends substantially on these licensed intellectual properties. If the license were to be terminated, restricted, revoked, or otherwise become unavailable for any reason, our subsidiaries would lose the right to use critical components of the AIoT cloud platform. Such an event could materially impair our ability to deliver services, affect the quality or functionality of our offerings, and delay the deployment of new solutions. In addition, reliance on licensed intellectual property exposes us to operational and strategic risks. For example, any disputes with the licensor regarding the scope of the license, its interpretation, or compliance with its terms could disrupt our business. Dependence on a third-party license may also limit our ability to modify, enhance, or commercialize the AIoT cloud platform independently. Any of these outcomes could adversely affect our business, financial condition, or results of operations.

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***Breaches of and other types of cybersecurity incidents involving our PRC Subsidiaries' systems could negatively impact our business, our brand and reputation, our ability to retain existing customers and attract new customers, may cause us to incur significant liabilities and adversely affect our business, results of operations, financial condition, and future prospects.***

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Developing and maintaining the AIoT cloud platform may necessitate periodic collection, usage, storage, transmission, or processing of data or information. While our PRC Subsidiaries have been taking steps to mitigate the cyberattack risks and protect the confidential information that our PRC Subsidiaries may have access to, including but not limited to installation and periodical updates of antivirus software and backup of information on our PRC Subsidiaries computer systems, the security measures could be breached. Because techniques used to sabotage or obtain unauthorized access to systems change frequently and generally are not recognized until they are launched against a target, our PRC Subsidiaries may be unable to anticipate these techniques or to implement adequate preventative measures. Any cybersecurity incident, accidental or willful security breaches, or other unauthorized access to our PRC Subsidiaries' systems could cause confidential information to be stolen and used for criminal purposes. Cybersecurity incidents, security breaches, or unauthorized access to confidential information could also expose us to liability related to the loss of the information, time-consuming and expensive litigation, and negative publicity. If security measures are breached because of third-party action, employee error, malfeasance, or otherwise, or if design flaws in our PRC Subsidiaries' technology infrastructure are exposed and exploited, our PRC Subsidiaries' relationships with their business partners could be severely damaged, our PRC Subsidiaries could incur significant liability, and our business and operations could be adversely affected. Additionally, if our PRC Subsidiaries fail to protect confidential information, they may be susceptible to potential claims such as breach of contract, negligence, or other claims. Such claims will require significant time and resources to defend and there can be no assurances that favorable final outcomes will be obtained. In addition, the costs to respond to a cybersecurity event or to mitigate any identified security vulnerabilities could be significant, including costs for remediating the effects of such an event, paying a ransom, restoring data from backups, and conducting data analysis to determine what data may have been affected by the breach. In addition, our PRC Subsidiaries' efforts to contain or remediate a security breach or any system vulnerability may be unsuccessful, and their efforts and any related failures to contain or remediate any breach or vulnerabilities could result in interruptions, delays, loss in customer trust, and harm to our PRC Subsidiaries' reputation.

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***Disruptions in our subsidiaries' supply chain could adversely affect our subsidiaries' operations, ultimately harming our business, financial condition, and results of operations.***

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Our subsidiaries' operations depend on a consistent and reliable supply chain. This supply chain is subject to various risks, including:

● Geopolitical Events and Trade Restrictions: Changes in international trade policies, export or import restrictions, and geopolitical instability between China and the United States or other regions could disrupt the flow of goods and increase costs. The uncertainty surrounding any tariffs, trade barriers, export restrictions, renegotiation of trade agreements, and potential future trade actions can disrupt our subsidiaries' supply chain planning and operational capabilities, ultimately affecting our subsidiaries' sales volume and revenue.

● Supplier and Customer Disruptions: Our subsidiaries may experience disruptions due to the financial instability, labor disputes, quality control issues, or the termination of agreements with their key suppliers and customers. Identifying alternative suppliers and customers can be time-consuming and costly.

● Logistics and Transportation Challenges: Disruptions in shipping, port congestion, transportation delays, and increased freight costs could impact our subsidiaries' ability to receive smart devices and hardware for their solutions and deliver their services in a timely and cost-effective manner.

● Natural Disasters and Public Health Crises: Events such as earthquakes, typhoons, floods, pandemics, or other natural disasters could cause significant disruptions to manufacturing operations, transportation networks, and the availability of essential raw materials and components.

The occurrence of one or more of these supply chain risks could materially and adversely affect our subsidiaries' operational ability, ultimately harming our business, financial condition, and results of operations.

***Supply chain complexities arising from our expansion into the Middle East may adversely affect our subsidiaries' ability to deliver products and services on time and to expected quality standards.***

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As our subsidiaries expand operations into Dubai and Saudi Arabia, our subsidiaries are increasingly reliant on a more complex and internationalized supply chain. A significant portion of the smart sensor models required for our subsidiaries' solutions are currently manufactured exclusively in China, with limited alternative suppliers available in Middle Eastern markets. Consequently, our subsidiaries must procure these components from China and ship them to their project locations in the Middle East. This cross-border procurement process introduces additional logistical challenges, including longer shipping and lead times, increased exposure to customs or transportation delays, and added difficulties in maintaining quality control across multiple jurisdictions.

Operating across several markets also requires enhanced coordination among our subsidiaries' procurement, logistics, and project management teams. Any breakdown in this coordination, including delays in component delivery, variability in product quality, or failures to synchronize supply timelines with project schedules, could impair our subsidiaries' ability to meet client expectations, increase the costs, and negatively affect our subsidiaries' operational efficiency. If our subsidiaries are unable to effectively manage these supply chain complexities, our subsidiaries' project delivery timelines, customer satisfaction, and overall business performance in these new markets could be materially and adversely affected.

***High customer concentration exposes our subsidiaries to all of the risks faced by their major customers and may subject them to significant fluctuations or declines in revenue, which may have a material adverse impact on our business, financial condition, and results of operations.***

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For the fiscal year ended August 31, 2025, one client, The Metallurgical Corporation of China Ltd. Saudi Branch, accounted for 60.62% of our total revenue. For the fiscal year ended August 31, 2024, two clients, Shanghai Haichang Polar Ocean World Co., Ltd. and Shanghai Wangting Logistics Management Service Co., Ltd., accounted for 30.55% and 19.34% of our total revenue, respectively.

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Although our subsidiaries continually seek to diversify their customer base, we cannot assure you that the proportion of the revenue contribution from these customers to our subsidiaries' total revenue will decrease in the near future. Dependence on these customers will expose our subsidiaries to the risks of substantial losses. Specifically, any one of the following events, among others, may cause material fluctuations or declines in our subsidiaries' revenue and have a material and adverse effect on our business, financial condition, and results of operations:

● an overall decline in the business of these clients;

● the decision by these clients to switch to our subsidiaries' competitors;

● the reduction in the prices of our subsidiaries' services agreed by these clients; or

● the failure or inability of any of these clients to make timely payment for our subsidiaries' services.

If our subsidiaries fail to maintain relationships with these clients, and if they are unable to find replacement clients on commercially desirable terms or in a timely manner or at all, our business, financial condition, and results of operations may be materially and adversely affected.

***If our subsidiaries lose one or more of the major suppliers, their operation may be disrupted, and both our subsidiaries and our results of operations may be adversely and materially impacted.***

For the fiscal year ended August 31, 2025, one supplier, Shenzhen Minsheng GEFCO Logistics Co., Ltd., accounted for approximately 30.63% of our subsidiaries' total supplies purchased. For the fiscal year ended August 31, 2024, one supplier, Shanghai Saying Information Technology Ltd., accounted for approximately 16.57% of our subsidiaries' total supplies purchased.

If our subsidiaries lose suppliers and are unable to swiftly engage new suppliers, our subsidiaries' operations may be disrupted or suspended, and they may not be able to deliver products or services to their clients on time. Our subsidiaries may also have to pay a higher price to source from a different supplier on short notice. While our subsidiaries are actively searching for and negotiating with new suppliers, there is no guarantee that they will be able to locate appropriate new suppliers in their desired timeline. As such, our subsidiaries' and our results of operations may be adversely and materially impacted.

***Our equipment leasing operations rely on third-party suppliers for equipment, and disruptions, cost increases, or issues with these third-party supplier relationships could materially impact our business, financial condition, or results of operations.***

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Our equipment leasing operations primarily involve leasing material-handling equipment from third-party suppliers and re-leasing the equipment to our customers. Our subsidiaries depend on third-party suppliers for the availability and reliability of the equipment we lease. Any disruptions in the supply of equipment, such as delays in delivery, changes in pricing, or supply chain interruptions, could negatively impact our ability to meet customer demand and result in operational delays.

Additionally, as our subsidiaries do not own the majority of the equipment they lease, they are subject to the terms and conditions set by third-party lessors. Changes in lease rates, lease durations, or other terms imposed by these lessors could increase our operating costs or reduce our profitability. If our subsidiaries are unable to pass on such increased costs to their customers, it could adversely affect our financial performance.

Furthermore, our business is reliant on maintaining favorable relationships with third-party lessors. If these relationships were to deteriorate, or if lessors fail to meet their obligations, our subsidiaries could face challenges in obtaining or renewing equipment leases, which may materially affect our ability to operate and could have a material adverse impact on our business, financial condition, or results of operations.

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***Aish Alnas faces risks associated with the items it delivers and the contents of shipments handled through its logistics networks, including real or perceived quality or health issues with the products that are handled through its logistics networks, and risks inherent in the logistics industry, including personal injury, product damage, and transportation-related incidents.***

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Our subsidiary in the KSA, Aish Alnas, handles cargo and freight across its logistics network, and faces challenges with respect to the protection and examination of these shipments. Cargo may be delayed, stolen, damaged, or lost during delivery for various reasons, and Aish Alnas may be perceived or found liable for such incidents. In addition, Aish Alnas may fail to screen parcels and detect unsafe, prohibited, or restricted items. Unsafe items, such as flammables and explosives, toxic or corrosive items, and radioactive materials, may damage other items in the network, harm the personnel and facilities, or even injure the recipients. Furthermore, if Aish Alnas fails to prevent prohibited or restricted items from entering into its network and if Aish Alnas participates in the transportation and delivery of such items unknowingly, it may be subject to administrative or even criminal penalties, and if any personal injury or property damage is concurrently caused, it may also be liable for civil compensation. The delivery also involves inherent risks. From time to time, the vehicles and personnel in our integrated transportation business may be involved in transportation and vehicle accidents, and the cargo carried by them may be lost or damaged.

Any of the foregoing could disrupt Aish Alnas's services, cause it to incur substantial expenses, and divert the time and attention of the management. Aish Alnas may face claims and incur significant liabilities if found liable or partially liable for any of injuries, damages, or losses. Governmental authorities may also impose significant fines on Aish Alnas or require it to adopt costly preventive measures. Furthermore, if Aish Alnas's services are perceived to be insecure or unsafe by its customers, its business volume may be significantly reduced, and both Aish Alnas's and our business, financial condition, and results of operations may be materially and adversely affected.

***Our PRC Subsidiaries' R&D, acquisitions, and licensing efforts may fail to generate new products.***

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Our future success depends on both the existing product portfolio and the pipeline of new products, including new products that our PRC Subsidiaries may develop and products that they are able to obtain through licenses or acquisitions.

Our PRC Subsidiaries may be unable to determine with accuracy when or whether any of their products now under development will be launched, or they may be unable to develop, license, or otherwise acquire product candidates or products. In addition, they cannot predict whether any products, once launched, will be commercially successful or will achieve sales and revenue that are consistent with their expectations. Furthermore, the timing and cost of their R&D may increase, making the R&D less predictable.

If our PRC Subsidiaries R&D, acquisition, and licensing efforts fail to generate new products, both our PRC Subsidiaries and our business, results of operations, and financial condition will be materially adversely affected.

***If our PRC Subsidiaries fail to keep up with the technological developments and implementation of advanced technologies, our business, results of operations and prospects may be materially and adversely affected.***

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Our PRC Subsidiaries apply technology to serve their clients more efficiently and bring them better user experience. Our PRC Subsidiaries' success in part depends on their ability to keep up with the changes in technology and the continued successful implementation of advanced technology. If our PRC Subsidiaries fail to adapt the AIoT cloud platform and services to changes in technological development in an effective and timely manner, their business operations may suffer. Changes in technologies may require substantial expenditures in R&D as well as in modification of our PRC Subsidiaries' services. Technical hurdles in implementing technological advances may result in our PRC Subsidiaries' services becoming less attractive to clients, which, in turn, may materially and adversely affect our business, results of operations, and prospects.

***Some of our directors and executive officers have commitments to other companies, which may create competing time demands and could adversely affect their ability to devote sufficient time and attention to our business.***

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Certain of our directors and executive officers currently serve in consulting or management roles at companies other than ours. For example, Lim Choon San and Ooi Kok Ling, our chief operating officer and chief marketing officer, currently serve as consultants at Zhonghui Middle East W.L.L., and Manli Zhang Robinson, our director and chief compliance officer, serves as the general manager of Beijing Yituotongda Enterprise Management Co., Ltd. As a result, these individuals devote a portion of their professional time to other business activities. Competing professional obligations may create conflicts of interest or result in limitations on the time and attention our directors and executive officers are able to devote to our business. If any of these individuals are unable to dedicate sufficient time and attention to effectively perform their duties, our business operations, financial condition, and results of operations could be materially and adversely affected.

***Overall tightening of the labor market, increases in labor costs, or any possible labor unrest may adversely affect both our subsidiaries' and our business, financial condition, and results of operations.***

Our subsidiaries' business requires a substantial number of personnel. Any failure to retain stable and dedicated labor by them may lead to disruption to their business operations. Although they have not experienced any labor shortages as of the date of this prospectus, they have observed an overall tightening and increasingly competitive labor market. Our subsidiaries have experienced, and expect to continue to experience, increases in labor costs due to increases in salary, social benefits, and employee headcount. Our subsidiaries compete with other companies in their industry and other labor-intensive industries for labor, and they may not be able to offer competitive remuneration and benefits compared to their competitors. If they are unable to manage and control their labor costs, their business, financial condition, and results of operations, our financial condition and results of operations may be materially and adversely affected.

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***Our PRC Subsidiaries may not be able to prevent others from unauthorized use of their intellectual property, which could harm their business and competitive position and adversely affect our business, financial condition, and results of operations.***

Our PRC Subsidiaries rely on a combination of trademark, fair trade practice, patent, copyright and trade secret protection laws in China, as well as confidentiality procedures, to protect their intellectual property rights. Our PRC Subsidiaries are careful to remain current in their annual patent fee payments. They regard their trademark, patents, know-how, proprietary technologies, and similar intellectual property as critical to their success. Our PRC Subsidiaries may become an attractive target to intellectual property attacks in the future with the increasing recognition of their brands. Any of their intellectual property rights could be challenged, invalidated, circumvented, or misappropriated, or such intellectual property may not be sufficient to provide them with competitive advantages. In addition, there can be no assurance that (i) all of their intellectual property rights will be adequately protected, or (ii) their intellectual property rights will not be challenged by third parties or found by a judicial authority to be invalid or unenforceable. Intellectual property protection may not be sufficient in China. Accordingly, our PRC Subsidiaries may not be able to effectively protect their intellectual property rights or to enforce their contractual rights in China. In addition, policing any unauthorized use of their intellectual property is difficult, time-consuming, and costly and the steps taken may be inadequate to prevent the misappropriation of their intellectual property. In the event that our PRC Subsidiaries resort to litigation to enforce their intellectual property rights, such litigation could result in substantial costs and a diversion of their managerial and financial resources. We can provide no assurance that the PRC Subsidiaries will prevail in such litigation. In addition, their trade secrets may be leaked or otherwise become available to, or be independently discovered by, their competitors. Any failure in protecting or enforcing their intellectual property rights could have a material adverse effect on their and our business, financial condition, and results of operations.

***Our PRC Subsidiaries may be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt their business and operations.***

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We cannot be certain that our PRC Subsidiaries' operations or any aspects of our PRC Subsidiaries' business do not or will not infringe upon or otherwise violate patents, copyrights, or other intellectual property rights held by third parties. Our PRC Subsidiaries, from time to time in the future may be, subject to legal proceedings and claims relating to the intellectual property rights of others. There could also be existing patents of which our PRC Subsidiaries are not aware that their solutions or services may inadvertently infringe. We cannot assure you that holders of patents purportedly relating to some aspects of our PRC Subsidiaries' technology or business, if any such holders exist, would not seek to enforce such patents against us in China, the United States, or any other jurisdictions. Further, the application and interpretation of China's patent laws and the procedures and standards for granting patents in China are still evolving and are uncertain, and we cannot assure you that PRC courts or regulatory authorities would agree with our analysis. If our PRC Subsidiaries are found to have violated the intellectual property rights of others, our PRC Subsidiaries may be subject to liability for their infringement activities or may be prohibited from using such intellectual property, and they may incur licensing fees or be forced to develop alternatives of their own. In addition, our PRC Subsidiaries may incur significant expenses, and may be forced to divert management's time and other resources from their business and operations to defend against these third-party infringement claims, regardless of their merits. Successful infringement or licensing claims made against our PRC Subsidiaries may result in significant monetary liabilities and may materially disrupt their business and operations by restricting or prohibiting their use of the intellectual property in question.

***Damage to our brand image could have a material adverse effect on our growth strategy and our business, financial condition, results of operations, and prospects.***

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Maintaining and enhancing our brand is critical to expanding our base of clients. Our ability to maintain and enhance our brand depends largely on our ability to maintain client confidence in our service offerings. If clients do not have a satisfactory experience with our products and services, our clients may seek out alternatives from our competitors and may not return to us in the future, or at all.

In addition, unfavorable publicity regarding, for example, our practices relating to privacy and data protection, competitive pressures, litigation, or regulatory activity, could seriously harm our reputation. Such negative publicity also could have an adverse effect on the size, engagement, and loyalty of our client base and result in decreased total revenue which could adversely affect our business, financial condition, and results of operations. Client complaints or negative publicity about our products and services, company practices, employees, client data handling, and security practices could rapidly and severely diminish our clients' confidence in us and result in harm to our brands.

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

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During the fiscal years ended August 31, 2024 and 2025, our sales to the KSA, the PRC, and Singapore markets accounted for substantially all of our revenue. Our sales to customers located in the KSA, the PRC, and Singapore are denominated in the U.S. dollar, with the actual settlement amount converted to an amount denominated in Saudi Riyal, the RMB, and the SGD, respectively, at the time of payment. As a result, fluctuations in the exchange rate among the U.S. dollar, the Saudi Riyal, the RMB, and the SGD will affect the relative purchasing power, in the Saudi Riyal, the RMB, and the SGD terms, of our U.S. dollar assets. Gains and losses from the re-measurement of assets and liabilities receivable or payable in the Saudi Riyal, the RMB, and the SGD are included in our consolidated statements of operations. The re-measurement has caused the U.S. dollar value of our results of operations to vary with exchange rate fluctuations, and the U.S. dollar value of our results of operations will continue to vary with exchange rate fluctuations.

A fluctuation in the value of the Saudi Riyal, the RMB, or the SGD relative to the U.S. dollar could reduce our profits from operations and the translated value of our net assets when reported in U.S. dollars in our financial statements. This change in value could negatively impact our business, financial condition, or results of operations as reported in U.S. dollars. In the event that we decide to convert our Saudi Riyal, RMB or SGD into U.S. dollars to make payments for dividends on our Class A Ordinary Shares or for other business purposes, appreciation of the U.S. dollar against the Saudi Riyal, the RMB, or the SGD will harm the U.S. dollar amount available to us. In addition, fluctuations in currencies relative to the periods in which the earnings are generated may make it more difficult to perform period-to-period comparisons of our reported results of operations.

It is difficult to predict how market forces or any KSA, Singapore, PRC, or U.S. government policy may impact the exchange rate among the U.S. dollar, Saudi Riyal, SGD, and RMB in the future. Any significant appreciation or depreciation of the Saudi Riyal, the SGD, or the RMB may materially and adversely affect our revenue, earnings and financial position, and the value of, and any dividends payable on, our Class A Ordinary Shares in U.S. dollars. To date, we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging transactions in the future, the availability and effectiveness of these hedges may be limited and we may not be able to adequately hedge our exposure or at all. If the exchange rate between the U.S. dollar, the Saudi Riyal, the SGD, and the RMB fluctuates in an unanticipated manner, our business, financial condition, and results of operations could be materially adversely affected.

***If our subsidiaries are not able to implement their strategies to achieve their business objectives, their business operations and financial performance will be adversely affected.***

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Our subsidiaries' business plan and growth strategy are based on currently prevailing circumstances and the assumption that certain circumstances will or will not occur, as well as the inherent risks and uncertainties involved in various stages of development. However, there is no assurance that our subsidiaries will be successful in implementing their strategies or that their strategies, even if implemented, will lead to the successful achievement of their objectives. If they are not able to successfully implement their strategies, their business operations and financial performance will be adversely affected, which will adversely affect our financial condition and results of operations as well.

***Our subsidiaries may not successfully acquire and integrate other businesses, form and manage alliances, or divest businesses.***

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Our subsidiaries may pursue acquisitions, strategic alliances, or divestitures of some of their businesses as part of the business strategy. Our subsidiaries may not complete these transactions in a timely manner, on a cost-effective basis or at all. In addition, it may be subject to regulatory constraints or limitations or other unforeseen factors that prevent them from realizing the expected benefits. Even if they are successful in making an acquisition, the business that are acquired may not be successful or may require significantly greater resources and investments than originally anticipated. They may be unable to integrate acquisitions successfully into their existing business, and they may be unable to achieve expected gross margin improvements or efficiencies. They also could incur or assume significant debt and unknown or contingent liabilities. Their reported results of operations could be negatively affected by acquisition or disposition-related charges, amortization of expenses related to intangibles, and charges for impairment of long-term assets. They may be subject to litigation in connection with, or as a result of, acquisitions, dispositions, or alliances, including claims from terminated employees, clients, or third parties, and they may be liable for future or existing litigation and claims related to the acquired business, disposition, or alliance because either they are not indemnified for such claims or the indemnification is insufficient. These effects could cause our subsidiaries to incur significant expenses and could materially adversely affect our operating results and financial condition.

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

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Our plans for business expansion and development are dependent upon our raising significant additional capital, including the capital sought in this offering. Our plans call for significant new investments in (i) market expansion and sales channel development and (ii) technology development. As of the date of this prospectus, management estimates that our capital needs for expansion will be approximately $8 million. Although we expect the proceeds of this offering and our net earnings to substantially fund our planned growth and development, our management will be required to properly and carefully administer and allocate these funds. Should our capital needs be higher than estimated, or should additional capital be required after the closing of this offering, we will be required to seek additional investments, loans, or debt financing to fully pursue our business plans. Such additional investment may not be available to us on terms that are favorable or acceptable. Should we be unable to meet our full capital needs, our ability to fully implement our business plan will be impaired.

***If we cannot retain, attract, and motivate key personnel, we may be unable to effectively implement our business plan.***

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Our success depends in large part upon our ability to retain, attract, and motivate highly skilled management, R&D, marketing, and sales personnel. The loss of and failure to replace key technical management and personnel could adversely affect multiple development efforts. Recruitment and retention of senior management and skilled technical, sales, and other personnel is very competitive, and we may not be successful in either attracting or retaining such personnel. We may lose key personnel to other high technology companies, and many larger companies with significantly greater resources than us may aggressively recruit key personnel. As part of our strategy to attract and retain key personnel, we may offer equity compensation through grants of share options, restricted share awards, or restricted share units. Potential employees, however, may not perceive our equity incentives as attractive enough. In addition, due to the intense competition for qualified employees, we may be required to, and have had to, increase the level of compensation paid to existing and new employees, which could materially increase our operating expenses.

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

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Global pandemics, or fear of spread of contagious diseases, such as Ebola virus disease, Coronavirus Disease 2019, Middle East respiratory syndrome, severe acute respiratory syndrome, H1N1 flu, H7N9 flu, and avian flu, as well as hurricanes, earthquakes, tsunamis, or other natural disasters could disrupt our subsidiaries' business operations, reduce or restrict their supply of services, incur significant costs to protect their employees, or result in regional or global economic distress, which may materially and adversely affect our subsidiaries' and our business, financial condition, and results of operations. Actual or threatened war, terrorist activities, political unrest, civil strife, and other geopolitical uncertainty could have a similar adverse effect on our subsidiaries' and our business, financial condition, and results of operations. Any one or more of these events may impede our subsidiaries' operating efforts and adversely affect their operating results, or even for a prolonged period of time, which could materially and adversely affect our subsidiaries' and our business, financial condition, and results of operations. We cannot assure you that our subsidiaries are adequately protected from the effects of fire, floods, typhoons, earthquakes, power loss, telecommunications failures, break-ins, war, riots, terrorist attacks, or similar events. Any of the foregoing events may give rise to interruptions, damage to our subsidiaries' property, breakdowns, system failures, technology platform failures, or internet failures, which could adversely affect our subsidiaries and our business, financial condition, and results of operations.

***Our subsidiaries are subject to legal and regulatory proceedings from time to time in the ordinary course of their business.***

Our subsidiaries have not been subject to any material allegations or complaints in the past, but they may be involved in legal and other disputes in the ordinary courses of their business, including allegations against them for potential infringement of third-party copyrights or other intellectual property rights, as well as client complaints in relation to the quality of their products or services and other dissatisfaction. Our subsidiaries might also be involved in governmental investigations for content posted on their websites or other aspect of their business operation in the future. Any claims against them, with or without merit, could be time-consuming and costly to defend or litigate, divert the management's attention and resources or harm the brand equity. If a lawsuit or governmental proceeding against our subsidiaries is successful, they may be required to pay substantial damages or fines. Our subsidiaries may also lose, or be limited in, the rights to offer some of their services or be required to make changes to their offerings or business model. As a result, the scope of our subsidiaries' service offerings could be reduced, which could adversely affect their ability to attract new clients, harm their reputation and have a material adverse effect our business, financial condition, and results of operations.

Moreover, becoming a public company will raise our public profile, which may result in increased litigation as well as increased public awareness of any such litigation. There is substantial uncertainty regarding the scope and application of many of the laws and regulations to which we are subject, which increases the risk that we will be subject to claims alleging violations of those laws and regulations. In the future, we may also be accused of having, or be found to have, infringed, misappropriated, or otherwise violated third-party intellectual property rights.

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***We could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws.***

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We are facilitating overseas business development. The U.S. Foreign Corrupt Practices Act and similar anti-bribery laws generally prohibit companies and their intermediaries from making improper payments to foreign government officials for the purpose of obtaining or retaining business. Practices in the local business communities of many countries outside the United States have a level of government corruption that is greater than that found in the developed world. Our policies mandate compliance with these anti-bribery laws and we have established policies and procedures designed to monitor compliance with these anti-bribery law requirements; however, we cannot assure you that our policies and procedures will protect us from all potential reckless or criminal acts committed by individual employees or agents. If we are found to be liable for anti-bribery law violations, we could suffer from criminal or civil penalties or other sanctions that could have a material adverse effect on our business.

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

***Changes in China's economic, political, or social conditions or government policies could have a material adverse effect on our PRC Subsidiaries' business and operations.***

Part of our PRC Subsidiaries' assets and operations are currently located in China. Accordingly, their business, financial condition, results of operations, and prospects may be influenced to a significant degree by political, economic, and social conditions in China generally. The Chinese economy differs from the economies of most developed countries in many respects, including the level of government involvement, level of development, growth rate, control of foreign exchange, and allocation of resources. Although the Chinese government has implemented measures emphasizing the utilization of market forces for economic reform, including the reduction of state ownership of productive assets and the establishment of improved corporate governance in business enterprises, a substantial portion of productive assets in China is still owned by the government. In addition, the Chinese government continues to play a significant role in regulating industry development by imposing industrial policies. The Chinese government also exercises significant control over China's economic growth by allocating resources, controlling payment of foreign currency-denominated obligations, setting monetary policy, and providing preferential treatment to particular industries or companies.

While the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy. Any adverse changes in economic conditions in China, in the policies of the Chinese government, or in the laws and regulations in China could have a material adverse effect on the overall economic growth of China. Such developments could adversely affect our PRC Subsidiaries' business and operating results, reduce demand for their products, and weaken their competitive position. The Chinese government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall Chinese economy, but may have a negative effect on our PRC Subsidiaries. For example, our PRC Subsidiaries' financial condition and results of operations may be adversely affected by government control over capital investments or changes in tax regulations. In addition, in the past the Chinese government has implemented certain measures, including interest rate adjustments, to control the pace of economic growth. These measures may cause decreased economic activities in China, which may adversely affect the PRC Subsidiaries' business and operating results.

Furthermore, our Company, our PRC Subsidiaries, and our investors may face uncertainty about future actions by the government of China that could significantly affect the PRC Subsidiaries' financial performance and operations. As of the date of this prospectus, neither our Company nor the PRC Subsidiaries have received or were denied permission from Chinese authorities to list on U.S. exchanges. However, there is no guarantee that our Company or the PRC Subsidiaries will receive or not be denied permission from Chinese authorities to list on U.S. exchanges in the future.

***Uncertainties in the interpretation and enforcement of PRC laws and regulations and changes in policies, rules, and regulations in China, which may be quick with little advance notice, could limit the legal protection available to you and us.***

The PRC legal system is based on written statutes. Unlike common law systems, it is a system in which legal cases have limited value as precedents. In the late 1970s, the PRC government began to promulgate a comprehensive system of laws and regulations governing economic matters in general. The legislation over the past three decades has significantly increased the protection afforded to various forms of foreign or private-sector investment in China. The PRC Subsidiaries are subject to various PRC laws and regulations generally applicable to companies in China. Since these laws and regulations are relatively new and the PRC legal system continues to rapidly evolve, and due to the limited volume of published cases and their non-binding nature, interpretation and enforcement of these laws and regulations involve uncertainties. These laws and regulations may be subject to future changes, which could result in a material change in our PRC Subsidiaries' operations and reduce the value of your investment.

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From time to time, we may have to resort to administrative and court proceedings to enforce our legal rights. Since PRC administrative and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, however, it may be more difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy in the PRC legal system than in more developed legal systems. Furthermore, the PRC legal system is based in part on government policies, internal rules, and regulations (some of which are not published in a timely manner or at all) that may have retroactive effect and may change quickly with little advance notice. As a result, we may not be aware of our violation of these policies and rules until sometime after the violation. Such uncertainties, including uncertainties over the scope and effect of our contractual, property (including intellectual property), and procedural rights, and any failure to respond to changes in the regulatory environment in China could materially and adversely affect our business and impede our ability to continue our operations.

***You may experience difficulties in effecting service of legal process, enforcing foreign judgments, or bringing actions in the KSA, Singapore, or China against us or our management named in this prospectus based on foreign laws. It may also be difficult for you or overseas regulators to conduct investigations or collect evidence within the KSA, Singapore, or China.***

As a company incorporated under the laws of the Cayman Islands, we conduct substantially part of our operations in the KSA, Singapore, and China and a substantial part of our assets are located in these jurisdictions. In addition, all of our senior executive officers reside within the KSA, Singapore, and China for a significant portion of the time and are nationals of Singapore, the United Kingdom or the PRC. Mr. Peng Yu, our chief executive officer and director, and Mr. Xiang Chen, our chief financial officer and director, are PRC citizens and reside in the KSA. Mr. Lim Choon San, our chief operating officer and director, and Ms. Ooi Kok Ling, our chief marketing officer and director, are Singapore citizens and reside in Singapore. Ms. Manli Zhang Robinson, our chief compliance officer and director, is a United Kingdom citizen and resides in both the United Kingdom and the PRC. As a result, it may be difficult for you to effect service of process upon those persons. It may be difficult for you to enforce judgments obtained in U.S. courts based on civil liability provisions of the U.S. federal securities laws against us and our officers and directors who do not currently reside in the U.S. or have substantial assets in the U.S. In addition, there is uncertainty as to whether the courts of the Cayman Islands, the KSA, Singapore, or the PRC would recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions of the securities laws of the U.S. or any state.

The recognition and enforcement of foreign judgments are provided for under civil procedure laws of the KSA, Singapore, and the PRC. The KSA, Singapore, and PRC courts may recognize and enforce foreign judgments in accordance with the requirements of their laws based either on treaties between them and the country where the judgment is made or on principles of reciprocity between jurisdictions. The KSA, Singapore, and China do not have any treaties or other forms of written arrangement with the United States that provide for the reciprocal recognition and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, the PRC courts will not enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of PRC laws or national sovereignty, security, or public interest. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the United States. Under the Enforcement Law of the KSA, a foreign judgment may be enforced by a KSA court only when five conditions are satisfied, amongst one of which, is that the judgment or order must not conflict with public order in the KSA for the reciprocity and the applicant of such enforcement shall prove that the judgment issuing court in the United States will enforce KSA judgments in return. Therefore, it is subject to KSA courts' discretion on whether a certain foreign judgment issued by a court in United States will be enforced in the KSA, and it is uncertain whether and on what basis a KSA court would render such decision.

It may also be difficult for you or overseas regulators to conduct investigations or collect evidence within the KSA, Singapore, or China. For example, in China, there are significant legal and other obstacles to obtaining information needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities. Although the authorities in China may establish a regulatory cooperation mechanism with counterparts of another country or region to monitor and oversee cross border securities activities, such regulatory cooperation with the securities regulatory authorities in the United States may not be efficient in the absence of a practical cooperation mechanism. Furthermore, according to Article 177 of the PRC Securities Law, or "Article 177," which became effective in March 2020, no overseas securities regulator is allowed to directly conduct investigations or evidence collection activities within the territory of the PRC. Article 177 further provides that Chinese entities and individuals are not allowed to provide documents or materials related to securities business activities to foreign agencies without prior consent from the securities regulatory authority of the State Council and the competent departments of the State Council. While detailed interpretation of or implementing rules under Article 177 have yet to be promulgated, the inability for an overseas securities regulator to directly conduct investigation or evidence collection activities within China may further increase difficulties faced by you in protecting your interests.

On August 26, 2022, the PCAOB announced that it had signed the Protocol with the CSRC and the MOF, which aims to regulate the inspections and investigations of audit firms in mainland China and Hong Kong. The Protocol includes detailed and specific commitments from the CSRC to allow the PCAOB to conduct inspections and investigations in accordance with U.S. standards and to establish a cooperative mechanism for audit inspection and investigation procedures. However, the ability of foreign securities regulatory authorities to conduct investigations or evidence collection activities directly within China's territory is still subject to certain limitations, which may further increase the difficulties you face in protecting your interests.

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In the KSA, information rights established the KSA are limited to the shareholders and the competent KSA legal and regulatory authorities. The collection of evidence by foreign regulators is not aligned with the principle of state sovereignty unless expressly permitted by the competent authority in the KSA. Should, in any event that the company established in the KSA were to provide such information voluntarily, it would be required to comply with all applicable data protection policies and regulations.

***The PRC government exerts substantial influence over the manner in which the PRC Subsidiaries conduct their business activities. The PRC government may also intervene or influence our PRC Subsidiaries' operations at any time, which could result in a material change in our PRC Subsidiaries' operations.***

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Because a portion of our operations are conducted in China through our PRC Subsidiaries, the Chinese government may exercise significant oversight and discretion over the conduct of our business, may intervene in or influence our operations at any time, and may, in general, 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 our Class A Ordinary Shares. The Chinese government has exercised, and continues to exercise, substantial control over virtually every sector of the Chinese economy through regulation and state ownership. The central government or local governments may impose new, stricter regulations, or interpretations of existing regulations, that could require additional expenditures and efforts on our part to ensure our compliance with such regulations or interpretations. As such, our PRC Subsidiaries may be subject to governmental and regulatory interference in the provinces in which it operates. We could also be subject to regulation by various political and regulatory entities, including local and municipal agencies and other governmental subdivisions. Our ability to operate in China may be impaired by any such laws or regulations, or any changes in laws and regulations in the PRC. We may incur increased costs necessary to comply with existing and future laws and regulations or penalties for any failure to comply.

Furthermore, the Cybersecurity Review Measures were released on December 28, 2021, and became effective on February 15, 2022, and provide that CIIOs that intend to purchase Internet products and online platform operators engaging in data processing activities that affect or may affect national security must be subject to cybersecurity review by the Cybersecurity Review Office of the PRC. According to the Cybersecurity Review Measures, a cybersecurity review assesses potential national security risks that may arise in connection with any procurement of data processing. The Cybersecurity Review Measures further requires that an online platform operator that possesses the personal data of more than one million users shall declare to the Office of Cybersecurity Review for cybersecurity review before listing in a foreign country. As confirmed by our PRC counsel, China Commercial Law Firm, we are not subject to cybersecurity review or network data security review by the CAC under the Cybersecurity Review Measures or the Regulations for the Security Administration of Network Data Security (which came into effect on January 1, 2025), because none of our PRC Subsidiaries is a CIIO, a network platform operator that conduct data processing activities that affect or may affect national security, or an online platform operator with personal information of more than one million users.

Since these statements and regulatory actions are newly published, however, official guidance and related implementation rules have not been issued. Such modified or new laws and regulations may have a potential impact on the daily business operations of our subsidiaries and our ability to accept foreign investments. We also cannot guarantee that we will not be subject to cybersecurity review in the future. If such review is or becomes necessary, we may be required to suspend our operations or experience other disruptions to our operations. Cybersecurity review could also result in negative publicity with respect to our Company and the diversion of our managerial and financial resources, which could materially and adversely affect our business, financial conditions, and results of operations.

***Any actions by the Chinese government, including any decision to intervene or influence the operations of the PRC Subsidiaries or to exert control over any offering of securities conducted overseas and/or foreign investment in China-based issuers, may cause us to make material changes to the operations of the PRC Subsidiaries, may limit or completely hinder our ability to offer or continue to offer securities to investors, and may cause the value of such securities to significantly decline or be worthless.***

The Chinese government has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy through regulation and state ownership. The ability of the PRC Subsidiaries to operate in China may be impaired by changes in its laws and regulations, including those relating to taxation, environmental regulations, land use rights, foreign investment limitations, and other matters. The central or local governments of China may impose new, stricter regulations or interpretations of existing regulations that would require additional expenditures and efforts for the PRC Subsidiaries to ensure their compliance with such regulations or interpretations. As such, the PRC Subsidiaries may be subject to various government and regulatory interference in the provinces in which they operate in China. They could be subject to regulation by various political and regulatory entities, including various local and municipal agencies and government sub-divisions. They may incur increased costs necessary to comply with existing and newly adopted laws and regulations or penalties for any failure to comply.

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Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following its submission of initial public offerings or listing application. If a domestic company fails to complete required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines. As advised by China Commercial Law Firm, we are not required to file with the CSRC for this offering pursuant to the Trial Measures because (i) our PRC Subsidiaries contributed only a minority portion of our consolidated operating revenue, total profit, total assets and consolidated net assets for the most recent fiscal year; (ii) our core business functions and management activities are primarily conducted outside of the PRC; (iii) the majority of the members of our board of directors and senior management in charge of our business operations or management are neither citizens nor habitual residents of the PRC. Since these statements and regulatory actions are newly published, however, official guidance and related implementation rules have not been issued. It is highly uncertain what the potential impact such modified or new laws and regulations will have on the daily business operations of our subsidiaries, our ability to accept foreign investments, and our listing on a U.S. exchange. The SCNPC or PRC regulatory authorities may in the future promulgate laws, regulations, or implementing rules that require us and our subsidiaries to obtain regulatory approval from Chinese authorities before listing in the U.S. If we do not receive or maintain the approval, or inadvertently conclude that such approval is not required, or applicable laws, regulations, or interpretations change such that we are required to obtain approval in the future, we may be subject to an investigation by competent regulators, fines, or penalties, or an order prohibiting us from conducting an offering, and these risks could result in a material adverse change in our operations and the value of our Class A Ordinary Shares, significantly limit or completely hinder our ability to offer or continue to offer securities to investors, or cause such securities to significantly decline in value or become worthless.

While we believe we and our subsidiaries are currently not required to obtain any other permission from any PRC authorities to operate or to issue our Class A Ordinary Shares to foreign investors or otherwise relating to our Class A Ordinary Shares, there are risks that our operations and the issuance of our Class A Ordinary Shares could require permission or consent from various PRC authorities. In addition, neither we nor our PRC Subsidiaries have received any approvals or denial for our operations or the issuance of our Class A Ordinary Shares with respect to this offering. Therefore, we believe that we and our PRC Subsidiaries are not currently covered by permission requirements from the CSRC, the CAC, or any other governmental agency that is required to approve our operations, and no such permissions or approvals have been received or denied. We and our investors would be adversely affected if we or our PRC Subsidiaries were required to receive or maintain such permission or approvals and did not do so, if we inadvertently concluded that such approvals are not required, or if applicable laws, regulations, or interpretations change and we become required to obtain approval in the future.

Accordingly, government actions in the future, including any decision to intervene or influence the operations of the PRC Subsidiaries at any time or to exert control over an offering of securities conducted overseas and/or foreign investment in China-based issuers, may cause us to make material changes to the operations of the PRC Subsidiaries, may limit or completely hinder our ability to offer or continue to offer securities to investors, and may cause the value of such securities to significantly decline or be worthless.

***Recent regulatory actions and statements by the Chinese government regarding oversight of overseas offerings and foreign investment in China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.***

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We are aware that the PRC government has recently indicated an intent to exert more oversight and control over listings conducted overseas and foreign investment in issuers based in mainland China. For example, on July 6, 2021, relevant PRC governmental authorities promulgated the Opinions on Strictly Cracking Down on Illegal Securities Activities, which emphasized the need to strengthen supervision over overseas listings by companies based in mainland China.

We are a holding company with operations conducted in mainland China, Singapore, and the KSA. As a China-based issuer, we may be materially affected by recent statements, policies, or regulatory actions by the PRC government indicating an intention to exert greater oversight and control over offerings conducted overseas and foreign investment in mainland China-based issuers.

If the PRC government adopts new laws, regulations, rules, or interpretations, or implements enforcement actions that increase regulatory scrutiny or control over overseas offerings or foreign investment, our ability to offer or continue to offer securities to investors could be significantly limited or completely hindered. Any such actions could materially and adversely affect our business, financial condition, results of operations, and prospects, and could cause the value of our securities to significantly decline or become worthless.

In addition, under U.S. federal securities laws, the term "control" (including the terms "controlling," "controlled by," and "under common control with") refers to the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through ownership of voting securities, by contract, or otherwise. PRC regulatory authorities may interpret or apply the concept of "control" differently in determining whether additional approvals, filings, or regulatory oversight are required for overseas offerings or foreign investment, which could further increase regulatory uncertainty and risk for investors.

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***Recent greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, could adversely impact the PRC Subsidiaries' business and our offering.***

On December 28, 2021, 13 governmental departments of the PRC, including the CAC, jointly promulgated the Cybersecurity Review Measures, which became effective on February 15, 2022. The Cybersecurity Review Measures provide that, in addition to CIIO that intends to purchase Internet products and services, net platform operators engaging in data processing activities that affect or may affect national security must be subject to cybersecurity review by the Cybersecurity Review Office of the PRC. According to the Cybersecurity Review Measures, a cybersecurity review assesses potential national security risks that may be brought about by any procurement, data processing, or overseas listing. The Cybersecurity Review Measures requires that an online platform operator which possesses the personal information of at least one million users must apply for a cybersecurity review by the CAC if it intends to be listed in foreign countries.

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On September 24, 2024, the State Council promulgated the Regulation on Network Data Security Management, which became effective on January 1, 2025. According to such regulations, network data processors conducting network data processing activities that may affect or potentially affect national security shall conduct national security reviews in accordance with national regulations.

As of the date of this prospectus, we have not received any notice from any authorities identifying our PRC Subsidiaries as CIIOs or requiring us to go through cybersecurity review or network data security review by the CAC. As confirmed by our PRC counsel, China Commercial Law Firm, neither the operations of our PRC Subsidiaries, nor our listing are expected to be affected, and that we are not subject to cybersecurity review by the CAC under the Cybersecurity Review Measures, given that none of our PRC Subsidiaries is a CIIO, a network platform operator that conduct data processing activities that affect or may affect national security, or an online platform operator with personal information of more than one million users. We are also not subject to national security review by the relevant authorities under the Regulation on Network Data Security Management, because neither we nor our subsidiaries currently conduct data activities that may affect national security. There remains uncertainty, however, as to how the Cybersecurity Review Measures and the Regulation on Network Data Security Management will be interpreted or implemented and whether the PRC regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation related to the Cybersecurity Review Measures and the Regulation on Network Data Security Management. If any such new laws, regulations, rules, or implementation and interpretation come into effect, we expect to take all reasonable measures and actions to comply and to minimize the adverse effect of such laws on us. We cannot guarantee, however, that our PRC Subsidiaries will not be subject to cybersecurity review and network data security review in the future. During such reviews, our PRC Subsidiaries may be required to suspend their operations or experience other disruptions to their operations. Cybersecurity review and network data security review could also result in negative publicity with respect to our Company and diversion of our managerial and financial resources, which could materially and adversely affect our business, financial conditions, and results of operations.

***The Opinions, the Trial Measures, and the revised Provisions recently issued by the PRC authorities subject us to additional compliance requirements.***

The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Opinions, which were made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies. These opinions proposed to take effective measures, such as promoting the construction of relevant regulatory systems, to deal with the risks and incidents facing China-based overseas-listed companies and the demand for cybersecurity and data privacy protection. The aforementioned policies and any related implementation rules to be enacted may subject us to additional compliance requirements in the future. On February 17, 2023, the CSRC promulgated the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures within three working days following its submission of initial public offerings or listing application. The required filing materials with the CSRC include (without limitation): (i) record-filing reports and related undertakings; (ii) compliance certificates, filing, or approval documents from the primary regulators of applicants' businesses (if applicable); (iii) security assessment opinions issued by related departments (if applicable); (iv) PRC legal opinions issued by domestic law firms (with related undertakings); and (v) the prospectus or listing documents. If a domestic company fails to complete required filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines. As advised by China Commercial Law Firm, we are not required to file with the CSRC for this offering pursuant to the Trial Measures because (i) our PRC Subsidiaries contributed only a minority portion of our consolidated operating revenue, total profit, total assets and consolidated net assets for the most recent fiscal year; (ii) our core business functions and management activities are primarily conducted outside of the PRC; (iii) the majority of the members of our board of directors and senior management in charge of our business operations or management are neither citizens nor habitual residents of the PRC.

On February 24, 2023, the CSRC, together with the MOF, National Administration of State Secrets Protection and National Archives Administration of China, revised the Provisions issued by the CSRC and National Administration of State Secrets Protection and National Archives Administration of China in 2009. The revised Provisions were issued under the title "Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies," and came into effect on March 31, 2023 together with the Trial Measures. One of the major revisions to the revised Provisions is expanding their application to cover indirect overseas offering and listing, as is consistent with the Trial Measures. The revised Provisions require that, among other things, (a) a domestic company that plans to, either directly or indirectly through its overseas listed entity, publicly disclose or provide to relevant individuals or entities, including securities companies, securities service providers, and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level; and (b) a domestic company that plans to, either directly or indirectly through its overseas listed entity, publicly disclose or provide to relevant individuals and entities, including securities companies, securities service providers, and overseas regulators, any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall strictly fulfill relevant procedures stipulated by applicable national regulations. Any failure or perceived failure by our Company, or our PRC Subsidiaries to comply with the above confidentiality and archives administration requirements under the revised Provisions and other PRC laws and regulations may result in the relevant entities being held legally liable by competent authorities, and referred to the judicial organ to be investigated for criminal liability if suspected of committing a crime.

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The Opinions, the Trial Measures, the revised Provisions and any related implementing rules to be enacted subject us to additional compliance requirements. As there are still uncertainties regarding the interpretation and implementation of such regulatory guidance, we cannot assure you that we will be able to comply with all new regulatory requirements of the Opinions, the Trial Measures, the revised Provisions, or any future implementing rules on a timely basis, or at all.

***Recent joint statement by the SEC and the PCAOB, rule changes by Nasdaq, and the HFCA Act all call for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. These developments could add uncertainties to our continued listing or future offerings of our securities in the U.S.***

On April 21, 2020, the then 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 have 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 a minimum offering size requirement for companies primarily operating in a "Restrictive Market," (ii) adopt a new requirement relating to the qualification of management or the 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 auditor. On October 4, 2021, the SEC approved Nasdaq's revised proposal for the rule changes.

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

On March 24, 2021, the SEC announced the adoption of interim final amendments to implement the submission and disclosure requirements of the HFCA Act. In the announcement, the SEC clarifies that before any issuer will have to comply with the interim final amendments, the SEC must implement a process for identifying covered issuers. The announcement also states that the SEC staff is actively assessing how best to implement the other requirements of the HFCA Act, including the identification process and the trading prohibition requirements.

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

On December 2, 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act, which became effective on January 10, 2022. 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 the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions. For example, on December 16, 2021, the PCAOB issued a report on its determinations that it is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. The Board made these determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities under the HFCA Act.

On August 26, 2022, the CSRC, the MOF, and the PCAOB signed the Protocol governing inspections and investigations of accounting firms based in mainland China and Hong Kong, taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December 15, 2022, the PCAOB determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB will consider the need to issue a new determination. In addition, the PCAOB can restart its "inspection clock" if circumstances change and it no longer believes that it can inspect China and Hong Kong-based auditors.

On December 29, 2022, the Consolidated Appropriations Act was signed into law by former President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to Accelerating Holding Foreign Companies Accountable Act, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two.

The lack of access to the PCAOB inspection in China prevents the PCAOB from fully evaluating audits and quality control procedures of the auditors based in China. As a result, investors may be deprived of the benefits of such PCAOB inspections. The inability of the PCAOB to conduct inspections of auditors in China makes it more difficult to evaluate the effectiveness of these accounting firm's audit procedures or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections, which could cause existing and potential investors in our Class A Ordinary Shares to lose confidence in our audit procedures and reported financial information and the quality of our financial statements.

Our auditor, Prouden, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Prouden is headquartered in the PRC and registered with the PCAOB in November 2024. As of the date of this prospectus, the PCAOB has not determined that Prouden was unable to be inspected or investigated completely. However, these developments add uncertainties to our offering, and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us since we are an emerging growth company and the majority of our operations are conducted in the KSA, the PRC and Singapore. Furthermore, if the PCAOB is unable to inspect our accounting firm in the future, the HFCA Act will prohibit trading in our securities, and, as a result, an exchange may determine to delist our securities and trading in our securities could be prohibited.

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***To the extent cash or assets in the business are in the PRC or a PRC entity, the funds or assets may not be available to fund operations or for other use outside of the PRC due to interventions in or the imposition of restrictions and limitations on the ability of our Company or our subsidiaries by the PRC government to transfer cash or assets.***

Relevant PRC laws and regulations permit the companies in the PRC to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Additionally, each of the companies in the PRC are required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. The companies in the PRC are also required to further set aside a portion of their after-tax profits to fund the employee welfare fund, although the amount to be set aside, if any, is determined at their discretion. These reserves are not distributable as cash dividends. Furthermore, in order for us to pay dividends to our shareholders, we will rely on the receipt of funds from our PRC Subsidiaries, RUI Beijing and RUI Shanghai, as dividends. RUI Shanghai will rely on payments made from RUI Facility Management, which will in turn rely on payments made from RUI Catering, Jiangsu Ruimu, RUI Wuxi, and Deep Quest. If RUI Beijing and RUI Shanghai and its subsidiaries, incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to us.

Our cash dividends, if any, will be paid in U.S. dollars. If we are considered a tax resident enterprise of the PRC for tax purposes, any dividends we pay to our overseas shareholders may be regarded as China-sourced income and as a result may be subject to PRC withholding tax. See "—Risks Relating to Doing Business in the PRC—Under the PRC Enterprise Income Tax Law, we may be classified as a PRC 'resident enterprise' for PRC enterprise income tax purposes. Such classification would likely result in unfavorable tax consequences to us and our non-PRC shareholders and have a material adverse effect on our results of operations and the value of your investment."

The PRC government also imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of currency out of the PRC. The majority of our PRC Subsidiaries' income is received in Renminbi and shortages in foreign currencies may restrict our ability to pay dividends or other payments, or otherwise satisfy our foreign currency denominated obligations, if any. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments, and expenditures from trade-related transactions, can be made in foreign currencies without prior approval from the State Administration of Foreign Exchange ("SAFE") as long as certain procedural requirements are met. Approval from appropriate government authorities is required if Renminbi is converted into foreign currency and remitted out of the PRC to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may, at its discretion, impose restrictions on access to foreign currencies for current account transactions and if this occurs in the future, we may not be able to pay dividends in foreign currencies to our shareholders.

As a result of the above, to the extent cash or assets in the business are in the PRC or a PRC entity, such funds or assets may not be available to fund operations or for other use outside of the PRC, due to interventions in or the imposition of restrictions and limitations on the ability of our Company or our subsidiaries by the competent government to the transfer of cash or assets.

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***Increases in labor costs in the PRC may adversely affect our PRC Subsidiaries' business and profitability.***

China's economy has experienced increases in labor costs in recent years. China's overall economy and the average wage in China are expected to continue to grow. The average wage level for our PRC Subsidiaries' employees has also increased in recent years. We expect that their labor costs, including wages and employee benefits, will continue to increase. Unless our PRC Subsidiaries are able to pass on these increased labor costs to its customers by increasing prices for its products or services, its profitability and results of operations may be materially and adversely affected.

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

As the interpretation and implementation of labor-related laws and regulations are still evolving, we cannot assure you that our PRC Subsidiaries' employment practices do not and will not violate labor-related laws and regulations in China, which may subject our PRC Subsidiaries to labor disputes or government investigations. If our PRC Subsidiaries are deemed to have violated relevant labor laws and regulations, they could be required to provide additional compensation to their employees and their business, and, in such case, our financial condition, and results of operations could be materially and adversely affected.

***PRC regulations relating to offshore investment activities by PRC residents may subject our PRC resident beneficial owners or the PRC Subsidiaries to liability or penalties, limit our ability to inject capital into the PRC Subsidiaries, limit the PRC Subsidiaries' ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us.***

On July 4, 2014, SAFE issued the Circular on Issues Concerning Foreign Exchange Control over the Overseas Investment and Financing and Round-trip Investment by Domestic Residents via Special Purpose Vehicles, or "SAFE Circular 37." According to SAFE Circular 37, prior registration with the local SAFE branch is required for PRC residents, (including PRC individuals and PRC corporate entities as well as foreign individuals that are deemed as PRC residents for foreign exchange administration purpose), in connection with their direct or indirect contribution of domestic assets or interests to offshore special purpose vehicles, or "SPVs." SAFE Circular 37 further requires amendments to the SAFE registrations in the event of any changes with respect to the basic information of the offshore SPV, such as change of a PRC individual shareholder, name, and operation term, or any significant changes with respect to the offshore SPV, such as an increase or decrease of capital contribution, share transfer or exchange, or mergers or divisions. SAFE Circular 37 is applicable to our shareholders who are PRC residents and may be applicable to any offshore acquisitions that we make in the future. In February 2015, SAFE promulgated a Circular on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment, or "SAFE Circular 13," effective in June 2015. Under SAFE Circular 13, applications for foreign exchange registration of inbound foreign direct investments and outbound overseas direct investments, including those required under SAFE Circular 37, will be filed with qualified banks instead of SAFE. The qualified banks will directly examine the applications and accept registrations under the supervision of SAFE.

In addition to SAFE Circular 37 and SAFE Circular 13, our ability to conduct foreign exchange activities in China may be subject to the interpretation and enforcement of the Implementation Rules of the Administrative Measures for Individual Foreign Exchange promulgated by SAFE in January 2007 (as amended and supplemented, the "Individual Foreign Exchange Rules"). Under the Individual Foreign Exchange Rules, any PRC individual seeking to make a direct investment overseas or engage in the issuance or trading of negotiable securities or derivatives overseas must make the appropriate registrations in accordance with SAFE provisions, the failure of which may subject such PRC individual to warnings, fines, or other liabilities.

We may not be informed of the identities of all the PRC residents holding direct or indirect interest in our Company, however, and we have no control over any of our future beneficial owners. Thus, we cannot provide any assurance that our current or future PRC resident beneficial owners will comply with our request to make or obtain any applicable registrations or continuously comply with all registration procedures set forth in these SAFE regulations. Such failure or inability of our PRC residents beneficial owners to comply with these SAFE regulations may subject us or our PRC resident beneficial owners to fines and legal sanctions, restrict our cross-border investment activities, or limit the PRC Subsidiaries' ability to distribute dividends to or obtain foreign-exchange-dominated loans from us, or prevent us from being able to make distributions or pay dividends, as a result of which our business operations and our ability to distribute profits to you could be materially and adversely affected.

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***PRC regulation of parent/subsidiary loans and direct investment by offshore holding companies to PRC entities may delay or prevent us from using the proceeds of offshore offerings to make loans or additional capital contributions to the PRC Subsidiaries, which could materially and adversely affect their liquidity and their ability to fund and expand their business.***

We are an offshore holding company conducting some of our operations in China through our PRC Subsidiaries, to which we can make loans and make additional capital contributions. Most of these loans or contributions are subject to PRC regulations and approvals or registration. For example, any loans to the PRC Subsidiaries, which are treated as foreign-invested enterprises under PRC law, are subject to PRC regulations and foreign exchange loan registrations. Furthermore, loans made by us to the PRC Subsidiaries to finance their activities cannot exceed statutory limits and must be registered with the local counterpart of SAFE, or filed with SAFE in its information system. Pursuant to relevant PRC regulations, we may provide loans to our PRC Subsidiaries up to the larger amount of (i) the balance between the registered total investment amount and registered capital of these entities, or (ii) twice the amount of the net assets of these entities calculated in accordance with the Circular on Full-Coverage Macro-Prudent Management of Cross-Border Financing, or the "PBOC Circular 9." Moreover, any medium or long-term loan to be provided by us to the PRC Subsidiaries, or other domestic PRC entities must also be filed and registered with the National Development and Reform Commission (the "NDRC"). We may also decide to finance the PRC Subsidiaries by means of capital contributions. These capital contributions are subject to registration with the SAMR or its local branch, reporting of foreign investment information with the Ministry of Commerce of the PRC (the "MOFCOM"), or registration with other governmental authorities in China.

On March 30, 2015, SAFE issued the Notice of the State Administration of Foreign Exchange on Reforming the Administrative Approach Regarding the Settlement of the Foreign Exchange Capital of Foreign-invested Enterprises, or "SAFE Circular 19," which took effect and replaced previous regulations effective on June 1, 2015, and was amended on December 30, 2019. Pursuant to SAFE Circular 19, up to 100% of foreign currency capital of a foreign-invested enterprise may be converted into RMB capital according to the actual operation, and within the business scope, of the enterprise at its will. Although SAFE Circular 19 allows for the use of RMB converted from the foreign currency-denominated capital for equity investments in the PRC, the restrictions continue to apply as to foreign-invested enterprises' use of the converted RMB for purposes beyond their business scope, for entrusted loans or for inter-company RMB loans. On June 9, 2016, SAFE promulgated the Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange Settlement Management Policy of Capital Account, or "SAFE Circular 16," effective on June 9, 2016, which reiterates some rules set forth in SAFE Circular 19, but changes the prohibition against using RMB capital converted from foreign currency-denominated registered capital of a foreign-invested company to issue RMB entrusted loans to a prohibition against using such capital to issue loans to non-affiliated enterprises. SAFE Circular 19 and SAFE Circular 16 may significantly limit our ability to transfer any foreign currency we hold, including the net proceeds from our offshore offerings, to the PRC Subsidiaries, which may adversely affect our liquidity and our ability to fund and expand our business in China. On October 23, 2019, SAFE issued the Notice of the State Administration of Foreign Exchange on Further Facilitating Cross-border Trade and Investment, or "SAFE Circular 28," which, among other things, expanded the use of foreign exchange capital to domestic equity investment area. Non-investment foreign-funded enterprises are allowed to lawfully make domestic equity investments by using their capital on the premise without violation to prevailing Special Administrative Measures for Access of Foreign Investments (Edition 2024), or the "Negative List," and the authenticity and compliance with the regulations of domestic investment projects. However, it is unclear how SAFE and competent banks will carry it out in practice.

In light of the various requirements imposed by PRC regulations on loans to and direct investment in PRC entities by offshore holding companies, including SAFE Circular 19, SAFE Circular 16, and other relevant rules and regulations, we cannot assure you that we will be able to complete the necessary registrations or obtain the necessary government approvals on a timely basis, if at all, with respect to future loans or capital contributions to the PRC Subsidiaries. As a result, uncertainties exist as to our ability to provide prompt financial support to the PRC Subsidiaries when needed. If we fail to complete such registrations or obtain such approvals, our ability to use the proceeds we received or expect to receive from our offshore offerings and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely affect the PRC Subsidiaries' business, including their liquidity and their ability to fund and expand their business.

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

The value of the RMB against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political and economic conditions in China and by China's foreign exchange policies. On July 21, 2005, the PRC government changed its decade-old policy of pegging the value of the RMB to the U.S. dollar, and the RMB appreciated more than 20% against the U.S. dollar over the following three years. Between July 2008 and June 2010, this appreciation halted and the exchange rate between the RMB and the U.S. dollar remained within a narrow band. Since June 2010, the RMB has fluctuated against the U.S. dollar, at times significantly and unpredictably. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future.

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

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

***Under the PRC Enterprise Income Tax Law, we may be classified as a PRC "resident enterprise" for PRC enterprise income tax purposes. Such classification would likely result in unfavorable tax consequences to us and our non-PRC shareholders and have a material adverse effect on our results of operations and the value of your investment.***

Under the PRC Enterprise Income Tax Law (the "EIT Law"), which became effective in January 2008 and latest amended in December 2018, an enterprise established outside the PRC with "de facto management bodies" within the PRC is considered a "resident enterprise" for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. Under the implementation rules to the EIT Law, a "de facto management body" is defined as a body that has material and overall management and control over the manufacturing and business operations, personnel and human resources, finances, and properties of an enterprise. In April 2009, the State Administration of Taxation (the "SAT") issued the Circular on Issues Concerning the Identification of Chinese-Controlled Overseas Registered Enterprises as Resident Enterprises in Accordance with the Actual Standards of Organizational Management, or "SAT Circular 82," which was amended in December 2017. SAT Circular 82 specifies that certain offshore incorporated enterprises controlled by PRC enterprises or PRC enterprise groups will be classified as PRC resident enterprises if the following are located or resident in the PRC: senior management personnel and departments that are responsible for daily production, operation and management; financial and personnel decision-making bodies; key properties, accounting books, company seal, and minutes of board meetings and shareholders' meetings; and half or more of the senior management or directors having voting rights. In addition to SAT Circular 82, the SAT issued the Measures for the Administration of Enterprise Income Tax of Chinese-Controlled Overseas Registered Enterprises as Resident Enterprises (for Trial Implementation), or "SAT Bulletin 45," which took effect in September 2011 and was amended in April 2015, to provide more guidance on the implementation of SAT Circular 82 and clarify the reporting and filing obligations of such "Chinese-controlled offshore incorporated resident enterprises." SAT Bulletin 45 provides procedures and administrative details for the determination of resident status and administration on post-determination matters. Although both SAT Circular 82 and SAT Bulletin 45 only apply to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreign individuals, the determining criteria set forth in SAT Circular 82 and SAT Bulletin 45 may reflect the SAT's general position on how the "de facto management body" test should be applied in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises, PRC enterprise groups, or by PRC or foreign individuals.

RUI Cayman may be deemed to be a PRC resident enterprise for PRC enterprise income tax purposes and a number of unfavorable PRC tax consequences could follow. First, we will be subject to the uniform 25% enterprise income tax on our world-wide income, which could materially reduce our net income. In addition, we will also be subject to PRC enterprise income tax reporting obligations. Finally, dividends payable by us to our investors and gains on the sale of our Class A Ordinary Shares may become subject to PRC withholding tax, at a rate of 10% in the case of non-PRC enterprises or 20% in the case of non-PRC individuals (in each case, subject to the provisions of any applicable tax treaty), if such gains are deemed to be from PRC sources. It is unclear whether non-PRC shareholders of our Company would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. Any such tax may reduce the returns on your investment in our Class A Ordinary Shares. Although up to the date of this prospectus, RUI Cayman has not been notified or informed by the PRC tax authorities that it has been deemed to be a resident enterprise for the purpose of the EIT Law, we cannot assure you that it will not be deemed to be a resident enterprise in the future.

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***We face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.***

In February 2015, SAT issued a Public Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of Properties by Non-Tax Resident Enterprises, or "SAT Circular 7." SAT Circular 7 provides comprehensive guidelines relating to indirect transfers of PRC taxable assets (including equity interests and real properties of a PRC resident enterprise) by a non-resident enterprise. In addition, in October 2017, SAT issued an Announcement on Issues Relating to Withholding at Source of Income Tax of Non-resident Enterprises, or "SAT Circular 37," effective in December 2017, which, among others, amended certain provisions in SAT Circular 7 and further clarify the tax payable declaration obligation by non-resident enterprise. Indirect transfer of equity interest and/or real properties in a PRC resident enterprise by their non-PRC holding companies are subject to SAT Circular 7 and SAT Circular 37.

SAT Circular 7 provides clear criteria for an assessment of reasonable commercial purposes and has introduced safe harbors for internal group restructurings and the purchase and sale of equity through a public securities market. As stipulated in SAT Circular 7, indirect transfers of PRC taxable assets are considered as reasonable commercial purposes if the shareholding structure of both transaction parties falls within the following situations: (i) the transferor directly or indirectly owns 80% or above equity interest of the transferee, or vice versa; (ii) the transferor and the transferee are both 80% or above directly or indirectly owned by the same party; and (iii) the percentages in bullet points (i) and (ii) shall be 100% if over 50% the share value of a foreign enterprise is directly or indirectly derived from PRC real properties. Furthermore, SAT Circular 7 also brings challenges to both foreign transferor and transferee (or other person who is obligated to pay for the transfer) of taxable assets. Where a non-resident enterprise transfers PRC taxable assets indirectly by disposing of the equity interests of an overseas holding company, which is an indirect transfer, the non-resident enterprise as either transferor or transferee, or the PRC entity that directly owns the taxable assets, may report such indirect transfer to the relevant tax authority and the PRC tax authority may disregard the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing, avoiding, or deferring PRC tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes.

According to SAT Circular 37, where the non-resident enterprise fails to declare the tax payable pursuant to Article 39 of the EIT Law, the tax authority may order it to pay the tax due within required time limits, and the non-resident enterprise shall declare and pay the tax payable within such time limits specified by the tax authority. If the non-resident enterprise, however, voluntarily declares and pays the tax payable before the tax authority orders it to do so within required time limits, it shall be deemed that such enterprise has paid the tax in time.

We face uncertainties as to the reporting and assessment of reasonable commercial purposes and future transactions where PRC taxable assets are involved, such as offshore restructuring, sale of the shares in our offshore subsidiaries, and investments. In the event of being assessed as having no reasonable commercial purposes in an indirect transfer transaction, we may be subject to filing obligations or taxed if we are a transferor in such transactions, and may be subject to withholding obligations (to be specific, a 10% withholding tax for the transfer of equity interests) if we are a transferee in such transactions, under SAT Circular 7 and SAT Circular 37. For transfer of shares by investors who are non-PRC resident enterprises, the PRC Subsidiaries may be requested to assist in the filing under the SAT circulars. As a result, we may be required to expend valuable resources to comply with the SAT circulars or to request the relevant transferors from whom we purchase taxable assets to comply with these circulars, or to establish that we should not be taxed under these circulars, which may have a material adverse effect on our financial condition and results of operations.

***The PRC Subsidiaries are subject to restrictions on paying dividends or making other payments to us, which may have a material adverse effect on our ability to conduct our business.***

We are a holding company incorporated in the Cayman Islands. We may need dividends and other distributions on equity from the PRC Subsidiaries to satisfy our liquidity requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur. If the PRC Subsidiaries incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to us.

Current PRC regulations permit the PRC Subsidiaries to pay dividends to us only out of their accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, the PRC Subsidiaries are required to set aside at least 10% of their respective accumulated profits each year, if any, to fund certain reserve funds until the total amount set aside reaches 50% of their respective registered capital. The PRC Subsidiaries may also allocate a portion of their respective after-tax profits based on PRC accounting standards to employee welfare and bonus funds at their discretion. These reserves are not distributable as cash dividends. These limitation on the ability of the PRC 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.

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***Governmental control of currency conversion may affect the value of your investment and our payment of dividends.***

The PRC government imposes controls on the convertibility of the RMB into foreign currencies and, in certain cases, the remittance of currency out of China. We receive part of our revenue in RMB. Under our current corporate structure, RUI Cayman may rely on dividend payments from our PRC Subsidiaries, RUI Beijing and RUI shanghai, to fund any cash and financing requirements we may have. RUI Shanghai will rely on payments made from RUI Facility Management, which will in turn rely on payments made from RUI Catering, Jiangsu Ruimu, RUI Wuxi, and Deep Quest. Under existing PRC foreign exchange regulations, payments of current account items, such as profit distributions and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval from SAFE by complying with certain procedural requirements. Therefore, the PRC Subsidiaries are able to pay dividends in foreign currencies to us without prior approval from SAFE, subject to the condition that the remittance of such dividends outside of the PRC complies with certain procedures under PRC foreign exchange regulation, such as the overseas investment registrations by our shareholders or the ultimate shareholders of our corporate shareholders who are PRC residents. Approval from or registration with appropriate government authorities is, however, required where the RMB is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may also at its discretion restrict access in the future to foreign currencies for current account transactions. If the foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demand, we may not be able to pay dividends in foreign currencies to our shareholders.

***There are significant uncertainties under the EIT Law relating to the withholding tax liabilities of the PRC Subsidiaries, and dividends payable by our PRC Subsidiaries to our offshore subsidiaries may not qualify to enjoy certain treaty benefits.***

Under the EIT Law and its implementation rules, the profits of a foreign-invested enterprise generated through operations, which are distributed to its immediate holding company outside the PRC, will be subject to a withholding tax rate of 10%.

However, based on the Circular on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties, or the "SAT Circular 81," which became effective on February 20, 2009, if the relevant PRC tax authorities determine, in their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily tax-driven, such PRC tax authorities may adjust the preferential tax treatment. According to Circular on Several Issues regarding the "Beneficial Owner" in Tax Treaties, which became effective as of April 1, 2018, when determining an applicant's status as the "beneficial owner" regarding tax treatments in connection with dividends, interests, or royalties in the tax treaties, several factors will be taken into account. Such factors include whether the business operated by the applicant constitutes actual business activities, and whether the counterparty country or region to the tax treaties does not levy any tax, grant tax exemption on relevant incomes, or levy tax at an extremely low rate. This circular further requires any applicant who intends to be proved of being the "beneficial owner" to file relevant documents with the relevant tax authorities. RUI Beijing and RUI Shanghai are wholly owned by RUI Singapore. However, we cannot assure you that our determination regarding our qualification to enjoy the preferential tax treatment will not be challenged by the relevant PRC tax authority or we will be able to complete the necessary filings with the relevant PRC tax authority.

***If we become directly subject to the scrutiny, criticism, and negative publicity involving U.S.-listed Chinese companies, we may have to expend significant resources to investigate and resolve the matter which could harm our business operations, stock price, and reputation.***

U.S. public companies that have substantial operations in China have been the subject of intense scrutiny, criticism, and negative publicity by investors, financial commentators, and regulatory agencies, such as the SEC. Much of the scrutiny, criticism, and negative publicity has centered on financial and accounting irregularities and mistakes, a lack of effective internal controls over financial accounting, inadequate corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud. As a result of the scrutiny, criticism, and negative publicity, the publicly traded stock of many U.S. listed Chinese companies sharply decreased in value and, in some cases, have become virtually worthless. Many of these companies are now subject to shareholder lawsuits and SEC enforcement actions and are conducting internal and external investigations into the allegations. It is not clear what effect this sector-wide scrutiny, criticism, and negative publicity will have on us, our business, and the price of our Class A Ordinary Shares. If we become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend significant resources to investigate such allegations and/or defend our Company. This situation will be costly and time consuming and could distract our management from developing our business. If such allegations are not proven to be groundless, we and our business operations will be severely affected and you could sustain a significant decline in the value of our Class A Ordinary Shares.

***The approval of the CSRC may be required in connection with this offering under a regulation adopted in August 2006, and, if required, we cannot assure you that we will be able to obtain such approval, in which case we may face sanctions by the CSRC or other PRC regulatory agencies for failure to seek the CSRC approval for this offering under such regulation.***

The Regulations on Mergers and Acquisitions of Domestic Companies by Foreign Investors, or the "M&A Rules," adopted by six PRC regulatory agencies in 2006 and amended in 2009, requires an overseas SPV formed for listing purposes through acquisitions of PRC domestic companies and controlled by PRC companies or individuals to obtain the approval of the CSRC, prior to the listing and trading of such SPV's securities on an overseas stock exchange. In September 2006, the CSRC published a notice on its official website specifying documents and materials required to be submitted to it by an SPV seeking the CSRC approval of its overseas listings. The application of the M&A Rules remains unclear.

Our PRC legal counsel, China Commercial Law Firm, has advised us, based on their understanding of the current PRC law, rules, and regulations, that the CSRC's approval under the M&A Rule is not required for the listing and trading of our Class A Ordinary Shares on Nasdaq in the context of this offering, given that (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings under this prospectus are subject to the M&A Rules; and (ii) we shall complete filing procedures with the CSRC for this offering pursuant to the requirements of the Trial Measures that recently came into effect and provided clearer guidance for such requirements.

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China Commercial Law Firm, however, has further advised us that there remains some uncertainty as to how the M&A Rules will be interpreted or implemented in the context of an overseas offering and its opinions summarized above are subject to any new laws, rules and regulations or detailed implementations and interpretations in any form relating to the M&A Rules. We cannot assure you that relevant PRC governmental agencies, including the CSRC, would reach the same conclusion as we have. If it is determined that the CSRC approval under the M&A Rules is required for our offerings in the U.S., we may face sanctions by the CSRC or other PRC regulatory agencies for failure to seek the CSRC approval for our offerings in the U.S. These sanctions may include fines and penalties on our operations in the PRC, limitations on our operating privileges in the PRC, delays in or restrictions on the repatriation of the proceeds from our offerings in the U.S. into the PRC, restrictions on or prohibition of the payments or remittance of dividends by the PRC Subsidiaries, or other actions that could have a material and adverse effect on our business, financial condition, results of operations, reputation, and prospects, as well as the trading price of our Class A Ordinary Shares. The CSRC or other PRC regulatory agencies may also take actions requiring us, or making it advisable for us, to halt our offerings in the U.S. before the settlement and delivery of the Class A Ordinary Shares that we are offering. Consequently, if you engage in market trading or other activities in anticipation of and prior to the settlement and delivery of the Class A Ordinary Shares we are offering, you would be doing so at the risk that the settlement and delivery may not occur.

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

The M&A Rules and recently adopted PRC regulations and rules concerning mergers and acquisitions established additional procedures and requirements that could make merger and acquisition activities by foreign investors more time consuming and complex. For example, the M&A Rules require that MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor takes control of a PRC domestic enterprise, if (i) any important industry is concerned, (ii) such transaction involves factors that have or may have impact on the national economic security, or (iii) such transaction will lead to a change in control of a domestic enterprise which holds a famous trademark or PRC time-honored brand. Mergers or acquisitions that allow one market player to take control of or to exert decisive impact on another market player must also be notified in advance to MOFCOM when the threshold under the Provisions on Thresholds for Prior Notification of Concentrations of Undertakings, or the "Prior Notification Rules," issued by the State Council in August 2008 is triggered. In addition, the Provisions of the Ministry of Commerce on the Implementation of the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (the "Security Review Rules") issued by MOFCOM that became effective in September 2011 specify that mergers and acquisitions by foreign investors that raise "national defense and security" concerns and mergers and acquisitions through which foreign investors may acquire de facto control over domestic enterprises that raise "national security" concerns are subject to strict review by MOFCOM, and the Security Review Rules prohibit any activities attempting to bypass a security review, including by structuring the transaction through a proxy or contractual control arrangement. In the future, we may grow our business by acquiring complementary businesses. Complying with the requirements of the above-mentioned regulations and other relevant rules to complete such transactions could be time consuming, and any required approval processes, including obtaining approval from MOFCOM or its local counterparts may delay or inhibit our ability to complete such transactions. It is clear that the PRC Subsidiaries' business would not be deemed to be in an industry that raises "national defense and security" or "national security" concerns. MOFCOM or other government agencies, however, may publish explanations in the future determining that the PRC Subsidiaries' business is in an industry subject to the security review, in which case our future acquisitions in the PRC, including those by way of entering into contractual control arrangements with target entities, may be closely scrutinized or prohibited. The PRC Subsidiaries' ability to expand their business or maintain or expand their market share through future acquisitions would as such be materially and adversely affected.

***Chinese regulatory authorities could disallow our holding company structure, which may result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless.***

We indirectly hold the equity of our PRC Subsidiaries through RUI Hongkong, and thus our PRC Subsidiaries are directly or indirectly foreign-invested enterprises. Although the PRC government has increasingly open attitude towards absorbing foreign investment in general, it still implements the Negative List, which restricts or prohibits overseas enterprises from holding the equity of Chinese companies whose operations are included in the Negative List. As the boundaries stipulated in the Negative List are relatively vague, they are subject to further determination and clarification by the Chinese government. As of the date of this prospectus, the business operated by our PRC Subsidiaries has not been included in the Negative List, but we cannot fully guarantee that the Chinese government will not make a different interpretation, so as to disallow our holding corporate structure. Moreover, the Chinese government revises the Negative List from time to time; although the scope of the Negative List is narrowing as a whole, it remains uncertain whether our existing business or future business will be included in future revisions. If the business of our PRC Subsidiaries is deemed as a restricted or prohibited business based on the Negative List, our existing corporate structure may be considered illegal and required to be restructured by the Chinese government, which may adversely affect our operations and the value of the securities we are registering for sale.

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On July 4, 2014, SAFE issued the SAFE Circular 37, which requires PRC residents, including PRC individuals and institutions, to register with SAFE or its local branches in connection with their direct establishment or indirect control of an offshore special purpose vehicle, for the purpose of overseas investment and financing, with such PRC residents' legally owned assets or equity interests in domestic enterprises or offshore assets or interests. In addition, such PRC residents must update their foreign exchange registrations with SAFE or its local branches when the offshore special purpose vehicles in which such residents directly hold equity interests undergo material events relating to any changes of basic information (including changes of such PRC individual shareholders, names, and operation terms), increases or decreases in investment amount, share transfers or exchanges, or mergers or divisions. We may not be fully informed of the identities of all our shareholders or beneficial owners who are PRC residents, and therefore, we may not be able to identify all our shareholders or beneficial owners who are PRC residents to ensure their compliance with the SAFE Circular 37 or other related rules. In addition, we cannot provide any assurance that all of our shareholders and beneficial owners who are PRC residents will comply with our request to make, obtain, or update any applicable registrations or comply with other requirements required by the SAFE Circular 37 or other related rules in a timely manner. Even if our shareholders and beneficial owners who are PRC residents comply with such request, we cannot provide any assurance that they will successfully obtain or update any registration required by the SAFE Circular 37 or other related rules in a timely manner. If any of our shareholders who is a PRC resident as determined by SAFE Circular 37 fails to fulfill the required foreign exchange registration, it will be deemed illegal for such shareholders to directly or indirectly hold our equity under the PRC laws. Furthermore, if PRC authorities disallow such shareholders to own our equity, our PRC Subsidiaries may be prohibited from distributing dividends to us or from carrying out other subsequent cross-border foreign exchange activities, and we may be restricted in our ability to contribute additional capital to our PRC Subsidiaries, which may adversely affect our operations and our values of the securities we are registering for sale.

Furthermore, if future laws, administrative regulations, or provisions mandate further actions to be taken by us or our PRC Subsidiaries with respect to our existing corporate structure, we may face substantial uncertainties as to whether we can complete such actions in a timely manner, or at all. Failure to take timely and appropriate measures to cope with any of these or similar regulatory compliance challenges could materially and adversely affect our current corporate structure, resulting in a material change in our operations and/or a material change in the value of our Class A Ordinary Shares, including that it could cause the value of our Class A Ordinary Shares to significantly decline or become worthless.

**Risks Related to Doing Business in Certain Countries and Regions**

***Investments in emerging markets are subject to greater risks than those in more developed markets.***

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You should be aware that investments in emerging markets, such as the Gulf Cooperation Council (the "GCC") region, are subject to greater risks than those in more developed markets, including risks such as:

● political, social, and economic instability;

● exposure to local economic and social conditions, including cultural and communication challenges;

● exposure to local political conditions, including political disputes, requirements to expend a portion of funds locally, and government-imposed industrial cooperation requirements, as well as increased risks of fraud and political corruption;

● exposure to potentially undeveloped legal systems which make it difficult to enforce contractual rights and to potentially adverse changes in laws and regulatory practices, including licensing, approvals, grants, adjudications, and concessions, among others;

● war, terrorism, rebellion, coup, revolution, or similar events;

● drought, famine, epidemics, pandemics, and other complications due to natural or manmade disasters;

● governments' actions or interventions, including tariffs, protectionism, subsidies, various forms of exchange controls, expropriation of assets and cancellation of contractual rights;

● boycotts and embargoes that may be imposed by the international community;

● ambiguities, uncertainties, and changes in taxation, licensing, and other laws and regulations;

● arbitrary or inconsistent government action, including capricious application of tax laws and selective tax audits;

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● controls on the repatriation of profits and/or dividends, including the imposition or increase of withholding and other taxes on remittances and other payments by foreign subsidiaries;

● difficulties and delays in obtaining new permits, licenses, and consents for business operations or renewing existing ones;

● difficulties or an inability to obtain legal remedies in a timely manner;

● compliance with a variety of U.S. and other foreign laws, including (i) compliance (historical and future) with the requirements of applicable anti-bribery laws, including the U.K. Bribery Act 2010 and the U.S. Foreign Corrupt Practices Act of 1977; and (ii) compliance (historical and future) with sanctions and export control provisions (including the U.S. Export Administration Regulations) in several jurisdictions, including the European Union, the United Kingdom, and the United States; and

● potential lack of reliability as to title to real property in certain jurisdictions.

Although the GCC region has enjoyed significant economic growth over the last several years, there can be no assurance that such growth will continue. Moreover, while certain governments' policies have generally resulted in improved economic performance, there can be no assurance that such a level of performance can be sustained.

Accordingly, you should exercise particular care in evaluating the risks involved and must decide whether, in the light of those risks, your investment is appropriate. Generally, investment in emerging markets is only suitable for sophisticated investors who fully appreciate the significance of the risks involved.

Investing in GCC markets carries certain risks that should be taken into consideration. Some of the key risks include:

● Regulatory Environment: The regulatory landscape in GCC countries may vary, and changes in regulations or government policies can impact the investment climate. It is essential to stay updated on regulations related to foreign investments, technology transfers, intellectual property rights, and data privacy.

● Economic and Political Stability: GCC markets are subject to geopolitical tensions and economic fluctuations. Political instability, regional conflicts, or changes in government policies can affect the business environment and investor confidence, however its evident that the local governments policies are focusing on their economic growth and avoiding political conflicts.

● Market Maturity: While GCC markets are rapidly growing, the technology sector may still be in its early stages of development. The level of market maturity, infrastructure, and adoption rates for certain technologies can vary across different countries within the GCC region.

● Talent Availability: Finding skilled and experienced talent, particularly in specialized integrated facility management and integrated logistics fields, can be a challenge in certain GCC countries. Assessing the availability of qualified professionals and building a strong team is vital for the success of tech investments, however the GCC countries have succeeded for decades to attract talents and competencies by offering high wages and unique lifestyle as well as wellbeing and comfort of life.

● Cultural Considerations: Cultural norms and business practices in the GCC region may differ from other markets. Adapting to local customs, building relationships, and understanding the local business culture can contribute to successful investments, however the government of the UAE and the KSA are adopting more western related culture to make it easier for expats with western cultures to adapt with the local culture.

***The economies within the GCC region are highly dependent upon the oil and gas industry.***

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The KSA's economy as well as a number of other economies within the GCC region are highly dependent upon the oil and gas industry. Oil and gas prices fluctuate in response to changes in many factors, including, but not limited to:

● economic and political developments in oil producing regions;

● global and regional supply and demand, and expectations regarding future supply and demand, for oil and gas products;

● the ability of members of Organization of the Petroleum Exporting Countries and other crude oil producing nations to agree upon and maintain specified global production levels and prices;

● the impact of international environmental regulations designed to reduce carbon emissions;

● actions taken by major crude oil and gas producing or consuming countries;

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● prices and availability of alternative fuels;

● global economic and political conditions;

● development of new technologies; and

● global weather and environmental conditions.

If oil prices decline, the economies of oil-producing countries, such as the KSA, could be adversely affected, which could reduce demand for our products and services and have a material adverse effect on our business, financial condition, and results of operations.

***Our business may be adversely affected by changes in government policies, laws, and regulations in the KSA.***

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We conduct a substantial part of our business through our subsidiaries in the KSA. As such, our business may be adversely affected by changes in government policies, laws, and regulations in the KSA.

As the KSA accelerates its Vision 2030 transformation, government authorities continue to introduce new regulatory frameworks and revise existing ones to promote economic diversification, strengthen governance, and attract private investment. These reforms have resulted in new requirements across a range of sectors, including foreign investment and the transport and logistics industry, such as the recently issued Investment Law and Transport Law. Changes to licensing obligations, compliance standards, or enforcement practices arising from these reforms may increase operational uncertainty for our subsidiaries. If we are unable to adapt to these developments in a timely and effective manner, such changes could have a material adverse effect on our business, financial condition, and results of operations.

***Our subsidiary's non-compliance with certain KSA regulatory requirements may render its contracts unenforceable and expose our subsidiary to penalties, operational suspension, or other adverse consequences.***

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Aish Alnas was, from June 6, 2024 until March 9, 2025, held through a nominee shareholding arrangement pursuant to which NORAH SHANSHAN YUANDA held the legal title to 100% of the equity interests in the subsidiary on behalf of Xiang Chen, while the beneficial ownership, economic interests, and shareholder rights associated with such equity interests remained vested in Xiang Chen. The arrangement was terminated on March 9, 2025 following the transfer of the equity interests to RUI Singapore and completion of the relevant registration updates. Under applicable Saudi laws and regulations, including anti-concealment regulations, nominee or concealed ownership arrangements is subject to regulatory scrutiny and could be considered non-compliant with applicable legal and regulatory requirements. If any governmental or regulatory authority were to determine that the nominee arrangement violated applicable anti-concealment laws, foreign investment restrictions, or other regulatory requirements, Aish Alnas and/or the relevant parties could become subject to investigations, fines, penalties, suspension or revocation of licenses, restrictions on business activities, or other regulatory actions. In addition, any finding or allegation of non-compliance may adversely affect Aish Alnas's reputation, business operations, financial condition, and ability to conduct business in the KSA. Aish Alnas may also incur substantial costs in responding to regulatory inquiries, defending claims, or implementing remedial measures.

Our subsidiary in the KSA, Aish Alnas, has entered into sub-lease arrangements with third parties; however, the underlying lease agreements do not grant Aish Alnas the contractual right to sub-lease the premises. Sub-leasing without the lessor's prior written consent constitutes a breach of the primary lease and may give rise to termination and compensation claims. In addition, the sub-lease agreements are not registered on the Ejar platform or with the Economic Cities and Special Zones Authority ("ECSZ"), which affects their validity and enforceability. Certain lease agreements for premises located within the King Abdullah Economic City are also not registered with ECSZ, and therefore may not receive regulatory recognition or protection.

Separately, Aish Alnas is currently engaging in (i) the leasing of vehicles for the transport of goods; and (ii) the transport of heavy goods within the KSA without holding the licenses required by the Transport General Authority ("TGA"). Aish Alnas also does not currently meet the mandatory conditions for such licenses, including fleet-size, vehicle-classification, and operating-card requirements. Conducting regulated activities without a TGA license may result in suspension of operations, financial penalties, and seizure of vehicles for a period of 20 days, and repeated violations may lead to further enforcement actions.

As of the date of this prospectus, neither we nor Aish Alnas is aware of any warnings, investigations, disputes, or penalties relating to these matters. However, there can be no assurance that the relevant authorities will not initiate enforcement actions in the future. Any finding of non-compliance could result in suspension or termination of lease rights, invalidity of sub-lease contracts, operational disruption, or financial penalties, any of which could materially and adversely affect our business, financial condition, and results of operations. See "Regulation."

***The economic, political, and social conditions in the GCC region, as well as government policies, laws, and regulations, could affect our business, financial condition, and results of operations.***

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Our subsidiaries in the KSA provide integrated logistics services in the GCC region, therefore, they must comply with the applicable laws and regulations in the jurisdictions of the GCC region. The regulatory bodies in the GCC region may not be as fully matured and as established as those of the United States. Existing laws and regulations may be applied inconsistently with anomalies in their interpretation or implementation. Inconsistent interpretation or implementation in relation to existing laws and regulations could restrict our subsidiaries' ability to offer their services in the relevant jurisdictions, which could materially and adversely affect our business, financial condition, and results of operations.

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***Our failure to obtain, maintain or renew licenses, approvals, permits, registrations, or filings necessary to conduct our subsidiaries' operations could have a material adverse impact on our business, financial condition, and results of operations.***

 **

Regulatory authorities in various jurisdictions oversee different aspects of our subsidiaries' business operations. Our subsidiaries are required to obtain a number of licenses, approvals, permits, registrations, and filings and are subject to certain reporting obligations required for maintaining our subsidiaries and personnel in such jurisdictions. We cannot assure you that our subsidiaries have obtained all of these licenses, approvals, permits, registrations, and filings or will continue to maintain or renew all of them or that our subsidiaries have complied with these requirements in full. If our subsidiaries fail to obtain necessary authorizations, they may be subject to various penalties, such as confiscation of illegal revenue, fines and discontinuation or restriction of business operations, which may materially and adversely affect our business, financial condition, and results of operations. In addition, there can be no assurance that our subsidiaries will be able to maintain their existing licenses, approvals, registrations or permits in the relevant jurisdictions, renew any of them when their current term expires, or update existing licenses or obtain additional licenses, approvals, permits, registrations, or filings necessary for our subsidiaries' business expansion from time to time. If our subsidiaries fail to do so, our business, financial conditions and operational results may be materially and adversely affected.

**Risks Relating to this Offering and the Trading Market**

***Nasdaq has proposed changes to its listing standards applicable to issuers, which, could adversely affect our ability to complete this offering, obtain or maintain a Nasdaq listing, and the liquidity of our securities.***

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On September 3, 2025, Nasdaq submitted to the SEC a proposed rule change that would amend the initial listing standards applicable to companies that principally conduct their operations in China (including Hong Kong and Macau). The proposed amendments would, among other things, require such issuers seeking to list under Nasdaq's net income standard to raise a minimum of $25 million in gross proceeds in a public offering and to maintain at least $15 million in public float. Nasdaq has stated that the purpose of these amendments is to enhance market quality and investor protection, in particular by reducing risks associated with illiquid trading and potential market manipulation involving issuers with operations in China. On December 18, 2025, the SEC announced that it was instituting proceedings to allow for additional analysis and public comment on the proposed Nasdaq rule change for China-based issuers, without yet reaching a conclusion on whether to approve or disapprove the proposal.

If these proposed rule changes are approved by the SEC and become effective prior to the consummation of our offering, we may be unable to satisfy the heightened quantitative requirements described above. In particular, if we are unable to raise at least $25 million in gross proceeds in this offering or maintain a public float of at least $15 million, our application for listing on Nasdaq may not be approved. Any such outcome would materially and adversely affect the liquidity of our securities and could result in a complete loss of our ability to access U.S. capital markets.

In addition, because the proposed rule change remains subject to SEC review and approval, there is uncertainty regarding the timing of its adoption and implementation. If the effective date occurs prior to our anticipated offering, we may be required to alter the structure, timing, or size of this offering, or seek to list on an alternative trading venue, any of which could have a material adverse effect on our ability to raise capital. Furthermore, even if we are able to satisfy the revised Nasdaq standards, the heightened regulatory scrutiny may adversely affect investor sentiment, reduce demand for our Class A Ordinary Shares, or result in less favorable terms in this offering.

Accordingly, there can be no assurance that we will be able to complete this offering as currently contemplated, qualify for initial listing on Nasdaq, or, if listed, continue to meet Nasdaq's ongoing listing requirements. Any inability to obtain or maintain a Nasdaq listing could materially and adversely affect the liquidity and trading price of our securities and your ability to realize the value of your investment.

***Recent changes to Nasdaq listing standards and Nasdaq's expanded discretionary authority to deny initial listings may make it more difficult for us to qualify for or maintain a listing on Nasdaq, which could adversely affect the liquidity and market price of our Class A Ordinary Shares.***

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On December 18, 2025, the SEC approved amendments to Nasdaq's listing rules that increase the minimum market value of unrestricted publicly held shares required for new listings under the net income standard. Under the amended rules, companies seeking to list on either the Nasdaq Global Market or the Nasdaq Capital Market must have a minimum public float of $15 million, consisting of unrestricted publicly held shares that are not held by officers, directors, or 10% shareholders and are not subject to resale restrictions. This represents a significant increase from the prior thresholds applicable to these markets. These amendments became operative on January 17, 2026.

In addition, on December 19, 2025, the SEC approved Nasdaq's proposal to expand its discretion to deny initial listings, even where an applicant otherwise meets all applicable quantitative and qualitative listing requirements. Under new Rule IM-5101-3 (Application of Discretion to Deny Initial Listing), Nasdaq may deny an initial listing if it determines that the company's securities may be particularly susceptible to manipulation or present risks to investors or the orderly functioning of the market. In making this determination, Nasdaq may consider, among other factors, the company's business profile, geographic nexus, ownership structure, and relationships with professional advisors such as auditors, underwriters, law firms, brokers, clearing firms, or other service providers, as well as similarities to previously listed companies that experienced problematic or unusual trading patterns identified by Nasdaq or other regulators. This rule is effective immediately and applies to companies currently in the listing application process.

If we seek to list our Class A Ordinary Shares on Nasdaq, including under the net income standard, we must satisfy the increased minimum public float requirement and successfully complete Nasdaq's initial listing review, including the application of Nasdaq's discretionary authority under Rule IM-5101-3. There can be no assurance that we will be able to meet these requirements or that Nasdaq will approve our listing, based on the size, structure, or pricing of this offering, prevailing market conditions, investor demand for our Class A Ordinary Shares, or Nasdaq's assessment of factors relating to potential market manipulation risk. If our application is denied or delayed, we may be required to pursue an alternative listing venue or delay or restructure this offering, which may be less favorable and could involve additional costs, delays, or regulatory uncertainty.

A failure to qualify for or maintain a Nasdaq listing could materially reduce the liquidity of our Class A Ordinary Shares, impair investors' ability to buy or sell our Class A Ordinary Shares at desired prices or at all, increase volatility in the trading price of our Class A Ordinary Shares and adversely affect our visibility and credibility with investors, analysts, and other market participants. Any of these outcomes could have a material adverse effect on the market price of our Class A Ordinary Shares and on our ability to raise additional capital in the future.

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***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 Nasdaq. 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.

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***The initial public offering price for our Class A Ordinary Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile.***

The initial public offering price for our Class A Ordinary Shares will be determined by negotiations between us and the underwriters and may not bear a direct relationship to our earnings, book value, or any other indicia of value. We cannot assure you that the market price of our Class A Ordinary Shares will not decline significantly below the initial public offering price. The financial markets in the United States and other countries have experienced significant price and volume fluctuations in the last few years. Volatility in the price of our Class A Ordinary Shares may be caused by factors outside of our control and may be unrelated or disproportionate to changes in our results of operations.

***You will experience immediate and substantial dilution in the net tangible book value of Class A Ordinary Shares purchased.***

The initial public offering price of our Class A Ordinary Shares is substantially higher than the net tangible book value per share of our Class A Ordinary Shares. Consequently, when you purchase our Class A Ordinary Shares in the offering, upon completion of the offering you will incur immediate dilution of $4.15 per share, assuming an initial public offering price of $4.50. See "Dilution." In addition, you may experience further dilution to the extent that additional Class A Ordinary Shares are issued upon exercise of outstanding options we may grant from time to time.

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

Prior to this offering, we have been a private company with limited accounting personnel and other resources with which to address our internal controls and procedures. Our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. However, in preparing our consolidated financial statements as of and for the fiscal years ended August 31, 2024 and 2025, we have identified material weaknesses in our internal control over financial reporting, as defined in the standards established by the PCAOB, and other control deficiencies. The material weaknesses identified included (i) a lack of sufficient skilled staff with U.S. GAAP knowledge and the SEC reporting knowledge for the purpose of financial reporting as well as a lack of formal accounting policies and procedures manual to ensure proper financial reporting in accordance with U.S. GAAP and SEC reporting requirements; and (ii) a lack of formal policies and procedures to establish risk assessment process and internal control framework.

To address the material weaknesses identified before this offering, as of the date of this prospectus, we have implemented a range of measures aimed at remediating these weaknesses. These actions involve, but are not limited to: recruiting additional accounting staff in the KSA, switching to more professional accounting and taxes service providers in the KSA and the PRC, and hiring accounting and group financial reporting service providers with proficiency in U.S. GAAP and experience in SEC reporting; arranging recurring training sessions for our accounting staff, particularly concerning U.S. GAAP standards and SEC reporting obligations; preparing to enforce more stringent authentication and access control systems, while bolstering the authorization process and supervision of system alterations; instituting proper controls for data backup and system restoration; and intensifying the supervision of third-party vendors. The process of designing and implementing an effective financial reporting system is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments and to expend significant resources to maintain a financial reporting system that is adequate to satisfy our reporting obligation.

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 Ordinary Shares, 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 year ending August 31, 2027. In addition, once we cease to be an "emerging growth company," as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. 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.

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***We will incur substantially increased costs as a result of being a public 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 Act of 2002, as well as rules subsequently implemented by the SEC and Nasdaq, impose various requirements on the corporate governance practices of public companies.

Compliance with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming and costlier. We will obtain director and officer liability insurance upon the closing of this offering, which will represent additional costs to us. In addition, we 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 an "emerging growth company," as defined in the JOBS Act and will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Class A Ordinary Shares that is held by non-affiliates exceeds $700 million as of the prior February 28 or 29, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. 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 adopting new or revised accounting standards until such time as those standards apply to private companies.

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 additional expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 and the other rules and regulations of the SEC. For example, as a public company, we have been required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures.

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.

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

Sales of substantial amounts of our Class A Ordinary Shares in the public market after this offering, or the perception that these sales could occur, could cause the market price of our Class A Ordinary Shares to decline. An aggregate of 15,690,000 Class A Ordinary Shares are outstanding before the consummation of this offering. An aggregate of 19,690,000 Class A Ordinary Shares will be outstanding immediately after the consummation of this offering. Sales of these shares into the market could cause the market price of our Class A Ordinary Shares to decline.

***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.

***If securities or industry analysts do not publish research or reports about our business, or if they publish a negative report regarding our Class A Ordinary Shares, the price of our Class A Ordinary Shares and trading volume could decline.***

Any trading market for our Class A Ordinary Shares may depend in part on the research and reports that industry or securities analysts publish about us or our business. We do not have any control over these analysts. If one or more of the analysts who cover us downgrade us, the price of our Class A Ordinary Shares would likely decline. If one or more of these analysts cease coverage of our Company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause the price of our Class A Ordinary Shares and the trading volume to decline.

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***The market price of our Class A Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public offering price.***

The initial public offering price for our Class A Ordinary Shares will be determined through negotiations between the underwriters and us and may vary from the market price of our Class A Ordinary Shares following our initial public offering. If you purchase our Class A Ordinary Shares in our initial public offering, you may not be able to resell those shares at or above the initial public offering price. We cannot assure you that the initial public offering price of our Class A Ordinary Shares, or the market price following our initial public offering, will equal or exceed prices in privately negotiated transactions of our Class A Ordinary Shares that have occurred from time to time prior to our initial public offering. The market price of our Class A Ordinary Shares may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:

● actual or anticipated fluctuations in our revenue and other operating results;

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

● actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our Company, or our failure to meet these estimates or the expectations of investors;

● announcements by us or our competitors of significant products or features, technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments;

● price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;

● lawsuits threatened or filed against us; and

● other events or factors, including those resulting from war or incidents of terrorism, or responses to these events.

In addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Stock prices of many companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. In the past, shareholders have filed securities class litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business, and adversely affect our business.

***The price of our Class A Ordinary Shares could be subject to rapid and substantial volatility.***

There have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with recent initial public offerings, especially among those with relatively smaller public floats. As a relatively small-capitalization company with a 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. In particular, our Class A Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades, and large spreads in bid and ask prices. Such volatility, including any stock run-ups, 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 Class A Ordinary Shares.

In addition, if the trading volumes of our Class A Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence the price of our Class A Ordinary Shares. This low volume of trades could also cause the price of our Class A Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Class A Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Class A Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Class A Ordinary Shares. A decline in the market price of our Class A Ordinary Shares also could adversely affect our ability to issue additional shares of Class A Ordinary Shares or other of our securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Class A Ordinary Shares will develop or be sustained. If an active market does not develop, holders of our Class A Ordinary Shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.

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***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 for our market expansion and sales channel development, technology development, and for working capital and general corporate purposes. Our management will have significant discretion as to the use of the net proceeds to us from this offering and could spend the proceeds in ways that do not improve our results of operations or enhance the market price of our Class A Ordinary Shares.

***If we cease to qualify as a foreign private issuer, we would be required to comply fully with the reporting requirements of the Exchange Act applicable to U.S. domestic issuers, and we would incur significant additional legal, accounting and other expenses that we would not incur as a foreign private issuer.***

We expect to qualify as a foreign private issuer upon the completion of this offering. As a foreign private issuer, we will be exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements, and our officers, directors and principal shareholders will be exempt from the short-swing profit recovery provisions contained in Section 16 of the Exchange Act. On December 18, 2025, the Holding Foreign Insiders Accountable Act was enacted as part of the National Defense Authorization Act for Fiscal Year 2026, mandating directors and officers of foreign private issuers to file Section 16(a) reports (Forms 3, 4, and 5) with the SEC to report beneficial ownership interests in companies, effective on March 18, 2026. Our principal shareholders who are not our officers or directors, however, remain exempt from Section 16(a) reporting requirements. 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 United States domestic issuers, and we will not be required to disclose in our periodic reports all of the information that United States domestic issuers are required to disclose. While we currently expect to qualify as a foreign private issuer immediately following the completion of this offering, we may cease to qualify as a foreign private issuer in the future, in which case we would incur significant additional expenses that could have a material adverse effect on our results of operations.

***Because we are a foreign private issuer and are permitted to take advantage of exemptions from certain Nasdaq corporate governance standards applicable to U.S. issuers, you may have less protection than you would have if we were a domestic issuer.***

Nasdaq listing rules require listed companies to have, among other things, a majority of its board members be independent. As a foreign private issuer, however, we are permitted to, and we may follow home country practice in lieu of the above requirements, or we may choose to comply with the above requirement within one year of listing.

The corporate governance practice in our home country, the Cayman Islands, does not require a majority of our board to consist of independent directors. Thus, although a director must act in the best interests of our Company, it is possible that fewer board members will be exercising independent judgment and the level of board oversight on the management of our Company may decrease as a result. In addition, Nasdaq listing rules also require U.S. domestic issuers to have a compensation committee, a nominating and corporate governance committee composed entirely of independent directors, and an audit committee with a minimum of three members. We, as a foreign private issuer, are not subject to these requirements. Nasdaq listing rules may require shareholder approval for certain corporate matters, such as requiring that shareholders be given the opportunity to vote on all equity compensation plans and material revisions to those plans, certain ordinary share issuances. We intend to comply with the requirements of Nasdaq listing rules in determining whether shareholder approval is required on such matters and to appoint a nominating and corporate governance committee. As of the date of this prospectus, we do not intend to rely on home country practices with respect to our corporate governance following the completion of this offering. However, if we elect to follow home country practice in the future in lieu of the requirements under Nasdaq listing rules with respect to certain corporate governance standards, including Nasdaq Listing Rule 5635, our shareholders may be afforded less protection than they would otherwise receive under the corporate governance listing standards applicable to U.S. domestic issuers.

***The dual class structure of our Ordinary Shares has the effect of concentrating voting control with our director, and her interests may not be aligned with the interests of our other shareholders.***

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We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Under this structure, holders of Class A Ordinary Shares are entitled to one vote per Class A Ordinary Share, and holders of Class B Ordinary Shares are entitled to 20 votes per Class B ordinary share, which may cause the holders of Class B Ordinary Shares to have an unbalanced, higher concentration of voting power. Upon the completion of this offering, Ms. Manli Zhang Robinson, our director and chief compliance officer, through Serenity Prime Limited, beneficially owns 10,505,000 Class B Ordinary Shares, representing approximately 53.27% of the voting rights in our Company. Upon the completion of this offering, Ms. Robinson, through Serenity Prime Limited, will hold 10,505,000 Class B Ordinary Shares, representing approximately 52.74% of the voting rights in our Company, assuming no exercise of the over-allotment option by the underwriters, or approximately 52.65%, assuming full exercise of the over-allotment option by the underwriters. As a result, until such time as Ms. Robinson's voting power, through Serenity Prime Limited, is below 50%, Ms. Robinson as the controlling shareholder has substantial influence over our business, including decisions regarding mergers, consolidations, and the sale of all or substantially all of our assets, election of directors, and other significant corporate actions. Ms. Robinson will have the ability to control matters requiring shareholder approval, including the election of directors, amendment of memorandum and articles of association and approval of certain major corporate transactions in accordance with the Companies Act (As Revised) of the Cayman Islands (the "Cayman Companies Act"). She may take actions that are not in the best interests of us or our other shareholders. These corporate actions may be taken even if they are opposed by our other shareholders. Further, such concentration of voting power may discourage, prevent, or delay the consummation of change of control transactions that shareholders may consider favorable, including transactions in which shareholders might otherwise receive a premium for their shares. Future issuances of Class B Ordinary Shares may also be dilutive to the holders of Class A Ordinary Shares. As a result, the market price of our Class A Ordinary Shares could be adversely affected.

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***The disparate voting rights associated with our dual-class share structure significantly limit the ability of holders of our Class A Ordinary Shares to influence corporate matters and expose them to risks that do not apply to holders of Class B Ordinary Shares.***

Our Class A Ordinary Shares carry one vote per share, while our Class B Ordinary Shares carry 20 votes per share. Upon the completion of this offering, holders of our Class B Ordinary Shares will collectively hold approximately 95.06% of the aggregate voting power of our issued and outstanding Ordinary Shares, assuming no exercise of the underwriters' over-allotment option. Accordingly, holders of our Class A Ordinary Shares will have limited ability to influence the outcome of any matter submitted to a shareholder vote, including, without limitation: the election and removal of directors; amendments to our Memorandum and Articles of Association; approval of mergers, consolidations, asset sales, and other significant corporate transactions; the declaration and payment of dividends; and other matters requiring shareholder approval under the Cayman Companies Act or our Memorandum and Articles of Association.

Because holders of Class B Ordinary Shares will be able to determine the outcome of virtually all matters submitted to a shareholder vote, investors in our Class A Ordinary Shares will have little or no practical ability to affect the governance or strategic direction of the Company. This concentration of voting power may enable the holders of Class B Ordinary Shares to take actions that are not in the best interests of holders of Class A Ordinary Shares, including approving transactions that may dilute the economic interests of Class A holders, blocking transactions that a majority of Class A holders might otherwise favor, or otherwise acting in a manner that benefits the holders of Class B Ordinary Shares at the expense of other shareholders.

Furthermore, because Class A Ordinary Shares are not convertible into Class B Ordinary Shares, investors in our Class A Ordinary Shares have no mechanism by which to acquire enhanced voting rights. The Class B Ordinary Shares are convertible into Class A Ordinary Shares at the option of the holder, which means that any such conversion would reduce the aggregate voting power of the Class B holders but would not confer any additional voting rights on existing Class A holders. As a result, the voting disadvantage experienced by holders of Class A Ordinary Shares is structural and may persist indefinitely.

The foregoing risks may adversely affect the market price of our Class A Ordinary Shares, reduce investor demand for our securities, and limit the ability of holders of Class A Ordinary Shares to protect their economic interests through the exercise of shareholder rights.

***The dual-class structure of our Ordinary Shares may adversely affect the trading market for our Class A Ordinary Shares.***

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Our dual-class share structure with different voting rights may adversely affect the value and liquidity of the Class A Ordinary Shares. We cannot predict whether our dual-class share structure with different voting rights will result in a lower or more volatile market price of the Class A Ordinary Shares, adverse publicity, or other adverse consequences. Certain index providers have announced restrictions on including companies with multiple class share structures in certain of their indices. Because of our dual-class structure, we will likely be excluded from these indices and other stock indices that 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 the Class A Ordinary Shares less attractive to investors. In addition, several shareholder advisory firms have announced their opposition to the use of multiple class structures. As a result, the dual class structure of our Ordinary Shares may cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure. Any actions or publications by shareholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the value of our Class A Ordinary Shares.

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***If we cannot continue to satisfy the listing requirements and other rules of Nasdaq, our securities may be delisted, which could negatively impact the price of our securities and your ability to sell them.***

We intent to apply to have our Class A Ordinary Shares listed on Nasdaq upon consummation of this offering. It is a condition to the closing of this offering that our Class A Ordinary Shares qualify for listing on a national securities exchange. Following this offering, in order to maintain our listing on Nasdaq, we will be required to comply with certain rules of Nasdaq, including those regarding minimum shareholders' equity, minimum share price, minimum market value of publicly held shares, and various additional requirements. Even if we initially meet the listing requirements and other applicable rules of Nasdaq, we may not be able to continue to satisfy these requirements and applicable rules. If we are unable to satisfy Nasdaq criteria for maintaining our listing, our securities could be subject to delisting.

If Nasdaq subsequently delists our securities from trading, we could face significant consequences, including:

● a limited availability for market quotations for our securities;

● reduced liquidity with respect to our securities;

● a determination that our Class A Ordinary Shares are a "penny stock," which will require brokers trading in our Class A Ordinary Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Class A Ordinary Shares;

● limited amount of news and analyst coverage; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

***Anti-takeover provisions in our Memorandum and Articles of Association may discourage, delay, or prevent a change in control.***

Some provisions of our Memorandum and Articles of Association, which will become effective on or before the completion of this offering, may discourage, delay, or prevent a change in control of our Company or management that shareholders may consider favorable, including, among other things, the following:

● provisions that authorize our board of directors to offer, allot, grant options over or otherwise dispose of unissued authorized shares to such persons at such times and for such consideration, and upon such terms and conditions as the board of directors may determine without any further vote or action by our shareholders; and

● provisions that limit the ability of our shareholders to call meetings and to propose special matters for consideration at shareholder meetings.

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

Following this offering, Ms. Manli Zhang Robinson, our director and chief compliance officer, through Serenity Prime Limited, will beneficially own 10,505,000 Class B Ordinary Shares, representing approximately 52.74% of the voting rights in our Company, assuming no exercise of the over-allotment option by the underwriters, or approximately 52.65%, assuming full exercise of the over-allotment option by the underwriters. Ms. Robinson will have the ability to control matters requiring shareholder approval, including the election of directors, amendment of memorandum and articles of association and approval of certain major corporate transactions in accordance with the Cayman Companies Act. As a result, this concentrated control may limit or preclude your ability to influence corporate matters for the foreseeable future.

Additionally, under the Nasdaq Listing Rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and is permitted to phase in its compliance with the independent committee requirements. Although we do not intend to rely on the "controlled company" exemptions under the Nasdaq Listing Rules even if we are deemed to be a "controlled company," we could elect to rely on these exemptions in the future. If we were to elect to rely on the "controlled company" exemptions, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, if we rely on the exemptions, during the period we remain a controlled company and during any transition period following a time when we are no longer a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. In the event that we were to lose our "controlled company" status, we could still rely, to a certain extent, on Nasdaq rules that permit a foreign private issuer to follow its home country practices with respect to corporate governance matters, including the requirement that a majority of our board of directors be independent.

***Because we are an "emerging growth company," we may not be subject to requirements that other public companies are subject to, which could affect investor confidence in us and our Class A Ordinary Shares.***

For as long as we remain an "emerging growth company," as defined in the JOBS Act, we will elect to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies," including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of shareholder approval of any golden parachute payments not previously approved. Because of these lessened regulatory requirements, our shareholders would be left without information or rights available to shareholders of more mature companies. 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. 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 our share price may be more volatile. See "Prospectus Summary—Implications of Being an 'Emerging Growth Company.'"

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***The laws of the Cayman Islands may not provide our shareholders with benefits comparable to those provided to shareholders of corporations incorporated in the United States.***

We are an exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed by our Memorandum and Articles of Association, the Cayman Companies Act, and the common law of the Cayman Islands. The rights of shareholders to take action against our directors, actions by our minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands and from English common law. The decisions of those courts are of persuasive authority, but are not binding on courts in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law may not be as clearly established as they would be under statutes or judicial precedents in some jurisdictions in the United States. In particular, the Cayman Islands may have a less developed body of securities laws than the United States. Therefore, our public shareholders may have more difficulty protecting their interests in the face of actions by our management, directors or controlling shareholders and their abilities to protect their rights thought the courts of the United States maybe limited than would shareholders of a corporation incorporated in a jurisdiction in the United States.

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

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 our management, members of our board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions of the Cayman Companies Act and the laws applicable to companies incorporated in the United States and their shareholders, see "Description of Share Capital—Differences in Corporate Law."

***You may be unable to present proposals before annual general meetings or extraordinary general meetings not called by shareholders.***

Cayman Islands law provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. These rights, however, may be provided in a company's articles of association. Our articles of association allow any of our shareholders holding shares representing in aggregate not less than 10% of total number of our issued and paid up voting shares, to requisition a general meeting of our shareholders, in which case our directors are obliged to call such meeting.

Advance notice of at least seven clear days counting from the date service is deemed to take place is required for the convening of our annual general shareholders' meeting and any other general meeting of our shareholders. A quorum required for a meeting of shareholders consists of one or more shareholders holding at least one third of the total number of the issued and paid up shares of the Company (which include the Class A Ordinary Shares and Class B Ordinary Shares) present in person or by proxy.

***If we are classified as a PFIC, United States taxpayers who own our Ordinary Shares may have adverse United States federal income tax consequences.***

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A non-U.S. corporation such as us will be classified as a PFIC for any taxable year if, for such year, either

● At least 75% of our gross income for the year is passive income; or

● The average percentage of our assets (determined at the end of each quarter) during the taxable year which produce passive income or which are held for the production of passive income is at least 50%.

Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business), and gains from the disposition of passive assets.

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. taxpayer who holds our Ordinary Shares, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.

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Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our 2025 taxable year or for any subsequent year, more than 50% of our assets may be assets which produce passive income, in which case we would be deemed a PFIC, which could have adverse U.S. federal income tax consequences for U.S. taxpayers who are shareholders. We will make this determination following the end of any particular tax year. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its pro rata share of the gross income and assets of any entity in which it is considered to own at least 25% of the equity by value.

For a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were or are determined to be a PFIC, see "Material Income Tax Consideration—United States Federal Income Taxation—PFIC Consequences."

***Our pre-IPO shareholders will be able to sell their shares upon completion of this offering subject to restrictions under Rule 144 under the Securities Act.***

All of our directors and officers and our principal shareholders (owners of 5% or more of our Class A Ordinary Shares) as of the date of the prospectus have agreed with the underwriters, not to offer, sell, or otherwise transfer, or dispose of, directly or indirectly, any of our Class A Ordinary Shares or securities convertible into or exercisable or exchangeable for our Class A Ordinary Shares for a period of six months from the closing of this offering. See "Underwriting—Lock-up Agreements." Our pre-IPO shareholders may be able to sell their Class A Ordinary Shares under Rule 144 after the completion of this offering and following the expiration of that lock-up period, if applicable. See "Shares Eligible for Future Sale." 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 on the trading price of the Class A Ordinary Shares following the 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 Class A Ordinary Shares to be sold pursuant to Rule 144 during the pendency of this offering.

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**DISCLOSURE 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:

● assumptions about our future financial and operating results, including revenue, income, expenditures, cash balances, and other financial items;

● our ability to execute our growth, and expansion, including our ability to meet our goals;

● current and future economic and political conditions;

● our capital requirements and our ability to raise any additional financing which we may require;

● our ability to attract clients and further enhance our brand recognition;

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

● trends and competition in the facility management solution industry; and

● other assumptions described in this prospectus underlying or relating to any forward-looking statements.

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. We caution you that actual outcomes and results may, and are likely to, differ materially from what is expressed, implied or forecast by our forward-looking statements. Accordingly, you should be careful about relying on any forward-looking statements. Except as required under the federal securities laws, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this prospectus, whether as a result of new information, future events, changes in assumptions, or otherwise.

**Industry Data and Forecasts**

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

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**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated under the laws of the Cayman Islands in order to enjoy certain benefits, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions, and the availability of professional and support services. However, certain disadvantages accompany incorporation in the Cayman Islands. These disadvantages include: (i) the Cayman Islands may have a less exhaustive body of securities laws as compared to the United States and these securities laws provide significantly less protection to investors than the United States; and (ii) Cayman Islands companies may not have standing to sue before the federal courts of the United States. Our constitutional documents do not contain provisions requiring that disputes, including those arising under the securities laws of the United States, among us, our officers, directors and shareholders, be arbitrated.

Substantially all of our assets are located in the KSA, Singapore, and PRC. In addition, most of our directors and officers are nationals or residents of Singapore, the United Kingdom, or the PRC, and all or a substantial portion of their assets are located outside the United States. Mr. Peng Yu, our chief executive officer and director, and Mr. Xiang Chen, our chief financial officer and director, are PRC citizens and reside in the KSA. Mr. Lim Choon San, our chief operating officer and director, and Ms. Ooi Kok Ling, our chief marketing officer and director, are Singapore citizens and reside in Singapore. Ms. Manli Zhang Robinson, our chief compliance officer and director, is a United Kingdom citizen and resides in both the United Kingdom and the PRC. As a result, it may be difficult or impossible for shareholders to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. It may also be difficult for shareholders to enforce judgments obtained in United States courts based on the civil liability provisions of the United States federal securities laws against us and our executive officers and directors.

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

There may be uncertainty as to whether the courts of the Cayman Islands, the PRC, Singapore, and the KSA would (i) recognize or enforce judgments of United States courts based on certain 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 each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Appleby, our counsel with respect to the laws of the Cayman Islands, has advised that any final and conclusive judgment for a definite sum (not being a sum payable in respect of taxes or other charges of a like nature nor a fine or other penalty) and/or certain non-monetary judgments rendered in any action or proceedings brought against our Company on the basis of documents in a U.S. court will be recognized as a valid judgment by the courts of the Cayman Islands without re-examination of the merits of the case. On general principles, such proceedings would be expected to be successful provided that the court which gave the judgment was competent to hear the action in accordance with private international law principles as applied in the Cayman Islands and the judgment is not contrary to public policy in the Cayman Islands, has not been obtained by fraud or in proceedings contrary to natural justice.

China Commercial Law Firm, our counsel with respect to PRC laws, has further advised us that the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedure Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedure Law based either on treaties between China and the country where the judgment is made or on reciprocity between jurisdictions. There are no treaties or other forms of reciprocity between China and the United States for the mutual recognition and enforcement of court judgments. China Commercial Law Firm has further advised us that under PRC law, PRC courts will not enforce a foreign judgment against us or our officers and directors if the court decides that such judgment violates the basic principles of PRC law or national sovereignty, security or public interest, thus making the recognition and enforcement of a U.S. court judgment in China difficult.

In making a determination as to enforceability of a judgment of the courts of the United States, and subject to the Singapore courts having jurisdiction over the judgment debtor, the Singapore courts would have regard to whether the judgment was final and conclusive and on the merits of the case, given by a court of law of competent jurisdiction, and was expressed to be for a fixed sum of money. In general, an *in personam* foreign judgment that is final and conclusive (that is, in general, a judgment that makes a final determination of rights between the parties and cannot be re-opened or altered by the court that delivered it, or be overridden by another body not being an appellate or supervisory body, although it may be subject to an appeal), given by a competent court of law having jurisdiction over the parties subject to such judgment, and for a fixed and ascertainable sum of money, may be enforceable as a debt in the Singapore courts under common law unless procured by fraud, or the proceedings in which such judgments were obtained were not conducted in accordance with principles of natural justice, or the enforcement thereof would be contrary to public policy, or if the judgment would conflict with earlier judgment(s) from Singapore or earlier foreign judgment(s) recognized in Singapore, or if the judgment would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws (save where any such component of the judgment can be duly severed from the rest of the judgment sought to be enforced). Civil liability provisions of the federal and state securities law of the United States permit the award of punitive damages against us, our directors and officers. It is uncertain as to whether a judgment of the courts of the United States under civil liability provisions of the federal securities law of the United States would be regarded by the Singapore courts as being pursuant to foreign, penal, revenue or other public laws. Such a determination has yet to be conclusively made by a Singapore court in a reported decision.

SuhailPartners LLP, our counsel with respect to KSA laws, has advised us that although there is no standing treaty, the courts of the KSA do not require the existence of a treaty to enforce foreign judgments before the Saudi Enforcement Courts. Pursuant to Article 11 of the Enforcement Law by Royal Decree No. M/53, dated July 3, 2012 (corresponding to 13/8/1433H), the key requirement is reciprocity. In addition, the following conditions must be satisfied: 1) jurisdiction: the courts of the KSA must have no jurisdiction over the dispute for which the foreign judgment or order was issued, and the foreign court must have had proper jurisdiction in accordance with the international jurisdiction rules under its own laws; 2) due process: all parties must have been duly summoned, properly represented, and afforded the right to present their defense; 3) finality: The judgment or order must have become final under the law of the issuing court; 4) no conflict of judgments: the judgment or order must not conflict with any judgment or order previously issued by a competent judicial authority in the KSA on the same matter; 5) public order: the judgment or order must not conflict with public orders in the KSA.

It should be noted that the burden of proving reciprocity lies with the applicant for the enforcement of one or more foreign judgments. Accordingly, the party seeking to enforce a judgment in the KSA must demonstrate that courts in the issuing country would, in turn, enforce the KSA judgments.

This framework does not apply to arbitral awards. As the KSA is a signatory to the New York Convention, arbitral awards are enforced in accordance with the New York Convention. The KSA is an arbitration-friendly jurisdiction and recognizes and respects arbitration as a dispute-resolution mechanism. While the KSA has entered a reciprocity reservation to the New York Convention stipulating that it will enforce awards only from countries that enforce the KSA awards, common practice indicates that New York Convention member states generally enforce each other's awards.

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**USE OF PROCEEDS**

We estimate that the net proceeds from the sale of 4,000,000 Class A Ordinary Shares in this offering will be approximately $15,267,634, after deducting the underwriting discounts, non-accountable expense allowance, and estimated offering expenses payable by us, based on the assumed initial public offering price of $4.50 per Class A Ordinary Share, the midpoint of the estimated price range set forth on the cover page of this prospectus. If the underwriters exercise their over-allotment option in full, we estimate that the net proceeds to us from this offering will be approximately $17,751,634, after deducting the underwriting discounts and estimated offering expenses payable by us.

We plan to use the net proceeds we receive from this offering for the following purposes:

● approximately 40% for market expansion and sales channel development. We intend to use this portion of proceeds to expand our presence in new and existing markets and establish local sales channels, including recruiting and training sales and marketing personnel, as well as building regional operational teams.

● approximately 30% for technology development. We intend to use this portion of proceeds to further our technology development initiatives, including enhancements to our core AIoT cloud platforms. These investments are expected to focus on improving workflow efficiency, enhancing system performance, and adapting our solutions to the needs of customers in different regions.

● approximately 30% for working capital and general corporate purposes.

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

In using the proceeds of this offering, we are permitted under PRC laws and regulations to utilize the proceeds from this offering to fund the PRC Subsidiaries by making loans or additional capital contributions, subject to applicable government registration and approval requirements. We cannot assure you that we will be able to obtain these government registrations or approvals on a timely basis, if at all. See "Risk Factors—Risks Relating to Doing Business in the PRC—PRC regulation of parent/subsidiary loans and direct investment by offshore holding companies to PRC entities may delay or prevent us from using the proceeds of offshore offerings to make loans or additional capital contributions to the PRC Subsidiaries, which could materially and adversely affect their liquidity and their ability to fund and expand their business."

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**DIVIDEND POLICY**

As of the date of this prospectus, neither of our subsidiaries in the PRC, the UAE, the KSA or Singapore have made any dividends or distributions to our Company and our Company has not made any dividends or distributions to our shareholders. We intend to keep any future earnings to finance the expansion of our business, and we do not anticipate that any cash dividends will be paid in the foreseeable future. Subject to the PFIC rules, the gross amount of distributions we make to investors with respect to our Class A Ordinary Shares (including the amount of any taxes withheld therefrom) will be taxable as a dividend, to the extent that the distribution is paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles.

Our board of directors has complete discretion in deciding whether to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our Company may pay dividends out of profit or share premium account, and provided always that in no circumstances may a dividend be paid out of 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. In addition, our shareholders may by ordinary resolution declare a final dividend, but no dividend shall exceed the amount recommended by our board of directors. Even if our board of directors decides to 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. Please see the section entitled "Material Income Tax Consideration" of this prospectus for information on the potential tax consequences of any cash dividends declared.

In order for us to pay dividends to our shareholders, we will rely on payments from RUI Singapore, as dividends. RUI Singapore will rely on payments made from RUI Beijing and RUI Shanghai, which will in turn rely on payments made from RUI Facility Management. RUI Facility Management will rely on its operating profit and payments from RUI Catering, Jiangsu Ruimu, RUI Wuxi, and Deep Quest, as dividends. If the PRC Subsidiaries incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to us.

Current PRC regulations permit RUI Beijing and RUI Shanghai, to pay dividends to RUI Singapore only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. In addition, RUI Beijing and RUI Shanghai are required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital.

The PRC government also imposes controls on the conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. For instance, SAFE Circular 3 issued on January 26, 2017, provides that banks shall, when dealing with dividend remittance transactions from a domestic enterprise to its offshore shareholders of more than $50,000, review the relevant board resolutions, original tax filing form, and audited financial statements of such domestic enterprise based on the principle of genuine transaction. Furthermore, if our PRC Subsidiaries incur debt on their own in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments. If we or the PRC Subsidiaries are unable to receive all of the revenue from our operations, we may be unable to pay dividends on our Class A Ordinary Shares.

Cash dividends, if any, on our Class A Ordinary Shares will be paid in U.S. dollars. RUI Singapore may be considered a non-resident enterprise for tax purposes, so that any dividends RUI Beijing and RUI Shanghai pays to RUI Singapore may be regarded as China-sourced income and as a result may be subject to PRC withholding tax at a rate of up to 10%. See "Material Income Tax Consideration—Enterprise Taxation in Mainland China."

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Pursuant to the Double Tax Avoidance Arrangement, the 10% withholding tax rate may be lowered to 5% if a Singapore resident enterprise owns no less than 25% of a PRC project. The 5% withholding tax rate, however, does not automatically apply and certain requirements must be satisfied, including without limitation that (a) the Singapore project must be the beneficial owner of the relevant dividends; and (b) the Singapore project must directly hold no less than 25% share ownership in the PRC project during the 12 consecutive months preceding its receipt of the dividends. In current practice, a Singapore project must obtain a tax resident certificate from the Singapore tax authority to apply for the 5% lower PRC withholding tax rate. As the Singapore tax authority will issue such a tax resident certificate on a case-by-case basis, we cannot assure you that we will be able to obtain the tax resident certificate from the relevant Singapore tax authority and enjoy the preferential withholding tax rate of 5% under the Double Taxation Arrangement with respect to any dividends paid by RUI Beijing and RUI Shanghai to their immediate holding company, RUI Singapore. As of the date of this prospectus, we have not applied for the tax resident certificate from the relevant Singapore tax authority. RUI Singapore intends to apply for the tax resident certificate if and when RUI Beijing and RUI Shanghai plans to declare and pay dividends to RUI Singapore. See "Risk Factors—Risks Relating to Doing Business in the PRC—There are significant uncertainties under the EIT Law relating to the withholding tax liabilities of the PRC Subsidiaries, and dividends payable by our PRC Subsidiaries to our offshore subsidiaries may not qualify to enjoy certain treaty benefits."

KSA companies may distribute annual or interim dividends from their distributable profits in accordance with the KSA Companies Law and their constitutional documents. For the interim dividends, the regulatory rules governing dividend distributions provided that: (i) the articles of association authorize the distribution of interim dividends and the partners have, by annual resolution, authorized the manager to effect such distributions; (ii) the company has reasonable liquidity and visibility over its expected profits; and (iii) the most recent financial statements reflect sufficient distributable dividends to cover the proposed distribution after taking into account any dividends previously distributed or capitalized. Distributable dividends consist of retained earnings as shown in the latest financial statements, together with any distributable reserves. Distributable reserves are reserves formed from profits that have not been allocated for specific purposes, or those subject to a decision canceling the purpose for which they were formed. No distribution may be made if it would contravene any agreed reserves in accordance with the company's constitutional documents or creditor-protection requirements. Any dividend distributed in breach of these requirements may be subject to recovery by the company or its creditors, whereas dividends lawfully declared and paid are not required to be returned even if the company subsequently incurs losses. Unless otherwise stipulated in the articles of association, partners and shareholders share profits and losses in proportion to their interests, and a personal creditor may enforce its claim against a partner's or shareholder's share of distributed profits or, in certain circumstances, request the judicial sale of interests or shares. Dividends distributed by a KSA resident company to non-resident shareholders constitute KSA-source income under the Income Tax Law and are generally subject to withholding tax, including amounts treated as dividends such as liquidation proceeds exceeding paid-up capital and in-kind distributions intended to allocate profits to shareholders. Our ability to pay dividends to our shareholders will depend on the upstreaming of distributable profits from our subsidiaries in the KSA, which will in turn rely on distributions from operating subsidiaries such as Aish Alnas and Deep Quest, each of which depends on its operating results, cash flow, financial condition, and compliance with applicable legal and contractual restrictions. If any of our subsidiaries in the KSA incurs indebtedness in the future, the covenants governing such indebtedness may restrict their ability to declare dividends or otherwise remit funds to us, which could materially limit our capacity to pay dividends to our shareholders.

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**CAPITALIZATION** 

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

● on an actual basis;

● on a pro forma basis to reflect the receipt of subscription receivable amounting to $300,000 from the shareholder ZENITH CAPITAL I LP in January 2026; and

● on a pro forma as-adjusted basis to reflect (i) the receipt of subscription receivable amounting to $300,000 from the shareholder ZENITH CAPITAL I LP in January 2026 and (ii) the issuance and sale of the Class A Ordinary Shares by us in this offering at the assumed initial public offering price of $4.50 per Class A Ordinary Share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the estimated discounts to the underwriters, the non-accountable expense allowance and the estimated offering expenses payable by us, and assumes no exercise of the underwriters' over-allotment option.

You should read this capitalization table in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and the related notes appearing elsewhere in this prospectus.

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| |
|:---|
| Shareholders' Equity: |
| Class A Ordinary Shares, ($0.0001 par value, 450,000,000 Class A Ordinary Shares authorized, 15,690,000 Class A Ordinary Shares issued and outstanding, actual; 19,690,000 Class A Ordinary Shares issued and outstanding, pro forma and pro forma as-adjusted) |
| Class B Ordinary Shares, ($0.0001 par value, 50,000,000 Class B Ordinary Shares authorized, 18,935,000 Class B Ordinary Shares issued and outstanding, actual, pro forma, and pro forma as-adjusted) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Subscription receivable <sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Accumulated deficit) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income |
| &nbsp;&nbsp;&nbsp;Total Shareholders' Equity) |
| Total Capitalization) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The pro forma as-adjusted information discussed above is illustrative only. Pro forma additional paid in capital reflects the net proceeds we expect to receive, after deducting underwriting fee, underwriter expense allowance and other estimated offering expenses. We expect to receive net proceeds of approximately $15,267,634 ($18,000,000, less underwriting fee of $1,440,000 and offering expenses of approximately $1,292,366). Our additional paid-in capital, total shareholders' equity and total capitalization following the completion of this offering are subject to adjustment based on the actual initial public offering price and other terms of this offering determined at pricing.

(2) Reflects the sale of 4,000,000 Class A Ordinary Shares in this offering at an assumed initial public offering price of $4.50 per share, and after deducting the estimated underwriting discounts, non-accountable expense allowance, and estimated offering expenses payable by us. The as-adjusted information is illustrative only, and we will adjust this information based on the actual initial public offering price and other terms of this offering determined at pricing. Additional paid-in capital reflects the net proceeds we expect to receive, after deducting the underwriting discounts, non-accountable expense allowance, and estimated offering expenses payable by us. We estimate that such net proceeds will be approximately $15,267,634.

(3) In January 2026, the Company received subscription receivable amounting to $300,000 from the shareholder ZENITH CAPITAL I LP.

A $1.00 increase (decrease) in the assumed initial public offering price of $4.50 per Class A Ordinary Share would increase (decrease) each of additional paid-in capital, total shareholders' equity and total capitalization by $3,680,000, assuming 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 estimated underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us.

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**DILUTION** 

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

Our net tangible book value as of August 31, 2025, was $(2,095,070), or $(0.06) per Ordinary Share. Net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities. After giving effect to the receipt of subscription receivable amounting to $300,000 from the shareholder ZENITH CAPITAL I LP in January 2026, our pro forma net tangible book value as of August 31, 2025, was $(1,795,070), or $(0.05) per Ordinary Share.

Dilution is determined by subtracting the net tangible book value per Class A Ordinary Share (as adjusted for the offering) from the initial public offering price per Class A Ordinary Share and after deducting the estimated underwriting discounts, non-accountable expense allowance and the estimated offering expenses payable by us.

After giving effect to our sale of 4,000,000 Class A Ordinary Shares offered in this offering based on the assumed initial public offering price of $4.50 per Class A Ordinary Share after deduction of the estimated underwriting discounts, non-accountable expense allowance and the estimated offering expenses payable by us, our pro forma as-adjusted net tangible book value as of August 31, 2025, would have been $13,472,564, or $0.35 per outstanding Ordinary Share. This represents an immediate increase in net tangible book value of $0.41 per Ordinary Share to the existing shareholders, and an immediate dilution in net tangible book value of $4.15 per Class A Ordinary Share to investors purchasing Class A Ordinary Shares in this offering. The pro forma as-adjusted information discussed above is illustrative only.

The following table illustrates such dilution:

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| | |
|:---|:---|
|  | **Post<br> Offering** |
| Assumed Initial public offering price per Ordinary Share | $4.50 |
| Net tangible book value per Ordinary Share as of August 31, 2025 | $(0.06) |
| Change in net tangible book value per Ordinary Share attributable to receipt of subscription receivable in January 2026 | $0.01 |
| Pro forma net tangible book value per Ordinary Share after receipt of subscription receivable in January 2026 | $(0.05) |
| Increase in pro forma as-adjusted net tangible book value per Ordinary Share attributable to payments by new investors | $0.40 |
| Pro forma as-adjusted net tangible book value per Ordinary Share immediately after this offering | $0.35 |
| Amount of dilution in net tangible book value per Class A Ordinary Share to new investors in the offering | $4.15 |

---

The following tables summarize, on a pro forma as-adjusted basis as of August 31, 2025, the differences between existing shareholders and the new investors with respect to the number of Ordinary Shares purchased from us, the total consideration paid and the average price per Class A Ordinary Share before deducting the estimated underwriting discounts, non-accountable expense allowance and the estimated offering expenses payable by us.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares purchased** | **Ordinary Shares purchased** | **Total consideration** | **Total consideration** | **Average price per Ordinary** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Share** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| Existing shareholders | 15690000 | 79.69% | $502 | 2.71% | $0.03 |
| New investors | 4000000 | 20.31% | $18000 | 97.29% | $4.50 |
| Total | 19690000 | 100.00% | $18502 | 100.00% | $0.94 |

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

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**CORPORATE HISTORY AND STRUCTURE**

**Our Corporate History**

RUI Cayman was incorporated on February 17, 2025, as an exempted company with limited liability in the Cayman Islands.

On January 26, 2024, RUI Singapore was incorporated in Singapore as a private company limited by shares, which was 50.02% owned by Xiang Chen, a shareholder and the CFO of RUI Cayman, through MAIS Holding Limited, which was wholly owned by Xiang Chen. On January 11, 2024, Xiang Chen and Fangfang An entered into a nominee shareholding agreement and a concerted action and voting rights delegation agreement. Pursuant to these agreements, Xiang Chen, designated Fangfang An as the nominee shareholder to hold 100% of the equity interests in MAIS Holding Limited on his behalf and delegated all voting rights associated with such equity interests to Fangfang An, to be exercised in accordance with Xiang Chen's instructions. All ownership rights, including economic benefits (such as dividends, distributions, and liquidation proceeds), disposal rights, and other shareholder rights associated with such equity interests remained vested in Xiang Chen, with Fangfang An acting solely as the registered holder. On May 31, 2025, all shareholders of RUI Singapore transferred their shares to RUI Cayman. Following such transfer, Rui Singapore became a wholly owned subsidiary of RUI Cayman. As a result, Xiang Chen was the ultimate controlling party of RUI Singapore both prior to and immediately following the acquisitions.

On April 19, 2024, RUI UAE was incorporated in the UAE, which was wholly owned by Xiang Chen. On July 23, 2025, Xiang Chen transferred 50% of his equity in RUI UAE to RUI Singapore. Following such transfer, RUI UAE became a 50% owned subsidiary of RUI Singapore.

On June 6, 2024, Aish Alnas was incorporated in the KSA as a limited liability company, which was wholly owned by Xiang Chen. On June 6, 2024, Xiang Chen, NORAH SHANSHAN YUANDA, and Peng Yu (a shareholder and the Chief Executive Officer of RUI Cayman) entered into a nominee shareholding agreement and a concerted action and voting rights delegation agreement. Pursuant to these agreements, Xiang Chen appointed Peng Yu as the general manager of Aish Alnas, responsible for its daily operation and management in accordance with Xiang Chen's instructions, and designated NORAH SHANSHAN YUANDA as the nominee shareholder to hold 100% of the equity interests in Aish Alnas on his behalf and delegated all voting rights associated with such equity interests to NORAH SHANSHAN YUANDA, to be exercised in accordance with Xiang Chen's instructions. All ownership rights, including economic benefits (such as dividends, distributions, and liquidation proceeds), disposal rights, and other shareholder rights associated with such equity interests remained vested in Xiang Chen, with NORAH SHANSHAN YUANDA acting solely as the registered holder. On March 9, 2025, Xiang Chen and NORAH SHANSHAN YUANDA entered into a termination agreement with respect to the nominee shareholding arrangement, pursuant to which Xiang Chen directed NORAH SHANSHAN YUANDA to transfer all equity interests in Aish Alnas to RUI Singapore. The nominee arrangement terminated upon completion of the relevant registration changes in connection with such transfer. Following the transfer, Aish Alnas became a wholly owned subsidiary of RUI Singapore, which was then controlled by Xiang Chen.

On September 13, 2024, RUI Shanghai was incorporated in the PRC as a limited liability company, which is a wholly owned subsidiary of RUI Singapore.

On May 28, 2025, RUI Beijing was incorporated in the PRC as a limited liability company, which is a wholly owned subsidiary of RUI Singapore.

On January 25, 2021, RUI Facility Management was incorporated in the PRC as a limited liability company, which was wholly owned by Xiang Chen. On September 28, 2022, Xiang Chen, Ying Xia, and Yao Chen entered into a nominee shareholding agreement and a concerted action and voting rights delegation agreement. Pursuant to these agreements, Xiang Chen designated Ying Xia and Yao Chen as the nominee shareholders to hold 99% and 1%, respectively, of the equity interests in RUI Facility Management on his behalf, and delegated all voting rights associated with such equity interests to Ying Xia and Yao Chen, to be exercised in accordance with Xiang Chen's instructions. All ownership rights, including economic benefits (such as dividends, distributions, and liquidation proceeds), disposal rights, and other shareholder rights associated with such equity interests remained vested in Xiang Chen, with Ying Xia and Yao Chen acting solely as the registered holders. On August 13, 2024, Xiang Chen, Ying Xia, and Yao Chen entered in to a termination agreement with respect to the nominee shareholding arrangement, pursuant to which Xiang Chen directed Ying Xia and Yao Chen to transfer 99% and 1%, respectively, of the equity interests in RUI Facility Management to Jing Wu and Chengcheng An, respectively, and the nominee arrangement terminated upon completion of the relevant registration changes in connection with such transfer. On August 13, 2024, Xiang Chen entered into a new nominee shareholding agreement and a new concerted action and voting rights delegation agreement with Jing Wu and Chengcheng An on substantially the same terms, pursuant to which Jing Wu and Chengcheng An were designated as nominee shareholders to hold 99% and 1%, respectively, of the equity interests in RUI Facility Management on Xiang Chen's behalf, and were delegated all voting rights associated with such equity interests, to be exercised in accordance with Xiang Chen's instructions. On September 19, 2024, Xiang Chen, Jing Wu, and Chengcheng An entered into a termination agreement with respect to the nominee shareholding arrangement, pursuant to which Xiang Chen directed Jing Wu and Chengcheng An to transfer 99% and 1%, respectively, of the equity interests in RUI Facility Management to RUI Shanghai, and the nominee arrangement terminated upon completion of the relevant registration changes in connection with such transfer. Following the transfer, RUI Facility Management became a wholly owned subsidiary of RUI Shanghai. On September 19, 2024, Jing Wu and Chengcheng An entered into a stock transfer agreement with RUI Shanghai. Pursuant to this agreement, RUI Shanghai purchased 99% and 1% equity interests in RUI Facility Management from Jing Wu and Chengcheng An, respectively, in consideration of approximately US$140 (RMB1,000) and US$14 (RMB100). Upon the completion of this transaction, RUI Facility Management became a wholly owned subsidiary of RUI Shanghai, a wholly owned subsidiary of RUI Singapore, which was then controlled by Xiang Chen.

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On October 14, 2020, Jiangsu Ruimu was incorporated in the PRC as a limited liability company, which is wholly owned by RUI Facility Management.

On September 26, 2022, RUI Catering was incorporated in the PRC as a limited liability company, which is wholly owned by RUI Facility Management.

On February 3, 2021, RUI Wuxi was incorporated in the PRC as a limited liability company, which is wholly owned by RUI Facility Management.

On May 27, 2025, Deep Quest was incorporated in the KSA as a limited liability company, which is wholly owned by Jiangsu Ruimu. On January 26, 2026, Jiangsu Ruimu transferred 100% of its interest in Deep Quest to RUI Singapore, as a result of which Deep Quest became a wholly-owned subsidiary of RUI Singapore.

**Our Corporate Structure**

The following diagram illustrates our corporate structure as of the date of this prospectus and after giving effect to this offering (assuming no exercise by the underwriters of their over-allotment option).

Certain entities immaterial to our results of operations, business and financial condition are omitted.

![](image_004.jpg)

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Notes: all percentages reflect the voting rights held by each of our shareholders.

\* As of the date of this prospectus, the Company's authorized share capital is US$50,000, divided into 450,000,000 Class A Ordinary Shares, with one vote per share, and 50,000,000 Class B Ordinary Shares, with 20 votes per share. As of the date of this prospectus, 15,690,000 Class A Ordinary Shares (representing 15,690,000 votes) and 18,935,000 Class B Ordinary Shares (representing 378,700,000 votes) are issued and outstanding, representing an aggregate of 394,390,000 votes. Immediately upon the completion of this offering, assuming no exercise of the over-allotment option by the underwriters, there will be 19,690,000 Class A Ordinary Shares issued and outstanding (or 20,290,000 Class A Ordinary Shares if the underwriter exercises the over-allotment option to purchase additional Class A Ordinary Shares in full) and 18,935,000 Class B Ordinary Shares issued and outstanding. As of the date of this prospectus, holders of the outstanding Class B Ordinary Shares beneficially own approximately 95.97% of the aggregate voting power of our issued and outstanding Ordinary Shares. Following the completion of this offering, they will beneficially own approximately 95.06% of the aggregate voting power, assuming no exercise of the underwriters' over-allotment option, or approximately 94.91% if the underwriters exercise the over-allotment option in full. As a result, they have the ability to control matters requiring shareholder approval, including the election of directors, amendment of memorandum and articles of association, and approval of certain major corporate transactions in accordance with the Cayman Companies Act. This concentrated control may limit or preclude the ability of holders of Class A Ordinary Shares to influence corporate matters for the foreseeable future. See "Risk Factors—Risks Relating to this Offering and the Trading Market—The dual class structure of our Ordinary Shares has the effect of concentrating voting control with our director, and her interests may not be aligned with the interests of our other shareholders" and "Risk Factors—Risks Relating to this Offering and the Trading Market—We will be a 'controlled company' within the meaning of the Nasdaq listing rules, and are allowed to follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders."

(1) Represents 10,505,000 Class B Ordinary Shares indirectly
held by Manli Zhang Robinson, our chief compliance officer and director and the 100% beneficial owner of Serenity Prime Limited, as of
the date of this prospectus. Serenity Prime Limited is incorporated at Aegis Chambers, 1st Floor, Ellen Skelton Building, 3076 Sir Francis
Drake's Highway, Road Town, Tortola, VG1110, British Virgin Islands.

(2) Represents 4,215,000 Class B Ordinary Shares indirectly held
by Xiang Chen, our chief financial officer and director and the 100% beneficial owner of RUI Horizon Holding Ltd., as of the date of
this prospectus. RUI Horizon Holding Ltd. is incorporated with ICS Corporate Services (BVI) Limited, Sea Meadow House, P.O. Box 116,
Road Town, Tortola, British Virgin Islands.

(3) Represents 4,215,000 Class B Ordinary Shares indirectly held
by Peng Yu, our chief executive officer and Director and the 100% beneficial owner of Southenlake Holding Ltd., as of the date of this
prospectus. Southenlake Holding Ltd. is incorporated with ICS Corporate Services (BVI) Limited, Sea Meadow House, P.O. Box 116, Road
Town, Tortola, British Virgin Islands.

(4) Represents 1,725,000 Class A Ordinary Shares indirectly held
by Lim Choon San, our director and the 100% beneficial owner of MAIS HOLDING LIMITED, as of the date of this prospectus. MAIS HOLING
LIMITED is incorporated with ICS Corporate Services (BVI) Limited, Sea Meadow House, P.O. Box 116, Road Town, Tortola, British Virgin
Islands. On October 29, 2025, Xiang Chen and Fangfang An entered into a termination agreement with respect to the aforementioned nominee
shareholding arrangement, pursuant to which Xiang Chen directed Fangfang An to transfer all equity interests in MAIS Holding Limited
to Lim Choon San. The nominee arrangement terminated upon completion of the relevant registration changes in connection with such transfer.

(5) Represents an aggregate of 13,965,000 Class A Ordinary Shares
held by seven shareholders, each one of which holds less than 5% of our voting interests, as of the date of this prospectus.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND<br> 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 related notes that included elsewhere in this prospectus. The following discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this prospectus, particularly in "Risk Factors."*

**Overview**

We are a holding company incorporated on February 17, 2025 under the laws of the Cayman Islands. As a holding company with no material operations of our own, we conduct our operations through our subsidiaries in the KSA, Singapore, and the PRC. We do not conduct any material business operations in the UAE.

We, through our subsidiaries, currently provide integrated facility management services in the PRC. Our integrated facility management services, enhanced by AIoT, streamline and optimize the management of facilities, encompassing a wide range of services such as maintenance, security, energy management, fire safety, and operational support within facilities and infrastructures. By integrating AIoT, our PRC Subsidiaries' services leverage real-time data collection, predictive analytics, and automation to enhance efficiency, reduce costs, ensure safety, and improve decision-making.

We, through our subsidiary in the KSA, also provide integrated logistics services, by offering comprehensive logistics solutions that cover the supply chain from port operations and customs clearance to land transportation and delivery to designated project sites. Furthermore, our subsidiaries commenced providing transportation equipment lease services and software development services in October 2024 and September 2024, respectively. Our subsidiaries also provide equipment leasing and software development services as value-added offerings that complement and enhance our core services.

For the fiscal years ended August 31, 2024 and 2025, our total revenue was approximately $3.14 million and $13.67 million, respectively. Revenue from providing integrated facility management services represented approximately 96.68% and 22.87% of our total revenue for the fiscal years ended August 31, 2024 and 2025, respectively. We started our integrated logistics services since September 2024. Revenue from integrated logistics services was approximately $6.44 million, contributing approximately 47.11% of our total revenue for the fiscal year ended August 31, 2025. Revenue generated from the transportation equipment lease services, software development services and other services was $2.86 million, $0.92 million, and $0.32 million, respectively, representing approximately 20.95%, 6.74%, and 2.33% of our total revenue for the fiscal year ended August 31, 2025, respectively.

**Key Factors that Affect Operating Results**

Our financial performance and growth are influenced by a combination of macroeconomic, industry-specific, and company-specific factors.

***Client Acquisition and Repeat Engagement***

Our ability to attract new clients and retain existing ones is critical to our revenue generation and long-term sustainability. Our revenue growth depends on both expanding our client base and deepening our relationships with existing clients. Many of our clients rely on us for ongoing integrated logistics and facility management needs. We compete based on the strong relationship with our clients, the breadth of our facility types and logistic coverage, and the quality and effectiveness of our service teams. Failure to maintain strong client relationships or deliver consistent high-quality service outcomes may result in lower client retention rates and a reduction in repeat business.

***Capitalization on Vision-driven Mega-projects in the Middle East and Policy-led Digitalization in China***

We believe that Saudi Vision 2030 and the UAE smart city programs drive demand for integrated AIoT-enabled facility management and specialized logistics. In the PRC, we believe that the "dual-carbon" goal also accelerates the adoption of AIoT-driven energy optimization solutions. We believe our ability to capture the above policy driven opportunities in both the Middle East and the PRC is essential to the expansion of our customer base, broadening and deepening of our service scopes, and strengthening our revenue stream.

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***Mitigation of Risks Related to Supply-Chain Disruptions, Cybersecurity, and Regulatory Compliance***

Infrastructure bottlenecks in remote regions in the Middle East may delay equipment procurement and maintenance. Dependence on complex cross-border logistics also exposes our business to risks of disruptions in shipping, customs, or geopolitical tensions. High upfront costs for AIoT hardware/software deployment could pressure short-term profitability. Legacy building retrofitting in China poses technical and financial challenges due to structural constraints and fragmented ownership. Cybersecurity threats connected IoT systems to risks of operational shutdowns and data breaches.

Our ability to mitigate above risks will secure the Company's operating efficiency, technology implementation, profitability, and long-term sustainability.

***Balancing Short-Term Margin Pressure from Upfront Investments against Long-Term Scalability***

In the Middle East, the "Saudization" policies, stringent customs regulations, and sector-specific permits increase compliance costs and entry barriers. See "Regulations—Regulations Related to Labor—Labor Law and Saudization." In China, the data privacy laws impose strict requirements on AIoT data collection and usage**.** Significant initial investments are required for warehouses, transport fleets, IoT hardware, and local team setup. Price competition in early-stage market penetration may compress margins until scale is achieved.

Our ability to manage and balance the above sector- and region-specific situations is essential to the success of our new market and business expansion.

**Results of Operations**

***For the fiscal years ended August 31, 2024 and 2025***

The following table sets forth a summary of our consolidated results of operations for the fiscal years presented. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus. The results of operations in any period are not necessarily indicative of our future trends.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** | | |
|  | **2024** | **2025** |<br>**Change** | **%**<br>**Change** |
|  | **USD** | **USD** | **USD** | |
| REVENUE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total revenue | 3143556 | 13667904 | 10524348 | 334.79% |
| COST OF REVENUE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total cost of revenue | (3178978) | (10861525) | (7682547) | 241.67% |
| GROSS PROFIT/(LOSS) | (35422) | 2806379 | 2841801 | 8022.70% |
| OPERATING EXPENSES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | (774419) | (1307874) | (533455) | 68.88% |
| &nbsp;&nbsp;&nbsp;Research and development expenses | (144600) | (92344) | 52256 | (36.14)% |
| &nbsp;&nbsp;&nbsp;Total operating expenses | (919019) | (1400218) | (481199) | 52.36% |
| Income (loss) from operations | (954441) | 1406161 | 2360602 | (247.33)% |
| Other (expenses)/income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other (expenses)/income, net | 823 | (62814) | (63637) | (7723.32)% |
| Total other income, net | 823 | (62814) | (63637) | (7723.32)% |
| INCOME (LOSS) BEFORE INCOME TAXES | (953618) | 1343347 | 2296965 | (240.87)% |
| &nbsp;&nbsp;&nbsp;Income tax expenses | (875) | (310201) | (309326) | 35351.54% |
| NET INCOME (LOSS) | (954493) | 1033146 | 1987639 | (208.24)% |
| Other comprehensive income/(loss) | (71539) | 42441 | 113980 | (159.33)% |
| **COMPREHENSIVE INCOME (LOSS)** | $**(1026032)** | $**1075587** | $**2101619** | **(204.83)%** |

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*Revenue*

We derive revenue from five main sources: (1) integrated facility management services, (2) integrated logistics services, (3) transportation equipment lease services, (4) software development services, and (5) other services.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** | | |
|  | **2024** | **2025** |<br>**Change** | **%**<br>**Change** |
|  | **USD** | **USD** | **USD** | |
| REVENUE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Integrated facility management services | 3039055 | 3126119 | 87064 | 2.86% |
| &nbsp;&nbsp;&nbsp;Integrated logistics services |  | 6438886 | 6438886 | N/A% |
| &nbsp;&nbsp;&nbsp;Transportation equipment lease services |  | 2863148 | 2863148 | N/A% |
| &nbsp;&nbsp;&nbsp;Software development services |  | 920810 | 920810 | N/A% |
| &nbsp;&nbsp;&nbsp;Other services | 104501 | 318941 | 214440 | 205.20% |
| &nbsp;&nbsp;&nbsp;Total revenue | 3143556 | 13667904 | 10524348 | 334.79% |

---

The Company's total revenue increased by approximately $10.52 million, or 334.79%, from approximately $3.14 million for the fiscal year ended August 31, 2024 to approximately $13.67 million for the fiscal year ended August 31, 2025. The overall increase in total revenue was mainly attributable to new revenue streams, consisting of approximately $6.44 million integrated logistics services, approximately $2.86 million from transportation equipment lease service, and approximately $0.92 million from software development services.

*<u>Revenue from integrated facility management services</u>*

Revenue generated from our integrated facility management service increased by approximately $0.09 million or 2.86%, from approximately $3.04 million for the fiscal year ended August 31, 2024 to approximately $3.13 million for the fiscal year ended August 31, 2025. The increase in integrated facility management service revenue was mainly due to the Company completing more projects in the fiscal year ended August 31, 2025 compared to August 31, 2024. The Company's facility management capability has been well-recognized by customers, which resulted in additional orders from customers in the fiscal year ended August 31, 2025.

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*<u>Revenue from integrated logistics services</u>*

The Company started generating revenue from providing integrated logistics service since September 2024, recognizing approximately $6.44 million revenue for the fiscal year ended August 31, 2025. The increase in integrated logistics service revenue was mainly due to the Company expanding its operation in the Middle East and commencing its integrated logistics business in the KSA in the fiscal year ended August 31, 2025.

*<u>Revenue from transportation equipment lease services</u>*

The Company started generating revenue from providing transportation equipment lease service since October 2024, recognizing approximately $2.86 million revenue for the fiscal year ended August 31, 2025. The transportation equipment lease service was initially provided to the existing logistic customer as value-added service. The Company then expanded this service to other non-logistic customers.

*<u>Revenue from software development services</u>*

The Company started generating revenue from providing software development service since September 2024, recognizing approximately $0.92 million revenue for the fiscal year ended August 31, 2025. The new footprint in software development services was mainly due to the Company optimizing its information technology development capabilities, resources in talents, and knowledge of local culture, which together empower existing customers and industry partners in their business operations in the KSA and the PRC.

*Cost of Revenue*

Our cost of revenue mainly consists of expenditures paid for outsourced services providers, leased transportation equipment, and staff compensation. The detailed breakdown of cost of revenue are shown below according to different sources of revenue.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** | | |
|  | **2024** | **2025** |<br>**Change** | **%**<br>**Change** |
|  | **USD** | **USD** | **USD** | |
| COST OF REVENUE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Integrated facility management services | 3176210 | 2667630 | (508580) | (16.01)% |
| &nbsp;&nbsp;&nbsp;Integrated logistics services |  | 5247292 | 5247292 | N/A |
| &nbsp;&nbsp;&nbsp;Transportation equipment lease services |  | 2553438 | 2553438 | N/A |
| &nbsp;&nbsp;&nbsp;Software development services |  | 245660 | 245660 | N/A |
| &nbsp;&nbsp;&nbsp;Other services | 2768 | 147505 | 144737 | 5228.93% |
| &nbsp;&nbsp;&nbsp;Total cost of revenue | 3178978 | 10861525 | 7682547 | 241.67% |

---

*<u>Cost of integrated facility management services</u>*

 

Our cost of integrated facility management services decreased by approximately $0.51 million, or 16.01%, from approximately $3.18 million for the fiscal year ended August 31, 2024, to approximately $2.67 million for the fiscal year ended August 31, 2025. The decrease in cost of integrated facility management services was primarily due to the Company's improved cost management through more stringent internal controls and enhanced external supplier selection, which in turn helped minimize losses in this business.

*<u>Cost of integrated logistics services</u>*

 

The Company started to recognize its cost of integrated logistics services since September 2025. The cost of integrated logistics services was approximately $5.25 million for the fiscal year ended August 31, 2025, including the cost of outsourced logistics service providers hired for cargo pick-up, in-bound and in-land transportation, custom clearing, and other necessary services needed to fulfill the logistics contracts.

 

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*<u>Cost of transportation equipment lease service</u>*

 

The Company started to recognize its cost of transportation equipment lease services since October 2024. The cost of transportation services was approximately $2.55 million for the fiscal year ended August 31, 2025, including the cost of equipment leased from third parties and depreciation of equipment purchased by the Company.

*<u>Cost of software development services</u>*

 

The Company started to recognize its cost of software development services since September 2024. The cost of software development services was approximately $0.25 million for the fiscal year ended August 31, 2025, including the cost of software development service providers hired from third party and staff compensation.

***Gross profit***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended August 31,** | **For the fiscal years ended August 31,** | **For the fiscal years ended August 31,** | **For the fiscal years ended August 31,** | | |
|  | **2024** | **2024** | **2025** | **2025** | | |
|  | **Gross<br> Profit** | **Gross<br> Margin** | **Gross<br> Profit/(loss)** | **Gross<br> Margin** |<br>**Change** |<br>**%<br> Change** |
|  | **USD** | | **USD** | | **USD** | |
| Integrated facility management services | (137155) | (3.23)% | 458489 | 14.67% | 595644 | 17.90% |
| Integrated logistics services |  |  | 1191594 | 18.51% | 1191594 | N/A |
| Transportation equipment lease services |  |  | 309710 | 10.82% | 309710 | N/A |
| Software development services |  |  | 675150 | 73.32% | 675150 | N/A |
| Other services | 101733 | 97.35% | 171436 | 53.75% | 69703 | (43.60)% |
| Total gross profit/(loss) | (35422) | (1.13)% | 2806379 | 20.53% | 2841801 | 21.66% |

---

Our total gross profit increased by approximately $2.84 million, or 21.66%, from a gross loss of approximately $0.03 million for the fiscal year ended August 31, 2024 to approximately $2.81 million for the fiscal year ended August 31, 2025. Gross profit (loss) margin as a percentage of overall revenue for the fiscal years ended August 31, 2024 and 2025 was approximately (1.13)% and 20.53%, respectively.

Gross profit for integrated facility management services increased by approximately $0.60 million or 17.90% from a loss of approximately $0.14 million for the fiscal year ended August 31, 2024 to approximately $0.46 million for the fiscal year ended August 31, 2025. Gross profit (loss) margin for the fiscal years ended August 31, 2024 and 2025 was approximately (3.23)% and 14.67%, respectively. The increase in gross profit margin was due enhanced margin oversight and reduced costs resulting from more restrictive outsourcing contracts.

Gross profit for integrated logistics services was approximately $1.20 million for the fiscal year ended August 31, 2025 according to the newly generated integrated logistics service revenue. Gross profit margin for the fiscal year ended August 31, 2025 was approximately 18.51%.

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Gross profit for transportation equipment lease services was approximately $0.31 million for the fiscal year ended August 31, 2025 according to the newly generated transportation equipment lease service revenue. Gross profit margin for the fiscal year ended August 31, 2025 was approximately 10.82%.

Gross profit for software development services was approximately $0.68 million for the fiscal year ended August 31, 2025 according to the newly generated software development service revenue. Gross profit margin for the fiscal year ended August 31, 2025 was approximately 73.32%.

*Operating Expenses*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** | | |
|  | **2024** | **2025** |<br>**Change** | **%**<br>**Change** |
|  | **USD** | **USD** | **USD** | |
| Selling, general and administrative expenses | 774419 | 1307874 | 533455 | 68.88% |
| Research and development expenses | 144600 | 92344 | (52256) | (36.14)% |
| Total operating expenses | 919019 | 1400218 | 481199 | 52.36% |

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Our operating expenses consist of selling, general and administrative expenses and research and development expenses. Operating expenses increased by approximately $0.48 million, or 52.36%, from approximately $0.92 million for the fiscal year ended August 31, 2024 to approximately $1.40 million for the fiscal year ended August 31, 2025. The increase in our operating expenses was primarily due to the Company's business expansion into the KSA resulting in additional professional fees, rental costs, employment salaries, and other administrative and marketing expenses.

*<u>Selling, general and administrative expenses</u>*

Selling, general and administrative expenses primarily consisted of salary and compensation expenses relating to our sales, accounting, human resources and executive office personnel, and included rental expenses, depreciation and amortization expenses, office overhead, professional service fees and travel and transportation costs. Selling, general and administrative expenses increased by 68.88% from $0.77 million for the fiscal year ended August 31, 2024, to $1.31 million for the fiscal year ended August 31, 2025, mainly due to an increase in operating costs in the KSA for new business operations in the region. For more details on segment reporting, see "Note 2" of our consolidated financial statements.

*Research and development expenses*

Our research and development expenses mainly consist of salaries of IT staff and office rents related to research and development department. Research and development expenses decreased by approximately $0.05 million, or 36.14% from approximately $0.14 million for the fiscal year ended August 31, 2024 to approximately $0.09 million for the fiscal year ended August 31, 2025. The decrease in our research and development expenses was primarily due to reallocating a portion of these costs to cost of revenue associated with newly generated software development revenue.

*Other Income/(expenses), net*

Other income/(expenses), net primarily consists of interest expenses, foreign currency exchange loss, losses from investment accounted under other non-operating income and other non-operating income and expenses. Our other net expenses increased by $63,637 from net income of $823 for the fiscal year ended August 31, 2024 to net expenses of $62,814 for the fiscal year ended August 31, 2025. The increase in other net expenses was mainly due to newly incurred losses from investment under other non-operating income of $27,743 and foreign currency exchange loss of $10,728 for the fiscal year ended August 31, 2025, and an increase in interest expenses of $26,644 for the fiscal year ended August 31, 2025 from $301 for the fiscal year ended August 31, 2024.

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*Income tax expenses* 

In the fiscal years ended August 31, 2024 and 2025, income tax expenses was $875 and $0.31 million, respectively. The increase in income tax expenses is mainly due to reason that the Company was profiting from newly established operation in KSA and Singapore and was taxed accordingly in both regions.

*Net Income/(Loss)*

As a result of the foregoing, our net income increased by approximately $1.99 million, or 208.24%, from a net loss of approximately $0.95 million for the fiscal year ended August 31, 2024 to a net income of approximately $1.03 million for the fiscal year ended August 31, 2025. The increase of net income is mainly attributed to an increase of approximately $2.84 million in gross profit.

**Liquidity and Capital Resources**

As of August 31, 2024 and 2025, the Company had negative working capital of approximately $3.39 million and $2.30 million, respectively. For the fiscal years ended August 31, 2024 and 2025, the Company had a net loss of approximately $0.95 million and net profit of approximately $1.03 million, respectively. The Company has historically funded its working capital needs primarily from operations, advance payments from customers and related parties, capital contributions from shareholders and bank loans. The working capital requirements are affected by the efficiency of operations, the numerical volume and dollar value of revenue contracts, the progress or execution on customer contracts, the timing of accounts receivable collections, and supports from our related parties.

In assessing its liquidity, the Company monitors and analyzes its cash balance, its ability to generate sufficient revenue sources in the future and its operating and capital expenditure commitments. As of August 31, 2025, the Company had cash and cash equivalents of approximately $0.63 million. The Company has generated operating cash inflow of approximately $1.51 million in the fiscal year ended August 31, 2025. The Company believes that its cash and cash equivalents will be sufficient to fund its operations over at least the next 12 months from the date of this prospectus. However, the Company may need additional cash resources in the future if the Company experiences changed business conditions or other developments and wishes to pursue opportunities for investment, acquisition, strategic cooperation, or other similar actions. If it is determined that the cash requirements exceed the Company's available cash and cash equivalents, the Company may seek to issue debt or equity securities or obtain more credit facilities. However, there can be no assurance that these plans and arrangements will be sufficient to fund our ongoing capital expenditure, working capital, and other requirements. The consolidated financial statements do not include any adjustments related to the recoverability or classification of assets and the amounts or classification of liabilities that may result from the outcome of this uncertainty.

***For the fiscal years ended August 31, 2024 and 2025***

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| | | |
|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| Net cash provided by (used in) operating activities | (924185) | 1507849 |
| Net cash (used in) investing activities | (52529) | (424465) |
| Net cash (used in) provided by financing activities | 922304 | (535242) |
| Effect of exchange rate changes on cash | (70636) | 46568 |
| Net increase (decrease) in cash and cash equivalents | (125046) | 594710 |

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***Operating Activities***

Net cash used in operating activities was approximately $0.92 million for the fiscal year ended August 31, 2024. This amount was primarily attributable to a net loss of approximately $0.95 million, adjusted (i) to add back depreciation and amortization of approximately $0.05 million, (ii) to add back provision for expected credit losses of approximately $0.04 million, (iii) for changes in operating assets and liabilities that positively affected operating cash flow, including primarily an increase of accounts payable of approximately $0.03 million, accrued expenses and other current liabilities of approximately $0.12 million, taxes payable of approximately $0.01 million, and amounts due to related parties of approximately $0.05 million, and (iv) for changes in operating assets and liabilities that negatively affected operating cash flow, including primarily an increase of accounts receivable of approximately $0.18 million, prepayments and other current assets of approximately $0.03 million, other non-current assets of $9,065, amounts due from related parties of $6,906, and operating lease liabilities of $8,062.

Net cash provided by operating activities was approximately $1.51 million for the fiscal year ended August 31, 2025. This amount was primarily attributable to net income of approximately $1.03 million, adjusted (i) to add back depreciation and amortization of approximately $0.08 million, (ii) to add back loss from the disposal of property and equipment of $32, (iii) to add back provision for expected credit losses of $6,936, (iv) for changes in operating assets and liabilities that positively affected operating cash flow, including primarily an increase of accounts payable of approximately $1.27 million, accrued expenses and other current liabilities of approximately $0.16 million, taxes payable of approximately $0.44 million, and amounts due to related parties of approximately $0.05 million, and (v) for changes in operating assets and liabilities that negatively affected operating cash flow, including primarily an increase of accounts receivable of approximately $1.25 million, prepayments and other current assets of approximately $0.19 million, other non-current assets of approximately $0.01 million, amounts due from related parties of approximately $0.04 million, and operating lease liabilities of approximately $0.05 million.

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***Investing Activities***

Net cash used in investing activities was approximately $0.05 million for the fiscal year ended August 31, 2024, which was used in acquisition of property and equipment.

Net cash used in investing activities was approximately $0.42 million for the fiscal year ended August 31, 2025, which was used in acquisition of property and equipment.

***Financing Activities***

Net cash provided by financing activities was approximately $0.92 million for the fiscal year ended August 31, 2024, which represents (i) advances of approximately $1.20 million from related parties, mainly including $0.71 million from Wuxi Baiqun Internet Technology Co. Ltd., $0.28 million from Wuxi Zhitianxin Industrial Service Outsourcing Ltd., and $0.14 million from Xiang Chen; (ii) repayment of approximately $0.28 million to related parties, mainly including $0.12 million to Wuxi Baiqun Internet Technology Co. Ltd. and $0.15 million to Xiang Chen; (iii) cash advances of approximately $0.28 million from Jiangsu Shengpusi Facility Management Co., Ltd.; and (iv) repayment of approximately $0.27 million to third parties, including $0.22 million to Jiangsu Shengpusi Intelligent Security Service Co., Ltd. and $0.05 million to Jiangsu Shengpusi Facility Management Co., Ltd.

Net cash used in financing activities was approximately $0.54 million for the fiscal year ended August 31, 2025, which represents (i) short-term bank loans of approximately $0.42 million and long-term bank loans of approximately $0.70 million received from banks, and $8,593 repayment to banks; (ii) cash advances of approximately $0.78 million from and repayment of approximately $2.47 million to related parties; (iii) cash advances of approximately $0.13 million from and repayment of approximately $0.21 million to third parties; and (iv) proceeds from new issuance of Ordinary Shares of $0.20 million and payment for deferred offering cost of $0.08 million.

**Capital Expenditures**

The Company made capital expenditures of approximately $0.05 million and $0.42 million for the fiscal years ended August 31, 2024 and 2025, respectively. The Company will make capital expenditures to meet the expected growth of its business when necessary.

**Contractual Obligations**

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| | | | |
|:---|:---|:---|:---|
| **Payments Due by Period** | **Total** | **Less than<br> 1 year** | **1-3 years** |
|  | **USD** | **USD** | **USD** |
| Short-term borrowings | 419058 | 419058 |  |
| Long-term borrowings | 694210 | 14024 | 680186 |
| Operating lease payment | 98547 | 56602 | 41945 |
| **Total** | 1211815 | 489684 | 722131 |

---

The Company had outstanding bank loans of approximately $nil million and $1.11 as of August 31, 2024 and 2025, respectively.

**Off-Balance Sheet Arrangements**

There were no off-balance sheet arrangements for the fiscal years ended August 31, 2024 and 2025 that have, or that in the opinion of management are likely to have, a current or future material effect on our financial condition or results of operations.

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**Trend Information**

Other than as disclosed elsewhere in this prospectus, we are not aware of any trends, uncertainties, demands, commitments or events for the fiscal year ended August 31, 2025 that are reasonably likely to have a material adverse effect on our net revenue, income, profitability, liquidity, or capital resources, or that caused the disclosed financial information to be not necessarily indicative of future operating results or financial condition.

**Quantitative and Qualitative Disclosures about Market Risk**

***Credit Risk***

Our credit risk primarily arises from cash and cash equivalents and accounts receivable. As of August 31, 2025, all of our cash and cash equivalents were held with major financial institutions in the PRC, Singapore, and the KSA. We believe these institutions possess strong creditworthiness and present minimal credit risk to the Company.

For accounts receivable, we extend credit based on a careful evaluation of each client's financial position and payment history. We typically do not require collateral or other forms of security. To mitigate credit risk, we review the recoverability of accounts receivable on a regular basis and provide for expected credit losses where necessary. This ongoing review process helps to significantly reduce our credit exposure.

***Liquidity Risk***

We are exposed to liquidity risk, the risk that we may be unable to meet our financial obligations as they become due. We manage this risk by maintaining a conservative liquidity position, monitoring our working capital requirements closely, and applying regular financial position analysis. In the event of any liquidity shortfall, we may seek financing through bank facilities or shareholder support to meet short-term funding needs.

***Foreign Currency Risk***

The reporting currency of the Company is USD. The functional currency of the Company is RMB in the PRC, the Singapore dollar and the U.S. dollar in Singapore, and Saudi Riyal and the U.S. dollar in the KSA. Substantially all of the Company's revenue, expenses, assets, and liabilities are denominated and settled in RMB and Saudi Riyal. The exchange rate between Saudi Riyal and USD is relatively stable and consistent. The exchange rate between RMB and USD and between the Singapore dollar and USD fluctuate from time to time. As a result, the Company's financial position and operating results are directly exposed to fluctuations between RMB and USD currencies, and between Singapore dollar and USD.

However, upon the completion of this offering, we will hold proceeds denominated in U.S. dollars. While we may convert a portion of these proceeds into RMB to fund our operations in China, the remaining U.S. dollar-denominated cash balances and any future conversion activities will expose us to foreign currency exchange rate risk. A depreciation of the U.S. dollar against the RMB would result in a decrease in the RMB equivalent of our U.S. dollar-denominated assets. We have not entered into any hedging instruments to manage this exposure, but we may consider doing so in the future.

We expect to raise approximately US$18 million from this offering. A portion of the proceeds may be temporarily held in U.S. dollars prior to conversion into RMB, Saudi Riyal and Singapore dollars to fund our operations in the PRC, the KSA and Singapore. A hypothetical 5% depreciation of the U.S. dollar against the RMB would result in a decrease of approximately RMB6,208,200 (US$0.90 million) in the RMB equivalent of these U.S. dollar-denominated assets, based on an exchange rate of 6.8980 as of March 31, 2026. Such currency fluctuations may reduce the effective amount of capital available for our business operations in China.

***Inflation Risk***

Since our inception, inflation has not had a material impact on our operating results. According to the National Bureau of Statistics of China, the consumer price index increased by 1.8% in 2023 and 0.2% in 2024, and according to the General Authority for Statistics of Saudi Arabia, the consumer price index increased by 1.7% in 2024. Although inflation has been moderate in recent years, a significant increase in inflation in the future could result in higher operating costs and may adversely affect our profitability.

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***Interest Rate Risk***

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Our exposure to interest rate risk arises from our cash and cash equivalents held in banks and our short-term and long-term borrowings. Our cash deposits earn interests at variable rates, while our short-term and long-term loans carry fixed interest rates. Therefore, our primary exposure relates to the interest income we receive from our cash balances.

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Fluctuations in interest rates will affect the interest income we earn on our cash deposits. We have not used any derivative financial instruments to manage our interest rate risk exposure. Based on our cash and cash equivalents balance as of August 31, 2025, a hypothetical 100 basis point (1.0%) increase in interest rates would have resulted in an increase of approximately USD0.006 million in our interest income over a one-year period. Management believes our exposure to interest rate risk is not material to our overall financial position.

**Critical Accounting Policies and Estimates**

We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires us to make judgments, estimates, and assumptions. To the extent that there are material differences between these estimates and actual results, our financial condition or results of operations would be affected. We base our estimates and assumptions on our own historical data and other assumptions that we believe are reasonable after taking account of our circumstances and expectations for the future based on available information. We evaluate these estimates and assumptions on an ongoing basis.

Our expectations regarding the future are based on available information and assumptions that we believe to be reasonable and accurate, which together form our basis for making judgments about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than others in their application.

Our significant accounting policies, which are important for an understanding of our financial position and results of operations, are set forth in detail in Note 2 to the consolidated financial statements included elsewhere in this prospectus. Some of our accounting policies are considered to be critical as 1) they require us to apply estimates and assumptions as well as complex judgments relating to accounting items; and 2) the estimates and assumptions that we use and the judgments that we make in applying our accounting policies have a significant impact on our financial position and results of operations. Our critical accounting policies and practices include the following: (i) revenue recognition; (ii) accounts receivable, net; and (iii) income taxes. See "Note 2—Summary of Significant Accounting Policies to our consolidated financial statements for the disclosure of these accounting policies."

We consider an accounting estimate to be critical if: (i) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (ii) changes in the estimate that are reasonably likely to occur from period to period or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations. We consider our critical accounting estimates to include (i) expected credit losses, and (ii) valuation allowance for deferred tax assets.

***Expected credit losses***

We recorded allowances for credit losses to reserve for potentially uncollectible amounts related to our accounts receivable and other receivables. Our estimation process evaluates the collectability of these financial assets by considering accounts receivable aging, historical collection trends, customer creditworthiness, and current economic conditions, which involves significant management judgment and uncertainty due to the unpredictability of customer payment behavior and volatility in economic conditions, and expected future conditions. The Company assesses collectability by pooling receivables that have similar risk characteristics and evaluates receivables individually when specific receivables no longer share those risk characteristics and aging schedule is applied when assessing credit losses on accounts receivable. As of August 31, 2024 and 2025, the Company estimated that no credit loss on accounts receivables is required. For other receivables, we assess collectability on an individual basis, recording specific provisions when there is evidence that collection is unlikely. Because expected credit losses can vary substantially over time, estimating expected credit losses requires a number of assumptions about matters that are uncertain. For the fiscal years ended August 31, 2024 and 2025, $40,515 and $6,936 credit loss provision was made and written off on other receivables, respectively. Actual losses could differ materially from these estimates due to the volatility of inputs used in developing the Company's estimations.

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***Provision of income tax and valuation allowance for deferred tax asset***

Deferred income taxes are provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized. In making such a determination, the management considers all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation. Deferred tax assets are then reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more likely than not that a portion of or all of the deferred tax assets will not be realized.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Recovery of substantially all of the Company's deferred tax assets is dependent upon the generation of future income, exclusive of reversing taxable temporary differences. The Company's deferred tax assets were mainly from accumulated losses in the PRC. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are recoverable in the PRC, the Company is not able to assure that the results of future operations in the PRC will generate sufficient taxable income to realize the deferred tax assets as of August 31, 2024 and 2025. As a result, management decided to record a full valuation allowance on deferred tax assets as of August 31, 2024 and 2025. Changes to the estimates for the tax consequences in future years can significantly affect the valuation allowance for deferred tax assets.

**INTERNAL CONTROL OF FINANCIAL REPORTING**

Prior to this offering, we have been a private company with limited accounting and financial reporting personnel and other resources to address our internal controls and procedures. As defined in the standards established by the PCAOB, 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 our annual or interim financial statements will not be prevented or detected on a timely basis. Our independent registered public accounting firm had not conducted an audit of our internal control over financial reporting. However, in connection with the audits of our consolidated financial statements as of and for the fiscal years ended August 31, 2024 and 2025, we identified three "material weaknesses" in our internal control over financial reporting. Because of the material weakness described above, our management has concluded that we had not maintain effective internal control over financial reporting as of August 31, 2024 and 2025, respectively, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

The material weaknesses identified are related to:

(i) a lack of sufficient skilled staff with U.S. GAAP knowledge and the SEC reporting knowledge for the purpose of financial reporting as well as a lack of formal accounting policies and procedures manual to ensure proper financial reporting in accordance with U.S. GAAP and SEC reporting requirements; and

(ii) a lack of formal policies and procedures to establish risk assessment process and internal control framework.

To address the material weaknesses identified before this offering, as of the date of this prospectus, we have implemented a range of measures aimed at remediating the identified weaknesses. These actions involve, but are not limited to: recruiting additional accounting staff in the KSA, switching to more professional accounting and taxes service providers in the KSA and the PRC, and hiring accounting and group financial reporting service providers with proficiency in U.S. GAAP and experience in SEC reporting; arranging recurring training sessions for our accounting staff, particularly concerning U.S. GAAP standards and SEC reporting obligations; preparing to enforce more stringent authentication and access control systems, while bolstering the authorization process and supervision of system alterations; instituting proper controls for data backup and system restoration; and intensifying the supervision of third-party vendors.

The process of designing and implementing an effective financial reporting system is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments and to expend significant resources to maintain a financial reporting system that is adequate to satisfy our reporting obligation.

<u>Recently issued accounting pronouncements</u>

A list of recent relevant accounting pronouncements is included in "Note 2–Summary of Principal Accounting Policies" of our consolidated financial statements.

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**INDUSTRY**

*Unless otherwise stated, all of the information and data presented in this section have been derived from an industry report of Frost & Sullivan Limited ("Frost & Sullivan") commissioned by us in October 2025 titled "Middle East and The PRC Integrated Facility Management and Logistics Services Platform, enhanced by AIoT technologies Market Study" (the "Frost & Sullivan Report"). Frost & Sullivan has advised us that the statistical and graphical information contained herein is drawn from its database and other sources. The following discussion contains projections for future growth, which may not occur at the rates that are projected or at all.*

 

**OVERVIEW OF INTEGRATED FACILITY MANAGEMENT ENHANCED BY AIOT TECHNOLOGIES AND LOGISTICS SERVICES IN MIDDLE EAST**

**Definition of Integrated Facility Management Enhanced by AIoT Technologies**

Traditionally, facility management involves the coordination of physical workplace operations, including maintenance, cleaning, security, logistics, and infrastructure management, to ensure a safe, functional, and efficient environment. It covers services like safety assurance, environmental management, and accommodation support (for instance, catering and commuting).

Integrated facility management services enhanced by AIoT refers to the application of AI and IoT technologies to streamline and optimize the management of facilities, encompassing a wide range of services such as maintenance, security, energy management, fire safety, and operational support within buildings, industrial sites, or campuses. By integrating AIoT, these services leverage real-time data collection, predictive analytics, and automation to enhance efficiency, reduce costs, ensure safety, and improve decision-making.

**Application of AIoT Technologies in Integrated Facility Management** 

The value proposition of AIoT in Facility Management lies in its ability to transform traditional operations into proactive, efficient, and sustainable systems by integrating IoT's real-time data collection with AI's predictive analytics and automation. It reduces costs through automated tasks, predictive maintenance, and energy optimization, while enhancing safety with smart security and fire management systems that minimize risks and ensure regulatory compliance. AIoT improves operational efficiency via seamless automation, remote management, and data-driven insights displayed on intuitive dashboards, enabling informed decision-making. Its scalability and compatibility with existing systems allow cost-effective implementation, while strong data security and high reliability foster client trust and retention. By targeting niche markets and supporting environmental, social, and governance goals through reduced emissions and resource efficiency, AIoT provides a competitive edge, creating smarter, safer, and more sustainable facilities.

![](image_005.jpg)

*Source: The Frost & Sullivan Report*

 

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**Services Scope of Integrated Facility Management Enhanced by AIoT Technologies**

The service scope of integrated facility management enhanced by AIoT technologies generally encompasses technical advisory, solution design and selection, deployment and integration, trial operation and optimization, as well as technical support and upgrade.

![](image_006.jpg)

*Source: The Frost & Sullivan Report*

**Value Chain Analysis**

The facility management solution industry involves multi-level participants that collectively drive the design, development, deployment, operation, maintenance, and optimization of building management systems, which include: 1) hardware and software suppliers, 2) the turnkey solution providers, and 3) end-users.

Upstream hardware and software suppliers generally provide underlying hardware, key software, communication protocols, and basic technical support for facility management solutions. Hardware components mainly include controllers, sensors, actuators, network devices, etc. Software and systems primarily cover application platforms, operating systems, databases, cloud computing, and IoT platforms.

The midstream consists of turnkey solution providers and system integrators. As turnkey solution providers, our subsidiaries offer one-stop services including technical advisory, solution design and selection, deployment and integration, trial operation and optimization, as well as technical support and upgrade of facility management system.

Downstream end users, usually including building operation and management enterprises and owners of commercial real estate, public buildings and institutions, industrial facilities, and infrastructure, are the ultimate purchasers, users, and beneficiaries of facility management solutions.

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![](image_007.jpg)

*Source: The Frost & Sullivan Report*

**Market Size of Integrated Facility Management Enhanced by AIoT Technologies**

The market for integrated facility management enhanced by AIoT technologies in the Middle East recorded a growth from US$17.8 billion in 2020 to US$30.5 billion in 2024, representing a compound annual growth rate ("CAGR") of 14.4%. The growth is attributed to rapid urbanization, mega-projects under Saudi Vision 2030 and UAE's smart city initiatives, and increasing adoption of smart technologies for predictive maintenance, energy optimization, and real-time monitoring. The market is expected to rise at a CAGR of 17.1% from 2025 to 2029.

![](image_008.jpg)

*Source: The Frost & Sullivan Report*

 

**Definition of Logistics Servies**

Logistics services act as a core subset of the broader supply chain, handling the physical movement, storage, and distribution of materials to meet customer requirements while optimizing costs, time, and compliance (for instance, customs and trade regulations). The logistics services integrate global elements like multimodal transport, including sea, air, and land, with localized execution to support international trade, reducing complexities in cross-border operations and ensuring "extreme service" for in-time delivery. The logistics services primarily include:

● Domestic Pickup and Inland Transportation: Involves door-to-door collection from customer sites, including land and river transport to ports.

● Port Consolidation and Preparation: Covers aggregation of goods at ports, including packaging, labelling, and preparation for export.

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● Customs Declaration and Compliance: Manages export/import documentation, tariffs, and regulatory adherence for cross-border movement.

● International Sea/Air Transportation: Handles the core transit phase using sea or air freight via partnerships with shipowners and airlines.

● Customs Clearance and Import Processing: Involves local customs handling, inspections, and deconsolidation.

● Last-Mile Delivery and Tail-End Distribution: Provides final door-to-door delivery to end-user sites.

● Value-Added Services: Extends beyond core transport to include field logistics like temporary storage, mid-route transshipment, and equipment rental.

**Market Size of Logistic Services** 

Market size of logistics services in the Middle East increased from US$90.5 billion in 2020 to US$115.5 billion in 2025, at a CAGR of 6.3%. The surge of Chinese outbound firms in high-speed rail, photovoltaics, energy storage, batteries, and e-commerce drives Middle East logistics services. With Saudi Vision 2030 and UAE's port expansions enhancing connectivity, the market size is forecasted to rise at a CAGR of 4.9% from 2025 to 2029.

![](image_009.jpg)

*Source: The Frost & Sullivan Report*

 

**Market Drivers**

 

***Lauch of Saudi Vision 2030 and the UAE's Smart City Initiatives***: Saudi Vision 2030 and UAE's smart city initiatives are the market drivers of AIoT-enabled integrated facility management and logistics services in the Middle East, which catalyze economic diversification, technological advancement, and infrastructure growth. Saudi Vision 2030's mega-projects, alongside the UAE's Dubai Smart City Strategy and Masdar City, translate into growth opportunities for AIoT solutions to manage smart buildings and urban infrastructure. On the other hand, Saudi Arabia's National Industrial Development and Logistics Program and the UAE's logistics hubs further enhance connectivity through investments in ports, railways, and air cargo, which in turn support the demand for door-to-door services for sectors like e-commerce and new energy vehicles. The e-commerce boom, regulatory reforms, and sustainable logistics innovations, such as low-emission fuels and digital tracking benefits those logistic services providers who focus on efficient customs clearance, last-mile delivery, and value-added services.

***Surge in Commercial Construction and Infrastructure Projects****:* The surge in commercial construction and infrastructure projects is projected to expand the integrated facility management market in the Middle East, driven by mega-developments in hospitality, MICE (Meetings, Incentives, Conferences, Exhibitions), and urban expansion. In Saudi Arabia, mega-projects, including Oxagon, Trojena, and Sindalah, the Red Sea Project's eco-luxury resorts, Qiddiya's entertainment hub, and port expansions at Jeddah and King Abdullah Economic City are advancing. The UAE is progressing with Dubai Creek Tower, Palm Jebel Ali's luxury waterfront, Guggenheim Abu Dhabi's cultural landmark, Etihad Rail's nationwide connectivity, and Marsa Al Arab's high-end hospitality. This construction boom directly amplifies demand for integrated facility management, as newly developed buildings and infrastructure require integrated oversight of maintenance, installation of electrical and mechanical systems, security, and cleaning services, with AIoT enabling real-time monitoring, predictive maintenance, and energy optimization to manage complex, high-value infrastructure effectively.

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***Outbounding of Chinese Enterprises to the Middle East****:* Chinese firms in renewables, including photovoltaics, energy storage and batteries, high-speed rail, and e-commerce drive logistics demand in the Middle East by exporting critical components for projects like Saudi Arabia's battery storage systems and Etihad Rail, requiring multimodal logistics, customs clearance, and warehousing to manage heavy equipment and regional challenges.

**Market Opportunities**

 

***Automation of Logistics and Warehouse Management****:* The logistics services market is considered a labor-intensive industry which relies on manual labor to handle and schedule shipments, deliver cargos from supply chain to end-customers. Further, warehouse workers need to perform repetitive processes, such as receiving, picking, and packing cargos. Due to the increasing wage level of workers and operation costs, some logistics services providers have adopted advanced robots and automated systems to reduce reliance on labors and tackle the increasing labor costs in warehousing and distribution centers. The adoption of robotics and automation technology also enhances warehouse operational efficiency by reducing processing time and minimizing human errors, and better utilizes storage capacity.

***Growing Demand for Specialized Logistics Services****:* Chinese enterprises in high-tech sectors, such as digital technologies, renewable energy, AI, and biopharmaceuticals, are contributing to the demand for specialized logistics services in the Middle East. These sectors require specialized logistics to transport sensitive equipment, including AI hardware, solar panels, and pharmaceutical supplies, often under strict temperature or handling conditions. Services like 24-hour customer support and advanced warehousing solutions are also increasing to meet expectations for rapid delivery and real-time tracking. The integration of AIoT in logistics enables real-time monitoring, predictive maintenance, and route optimization, ensuring efficient handling of complex, high-value shipments.

***Rise of Connected Infrastructure****:* The demand for connected infrastructure in the Middle East is surging, driven by the adoption of smart building technologies and digital building management systems ("BMS"). AIoT devices are increasingly embedded in critical systems such as chillers, elevators, and fire-safety equipment, enabling predictive maintenance, asset-health scoring, and automated load balancing. In the Middle East, where cooling accounts for over 60% of residential energy consumption, these technologies deliver cost savings by optimizing energy use.

**Market Risk**

***Infrastructure Gaps and Supply Chain Disruptions:*** In the Middle East, integrated facility management and logistics services face challenges due to inadequate logistics infrastructure, particularly in remote regions of Saudi Arabia and the UAE, where delays in procuring essential equipment disrupt maintenance operations.

***Technological Barriers****:* The Middle East's integrated facility management and logistics sector also faces technological challenges, including high implementation costs for digital BMS, IoT sensors, and advanced building information modeling ("BIM"), which deter small and medium enterprises due to capital intensity and legacy system compatibility issues.

**Competition Overview**

The overall market of logistics services in the Middle East is relatively fragmented. While no single player dominates, a certain degree of concentration is emerging within specific industries and customer segments. The main participants can be categorized into the following types:

● Global integrated logistics service giants, such as DHL, Kuehne + Nagel, and DB Schenker, leverage their worldwide networks, brand credibility, and standardized project management systems to hold a dominant position in major international tenders. These companies typically have dedicated business divisions capable of providing complex multimodal transport, oversized equipment transportation, and compliance management services. Their core strengths lie in global resource coordination and risk management, though they face challenges in deep localization customization and cost optimization.

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● Chinese logistics service enterprises, including nationally owned companies like Sinotrans and COSCO, as well as civilian-run companies, possess core advantages including a profound understanding of Chinese clients' needs, strong supply chain cost-control capabilities, and active promotion of localized operations—establishing local teams, obtaining customs clearance qualifications, deploying warehouse nodes, and integrating local transportation capacity. They offer end-to-end solutions spanning domestic collection, international transportation, customs clearance, project site delivery, warehousing, on-site facility management, equipment rental, etc., and are particularly adept at handling engineering logistics challenges in the complex Middle Eastern environment.

● Leading local players, such as Aramex, Bahri Logistics, and Almajdouie Logistics, draw on years of involvement in the local energy and infrastructure sectors to possess advantages in government relations, market access, and ground networks. They demonstrate strength in customs clearance, special permit acquisition, regional distribution, and handling time-sensitive projects. These firms often extend their offerings to include facility management and camp services tailored to the operational needs of remote industrial sites, further enhancing their value proposition in sectors like energy and construction.

In terms of AIoT-based facility management solutions, the services provided by these leading enterprises are largely aligned with core application scenarios within the logistics industry. These solutions encompass intelligent warehousing, in-transit monitoring, energy consumption management, and predictive equipment maintenance.

Leveraging technologies including the IoT and AI, these enterprises primarily adopt business models such as "software as a service" subscriptions for scalable logistics scenario-specific tools and an "engineering + services" model for customized on-site AIoT deployments, such as those at logistics hubs supporting construction projects. Currently, they typically collaborate with leading software and hardware suppliers to jointly advance the digital transformation of logistics operations in targeted scenarios.

Overall, competition in the Middle East's market of logistics services and integrated facility management enhanced by AIoT technologies reflects a fusion of global capabilities and supply chain advantages, local practices, and digital innovation. Going forward, companies must further integrate international standards, industry-specific characteristics, local experience, and technological applications to build reliable, efficient, and cost-competitive end-to-end solutions, thereby strengthening their market position.

**Entry Barriers**

 

***Regulation Barrier****:* Major markets in the PRC and the Middle East region, especially countries like Saudi Arabia and the UAE, have established strict market access and compliance thresholds. Policies such as "Saudization" mandate enterprises to employ a certain percentage of local employees, which not only increases the complexity and cost of human resource management and training but also imposes practical requirements on enterprises' localized operation capabilities. Additionally, complex customs clearance procedures, frequently updated industry standards, and special permits/qualifications required for projects in sensitive sectors like energy and infrastructure pose significant compliance challenges. New entrants must invest substantial time and resources to understand and adapt to this system. Any oversight may lead to project delays, fines, or even revocation of operational qualifications.

***Initial Capital Investment****:* Enterprises seeking to enter the market face capital investment pressure. This includes not only establishing local teams and offices but also heavy investment in key assets, such as compliant warehousing facilities, transportation fleets, and special equipment. Furthermore, major customers in the railway and new energy sectors typically have mature and stable supply chain partner systems. New entrants struggle to prove reliability and gain access in the short term, often requiring enduring low profits or even losses initially, and use competitive quotations and solutions to enter the market, which is considered a severe challenge to new entrants' capital sustainability.

 

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***Relationship with Key Stakeholders and Track Records****:* One of the core competencies in this market lies in the ability to control and integrate local resources. This includes building relationships with local customs and transportation authorities to ensure customs clearance and transportation efficiency, forming stable cooperation with capable local subcontractors and suppliers, and having a management team well-versed in local business culture, laws, and regulations. However, establishing such relationships is challenging for new entrants without sufficient track records, which are considered a key requisite, especially when it comes to high-value equipment transportation and critical project support. Therefore, new players lacking track records and brand trust may find it difficult to win customers, especially key contracts for medium- and large-scale projects, in the short term.

 

**OVERVIEW OF INTEGRATED FACILITY MANAGEMENT ENHANCED BY AIOT TECHNOLOGIES IN THE PRC**

**Market Size of Integrated Facility Management Enhanced by AIoT Technologies in the PRC**

The integrated facility management market in the PRC is undergoing a transformation, shifting from basic services to diversified, high-quality offerings driven by evolving consumer demands and technological advancements. Clients are increasingly prioritizing standardized, high-quality basic services like cleaning, security, and maintenance, with service quality and responsiveness becoming key metrics. Value-added services, such as housekeeping, elderly care, childcare, and real estate brokerage, are growing. Digitalization is reshaping the industry, with smart technologies like intelligent access control, online maintenance requests, and community e-commerce gaining traction. The market size of integrated facility management enhanced by AIoT technologies in the PRC increased from US$25.3 billion (RMB180.6 billion) in 2020 to US$61.9 billion (RMB441.0 billion) in 2024, representing a CAGR of 25.0%. The market size is expected to rise at a CAGR of 20.7% from 2025 to 2029, reaching US$157.8 billion (RMB1,124.9 billion) in 2029.

![](image_010.jpg)

*Source: The Frost & Sullivan Report*

**Market Drivers**

 

***Digital Transformation of Facility Management Services***: The integrated facility management industry in the PRC has experienced rapid growth. Advancements in information technology and digital data integration have enabled facility management providers to enhance service quality while reducing operational costs, labor expenses, and energy and material consumption. Leading companies leverage technologies like AIoT, AI-driven analytics, and mobile applications to optimize community resource management, streamline operations, and improve resident experiences. For example, smart property management platforms integrate social media, mobile apps, and cloud-based systems to facilitate business collaborations and deliver value-added services, such as housekeeping, community eldercare, childcare, and consulting for property developers. By diversifying services and embracing digital transformation, facility management providers are meeting rising consumer expectations for convenience and sustainability while supporting the PRC's urban modernization goals.

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***Growing Emphasis on Energy Conservation and Emission Reduction***: The PRC government has intensified its focus on energy conservation and emission reduction to meet its "dual-carbon" goals of peaking CO₂ emissions by 2030 and achieving carbon neutrality by 2060. Policies like the 2024-2025 Action Plan, which targets a 2.5% reduction in energy consumption and a 3.9% drop in emissions intensity, support this effort. Driven by rapid urbanization, global commitments, and clean energy advancements, this emphasis increases demand for AIoT-enabled facility management solutions. AIoT integrates AI and IoT to optimize energy use in buildings, which account for 20–30% of the PRC's energy consumption, through real-time monitoring, predictive analytics, and automation. The adoption of smart technologies, particularly for retrofitting and upgrading heating, ventilation, and air conditioning ("HVAC") and electrical systems, is rising to enhance energy efficiency and reduce carbon emissions, significantly boosting demand for AIoT applications in integrated facility management in the PRC.

***Advancements in Large-scale AI models and Edge Computing***: The integration of AIoT in facility management in the PRC is revolutionizing building operations. In 2025, AI industry in the PRC is transitioning from exploratory large-model technologies to scalable applications, with breakthroughs in multimodal understanding, cross-modal interactions, and complex reasoning, accelerating AIoT's commercial adoption in facility management. For instance, AIoT platforms leverage IoT sensors in HVAC, lighting, and security systems, analyzed by AI models to predict equipment failures and reduce energy consumption by 20-30% in smart buildings. There is widespread adoption of AIoT in projects like Shanghai's Pudong smart city, where BIM-IoT hybrids enable predictive analytics for high-rise maintenance. Huawei's AIoT solutions optimize energy and fault detection in commercial facilities, while Alibaba's cloud-based digital twins streamline logistics hubs in Shenzhen. Yuntian Lifei (Cloudwalk), with its "algorithm-chip" integration and "edge-cloud synergy" approach, enhances edge AIoT applications in facility management, deploying specialized hardware like AI-integrated chips for real-time monitoring in industrial parks and urban infrastructure. The surge in intelligent hardware, such as AI earphones, glasses, and humanoid robots, further supports AIoT's role in smart facilities.

***Rising Demand for System Upgrades Supported by Technological Iteration***: The rapid evolution of AI and IoT technologies is transforming IoT into intelligent, data-driven platforms, increasing demand for upgrading legacy systems across the PRC. Cost-effective and precise AIoT sensors enable real-time monitoring of building metrics, such as temperature, energy consumption, and equipment performance. These sensors, paired with AI algorithms that use machine learning to analyze historical energy and occupant behavior data, reduce prediction errors and optimize control strategies for greater efficiency. Advanced chip technology supports hardware miniaturization and seamless integration into HVAC, lighting, and other building systems, lowering renovation complexity and costs. These advancements have transformed traditional BMS from isolated control units into intelligent building hubs, addressing prior limitations and enabling holistic resource management. As a result, technological advancements are fueling demand for AIoT solutions in facility management, including full or partial system replacements and intelligent retrofits, particularly in commercial and residential sectors seeking to comply with stringent regulations and improve operational efficiency.

**Market Opportunities**

***Supportive Government Policies:*** Supportive government policies drive the growth of AIoT-enabled facility management in the PRC by driving technological integration and investment in smart infrastructure. Launched in 2015, Made in China 2025 emphasizes intelligent manufacturing and high-tech upgrades, promoting the fusion of AI, IoT, and cloud computing to enable predictive maintenance, digital twins, and automated systems in facilities, which optimizes energy use, reduces operational costs, and enhances precision. Complementing this, the Internet Plus initiative also accelerates the convergence of digital technologies with real economy sectors, fostering industrial Internet platforms that support real-time monitoring, big data analytics, and seamless IoT connectivity in building management systems. Together, these strategies align with broader goals like the 14th Five-Year Plan, encouraging standardization, public-private collaborations, and regional pilots—such as Shanghai's AI+Manufacturing plan, which aims to expand AIoT applications in commercial and residential facilities, ultimately boosting sustainability, compliance with emission targets, and economic growth through innovative, interconnected ecosystems.

***Accelerated Industry Concentration:*** The degree of concentration of the facility management services market is increasing in recent years as a result of policy environment, market competition, and information technology. Especially, a few of the leading facility management services companies begin to enhance core competitiveness through mergers and acquisitions. Moreover, facility management services companies are making efforts to develop alliance and consolidation to achieve economies of scale resulting in further increasing concentration level.

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**Market Risk** 

***Retrofitting Legacy Buildings:*** A major challenge to adoption of AIoT in facility management in the PRC is the physical and structural limitations of older buildings. Many were not designed to accommodate modern digital infrastructure, lacking sufficient space, power capacity, or wiring pathways for IoT systems and centralized controls. Retrofitting in dense urban environments is particularly complex and costly, often requiring disruptive construction work that affects residents or tenants. Additionally, most residential and mixed-use buildings are co-owned by hundreds of individuals. The process for approval of large-scale upgrade, such as installing a smart building management system, is slow and complicated. As a result, facility management services providers deprioritize these buildings, especially in the residential sector, and innovation in this segment remains limited.

***Cybersecurity and Data Privacy Exposure:*** As building systems move online, cybersecurity becomes a critical risk. Many operational technology components were never designed for internet connectivity and are now exposed to a growing threat surface. Cyberattacks can lead to real-world consequences, including system shutdowns, unauthorized access, or manipulation of life-safety functions. At the same time, smart systems collect large volumes of sensitive data, including occupancy patterns, behavioral insights, and biometric identifiers. This raises significant regulatory risks, which imposes strict obligations on data collection, use, and protection. Any breach, whether technical or reputational, can result in legal liability, loss of stakeholder trust, and financial damage.

**Competition Overview**

The market for integrated facility management enhanced by AIoT technologies in the PRC presents a competitive landscape characterized by overall fragmentation. This is primarily attributed to the highly fragmented downstream application scenarios, with distinct scenarios present markedly different facility management requirements, making it challenging for market players to achieve full coverage of business scenarios. Meanwhile, the market exhibits distinct entry barriers—relatively low thresholds for hardware deployment and integration and higher barriers for advanced capabilities, i.e., AI algorithm optimization, cross-scenario data integration, and long-term operational maintenance services—further intensifying competitive fragmentation.

Overall, key market players can be broadly categorized as follows:

● Hardware-originated integrated suppliers, such as Terminus Technology, Hikvision, and Xiaomi, leverage their hardware manufacturing strengths to extend into software platforms and solutions. Their core competitiveness lies in the integration of hardware, software, and data capabilities, particularly dominating consumer-facing and general business-to-business scenarios.

● Software-empowered service providers, typically represented by major internet technology companies, including Baidu and Tencent, mainly provide software platforms and solution design for facility management, leveraging AI algorithms, cloud computing, and big data technologies. These providers rarely engage in direct hardware production, with core clients concentrated among large-to-medium enterprises in government and business sectors, targeting high-value-added vertical scenarios.

● Traditional facility management enterprises, such as our PRC Subsidiaries and Onewo, often originate from traditional facility and property management, engineering services, or logistics firms. Leveraging on-site experience, they incorporate AIoT technologies to upgrade service capabilities. Their core competitiveness lies in experienced offline operations teams and online digital platforms.

● Vertical scenario specialists typically focus on niche applications within single or several industries, such as smart energy, smart controls, or smart operations, represented by companies including Enercomn and OVOPARK. Their competitive edge lies in deep industry understanding and customization capabilities.

The core competitive dimension in the PRC's market has shifted from pure hardware integration and deployment toward a combination of scenario-based solution capabilities and long-term operational maintenance services. Leading enterprises are expected to constantly expand their core competitive advantages through mergers and acquisitions, in-house R&D, and other means, to enhance cross-technology integration capabilities, deep understanding of industry needs, and scaled offline implementation teams, thereby strengthening their market positions.

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**BUSINESS**

**Overview**

Through our subsidiaries, we provide two primary lines of services: integrated facility management and integrated logistics services. Additionally, our subsidiaries provide a secondary line of service in equipment leasing and software development services as value-added offerings that we believe complement and enhance our two primary lines of service.

Our integrated facility management offerings include security management, fire safety management, energy management, and cleaning and landscaping. These services are provided through deployed personnel, "intelligent systems," or a combination of both. For personnel deployment, our PRC Subsidiaries engage third-party human resource companies to supply the necessary workforce. In terms of "intelligent systems," our PRC Subsidiaries source sensors and other smart hardware from third-party providers, integrate them with our proprietary AIoT cloud platform, and deploy them across client sites. We believe this AIoT cloud platform serves as the backbone of our facility management services, connecting physical devices to digital systems and enabling automation, incident alerts, and system-wide optimization.

In addition, we offer integrated logistics services, providing comprehensive logistics solutions that cover the supply chain from port operations and customs clearance to land transportation and delivery to designated project sites.

For the fiscal years ended August 31, 2024 and 2025, our integrated facility management business accounted for approximately $3,039,055 and $3,126,119, or 96.68% and 22.87%, of our total revenue, respectively.

For the fiscal years ended August 31, 2024 and 2025, our integrated logistics business accounted for approximately $nil and $6,438,886, or 0% and 47.11%, of our total revenue, respectively.

For the fiscal years ended August 31, 2024 and 2025, our transportation equipment lease business accounted for approximately $nil and $2,863,148, or 0% and 20.95%, of our total revenue, respectively.

For the fiscal years ended August 31, 2024 and2025, our software development business accounted for approximately $nil and $920,810, or 0% and 6.74%, of our total revenue, respectively.

For the fiscal years ended August 31, 2024 and 2025, our other services, mainly including business consulting services and apartment rental services, accounted for approximately $104,501 and $318,914, or 3.32% and 2.33%, of our total revenue, respectively.

**Competitive Strengths**

We believe that the following strengths contribute to our subsidiaries' success and are the differentiating factors that set them apart from their peers:

***Integrated service model***: We believe our ability to offer both integrated logistics and integrated facility management services provides us with a competitive advantage compared to single-service providers. By managing the logistics phase of the clients' projects, we believe our subsidiaries acquire detailed knowledge of their physical and operational infrastructure. We believe this insight allows our subsidiaries to tailor their subsequent integrated facility management solutions to the specific requirements of each client, resulting in services that are customized and difficult for competitors to replicate. We believe this integrated approach not only enhances the effectiveness of our services but also promotes client retention. By converting a short-term, high-intensity logistics engagement into a multi-year integrated facility management relationship, we believe we are able to generate a recurring revenue stream. Accordingly, we believe our dual-service model positions us to establish long-term client relationships, increase customer loyalty, and differentiate our offerings in the market.

***Customer loyalty driven by embedded AIoT solutions:*** Our PRC Subsidiaries' facility management solutions are integrated with their proprietary AIoT cloud platform, that we believe can foster high customer retention. This is primarily due to the deep integration of the platform and its sensors within clients' critical energy and safety infrastructure. Once deployed, these sensors become difficult to replace, that we believe create a barrier to entry for competitors. We believe the deep integration of our PRC Subsidiaries' solutions within client operations fosters long-term customer loyalty and reduces the risk of attrition.

***Early-mover advantage in emerging markets***: We have been establishing a foothold in emerging markets such as Saudi Arabia and the United Arab Emirates by being an early mover in the facility management sector. Our subsidiaries have been extending their services in these regions, and accordingly, once their solutions are embedded into clients' operations, we believe they become integral to their day-to-day functions, making the process of switching to alternative providers costly and disruptive. As a result, we believe clients in these regions are often reluctant to replace our solutions.

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***AIoT cloud platform's seamless compatibility with a wide range of branded hardware***: We believe a core strength of our AIoT cloud platform is its broad compatibility with a wide range of third-party sensors and smart devices. This flexibility offers dual advantages to our PRC Subsidiaries' clients. On one hand, if clients already have devices that are compatible with our platform, our PRC Subsidiaries can easily integrate them, facilitating a smooth and efficient deployment of our facility management services. On the other hand, this compatibility allows our PRC Subsidiaries to source devices from multiple vendors, providing the flexibility to select what we believe to be the most cost-effective options without sacrificing performance or quality. By doing so, we believe our PRC Subsidiaries can help clients reduce costs while optimizing the devices for the specific needs of each facility.

***Experienced management team***: We are supported by an experienced management team, whose expertise spans across management, logistics, and facility management. For example, Peng Yu, the Company's chief executive officer and director, with a bachelor's degree in marketing, has years of experience in logistics and facility management. From June 2020 to October 2021, he served as the global sourcing manager at Beijing ByteDance Technology Co., Ltd, where he was responsible for overseeing the company's global procurement operations. From November 2021 to July 2023, he was a deputy procurement director at Hangzhou Youxing Technology Co., Ltd, where he played a key role in establishing the company's strategic sourcing framework. From July 2023 to September 2024, he served as the procurement director at Shanghai Kuangshichuanqi Media Technology Group Co., Ltd., overseeing the company's procurement department. Throughout his career, Peng Yu has been responsible for establishing and managing large-scale, international supply chains and developing and maintaining strategic vendor relationships. Xiang Chen, the Company's chief financial officer and director, possesses over 13 years of corporate management and facility management. From January 2012 to July 2020, he served as the chief executive officer at Jiangsu SKY Facilities Management Co., Ltd., a company engaged in comprehensive property and facilities management services.

**Challenges**

Set forth below are the challenges we believe our subsidiaries face in their business operations:

***Geopolitical risks and market uncertainty in the Middle East***: Our subsidiaries operate in both Dubai and Saudi Arabia, which exposes them to the risks associated with geopolitical instability in the Middle East. Periodic conflicts in the region can create market uncertainties, potentially affecting our subsidiaries' operations, business continuity, and long-term growth. These geopolitical challenges may disrupt supply chains, alter market demand, or lead to changes in regulatory environments, all of which could hinder our subsidiaries' ability to navigate the market and achieve their objectives in the region. See "Risk Factors—Risks Related to Our Business—We conduct our operations in the Middle East. The current hostilities involving Israel, the Gaza Strip, and their regional neighbors may materially and adversely impact our operations."

***Supply chain complexities in expanding operations to the Middle East***: As our subsidiaries expand their operations into Dubai and Saudi Arabia, they face challenges associated with managing an internationalized supply chain, particularly in procuring sensors. A significant portion of the required smart sensor models are currently only manufactured in China, with limited local alternatives available in the Middle East markets. As a result, these components must be procured from China and shipped to the Middle East, which introduces additional complexities. Compared to operating in a single market, international projects involve more intricate logistics, including longer shipping times, quality control issues, and the increased need for effective management to ensure timely project delivery and consistent product performance. These challenges require additional resources and careful coordination to maintain operational efficiency and meet client expectations in the new markets. See "Risk Factors—Risks Related to Our Business—Supply chain complexities arising from our expansion into the Middle East may adversely affect our subsidiaries' ability to deliver products and services on time and to expected quality standards."

***Upfront costs and integration complexity of our service model***: Our integrated logistics and facility management service model requires substantial upfront investment and ongoing integration efforts. Delivering both services involves maintaining a fleet of logistics equipment, hiring and training personnel with expertise across both logistics and facility management, and implementing systems and processes that allow for seamless coordination between the two service lines. In addition to these upfront investments, integrating logistics and integrated facility management operations imposes ongoing costs and operational complexity. Effective integration requires aligning scheduling, workflows, and resource allocation across both service lines, coordinating teams across different functional areas, and standardizing operational procedures to ensure consistent service delivery. Failure to manage these integration efforts efficiently could increase operating costs, delay service delivery, or reduce the overall efficiency and profitability of the service model. See "Risk Factors—Risks Related to Our Business—Our service model requires substantial upfront investment and ongoing integration efforts, which could have a material adverse effect on our business, financial condition, and results of operations."

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**Growth Strategies**

We intend to develop our business and strengthen brand loyalty by implementing the following strategies:

***Driving growth through exemplary case studies***: We are focused on creating exemplary case studies by designing customized facility management solutions for large, high-profile companies. By providing solutions for industry leaders, we aim to establish a proven track record that can serve as a tool to attract additional clients. One such example is the comprehensive facility management solutions our PRC Subsidiaries provided for IKEA's distribution center warehouse in Shanghai, which we believe demonstrates our PRC Subsidiaries' ability to integrate our solutions with the client's operations. See "—Business Model—Case Study." Building on this success, we plan to pursue new opportunities with other prominent international companies. By leveraging these case studies as marketing tools, we aim to expand our presence across multiple industries and drive sustained growth.

***Leveraging acquisitions for market consolidation***: We plan to accelerate our growth in the integrated facility management business through targeted acquisitions. There are numerous small companies offering similar services in China. While these companies are relatively small in scale, they possess high customer retention and favorable profit margins. By acquiring and consolidating these businesses, we aim to create operational synergies and develop a more integrated platform. This strategy is expected to enable us to quickly gain market share, achieve regional dominance, and enhance profitability. As of the date of this prospectus, we have not yet identified any specific acquisition targets.

***Expansion into new markets***: We are gradually shifting our focus in the Middle East from integrated logistics management to integrated facility management. This transition is aimed at aligning our business with the growing demand for comprehensive, smart facility management solutions in the region. Once our position in the Middle East is further consolidated and market penetration is strengthened, we aim to tap into the emerging opportunities in Africa, where demand for sophisticated facility management services is expected to grow, by leveraging our track record in the Middle East. As of the date of this prospectus, no concrete plans or actions have been initiated with respect to expanding into the African market.

**Business Model**

Our business model is centered on our clients' "facility circle," which represents the lifecycle of a facility from initial construction to ongoing operation. A facility becomes fully operational only after a series of processes, including the transportation of construction materials and equipment, construction activities, installation of infrastructure and equipment, and ongoing management.

Our services focus on two critical stages within this lifecycle: the logistics of construction materials and equipment, and facility management. We, through our subsidiaries, provide integrated logistics solutions to facilitate the efficient and timely transportation of materials, machinery, and equipment required for facility construction. Once construction and installation are complete, our subsidiaries are in a position to deliver integrated facility management services to maintain and operate the facility effectively.

By concentrating on these two pivotal stages, we offer integrated solutions that are designed to help clients streamline their projects, reduce operational bottlenecks, and maintain efficiency throughout the facility lifecycle.

***Integrated Facility Management Services***

Our integrated facility management services can be classified into four categories: security management, fire safety management, energy management, and cleaning and landscaping. These integrated facility management services are provided in the PRC by RUI Facility Management and its subsidiaries.

*Security Management*

Our PRC Subsidiaries provide security management services through the deployment of security personnel and the provision of intelligent security management systems. These services are offered either independently or as an integrated solution tailored to the specific needs of our clients.

The on-site security personnel are primarily responsible for maintaining vigilance and conducting routine patrols, promptly identifying and reporting any violations of public order, environmental regulations, or other applicable laws and regulations within the designated service areas. Their responsibilities also include conducting inspections, managing access control, verifying the entry and exit of personnel and vehicles, responding to emergencies at client facilities, and maintaining detailed patrol logs and incident reports.

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To fulfill these services, our PRC Subsidiaries engage security guards through third-party human resource companies. Our PRC Subsidiaries do not directly employ the security personnel; rather, they enter into service agreements with the human resource companies, which remain the legal employers of the dispatched security guards.

In addition to the deployment of security personnel, our PRC Subsidiaries also offer intelligent security management systems composed of surveillance cameras, various sensors, and a centralized software platform. These systems are primarily categorized into following three modules:

● Video Surveillance System: This is designed to automatically detect and recognize unknown individuals or persons on a watchlist (such as wanted individuals) and trigger alerts accordingly. It can identify abnormal behavior patterns, such as unauthorized intrusions, falls, or large gatherings, and issue real-time alerts. The system also supports mobile integration, enabling abnormal events—such as fire or theft—to be immediately pushed to users through a dedicated mobile application.

● Access Control System: This system features biometric authentication capabilities, including fingerprint, iris, and voiceprint recognition. It also supports remote access management, allowing users to unlock doors via a mobile application or generate temporary access codes. In addition, anti-tampering alarms are triggered in the event of suspicious attempts to force open doors, with notifications sent to property owners or authorized personnel.

● Alarm System: It integrates multiple types of sensors, including infrared, microwave, magnetic contacts for doors and windows, and electronic fences, to detect potential intrusions. Using intelligent analysis algorithms, the system is able to distinguish between real threats and benign factors such as pets or insects, thereby reducing false alarms. Once an intrusion is detected, the system can initiate a coordinated response, such as activating lighting, initiating video surveillance tracking, or notifying on-site security personnel.

These intelligent security systems are designed to enhance operational efficiency and reduce the reliance on manual patrols. By automating routine surveillance and incident detection, the systems can lower labor-related inspection costs, improve response times in emergency situations, and minimize false alarms, thereby contributing to a more effective and cost-efficient security solution for our clients.

Except for our AIoT cloud platform, the centralized software platform used in the system, our PRC Subsidiaries do not research, develop, or manufacture any of the hardware of the intelligent security systems, such as surveillance cameras and sensors. Instead, our PRC Subsidiaries act as solution integrators, assisting clients in sourcing and procuring such equipment from third-party manufacturers or technology providers.

*Fire Safety Management*

Our PRC Subsidiaries offer fire protection services as a critical component of their comprehensive facility management offerings. Similar to our security management services, these fire protection services involve both the deployment of trained personnel and the integration of intelligent fire safety management systems.

On the personnel side, security staff deployed by our PRC Subsidiaries are trained to handle fire-related emergencies, monitor fire-fighting equipment to ensure it remains in proper working condition, respond to fire alarm activations, and regularly inspect fire safety facilities to confirm their compliance with applicable standards and operational readiness.

In addition to personnel deployment, our PRC Subsidiaries assist clients in sourcing and procuring components for intelligent fire safety management systems from third-party providers. These components—such as surveillance cameras and various sensors—integrate with our centralized software platform to form a comprehensive intelligent fire safety management system. The system supports a range of fire safety functions:

● Intelligent Monitoring and Early Warning: By installing terminal devices such as wireless smoke detectors, temperature sensors, and electrical fire monitoring units, the system collects real-time environmental data (for instance, smoke, temperature, and electrical current). Using AI algorithms, it is designed to detect anomalies—such as short circuits or electrical leakage—and instantly pushes alerts to designated platforms and responsible personnel.

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● Remote Monitoring and Management: The system enables online monitoring of fire protection equipment, including sprinkler systems, fire hydrants, and alarm devices. It also utilizes big data analytics designed to identify high-risk areas prone to fire incidents and generates fire risk assessment reports to aid in preventive planning.

● Emergency Response Coordination: Upon detection of a fire-related event, alerts are simultaneously sent to fire departments, property managers, and property owners to minimize response times. The system integrates geographic information system mapping to locate the fire source and assist in planning optimal rescue routes.

● Smart Inspection and Maintenance: We believe the system can replace traditional paper-based inspections with digital check-ins using near field communication or radio frequency identification tags, recording the full inspection path because it automatically generates maintenance schedules and issues reminders for equipment servicing or replacement.

The intelligent fire safety management systems offered by our PRC Subsidiaries encompass a range of specialized sub-systems, each designed to enhance detection, monitoring, maintenance, and emergency response capabilities. Key system categories include the following:

● Intelligent Monitoring and Early Warning Systems: These include smart smoke detection systems capable of monitoring real-time smoke concentration levels and issuing audible and visual alarms, as well as sending alerts via mobile apps or messages. Electrical fire monitoring systems track circuit temperature, residual current, voltage, and current, identifying abnormal power usage such as short circuits or overloads. In the event of detected anomalies, the system can trigger automatic power shutoff. Additionally, combustible gas detection systems monitor for the leakage of gases such as natural gas or liquefied petroleum gas and can automatically shut off valves and issue alarms upon detection.

● Fire Protection Equipment Monitoring Systems: These systems include smart water pressure and water level monitoring solutions, which provide real-time tracking of water tank levels and pipeline pressure in fire suppression systems. When anomalies are detected, alerts are triggered automatically. Fire equipment status monitoring terminals track the operational status of devices such as sprinkler pumps, fire hydrants, and emergency lighting, and automatically report malfunctions, reducing reliance on manual inspections.

● Fire Alarm Host Network Modules: These modules enable the integration of traditional fire alarm control panels into a centralized smart platform, allowing for remote monitoring and centralized alert management.

● Smart Inspection and Maintenance Systems: The use of digital inspection tags (near field communication or radio frequency identification) replaces traditional paper-based inspection processes. Personnel scan the tags during patrols to record their presence and upload data in real time. The system prevents data tampering and aims to ensure that inspection paths are fully traceable.

● Other Innovative Technologies: Our PRC Subsidiaries also help clients implement fire safety solutions such as AI-based fire video analytics systems, which use surveillance cameras to detect visual indicators of fire, such as smoke or flames, and trigger alarms accordingly. In addition, our PRC Subsidiaries may help their clients source and deploy robotic fire control assistants to replace manual on-duty fire monitoring roles, further improving operational efficiency and reducing human labor costs.

Together, we believe these systems allow clients to achieve a higher level of fire safety and regulatory compliance, while also reducing maintenance costs and improving real-time responsiveness in the event of fire-related incidents.

*Energy Management*

Our PRC Subsidiaries also offer energy management systems as part of their integrated facility management services. These systems are designed to help clients optimize energy production, distribution, and consumption across a wide range of building and industrial environments.

The energy management systems work by leveraging sensor networks to collect real-time data on various types of energy usage, including electricity, gas, water, and thermal energy. This data is then processed using advanced analytics and big data technologies to identify usage patterns, assess energy efficiency, and detect potential areas of waste or inefficiency. Based on these insights, the systems can automatically adjust the operational parameters of connected equipment to improve overall energy performance. Additionally, by analyzing historical data, the systems can forecast future energy demand and provide early warnings for abnormal consumption, thereby allowing proactive energy planning and reduction of the risk of costly disruptions.

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As with our security and fire protection services, except for our AIoT cloud platform, our PRC Subsidiaries do not research, develop, or manufacture any hardware of the intelligent energy management systems. Instead, our PRC Subsidiaries act as "solution integrators," assisting clients in sourcing and procuring the necessary equipment and platforms from qualified third-party manufacturers and technology providers.

*Cleaning and Landscaping*

Our PRC Subsidiaries also provide cleaning and landscaping services as part of their broader facility management offerings. These services are delivered through the deployment of qualified personnel who perform a variety of tasks, including daily cleaning of indoor and outdoor areas, high-altitude cleaning of building exteriors and glass surfaces, wet and dry waste removal, sorting and handling of recyclable waste, as well as greening and general gardening services.

These services are designed to help clients maintain a clean, safe, and aesthetically pleasing environment in both commercial and residential settings. In addition to routine cleaning, our personnel are capable of handling specialized sanitation and waste management requirements in compliance with local environmental and health regulations.

Consistent with the staffing model used in our security management and fire safety management businesses, our PRC Subsidiaries do not directly employ the personnel involved in cleaning and landscaping services. Instead, our PRC Subsidiaries enter into service agreements with third-party human resource companies, which remain the legal employers of the dispatched personnel.

***AIoT Cloud Platform***

At the core of our security management, fire safety management, and energy management services is a centralized AIoT cloud platform, which is developed by our PRC Subsidiaries and serves as the digital backbone of these systems.

This AIoT cloud platform functions as the central hub that connects physical devices—such as surveillance cameras, fire detectors, energy meters, and other sensors—to digital monitoring and control systems. It collects, processes, and analyzes real-time data from distributed devices, enabling smart automation, incident alerts, remote control, and system-wide optimization across multiple functions.

Key features of the AIoT platform include secure device connectivity and centralized device lifecycle management, which allow for the efficient onboarding, configuration, monitoring, and maintenance of connected hardware. Through edge computing and data preprocessing, the platform is designed to help reduce latency and bandwidth consumption, while aiming to ensure that data from various device types is standardized and stored in a scalable format for further analysis.

Within the context of our business, "AI" refers to the application of computer vision, machine learning, and data analytics technologies integrated into our AIoT cloud platform to support operational monitoring, analysis, and automation. Based on customers' business requirements, our PRC Subsidiaries integrate open-source AI models and third-party visual recognition technologies into the platform to enable the identification and analysis of objects, personnel behavior, and instrument or equipment data. See "Risk Factors—Risks Related to Our Business—Our PRC Subsidiaries' products incorporate open-source AI and third-party technologies, and our PRC Subsidiaries' use of open-source AI technology and third-party technologies could negatively affect both our PRC Subsidiaries' and our business, results of operations, financial condition, and prospects."

Specifically, AI-enabled functionalities of the platform include: (i) object recognition, such as detecting whether goods occupy passageways or obstruct entrances and exits; (ii) personnel recognition, which focuses on identifying personnel behavior patterns in order to assess compliance with operational standards and enhance service quality; and (iii) instrument and meter recognition, which involves reading data from instruments and meters and generating alerts when abnormal conditions are detected.

With respect to data collection and usage, our PRC Subsidiaries collect and analyze data strictly within the scope authorized by their customers pursuant to applicable contractual arrangements. Data collected from authorized areas may include, without limitation, visual data reflecting personnel behavior, operational data generated by equipment, and numerical readings from instruments and meters. Such data are processed on the AIoT cloud platform for analytical and monitoring purposes, including anomaly detection, trend analysis, and alert generation. Neither we nor our PRC Subsidiaries collect, upload, or store any data from areas that are not expressly authorized by our PRC Subsidiaries' customers. The outputs of the data processing and analysis are presented to customers through the platform in formats requested by them, such as images or structured data lists.

By leveraging this cloud platform, we believe our PRC Subsidiaries are able to deliver scalable and flexible smart management solutions that help clients reduce costs, improve operational efficiency, and enhance safety across their facilities. The platform's open and extensible architecture also allows for compatibility with mainstream hardware vendors and future upgrades, supporting long-term digital transformation for our clients.

Zhilian Technology holds twelve (12) copyrights related to the AIoT cloud platform. On September 20, 2025, our subsidiaries, RUI Facility Management and Deep Quest, entered into a software copyright licensing agreement with Zhilian Technology, respectively, under which RUI Facility Management and Deep Quest are authorized to use the software underlying these copyrights at no cost for a period of ten years. See "Risk Factors—Risks Related to Our Business—Our business depends on a license to use the AIoT cloud platform, and the loss or restriction of this license could materially adversely affect our business, financial condition, or results of operations."

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***Case Study***

An illustrative example of our integrated facility management services is the security enhancement solution we designed and implemented in 2025 for the IKEA distribution center warehouse located in Shanghai, China. This project showcases how our PRC Subsidiaries combine AI-driven monitoring, sensor-based detection, and centralized AIoT cloud platform integration to improve workplace safety, energy efficiency, and operational control in a large-scale industrial setting.

Key components of the solution include:

● AI Workwear Compliance Monitoring: To facilitate compliance with safety protocols, our solution used surveillance cameras and loudspeakers positioned at warehouse entry and exit points. AI algorithms monitor whether personnel are wearing required safety workwear (for instance, reflective vests). If non-compliance is detected, real-time voice reminders are issued to prompt corrective action.

● Vehicle Approach Alerts at Entry/Exit Points: Radar-based audio-visual alarm devices were installed at key access points, including lithium battery charging zones. These devices issue alerts to drivers about approaching vehicles, reducing collision risks, and enhancing on-site traffic safety.

● Charging Cable High-Temperature Monitoring: Thermal imaging devices were deployed to monitor the temperature of charging cables and connectors (for instance, three devices across 13 charging spots). If overheating is detected, the AIoT cloud platform triggers a pop-up alert, prompting immediate inspection and on-site response.

● Improper Vehicle Parking Reminders: To prevent obstructions and enhance safety in charging areas, surveillance cameras (six to eight units monitoring multiple spots each) and speakers were used to detect and address vehicles parked outside marked zones. Drivers receive voice reminders to reposition their vehicles appropriately.

● Flammable Item Detection in Vehicles: In sensitive areas such as charging rooms, overhead cameras and loudspeakers monitor vehicles entering at low speeds. The system automatically detects the presence of flammable items and alerts drivers to remove them before proceeding.

● Conveyor Belt Motor Overheat Monitoring: High-temperature sensors were installed on each of the 35 conveyor belt motors along a 135-meter belt line. Each motor is labeled with a digital identification displayed above the equipment. When overheating is detected, the platform notifies engineers, enabling rapid identification and resolution.

● Shelf Tilt and Flame Detection: For warehouse shelving units and flammable storage areas, tilt sensors (two per shelf set) and ultraviolet flame detectors (one per 30 square meters) monitor for structural imbalance or early-stage fire. Alarms are automatically triggered on the platform, and personnel are dispatched accordingly.

● Water Immersion Detection at Wet Pressure Valves: Water immersion sensors were installed around wet pressure alarm valves in areas prone to leakage. If immersion is detected, the system automatically issues alerts and shuts off water flow to prevent damage and flooding.

All of the above systems and devices are connected to and managed through a centralized AIoT cloud platform, which acts as the digital control center for the site. The platform collects and standardizes real-time data from various sensors and devices, performs intelligent analysis, issues alerts, and facilitates coordinated response efforts. This integration allows for unified monitoring and operational oversight, that we believe improves safety, efficiency, and incident response time across the warehouse facility.

***Integrated Logistics Services***

In addition to our integrated facility management business, our subsidiary, Aish Alnas, is engaged in providing integrated logistics services, offering logistics solutions that span the supply chain from the destination port to the designated stacking area at the project site. These integrated logistics services are provided in the KSA by Aish Alnas.

Our integrated logistics services include the following key components:

● Port Operations and Customs Clearance: Upon the arrival of cargo at the destination port, Aish Alnas oversees the complete unloading process, cargo counting and acceptance, short-distance transport within the port area, stacking, custody, and subsequent loading for onward transportation. This phase also involves managing comprehensive customs clearance procedures, including the preparation and submission of import and export documents, handling of customs guarantees, applications for temporary entry and re-export, and the acquisition of all necessary permits and approvals.

● Land Transportation: Once cleared through customs, the cargo is transported from the destination port to the project site primarily via road transportation. Aish Alnas coordinates the routing, scheduling, and delivery to facilitate on-time arrival and minimal disruption to project timelines.

● Material Handling: The scope of our logistics services covers a broad range of materials essential to construction and engineering projects. This includes, but is not limited to, steel members, construction machinery and equipment, instrumentation, electrical cables, power distribution units, tire racks, road steel plates, and other engineering materials. We manage both bulk and containerized cargo, offering tailored logistics plans for cargo pick-up and port-to-destination transport.

● Safety and Compliance: All logistics activities are conducted under strict safety and compliance protocols. These include protective handling during loading and unloading operations, secure stacking methods, damage prevention procedures, and adherence to access and operational safety requirements in line with local and international standards.

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● Documentation and Delivery: Our services also encompass full documentation management, including invoices, delivery notes, and all other records required for legal, regulatory, and internal purposes. We aim to have goods delivered within the agreed timelines, with traceability and accountability maintained throughout the logistics chain.

Through these integrated logistics services, we believe Aish Alnas provides comprehensive support for complex logistical needs, particularly in large-scale infrastructure and industrial projects, helping clients minimize delays, reduce administrative burdens, and ensure regulatory compliance throughout the transportation process.

***Equipment Leasing***

In the course of providing our logistics services, we identified a recurring need among our customers for specialized tools and equipment essential to their operations, particularly for lifting, moving, and handling cargo. To address this demand and enhance the overall value of our service offerings, our subsidiaries provide equipment leasing as a value-added service complementary to our logistics business. We believe this service offering not only supports our customers' operational efficiency but also strengthens our logistics ecosystem by providing a more integrated solution. These equipment leasing services are provided in the KSA by Aish Alnas.

Our equipment leasing operations primarily involve supplying material-handling equipment to customers on a rental basis. The equipment our subsidiaries offer typically includes forklifts and other industrial tools commonly used in logistics environments. A majority of the equipment is leased by our subsidiaries from third parties, with only a small portion owned directly by them. See "Risk Factors—Risks Related to Our Business—Our equipment leasing operations rely on third-party suppliers for equipment, and disruptions, cost increases, or issues with these third-party supplier relationships could materially impact our business, financial condition, or results of operations."

***Software Development***

Beyond our primary business lines, our subsidiaries also engage in the development and sale of software as a value-added service that complements our core businesses. The software our subsidiaries development and sell includes our AIoT cloud platform and operational and workflow management system. The AIoT cloud platform is developed and sold in the PRC by RUI Facility Management and its subsidiaries, and the operational and workflow management system is provided in the KSA by Aish Alnas.

Our AIoT cloud platform is integrated into the facility management solution packages offered to our integrated facility management clients. At the same time, the platform can also be sold as a standalone product to clients who do not require a comprehensive facility management solution. For the fiscal years ended August 31, 2024 and 2025, our subsidiaries sold four and 0 AIoT cloud platforms, generating nil and $287,900 in revenue, accounting for nil% and 31.27% of our revenue generated from software development services, respectively.

Another software product developed and sold by our subsidiaries is an operational and workflow management system. This system is typically offered to clients of our equipment leasing business as a value-added service. It is a mobile and cloud-based application designed to facilitate equipment monitoring, usage tracking, scheduling, and workflow management. For the fiscal years ended August 31, 2024 and 2025, our subsidiaries sold 0 and one operational and workflow management system, generating nil and $632,909 in revenue, accounting for nil and 68.73%% of our revenue generated from software development services, respectively.

***Other Services***

In addition to the businesses described above, our subsidiaries also offer business consulting and apartment rental services.

**Clients**

Clients of our business include companies in a wide range of industries, such as manufacturing, logistics, technology, new energy, e-commerce, and education.

Our subsidiaries enter into service agreements with their clients. Although each service agreement is unique, they generally share key components. These include a description of the services to be provided, outlining the scope, nature, and quality expected. Additionally, specific payment terms are detailed, covering aspects such as the payment schedule, amounts, invoicing procedures, and any conditions that may affect payment.

Our subsidiaries enter into equipment rental agreements with their clients. The material provisions in these agreements include payment terms, permitted equipment usage hours and excess-hour charges, early return rules, damage-related liabilities, delivery and logistics responsibilities, and daily maintenance obligations.

A material portion of our revenue depends on several major clients. For the fiscal year ended August 31, 2025, one client, The Metallurgical Corporation of China Ltd Saudi Branch ("Metallurgical Saudi"), accounted for 60.62% of our total revenue. For the fiscal year ended August 31, 2024, two clients, Shanghai Haichang Polar Ocean World Co., Ltd. ("Shanghai Haichang") and Shanghai Wangting Logistics Management Service Co., Ltd. ("Shanghai Wangting"), accounted for 30.55% and 19.34% of our total revenue, respectively.

In 2024, our subsidiary in the KSA, Aish Alnas, entered into three logistics services contracts with Metallurgical Saudi, pursuant to which Alsa Aiah provides logistics services for Metallurgical Saudi's CEER Automobile Manufacturing Plant Project in Saudi Arabia. These contracts are project-based and remain in effect for the duration of the relevant projects. Each contract may be extended or terminated by Metallurgical Saudi upon advance written notice, depending on the actual project timelines. These contracts generally provide for either a fixed price covering all of Aish Alnas' services or for certain payments specifically agreed to be made by Metallurgical Saudi, such as fuel costs incurred in connection with the use of equipment leased by Aish Alnas. Payments are generally required to be made on a monthly basis. Certain contracts require specified logistics facilities to be provided, replaced, or removed within prescribed time periods. If such requirements are not satisfied within the agreed time frame, Aish Alnas may be required to pay daily penalty fees, and Metallurgical Saudi may have the right to terminate the contract if the delay exceeds the period specified in the contract.

On June 14, 2024, our subsidiary in the PRC, RUI Facility Management, entered into a cleaning service contract with Shanghai Haichang, pursuant to which RUI Facility Management provides cleaning services and waste removal and sorting services. The contract term is from June 16, 2024 to December 31, 2025. The contract may be renewed by mutual written agreement of the parties at least 30 days prior to its expiration. The contract may be terminated in the event of *force majeure* or other circumstances that render continued performance impracticable. Shanghai Haichang may terminate the contract upon 15 days' prior written notice or if RUI Facility Management fails to provide the contracted services. The amount of the service fees is determined based on the actual working hours of the cleaning personnel, the size of the cleaning area, and other applicable charges as agreed by the parties. This contract was terminated by RUI Facility Management on September 30, 2024.

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On August 11, 2023, RUI Facility Management entered into a facilities service management contract with Shanghai Wangting, pursuant to which RUI Facility Management provides services including dormitory management, waste removal, and conference services. The contract term is from August 15, 2023 to June 30, 2025. The contract is automatically renewable for successive one-year terms unless either party provides written notice of termination at least three months prior to the expiration of the then-current term. Shanghai Wangting may terminate the contract if RUI Facility Management materially breaches the contract and fails to cure such breach within 30 days after receipt of written notice. If Shanghai Wangting fails to make payment in accordance with the contract and such failure continues for more than 30 days, RUI Facility Management may terminate the contract and seek liquidated damages equal to one month of service fees. Except for termination resulting from the foregoing circumstances or *force majeure*, either party is required to pay liquidated damages equal to one month of service fees upon unilateral termination of the contract. Pursuant to the agreement, RUI Facility Management deposited RMB50,000 into an escrow account designated by Shanghai Wangting. The deposit is refundable to RUI Facility Management, without interest, within 30 days following termination of the contract, whether upon expiration in accordance with its terms or earlier termination by either party, provided that RUI Facility Management is not in material breach of the agreement and have not caused any liability or damages to Shanghai Wangting. Shanghai Wangting has agreed to remit payment on a monthly basis at the end of each month. In the event of additional service requirements, including increased personnel, facility support for specific events, or other supplemental services, the parties have agreed to negotiate additional service fees. If Shanghai Wangting requires overtime work, RUI Facility Management is entitled to charge an administrative service fee of RMB25 per hour. The parties have agreed to adopt a results-oriented, performance-based service model. Under this model, Shanghai Wangting has agreed to provide performance-based incentives if RUI Facility Management's monthly performance evaluation exceeds specified thresholds. If RUI Facility Management fails to meet the agreed performance standards, the parties have agreed that a corresponding percentage of service fee may be reduced in accordance with the agreed evaluation mechanism. The parties have further agreed to review the agreement every six months to renegotiate performance standards, service fees, and other relevant terms.

**Suppliers**

Our suppliers include hardware manufacturers, algorithm developers, logistics service providers, equipment rental companies, and human resource companies.

The material terms of our purchase agreements with hardware manufacturers and algorithm developers generally include provisions relating to product or service specifications, pricing and payment terms, delivery schedules, intellectual property rights, warranties, and confidentiality obligations.

The material terms of our agreements with logistics service providers generally cover service scope, pricing and payment terms, delivery timelines, liability for loss or damage, insurance requirements, and performance standards.

The material terms of our agreements with equipment rental companies generally cover the lease duration, rental rates, maintenance responsibilities, insurance requirements, and any penalties for equipment damage.

The material terms of our service agreements with human resource companies generally include the scope of recruitment or staffing services, fee structures, candidate replacement policies, confidentiality obligations, and compliance with labor and employment laws. These agreements also typically provide for termination rights and define the responsibilities of each party regarding worker management and liability.

A material portion of our supplies purchased depends on several major suppliers. For the fiscal year ended August 31, 2025, one supplier, Shenzhen Minsheng GEFCO Logistics Co., Ltd. ("Shenzhen Minsheng"), accounted for approximately 30.63% of our subsidiaries' total supplies purchased. For the fiscal year ended August 31, 2024, one supplier, Shanghai Saying Information Technology Ltd. ("Shanghai Saying"), accounted for approximately 16.57% of our subsidiaries' total supplies purchased.

On January 8, 2024, our subsidiary in the KSA, Aish Alnas, entered into a Service Agreement with Shenzhen Minsheng, pursuant to which Shenzhen Minsheng agreed to procure, coordinate, and arrange customs clearance, transportation, trucking, and storage services for Aish Alnas through qualified third-party service providers. Shenzhen Minsheng was obligated to coordinate customs clearance and trucking services for all assigned projects, including arranging of the delivery of containers or consignments directly from the port, terminal, depot, or warehouse to Aish Alnas' designated location, and *vice versa*. Both parties agree that the relevant fees shall be paid as reflected in the final invoice and/or the agreed project documentation for the assigned projects. This contract shall remain valid for a period of one year, commencing on January 8, 2024. It shall automatically renew for successive one-year terms unless either party provides written notice of its intention not to renew at least one month prior to the renewal date.

On June 2, 2023, RUI Facility Management entered into an Intelligent Comprehensive Service Agreement for the Sharing Economy with Shanghai Saying (the "RUI-Saying Agreement"). Pursuant to the agreement, Shanghai Saying provides comprehensive services in connection with the sharing economy, including, but not limited to: (i) screening and recommending suitable freelancers for RUI Facility Management; (ii) supervising the business activities of freelancers providing services to RUI Facility Management; (iii) withholding and remitting taxes and fees on behalf of such freelancers; and (iv) accepting RUI Facility Management's entrustment to pay corresponding performance fees to freelancers. RUI Facility Management has agreed to pay service fees to Shanghai Saying, which include: (i) amounts calculated based on the specific services provided by each freelancer to RUI Facility Management; (ii) a basic service fee for sharing economy services provided by Shanghai Saying; and (iii) hosting fees for industrial and commercial households registered and established by freelancers. Prior to the expiration of the performance period, if either party expressly indicates, or demonstrates through its conduct, that it will not perform its principal obligations under the agreement, or if either party delays performance or otherwise breaches the agreement in a manner that renders the purpose of the agreement incapable of being realized, the non-breaching party may unilaterally terminate the agreement. During the term of the agreement, if either party is legally dissolved, has its business license revoked, or otherwise loses its legal qualification as a result of statutory reasons, the other party shall have the right to treat the agreement as terminated. Either party may terminate the agreement in advance if the other party materially breaches its provisions, refuses or fails to perform its duties and obligations thereunder, becomes bankrupt, or has its business license revoked. The agreement may also be amended or terminated in advance upon mutual agreement of the parties. In addition, either party may terminate the agreement due to *force majeure* events. RUI Facility Management may terminate the agreement at any time and require Shanghai Saying to bear corresponding liability for breach of contract and compensate for related losses if Shanghai Saying fails to issue the agreed invoices without reasonable explanation and fails to rectify such failure after notice, or if Shanghai Saying's negligence causes a material adverse impact on RUI Facility Management. Shanghai Saying may terminate the agreement at any time and require RUI Facility Management to bear corresponding liability for breach of contract and compensate for related losses if RUI Facility Management arranges for freelancers to engage in illegal activities, activities contrary to public morals, or activities that materially harm Shanghai Saying's interests, fails to pay service fees in a timely manner, or if RUI Facility Management's negligence causes a material adverse impact on Shanghai Saying. The RUI-Saying Agreement has a term of one year and shall automatically renew for successive one-year periods unless either party provides written notice of its intention to terminate prior to the expiration of the then-current term.

**Marketing**

Our marketing strategy focuses on building brand awareness and market credibility through a combination of proven project success, industry visibility, and local partnerships.

We prioritize the development of high-profile, benchmark projects. These successful case studies serve as marketing tools, enabling us to establish a reputation and gain recognition within targeted markets.

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To further enhance our market presence, we participate in industry trade shows and exhibitions. These events provide opportunities to showcase our capabilities, connect with potential customers, and stay abreast of emerging industry trends.

We also implement a localized market entry strategy by cooperating with experienced local sales agents or distributors who specialize in the components of our systems and services. These agents bring deep-rooted channel resources and a solid reputation within their respective markets. We believe maintaining good relationships with our local partners forms a key pillar of our marketing and expansion efforts in these regions. For example, on August 17, 2025, RUI Singapore and Aish Alnas entered into a memorandum of understanding with Shoag Trading Company ("Shoag"), under which Shoag agreed to promote our subsidiaries' solutions in the member states of the GCC, excluding Qatar, for a period of three years.

**R&D**

Our subsidiaries invest in R&D, aiming to develop new products and improve their existing products and services to accommodate the market needs. The R&D expenses totaled approximately $0.14 million and $0.09 million and for the fiscal years ended August 31, 2024 and 2025, respectively. R&D expenses mainly consist of applicable personnel, design, and materials expenses. As of August 31, 2025, our subsidiaries had a total of three employees in the R&D department.

Our R&D department focuses on software platform development and software-hardware integration testing. It has successfully developed an AIoT cloud platform and aims to continue to invest in enhancing its core features. Additionally, ongoing investments are expected to be made in the edge computing and data security aspects of the platform. While the R&D department develops its products independently, it incorporates open-source AI and third-party technologies into the development process.

**Competition**

The industries of integrated facility management services and integrated logistics services are intensely competitive, subject to rapid change and significantly affected by new product and service introductions and other market activities of industry participants. Our subsidiaries compete with providers of integrated facility management services and integrated logistics services. Some of these competitors are large, well-capitalized companies with greater market share, resources, and experience than our subsidiaries have. Consequently, they are able to spend more on service development, marketing, sales, and other product initiatives than our subsidiaries can.

In the area of integrated facility management services, our PRC Subsidiaries' major competitors include Tuya Inc., Lumi United Technology Co., Ltd., and Xiaomi Corporation. In the integrated logistics services sector, Aish Alnas's primary competitors include China COSCO Shipping Corporation Limited, Sinotrans Limited, and Shenzhen AIDC Supply Chain Co., Ltd.

Although there can be no assurance that our subsidiaries will be able to continue to compete successfully in the future, we believe that our subsidiaries can compete successfully with these companies by offering services of better quality to their customers. This competitive edge is bolstered by our subsidiaries' customer loyalty driven by embedded AIoT solutions, early-mover advantage in emerging markets, AIoT cloud platform's seamless compatibility with a wide range of branded hardware, and experienced management team. See "—Competitive Strengths."

**Seasonality**

We have not experienced, and do not expect to experience, any seasonal fluctuations in our results of operations for our business.

**Property**

Our PRC Subsidiaries currently lease two properties in Shanghai, the PRC, and Wuxi, Jiangsu Province, the PRC, as offices. The breakdown of the leased properties is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lessor** | **Lessee** | **Location** | **Area <br> (Square <br> Feet)** | **Total Rent** | **Term** | **Use** |
| Wuxi Chunzhiyu Environmental Technology Co., Ltd.<sup>(1)</sup> | Ruiwuhang (Shanghai) Catering Management Co., Ltd. | 50801, 90 Dicui Road, Binhu District, Wuxi, Jiangsu Province, China | 7535 | RMB880,000 | March 1, 2025 – December 31, 2027 | Office |
| Shanghai Liangxiang Intelligent Engineering Co., Ltd.<sup>(2)</sup> | Ruiwuhang (Shanghai) Facility Management Co., Ltd. | 3rd Floor, Exhibition Hall, Building D, No. 909 Duhui Road, Minhang District, Shanghai, China | 1916 | RMB18,000 | January 1, 2025 – December 31, 2027 | Office |
| Aish Alnas | Deep Quest | Plot 2224, Block 6739, Al-Zanbaq Street, King Abdullah Economic City, Makkah Province, Saudi Arabia | 437 | Saudi Riyals 270,000 | June 1, 2025 – December 31, 2026 | Office |

---

Note:

(1) The lease shall terminate upon the expiration of the lease
term or by mutual agreement of the lessor and the lessee. The lease does not include an automatic renewal clause. Should the lessee wish
to renew the lease, the lessee must provide written notice to the lessor at least three months prior to the expiration of the lease term.
Upon the lessor's consent, both parties may enter into a new lease agreement.

(2) The lease shall terminate upon the expiration of the lease
term or by mutual agreement of the lessor and the lessee. The lease does not contain a renewal provision.

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**Intellectual Property**

Our subsidiaries rely on a combination of trademarks and domain names to protect their intellectual property rights. As of the date of this prospectus, our subsidiaries own the following intellectual properties:

● 31 registered trademarks; and

● three domain names.

**Employees**

As of August 31, 2023, 2024, and 2025, our subsidiaries had 163, 252, and 145 full-time employees, respectively. The following table provides a breakdown of our subsidiaries' employees by function as of August 31, 2025:

---

| | |
|:---|:---|
| **Function** | **Number of <br> Employees** |
| Operation | 2 |
| Sales and Marketing | 4 |
| R&D | 3 |
| Management | 4 |
| General | 132 |
| **Total** | 145 |

---

Our subsidiaries' success depends on their ability to attract, motivate, train, and retain qualified personnel. We believe our subsidiaries offer their employees competitive compensation packages and an environment that encourages self-development and, as a result, have generally been able to attract and retain qualified personnel and maintain a stable core management team.

As required by PRC laws and regulations, our PRC Subsidiaries participate in various employee benefit plans that are organized by municipal and provincial governments, including pension, medical insurance, unemployment insurance, maternity insurance, on-the-job injury insurance, and housing fund plans through a PRC government-mandated benefit contribution plan. Our PRC Subsidiaries are required under PRC laws to make contributions to employee benefit plans at specified percentages of the salaries, bonuses, and certain allowances of their employees.

The Social Insurance Law of the KSA issued pursuant to Royal Decree No M/273 dated June 14, 2024 (corresponding to 26/12/1445H) requires the employers in the KSA (i.e., Aish Alnas and Deep Quest) to contribute equally, together with their employees, a certain percentage of the salary of the KSA employees to various social insurance funds, including pensions, unemployment insurance, and work-related injury insurance. For non-KSA employees, employers are only required to contribute to work-related injury insurance. Aish Alnas and Deep Quest are also required by the KSA laws and regulations to provide mandate medical insurance coverage to all the employees, whether they are KSA national or not.

We believe our subsidiaries maintain a good working relationship with their employees, and our subsidiaries have not experienced any material labor disputes. None of their employees are represented by a labor union.

**Insurance**

Our PRC Subsidiaries provide social security insurance including pension, medical insurance, unemployment insurance, maternity insurance, on-the-job injury insurance and housing fund plans through a PRC government-mandated benefit contribution plan for their employees. They do not carry any key-man life insurance, product liability, and professional liability insurance and have not purchased any property insurance or business interruption insurance. Our subsidiaries have determined that the costs of insuring for related risks and the difficulties associated with acquiring such insurance on commercially reasonable terms make it impractical. We consider the insurance coverage to be sufficient for our subsidiaries' business operations.

Both Aish Alnas and Deep Quest provide social insurance including pensions, unemployment insurance, and work-related injury insurance for their KSA employees and work-related injury insurance mandated to be contributed for their non-KSA employees. Both Aish Alnas and Deep Quest provide prescribed medical insurance coverage for all their local and non-KSA employees.

**Legal Proceedings**

As of the date of this prospectus, neither we nor our subsidiaries are parties to any material legal or administrative proceedings. From time to time, our subsidiaries may be subject to various claims and legal actions arising in the ordinary course of business. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our subsidiaries' resources, including management's time and attention. Furthermore, as of the date of this prospectus, our subsidiaries are not parties to any international claims or litigation with respect to any matters.

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**REGULATIONS**

**Regulation in the KSA**

*The business and operations of the KSA subsidiaries are subject to laws and regulations in the KSA. This section summarizes the major KSA laws, rules, and regulations applicable to the KSA subsidiaries' business and the key aspects of the industry in which they operate. This summary does not purport to be a complete description of all laws and regulations that apply to our KSA subsidiaries' business and operations. Investors should note that the following summary is based on relevant laws and regulations in effect as of the date of this prospectus, which are subject to change.*

**Regulations Related to the KSA Subsidiaries' Business Activities** 

***Renting Vehicles to Transport Goods***

To legally operate a truck leasing business in the KSA, obtaining a license from the TGA is mandatory. Under the Road Transport Law, issued pursuant to Royal Decree No. M/188 dated 24/08/1446H (correspondence to 23/2/2025), any entity engaged in road transport activities, including truck leasing, must be licensed by the TGA.

To obtain such a license, an establishment must comply with the conditions set out in Articles 3 and 5 of the Executive Regulations for the Activity of Renting Vehicles for the Transport of Goods, which include, but are not limited to, submitting an application through approved channels to the TGA, maintaining a valid commercial registration that covers vehicle rental activity for freight transport activity, holding current social insurance and Zakat/income certificates, and providing suitable premises that meet competent authorities standards. The business must also maintain a minimum fleet of 25 single vehicle and/or a trailer and/or a car, either owned or under financial lease, properly registered under as a public transport vehicle in accordance with the Traffic Law, insurance coverage, and subject to periodic technical inspections. All vehicles must be connected to the TGA's electronic platform, and operational cards must be issued for each vehicle. These cards are valid for one year, renewable upon payment of applicable fees, and are subject to cancellation if not renewed within 90 days.

If any of these conditions are violated, the license will be suspended, and the establishment is prohibited from conducting vehicle rental activity for freight transport activities until full compliance is achieved, and in case the activity is conducted during the suspension period, the license shall be considered canceled, without prejudice to the TGA's right to impose the applicable financial penalties. Similarly, if the minimum required number of vehicles falls below the prescribed threshold for a continuous period of 180 days due to accidents or events beyond the establishment's control, and the shortfall is not rectified within this period, the license shall also be considered suspended, without prejudice to the TGA's right to impose financial penalties for failing to maintain the minimum fleet in cases of repeated violation. Moreover, if the activity is conducted without obtaining the required license, the penalty imposed by the TGA on the establishment is the seizure of vehicles for a period of 20 days.

***Transporting Heavy Goods for Commercial or Non-Commercial Purposes***

Similar to truck leasing activity, the activity of transporting goods by road also requires obtaining a license from the TGA. To obtain such a license, an establishment must comply with the mandatory conditions set out in Articles 3 and 6 of the Executive Regulations Governing Heavy Goods Transport Activities for Commercial or Non-Commercial Purposes, including submitting an application through approved channels to the TGA, maintaining a valid commercial registration covering goods transport, holding current social insurance and Zakat/income certificates, providing suitable premises, and maintaining a minimum fleet of 10 vehicles, either owned or under financial lease, properly registered under public transport type in accordance with the Traffic Law, insurance coverage, and subject to periodic technical inspections.

All vehicles must be connected to the TGA's electronic platform and other systems specified by the TGA. Compliance with these conditions is mandatory. Any violation leads to suspension of the license, and in case the activity is conducted during the suspension, the license shall be considered canceled, without prejudice to the TGA's right to impose the applicable financial penalties. Similarly, if the fleet falls below the minimum required number for a continuous period of 180 days due to accidents or events beyond the establishment's control, and the shortfall is not corrected, the license will also be suspended, without prejudice to the TGA's right to impose financial penalties in cases of repeated violation.

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Moreover, if the activity is conducted without obtaining the required license, the penalty imposed by the TGA on the establishment is the seizure of vehicles for a period of 20 days.

As of the date of this prospectus, Aish Alnas is currently engaging in: (i) the leasing of vehicles for the transport of goods; and (ii) the actual transport of heavy goods within the KSA, and is subject to the regulations as described above by the TGA. Aish Alnas does not currently hold either required TGA license, nor do the agreements demonstrate compliance with the fleet ownership, vehicle classification, or operating-card requirements. Operating in either activity without holding the required TGA license constitutes a regulatory violation and may trigger enforcement measures under the TGA Schedule of Violations. These may include the seizure of vehicles for up to twenty (20) days, suspension or cancellation of the activity, and financial penalties that may increase in cases of repeated non-compliance. As a newly-established foreign company in the KSA, Aish Alnas follows the practice to sub-contract their heavy good transportation service to a qualified vehicle provider with prescribed TGA license to carry out their logistic activities. Aish Alnas plans to gradually equip itself with the prescribed fleet of transportation vehicles to fulfil the TGA license requirements. As of the date of this prospectus, we are not aware of warning, investigations, prosecutions, disputes, claims, or other proceedings in respect of related regulations, nor have we been punished by any government authorities of the KSA with respect to the TGA license. See "Risk Factors—Risks Relating to Doing Business in the Certain Countries and Regions—Our subsidiary's non-compliance with certain KSA regulatory requirements may render its contracts unenforceable and expose our subsidiary to penalties, operational suspension, or other adverse consequences."

***Lease Regulations***

Lease agreements in the KSA are primarily governed by the Civil Transactions Law (the "CTL"). The CTL was issued pursuant to Royal Decree No. M/191 dated 29/11/1444H (corresponding to 19 June 2023G) and is intended to codify Islamic law (Shari'ah) principles into a unified legal framework. By doing so, it provides greater certainty and predictability in commercial transactions within the KSA.

Among other types of contracts, CTL regulates lease agreements, setting out their essential elements, conditions for validity, and the respective obligations of lessor and lessee. For example, the lessor is generally responsible for maintaining and repairing the leased asset, unless the parties agree otherwise. In addition, the lessee may not sublease the leased asset, in whole or in part, or assign the lease without the prior consent of the lessor.

Alongside the CTL, commercial and residential real estate lease transactions are also subject to the Council of Ministers' Resolution No. 131 dated 03/04/1435H, which mandated the Ministry of Housing to establish an electronic platform for documenting and managing lease transactions. This platform, known as Ejar, standardizes real estate lease agreements and provides several benefits, including safeguarding contractual rights, facilitating rent collection, electronically storing contracts, and offering multiple payment options.

Importantly, under Council of Ministers' Resolution No. 292 dated 16/5/1438H, and under Minister of Justice Circular No. 13/T/8843 dated 19/12/1443H, any real estate lease agreement that is not registered on the Ejar platform is not considered valid or enforceable for administrative or judicial purposes.

In addition, any real estate located within special economic cities or zones, such as King Abdullah Economic City, is subject to mandatory registration in the real estate registry maintained by the ECSZ. No lease shall benefit from regulatory protections unless it is in the form of a written agreement executed by the parties, specifying the leased property, the lessee's details, rental amount, payment schedule, lease term, and any other agreed conditions. Specifically, any lease with a duration exceeding one year must be registered in the ECSZ real estate registry to be enforceable under ECSZ regulations.

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As of the date of the prospectus, Aish Alnas has entered into sub-lease arrangements with third parties; however, the underlying lease agreements do not grant Aish Alnas the right to sub-lease the premises. Under the Article (437) of the CTL, sub-leasing without the prior written consent of the lessor constitutes a breach of the primary lease and may give rise to termination and potential compensation claims. The sub-lease agreements themselves are also not registered on Ejar or with ECZA, which further affects their enforceability. Furthermore, the lease agreements entered into by Aish Alnas within the King Abdullah Economic City are not registered with ECSZ, which, also affects the enforceability of such lease agreements. As of the date of the prospectus, we are not aware of any warning, investigations, prosecutions, disputes, claims, or other proceedings in respect of related regulations, nor have we been punished by any government authorities of the KSA. See "Risk Factors—Risks Relating to Doing Business in the Certain Countries and Regions—Our subsidiary's non-compliance with certain KSA regulatory requirements may render its contracts unenforceable and expose our subsidiary to penalties, operational suspension, or other adverse consequences."

**Regulations Related to Companies and Foreign Investment**

***Companies Law***

The establishment, operation, and management of companies in the KSA are governed by the Companies Law, issued pursuant to Royal Decree No. M/132 dated 1/12/1443H (corresponding to 30/6/2022G). The Companies Law recognizes multiple types of companies, including limited liability company structure (the "LLC"), which may be established by either a single owner or multiple partners. An LLC is treated as a separate legal entity, and its assets and liabilities are distinct from those of its partners or capital owners.

For single-owner LLCs, governance is set out in the company's bylaws, which specify the share capital, financial year, and other management provisions. The bylaws, together with any amendments, must be made in writing, registered with the Commercial Register, and published in accordance with the Companies Law and its regulations. Any unregistered information cannot be relied upon against third parties. Failure to register the required documents may result in joint and several liability for the incorporators, partners, or managers for any damage sustained by the company, its partners, or third parties.

LLCs are subject to several obligations. One key requirement is the appointment of an external auditor, which is mandatory for all foreign companies, regardless of their size or capital. The Companies Law also imposes limits on the duration of external auditor appointments:

● Individual auditors may serve for a maximum of 10 consecutive financial years.

● Institutional auditors may serve for a maximum of 20 consecutive financial years. However, the managing partner responsible for supervising the audit must be changed after a maximum of 10 consecutive years.

LLCs are also required to submit their financial statements to the Ministry of Commerce, along with an annual report describing the company's activities. The management of an LLC may be entrusted to one or more managers as appointed by the partners and as provided in the bylaws or articles of association. Managers represent the company before courts, arbitration tribunals, and other parties, and their acts within the scope of the company's purposes are binding on the company. Companies Law includes a comprehensive set of penalties to ensure compliance and accountability. Serious violations, such as intentionally falsifying financial statements, may result in imprisonment of up to three years, fines up to SAR5,000,000, or both. Lesser offenses, such as an external auditor's failure to report criminal violations identified in the financial statements to the authorities, may result in imprisonment of up to one year, fines up to SAR1,000,000, or both. Administrative violations, such as neglecting duties related to accounting records, financial statements, general meetings, or commercial registry filings, may result in fines of up to SAR500,000. Penalties are determined based on the seriousness and impact of the offense and may be doubled in the case of repeated violations within three years.

***Commercial Registration Law***

Commercial registration in the KSA is governed by the Commercial Registration Law, issued under Royal Decree No. M/83, dated September 22, 2024 (Corresponding to 19/03/1446H)), and must be conducted in accordance with the rules and regulations issued by the Ministry of Commerce. Merchants are generally required to comply with the registration, updating, and annual confirmation obligations to ensure the transparency and accuracy of the data recorded in the Commercial Register.

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Under the Commercial Registration Law, every merchant must register in the Commercial Register. The registration application must include essential information, such as the applicant's name and address, the trade name under which the merchant intends to conduct business, the legal form, the capital, the names and authorities of managers, and the address of the principal place of business. The Commercial Register operates as a centralized electronic database administered by the Ministry of Commerce and the designated Registrar.

Merchants are obligated to maintain accurate and up-to-date data in the commercial register. Any change or modification must be recorded within 15 days of the change. Additionally, all merchants are required to submit an annual confirmation verifying the accuracy of their registered data.

Failure to comply with the requirements of the Commercial Register Law may result in a fine of up to SAR50,000. This includes providing incorrect information, failing to register when required, not updating the registered information within 15 days of any change, or not submitting the annual confirmation statement. The same penalty applies if a merchant fails to display the Commercial Registration information in a conspicuous place within the business premises, as specified in the Regulations, or fails to submit the bank account details within 90 days of registration or update them when required. The fine may be doubled if the violation is repeated within three years, and the committee may issue a warning or require corrective measures, with the right to appeal the decision within 30 days.

Furthermore, if a merchant fails to submit the annual confirmation within 90 days of its due date, the Commercial Registrar may suspend the merchant's registration for one year, during which all associated licenses will also be suspended. Continued non-compliance may ultimately result in the compulsory strike-off of the registration.

If any material error whether typographical, numerical or procedural, is identified in the Commercial Register, the Commercial Registrar must correct the error within five days from the date of its discovery or from the date on which the merchant submits a correction request. The Commercial Registrar is also required to record final judicial decisions affecting the merchant's legal status, including decisions related to bankruptcy, liquidation, capacity, guardianship, or similar matters.

***Regulations on Foreign Investment***

Foreign investment in the KSA is governed by the Investment Law, issued pursuant to Royal Decree No. M/19 dated 16/1/1446H (corresponding to July 22, 2024), and must be conducted in accordance with the rules and regulations issued by the Ministry of Investment.

The Investment Law was issued as an integrated framework to replace the previous Foreign Investment Law issued by Royal Decree No. M/1 dated November 13, 1991 (corresponding to 5/1/1412H). Foreign investors are generally permitted to invest in the KSA, except in activities listed as excluded activities, which is published by the Ministry of Investment in accordance with Article 8 of the Investment Law. If a foreign investor wishes to engage in an excluded activity, they must submit an application to the Ministry of Investment, which will refer it to the competent authority for approval in accordance with the applicable rules and procedures.

Prior to undertaking any investment, foreign investors are required to register with the Ministry of Investment by submitting a registration application in accordance with the Investment Law implementing regulation. The Investment Law grants foreign investors several rights, including equal treatment with local investors in comparable circumstances, protection against appropriation of investments except pursuant to a final judicial ruling, the freedom to transfer funds within or outside the KSA, and protection of intellectual property and trade secrets.

The Investment Law also establishes penalties for violations. Minor violations typically require rectification as an initial step, and failure to comply may result in warnings, fines of up to SAR300,000, or cancellation of registration. Serious violations, such as investing without registration, engaging in excluded activities without approval, or providing false or misleading information, may result in significant penalties as determined by the designated committee, in accordance with the rules and regulations.

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**Regulations Related to Labor** 

***Labor Law and Saudization***

The Labor Law of Saudi Arabia, issued pursuant to Royal Decree No. M/51 dated 23/8/1426H (corresponding to 7/9/2005), governs the rights and obligations of employers and employees, including working hours, leave entitlements, and termination procedures. All employment contracts must be in writing and registered through a platform designated by the Ministry of Human Resources and Social Development (the "MHRSD"), as updated from time to time. The law provides protections against unfair dismissal and ensures that employees are treated fairly and equitably.

Based on Article 26 of the Labor Law, employers are required to ensure that at least 75% of their workforce consists of KSA nationals, pursuant to the Saudization policy (the "Saudization"), which imposes mandatory workforce localization requirements on private sector companies operating in KSA. The Minister of the MHRSD may, however, temporarily reduce this requirement if the necessary technical skills or educational qualifications are unavailable, or if it is otherwise not feasible to fill positions with the KSA citizens.

To enforce this, the Nitaqat program (the "Nitaqat") was established, requiring establishments operating in the KSA to hire a specified number of KSA nationals. Under Nitaqat, establishments are classified into five categories: Platinum, High Green, Mid Green, Low Green, and Red, based on the percentage of the KSA employees and the total workforce. The required percentage varies depending on the establishment's industry and size. Establishments in the upper Nitaqat tiers are entitled to certain benefits. Establishments classified as Mid-Green and above may, among other things, renew work permits for foreign employees and apply for new permanent work visas. Establishments classified as Red are subject to significant restrictions, including inability to apply for new visas, use transfer visas, renew work permits, or open new files for additional branches or facilities. In general, red classification establishments are not entitled to services from MHRSD. This includes restrictions such as the inability to submit new visa applications, the prohibition on issuing work permits for new expatriate workers, and the inability to open files for new facilities or branches.

***Social Insurance***

In accordance with the Social Insurance Law issued pursuant to Royal Decree No M/273 dated 26/12/1445H (corresponding to 14/6/2024G), employers are required to contribute equally, together with their employees, a certain percentage of the salary of the KSA employees to various social insurance funds, including pensions, unemployment insurance, and work-related injury insurance. For non-KSA employees, employers are only required to contribute to work-related injury insurance (the "Subscription Amounts"). These Subscription Amounts for KSA and non-KSA employees are made to the General Organization for Social Insurance ("GOSI"), and employers who fail to comply may be fined and ordered to pay any outstanding Subscription Amounts. The Subscription Amounts and fines imposed for delays are secured by a lien in favor of GOSI, which ranks immediately after the statutory privilege for employee wage claim. In the event of continued non-payment by employers, GOSI may initiate attachment and compulsory enforcement measures to recover the amounts due, in accordance with paragraph (2) of Article (11) of Social Insurance Law.

As of the date of this prospectus, Aish Alnas and Deep Quest have fulfilled their Saudization requirements, which is evidenced by the Saudization Certificate No. (106442-19191776) for Aish Alnas classified in high green category and Saudization Certificate No. (118954-48406977) for Deep Quest classified in small green category. Aish Alnas and Deep Quest are both in compliance with laws and regulations on social insurance and medical insurance.

**Regulations Relating to Tax** 

***Value Added Tax***

The Value Added Tax Law was issued pursuant to Royal Decree No. M/113 dated 2/12/1438H (corresponding to 23/8/2017G) (the "VAT Law"). In accordance with the VAT Law, natural and legal persons engaged in economic activity in the KSA are required to register for value added tax (the "VAT") within 30 days from the end of the month in which both of the following conditions are met: (i) the taxpayer is a resident in the KSA; and (ii) the total value of taxable supplies exceeds SAR375,000 in the preceding 12 months or is expected to exceed SAR375,000 in the following 12 months.

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VAT applies to the supply of most goods and services within the KSA, with certain transactions designated as zero-rated or exempt. The VAT framework is broadly categorized into three types: (i) standard-rated supplies –most goods and services taxed at a 15% rate; (ii) zero-rated supplies – specific goods and services subject to the VAT at 0%, allowing businesses to recover input VAT on related expenses; and (iii) exempt supplies – transactions outside the scope of the VAT, for which the VAT is neither charged nor recoverable. The majority of goods and services in the KSA fall within the 15% standard-rated category. The VAT registration and returns are handled and governed by the Zakat, Tax and Customs Authority. Failure to comply with the provisions governing VAT may result in administrative penalties, including fines and interest, as prescribed under the VAT Law.

***Income Tax***

Pursuant to the Income Tax Law issued pursuant to Royal Decree No. M/1 dated 15/1/1425H (corresponding to 24/3/2004G). In the KSA, non-KSA investors' shares or stakes in resident capital companies are generally subject to income tax. Under the Income Tax Law, income tax applies to resident companies with non-KSA or non-Gulf Cooperation Council (the "GCC") ownership, resident non-KSA individuals, non-residents conducting business through a permanent establishment or earning the KSA-source income without a permanent establishment, and entities engaged in natural gas, oil, and hydrocarbon production. The standard income tax rate is 20% of net adjusted profits. Registration and filing of income tax is handled and governed by the Zakat, Tax and Customs Authority.

***Withholding Tax***

Pursuant to the Income Tax Law, Withholding Tax (the "WHT") is imposed on payments made to non-resident individuals or entities in respect of income sourced within the KSA. WHT is imposed on payments made by the KSA residents and is required to be deducted at source to ensure compliance with the Income Tax Law. WHT applies to non-resident natural or legal persons that do not maintain a permanent establishment in the KSA. Any income arising from activities performed, or property utilized, within the KSA is considered the KSA-source income and is subject to WHT. The person or entity making a payment subject to WHT is obligated to deduct the appropriate tax at the applicable rate and remit such tax to the Zakat, Tax and Customs Authority in accordance with applicable regulations. Failure to comply with the provisions governing WHT may result in administrative penalties, including fines and interest, as prescribed under the Income Tax Law.

As of the date of this prospectus, Aish Alnas and Deep Quest have obtained the ZATCA Certificate and VAT Certificate, in compliance with registration requirements.

**Regulations of Intellectual Property**

***Trademark***

Trademarks in the KSA are governed by the Trademarks Law of the GCC States, which was adopted pursuant to Royal Decree No. M/51 dated 26/07/1435H (corresponding to 25/05/2014G) (the "GCC Trademarks Law").

This law provides a unified legal framework for trademark protection across GCC member states, including the KSA. Under Article 2 of the GCC Trademarks Law, a trademark is defined as any distinctive sign capable of distinguishing the goods or services of one undertaking from those of other undertakings. This includes names, words, signatures, letters, figures, drawings, logos, titles, hallmarks, seals, pictures, engravings, packaging, figurative elements, shapes, colors, groups of colors, or any combination thereof. Additionally, sounds and scents may also be considered trademarks.

The GCC Trademarks Law stipulates certain prohibitions on trademark registration. Marks that lack distinctive character, are contrary to public order or morality, resemble official emblems or flags, or are identical or confusingly similar to existing trademarks may not be registered. Furthermore, trademarks that mislead the public or contain false information about the origin or characteristics of goods or services are also prohibited. Trademark registration in the KSA is handled by the Saudi Authority for Intellectual Property (the "SAIP"). The registration process involves filing an application, examination, publication for opposition, and issuance of a registration certificate upon successful completion of these steps.

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The protection granted to a registered trademark is for a period of ten years from the filing date, and may be renewed for successive ten-year periods. Renewal applications must be submitted within the last year of the protection period, with a six-month grace period allowed after expiration, subject to payment of additional fees. The owner of a registered trademark has the exclusive right to use the mark in relation to the goods or services for which it is registered. Unauthorized use of a registered trademark constitutes infringement and may result in legal action.

Penalties for trademark infringement include imprisonment for a period between one month and three years, and a fine of between SAR5,000 and SAR1,000,000. In cases of repeated offenses, the penalties may be doubled. The GCC Trademarks Law also provides for the cancellation of a trademark registration if the mark has not been used for a continuous period of five years, unless the owner can provide a valid reason for the non-use.

***Trade secrets***

Trade secrets in the KSA are governed by the Regulations for the Protection of Confidential Commercial Information (the "PCCI"), issued under Ministerial Decision No. 3218 dated 25/03/1426H (corresponding to 04/05/2005G) and amended by Ministerial Decision No. 431 dated 01/05/1426H (corresponding to 08/06/2005G).

These regulations provide legal protection for undisclosed information that has commercial value and are subject to reasonable efforts to maintain its secrecy, without requiring formal registration. Under Article 1 of the Regulations, information is considered a trade secret if it is (i) not generally known or easily accessible in its final form or in any of its components, (ii) has commercial value due to its confidentiality, and (iii) has been subject to reasonable steps by its rightful owner to maintain its secrecy.

Trade secrets may include technical know-how, business methods, financial data, customer lists, formulas, or any other confidential commercial or industrial information that provides a competitive advantage. There is no fixed duration for the protection of trade secrets in the KSA. Protection is maintained for as long as the information remains secret and reasonable measures are taken to keep it confidential. However, for confidential test data submitted to government agencies as part of approval processes for pharmaceuticals or agricultural chemicals containing new chemical compounds, the PCCI provides a protection period of five years from the date of its marketing authorization.

The unauthorized acquisition, use, or disclosure of trade secrets in a manner contrary to honest commercial practices constitutes an infringement under the PCCI. The rightful holder of a trade secret is entitled to seek civil remedies, including compensation for damages and injunctive relief, through the competent judicial authorities.

***Regulations on Data Privacy and Protection***

Data privacy and protection in the KSA are governed by the Personal Data Protection Law (the "PDPL"), enacted by Royal Decree No. M/19 dated 09/02/1443H (corresponding to 16/09/2021G), and amended by Royal Decree No. M/148 dated 05/09/1444H (corresponding to 27/03/2023G). The Saudi Data & Artificial Intelligence Authority (the "SDAIA") serves as the primary regulatory authority overseeing the implementation of the PDPL. SDAIA is responsible for issuing regulations, guidelines, and standards to ensure the protection of personal data within the KSA.

The PDPL applies to the processing of personal data by both public and private entities located in the KSA, as well as foreign entities that process data related to individuals in the KSA. The PDPL defines "personal data" broadly to include any information that directly or indirectly identifies a person, and categorizes certain types of data such as health, biometric, genetic, religious, or financial information as "sensitive personal data."

Under the PDPL, the data controller (i.e., the entity that determines the purpose and means of data processing) must process personal data fairly, lawfully, and transparently. Core principles include purpose limitation, data minimization, accuracy, storage limitation, and ensuring data security. The processing of personal data must rely on a legal basis, such as the data subject's consent, legal obligation, contractual necessity, protection of public interest, or the legitimate interests of the controller, provided the data subject's rights are not infringed.

The PDPL grants individuals a set of data subject rights, including the right to access their personal data, request rectification, request erasure in limited circumstances, restrict or object to certain types of processing, and request data portability. These rights may be exercised by submitting a request to the data controller, who is obligated to respond within the timeline specified by SDAIA.

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As of the date of this prospectus, neither Aish Alnas nor Deep Quest has any registered trademark. No trademark, trade secret, or personal data privacy infringement claim has been filed, or, to the best of our knowledge, threatened, against either Aish Alnas or Deep Quest.

 

**REGULATIONS IN THE PRC**

 

*The business and operations of the PRC Operating Entities are subject to laws and regulations in the PRC. This section summarizes the major PRC laws, rules, and regulations applicable to the PRC Operating Entities' business and the key aspects of the industry in which they operate. This summary does not purport to be a complete description of all laws and regulations that apply to the PRC Operating Entities' business and operations. Investors should note that the following summary is based on relevant laws and regulations in effect as of the date of this prospectus, which are subject to change.*

**Regulations on Intellectual Property in the PRC**

***Trademark***

Pursuant to the Trademark Law of the PRC (the "Trademark Law"), which was promulgated by the SCNPC on August 23, 1982, became effective on March 1, 1983, and was most recently amended on April 23, 2019, with the latest amendment effective on November 1, 2019, the right to the exclusive use of a registered trademark shall be limited to trademarks that have been approved for registration and to goods and/or services for which the use of such trademark has been approved. According to the Trademark Law, using a trademark that is identical to or similar to a registered trademark in connection with the same or similar goods and/or services without the authorization of the owner of the registered trademark constitutes an infringement of the exclusive right to use a registered trademark. Infringers may be ordered to cease the infringing acts, eliminate adverse effects, and compensate for losses. In serious cases, the administrative authorities for market regulation may impose a fine of up to five times the illegal business revenue; where there is no illegal business revenue, a fine of up to RMB250,000 may be imposed.

The Implementation Regulations for the Trademark Law promulgated by the State Council came into effect on September 15, 2002 and was further amended on April 29, 2014. Under the Trademark Law and its related implementing regulations, the Trademark Office of the State Administration for Market Regulation (the "Trademark Office") is responsible for the registration and administration of trademarks. China has adopted a "first-to-file" principle for trademark registration. If two or more applicants apply for registration of identical or similar trademarks for the same or similar commodities, the application filed first will receive a preliminary approval and will be publicly announced. The period of validity of a registered trademark is 10 years, counted from the day the registration is approved. A registrant may apply to renew a registration within the period of 12 months before the expiration date of the registration. If the registrant fails to apply in a timely manner, a grace period of additional 6 months may be granted. If the registrant fails to apply before the grace period expires, the registered trademark shall be deregistered. Renewed registrations are valid for ten years.

In addition to the above, a Trademark Review and Adjudication Board was established for the purpose of resolving trademark disputes. According to the Trademark Law, within three months from the date of the announcement of a preliminarily validated trademark, if a titleholder is of the view that such trademark in application is identical or similar to its registered trademark for the same type of commodities or similar commodities, and, as such, violates the relevant provisions of the Trademark Law, such titleholder may raise an objection to the Trademark Office within the aforesaid period. In such event, the Trademark Office shall consider the facts and grounds submitted by both the dissenting party and the party being challenged and shall decide on whether the registration is allowed within the period of 12 months upon the expiration of the announcement after investigation and verification, and notify the dissenting party and the party challenged in writing.

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As of the date of this prospectus, our PRC Operating Entities have registered 31 trademarks in China. No trademark infringement claim has been filed, or, to the best of our knowledge, threatened, against our PRC Operating Entities so far.

***Domain Name***

Pursuant to the Administrative Measures on Internet Domain Names of China, which were most recently amended by the Ministry of Industry and Information Technology ("MIIT") on August 24, 2017 and became effective on November 1, 2017, "domain name" refers to the character mark of a hierarchical structure, which identifies and locates a computer on the Internet and corresponds to the Internet protocol address of that computer. The principle of "first come, first serve" is followed for the domain name registration service. An applicant for registration of domain names shall provide the true, accurate, and complete information of their identifications to domain name registration service institutions. After completing the domain name registration, the applicant becomes the holder of the domain name registered by him/it. Furthermore, the holder shall pay operation fees for registered domain names in a timely manner. If the domain name holder fails to pay the corresponding fees as required, the original domain name registrar shall deregister and notify the holder of the domain name in writing. The validity period of a registered domain name varies from one to ten years, depending on the period chosen by the registrant, and the holder may apply for renewal upon expiration.

As of the date of this prospectus, our PRC Operating Entities have registered three domain names in China. No infringement claim has been filed, or to the best of our knowledge, threatened, against the domain names of our PRC Operating Entities.

**Regulations on Employment and Social Welfare in the PRC**

According to the Labor Law of the PRC (the "Labor Law"), which was promulgated by the SCNPC on July 5, 1994, came into effect on January 1, 1995, and was most recently amended on December 29, 2018, an employer shall develop and improve its rules and regulations to safeguard the rights of its employees. An employer shall develop and improve its labor safety and health system, stringently implement national protocols and standards on labor safety and health, conduct labor safety and health education for its employees, guard against labor accidents, and reduce occupational hazards. Labor safety and health facilities must comply with the relevant national standards. An employer must provide its employees with the necessary labor protection gear which complies with labor safety and health conditions stipulated under national regulations, as well as provide regular physical examinations for its employees engaged in operations with occupational hazards. Laborers engaged in special operations shall undergo specialized training and possess pertinent qualifications. An employer shall develop a vocational training system. Vocational training funds shall be set aside and used in accordance with national regulations, and vocational training for workers shall be carried out systematically based on the actual conditions of the employer.

The Labor Contract Law, which was promulgated by the SCNPC on June 29, 2007, came into effect on January 1, 2008, and was amended on December 28, 2012, with the latest amendment effective on July 1, 2013, and the Implementation Regulations on Labor Contract Law, which were promulgated and effective on September 18, 2008, contain specific provisions involving the terms of labor contracts. According to the Labor Contract Law and its implementation regulations, a labor contract must be made in writing. An employer and an employee may enter into a fixed-term labor contract, an indefinite term labor contract, or a labor contract that concludes upon the completion of certain work assignments, after reaching an agreement following due negotiations. An employer may legally terminate a labor contract and dismiss its employees after reaching an agreement upon due negotiations with such employees or by fulfilling the statutory conditions. With respect to the circumstances where an employment relationship has already been established without a formal written contract, a written labor contract shall be entered into within one month from the commencement date of the employment. Employers are prohibited from forcing employees to work beyond prescribed time limits and shall pay employees for overtime work in accordance with national regulations. In addition, employees' wages shall be no lower than local standards on minimum wages and shall be paid to employees timely.

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According to the Interim Regulations on the Collection and Payment of Social Insurance Premiums, the Regulations on Work-related Injury Insurance, the Regulations on Unemployment Insurance, and the Trial Measures on Employee Maternity Insurance of Enterprises, enterprises in the PRC shall provide benefit plans for their employees, including basic pension insurance, unemployment insurance, maternity insurance, work-related injury insurance, and basic medical insurance. An enterprise must provide social insurance by registering with the local social insurance agencies, and shall pay or withhold relevant social insurance premiums for or on behalf of its employees. The Law on Social Insurance of the PRC, which was promulgated by the SCNPC on October 28, 2010, became effective on July 1, 2011, and was most recently amended on December 29, 2018, has consolidated pertinent provisions for basic pension insurance, unemployment insurance, maternity insurance, work-related injury insurance, and basic medical insurance, and has specified the legal obligations and liabilities of employers who do not comply with relevant laws and regulations on social insurance. Where an employer fails to fully pay social insurance premiums, the relevant social insurance collection agency shall order it to make up for any shortfall within a prescribed time limit, and may impose a late payment fee at the rate of 0.05% per day of the outstanding amount from the due date. If such employer still fails to make up for the shortfalls within the prescribed time limit, the relevant administrative authorities shall impose a fine of one to three times the outstanding amount upon such employer.

According to the Regulations on the Administration of Housing Funds, which were promulgated by the State Council and became effective on April 3, 1999, amended on March 24, 2002, and further amended on March 24, 2019 by the Decision of the State Council on Revising Some Administrative Regulations (Decree No. 710 of the State Council), both the individual employee's and the employer's contributions to the housing fund shall belong to the individual employee. Registration by PRC companies at the applicable housing fund management center is compulsory, and a special housing fund account for each of the employees shall be established at an entrusted bank.

The employer shall timely pay up and deposit housing fund contributions in full amount, and late or insufficient payments shall be prohibited. Under the circumstances where financial difficulties exist due to which an employer is unable to pay housing funds, a permission from the labor union of the employer and the approval of the local housing funds commission must be obtained before the employer may suspend or reduce their payment of housing funds. The employer shall complete housing fund payment and deposit registrations with the housing fund administration center. The minimum standard for housing funds is 5% of the employees' average monthly salary of the preceding year, and such percentage rate may be uplifted by the local housing funds management commissions if examined by the people's government of the same level and approved by people's government of provincial, autonomous region, or municipality level. With respect to companies which violate the above regulations and fail to complete housing fund payment and deposit registrations or establish housing fund accounts for their employees, such companies shall be ordered by the housing fund administration center to complete such procedures within a designated period. Those who fail to complete their registrations within the designated period shall be subject to a fine ranging from RMB10,000 (approximately US$1,400) to RMB50,000 (approximately US$7,100). When companies violate these regulations and fail to fully pay housing fund contributions as required, the housing fund administration center shall order such companies to make the overdue payment within a designated period, and may further apply to the people's court for mandatory enforcement if the companies fail to comply after the expiry of such period.

As of the date of this prospectus, our PRC Operating Entities have complied in all material respects with the applicable laws and regulations relating to employment, labor protection, social insurance, and housing funds, and no actions or investigations are currently or have been brought up by any PRC governmental agency against any of the PRC Operating Entities regarding labor or employment matters.

**Regulations on Tax in the PRC**

***Enterprise Income Tax (the "EIT")***

In January 2008, the EIT Law took effect, which was last amended by the SCNPC on December 29, 2018. On December 6, 2007, the State Council enacted the Regulations for the Implementation of the Law on Enterprise Income Tax (the "EIT Law Implementation Regulations"), which were recently amended on December 6, 2024, together with the EIT Law. Under the EIT Law, both resident enterprises and non-resident enterprises are subject to taxation in the PRC. Resident enterprises are defined as enterprises that are established in China in accordance with PRC laws, or that are established in accordance with the laws of foreign countries but are actually or in effect controlled within the PRC. Non-resident enterprises are defined as enterprises that are organized under the laws of foreign countries and whose "de facto management body" is located outside the PRC, but have established institutions or premises in the PRC, or have no such established institutions or premises but have income generated from within the PRC. The EIT Law applies a uniform 25% enterprise income tax rate to both resident enterprises and non-resident enterprises, except where tax incentives are granted to special industries and projects. However, if non-resident enterprises have not formed permanent establishments or premises in the PRC, or if they have formed permanent establishment or premises in the PRC but there is no actual relationship between the relevant income derived in the PRC and the established institutions or premises set up by them, enterprise income tax is set at the rate of 20% with respect to their income sourced from within the PRC.

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The EIT Law Implementation Regulations 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. Under the EIT Law, dividends generated from the business of a PRC subsidiary after January 1, 2008, and payable to its foreign investor may be subject to a withholding tax rate of 10 percent if the PRC tax authorities determine that the foreign investor is a non-resident enterprise which does not have an establishment or place of business in the PRC, or which have such establishment or place of business but the relevant income is not effectively connected to the establishment or place of business, to the extent such dividends are derived from sources within the PRC, unless there is a tax treaty with China that provides for a preferential withholding tax rate.

In January 2009, the SAT promulgated the Provisional Measures for the Administration of Withholding of Enterprise Income Tax for Non-resident Enterprises (the "Non-resident Enterprises Measures"), which were repealed by Announcement of the State Administration of Taxation on Issues Relating to Withholding at Source of Income Tax of Non-resident Enterprises in December 2017 (the "Announcement"). According to the Announcement, which was amended on June 15, 2018 and March 24, 2025, it shall apply to the handling of matters relating to withholding at the source of income tax of non-resident enterprises pursuant to the provisions of Article 37, Article 39, and Article 40 of the EIT Law. According to Article 37 and Article 39 of the EIT Law, income tax over non-resident enterprise income pursuant to the provisions of the third paragraph of Article 3 shall be subject to withholding at the source, where the payer shall act as the withholding agent. The tax amount for each payment made or due shall be withheld by the withholding agent from the amount paid or payable. Where a withholding agent fails to withhold tax or perform tax withholding obligations pursuant to the provisions of Article 37, the taxpayer shall pay tax at the place where the income is derived. Where the taxpayer fails to pay tax pursuant to law, the tax authorities may demand payment of the tax amount payable, from the taxpayer's payable tax amounts from other taxable income items in China.

On April 30, 2009, the Ministry of Finance of the PRC ("MOF") and the SAT jointly issued the Circular on Issues Concerning Treatment of Enterprise Income Tax in Enterprise Restructuring Business, which became effective retroactively as of January 1, 2008 and was amended on January 1, 2014. By promulgating and implementing this circular, the PRC tax authorities have enhanced their scrutiny over the direct or indirect transfer of equity interests in a PRC resident enterprise by a non-resident enterprise.

On February 3, 2015, the SAT issued the Announcement of the State Administration of Taxation on Several Issues Relating to Enterprise Income Tax on Indirect Transfers of Assets by Non-resident Enterprises, or SAT Bulletin 7, which was partially abolished on December 1, 2017 and December 29, 2017. SAT Bulletin 7 extends its tax jurisdiction to transactions involving the transfer of immovable property in China, and assets held under the establishment and placement in China, of a foreign company through the offshore transfer of a foreign intermediate holding company. SAT Bulletin 7 also addresses the transfer of the equity interest in a foreign intermediate holding company broadly. In addition, SAT Bulletin 7 introduces safe harbor scenarios applicable to internal group restructurings. However, it also brings challenges to both the foreign transferor and transferee of the indirect transfer as they have to assess whether the transaction should be subject to PRC taxation and to file or withhold the PRC tax accordingly.

On October 17, 2017, the SAT issued the Announcement of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident Enterprise Income Tax at Source, or SAT Bulletin 37, which came into effect on December 1, 2017 and was amended on June 15, 2018. The SAT Bulletin 37 further clarifies the practice and procedure of withholding of non-resident enterprise income tax and provides that:

● for the income from equity investment assets, the competent tax authority for the income tax of the invested enterprise shall be the competent tax authority, while for the income from the dividends, extra dividends, and other equity investments, the competent tax authority for the income tax of the enterprise distributing the income shall be the competent tax authority;

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● the withholding obligator shall declare and pay the withheld tax to the competent tax authority in the place where such withholding obligator is located within seven days from the date of occurrence of the withholding obligation;

● where the income obtained by the withholding obligator and required to be withheld at source is in the form of dividends, extra dividends, or any other equity investment gains, the date of occurrence of the obligation for withholding relevant payable tax is the date of actual payment of the dividends, extra dividends, or other equity investment gains;

● for the income tax required to be withheld under Article 37 of the EIT Law, if the withholding obligator fails to withhold in accordance with the law or is unable to perform withholding obligation, the non-resident enterprise obtaining the income shall declare and pay the tax not withheld to the competent tax authority of the place of the occurrence of the income in accordance with Article 39 of the EIT Law and complete the Form of Report on Withholding of Enterprise Income Tax of the PRC. Where the non-resident enterprise fails to declare and pay tax in accordance with Article 39 of the EIT Law, the tax authority may order it to pay the tax within a prescribed time limit. The non-resident enterprise that declares and pays the tax voluntarily before the tax authority orders it to pay the tax shall be deemed as having paid the tax on time; and

● the competent tax authority may require the taxpayer, withholding obligator, and relevant parties with knowledge of relevant information to provide the contracts and other relevant materials relating to the withholding of tax.

Where the withholding obligator fails to withhold the tax required to be withheld under Article 37 of the EIT Law, the competent tax authority of the place where the withholding agent is located shall order the withholding obligator to make up for the withholding of tax in accordance with Article 23 of the Administrative Punishment Law of the PRC and hold the withholding agent liable in accordance with the law. If recovery of tax payment from the taxpayer is necessary, the competent tax authority of the place where the income occurs shall implement the recovery in accordance with the law. If the place where the withholding obligator is located is different from the place where the income occurs, the competent tax authority of the place of occurrence of the income that is responsible for recovering the tax payment shall give notice to the competent tax authority of the place where the withholding obligator is located for verifying relevant information. The competent tax authority of the place where the withholding agent is located shall, within five business days from the date, confirms that the withholding agent has failed to withhold the tax as required by law or is unable to perform the withholding obligation, send a "Tax Matters Liaison Letter" to the competent tax authority of the place where the income occurs, notifying it of the matters concerning the taxpayer's declaration and payment of tax.

Pursuant to the SAT Bulletin 7, where an investment transaction involving non-resident investors is determined by the tax authorities to lack a reasonable commercial purpose, the relevant parties are obligated to file a tax return and are subject to taxation accordingly. In such circumstances, the domestic enterprise bears the liability to fulfill the associated withholding and filing obligations, which may necessitate the allocation of resources to ensure compliance or to substantiate that the transaction falls outside the scope of SAT Bulletin 7.

According to the EIT Law and a series of policies issued by the MOF and the State Taxation Administration (Announcement [2021] No. 12, Announcement [2022] No. 3, Announcement [2023] No. 6), enterprises that meet the criteria of annual taxable income not exceeding RMB3 million, no more than 300 employees, and total assets not exceeding RMB50 million are classified as "small and low profit enterprises." Qualified entities would benefit from a preferential EIT rate of 20%.

In the opinion of China Commercial Law Firm, our PRC legal counsel, as of the date of this prospectus, five of our PRC Operating Entities, RUI Beijing, RUI Shanghai, RUI Wuxi, RUI Catering, and Ruimu Boshi, qualify as small and low profit enterprises, and are entitled to a 20% enterprise income tax rate rather than the 25% uniform statutory tax rate imposed on RUI Facility Management.

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***Value-Added Tax***

According to the Temporary Regulations on Value-added Tax, which was promulgated by the State Council on December 13, 1993 and most recently amended on November 19, 2017, and the Detailed Implementing Rules of the Temporary Regulations on Value-added Tax, which was promulgated by the MOF on December 25, 1993 and amended on October 28, 2011, with the latest amendment effective on November 1, 2011, all taxpayers selling goods, providing processing, repairing, or replacement services, or importing goods within the PRC shall pay value-added tax (the "VAT"). The tax rate of 17% shall be levied on general taxpayers selling or importing various goods and providing processing, repairing, or replacement service. The applicable rate for the export of goods and cross-border sale of services and intangible assets by domestic organizations and individuals within the scope stipulated by the State Council shall be nil, unless otherwise stipulated. On April 4, 2018, the MOF and the SAT jointly issued the Notice of Adjustment of Value-added Tax Rates which declared that the VAT rate in regard to the sale of goods, provision of processing, repairing, and replacement services, and importation of goods into China shall be reduced from the previous 17% to 16% from May 1, 2018. According to the People's Republic of China Value-Added Tax Regulations ("PRC VAT Regulations"), the VAT rate for the sale of services and the sale of intangible properties is 6% unless otherwise specified.

On December 25, 2024, the Thirteenth Meeting of the Standing Committee of the Fourteenth National People's Congress adopted the VAT Law of the PRC (which will come into effect on January 1, 2026), replacing the existing provisional regulations on VAT. In terms of tax rates, the new law maintains the existing rates of 13%, 9%, and 6%. It also zero-rates exports of certain goods and services. A simplified method of calculating and paying VAT will be applied at a rate of 3%.

As of the date of this prospectus, our PRC Operating Entities are subjected to value-added tax at rates of 13%, 9%, and 6% for the sale of goods and services.

**Regulations on Foreign Exchange**

***Foreign Currency Exchange***

Pursuant to the Foreign Currency Administration Rules, as amended, and various regulations issued by the State Administration of Foreign Exchange ("SAFE") and other relevant PRC government authorities, Renminbi is freely convertible with respect to the current account items, such as trade-related receipts and payments, interest, and dividends. Capital account items, such as direct equity investments, loans, and repatriation of investment, unless expressly exempted by laws and regulations, still require prior approval from the SAFE or its provincial branch for the conversion of Renminbi into a foreign currency, such as U.S. dollars, and the remittance of the foreign currency outside of the PRC. Payments for transactions that take place within the PRC must be made in Renminbi. Foreign currency revenue received by PRC companies may be repatriated into China or retained outside of China in accordance with the requirements and terms specified by the SAFE. Foreign exchange proceeds under the current accounts may be either retained or sold to a financial institution engaged in the settlement and sale of foreign exchange pursuant to relevant the SAFE rules and regulations. For foreign exchange proceeds from the capital accounts, approval from the SAFE is generally required for the retention or sale of such proceeds to a financial institution engaged in the settlement and sale of foreign exchange.

Pursuant to the Circular of the SAFE on Further Improving and Adjusting Foreign Exchange Administration Policies for Direct Investment, or the SAFE Circular 59, promulgated by the SAFE on November 19, 2012, which became effective on December 17, 2012, amended on May 4, 2015 and October 10, 2018, and partially abolished on December 30, 2019, approval is not required for opening a foreign exchange account and depositing foreign currency into the accounts relating to the direct investments. The SAFE Circular 59 also simplifies foreign exchange-related registration required for foreign investors to acquire the equity interests of PRC companies and further improves the administration of foreign exchange settlement for foreign-invested enterprises (the "FIEs").

On February 13, 2015, the SAFE promulgated the Circular on Further Simplifying and Improving Policies for Foreign Exchange Administration for Direct Investment ("SAFE Circular 13"), effective on June 1, 2015and partially abolished on December 30, 2019, which cancels the administrative approvals of foreign exchange registration of direct domestic and overseas investments. In addition, the SAFE Circular 13 simplifies the procedure of foreign exchange-related registration, under which investors shall register with banks for direct domestic investment and direct overseas investment.

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On March 30, 2015, the SAFE promulgated the Circular of the State Administration of Foreign Exchange Concerning Reform of the Administrative Approaches to Settlement of Foreign Exchange Capital of Foreign-invested Enterprises ("SAFE Circular 19"), which came into effect on June 1, 2015 and was partially repealed on December 30, 2019. According to the SAFE Circular 19, the foreign exchange capital in the capital account of the FIEs, meaning the monetary contribution confirmed by the foreign exchange authorities or the monetary contribution registered for account entry through banks, shall be granted the benefit of discretional foreign exchange settlement (the "DFES"). With DFES, foreign capital in the capital account of a foreign-invested enterprise for which the rights and interests of monetary contribution have been confirmed by the local foreign exchange bureau, or for which book-entry registration of monetary contribution has been completed by the banks, can be settled by the banks based on the actual operational needs of the foreign-invested enterprise. The allowed DFES percentage of the foreign exchange capital of a foreign-invested enterprise has been temporarily set to 100%. The Renminbi converted from the foreign exchange capital will be kept in a designated account and if a foreign-invested enterprise needs to make further payment from such account, it still needs to provide supporting documents and go through the review process with the banks. The SAFE Circular 19 allows all FIEs established in China to use their foreign exchange capitals to make equity investments and prohibits the FIEs from, among other things, using Renminbi funds converted from their foreign exchange capitals for expenditure beyond its business scope and providing entrusted loans or repaying loans between non-financial enterprises.

The SAFE issued the Circular of the State Administration of Foreign Exchange Concerning Reform and Specifying of Policies for the Administration of Foreign Exchange Settlement under Capital Accounts ("SAFE Circular 16"), on June 9, 2016, which became effective on the same date. Pursuant to the SAFE Circular 16, enterprises registered in the PRC may also convert their foreign debts from foreign currency to Renminbi on a discretionary basis. The SAFE Circular 16 provides an integrated standard for the conversion of foreign exchange under capital account items (including foreign currency capital and foreign debts) on a discretionary basis which applies to all enterprises registered in the PRC. The SAFE Circular 16 reiterates the principle that Renminbi converted from foreign currency-denominated capital of a company may not be directly or indirectly used for purposes beyond its business scope or prohibited by PRC laws or regulations, and such converted Renminbi shall not be provided as loans to its non-affiliated entities.

On April 10, 2020, the SAFE issued the Notice of the SAFE on Optimizing Foreign Exchange Administration to Support the Development of Foreign-related Business, or the SAFE Circular 8. The SAFE Circular 8 provides that under the condition that the use of the funds is genuine and compliant with current administrative provisions on the use of income relating to capital accounts, enterprises are allowed to use income under capital accounts such as capital funds, foreign debts, and overseas listings for domestic payment, without submission to the bank prior to each transaction of materials evidencing the veracity of such payment. The bank in charge shall review and examine the transactions after their completion through spot checks in accordance with the relevant requirements.

In the opinion of China Commercial Law Firm, our PRC legal counsel, as of the date of this prospectus, our PRC Operating Entities are in compliance with the regulations related to foreign exchange.

***Dividend Distribution***

The principal laws and regulations regulating the dividend distribution of dividends by the FIEs in the PRC include the Company Law of the PRC, as recently amended in 2023, and the Foreign Investment Law promulgated by the SCNPC on March 15, 2019 and became effective on January 1, 2020.

Wholly foreign-owned enterprises and Sino-foreign equity joint ventures in the PRC may pay dividends only out of their accumulated profits, if any, as determined in accordance with PRC accounting standards and regulations. Additionally, these FIEs may not pay dividends unless they set aside at least 10% of their respective accumulated profits after tax each year, if any, to fund certain reserve funds, until such time as the accumulative amount of such fund reaches 50% of the enterprise's registered capital. These reserves are not distributable as cash dividends. A PRC company shall not distribute any profits until any losses from prior fiscal years have been offset. Profits retained from prior fiscal years may be distributed together with distributable profits from the current fiscal year. In addition, these companies may also allocate a portion of their after-tax profits based on PRC accounting standards to employee welfare and bonus funds at their discretion.

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In the opinion of China Commercial Law Firm, our PRC legal counsel, as of the date of this prospectus, our PRC Operating Entities are in compliance with the regulations related to dividend distribution.

**Regulations Relating to Foreign Exchange Registration of Overseas Investment by PRC Residents**

The Circular on Relevant Issues Concerning Foreign Exchange Administration for Overseas Investment and Financing and Return Investment by Domestic Residents via Special Purpose Vehicles ("SAFE Circular 37"), issued by the SAFE and effective on July 4, 2014, regulates foreign exchange matters in relation to the use of special purpose vehicles (the "SPVs") by PRC residents or entities to seek offshore investment and financing and conduct round-trip investment in China. Under the SAFE Circular 37, a SPV refers to an offshore entity established or controlled, directly or indirectly, by PRC residents or entities for the purpose of seeking offshore financing or making offshore investments, using legitimate domestic or offshore assets or interests, and "round-trip investment" refers to the direct investment in China by PRC residents or entities through SPVs, namely, establishing the FIEs to obtain the ownership, control rights, and management rights. The SAFE Circular 37 requires that, before establishing, controlling, and making contributions into a SPV, PRC residents or entities are required to complete foreign exchange registration with the SAFE or its local branches.

PRC residents or entities who have contributed legitimate domestic or offshore interests or assets to SPVs but have yet to obtain the SAFE registration before the implementation of the SAFE Circular 37 shall register their ownership interests or control in such SPVs with SAFE or its local branches. An amendment to the registration is required if there is a material change in the registered SPV, such as any change of basic information (including change of such PRC resident's name and operation duration), increase or decrease in the investment amounts, transfers or exchanges of shares, or mergers or divisions. Failure to comply with the registration procedures set forth in the SAFE Circular 37, or making misrepresentation on or failure to disclose controllers of a foreign-invested enterprise that is established through round-trip investment, may result in restrictions on the foreign exchange activities of the relevant FIEs, including payment of dividends and other distributions, such as proceeds from any reduction in registered capital, share transfer, or liquidation, to its offshore parent or affiliate, and the capital inflow from the offshore parent, and may also subject relevant PRC residents or entities to penalties under PRC foreign exchange administration regulations. On February 13, 2015, the SAFE further promulgated the Circular on Further Simplifying and Improving Policies for Foreign Exchange Administration for Direct Investment ("SAFE Circular 13"), which took effect on June 1, 2015. The SAFE Circular 13 amended the SAFE Circular 37 by requiring PRC residents or entities to register with qualified banks rather than the SAFE or its local branches in connection with their establishment or control of an offshore entity established for the purpose of overseas investment or financing.

**Regulations Relating to Foreign Investment**

***The Foreign Investment Law***

On March 15, 2019, the National People's Congress approved the Foreign Investment Law, which took effect on January 1, 2020. The Foreign Investment Law establishes the basic framework for the access to, and the promotion, protection, and administration of foreign investments in view of investment protection and fair competition.

According to the Foreign Investment Law, "foreign investment" refers to investment activities directly or indirectly conducted by one or more natural persons, business entities, or otherwise organizations of a foreign country (collectively referred to as "foreign investors") within China. Investment activities include: (i) a foreign investor, individually or collectively with other investors, establishing a foreign-invested enterprise within China; (ii) a foreign investor acquiring stock shares, equity shares, shares in assets, or other similar rights and interests of an enterprise within China; (iii) a foreign investor, individually or collectively with other investors, investing in a new project within China; and (iv) other forms of investments as provided by laws, administrative regulations, or the decisions of the State Council.

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According to the Foreign Investment Law, the State Council will publish, or approve to publish, the negative list for special administrative measures concerning foreign investment (the "Negative List"). The Foreign Investment Law grants national treatment to foreign-invested enterprises, except for those foreign-invested enterprises that operate in industries deemed to be either "restricted" or "prohibited" in the Negative List. The Foreign Investment Law provides that foreign-invested enterprises operating in foreign-restricted industries will require market entry clearance and other approvals from the relevant PRC governmental authorities. If a foreign investor is found to have invested in any prohibited industry in the Negative List, such foreign investor may be required to, among other sanctions, cease its investment activities, dispose of its equity interests or assets within a prescribed time limit, and have its income confiscated. If the investment activity of a foreign investor is in violation of any special administrative measure for restricted access provided for in the Negative List, the competent authority shall order the foreign investor to make corrections and take necessary steps to meet the requirements of the special administrative measure for restrictive access.

On December 26, 2019, the State Council issued the Implementation Regulations for the Foreign Investment Law of the PRC, or the Implementation Rules, which came into effect on January 1, 2020. According to the Implementation Rules, in the event of any discrepancy between the Foreign Investment Law, the Implementation Rules, and the relevant provisions on foreign investment promulgated prior to January 1, 2020, the Foreign Investment Law and the Implementation Rules shall prevail. The Implementation Rules also state that foreign investors that invest in sectors on the Negative List in which foreign investment is restricted shall comply with the special management measures with respect to, among others, shareholding and senior management personnel qualification in the Negative List.

On December 30, 2019, the MOFCOM and the State Administration for Industry and Commerce (the "SAMR") jointly promulgated the Measures for Reporting of Foreign Investment Information, or the Foreign Investment Reporting Measures, which came into effect on January 1, 2020. The Foreign Investment Reporting Measures establish an online reporting system for foreign investment. Pursuant to the Foreign Investment Reporting Measures, for foreign investment carried out directly or indirectly within mainland China, foreign investors or foreign-invested enterprises shall submit investment information for establishment, modifications, and dissolution of, and annual reports of the FIEs online. Meanwhile, the PRC establishes the foreign investment security review system under which a security review shall be conducted on foreign investments affecting or likely to affect the national security, and a decision legally made on security review will be considered as final.

In addition, the Foreign Investment Law also provides several protective rules and principles for foreign investors and their investments in the PRC, including, among others, that a foreign investor may freely transfer into or out of China, in Renminbi or a foreign currency, its contributions, profits, capital gains, income from disposition of assets, royalties of intellectual property rights, indemnity or compensation lawfully acquired, and income from liquidation, among others, received within China. Local governments shall abide by their commitments to the foreign investors, and governments at all levels and their departments shall enact local normative documents concerning foreign investment in compliance with laws and regulations and shall not impair legitimate rights and interests of foreign investors or the FIEs, impose additional obligations onto the FIEs, set market access restrictions and exit conditions, or intervene with the normal production and operation activities of the FIEs. If there is a need to change policy commitments or contract agreements due to national interests or public interests, it should be done according to statutory authority and procedures. Compensation should be provided to foreign investors or the FIEs for any losses incurred as a result.

On December 19, 2020, the NDRC and the MOFCOM promulgated Measures for Security Review of Foreign Investment, with an effective date of January 18, 2021. The foreign investment security review mechanism (the "Security Review Mechanism") in charge of organization, coordination, and guidance of foreign investment security review is thereunder established. A working mechanism office shall be established under the NDRC and led by the NDRC and the MOFCOM to undertake routine work on the security review of foreign investment. According to the Security Review Mechanism, where foreign investment activities fall within the scope such as important cultural products and services, important information technologies and Internet products and services, important financial services, key technologies, and other important fields that concern national security, and involve the acquisition of actual control over the invested enterprises, a foreign investor or a party concerned in the PRC shall take the initiative to make a declaration to the working mechanism office prior to making the investment.

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***The Guidance Catalog of Industries for Foreign Investment***

On October 26, 2022, the NDRC and the MOFCOM promulgated the Encouragement Catalog (2022 Edition), which became effective on January 1, 2023. On September 6, 2024, the NDRC and the MOFCOM promulgated the Negative List (2024 Edition), which became effective on November 1, 2024. The Negative List stipulates the encouraged, prohibited, and restricted industries for foreign investment. The Encouragement Catalog specifies the industries in which foreign investment is encouraged. If the investment falls within the "encouraged" category, foreign investment can be conducted through the establishment of a wholly foreign-owned enterprise. If the investment falls within the "restricted" category, foreign investment may be conducted through the establishment of a wholly foreign-owned enterprise if certain requirements are met, or in some cases, such foreign investment must be completed through the establishment of a joint venture enterprise, with varying minimum shareholdings for the Chinese party, depending on the particular industry. If the investment falls within the "prohibited" category, foreign investment of any kind is not allowed. Any investment that occurs within an industry not falling into any of these categories is classified as a permitted industry for foreign investment unless otherwise specifically restricted by other PRC rules and regulations.

RUI Shanghai and RUI Beijing, our wholly foreign owned subsidiaries, as foreign invested entities, and RUI Singapore, as a foreign investor, are required to comply with the information reporting requirements under the Foreign Investment Law, the Implementing Rules, and the Information Reporting Measures for Foreign Investment and are currently in full compliance.

**Regulations Relating to Information Security and Privacy Protection**

***Regulations on Information Security***

Pursuant to the Decision on the Maintenance of Internet Security issued by the SCNPC on December 28, 2000, which was amended on August 27, 2009, a person may be subject to criminal liabilities for any attempt to: (i) improperly access to a computer or system of strategic importance; (ii) disseminate politically disruptive information; (iii) leak state secrets; (iv) spread false commercial information; (v) infringe upon intellectual property rights or damage business credit or reputation of others; (vi) intentionally make or spread computer viruses or other destructive programs, or attack computer systems and communication networks which lead to damages to such systems and networks; (vii) carry out theft, fraud, or racketeering through internet; and (viii) other activities prohibited by relevant laws and regulations.

The Administration Measures on the Security Protection of Computer Information Network with International Connections, issued by the Ministry of Public Security of the PRC, or MPS, on December 16, 1997, and amended by the State Council on January 8, 2011, prohibits using the Internet in ways that result in a leak of state secrets or a spread of socially destabilizing content. The MPS has supervision and inspection powers and relevant local security bureaus may also have jurisdiction.

On November 7, 2016, the SCNPC promulgated the Cyber Security Law of the PRC, or the Cyber Security Law, which took effect on June 1, 2017, pursuant to which, network operators must comply with laws and regulations and fulfil their obligations to safeguard security of the network when conducting business and providing services. Those who provide services through networks must take technical measures and other necessary measures pursuant to laws, regulations, and compulsory national requirements to safeguard the safe and stable operation of the networks, respond to network security incidents effectively, prevent illegal and criminal activities, and maintain the integrity, confidentiality, and usability of network data. It also states that network operator may not collect personal information that is irrelevant to the services it provides or collect or use the personal information in violation of the provisions of laws or agreements between both parties. Under the Cyber Security Law, network operators are subject to various security protection-related obligations, including:

● complying with security protection obligations in accordance with tiered requirements with respect to maintenance of the security of Internet systems, which include formulating internal security management rules and developing manuals, appointing personnel who will be responsible for Internet security, adopting technical measures to prevent computer viruses and activities that threaten Internet security, adopting technical measures to monitor and record status of network operations, holding Internet security training events, retaining user logs for at least six months, and adopting measures such as data classification, key data backup, and encryption for the purpose of securing networks from interference, vandalism, or unauthorized visits, and preventing network data from leakage, theft, or tampering;

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● verifying users' identities before signing agreements or providing services such as network access, domain name registration, landline telephone or mobile phone access, information publishing, or real-time communication services;

● clearly indicating the purposes, methods, and scope of the information collection, the use of information collection, and obtaining the consent of those from whom the information is collected when collecting or using personal information;

● strictly preserving the privacy of user information, and establishing and maintaining systems to protect user privacy; and

● strengthening management of information published by users. When the network operators discover information prohibited by laws and regulations from publication or dissemination, they shall immediately stop dissemination of that information, including taking measures such as deleting the information, preventing the information from spreading, saving relevant records, and reporting to the relevant governmental agencies.

On November 15, 2018, the CAC issued the Provisions on Security Assessment of the Internet Information Services with Public Opinion Attributes or Social Mobilization Capacity, which came into effect on November 30, 2018. The provisions require Internet information providers to conduct security assessments on their Internet information services if their services include forums, blogs, microblogs, chat rooms, communication groups, public accounts, short-form videos, online live-streaming, information sharing, mini programs, or other functions that provide channels for the public to express opinions or have the capability of mobilizing the public to engage in specific activities. Internet information providers must conduct self-assessment on, among other things, the legality of new technology involved in the services and the effectiveness of security risk prevention measures, and file the assessment report with the local competent cyberspace administration authority and public security authority.

On July 1, 2015, the SCNPC promulgated the new National Security Law, which took effect on the same date. According to the National Security Law, the state shall ensure that the information system and data in important areas are secure and controllable. In addition, according to the National Security Law, the state shall establish national security review and supervision institutions and mechanisms, and conduct national security reviews of key technologies and information technology products and services that affect or may affect national security. There are uncertainties on how the new National Security Law will be implemented in practice.

Pursuant to the Ninth Amendment to the Criminal Law issued by the SCNPC on August 29, 2015, which took effect on November 1, 2015, any Internet service provider that fails to fulfill the obligations related to Internet information security administration as required by the applicable laws and refuses rectification as ordered by relevant authorities is subject to criminal liability for (i) any dissemination of illegal information in large scale; (ii) causing any severe effect due to the unauthorized disclosure of the client's information; (iii) incurring any serious loss of criminal evidence; or (iv) other severe situation. This amendment also states that any individual or entity that (i) sells or provides personal information to others that violates applicable law, or (ii) steals or illegally obtains any personal information, is subject to criminal penalty for severe violations. Pursuant to the Interpretations of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Application of Law in Handling Criminal Cases Involving Crimes of Illegally Using an Information Network or Providing Aid for Criminal Activities in Relation to Information Network, the term "severe effect due to the unauthorized disclosure of the client's information" refers to: (i) causing the disclosure of at least 500 pieces of information, including location data, communication content, credit information, and property information; (ii) causing the disclosure of at least 5,000 pieces of other sensitive user information, such as accommodation details, communication records, health and physiological data, transaction information, or other data that could impact personal or property safety; (iii) causing the dissemination of at least 50,000 pieces of user information not included in the above categories (i) and (ii); (iv) causing the dissemination of user information that does not meet the thresholds of the above categories (i), (ii), or (iii) but, when proportionally adjusted, meets the relevant quantity standards in total; (v) resulting in death, serious injury, mental disorders, kidnapping, or other severe outcomes; (vi) causing significant economic losses; (vii) creating major disruptions to social order; or (viii) leading to other severe consequences.

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On June 10, 2021, the SCNPC published the PRC Data Security Law (the "Data Security Law"), which took effect on September 1, 2021. The Data Security Law requires data processing, which includes the collection, storage, use, processing, transmission, provision, and publication of data, to be conducted in a legitimate and proper manner. The Data Security Law provides for data security and privacy obligations on entities and individuals carrying out data processing activities. The Data Security Law also introduces a data classification and hierarchical protection system based on the data's economic and social importance, and the degree of harm it may cause to national security, public interests, or legitimate rights and interests of individuals or organizations if such data are tampered with, destroyed, leaked, illegally acquired, or illegally used. The appropriate level of protection measures is required to be taken for each respective category of data. For example, a processor of important data is required to designate the personnel and the management body responsible for data security, carry out risk assessments of its data processing activities, and file the risk assessment reports with the competent authorities. State core data, namely, data pertaining to national security, national economy, essential aspects of people's livelihoods, and significant public interest, shall be subject to a more rigorous management system. Moreover, the Data Security Law provides a national security review procedure for those data processing activities that affect or may affect national security and imposes export restrictions on certain data and information. In addition, the Data Security Law also provides that no organization or individual within the territory of the PRC may provide any foreign judicial body or law enforcement body with any data stored within the territory of the PRC without the approval of the competent PRC governmental authorities.

On August 17, 2021, the State Council promulgated the Regulations on Security Protection of Critical Information Infrastructure, which became effective on September 1, 2021. Pursuant to these regulations, critical information infrastructure refers to any important network facilities and information systems of an important industry and field, such as public communication and information service, energy, transport, water conservation, finance, public services, e-government affairs (meaning the government services adopting applications of digital technologies and online platforms), national defense-related science and technology industry, and other industries and fields where an instance of damage, function loss, or data leakage may seriously endanger national security, people's livelihood, and public interest. In addition, relevant administration departments of each important industry and field are responsible for formulating eligibility criteria and determining the critical information infrastructure in the respective industry or field. The operators will be informed about the final determination as to whether they are categorized as Critical Information Infrastructure Operators ("CIIOs").

On December 28, 2021, the CAC and other twelve PRC regulatory authorities jointly revised and promulgated the Cybersecurity Review Measures, which came into effect on February 15, 2022. The Cybersecurity Review Measures require that CIIOs that purchase network products and services shall anticipate the potential national security risk of products and services after they commence their operations. If such products and services affect or may affect national security, a cybersecurity review shall be reported to the Cybersecurity Review Office. Further, it is required that any online platform operators with more than one million users' personal information data shall apply for a mandatory cybersecurity review with the Cybersecurity Review Office prior to its listing in a foreign country.

On July 7, 2022, the CAC promulgated the Data Outbound Transfer Security Assessment Measures (the "Security Assessment Measures"), which became effective on September 1, 2022. The Security Assessment Measures provide that, among others, data processors shall apply to competent authorities for security assessment when (1) the data processors transferring important data abroad; (2) a CIIO and personal information processor that has processed personal information of more than one million people, transferring personal information abroad; (3) a data processor who has provided personal information of 100,000 individuals or sensitive personal information of 10,000 individuals to overseas recipients, in each case as calculated cumulatively, since January 1 of the last year, and (4) other circumstances where the security assessment of data cross-border transfer is required as prescribed by the CAC.

On September 24, 2024, the State Council promulgated the Regulations on the Network Data Security Administration (the "Security Administration Regulations") which came into effect on January 1, 2025. According to the regulations, network data processing activities refer to the collection, storage, use, processing, transmission, provision, disclosure, deletion, and other activities of network data. A network data processor refers to an individual or organization that independently determines the purpose and method of processing in network data processing activities. Article 13 of the regulations stipulates that network data processors engaging in data processing activities that affect or may affect national security shall undergo a national security review in accordance with relevant national regulations. Security Administration Regulations further stipulates that if it is indeed necessary to provide important data collected or generated within the PRC to overseas entities, a data export security assessment organized by the national cyberspace administration must be conducted.

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As of the date of this prospectus, the PRC Operating Entities do not engage in any business related to critical information infrastructure as defined by the Regulations on Protection of Critical Information Infrastructure. Additionally, no government authority from any key industry or sector has notified the PRC Operating Entities that any one of them has been categorized as a CIIO, nor do we or our PRC Operating Entities possess personal information data of over one million users. Therefore, we or the PRC Operating Entities are currently not subject to any cybersecurity review.

***Regulations on Privacy Protection***

On December 13, 2005, the MPS issued the Regulations on Technological Measures for Internet Security Protection, or the Internet Protection Measures, which took effect on March 1, 2006, requiring Internet service providers to (i) utilize standard technical measures for Internet security protection; (ii) keep records of certain information about their users (including user registration information, log-in and log-out time, Internet protocol address, content and time of posts) for at least 60 days; and (iii) submit the above information as required by laws and regulations.

Under the Several Provisions on Regulating the Market Order of Internet Information Services issued by the MIIT on December 29, 2011, which took effect on March 15, 2012, Internet Content Providers ("ICPs") are also prohibited from collecting any personal user information or providing any information to the third parties without the consent of the users. The Cyber Security Law provides an exception to the consent requirement where the information is anonymous, not personally identifiable, and unrecoverable. ICPs must expressly inform the users of the method, content, and purpose of the collection and processing of the personal information of the users, and may only collect information necessary for their services. ICPs are also required to properly maintain the personal information of the users, and in case of any leak or likely leak of the personal information of the users, ICPs must take remedial measures immediately and report any material leak to the telecommunications regulatory authority.

In addition, the Decision on Strengthening Network Information Protection, issued by the SCNPC on December 28, 2012, emphasizes the need to protect electronic information that contains individual identification information and other private data. The decision requires ICPs to expressly inform their users of the Internet service providers' collection and use of users' personal information, establish and publish policies regarding the purpose, manner, and scope of collection and use of personal electronic information, collect and use users' personal information only with the consent of the users and only within the scope of such consent, and take necessary measures to ensure the security of the information and to prevent leakage, damage, or loss. The decision also mandates that Internet service providers and their employees must keep strictly confidential the personal information that they collect.

Furthermore, MIIT's Order on Protection of Personal Information of Telecommunications and Internet Users, or the Order, which was issued on July 16, 2013 and took effect on September 1, 2013, contains detailed requirements on the use and collection of personal information as well as the security measures to be taken by ICPs. Most of the requirements under the Order that are relevant to Internet service providers are consistent with the requirements already established under the MIIT provisions discussed above, except that under the Order the requirements are stricter and have a wider scope. If an Internet service provider wishes to collect or use personal information, it may do so only if such collection is necessary for the services it provides. Further, the Internet service provider must disclose to its users the purpose, method, and scope of any such collection or use, and must obtain consent from the users whose information is being collected or used. Internet service providers are also required to establish and publish their protocols relating to personal information collection or use, keep any collected information strictly confidential, and take technological and other measures to maintain the security of such information. Internet service providers are also required to cease any collection or use of the user personal information, and de-register the relevant user account, when a given user stops using the relevant Internet service. Internet service providers are further prohibited from divulging, distorting, or destroying any such personal information, or selling or providing such information unlawfully to other parties. The Order states, that violators may face warnings, fines, and disclosure to the public and, in the most severe cases, criminal liability.

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On January 5, 2015, the SAMR promulgated the Measures on Punishment for Infringement of Consumer Rights, which were amended on October 23, 2020, pursuant to which business operators collecting and using personal information of consumers must comply with the principles of legitimacy, propriety, and necessity, specify the purpose, method, and scope of collection and use of the information, and obtain the consent of the consumers whose personal information is to be collected. Business operators may not (i) collect or use personal information of their consumers without their consents, (ii) unlawfully divulge, sell, or provide personal information of their consumers to others, or (iii) send commercial information to their consumers without their consents or requests, or when consumers have explicitly declined to receive such information.

In addition, the Civil Code of the PRC, which was issued by the National People's Congress on May 28, 2020 and took effect on January 1, 2021, requires the personal information of individuals to be protected. Any organizations or individuals seeking to collect the personal information of others shall obtain such information legally and ensure the security of such information, and shall not illegally collect, use, process, or transmit such personal information, or illegally buy, sell, provide, or publish such personal information.

On August 20, 2021, the SCNPC promulgated the Personal Information Protection Law, which took effect on November 1, 2021. The Personal Information Protection Law enhances the protection requirements for processing personal information, and specifies the rules for processing "sensitive personal information," which refers to personal information that, once leaked or illegally used, may easily cause harm to the dignity of natural persons or cause harm to the safety of people or property, including information on biometric characteristics, financial accounts, individual location tracking, and others, as well as personal information of minors under the age of 14. Personal information processors shall bear responsibility for their personal information processing activities, and adopt the necessary measures to safeguard the security of the personal information they process. Otherwise, the personal information processors will be subject to correction of their operations, suspension, or termination of the provision of their services, confiscation of illegal income, fines, or other penalties.

As of the date of this prospectus, our PRC Operating Entities are in compliance with the regulations on privacy protection, and are not aware of any warning, investigations, prosecutions, disputes, claims, or other proceedings in respect of related regulations, nor have we been punished or can foresee any punishment to be made by any government authorities of China.

**Regulations Related to Mergers and Acquisitions and Overseas Listings**

On August 8, 2006, six PRC governmental and regulatory agencies, including the MOFCOM and the CSRC promulgated the Mergers and Acquisitions Rules (the "M&A Rules"), governing the mergers and acquisitions of domestic enterprises by foreign investors, which became effective on September 8, 2006 and were amended on June 22, 2009. Pursuant to the M&A Rules, offshore SPVs that are controlled by PRC companies or individuals and that have been formed for overseas listing purposes through acquisitions of PRC domestic interest held by such PRC companies or individuals, are required to obtain the approval of the CSRC prior to publicly listing their securities on an overseas stock exchange. Our PRC legal counsel, China Commercial Law Firm, has advised us that, based on its understanding of the current PRC laws and regulations, we will not be required to submit an application to the CSRC under the M&A Rules for the approval of the listing and trading of our Class A Ordinary Shares on Nasdaq because we established our PRC subsidiary by means of direct investment and not through a merger or acquisition of the equity or assets of a "PRC domestic company" as such term is defined under the M&A Rules. However, our PRC legal counsel has further advised us that there remains some uncertainty as to how the M&A Rules will be interpreted or implemented in the context of an overseas offering, and its opinions summarized above are subject to any new laws, rules, regulations, or detailed implementations and interpretations in any form relating to the M&A Rules.

In addition, the Trial Measures came into effect on March 31, 2023. Pursuant to the Trial Measures, an indirect overseas offering and listing by a domestic company shall be identified from two perspectives: (i) in the most recent accounting year, the total assets, net assets, revenue, or profits of the domestic operating entities of the issuer should account for more than 50% of the corresponding figures in the issuer's audited consolidated financial statements for the same period, and (ii) the issuer's major operational activities should be conducted in China, its main places of business should be located in China, and the senior managers responsible for the issuer's operation and management should predominantly be Chinese citizens or reside in China. Where a PRC domestic company seeks to indirectly offer and list its securities in overseas markets, the company shall designate a major domestic operating entity, which shall, as the domestic responsible entity, file with the CSRC within three business days. The Trial Measures also lay out requirements for the reporting of material events. Violations of the Trial Measures, such as offering and listing securities overseas without fulfilling the filing procedures, will result in legal liabilities, including fines ranging from RMB1.0 million (approximately US$140,000) to RMB10.0 million (approximately US$1.4 million). The Trial Measures also raise the cost for offenders by enforcing accountability with administrative penalties and incorporating the compliance status of relevant market participants into the securities market integrity archives.

In the opinion of our PRC counsel, China Commercial Law Firm, we will not be required to complete the filing procedure for this offering with the CSRC since (i) our PRC Subsidiaries contributed only a minority portion of our consolidated operating revenue, total profit, total assets and consolidated net assets for the most recent fiscal year; (ii) our core business functions and management activities are primarily conducted outside of the PRC; and (iii) the majority of the members of our board of directors and senior management in charge of our business operations or management are neither citizens nor habitual residents of the PRC.

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**MANAGEMENT**

Set forth below is information concerning our directors, director appointees, and executive officers.

The following individuals are our executive management and members of the board of directors.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Peng Yu | 37 | Chief Executive Officer and Director |
| Xiang Chen | 39 | Chief Financial Officer and Director |
| Lim Choon San | 59 | Chief Operating Officer and Director\* |
| Ooi Kok Ling | 58 | Chief Marketing Officer and Director\* |
| Manli Zhang Robinson | 57 | Chief Compliance Officer and Director\* |
| Mark Frederick Duchesne | 62 | Independent Director Appointee\*\* |
| Ateeq Ur Rahman | 55 | Independent Director Appointee\*\* |
| Harry David Schulman | 74 | Independent Director Appointee\*\* |

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\* Lim Choon San, Ooi Kok Ling, and Manli Zhang Robinson will resign from the board of directors effective upon the commencement of trading of our Class A Ordinary Shares on Nasdaq.

\*\* The appointment of each director appointee will be effective upon the effectiveness of the registration statement of which this prospectus forms a part.

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

***Mr. Peng Yu*** has served as our chief executive officer and director since November 2025. He is responsible for the Company's daily operations and business development in the Middle East. Since October 2024, Mr. Yu has served as a general manager at Aish Alnas, where he oversees the company's business operations and leads business development efforts in the Middle East. From July 2023 to September 2024, Mr. Yu served as the procurement director at Shanghai Kuangshi Chuansheng Media Technology Group Co., Ltd., a company specializing in end-to-end engineers, data-driven media ecosystems that fuse AI content generation, immersive virtual production, and cross-channel digital marketing to help brands orchestrate high-impact storytelling, where he oversaw the procurement department. From November 2021 to July 2023, Mr. Yu served as the deputy procurement director at Hangzhou Youxing Technology Co., Ltd., a company operates a zero-emission, chauffeur-grade ride-hailing network that integrates a proprietary fleet of connected electronic vehicles, smart-energy charging infrastructure and AI dispatching, where he was responsible for establishing the company's strategic-sourcing framework. From June 2020 to October 2021, he served as the global procurement manager at Beijing ByteDance Technology Co., Ltd., which is a global portfolio of AI-curated content apps, headlined by TikTok and Douyin, that algorithmically match short-form video, live commerce, gaming and news to billions of users, where he managed global procurement operations. From June 2017 to June 2020, Mr. Yu served as an indirect procurement manager at Nanjing Byton Automobile Technology Co., Ltd., a company specializing in the design and production of the premium smart-electric SUV M-Byte, where he was responsible for leading end-to-end sourcing for non-production spend, managing contract negotiations, and overseeing supplier performance dashboards and cost-down programs. From August 2013 to June 2017, Mr. Yu served as a safety and fire protection engineer at Ford Motor Engineering Research (Nanjing) Co., Ltd, a R&D and validation center for Ford's global and China-market models, where he was responsible for developing and enforcing fire-protection standards for laboratories, conducting fire-risk assessments, performing safety acceptance inspections and organizing emergency drills. Mr. Yu obtained his bachelor's degree in marketing from Anhui Normal University in 2012. We believe that Mr. Yu is well qualified to serve as our chief executive officer and director due to his extensive experience in procurement operations and corporate governance.

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***Mr. Xiang Chen*** has served as our director since February 2025 and chief financial officer since November 2025. He is responsible for corporate strategic planning and key international partnership negotiations. Since August 2020, Mr. Chen has served as the chief executive officer of RUI Facility Management, where he is responsible for business development and partner negotiations. From January 2012 to July 2020, Mr. Chen served as the chief executive officer at Jiangsu SKY Facilities Management Co., Ltd., an integrated-facility-services provider offering outsourcing solutions for cleaning, security, maintenance and energy management, where he oversaw all operational and financial functions. Mr. Chen obtained an associate degree in tourism management from Shanghai Open University in 2020. We believe Mr. Chen is well qualified to serve as our chief financial officer and director due to his extensive experience in financial management and corporate governance.

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***Mr. Lim Choon San*** has served as our chief operating officer and director since November 2025 and is responsible for overseeing our end-to-end FM and logistics operations, scaling service networks, standardizing operating procedures, and leading real-time data analytics initiatives to support predictive maintenance and rapid response capabilities. Since June 2024, Mr. Lim has served as a consultant at Zhonghui Middle East W.L.L, a company specializing in high-end commercial and residential interior fit-out packages in the Middle East, where he has been responsible for promoting the company's services and brand in the region and overseeing the establishment of its Bahrain operations. Mr. Lim's consulting work is not full-time and is conducted on a project-based, ad-hoc basis. His consulting role provides flexible hours and remote working arrangements, allowing him to adjust his schedule as needed. As a result, he is able to dedicate the necessary time and attention to fulfill his responsibilities as COO and director of the Company. From February 2020 to May 2024, Mr. Lim served as a consultant at Designscape Pte. Ltd., an architectural design and space-planning consultancy focused on commercial, office and hospitality projects, where he was responsible for promoting the company's services and brand to the Middle East through online and virtual channels. From May 2015 to January 2020, Mr. Lim served as a general manager at Dezign Format Pte Ltd, a Singapore-based interior fit-out turnkey contractor providing design-procure-build solutions primarily to the Middle East, where he oversaw the company's expansion into the region and managed its Bahrain office operations. From April 2013 to August 2014, Mr. Lim served as a regional business development director at Wintier Technologies Ptd Ltd, a company provides systems and network integration services to enterprise clients, where he oversaw marketing and brand development initiatives and promoted the company's IT services to clients in the Middle East. From March 2009 to March 2013, Mr. Lim served as a general manager at Linear Association Design Consultancy, an interior design consultancy firm offering residential and commercial design services, where he oversaw its establishment and daily operations. Mr. Lim obtained his bachelor of laws (honours) from University of Warwick in 2002. We believe that Mr. Lim is well qualified to serve as our chief operating officer and director due to his extensive experience in brand promotion and corporate governance.

***Ms. Ooi Kok Ling*** has served as our chief marketing officer and director since November 2025. Since June 2024, Ms. Ooi has served as a consultant at Zhonghui Middle East W.L.L, a company specializing in high-end commercial and residential interior fit-out packages in the Middle East, where she was responsible for brand promotion in the Middle East and business operation of Bahrain office. Ms. Ooi's consulting work is part-time in nature and carried out on a project-specific and occasional basis. Her consulting engagements offer substantial scheduling flexibility and can be performed remotely, enabling her to manage her availability effectively. This arrangement allows her to devote the required time and focus to her responsibilities as an officer and director of the Company. From February 2020 to May 2024, she served as a consultant at Designscape Pte. Ltd., an architectural design and space-planning consultancy focused on commercial, office and hospitality projects, where she was responsible for online promotions in the Middle East. From February 2016 to January 2020, Ms. Ooi served as a business development director at Dezign Format Pte Ltd, a Singapore-based interior fit-out turnkey contractor providing design-procure-build solutions primarily in the Middle East, where she oversaw the company's market expansion and promote the company's services and brand to clients in the region. From February 2014 to January 2016, Ms. Ooi served as a business development director at Wintier Technologies Pte Ltd, a Singapore-based systems-and-network-integration specialist delivering enterprise IT infrastructure solutions across Southeast Asia and the Middle East, where she directed all marketing and brand-building initiatives. From February 2012 to January 2014, Ms. Ooi served as a business development director at Third Design and Research Institute of Mechanical Industry, an architectural, interior-design and EPC firm serving government and private-sector projects across the Gulf region, where she built a sales pipeline and converted leads into projects for architecture, interior-design and turnkey EPC services. From April 2008 to February 2012, Ms. Ooi served as a business development director at Linear Association Design Consultancy, a boutique interior-design consultancy providing residential and commercial design services in Singapore, where she generated new marketing leads and drove sales to establish an initial client base. Ms. Ooi obtained her general certificate of education from the Singapore Ministry of Education and the University of Cambridge Local Examinations Syndicate in 1989. We believe Ms. Ooi is well qualified to serve as our director due to her extensive experience in business promotion and corporate governance.

***Ms. Manli Zhang Robinson*** has served as our chief compliance officer and director since November 2025. Since April 2022, Ms. Robinson has served as general manager at Beijing Yituotongda Enterprise Management Co., Ltd., a company supplies short-term trade-finance by purchasing and managing domestic receivables on a non-recourse basis, where she focuses on strategic direction and business development. Ms. Robinson, in her role as general manager at Beijing Yituotongda Enterprise Management Co., Ltd., focuses primarily on high-level strategic planning and oversight rather than day-to-day operations. This provides her with the necessary flexibility to undertake professional responsibilities at our company, particularly with respect to compliance matters. From April 2020 to March 2022, she served as legal manager at Beijing Quanyi Internet Network Co., Ltd, a company builds and operates carrier-neutral data-center and high-bandwidth connectivity services for cloud and enterprise customers, where she led the legal department. Ms. Robinson obtained her bachelor's degree in law from China University of Political Science and Law in 1996 and master of laws from The University of Liverpool in 2000. We believe Ms. Robinson is well qualified to serve as our director due to her extensive experience in legal management and corporate governance.

***Mr. Mark Frederick Duchesne*** will serve as our independent director upon the effectiveness of the registration statement of which this prospectus forms a part. Since August 2025, Mr. Duchesne has served as a vice president and the head of manufacturing and supply chain at Regent Craft Inc., a maritime transport manufacturer, in which he oversees manufacturing operations and supply chain strategy. Since October 2024, he has also served as the principal consultant at Man In The Arena LLC, an advisory firm focused on energy trucks and charging startups, where he advises clients on global manufacturing strategy and factory design. From July 2023 to March 2025, he was a senior vice president at Northvolt AB, a prismatic battery cell manufacturer, where he led manufacturing scale-up initiatives and operational execution. From May 2020 to June 2023, he was the chief executive officer of a joint venture between Nikola Corporation and Iveco Group, where he established manufacturing operations and corporate strategy. He obtained a bachelor's degree in electrical technology from Conestoga College of Applied Arts and Technology in 1986.

***Mr. Ateeq Ur Rahman*** will serve as our independent director upon the effectiveness of the registration statement of which this prospectus forms a part. Since January 2025, Mr. Rahman has served as the founding partner of Sovereign Stone Capital Partners Limited, focusing on investment and private equity. From April 2023 to June 2024, he was a co-founder of Venture 40 Fund, where he established and launched the fund. From October 2021 to June 2022, he served as the head of the UAE at Doha Bank, overseeing and managing the bank's operations. From July 2015 to September 2021, he served as a general manager and the head of the UAE at Abu Dhabi Commercial Bank. Mr. Rahman obtained a bachelor's degree in economics from Bahauddin Zakariya University in 1991 and a master of business administration degree from Pak American Institute of Management Sciences in 1994.

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***Mr. Harry David Schulman*** will serve as our independent director upon the effectiveness of the registration statement of which this prospectus forms a part. Since August 2016, Mr. Schulman has been the managing partner at Lumultra LLC, a hair care products provider, in which he has led the development of hair care technology through corporate partnerships. He has also held board positions at two U.S.-listed companies, serving as an independent director of CDT Environmental Technology Holding Company (Nasdaq: CDTG) since March 2020 and as an independent director of LOBO Technologies Ltd. (Nasdaq: LOBO) since January 2023. He obtained a bachelor's degree in accounting from University of Dayton in 1973 and a master's degree in business from University of Miami in 1983.

For additional information, see "Description of Share Capital—Directors."

**Family Relationships**

Except for Mr. Lim Choon San and Ms. Ooi Kok Ling being spouses, none of our directors or executive officers has a family relationship as defined in Item 401 of Regulation S-K.

**Controlled Company**

Upon the completion of this offering, Ms. Manli Zhang Robinson, our director and chief compliance officer, through Serenity Prime Limited, will beneficially own 10,505,000 Class B Ordinary Shares, representing approximately 52.74% of the aggregate voting power of our issued and outstanding Ordinary Shares, assuming no exercise of the underwriters' over-allotment option, or approximately 52.65% assuming full exercise of the underwriters' over-allotment option, and will be able to determine all matters requiring approval by our shareholders. As a result, we will be deemed a "controlled company" for the purpose of the Nasdaq listing rules. As a controlled company, we are permitted to elect to rely on certain exemptions from the obligations to comply with certain corporate governance requirements, including the requirements that:

● a majority of our board of directors consist of independent directors;

● the requirement that our director nominees be selected or recommended solely by independent directors; and

● the requirement that we have a nominating and corporate governance committee and a compensation committee that are composed entirely of independent directors with a written charter addressing the purposes and responsibilities of the committees.

Although we do not intend to rely on the controlled company exemptions under the Nasdaq Listing Rules even if we are deemed to be a controlled company, we could elect to rely on these exemptions in the future, and if so, you would not have the same protection afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

**Board of Directors**

Lim Choon San, Ooi Kok Ling, and Manli Zhang Robinson will resign from the board of directors effective upon the commencement of trading of our Class A Ordinary Shares on Nasdaq, and as a result, our board of directors will consist of five directors upon closing of this offering, three of whom will be "independent" within the meaning of the corporate governance standards of the Nasdaq listing rules and will meet the criteria for independence set forth in Rule 10A-3 of the Exchange Act.

**Duties of Directors**

Under Cayman Islands law, our directors owe fiduciary duties to our Company, including 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, 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, and a duty to exercise powers for the purpose for which such powers were intended. Our directors also owe to our Company a duty to act with skill, care and diligence. In fulfilling their duty of care to us, our directors must ensure compliance with our articles of association as may be amended from time to time. Our Company has the right to seek damages if a duty owed by any of our directors is breached.

The functions and powers of our board of directors include, among others:

● appointing officers and determining the term of office of the officers;

● exercising the borrowing powers of the company and mortgaging the property of the company;

● declaring dividends and distributions; and

● convening shareholders' general meetings and reporting its work to shareholders at such meetings

**Terms of Directors and Executive Officers**

Each of our directors holds office until he or she is removed from office by the Company by ordinary resolutions or a successor has been duly elected and qualified. All of our executive officers are appointed by and serve at the discretion of our board of directors.

The office of our director shall also be automatically vacated, if he/she: (a) becomes bankrupt or makes any arrangement or composition with his creditors; (b) is found to be or becomes of unsound mind; (c) resigns his/her office by notice in writing to the Company; (d) is removed from office by Ordinary Resolution; (e) is convicted of an arrestable offence; or (f) dies.

**Qualification**

There is currently no shareholding qualification for directors, although a shareholding qualification for directors may be fixed by our shareholders by ordinary resolution.

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**Employment Agreements and Indemnification Agreements**

We have entered into employment agreements with each of our executive officers. Pursuant to employment agreements, the form of which is filed as Exhibit 10.1 to this Registration Statement, we agree to employ each of our executive officers for a one-year term, commencing on November 21, 2025, which will be automatically extended for successive one-year terms unless either party gives the other party a one-month prior written notice to terminate the employment prior to the expiration of the then current term or unless terminated earlier. We may terminate the employment for cause, at any time, without notice or remuneration, for certain acts of the executive officer, including but not limited to the commitments of any serious or persistent breach or non-observance of the terms and conditions of the employment, conviction of a criminal offense, willful disobedience of a lawful and reasonable order, fraud or dishonesty, receipt of bribery, or severe neglect of his or her duties. An executive officer may terminate his or her employment at any time with a one-month prior written notice. Each executive officer has agreed to hold, both during and after the employment agreement expires, in strict confidence and not to use or disclose to any person, corporation or other entity without written consent, any confidential information.

We have entered into indemnification agreements with our independent directors. Under these agreements, we agree to indemnify our independent directors against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director of our company.

**Compensation of Directors and Executive Officers**

For the fiscal year ended August 31, 2025, we paid an aggregate of $306,560 as compensation to our executive officers and directors. Our executive officers and directors are eligible to participate in share incentive plan or any standard employee benefit plan of the Company that currently exists or may be adopted in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan. We have not set aside or accrued any amount to provide pension, retirement, or other similar benefits to our directors and executive officers, except that the PRC Subsidiaries are required by law to make contributions equal to certain percentages of each employee's salary for his or her pension insurance, medical insurance, unemployment insurance, and other statutory benefits and a housing provident fund under PRC laws, and our subsidiaries in the KSA are required to contribute to work-related injury insurance and provide mandate medical insurance coverage for their employees.

**Insider Participation Concerning Executive Compensation**

Our board of directors has been making all determinations regarding executive officer compensation from the inception of our Company. When our compensation committee is set up, it will be making all determinations regarding executive officer compensation (please see below).

**Committees of the Board of Directors**

We will establish three committees under the board of directors prior to the closing of this offering: an audit committee, a compensation committee, and a nominating and corporate governance committee. The appointment to the committees will be effective immediately upon the effective date of the registration statement of which this prospectus forms a part. We will adopt a charter for each of the three committees. Each committee's members and functions are described below.

*Audit Committee*. Our audit committee will consist of Mark Frederick Duchesne, Ateeq Ur Rahman, and Harry David Schulman. Mark Frederick Duchesne will be the chairperson of our audit committee. We have determined that Mark Frederick Duchesne, Ateeq Ur Rahman, and Harry David Schulman will satisfy the "independence" requirements of the Nasdaq listing rules under and Rule 10A-3 under the Securities Exchange Act. Our board also has determined that Mark Frederick Duchesne qualifies as an audit committee financial expert within the meaning of the SEC rules or possesses financial sophistication within the meaning of the Nasdaq listing rules. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our Company. The audit committee will be responsible for, among other things:

● appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

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

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● discussing the annual audited financial statements with management and the independent auditors;

● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

● reviewing and approving all proposed related party transactions;

● meeting separately and periodically with management and the independent auditors; and

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

*Compensation Committee.* Our compensation committee will consist of Mark Frederick Duchesne, Ateeq Ur Rahman, and Harry David Schulman. Ateeq Ur Rahman will be the chairperson of our compensation committee. We have determined that Mark Frederick Duchesne, Ateeq Ur Rahman, and Harry David Schulman will satisfy the "independence" requirements of the Nasdaq listing rules and Rule 10C-1 under the Securities Exchange Act. The compensation committee will assist the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which his compensation is deliberated. The compensation committee will be responsible for, among other things:

● reviewing and approving the total compensation package for our most senior executive officers;

● approving and overseeing the total compensation package for our executives other than the most senior executive officers;

● reviewing and recommending to the board with respect to the compensation of our directors;

● reviewing periodically and approving any long-term incentive compensation or equity plans;

● selecting compensation consultants, legal counsel or other advisors after taking into consideration all factors relevant to that person's independence from management; and

● reviewing programs or similar arrangements, annual bonuses, employee pension and welfare benefit plans.

*Nominating and Corporate Governance Committee.* Our nominating and corporate governance committee will consist of Mark Frederick Duchesne, Ateeq Ur Rahman, and Harry David Schulman. Harry David Schulman will be the chairperson of our nominating and corporate governance committee. We have determined that Mark Frederick Duchesne, Ateeq Ur Rahman, and Harry David Schulman will satisfy the "independence" requirements of the Nasdaq listing rules. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will be responsible for, among other things:

● identifying and recommending nominees for election or re-election to our board of directors or for appointment to fill any vacancy;

● reviewing annually with our board of directors its current composition in light of the characteristics of independence, age, skills, experience and availability of service to us;

● identifying and recommending to our board the directors to serve as members of committees;

● advising the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to our board of directors on all matters of corporate governance and on any corrective action to be taken; and

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

**Code of Business Conduct and Ethics**

Our board of directors has adopted a code of business conduct and ethics, which is filed as Exhibit 99.1 to the registration statement of which this prospectus forms a part and will be applicable to all of our directors, officers, and employees. We will make our code of business conduct and ethics publicly available on our website prior to the initial closing of this offering.

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**PRINCIPAL SHAREHOLDERS**

The following table sets forth information with respect to the beneficial ownership, within the meaning of Rule 13d-3 under the Exchange Act, of our Ordinary Shares as of the date of this prospectus, and as adjusted to reflect the sale of the Class A Ordinary Shares offered in this offering for:

● each of our directors and executive officers who beneficially own our Ordinary Shares; and

● each person known to us to own beneficially more than 5% of our Ordinary Shares.

Beneficial ownership includes voting or investment power with respect to the securities. Except as indicated below, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all Ordinary Shares shown as beneficially owned by them. Percentage of beneficial ownership of each listed person prior to this offering is based on 15,690,000 Class A Ordinary Shares and 18,935,000 Class B Ordinary Shares outstanding as of the date of this prospectus immediately prior to the effectiveness of the registration statement of which this prospectus is a part. Percentage of beneficial ownership of each listed person after this offering is based on 19,690,000 Class A Ordinary Shares outstanding immediately after the completion of this offering.

Information with respect to beneficial ownership has been furnished by each director, officer, or beneficial owner of 5% or more of our Ordinary Shares. Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting or investment power with respect to securities. In computing the number of Ordinary Shares beneficially owned by a person listed below and the percentage ownership of such person, Ordinary Shares underlying options, warrants, or convertible securities held by each such person that are exercisable or convertible within 60 days of the date of this prospectus are deemed outstanding, but are not deemed outstanding for computing the percentage ownership of any other person. Except as otherwise indicated in the footnotes to this table, or as required by applicable community property laws, all persons listed have sole voting and investment power for all Ordinary Shares shown as beneficially owned by them. As of the date of the prospectus, we have 11 shareholders of record, ten of whom are located outside the United States and one of whom is located within the United States. We will be required to have at least 300 unrestricted round lot shareholders at closing in order to satisfy the Nasdaq listing rules.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A<br> Ordinary Shares <br> Beneficially <br> Owned Prior to<br> this Offering** | **Class A<br> Ordinary Shares <br> Beneficially <br> Owned Prior to<br> this Offering** | **Class B<br> Ordinary Shares <br> Beneficially <br> Owned Prior to <br> this Offering** | **Class B<br> Ordinary Shares <br> Beneficially <br> Owned Prior to <br> this Offering** | **Class A<br> Ordinary Shares<br> Beneficially<br> Owned After<br> this Offering** | **Class A<br> Ordinary Shares<br> Beneficially<br> Owned After<br> this Offering** | **Class B<br> Ordinary Shares<br> Beneficially<br> Owned After<br> this Offering** | **Class B<br> Ordinary Shares<br> Beneficially<br> Owned After<br> this Offering** | **Voting<br> Power<br> After this<br> Offering** |
|  | **Number** | **%** | **Number** | **%** | **Number** | **%** | **Number** | **%** | **%** |
| **Directors and Executive Officers<sup>(1)</sup>:** | | | | | | | | | |
| Xiang Chen |  |  | 4215000 | 22.26% |  |  | 4215000 | 22.26% | 21.16% |
| Peng Yu |  |  | 4215000 | 22.26% |  |  | 4215000 | 22.26% | 21.16% |
| Manli Zhang Robinson |  |  | 10505000 | 55.48% |  |  | 10505000 | 55.48% | 52.74% |
| Lim Choon San | 1725000 | 10.99% |  |  | 1725000 | 8.76% |  |  | 0.43% |
| Ooi Kok Ling |  |  |  |  |  |  |  |  |  |
| Mark Frederick Duchesne |  |  |  |  |  |  |  |  |  |
| Ateeq Ur Rahman |  |  |  |  |  |  |  |  |  |
| Harry David Schulman |  |  |  |  |  |  |  |  |  |
| **All directors and executive officers as a group (eight individuals):** | 1725000 | 10.99% | 18935000 | 100% | 1725000 | 8.76% | 18935000 | 100% | 95.49% |
| **5% Shareholders:** |  |  |  |  |  |  |  |  |  |
| Serenity Prime Limited <sup>(2)</sup> |  |  | 10505000 | 55.48% |  |  | 10505000 | 55.48% | 52.74% |
| RUI Horizon Holding Ltd. <sup>(3)</sup> |  |  | 4215000 | 22.26% |  |  | 4215000 | 22.26% | 21.16% |
| Southenlake Holding Ltd. <sup>(4)</sup> |  |  | 4215000 | 22.26% |  |  | 4215000 | 22.26% | 21.16% |
| RIDGEHALL SERVICE PTE.LTD.<sup>(5)</sup> | 3422500 | 21.81% |  |  | 3422500 | 17.38% |  |  | 0.86% |
| RUI Unity Co., Ltd.<sup>(6)</sup> | 3450000 | 21.99% |  |  | 3450000 | 17.52% |  |  | 0.87% |
| MAIS Holding Limited<sup>(7)</sup> | 1725000 | 10.99% |  |  | 1725000 | 8.76% |  |  | 0.43% |
| MMG Holding Ltd.<sup>(8)</sup> | 1725000 | 10.99% |  |  | 1725000 | 8.76% |  |  | 0.43% |
| Vexara Dynamics Limited<sup>(9)</sup> | 1690000 | 10.77% |  |  | 1690000 | 8.58% |  |  | 0.42% |
| Elyseum Limited<sup>(10)</sup> | 1697500 | 10.82% |  |  | 1697500 | 8.62% |  |  | 0.43% |
| Frost Peak Investment Limited<sup>(11)</sup> | 855000 | 5.45% |  |  | 855000 | 4.34% |  |  | 0.22% |
| ZENITH CAPITAL I LP<sup>(12)</sup> | 1125000 | 7.17% |  |  | 1125000 | 5.71% |  |  | 0.28% |

---

Notes:

(1) Unless
 otherwise indicated, the business address of each of the individuals is Plot 2224, Block
 6739, Al-Zanbaq Street, King Abdullah Economic City, Makkah Province, KSA 23982.

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

(2) Represents
 10,505,000 Class B Ordinary Shares indirectly held by Manli Zhang Robinson, our chief compliance
 officer and director and the 100% beneficial owner of Serenity Prime Limited, as of the date
 of this prospectus. Serenity Prime Limited is incorporated at Aegis Chambers, 1st Floor,
 Ellen Skelton Building, 3076 Sir Francis Drake's Highway, Road Town, Tortola, VG1110,
 British Virgin Islands.

(3) Represents
 4,215,000 Class B Ordinary Shares indirectly held by Xiang Chen, our chief financial officer
 and director and the 100% beneficial owner of RUI Horizon Holding Ltd., as of the date of
 this prospectus. RUI Horizon Holding Ltd. is incorporated with ICS Corporate Services (BVI)
 Limited, Sea Meadow House, P.O. Box 116, Road Town, Tortola, British Virgin Islands.

(4) Represents
 4,215,000 Class B Ordinary Shares indirectly held by Peng Yu, our chief executive officer
 and director and the 100% beneficial owner of Southenlake Holding Ltd., as of the date of
 this prospectus. Southenlake Holding Ltd. is incorporated with ICS Corporate Services (BVI)
 Limited, Sea Meadow House, P.O. Box 116, Road Town, Tortola, British Virgin Islands.

(5) Represents
 3,422,500 Class A Ordinary Shares indirectly held by Tan Wee Kiat, the 100% beneficial owner
 of RIDGEHALL SERVICE PTE. LTD., as of the date of this prospectus. RIDGEHALL SERVICE PTE.
 LTD. is incorporated at 9 Raffles Place, #06-01, Republic Plaza, Singapore.

(6) Represents
 3,450,000 Class A Ordinary Shares held by five shareholders, among which, VIGUAN Co., Ltd.
 owns 50% of the equity interests in RUI Unity Co., Ltd. and is wholly owned by Erpeng Xia,
 who owns the voting and investment control over the shares held by RUI Unity Co., Ltd. RUI
 Unity Co., Ltd. is incorporated at ICS Corporate Services (BVI) Limited, Sea Meadow House,
 P.O. Box 116, Road Town, Tortola, BVI.

(7) Represents
 1,725,000 Class A Ordinary Shares indirectly held by Lim Choon San, our director and the
 100% beneficial owner of MAIS HOLDING LIMITED, as of the date of this prospectus. MAIS HOLING
 LIMITED is incorporated with ICS Corporate Services (BVI) Limited, Sea Meadow House, P.O.
 Box 116, Road Town, Tortola, British Virgin Islands.

(8) Represents
 1,690,000 Class A Ordinary Shares indirectly held by Jie Liu, the 100% beneficial owner of
 Vexara Dynamics Limited., as of the date of this prospectus. Vexara Dynamics Limited is incorporated
 with ICS Corporate Services (BVI) Limited, Sea Meadow House, P.O. Box 116, Road Town, Tortola,
 BVI.

(9) Represents
 1,697,500 Class A Ordinary Shares indirectly held by Tan Wee Tin, the 100% beneficial owner
 of Elyseum Limited, as of the date of this prospectus. Elyseum Limited is incorporated with
 Aegis Chambers, 1<sup>st</sup> Floor, Ellen Skelton Building, 3076 Sir Francis Drake's
 Highway, Road Town, Tortola, VG1110, BVI.

(10) Represents
 855,000 Class A Ordinary Shares indirectly held by Zhijiao Zhao, the 100% beneficial owner
 of Frost Peak Investment Limited, as of the date of this prospectus. Frost Peak Investment
 Limited is incorporated with Aegis Chambers, 1st Floor, Ellen Skelton Building, 3076 Sir
 Francis Drake's Highway, Road Town, Tortola, VG1110, BVI.

(11) Represents
 1,125,000 Class A Ordinary Shares indirectly held by Zhiliang Zhou, the 100% beneficial owner
 of ZENITH CAPITAL I LP, as of the date of this prospectus. ZENITH CAPITAL I LP is incorporated
 at 8 The Green, STE A, Dover, DE 19901.

We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.

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

**RELATED PARTY TRANSACTIONS**

The "related party transactions" are transactions identified in accordance with the rules prescribed under Part I, Item 7.B of Form 20-F.

**Material Transactions with Related Parties**

1) The following is a list of related parties which the Company had transactions with:

---

| | |
|:---|:---|
| **Name of Related Party** | **Relationship to the Company** |
| Xiang Chen | Chief financial officer, shareholder, and director of the Company |
| Peng Yu | Chief executive officer and shareholder of the Company |
| Ping Wu | Immediate family member of Xiang Chen, and shareholder of the Company |
| Minzhi Tong | Senior management of the Group and shareholder of the Company |
| Ruiwuhang (Shanghai) Corporate Management Co. Ltd. | An entity of which Minzhi Tong acts as the legal representative |
| Wuxi Wuyue Drinking Water Co. Ltd. | An entity in which Xiang Chen holds 70% equity interests and acts as the legal representative |
| Wuxi Baiqun Internet Technology Co. Ltd. | An entity in which Ping Wu holds 49% equity interests and acts as the legal representative |
| Jinshi (Shanghai) Corporate Management Co. Ltd. | An entity in which Minzhi Tong holds 90% equity interests and acts as the legal representative |
| Beijing Ruiwuhang Management Consulting Co. Ltd. | An entity controlled collectively by Xiang Chen and Peng Yu |
| Wuxi Xinzhongxing Human Resources Service Co. Ltd. | An entity in which Ping Wu is the legal representative and has minority equity interests |
| Shanghai Aobo Technology Co. Ltd. | An entity 100% controlled by Ping Wu |
| Jiangsu Ruiwuhang Zhilian Technology Co. Ltd. | An entity which is 49.5% owned by Jiangsu RUI Security Service Co. Ltd. |
| Wuxi Shenrui Commercial Technology Co. Ltd. | An entity in which Xiang Chen holds 70% equity interests |
| Wuxi Zhitianxin Industrial Service Outsourcing Ltd. | An entity in which Xiang Chen acts as a senior management |
| Jiangsu Ruiwuhang Security Services Co. Ltd. | An entity in which Xiang Chen holds 70% equity interests since September 17, 2025 |

---

2) Related party transactions

 

The Company had the following significant related party transactions for the fiscal years ended August 31, 2024 and 2025, and as of the date of this prospectus:

---

| | | | |
|:---|:---|:---|:---|
| **Sales to a related party** | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** | **From September 1, 2025 to the date of the** |
|  | **2024** | **2025** | **prospectus** |
|  | **USD** | **USD** | **USD** |
| Wuxi Xinzhongxing Human Resources Service Co. Ltd. |  | 52218 | 4858 |
| **Total** |  | **52218** | **4858** |

---

The Company provided market research consulting services to the related party.

---

| | | | |
|:---|:---|:---|:---|
| **Purchases from related parties** | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** | **From <br> September 1, 2025 to the date of the** |
|  | **2024** | **2025** | **prospectus** |
|  | **USD** | **USD** | **USD** |
| Wuxi Xinzhongxing Human Resources Service Co. Ltd. <sup>(1)</sup> | 37972 | 46298 |  |
| Ruiwuhang (Shanghai) Corporate Management Co. Ltd. <sup>(1)</sup> |  | 19630 | 44636 |
| Shanghai Aobo Technology Co. Ltd. <sup>(2)</sup> |  | 9042 | 785 |
| Jiangsu Ruiwuhang Zhilian Technology Co. Ltd. <sup>(1)</sup> | - | - | 6627 |
| **Total** | **37972** | **74970** | **52048** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Beijing
 Ruiwuhang Management Consulting Co. Ltd., Wuxi Xinzhongxing Human Resources Service Co. Ltd.
 and Jiangsu Ruiwuhang Zhilian Technology Co. Ltd. provided facility management outsourcing
 service to the Group for its integrated facility management service business.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Shanghai
 Aobo Technology Co. Ltd. sold small tools to the Group for its integrated facility management
 service business.

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

---

| | | | |
|:---|:---|:---|:---|
| **Cash advances to related parties** | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** | **From <br> September 1, <br> 2025 to the date of the** |
|  | **2024** | **2025** | **prospectus** |
|  | **USD** | **USD** | **USD** |
| Xiang Chen <sup>(1)</sup> |  | 479136 |  |
| Wuxi Wuyue Drinking Water Co. Ltd. <sup>(2)</sup> | 8829 |  | 32197 |
| Jiangsu Ruiwuhang Security Services Co. Ltd. <sup>(3)</sup> | - | - | 28382 |
| **Total** | **8829** | **479136** | **60579** |

---

(1) The cash advances provided to Xiang Chen are interest-free.
As of August 31, 2025, the outstanding balance of US$479,136 was netted off with the outstanding balance of US$328,087 of the amounts
due to Wuxi Baiqun Internet Technology Co. Ltd. and US$151,049 amounts due to Wuxi Wuyue Drinking Water Co. Ltd., respectively. All the
cash advances to Xiang Chen have been repaid during the reporting period. As of the date of this prospectus, there is no outstanding
balance due from Xiang Chen.

(2) The cash advances provided to Wuxi Wuyue Drinking Water Co.
Ltd. represent interest-free advances to support the business operations of Wuxi Wuyue Drinking Water Co. Ltd. As of August 31, 2025,
the outstanding amounts were fully repaid by Wuxi Wuyue Drinking Water Co. Ltd. As of the date of this prospectus, there is no outstanding
balance due from Wuxi Wuyue Drinking Water Co. Ltd.

(3) The cash advances provided to Jiangsu Ruiwuhang Security
Services Co. Ltd. were interest-free. As of the date of this prospectus, there is no outstanding balance due from Jiangsu Ruiwuhang Security
Services Co. Ltd.

---

| | | | |
|:---|:---|:---|:---|
| **Cash advances from related parties** | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** | **From September 1, 2025 to the date of the** |
|  | **2024** | **2025** | **prospectus** |
|  | **USD** | **USD** | **USD** |
| Xiang Chen | 138464 | 170620 | 295428 |
| Ping Wu | 34616 | 177091 |  |
| Wuxi Baiqun Internet Technology Co. Ltd. | 706166 | 5549 | 4257 |
| Wuxi Zhitianxin Industrial Service Outsourcing Ltd. | 276928 |  |  |
| Wuxi Wuyue Drinking Water Co. Ltd. |  | 268586 |  |
| Jinshi (Shanghai) Corporate Management Co. Ltd. |  | 151893 | 70954 |
| Beijing Ruiwuhang Management Consulting Co. Ltd. | 41539 |  | 14191 |
| Jiangsu Ruiwuhang Zhilian Technology Co. Ltd. | - | 7685 | 327809 |
| **Total** | **1197713** | **781424** | **712639** |

---

As of and during the fiscal years ended August 31, 2024 and 2025 and from September 1, 2025 to the date of the prospectus, the Company has obtained in total US$1,197,713, US$781,424 and US$712,639 cash advances credits from the above listed related parties, respectively. The cash advances obtained are for temporary operation supports and the Company may repay at its discretion while the related parties would not request for repayments before August 31, 2028.

---

| | | | |
|:---|:---|:---|:---|
| **Amounts due from related parties** | **As of August 31,** | **As of August 31,** | **As of the date of the** |
|  | **2024** | **2025** | **prospectus** |
|  | **USD** | **USD** | **USD** |
| Wuxi Xinzhongxing Human Resources Service Co., Ltd. <sup>(1)</sup> |  | 41884 | 47040 |
| Xiang Chen <sup>(2)</sup> |  | 2805 |  |
| Wuxi Baiqun Internet Technology Co. Ltd. <sup>(3)</sup> |  | 2104 |  |
| Shanghai Aobo Technology Co. Ltd. <sup>(4)</sup> |  | 822 |  |
| Wuxi Wuyue Drinking Water Co. Ltd. <sup>(5)</sup> | 8993 |  |  |
| Ruiwuhang (Shanghai) Corporate Management Co. Ltd. <sup>(6)</sup> | 71 | - | - |
| **Total** | **9064** | **47615** | **47040** |

---

(1) The amounts due from Wuxi Xinzhongxing Human Resources Services Co. Ltd. represent an accounts receivable of a service the Company provided to Wuxi Xinzhongxing Human Resources Services Co. Ltd. As of the date of this prospectus, the amounts due from Wuxi Xinzhongxing Human Resources Services Co. Ltd. are $47,040. The amounts are expected to be repaid in the fiscal year ending August 31, 2026.

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

(2) The amounts due from Xiang Chen represent an allowance
 the Company made to Xiang Chen. As of the date of this prospectus, there are no amounts due
 from Xiang Chen.

(3) The amounts due from Wuxi Baiqun Internet Technology
 Co. Ltd. represent interest-free cash advances with no expiration date provided by the Company
 to Wuxi Baiquan Internate Technology Co. Ltd. As of the date of this prospectus, there are
 no amounts due from Wuxi Baiqun Internet Technology Co. Ltd.

(4) The amounts due from Shanghai Aobo Technology
 Co. Ltd. represent interest-free cash advances with no expiration date provided by the Company
 to Shanghai Aobo Technology Co. Ltd. As of the date of this prospectus, there are no amounts
 due from Shanghai Aobo Technology Co. Ltd.

(5) The amounts due from Wuxi Wuyue Drinking Water
 Co. Ltd. represent interest-free cash advances with no expiration date provided by the Company
 to Wuxi Wuyue Drinking Water Co. Ltd. As of the date of this prospectus, there are no amounts
 due from Wuxi Wuyue Drinking Water Co. Ltd.

(6) The amounts due from Ruiwuhang (Shanghai) Corporate
 Management Co. Ltd. represent interest-free cash advances with no expiration date provided
 by the Company to Ruiwuhang (Shanghai) Corporate Management Co. Ltd. As of the date of this
 prospectus, there are no amounts due from Ruiwuhang (Shanghai) Corporate Management Co. Ltd.

---

| | | | |
|:---|:---|:---|:---|
| **Amounts due to related parties** | **As of August 31,** | **As of August 31,** | **As of the date of the** |
|  | **2024** | **2025** | **prospectus** |
|  | **USD** | **USD** | **USD** |
| Xiang Chen <sup>(1)</sup> | 219451 |  | 304276 |
| Peng Yu <sup>(2)</sup> | 6883 | 46817 | 47143 |
| Ping Wu <sup>(3)</sup> | 1191820 | 185016 | 192605 |
| Minzhi Tong <sup>(4)</sup> | 161 | 631 | 661 |
| Wuxi Baiqun Internet Technology Co. Ltd. <sup>(5)</sup> | 654443 | 225769 | 132363 |
| Jinshi (Shanghai) Corporate Management Co. Ltd. <sup>(6)</sup> | 479549 | 490155 | 476163 |
| Beijing Ruiwuhang Management Consulting Co. Ltd. <sup>(7)</sup> | 42313 |  |  |
| Wuxi Xinzhongxing Human Resources Service Co. Ltd. <sup>(8)</sup> | 409027 | 406709 | 424231 |
| Wuxi Zhitianxin Industrial Service Outsourcing Ltd. <sup>(9)</sup> | 282087 | 280489 | 292573 |
| Wuxi Wuyue Drinking Water Co. Ltd. <sup>(10)</sup> |  | 1645 |  |
| Jiangsu Ruiwuhang Zhilian Technology Co. Ltd. <sup>(11)</sup> |  | 7770 | 250940 |
| Jiangsu Ruiwuhang Security Services Co. Ltd. <sup>(12)</sup> | - | - | 7161 |
| **Total** | **3285734** | **1645001** | **2128116** |

---

(1) The amounts due to Xiang Chen represent interest-free cash advances provided by Xiang Chen to the Company, which will not be requested for repayment before August 31, 2028. As of the date of this prospectus, the amounts due to Xiang Chen are $304,276.

(2) The amounts due to Peng Yu represent interest-free cash advances provided by Peng Yu to the Company, which will not be requested for repayment before August 31, 2028. As of the date of this prospectus, the amounts due to Peng Yu are $47,143.

(3) The amounts due to Ping Wu represent interest-free cash advances provided by Ping Wu to the Company, which will not be requested for repayment before August 31, 2028. As of the date of this prospectus, the amounts due to Ping Wu are $192,605.

(4) The amounts due to Minzhi Tong represent interest-free cash advances provided by Minzhi Tong to the Company, which will not be requested for repayment before August 31, 2028. As of the date of this prospectus, the amounts due to Minzhi Tong are $661.

(5) The amounts due to Wuxi Baiqun Internet Technology Co. Ltd. represent interest-free cash advances provided by Wuxi Baiqun Internet Technology Co. Ltd. to the Company, which will not be requested for repayment before August 31, 2028. As of the date of this prospectus, the amounts due to Wuxi Baiqun Internet Technology Co. Ltd. are $132,363.

(6) The amounts due to Jinshi (Shanghai) Corporate Management Co. Ltd. represent interest-free cash advances provided by Jinshi (Shanghai) Corporate Management Co. Ltd. to the Company, which will not be requested for repayment before August 31, 2028. As of the date of this prospectus, the amounts due to Jinshi (Shanghai) Corporate Management Co. Ltd. are $476,163.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The amounts due to Beijing Ruiwuhang Management Consulting Co. Ltd. represent interest-free cash advances provided by Beijing Ruiwuhang Management Consulting Co. Ltd. to the Company, which will not be requested for repayment before August 31, 2028. As of the date of this prospectus, there are no amounts due to Beijing Ruiwuhang Management Consulting Co. Ltd.

(8) The amounts due to Wuxi Xinzhongxing Human Resources Service Co. Ltd. represent interest-free cash advances provided by Wuxi Xinzhongxing Human Resources Service Co. Ltd. to the Company, which will not be requested for repayment before August 31, 2028. As of the date of this prospectus, the amounts due to Wuxi Xinzhongxing Human Resources Service Co. Ltd. are $424,231.

(9) The amounts due to Wuxi Zhitianxin Industrial Service Outsourcing Ltd. represent interest-free cash advances provided by Wuxi Zhitianxin Industrial Service Outsourcing Ltd. to the Company, which will not be requested for repayment before August 31, 2028. As of the date of this prospectus, the amounts due to Wuxi Zhitianxin Industrial Service Outsourcing Ltd. are $292,573.

&nbsp;&nbsp;&nbsp;&nbsp;(10) The amounts due to Wuxi Wuyue Drinking Water Co. Ltd. represent interest-free cash advances provided by Wuxi Wuyue Drinking Water Co. Ltd. to the Company, which will not be requested for repayment before August 31, 2028. As of the date of this prospectus, there are no amounts due to Wuxi Wuyue Drinking Water Co. Ltd.

(11) The amounts due to Jiangsu Ruiwuhang Zhilian Technology Co. Ltd. represent interest-free cash advances provided by Jiangsu Ruiwuhang Zhilian Technology Co. Ltd. to the Company, which will not be requested for repayment before August 31, 2028. As of the date of this prospectus, the amounts due to Ruiwuhang Zhilian Technology Co. Ltd. are $250,940.

(12) The amounts due to Jiangsu Ruiwuhang Security Services Co. Ltd. represent interest-free cash advances provided by Jiangsu Ruiwuhang Security Services Co. Ltd. to the Company, which will not be requested for repayment before August 31, 2028. As the date of this prospectus, the amounts due to Jiangsu Ruiwuhang Security Services Co. Ltd. are $7,161.

**Employment Agreements**

See "Management—Employment Agreements and Indemnification Agreements."

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

**DESCRIPTION OF SHARE CAPITAL**

We are a Cayman Islands exempted company incorporated with limited liability and our affairs are governed by our Memorandum and Articles, the Companies Act, and the common law of the Cayman Islands.

As of the date of this prospectus, the Company's authorized share capital is US$50,000 divided into 450,000,000 Class A Ordinary Shares and 50,000,000 Class B Ordinary Shares. As of the date of this prospectus, 15,690,000 Class A Ordinary Shares and 18,935,000 Class B Ordinary Shares are issued and outstanding. Immediately upon the completion of this offering, assuming no exercise of the over-allotment option by the underwriters, there will be 19,690,000 Class A Ordinary Shares issued and outstanding (or 20,290,000 Class A Ordinary Shares if the underwriter exercises the over-allotment option to purchase additional Class A Ordinary Shares in full) and 18,935,000 Class B Ordinary Shares issued and outstanding.

**Our Memorandum and Articles**

The following are summaries of material provisions of the Memorandum and the Articles and of the Companies Act, insofar as they relate to the material terms of our Class A Ordinary Shares and Class B Ordinary Shares. The summaries do not purport to be complete and are qualified in their entirety by reference to our Memorandum and Articles, which are filed as exhibits to the registration statement of which this prospectus forms a part.

***Objects of Our Company.*** Under our Memorandum and Articles, the objects of our company are unrestricted and we have the full power and authority to carry out any object not prohibited by the law of the Cayman Islands.

***Class A and Class B Ordinary Shares.*** Our Class A Ordinary Shares and Class B Ordinary Shares are issued in registered form and are issued when registered in our register of members. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

***Dividends.*** The holders of our Class A Ordinary Shares and Class B Ordinary Shares are entitled to such dividends as may be declared by our board of directors. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our directors. Our Articles provide that dividends may be out of any funds of the Company lawfully available for distribution. 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 subject to the restrictions of the Companies Act, provided that in no circumstances may we pay a dividend out of share premium account if, following the date on which the dividend is proposed to be paid, our company would be unable to pay its debts as they fall due in the ordinary course of business.

***Voting Rights.*** Any action required or permitted to be taken by the shareholders must be taken at a duly called and quorate annual or extraordinary general meeting of the shareholders entitled to vote on such action, or in lieu of a general meeting, be effected by a resolution in writing. On a poll, each shareholder is entitled to one (1) vote for each Class A Ordinary Share, and twenty (20) votes for each Class B Ordinary Share, both voting together as a single class, on all matters that require a shareholder's vote.

A quorum required for a meeting of shareholders consists of one or more shareholders present and holding at least one-third of the number of paid up Class A Ordinary Shares and Class B Ordinary Shares of our company present in person or by proxy. Shareholders may be present in person or by proxy or, if the shareholder is a legal entity, by its duly authorized representative. Shareholders' meetings may be convened by our board of directors on its own initiative or upon a written requisition by any one or more shareholder(s) entitled to attend and vote at general shareholders' meetings of our company holding not less than 10% of the number of our paid up Class A Ordinary Shares and Class B Ordinary Shares deposited at the registered office of our company. Advance notice of at least seven days is required for the convening of our annual general shareholders' meeting and any other general shareholders' meeting.

An ordinary resolution to be passed at a meeting by the shareholders requires, where a poll is taken, the affirmative vote of a simple majority of the votes attaching to the Class A Ordinary Shares and Class B Ordinary Shares cast at a meeting, while a special resolution requires, where a poll is taken, the affirmative vote of not less than two-thirds of the votes attaching to the Class A Ordinary Shares and Class B Ordinary Shares cast at a meeting of which notice specifying the intention to propose the resolution as a special resolution has been duly given. A special resolution will be required for important matters such as a change of company name or making amendments to our Memorandum or Articles. Holders of the Class A Ordinary Shares and Class B Ordinary Shares may, among other things, subdivide or consolidate their shares by passing of an ordinary resolution.

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***Conversion.*** 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 Share into Class A Ordinary Share. In no event shall Class A Ordinary Share be convertible into Class B Ordinary Share. Any conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant to our Articles shall be effected by way of a re-designation and re-classification of each relevant Class B Ordinary Share as a Class A Ordinary Share, or a repurchase of each relevant Class B Ordinary Share for cancellation and an allotment and issuance of new Class A Ordinary Share. Any future issuances of Class B Ordinary Shares may be dilutive to holders of Class A Ordinary Shares. The conversion of Class B Ordinary Shares might have an impact on holders of Class A Ordinary Shares, including dilution and reduction in the aggregate voting power of holders of Class A Ordinary Shares, as well as the potential increase in the relative voting power if any holder of Class B Ordinary Shares retains its shares.

***Election of directors.*** Directors may be appointed by an ordinary resolution of our shareholders or by a resolution of the directors of the Company.

***Meetings of directors.*** At any meeting of directors, a quorum will be present if two directors are present, unless otherwise fixed by the directors. If there is a sole director, that director shall be a quorum. A director represented by an alternate director at any meeting shall be deemed to be present for the purposes of determining whether or not a quorum is present. An action that may be taken by the directors at a meeting may also be taken by a resolution of directors who consent in writing by all of the directors.

***Transfer of Class A Ordinary Shares and Class B Ordinary Shares.*** Subject to our Articles relating to the transfer of Class A Ordinary Shares and Class B Ordinary Shares and provided that such transfer complies with the applicable rules of the SEC, the Nasdaq and federal and state securities laws of the U.S., our shareholders may transfer all or any of his or her Class A Ordinary Shares and Class B Ordinary Shares by an instrument of transfer in a common form or any other form prescribed by the Nasdaq or otherwise approved by our board of directors. Only our Class A Ordinary Shares will be listed on Nasdaq.

Subject to any applicable rules of any stock exchange, our board of directors may, in its absolute discretion, decline to register any transfer of any Class A Ordinary Shares and Class B Ordinary Shares whether or not it is fully paid up without assigning any reason for doing so.

If our directors refuse to register a transfer they shall, within six weeks after the date on which the instrument of transfer was lodged, send to the transferee a notice of such refusal.

Subject to any applicable rules of any stock exchange, the registration of transfers may be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.

***Liquidation rights.*** If we are wound up, the shareholders may, subject to the Articles and any other sanction required by the Companies Act, pass an ordinary resolution allowing the liquidator to do either or both of the following:

(a) to divide in specie among the shareholders the whole or any part of our assets and, for that purpose, to set such value to any assets and to determine how the division shall be carried out as between the shareholders or different classes of shareholders; and

(b) to vest the whole or any part of the assets in trustees upon such trusts for the benefit of contributories as the liquidator shall think fit.

***Calls on Shares and Forfeiture of Shares.*** Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

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***Redemption of Shares.*** The Companies Act and our Articles permit us to purchase, redeem or otherwise acquire our own shares, subject to certain restrictions and requirements under the Companies Act, our Memorandum and Articles and any applicable requirements imposed from time to time by the Nasdaq and the SEC. In accordance with our Articles, we may issue shares, with the sanction of a special resolution passed by the shareholders, be issued on terms that are, or at the option of our company or the holder is liable, to be redeemed. Under the Companies Act, the repurchase of any share may be paid out of our company's profits, out of our share premium account or out of the proceeds of a fresh issue of shares made for the purpose of such repurchase, or, if authorized by the articles of association and subject to the Companies Act, out of capital. If the repurchase proceeds are paid out of our company's capital, our company must, immediately following such payment, be able to pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act, no such share may be repurchased (1) unless it is fully paid up, (2) if such repurchase would result in there no longer be any issued shares of our company (other than shares held as treasury shares), and (3) unless the manner of repurchase (if not so authorized under the Memorandum and Articles) has first been authorized by a resolution of our shareholders. Under the Articles, our company may repurchase its own shares in such manner and on such terms as the directors may agree with the relevant shareholder, and may make a payment in respect of the purchase of its own shares in any manner permitted by the Companies Act. In addition, and pursuant to the Companies Act and the Articles of Association, the directors may accept the surrender of any fully paid share for no consideration unless, as a result of the surrender, the surrender would result in no issued shares of our company (other than shares held as treasury shares).

***Variations of Rights of Shares.*** The rights attached to any class or series of shares (unless otherwise provided by the terms of issue of the shares of that class or series), whether or not our company is being wound-up, may be varied with the consent in writing of the holders of two-thirds of the issued shares of that class or series or with the sanction of a resolution passed by at least a two-thirds majority of the holders of shares of the class or series present in person or by proxy and entitled to vote at a separate meeting of the holders of the shares of the class or series.

***Changes in the Number of Shares We are Authorized to Issue and Those in Issue.*** We may from time to time by an ordinary resolution passed by our shareholders:

● increase or reduce (by cancellation of shares that have not been taken or agreed to be taken by any person) the authorized share capital of our company;

● subdivide our authorized and issued shares into a larger number of shares; and

● consolidate our authorized and issued shares into a smaller number of shares.

***Issuance of Additional Shares.*** Our Memorandum and Articles authorize our board of directors to issue additional Class A Ordinary Shares and Class B Ordinary Shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

***Inspection of Books and Records.*** Holders of our Class A Ordinary Shares and Class B 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, we will provide our shareholders with annual audited financial statements. See "Where You Can Find Additional Information."

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***Preferred Shares.*** As at the date of this prospectus, we do not have any preferred shares authorized, issued or outstanding.

**Exempted Company**

We are an exempted company incorporated with limited liability under the Cayman Companies Act. The Cayman Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts trade or business outside of the Cayman Islands or in furtherance of the business of the exempted company carried on outside of the Cayman Islands, may apply to be registered as an exempted company. The requirements for an exempted company are similar to an ordinary resident company except that, for an exempted company that does not hold a license to carry on business in the Cayman Islands:

● an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies of the Cayman Islands;

● an exempted company's register of members is not required to be open to inspection;

● an exempted company does not have to hold an annual general meeting;

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● an exempted company that is not listed on the Cayman Islands Stock Exchange is prohibited from making any invitation to the public in the Cayman Islands to subscribe for any of its securities;

● an exempted company may issue shares without nominal or par value;

● an exempted company may not issue negotiable shares, and shares shall be transferred only on the books of such company;

● an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are given for 20 or 30 years);

● an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● an exempted company may register as an exempted limited duration company; and

● an exempted company 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.

Upon the closing of this offering, we will be subject to reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Except as otherwise disclosed in this prospectus, we currently intend to comply with the Nasdaq rules in lieu of following home country practice after the closing of this offering.

**Differences in Corporate Law**

The Cayman Companies Act is derived, to a large extent, from that of England and Wales but does not follow recent United Kingdom statutory enactments, and accordingly there are significant differences between the Cayman Companies Act and the current Companies Act of England. In addition, the Cayman Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Cayman Companies Act applicable to us and the laws applicable to companies incorporated in the U.S. and their shareholders.

*Mergers and Similar Arrangements*

The Cayman 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 in the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The written plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with, among other documents, a declaration as to the solvency of the consolidated or surviving company, a declaration 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 shareholders 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 if a copy of the plan of merger is given to every shareholder of each subsidiary company to be merged unless that shareholder agrees otherwise. For this purpose, a subsidiary is a company of which at least 90% of the issued shares entitled to vote are owned by the parent company.

The consent of each holder of a fixed or floating security interest of a constituent company is required unless this requirement is waived by the Grand Court of the Cayman Islands upon application of the constituent company that has issued the security.

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Except in certain limited circumstances, a shareholder of a Cayman Islands constituent company is entitled to payment of the fair value of his or her shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting from a merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Cayman Companies Act. The exercise of such dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, except to be paid the fair value of that person's shares, to participate in all proceedings until such dissenter's determination of fair value is reached, and the right to obtain relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Cayman Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement. Any such arrangement must be approved by (a) a majority in number of the creditors or each class of creditors, as the case may be, with whom the arrangement is to be made and who must, in addition, represent seventy-five percent 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 convened for that purpose, or (b) seventy-five percent in value of the shareholders or each class of shareholders, as the case may be, with whom the arrangement is to be made that are present and voting either in person or by proxy at a meeting convened for that purpose, as applicable. 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 court's directions and 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 class acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Cayman Companies Act.

The Cayman Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of dissentient minority shareholders upon a tender offer. When a tender offer is made and accepted by holders of 90% in value 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.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

*Shareholders' Suits*

In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to apply and follow the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) which permit a minority shareholder to commence a class action against, or derivative actions in the name of, a company to challenge the following:

● a company acts or proposes to act illegally or ultra vires and is therefore incapable of ratification by the shareholder;

● an irregularity in the passing of a resolution which requires a qualified majority;

● an act purporting to abridge or abolish the individual rights of a member; and

● an act which constitutes a fraud on the minority where the wrongdoers are themselves in control of the company.

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In the case of a company (not being a bank) having its share capital divided into shares, the Grand Court of the Cayman Islands may, on the application of members holding not less than one fifth of the shares of the company in issue, appoint an inspector to examine the affairs of the company and to report thereon in such manner as the Grand Court shall direct.

*Indemnification of Directors and Executive Officers and Limitation of Liability*

Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Articles permit indemnification of our directors and officers for costs, losses, damages and expenses incurred in their capacities as such unless such losses or damages arise from actual fraud or willful default or as otherwise required by law. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation. In addition, we plan to enter into indemnification agreements with our directors and senior executive officers that will 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 act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interests 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, a 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 is in the position of a fiduciary with respect to the company and therefore he owes duties to the company that include 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), 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, and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill, care and diligence. 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 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. The Delaware General Corporation Law does not provide shareholders an express right to put any proposal before the annual meeting of shareholders, but in keeping with common law, Delaware corporations generally afford shareholders an opportunity to make proposals and nominations provided that they comply with the notice provisions in the certificate of incorporation or bylaws. 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.

Cayman Islands law provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Articles provide that, on the written requisition of any one or more shareholder(s) who hold not less than 10 percent in the number of paid up Class A Ordinary Shares and Class B Ordinary Shares of our company deposited at the registered office of our company, our board of directors shall convene a general meeting of our shareholders and put the resolutions so requisitioned to a vote at such meeting. However, our Memorandum and Articles do not provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders. As a Cayman Islands exempted company, we are not obliged by law to call shareholders' annual general meetings.

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*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. Cayman Islands law does not prohibit cumulative voting, 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 Memorandum and Articles, any of our directors may be removed by ordinary resolution of our shareholders. The office of a director of our company shall also be vacated if the director becomes bankrupt or makes any arrangement or composition with his creditors, is found to be or becomes of unsound mind, or resigns his office by notice in writing to our company.

*Transactions with Interested Shareholders*

The Delaware General Corporation Law contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation or bylaws that is approved by its shareholders, 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 corporation's outstanding voting stock or who or which is an affiliate or associate of the corporation and owned 15% or more of the corporation's outstanding voting stock 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 for a proper purpose and not with the effect of constituting a fraud on the minority shareholders.

*Dissolution; Winding Up*

Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. Under Cayman Islands law, our company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its shareholders or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its shareholders. 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 Memorandum and Articles, the rights attached to any class or series of shares may, unless otherwise provided in the Articles or the terms of issue of the shares of that class or series, be varied or abrogated with the consent in writing of the holders of two-thirds of the issued shares of that class or series, or with the sanction of a resolution passed by at least a two-thirds majority of the shares of that class or series present in person or by proxy and entitled to vote at a separate meeting of the holders of the class or series.

*Amendment of Governing Documents*

Under the Delaware General Corporation Law, a corporation's certificate of incorporation may be amended only if adopted and declared advisable by the board of directors and approved by a majority of the outstanding shares entitled to vote and the bylaws may be amended with the approval of a majority of the outstanding shares entitled to vote and may, if so provided in the certificate of incorporation, also be amended by the board of directors. Under the Companies Act, our Memorandum and Articles may be altered or amended by 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.

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*Powers to Issue Shares*

Under our Memorandum and Articles, subject to any applicable provisions in our Memorandum, and without prejudice to any special rights previously conferred on the holders of existing shares, any share of our company may be issued with such preferred, deferred, or other special rights, or such restrictions, whether in regard to dividend, voting, return of share capital or otherwise, as our company may from time to time by special resolution determine, and subject to the Companies Act, any share of our company may, with the sanction of a special resolution, be issued on the terms that it is, or at the option of the Company or the holder is liable, to be redeemed.

Subject as otherwise provided in our Articles, all shares for the time being and from time to time unissued shall be under the control of our board of directors, and may be re-designated, allotted, issued or otherwise disposed of in such manner, to such persons and on such terms as our board of directors, in their absolute discretion, may think fit. Our directors may issue shares in separate classes and may issue shares of any class in different series.

**History of Share Capital**

The following is a summary of our share capital since incorporation.

We were incorporated in the Cayman Islands in February 2025 and we were authorized to issue a maximum of 500,000,000 shares of a single class with a par value of US$0.0001 each at the time of incorporation.

***Share allotment and transfer in 2025***

On February 17, 2025, we issued one ordinary share of par value US$0.0001 to ICS Corporate Services (Cayman) Limited, which was transferred to MAIS Holding Limited on the same date for the consideration of US$0.0001.

On May 16, 2025, we issued 14,999,999 ordinary shares of par value US$0.0001 to MAIS Holding Limited for the consideration of US$1,499.9999. On September 3, 2025, MAIS Holding Limited transferred 2,371,500, 4,215,000, 748,500, 4,215,000 and 1,725,000 ordinary shares to RUI Unity Co., Ltd., RUI Horizon Holding Ltd., RIDGEHALL SERVICES PTE. LTD., Southenlake Holding Ltd. and MMG Holding Ltd. with a consideration of US$237.15, US$421.5, US$74.85, US$421.5 and US$172.5, respectively.

On May 16, 2025, we issued 10,002,000 ordinary shares of par value US$0.0001 to Vertex Ventures Holding Limited for a consideration of US$1,000.2. On September 3, 2025, Vertex Ventures Holding Limited transferred 1,522,500, 1,540,000, 79,500, 1,505,000, and 5,355,000 to Elyseum Limited, Vexara Dynamics Limited, RUI Unity Co., Ltd., Frost Peak Investment Limited, and Serenity Prime Limited for a consideration of US$152.25, US$154, US$7.95, US$150.5 and US$535.5, respectively. On October 30, 2025, Frost Peak Investment Limited transferred 150,000, 175,000 and 325,000 ordinary shares to Vexara Dynamics Limited, Elyseum Limited and Serenity Prime Limited for a consideration of US$15, US$17.5, and US$150.5.

On May 16, 2025, we issued 3,999,000 ordinary shares of par value US$0.0001 to RIDGEHALL SERVICES PTE. LTD for a consideration of US$399.9. On October 30, 2025, RIDGEHALL SERVICES PTE. LTD. transferred 1,325,000 ordinary shares to Serenity Prime Limited for a consideration of US$132.5.

On May 16, 2025, we issued 999,000 ordinary share of par value US$0.0001 to PhoenixOne Holding Limited for a consideration of US$99.9. On September 3, 2025, PhoenixOne Holding Limited transfer to RUI Unity Co., Ltd for a consideration of US$99.9.

On June 10, 2025, we issued 1,125,000 ordinary share of par value US$0.0001 to ZENITH CAPITAL I LP for a consideration of US$500,000.

On October 30, 2025, we issued 3,500,000 ordinary share of par value US$0.0001 to Serenity Prime Limited for a consideration of US$350.

***Re-designation of ordinary shares and change of authorized share capital***

On November 20, 2025, our board of directors approved the creation of two new classes of shares, being Class A Ordinary Shares of par value US$0.0001 each and Class B Ordinary Shares of par value US$0.0001 each. Our board of directors further approved to covert, reclassify and redesignate 450,000,000 authorized shares of par value US$0.0001 each as 450,000,000 authorized Class A Ordinary Shares of par value US$0.0001 each and 15,690,000 ordinary shares held by our shareholders to 15,690,000 issued Class A Ordinary Share of par value US$0.0001 each. Our board of directors approved to convert, reclassify and redesignate 50,000,000 authorized shares of par value US$0.0001 each as 50,000,000 authorized Class B Ordinary Shares of par value US$0.0001 each and 18,935,000 ordinary shares held by our shareholders to 18,935,000 issued Class B Ordinary Share of par value of US$0.0001 each.

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**SHARES ELIGIBLE FOR FUTURE SALE**

Before our initial public offering, there has not been a public market for our Class A Ordinary Shares, and although we intend to apply to list our Class A Ordinary Shares on Nasdaq, a regular trading market for our Class A Ordinary Shares may not develop. Future sales of substantial amounts of shares of our Class A Ordinary Shares in the public market after our initial public offering, or the possibility of these sales occurring, could cause the prevailing market price for our Class A Ordinary Shares to fall or impair our ability to raise equity capital in the future. Upon completion of this offering, we will have outstanding Class A Ordinary Shares held by public shareholders representing approximately 20.31% of our Class A Ordinary Shares in issue if the underwriters do not exercise their over-allotment option, and approximately 22.67% of our Class A Ordinary Shares in issue if the underwriters exercise their over-allotment option in full. All of the Class A Ordinary Shares sold in this offering will be freely transferable by persons other than our "affiliates" without restriction or further registration under the Securities Act.

**Rule 144**

All of our Class A Ordinary Shares outstanding prior to the closing of this offering are "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act.

In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, a person who is not deemed to have been our affiliate at any time during the three months preceding a sale and who has beneficially owned restricted securities within the meaning of Rule 144 for more than six months would be entitled to sell an unlimited number of those shares, subject only to the availability of current public information about us. A non-affiliate who has beneficially owned restricted securities for at least one year from the later of the date these shares were acquired from us or from our affiliate would be entitled to freely sell those shares.

A person who is deemed to be an affiliate of ours and who has beneficially owned "restricted securities" for at least six months would be entitled to sell, within any three-month period, a number of shares that is not more than the greater of:

● 1% of the number of Class A Ordinary Shares then outstanding, in the form of Class A Ordinary Shares or otherwise, which will equal approximately 196,900 shares immediately after this offering, assuming the underwriters do not exercise their over-allotment option; or

● the average weekly trading volume of the Class A Ordinary Shares on Nasdaq during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

**Rule 701**

In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants, or advisors who purchases our Class A Ordinary Shares from us in connection with a compensatory stock plan or other written agreement executed prior to the completion of this offering is eligible to resell those Class A Ordinary Shares in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144. However, the Rule 701 shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

**Regulation S**

Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.

**Lock-Up Agreements**

See "Underwriting—Lock-up Agreements."

We are not aware of any plans by any significant shareholders to dispose of significant numbers of our Class A Ordinary Shares. However, one or more existing shareholders or owners of securities convertible or exchangeable into or exercisable for our Class A Ordinary Shares may dispose of significant numbers of our Class A Ordinary Shares in the future. We cannot predict what effect, if any, future sales of our Class A Ordinary Shares, or the availability of Class A Ordinary Shares for future sale, will have on the trading price of our Class A Ordinary Shares from time to time. Sales of substantial amounts of our Class A Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Class A Ordinary Shares.

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**MATERIAL INCOME TAX CONSIDERATION**

**People's Republic of China Enterprise Taxation**

The following brief description of Chinese enterprise income taxation is designed to highlight the enterprise-level taxation on our earnings, which will affect the amount of dividends, if any, we are ultimately able to pay to our shareholders. See "Dividend Policy."

According to the EIT Law, which was promulgated by the SCNPC on March 16, 2007, became effective on January 1, 2008, and was then last amended on December 29, 2018, and the *Implementation Rules of the EIT Law*, which were promulgated by the State Council on December 6, 2007, and became effective on January 1, 2008, and last amended on April 23, 2018, enterprises are divided into resident enterprises and non-resident enterprises. Resident enterprises pay enterprise income tax on their incomes obtained in and outside the PRC at the rate of 25%. Non-resident enterprises setting up institutions in the PRC pay enterprise income tax on the incomes obtained by such institutions in and outside the PRC at the rate of 25%. Non-resident enterprises with no institutions in the PRC, and non-resident enterprises with income having no substantial connection with their institutions in the PRC, pay enterprise income tax on their income obtained in the PRC at a reduced rate of 10%.

We are a holding company incorporated in the Cayman Islands and we gain substantial income by way of dividends paid to us from the PRC Subsidiaries. The EIT Law and its implementation rules provide that China-sourced income of foreign enterprises, such as dividends paid by a PRC subsidiary to its equity holders that are non-resident enterprises, will normally be subject to PRC withholding tax at a rate of 10%, unless any such foreign investor's jurisdiction of incorporation has a tax treaty with China that provides for a preferential tax rate or a tax exemption.

Under the EIT Law, an enterprise established outside of China with a "de facto management body" within China is considered a "resident enterprise," which means that it is treated in a manner similar to a Chinese enterprise for enterprise income tax purposes. Although the implementation rules of the EIT Law define "de facto management body" as a managing body that actually, comprehensively manage and control the production and operation, staff, accounting, property, and other aspects of an enterprise, the only official guidance for this definition currently available is set forth in SAT Notice 82, which provides guidance on the determination of the tax residence status of a Chinese-controlled offshore incorporated enterprise, defined as an enterprise that is incorporated under the laws of a foreign country or territory and that has a PRC enterprise or enterprise group as its primary controlling shareholder. Although RUI Cayman does not have a PRC enterprise or enterprise group as our primary controlling shareholder and is therefore not a Chinese-controlled offshore incorporated enterprise within the meaning of SAT Notice 82, in the absence of guidance specifically applicable to us, we have applied the guidance set forth in SAT Notice 82 to evaluate the tax residence status of RUI Cayman and its subsidiaries organized outside the PRC.

According to SAT Notice 82, a Chinese-controlled offshore incorporated enterprise will be regarded as a PRC tax resident by virtue of having a "de facto management body" in China and will be subject to PRC enterprise income tax on its worldwide income only if all of the following criteria are met: (i) the places where senior management and senior management departments that are responsible for daily production, operation and management of the enterprise perform their duties are mainly located within the territory of China; (ii) financial decisions (such as money borrowing, lending, financing and financial risk management) and personnel decisions (such as appointment, dismissal and salary and wages) are decided or need to be decided by organizations or persons located within the territory of China; (iii) main property, accounting books, corporate seal, the board of directors and files of the minutes of shareholders' meetings of the enterprise are located or preserved within the territory of China; and (iv) one half (or more) of the directors or senior management staff having the right to vote habitually reside within the territory of China.

We believe that we do not meet some of the conditions outlined in the immediately preceding paragraph. For example, as a holding company, the key assets and records of RUI Cayman, including the resolutions and meeting minutes of our board of directors and the resolutions and meeting minutes of our shareholders, are located and maintained outside the PRC. In addition, we are not aware of any offshore holding companies with a corporate structure similar to ours that has been deemed a PRC "resident enterprise" by the PRC tax authorities. Accordingly, we believe that RUI Cayman and its offshore subsidiaries should not be treated as a "resident enterprise" for PRC tax purposes if the criteria for "de facto management body" as set forth in SAT Notice 82 were deemed applicable to us. However, as the tax residency status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body" as applicable to our offshore entities, we will continue to monitor our tax status.

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The implementation rules of the EIT Law provide that, (i) if the enterprise that distributes dividends is domiciled in the PRC or (ii) if gains are realized from transferring equity interests of enterprises domiciled in the PRC, then such dividends or gains are treated as China-sourced income. It is not clear how "domicile" may be interpreted under the EIT Law, and it may be interpreted as the jurisdiction where the enterprise is a tax resident. Therefore, if we are considered as a PRC tax resident enterprise for PRC tax purposes, any dividends we pay to our overseas shareholders which are non-resident enterprises as well as gains realized by such shareholders from the transfer of our shares may be regarded as China-sourced income and as a result become subject to PRC withholding tax at a rate of up to 10%. China Commercial Law Firm, our PRC counsel, is unable to provide a "will" opinion because it believes that it is more likely than not that we and our offshore subsidiaries would be treated as non-resident enterprises for PRC tax purposes because we do not meet some of the conditions outlined in SAT Notice 82. In addition, China Commercial Law Firm is not aware of any offshore holding companies with a corporate structure similar to ours that has been deemed a PRC "resident enterprise" by the PRC tax authorities as of the date of the prospectus. Therefore, China Commercial Law Firm believes that it is possible but highly unlikely that the income received by our overseas shareholders will be regarded as China-sourced income.

See "Risk Factors—Risks Relating to Doing Business in the PRC—We may be deemed to be a PRC resident enterprise under the Enterprise Income Tax Law, and be subject to the PRC taxation on our worldwide income, which may significantly increase our income tax expenses and materially decrease our profitability."

Currently, resident enterprises in the PRC are generally subject to enterprise income tax at the statutory rate of 25%. Under particular circumstances, such as an enterprise being identified as a small-scale minimal profit enterprise or as a new high-tech enterprise, or its domicile authority having a preferential tax policy, the EIT rate is by various degrees. Pursuant to such regulations and policies, all of our PRC Subsidiaries, RUI Beijing, RUI Shanghai, RUI Catering, RUI Wuxi, Jiangsu Ruimu and RUI Facility Management, qualify as small-scale minimal profit enterprises and are subject to the enterprise income tax at the rate of 20%. The EIT is calculated based on the entity's global income as determined under PRC tax laws and accounting standards. If the PRC tax authorities determine that RUI Cayman is a PRC resident enterprise for enterprise income tax purposes, we may be required to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises. In addition, non-resident enterprise shareholders may be subject to a 10% PRC withholding tax on gains realized on the sale or other disposition of our Class A Ordinary Shares, if such income is treated as sourced from within the PRC. It is unclear whether our non-PRC individual shareholders would be subject to any PRC tax on dividends or gains obtained by such non-PRC individual shareholders in the event we are determined to be a PRC resident enterprise. If any PRC tax were to apply to dividends or gains realized by non-PRC individuals, it would generally apply at a rate of 20% unless a reduced rate is available under an applicable tax treaty. However, it is also unclear whether our non-PRC shareholders would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that we are treated as a PRC resident enterprise. There is no guidance from the PRC government to indicate whether or not any tax treaties between the PRC and other countries would apply in circumstances where a non-PRC company was deemed to be a PRC tax resident, and thus there is no basis for expecting how tax treaty between the PRC and other countries may impact non-resident enterprises.

As for the value-added tax, or the "VAT," pursuant to the current laws and regulations of the PRC, our PRC Subsidiaries mainly apply to two different VAT arrangements as of the date of this prospectus: (a) As a small-scale taxpayer without essential business operation, RUI Beijing and RUI Shanghai are only subject to the VAT tax rate of 3%, and; (b) As a general tax payers who is eligible for preferential tax policies and engaged with various businesses, the VAT tax rate of RUI Facility Management, RUI Catering, RUI Wuxi and Jiangsu Ruimu can be divided into three parts, including:(i) the VAT tax rate for sales of goods and services is 13%; (ii) the VAT tax rate for providing technical service is 6%; and (iii) the VAT rate for providing construction service is 9%

**<u>KSA Taxation</u>**

Pursuant to the Income Tax Law issued pursuant to Royal Decree No. M/1 dated March 24, 2004 (corresponding to 15/1/1425H), in the KSA, non-KSA investors' shares or stakes in resident capital companies are generally subject to income tax. Under the Income Tax Law, income tax applies to resident companies with non-KSA or non-GCC ownership, non-KSA individuals resident, non-residents conducting business through a permanent establishment or earning the KSA-source income without a permanent establishment, and entities engaged in natural gas, oil, and hydrocarbon production. The standard income tax rate is 20% of net adjusted profits. Registration and filing of income tax is handled and governed by the Zakat, Tax and Customs Authority.

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As for the value added tax, or the "VAT," it is subject to the Value Added Tax Law, which was issued pursuant to Royal Decree No. M/113 dated August 23, 2017 (corresponding to 2/12/1438H) (the "VAT Law"). In accordance with the VAT Law, natural and legal persons engaged in economic activity in the KSA are required to register for the VAT within 30 days from the end of the month in which both of the following conditions are met: (i) the taxpayer is a resident in the KSA; and (ii) the total value of taxable supplies exceeds SAR375,000 in the preceding 12 months or is expected to exceed SAR375,000 in the following 12 months.

VAT applies to the supply of most goods and services within the KSA, with certain transactions designated as zero-rated or exempt. The VAT framework is broadly categorized into three types: (i) standard-rated supplies: most goods and services taxed at a 15% rate; (ii) zero-rated supplies: specific goods and services subject to the VAT at 0%, allowing businesses to recover input VAT on related expenses; and (iii) exempt supplies: transactions outside the scope of the VAT, for which the VAT is neither charged nor recoverable. The majority of goods and services in the KSA fall within the 15% standard-rated category. The VAT registration and returns are handled and governed by the Zakat, Tax and Customs Authority. Failure to comply with the provisions governing VAT may result in administrative penalties, including fines and interest, as prescribed under the VAT Law.

**<u>Cayman Islands Taxation</u>**

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains, or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Class A Ordinary Shares, as the case may be, nor will gains derived from the disposal of our Class A Ordinary Shares be subject to Cayman Islands income or corporation tax.

**<u>United States Federal Income Taxation</u>**

The following does not address the tax consequences to any particular investor or to persons in special tax situations such as:

● banks;

● financial institutions;

● insurance companies;

● regulated investment companies;

● broker-dealers;

● persons that elect to mark their securities to market;

● U.S. expatriates or former long-term residents of the U.S.;

● governments or agencies or instrumentalities thereof;

● tax-exempt entities;

● persons liable for alternative minimum tax;

● persons holding our Class A Ordinary Shares as part of a straddle, hedging, conversion or integrated transaction;

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● persons that actually or constructively own 10% or more of our voting power or value (including by reason of owning our Class A Ordinary Shares);

● persons who acquired our Class A Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation;

● persons holding our Class A Ordinary Shares through partnerships or other pass-through entities;

● beneficiaries of a Trust holding our Class A Ordinary Shares; or

● persons holding our Class A Ordinary Shares through a trust.

The brief discussion set forth below only addresses U.S. Holders (defined below) that purchase Class A Ordinary Shares in this offering. Prospective purchasers are urged to consult their own tax advisors about the application of the U.S. federal income tax rules to their particular circumstances as well as the state, local, foreign and other tax consequences to them for the purchase, ownership and disposition of our Class A Ordinary Shares.

***Material Tax Consequences Applicable to U.S. Holders of Our Class A Ordinary Shares***

The following brief summary sets forth the material U.S. federal income tax consequences related to the ownership and disposition of our Class A Ordinary Shares. It is directed to U.S. Holders (as defined below) of our Class A Ordinary Shares and is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This description does not deal with all possible tax consequences relating to ownership and disposition of our Class A Ordinary Shares or U.S. tax laws, other than the U.S. federal income tax laws, such as the tax consequences under non-U.S. tax laws, state, local and other tax laws.

The following brief description applies only to U.S. Holders who hold Class A Ordinary Shares as capital assets and that have the U.S. dollar as their functional currency. This brief description is based on the federal income tax laws of the United States in effect as of the date of this prospectus and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below.

The brief description below of the U.S. federal income tax consequences to "U.S. Holders" will apply to you if you are a beneficial owner of Class A Ordinary Shares and you are, 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) organized under the laws of the United States, any state thereof or the District of Columbia;

● an estate whose income is subject to U.S. federal income taxation regardless of its source; or

● a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (or other entities treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will depend upon the status of the partner and the activities of the partnership. Partnerships and partners of a partnership holding our Class A Ordinary Shares are urged to consult their tax advisors regarding an investment in our Class A Ordinary Shares.

***Taxation of Dividends and Other Distributions on Our Class A Ordinary Shares***

 ****

Subject to the PFIC rules discussed below, the gross amount of distributions made by us to you with respect to the Class A Ordinary Shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). With respect to corporate U.S. Holders, the dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations.

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With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that (1) the Class A Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2) we are not a PFIC for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Because there is no income tax treaty between the United States and the Cayman Islands, clause (1) above can be satisfied only if the Class A Ordinary Shares are readily tradable on an established securities market in the United States. Under U.S. Internal Revenue Service authority, Class A Ordinary Shares are considered for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on certain exchanges, which presently include the Nasdaq Stock Market. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Class A Ordinary Shares, including the effects of any change in law after the date of this prospectus.

Dividends will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to our Class A Ordinary Shares will constitute "passive category income" but could, in the case of certain U.S. Holders, constitute "general category income."

To the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated first as a tax-free return of your tax basis in your Class A Ordinary Shares, and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.

***Taxation of Dispositions of Class A Ordinary Shares***

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Subject to the PFIC rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Class A Ordinary Shares. The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the Class A Ordinary Shares for more than one year, you will generally be eligible for reduced tax rates. The deductibility of capital losses is subject to limitations. Any such gain or loss that you recognize will generally be treated as United States source income or loss for foreign tax credit limitation purposes which will generally limit the availability of foreign tax credits.

***PFIC Consequences***

A non-U.S. corporation is considered a PFIC, as defined in Section 1297(a) of the US Internal Revenue Code, for any taxable year if either:

● at least 75% of its gross income for such taxable year is passive income; or

● at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive income (the "asset test").

Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock. In determining the value and composition of our assets for purposes of the PFIC asset test, (1) the cash we raise in this offering will generally be considered to be held for the production of passive income and (2) the value of our assets must be determined based on the market value of our Class A Ordinary Shares from time to time, which could cause the value of our non-passive assets to be less than 50% of the value of all of our assets (including the cash raised in this offering) on any particular quarterly testing date for purposes of the asset test.

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Based on our operations and the composition of our assets we do not expect to be treated as a PFIC under the current PFIC rules. We must make a separate determination each year as to whether we are a PFIC, however, there can be no assurance with respect to our status as a PFIC for our current taxable year or any future taxable year. Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our current taxable year or for any subsequent taxable year, more than 50% of our assets may be assets held for the production of passive income. We will make this determination following the end of any particular tax year. In addition, because the value of our assets for purposes of the asset test will generally be determined based on the market price of our Class A Ordinary Shares and because cash is generally considered to be an asset held for the production of passive income, our PFIC status will depend in large part on the market price of our Class A Ordinary Shares and the amount of cash we raise in this offering. Accordingly, fluctuations in the market price of the Class A Ordinary Shares may cause us to become a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected by how quickly we spend the cash we raise in this offering. We are under no obligation to take steps to reduce the risk of us being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon material facts (including the market price of our Class A Ordinary Shares from time to time and the amount of cash we raise in this offering) that may not be within our control. If we are a PFIC for any year during which you hold Class A Ordinary Shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Class A Ordinary Shares. If we cease to be a PFIC and you did not previously make a timely "mark-to-market" election as described below, you may still be able to avoid some of the adverse effects of the PFIC regime by making a "purging election" (as described below) with respect to the Class A Ordinary Shares.

If we are a PFIC for your taxable year(s) during which you hold Class A Ordinary Shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge) of the Class A Ordinary Shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the Ordinary Shares will be treated as an excess distribution. Under these special tax rules:.

● the excess distribution or gain will be allocated ratably over your holding period for the Class A Ordinary Shares;

● the amount allocated to your current taxable year, and any amount allocated to any of your taxable year(s) prior to the first taxable year in which we were a PFIC, will be treated as ordinary income, and

● the amount allocated to each of your other taxable year(s) will be subject to the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

The tax liability for amounts allocated to years prior to the year of disposition or "excess distribution" cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the Class A Ordinary Shares cannot be treated as capital, even if you hold the Class A Ordinary Shares as capital assets.

A U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election under Section 1296 of the US Internal Revenue Code for such stock to elect out of the tax treatment discussed above. If you make a mark-to-market election for first taxable year which you hold (or are deemed to hold) Class A Ordinary Shares and for which we are determined to be a PFIC, you will include in your income each year an amount equal to the excess, if any, of the fair market value of the Class A Ordinary Shares as of the close of such taxable year over your adjusted basis in such Class A Ordinary Shares, which excess will be treated as ordinary income and not capital gain. You are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Class A Ordinary Shares over their fair market value as of the close of the taxable year. Such ordinary loss, however, is allowable only to the extent of any net mark-to-market gains on the Class A Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the Class A Ordinary Shares, are treated as ordinary income. Ordinary loss treatment also applies to any loss realized on the actual sale or disposition of the Class A Ordinary Shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Class A Ordinary Shares. Your basis in the Class A Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us, except that the lower applicable capital gains rate for qualified dividend income discussed above under "— Taxation of Dividends and Other Distributions on our Ordinary Shares" generally would not apply.

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The mark-to-market election is available only for "marketable stock," which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market (as defined in applicable U.S. Treasury regulations), including Nasdaq. If the Class A Ordinary Shares are regularly traded on Nasdaq and if you are a holder of Class A Ordinary Shares, the mark-to-market election would be available to you were we to be or become a PFIC.

Alternatively, a U.S. Holder of stock in a PFIC may make a "qualified electing fund" election under Section 1295(b) of the US Internal Revenue Code with respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross income for a taxable year such holder's pro rata share of the corporation's earnings and profits for the taxable year. The qualified electing fund election, however, is available only if such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. If you hold Class A Ordinary Shares in any taxable year in which we are a PFIC, you will be required to file U.S. Internal Revenue Service Form 8621 in each such year and provide certain annual information regarding such Class A Ordinary Shares, including distributions received on the Class A Ordinary Shares and any gain realized on the disposition of the Class A Ordinary Shares.

If you do not make a timely "mark-to-market" election (as described above), and if we were a PFIC at any time during the period you hold our Class A Ordinary Shares, then such Class A Ordinary Shares will continue to be treated as stock of a PFIC with respect to you even if we cease to be a PFIC in a future year, unless you make a "purging election" for the year we cease to be a PFIC. A "purging election" creates a deemed sale of such Class A Ordinary Shares at their fair market value on the last day of the last year in which we are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above. As a result of the purging election, you will have a new basis (equal to the fair market value of the Class A Ordinary Shares on the last day of the last year in which we are treated as a PFIC) and holding period (which new holding period will begin the day after such last day) in your Class A Ordinary Shares for tax purposes.

IRC Section 1014(a) provides for a step-up in basis to the fair market value for our Class A Ordinary Shares when inherited from a decedent that was previously a holder of our Class A Ordinary Shares. However, if we are determined to be a PFIC, and a decedent that was a U.S. Holder did not make either a timely qualified electing fund election for our first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) our Class A Ordinary Shares, or a mark-to-market election and ownership of those Class A Ordinary Shares are inherited, a special provision in IRC Section 1291(e) provides that the new U.S. Holder's basis should be reduced by an amount equal to the Section 1014 basis minus the decedent's adjusted basis just before death. As such if we are determined to be a PFIC at any time prior to a decedent's passing, the PFIC rules will cause any new U.S. Holder that inherits our Class A Ordinary Shares from a U.S. Holder to not get a step-up in basis under Section 1014 and instead will receive a carryover basis in those Class A Ordinary Shares.

You are urged to consult your tax advisors regarding the application of the PFIC rules to your investment in our Class A Ordinary Shares and the elections discussed above.

***Information Reporting and Backup Withholding***

Dividend payments with respect to our Class A Ordinary Shares and proceeds from the sale, exchange or redemption of our Class A Ordinary Shares may be subject to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding under Section 3406 of the US Internal Revenue Code with at a current flat rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on U.S. Internal Revenue Service Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the U.S. Internal Revenue Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders. Transactions effected through certain brokers or other intermediaries, however, may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

Under the Hiring Incentives to Restore Employment Act of 2010, certain U.S. Holders are required to report information relating to our Class A Ordinary Shares, subject to certain exceptions (including an exception for Class A Class A Ordinary Shares held in accounts maintained by certain financial institutions), by attaching a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Class A Ordinary Shares.

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**UNDERWRITING**

We expect to enter into an underwriting agreement with Cathay Securities, Inc., as representative of the several underwriters named therein (the "Representative"), with respect to the Class A Ordinary Shares in this offering. The Representative may retain other brokers or dealers to act as sub-agents on its behalf in connection with this offering. Subject to the terms and conditions contained in the underwriting agreement, each of the underwriters has severally and not jointly agreed to purchase, on a firm commitment basis, and we have agreed to issue and sell to the underwriters the number of Class A Ordinary Shares listed next to their names in the following table, at the initial public offering price less the underwriting discounts set forth on the cover page of this prospectus.

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| | |
|:---|:---|
| **Underwriters** | **Number of**<br> **Class A<br> Ordinary**<br> **Shares** |
| Cathay Securities, Inc. | [●] |
| Total | [●] |

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The underwriters are committed to purchase Class A Ordinary Shares offered by this prospectus if they purchase any Class A Ordinary Shares. The underwriters are not obligated to purchase Class A Ordinary Shares covered by the underwriters' over-allotment option to purchase Class A Ordinary Shares as described below. The underwriters are offering the Class A Ordinary Shares subject to their acceptance of the Class A Ordinary Shares from us and 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 officers' 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 the Offering**

Prior to this offering, there has been no public market for our Class A Ordinary Shares. The initial public offering price for the 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, estimates of our business potential and earnings prospects, the present state of our development, and other factors deemed relevant. The initial public offering price of our Class A Ordinary Shares stated on the cover page of this prospectus does not necessarily bear any direct indication of the actual value of the assets, operations, book value or other established criteria of value of our Company. The values of such Class A Ordinary Shares are subject to change as a result of market conditions and other factors. We offer no assurances that the offering price will correspond to the price at which our Class A Ordinary Shares will trade in the public market subsequent to this offering or that an active trading market for our Class A Ordinary Shares will develop and continue after this offering.

**Over-Allotment Option**

We have granted the underwriters an over-allotment option. This option, which is exercisable for up to forty-five (45) days after the closing date of the offering, permits the underwriters to purchase a maximum of 600,000 additional Class A Ordinary Shares (equal to fifteen percent (15%) of the total number of Class A Ordinary Shares offered by us) at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with this offering. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase about the same percentage of the additional Class A Ordinary Shares as the number listed next to the underwriter's name in the preceding table bears to the total number of Class A Ordinary Shares listed next to the names of all underwriters in the preceding table.

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**Underwriting Discounts and Expenses**

The underwriters have advised us that they propose to offer the Class A Ordinary Shares to the public at the public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession of seven percent (7%). The underwriters may allow, and certain dealers may reallow, a discount from the concession to certain brokers and dealers. After this offering, the public offering price, concession, and reallowance to dealers may be changed by the Representative. No such change shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus. The Class A Ordinary Shares are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

The following table shows the public offering price, underwriting discount, and proceeds, before expenses, to us.

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| | | | |
|:---|:---|:---|:---|
|  | **Per Class A<br> Ordinary <br> Share** | **Total Without<br> Over-Allotment<br> Option** | **Total With Full<br> Over-Allotment<br> Option<sup>(3)</sup>** |
| **Initial public offering price** | $— | $— | $— |
| **Underwriters' discounts<sup>(1)</sup>** | $— | $— | $— |
| **Proceeds to our company before expenses <sup>(2)</sup>** | $— | $— | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents an underwriting discount equal to seven percent (7%) per Class A Ordinary Share of the gross proceeds of the offering, at the closing of this offering, and each closing of the over-allotment option, if any. This table does not include a non-accountable expense allowance equal to one percent (1.0%) of the gross proceeds of this offering payable to the underwriters as described below.

(2) The total estimated fees and expenses related to this offering are set forth in this section below.

(3) Includes the sale of 600,000 additional Class A Ordinary Shares (equal to fifteen percent (15%) of the total number of Class A Ordinary Shares offered by us), assuming the full exercise of the over-allotment option by the Underwriters. For more information, see "—Over-Allotment Option."

We have agreed to pay all reasonable out-of-pocket expenses relating to the offering, including, without limitation travel, due diligence expenses, reasonable fees and expenses of its legal counsel, roadshow, background checks on the Company's principals, and data & technology fee not to exceed an aggregate of $200,000, which includes $130,000 of advanced payments, of which $80,000 were paid as of the date of this prospectus. Any advance 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).

In addition, we agreed to pay the Representative by deduction from the net proceeds of the offering contemplated herein, a non-accountable expense allowance equal to one percent (1%) 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 will bear all of our fees, disbursements and expenses in connection with this offering. We estimate that expenses payable by us in connection with this offering, other than the underwriting discounts referred to above and Representative's non-accountable expense allowance, will be approximately $1,292,366, including a maximum aggregate reimbursement of $200,000 of Representative's accountable expenses.

**Right of First Refusal**

We have granted the Representative a right of first refusal, for a period of six months from the closing date of the offering, to provide investment banking services to us on an exclusive basis and on terms that are the same or more favorable to us comparing to terms offered to us by other underwriters/placement agents, at the Representative's sole discretion, for acting as lead manager for any underwritten public offering and acting as placement agent or initial purchaser in connection with any private offering of the Company's securities.

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**Listing**

We have applied to list our Class A Ordinary Shares on Nasdaq under the symbol "RUIH." At this time, Nasdaq has not yet approved our application to list our Class A Ordinary Shares. The closing of this offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on Nasdaq.

**Indemnification**

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, Exchange Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement, and to contribute to payments that the underwriters may be required to make in respect of those liabilities.

**Lock-Up Agreements**

We have agreed that we will not (i) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any of our Class A Ordinary Shares or any securities that are convertible into or exercisable or exchangeable for our Class A Ordinary Shares, (ii) file or cause to be filed any registration statement with the SEC relating to the offering of any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for Class A Ordinary Shares, for a period of six (6) months from the pricing of this offering.

Each of our directors, officers, and shareholders owning five percent (5%) or more of our securities(including Class A Ordinary Shares, warrants, options, and convertible securities) as of the date of the prospectus has agreed, for a period of six (6) months from the pricing of this offering, not to offer, sell, or otherwise transfer, or dispose of, directly or indirectly, any of our Class A Ordinary Shares and securities convertible into or exercisable or exchangeable for our Class A Ordinary Shares.

**Electronic Offer, Sale, and Distribution of Class A Ordinary Shares**

A prospectus in electronic format may be made available on the Internet sites or through other online services maintained by one or more underwriters participating in this offering, or by their affiliates. In those cases, prospective investors may view offering terms online and, depending upon the particular underwriter, prospective investors may be allowed to place orders online. The underwriters may agree with us to allocate a specific number of Class A Ordinary Shares for sale to online brokerage account holders. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that can be accessed through, any underwriter's website and any information contained in any other website maintained by an underwriter 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 it should not be relied upon by investors.

**Price Stabilization, Short Positions, and Penalty Bids**

In connection with this offering, the underwriters may engage in transactions that stabilize, maintain, or otherwise affect the price of our Class A Ordinary Shares. Specifically, the underwriters may sell more Class A Ordinary Shares than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of Class A Ordinary Shares available for purchase by the underwriters under the option to purchase additional Class A Ordinary Shares. The underwriters can close out a covered short sale by exercising the option to purchase additional Class A Ordinary Shares or purchasing Class A Ordinary Shares in the open market. In determining the source of Class A Ordinary Shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of Class A Ordinary Shares compared to the price available under the option to purchase additional Class A Ordinary Shares. The underwriters may also sell Class A Ordinary Shares in excess of the option to purchase additional Class A Ordinary Shares, creating a naked short position. The underwriters must close out any naked short position by purchasing Class A Ordinary Shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the Class A Ordinary Shares in the open market after pricing that could adversely affect investors who purchase in the offering.

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The underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing our Class A Ordinary Shares in this offering because such underwriter repurchases those Class A Ordinary Shares in stabilizing or short covering transactions.

Finally, the underwriters may bid for, and purchase, our Class A Ordinary Shares in market making transactions, including "passive" market making transactions as described below.

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. These activities may stabilize or maintain the market price of our Class A Ordinary Shares at a price that is higher than the price that might otherwise exist in the absence of these activities. 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. The underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice. These transactions may be effected on Nasdaq, in the over-the-counter market, or otherwise. If any of these transactions are commenced, they may be discontinued without notice at any time.

**Passive Market Making**

In connection with this offering, the underwriters may engage in passive market making transactions in our Class A Ordinary Shares on Nasdaq in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the Class A Ordinary Shares and extending through the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.

**Potential Conflicts of Interest**

The 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.

**Other Relationships**

The underwriters and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing, and brokerage activities. Some of the underwriters and certain of their affiliates may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us and our affiliates, for which they may in the future receive customary fees, commissions, and expenses.

In addition, in the ordinary course of their 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 account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long, and/or short positions in such securities and instruments.

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**Stamp Taxes**

If you purchase Class A Ordinary Shares offered in this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering price listed on the cover page of this prospectus.

**Selling Restrictions**

No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the Class A Ordinary Shares, or the possession, circulation or distribution of this prospectus or any other material relating to us or the Class A Ordinary Shares, where action for that purpose is required. Accordingly, the Class A Ordinary Shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the Class A Ordinary Shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction.

***Australia***. This prospectus is not a product disclosure statement, prospectus, or other type of disclosure document for the purposes of Corporations Act 2001 (Commonwealth of Australia) (the "Act") and does not purport to include the information required of a product disclosure statement, prospectus, or other disclosure document under Chapter 6D.2 of the Act. No product disclosure statement, prospectus, disclosure document, offering material, or advertisement in relation to the offer of the Class A Ordinary Shares has been or will be lodged with the Australian Securities and Investments Commission or the Australian Securities Exchange.

Accordingly, (1) the offer of the Class A Ordinary Shares under this prospectus may only be made to persons: (i) to whom it is lawful to offer the Class A Ordinary Shares without disclosure to investors under Chapter 6D.2 of the Act under one or more exemptions set out in Section 708 of the Act, and (ii) who are "wholesale clients" as that term is defined in section 761G of the Act, (2) this prospectus may only be made available in Australia to persons as set forth in clause (1) above, and (3) by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (1) above, and the offeree agrees not to sell or offer for sale any of the Class A Ordinary Shares sold to the offeree within 12 months after their issue except as otherwise permitted under the Act.

***Canada.*** The Class A Ordinary Shares may not be offered, sold, or distributed, directly or indirectly, in any province or territory of Canada other than the provinces of Ontario and Quebec or to or for the benefit of any resident of any province or territory of Canada other than the provinces of Ontario and Quebec, and only on a basis that is pursuant to an exemption from the requirement to file a prospectus in such province, and only through a dealer duly registered under the applicable securities laws of such province or in accordance with an exemption from the applicable registered dealer requirements.

***Cayman Islands.*** No invitation, whether directly or indirectly, may be made to the public in the Cayman Islands to subscribe for our Class A Ordinary Shares. This prospectus does not constitute a public offer of the Class A Ordinary Shares, whether by way of sale or subscription, in the Cayman Islands. The underwriters have represented and agreed that they have not offered or sold, and will not offer or sell, directly or indirectly, any Class A Ordinary Shares to any member of the public in the Cayman Islands.

***European Economic Area.*** In relation to each Member State of the European Economic Area that has implemented the Prospectus Directive, or a Relevant Member State, from and including the date on which the Prospectus Directive is implemented in that Relevant Member State, or the Relevant Implementation Date, an offer of the Class A Ordinary Shares to the public may not be made in that Relevant Member State prior to the publication of a prospectus in relation to the Class A Ordinary Shares that has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and the competent authority in that Relevant Member State has been notified, all in accordance with the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date, make an offer of the Class A Ordinary Shares to the public in that Relevant Member State at any time,

● to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;

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● to any legal entity that has two or more of (1) an average of at least 250 employees during the last financial year, (2) a total balance sheet of more than €43,000,000, and (3) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts;

● to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus Directive; or

● in any other circumstances that do not require the publication by the company of a prospectus pursuant to Article 3 of the Prospectus Directive;

provided that no such offer of Class A Ordinary Shares shall result in a requirement for the publication by the company of a prospectus pursuant to Article 3 of the Prospectus Directive.

For purposes of the above provision, the expression "an offer of Class A Ordinary Shares to the public" in relation to any Class A Ordinary Shares in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Class A Ordinary Shares to be offered so as to enable an investor to decide to purchase or subscribe the Class A Ordinary Shares, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, and the expression "Prospectus Directive" means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

***Hong Kong***. The Class A Ordinary Shares may not be offered or sold in Hong Kong by means of this prospectus or any other document other than (i) in circumstances that do not constitute an offer or invitation to the public within the meaning of the Companies (Cap.32, Laws of Hong Kong) or the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong), or (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances that do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the 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), that is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to 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 Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder.

***Malaysia***. The shares have not been and may not be approved by the securities commission Malaysia, or SC, and this document has not been and will not be registered as a prospectus with the SC under the Malaysian capital markets and services act of 2007, or CMSA. Accordingly, no securities or offer for subscription or purchase of securities or invitation to subscribe for or purchase securities are being made to any person in or from within Malaysia under this document except to persons falling within any of paragraphs 2(g)(i) to (xi) of schedule 5 of the CMSA and distributed only by a holder of a capital markets services license who carries on the business of dealing in securities and subject to the issuer having lodged this prospectus with the SC within seven days from the date of the distribution of this prospectus in Malaysia. The distribution in Malaysia of this document is subject to Malaysian laws. Save as aforementioned, no action has been taken in Malaysia under its securities laws in respect of this document. This document does not constitute and may not be used for the purpose of a public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase any securities requiring the approval of the SC or the registration of a prospectus with the SC under the CMSA.

***Japan***. The Class A Ordinary Shares have not been and will not be registered under the Financial Instruments and Exchange Law of Japan, and Class A Ordinary Shares will not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to any exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Law and any other applicable laws, regulations and ministerial guidelines of Japan.

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***People's Republic of China***. This prospectus may not be circulated or distributed in the PRC, and the Class A Ordinary Shares may not be offered or sold, and will not be offered or sold to any person for re-offering or resale, directly or indirectly, to any resident of the PRC except pursuant to applicable laws and regulations of the PRC. For the purpose of this paragraph, PRC does not include Taiwan and the special administrative regions of Hong Kong and Macau.

***Singapore***. This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of our Class A Ordinary Shares may not be circulated or distributed, nor may our Class A Ordinary Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore, or SFA, (ii) to a relevant person or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to compliance with conditions set forth in the SFA.

Where our Class A Ordinary Shares are subscribed or purchased under Section 275 by a relevant person which is: (a) a corporation (which is not an accredited investor as defined in Section 4A of the SFA) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor; shares, debentures and units of shares and debentures of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Class A Ordinary Shares under Section 275 of the SFA, except: (1) to an institutional investor (for corporations under Section 274 of the SFA) or to a relevant person defined in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions, specified in Section 275 of the SFA; (2) where no consideration is or will be given for the transfer; or (3) where the transfer is by operation of law.

***Taiwan*** The Class A Ordinary Shares have not been and will not be registered or filed with, or approved by, the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be offered or sold in Taiwan through a public offering or in circumstances which constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or relevant laws and regulations that require a registration, filing, or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer or sell the Class A Ordinary Shares in Taiwan.

***United Kingdom****.* An offer of the Class A Ordinary Shares may not be made to the public in the United Kingdom within the meaning of Section 102B of the Financial Services and Markets Act 2000, as amended, or the FSMA, except to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities or otherwise in circumstances that do not require the publication by the company of a prospectus pursuant to the Prospectus Rules of the Financial Services Authority, or the FSA.

An invitation or inducement to engage in investment activity (within the meaning of Section 21 of FSMA) may only be communicated to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or in circumstances in which Section 21 of FSMA does not apply to the company.

All applicable provisions of the FSMA with respect to anything done by the underwriters in relation to the Class A Ordinary Shares must be complied with in, from or otherwise involving the United Kingdom.

***Israel*.** This prospectus does not constitute a prospectus under the Israeli Securities Law, 5728-1968, and has not been filed with or approved by the Israel Securities Authority. In Israel, this prospectus may be distributed only to, and is directed only at, investors listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds; provident funds; insurance companies; banks; portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange Ltd., underwriters, each purchasing for their own account; venture capital funds; entities with equity in excess of NIS 50 million and "qualified individuals," each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors. Qualified investors shall be required to submit written confirmation that they fall within the scope of the Addendum.

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**EXPENSES RELATING TO THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding underwriting discounts and the non-accountable expense allowance. With the exception of the SEC registration fee, the FINRA filing fee, and Nasdaq listing fee, all amounts are estimates.

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| | |
|:---|:---|
| SEC Registration Fee | $3177 |
| Nasdaq Capital Market Listing Fee | $75000 |
| FINRA Filing Fee | $3950 |
| Legal Fees and Other Expenses | $516156 |
| Accounting Fees and Expenses | $400458 |
| Printing Expenses | $20000 |
| Miscellaneous Expenses | $272300 |
| **Total Expenses** | $**1292366** |

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These expenses will be borne by us. Underwriting discounts and the non-accountable expense allowance will be borne by us in proportion to the numbers of Class A Ordinary Shares sold in the offering.

**LEGAL MATTERS**

We are being represented by Hunter Taubman Fischer & Li LLC with respect to certain legal matters as to United States federal securities and New York State law. The validity of the Class A Ordinary Shares offered in this offering and certain other legal matters as to Cayman Islands law will be passed upon for us by Appleby. Legal matters as to PRC law will be passed upon for us by China Commercial Law Firm. Ortoli Rosenstadt LLP is acting as United States federal securities counsel to the underwriters in connection with this offering.

**EXPERTS**

The consolidated financial statements for the fiscal years ended August 31, 2024 and 2025, included in this prospectus have been so included in reliance on the report of Prouden, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of Prouden is located at Guangzhou, the PRC.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

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

Immediately upon the completion of this offering, we will be subject to periodic reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders under the federal proxy rules contained in Sections 14(a), (b) and (c) of the Exchange Act, and our executive officers, directors and principal shareholders are exempt from the short-swing profit recovery provisions contained in Section 16 of the Exchange Act. Effective March 18, 2026, our executive officers and directors are required, pursuant to the Holding Foreign Insiders Accountable Act, to file Section 16(a) reports with the SEC to disclose their beneficial ownership of our securities. Our principal shareholders who are not officers or directors, however, remain exempt from Section 16(a) reporting requirements.

The SEC maintains a website that contains reports, proxy statements, and other information about issuers, such as us, who file electronically with the SEC. The address of that website is http://www.sec.gov. The information on that website is not a part of this prospectus.

No dealers, salesperson, or other person is authorized to give any information or to represent anything not contained in this prospectus. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.

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

**RUI HOLDINGS INC<br> INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **CONTENTS** | &nbsp;&nbsp;&nbsp;**PAGE(S)** |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID: 7254)](#f_001) | &nbsp;&nbsp;&nbsp;F-2 |
| [CONSOLIDATED BALANCE SHEETS AS OF AUGUST 31, 2024 AND 2025](#f_002) | &nbsp;&nbsp;&nbsp;F-3 |
| [CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) FOR THE FISCAL YEARS ENDED AUGUST 31, 2024 AND 2025](#f_004) | &nbsp;&nbsp;&nbsp;F-5 |
| [CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT FOR THE FISCAL YEARS ENDED AUGUST 31, 2024 AND 2025](#f_005) | &nbsp;&nbsp;&nbsp;F-6 |
| [CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE FISCAL YEARS ENDED AUGUST 31, 2024 AND 2025](#f_006) | &nbsp;&nbsp;&nbsp;F-7 |
| [NOTES TO CONSOLIDATED FINANCIAL STATEMENTS](#f_007) | &nbsp;&nbsp;&nbsp;F-8 |

---

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders and Board of Directors of RUI Holdings Inc.:**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of RUI Holdings Inc. (the "Company") as of August 31, 2024 and 2025, the related consolidated statements of operations and comprehensive income (loss), changes in deficit, and cash flows for each of the two years in the period ended August 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of August, 2024 and 2025, and the results of its operations and its cash flows for each of the two years in the period ended August, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our 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 and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Guangdong Prouden CPAs GP

Guangdong Prouden CPAs GP

We have served as the Company's auditor since 2025.

Guangzhou, China

December 15, 2025

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**RUI HOLDINGS INC<br> CONSOLIDATED BALANCE SHEETS<br> (Expressed in U.S. Dollars ("$"), except for the number of shares)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **As of August 31,** | **As of August 31,** |
|  | <br>**Note** | **2024** | **2025** |
|  |  | **USD** | **USD** |
| **ASSETS** |  |  |  |
| Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 3 | 39243 | 633953 |
| &nbsp;&nbsp;&nbsp;Notes and accounts receivable, net | 4 | 501427 | 1753815 |
| &nbsp;&nbsp;&nbsp;Amounts due from related parties | 13 | 9064 | 47615 |
| &nbsp;&nbsp;&nbsp;Prepayments and other current assets, net | 5 | 173030 | 426773 |
| Total current assets |  | 722764 | 2862156 |
| Non-current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 7 | 103288 | 874375 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 6 |  | 115705 |
| &nbsp;&nbsp;&nbsp;Other non-current assets, net | 8 | - | 11220 |
| Total non-current assets |  | 103288 | 1001300 |
| **TOTAL ASSETS** |  | **826052** | **3863456** |
| **LIABILITIES** |  |  |  |
| Current liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term loans | 9 |  | 419058 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 10 | 209219 | 1878882 |
| &nbsp;&nbsp;&nbsp;Taxes payable |  | 17047 | 455569 |
| &nbsp;&nbsp;&nbsp;Amounts due to related parties | 13 | 3285734 | 1645001 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 11 | 604709 | 689806 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 6 |  | 55751 |
| &nbsp;&nbsp;&nbsp;Long-term loans, current | 12 | - | 14024 |
| Total current liabilities |  | 4116709 | 5158091 |
| Non-current liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-term loans | 12 |  | 680186 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 6 | - | 40249 |
| Total non-current liabilities |  | - | 720435 |
| **TOTAL LIABILITIES** |  | **4116709** | **5878526** |
| COMMITMENTS AND CONTINGENCIES |  | **-** | **-** |

---

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**RUI HOLDINGS INC**

**CONSOLIDATED BALANCE SHEETS**

**(Expressed in U.S. Dollars ("$"), except for the number of shares)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **As of August 31,** | **As of August 31,** |
|  | <br>**Note** | **2024** | **2025** |
|  |  | **USD** | **USD** |
| **DEFICIT** |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A ordinary shares ($0.0001 par value, 450,000,000 Class A Ordinary Shares authorized, 15,690,000 Class A Ordinary Shares issued and outstanding) \*\*\* |  | 1621 | 1734 |
| &nbsp;&nbsp;&nbsp;Class B ordinary shares ($0.0001 par value, 50,000,000 Class B Ordinary Shares authorized, 18,935,000 Class B Ordinary Shares issued and outstanding) \*\*\* |  | 1379 | 1379 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital |  |  | 499887 |
| &nbsp;&nbsp;&nbsp;Subscription receivable |  |  | (300000) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit |  | (3411934) | (2378788) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income |  | 118277 | 160718 |
| **TOTAL SHAREHOLDERS' DEFICIT** |  | **(3290657)** | **(2015070)** |
| **TOTAL LIABILITIES AND DEFICIT** |  | **826052** | **3863456** |

---

\*\*\* The Company effected a share re-designation and re-classification on November 19, 2025 by converting, re-classifying, and re-designating all the 34,625,000 issued ordinary shares into 450,00,000 authorized Class A Ordinary Shares of par value US$0.0001 each and 50,000,000 authorized Class B Ordinary Shares of par value US$0.0001 each, and then converting, re-classifying, and re-designating the 15,690,000 ordinary shares held by existing shareholders of the Company to 15,690,000 Class A Ordinary Shares, and 18,935,000 ordinary shares held by existing shareholders of the Company to 18,945,000 Class B Ordinary Shares.

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

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**RUI HOLDINGS INC**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)**

**(Expressed in U.S. Dollars ("$"), except for the number of shares)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | <br>**Note** | **2024** | **2025** |
|  |  | **USD** | **USD** |
| Revenue |  | 3143556 | 13667904 |
| Cost of revenue |  | (3178978) | (10861525) |
| **Gross (loss)/profit** |  | **(35422)** | **2806379** |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses |  | (774419) | (1307874) |
| &nbsp;&nbsp;&nbsp;Research and development expenses |  | (144600) | (92344) |
| **Total operating expenses** |  | **(919019)** | **(1400218)** |
| **(Loss)/income from operations** |  | **(954441)** | **1406161** |
| **Other income/(expenses)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income/(expenses), net |  | 823 | (62814) |
| **Total other income, net** |  | **823** | **(62814)** |
| **(Loss)/income before income tax** |  | **(953618)** | **1343347** |
| &nbsp;&nbsp;&nbsp;Income tax expenses | 15 | (875) | (310201) |
| **Net (loss)/income** |  | **(954493)** | **1033146** |
| **Other comprehensive (loss)/income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  | (71539) | 42441 |
| **Total comprehensive (loss)/income** |  | **(1026032)** | **1075587** |
| **(Loss)/earnings per share** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic |  | (0.0306) | 0.0319 |
| &nbsp;&nbsp;&nbsp;Diluted |  | (0.0306) | 0.0319 |
| **Weighted average number of ordinary shares outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic |  | 33500000 | 33755822 |
| &nbsp;&nbsp;&nbsp;Diluted |  | 33500000 | 33755822 |

---

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

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**RUI HOLDINGS INC**

**CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT**

**(Expressed in U.S. Dollars ("$"), except for the number of shares)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | | | | | |
|  | | **Class A\*\*\*** | **Class A\*\*\*** | **Class B\*\*\*** | **Class B\*\*\*** | | | | | |
|  | <br>**Note** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**paid-in**<br>**capital** |<br>**Subscription**<br>**receivable** |<br>**Accumulated**<br>**Deficits** | **Accumulated<br> other**<br>**comprehensive**<br>**income (loss)** |<br>**Total**<br>**Deficit** |
|  |  | | **USD** | | **USD** | **USD** | **USD** | **USD** | **USD** | **USD** |
| Balance as of August 31, 2023 | 14 | 16215000 | 1621 | 13785000 | 1379 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | (2457441) | 189816 | (2264625) |
| Net loss |  |  |  |  |  |  |  | (954493) |  | (954493) |
| Foreign currency translation adjustment |  | - | - | - | - | - | - | - | (71539) | (71539) |
| Balance as of August 31, 2024 | 14 | 16215000 | 1621 | 13785000 | 1379 | - | - | (3411934) | 118277 | (3290657) |
| Net Income |  |  |  |  |  |  |  | 1033146 |  | 1033146 |
| New issuance of Ordinary Shares |  | 1125000 | 113 |  |  | 499887 | (300000) |  |  | 200000 |
| Foreign currency translation adjustment |  | - | - | - | - | - | - | - | 42441 | 42441 |
| Balance as of August 31, 2025 | 14 | 17340000 | 1734 | 13785000 | 1379 | 499887 | (300000) | (2378788) | 160718 | (2015070) |

---

\*\*\* The Company effected a share re-designation and re-classification on November 19, 2025 by converting, re-classifying, and re-designating all the 34,625,000 issued ordinary shares into 450,00,000 authorized Class A Ordinary Shares of par value US$0.0001 each and 50,000,000 authorized Class B Ordinary Shares of par value US$0.0001 each, and then converting, re-classifying, and re-designating the 15,690,000 ordinary shares held by existing shareholders of the Company to 15,690,000 Class A Ordinary Shares, and 18,935,000 ordinary shares held by existing shareholders of the Company to 18,945,000 Class B Ordinary Shares.

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

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**RUI HOLDINGS INC**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Expressed in U.S. Dollars ("$"), except for the number of shares)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | <br>**Note** | **2024** | **2025** |
|  |  | **USD** | **USD** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |  |
| Net (loss)/income |  | (954493) | 1033146 |
| Adjustments to reconcile net (loss)/income to net cash (used in)/ provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of property and equipment |  | 23924 | 54640 |
| &nbsp;&nbsp;&nbsp;Amortization of operating lease right-of-use asset |  | 23380 | 24836 |
| &nbsp;&nbsp;&nbsp;Loss from the disposal of property and equipment |  |  | 32 |
| &nbsp;&nbsp;&nbsp;Provision for expected credit losses |  | 40515 | 6936 |
| Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Notes and accounts receivable, net |  | (176675) | (1252387) |
| &nbsp;&nbsp;&nbsp;Prepayments and other current assets, net |  | (31264) | (186022) |
| &nbsp;&nbsp;&nbsp;Other non-current assets, net |  |  | (11220) |
| &nbsp;&nbsp;&nbsp;Amounts due from related parties |  | (9065) | (38552) |
| &nbsp;&nbsp;&nbsp;Accounts payable |  | 25829 | 1273552 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities |  | 119957 | 162692 |
| &nbsp;&nbsp;&nbsp;Taxes payable |  | 14863 | 438522 |
| &nbsp;&nbsp;&nbsp;Amounts due to related parties |  | 6906 | 50184 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities |  | (8062) | (48510) |
| Net cash (used in)/ provided by operating activities |  | (924185) | 1507849 |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment |  | (52529) | (424465) |
| Net cash used in investing activities |  | (52529) | (424465) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash received from short-term loans |  |  | 420715 |
| &nbsp;&nbsp;&nbsp;Repayment of short-term loans |  |  | (1657) |
| &nbsp;&nbsp;&nbsp;Cash received from long-term loans |  |  | 701146 |
| &nbsp;&nbsp;&nbsp;Repayment of long-term loans |  |  | (6936) |
| &nbsp;&nbsp;&nbsp;Payment for deferred offering cost |  |  | (80000) |
| &nbsp;&nbsp;&nbsp;Cash advanced from related parties |  | 1197713 | 781424 |
| &nbsp;&nbsp;&nbsp;Repayments to related parties |  | (283218) | (2472341) |
| &nbsp;&nbsp;&nbsp;Cash advanced from third parties |  | 279697 | 133292 |
| &nbsp;&nbsp;&nbsp;Repayments to third parties |  | (271888) | (210885) |
| &nbsp;&nbsp;&nbsp;Proceeds from new issuance of Ordinary Shares |  | - | 200000 |
| Net cash provided by/(used in) financing activities |  | 922304 | (535242) |
| **Effect of exchange rate changes on cash** |  | (70636) | 46568 |
| **Net (decrease)/increase in cash and cash equivalents** |  | (125046) | 594710 |
| Cash and cash equivalents at the beginning of the year |  | 164289 | 39243 |
| **Cash and cash equivalents at the end of the year** |  | 39243 | 633953 |
| **Supplemental disclosure information:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income tax |  | 875 | - |
| &nbsp;&nbsp;&nbsp;Cash paid for interest |  | 301 | 26945 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities arising from obtaining right-of-use assets |  | - | 139527 |

---

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

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**RUI HOLDINGS INC<br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br> (Expressed in U.S. Dollars ("$"), except for the number of shares)**

 **1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

 ***(a) Principal activities***

RUI Holdings Inc ("RUI" or the "Company") is a holding company that was incorporated under the laws of the Cayman Islands on February 17, 2025. RUI, through its wholly-owned subsidiaries (collectively referred to as the "Group") is principally engaged in offering integrated facility management services and integrated logistics services.

 ***(b) History and Reorganization of the Group***

The Group's history began with the commencement of operations of RUI International Pte. Ltd., a limited liability company established in Republic of Singapore on January 26, 2024. The Group expands its operation in the Kingdom of Saudi Arabia by acquiring 100% ownership of Aish Alnas, which was under 100% control of Xiang Chen, through RUI International Pte. Ltd. on March 9, 2025. The Group further expands into the UAE by acquiring 50% ownership of RUI International Enterprise LLC, which was under 100% control of Xiang Chen, through RUI International Pte. Ltd. on July 23, 2025. The Group expands its operation into PRC by establishing its 100% owned subsidiary, Ruiwuhang (Shanghai) Information Technology Co. Ltd., on September 13, 2024 and then Ruiwuhang (Shanghai) Information Technology Co. Ltd. acquired Ruiwuhang (Shanghai) facility management Co. Ltd. and its subsidiaries, which was under control of Xiang Chen on September 19, 2024. The Group also established Beijing Ruiwuhang Information Technology Co. Ltd. on May 28, 2025 in the PRC.

As of August 31, 2025, the Group's major subsidiaries were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Date of <br> Incorporation** | **Place of <br> Incorporation** | **Controlled by** | **Percentage <br> of Effective <br> Ownership** | **Principal <br> Activities** |
| RUI International Pte. Ltd. ("RUI Singapore") | 2024/01/26 | Singapore | RUI Holdings Inc. | 100% | Investment holding |
| Aish Alnas For Logistics ("Aish Alnas") | 2024/06/06 | KSA | RUI Singapore | 100% | Operating |
| RUI International Enterprise LLC ("RUI UAE") | 2024/04/19 | UAE | RUI Singapore | 50% | Dormant |
| Ruiwuhang (Shanghai) Information Technology Co. Ltd. ("RUI Shanghai"） | 2024/09/13 | PRC | RUI Singapore | 100% | Investment holding |
| Beijing Ruiwuhang Information Technology Co. Ltd. ("RUI Beijing") | 2025/05/28 | PRC | RUI Singapore | 100% | Dormant |
| Ruiwuhang (Shanghai) Facility Management Co. Ltd. ("RUI Facility Management") | 2021/01/25 | PRC | RUI Shanghai | 100% | Operating |
| Ruiwuhang (Shanghai) Catering Management Co., Ltd. ("RUI Catering") | 2022/09/26 | PRC | RUI Facility Management | 100% | Operating |
| Ruiwuhang (Wuxi) facility management Co. Ltd. ("RUI Wuxi") | 2021/02/02 | PRC | RUI Facility Management | 100% | Operating |
| Jiangsu Ruiwuhang Security Services Co. Ltd. ("RUI Security") | 2022/09/19 | PRC | RUI Facility Management | 100% | Operating, exited to be subsidiary on September 17, 2025 |
| Jiangsu Ruimu Boshi Technology Co. Ltd. ("Jiangsu Ruimu") | 2020/10/14 | PRC | RUI Facility Management | 100% | Operating |
| Company Deep Quest ("Deep Quest") | 2025/05/27 | KSA | Jiangsu Ruimu | 100% | Operating |

---

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***(a) Basis of presentation***

The accompanying consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC").

***(b) Basis of consolidation***

The consolidated financial statements include the financial statements of the Group. All intercompany transactions and balances between the Company and its subsidiaries have been eliminated upon consolidation.

Subsidiaries are entities in which the Company, directly or indirectly, controls more than one half of the voting power, or has the authorities to govern financial and operating policies, appoint or remove a majority of the members of the board of directors, or cast a majority of votes at the meeting of directors.

***(c) Use of estimates***

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the amount of reported revenue, expenses, gains, and losses during the reporting periods in the consolidated financial statements and accompanying notes. Significant accounting estimates include, but not limited to the assessment of the valuation of accounts receivable, notes receivable, other receivables and related allowance for credit losses, useful lives of property and equipment, incremental borrowing rate used in calculation of lease liabilities, impairment assessment of long-lived assets, and valuation allowance for deferred tax assets. The Group bases its estimates and judgements on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.

***(d) Foreign currency***

The Group's reporting currency is United States dollars ("US$," "USD" or "$"). The Group determines its functional currencies based on the criteria of Accounting Standards Codification ("ASC") 830, Foreign Currency Matters. The functional currency of the Group is USD and its subsidiaries in the KSA is Saudi Riyal, in Singapore is Singapore Dollar ("SGD") and in the PRC is Renminbi ("RMB").

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the transactions. Exchange gains and losses resulting from those foreign currency transactions denominated in a currency other than the functional currency are recorded as foreign currency exchange gain or loss included in "Other income/(expenses), net" in the consolidated financial statements of operations and comprehensive loss.

The Company and its subsidiaries with functional currencies other than the USD, translate their operating results and financial position into USD, the Company's reporting currency. Assets and liabilities in reporting currencies other than USD are translated into USD using the applicable exchange rates at the balance sheet date. Equity accounts other than retained earnings generated in current period are translated into USD at the appropriate historical rates. Revenue, expenses, gains and losses are translated into USD using the periodic average exchange rates. The resulting foreign currency translation adjustments are recorded in accumulated other comprehensive loss as a component of shareholders' deficit. The translation rates are obtained from U.S. Federal Reserve Board.

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***(e) Cash and cash equivalents***

Cash and cash equivalents consist of cash held in banks, which are highly liquid and are unrestricted as to withdrawal or use.

***(f) Notes and accounts receivable, net***

Notes and accounts receivable represent the amounts that the Group has an unconditional right to considerations. These receivables are uncollateralized, which include amounts earned less payments received and provision for expected credit losses. Management continually monitors and adjusts its allowances associated with the Company's receivables to address any credit risks associated with the accounts receivable and periodically writes off receivables when collection is not considered probable. The Company does not charge interest on past due accounts. When uncertainty exists as to the collection of receivables, the Company records an allowance for expected credit losses and a corresponding charge to expected credit losses expense.

***(g) Expected credit losses***

Accounts receivable along with components within prepaid expenses and other current assets, net, are presented net of the allowance for expected credit losses, in accordance with ASC Topic 326, *Financial Instruments – Credit Losses*. The Group estimates this allowance using the CECL model, which requires management to make significant judgments regarding the timing and amount of expected losses. These estimates incorporate historical collection experience, current economic conditions, and forward-looking information, including forecasts of factors that may impact customers' ability to pay. The allowance is reassessed regularly and may be adjusted based on changes in economic outlook or customer-specific developments.

The Group uses the aging schedule method to calculate the credit loss and considers the relevant factors of the historical and future conditions of the Group to make reasonable estimation of the risk rate, such as historical credit loss experience, age of receivable balances, current market conditions, reasonable and supportable forecasts of future economic conditions, as well as an assessment of receivables due from specific identifiable counter-parties. The Group assesses collectability by pooling receivables that have similar risk characteristics and evaluates receivables individually when specific receivables no longer share those risk characteristics.

The Group has recognized $6,936 and $40,515 in current expected credit loss expense on other receivables for the fiscal years ended August 31, 2024 and 2025, respectively.

***(h) Property and equipment, net***

 ****

Property and equipment are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Estimated useful lives and residual value are as follows:

---

| | |
|:---|:---|
| **Category** | **Estimated useful lives** |
| Machinery and equipment | 4-5 years |
| Transportation equipment | 5 years |
| Office equipment and furniture | 3 years |
| Leasehold improvement | Over the shorter of the terms or the estimated useful lives |

---

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 operations and comprehensive loss in other income or expenses.

***(i) Impairment of long-lived assets***

The Group's long-lived assets, including property and equipment, operating lease right-of-use assets, and other non-current assets for impairment, whenever events or changes in circumstances indicate that the carrying value may not be recoverable from its estimated future cash flows. Recoverability is measured by comparing the carrying amount of the asset or asset group to the related projected undiscounted cash flows expected to result from the use of the assets or asset group and their eventual disposition, considering a number of factors including past operating results, budgets, economic projections, market trends and product development cycles. If the carrying amount of the assets or assets group exceeds the expected undiscounted cash flows, the Group would recognize an impairment loss based on the fair value of the assets or assets group. No impairment loss on long-lived assets was recorded for the fiscal years ended August 31, 2024 and 2025.

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***(j) Fair value measurement***

Accounting guidance defines fair value as 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 Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

The Group applies ASC 820 *Fair Value Measurements and Disclosures* ("ASC 820") in measuring fair value, which defines fair value, establishes a framework for measuring fair value and requires disclosures to be provided on fair value measurement. ASC 820 establishes a three-tier fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are:

● Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets;

● Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

● Level 3 — Unobservable inputs which are supported by little or no market activity that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

ASC 820 also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Financial assets and liabilities of the Group primarily consist of cash and cash equivalents, notes and accounts receivables, other receivables included in prepaid expenses and other current assets, amount due from related parties, other non-current assets, short-term and long-term loans, operating lease liabilities, accounts payable, deferred revenue, other payables included in accrued expenses and other current liabilities, and amount due to related parties. As of August 31, 2024 and 2025, the carrying amounts of the current financial assets and liabilities approximate their fair values due to the short-term maturity.

***(k) Commitments and contingencies***

In the normal course of business, the Group is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Group recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Group may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter. The Group did not identify any significant commitments or contingencies as of August 31, 2024 and 2025.

***(l) Revenue recognition***

The Group derives its revenue from four main sources: (ⅰ) integrated facility management services, (ⅱ) integrated logistics services, (iii) software development services, and (iv) transportation equipment lease services.

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**<u>Revenue recognized pursuant to ASC 606 *Revenue from Contracts with Customers ("ASC 606")*</u>**

The Group recognizes integrated facility management services, integrated logistics services, and software development services revenue pursuant to ASC 606. In accordance with ASC 606, the core principle is that revenue from contracts with customers is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. Revenue is recorded net of value-added taxes.

The following five steps are applied to achieve that core principle:

Step 1: Identify the contract(s) with a customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

(ⅰ) Integrated facility management services

 ****

The Group enters into service agreements with customers to provide integrated facility management offerings which include security management, fire safety management, energy management, and cleaning and landscaping. The Group determines there is only one single performance obligation in the contract of integrated facility management services as the promised services are not considered capable of being distinct from each other.

The transaction price of integrated facility management services is the fee the Group expects to be entitled to for the service provided which corresponds directly with the value to clients, and the contract is not subject to any financing component. As the integrated facility management services represents a single distinct performance obligation, the entire estimated transaction price is allocated to this performance obligation.

The Group recognizes revenue from providing integrated facility management service over time. Output method is applied for measuring service completion progress, according to which revenue recognition is based on the service completed that would faithfully depicts the Group's performance in transferring control of services promised to customers and can be measured reliably.

The Group acts as the principal and revenue is recognized on a gross basis. The Company is considered as a principal for the satisfaction of performance obligation mainly because the Company is the primary obligor for fulfilling the service promised in the contract, bares the risk of any loss incurred during the service, and is responsible for the instruction and supervision of other parties involved.

(ⅱ) Integrated logistics services

 ****

The Group enters into service agreements with customers to provide comprehensive logistic solutions that cover the supply chain service from customs clearance, land transportation and delivery to designated project sites and determines there is only one single performance obligation in the contract of integrated logistics services as the promise services are not considered capable of being distinct from each other.

The transaction price of integrated logistics services is the fee the Group expects to be entitled to for the service provided which corresponds directly with the value to clients. Some contracts with customers may contain withheld payment provision. The withheld payment is set at a percentage to the accumulated amount of revenue for service delivered and is expected to be collected within one year from the date of performance obligation fulfillment. Therefore, the withheld payment is not considered as financing components. As the integrated logistics service represents a single performance obligation, the entire estimated transaction price is allocated to this performance obligation.

The Group recognizes revenue from providing integrated logistics service over time. Output method is applied for measuring service completion progress, according to which revenue recognition is based on pre-determined unit price and the tonnage or number of containers' transportation services completed that would faithfully depicts the Company's performance in transferring control of services promised to customers and can be measured reliably. The Group acts as the principal based on the facts that the Group retains customers and controls the procedures of the logistics services on its own and, as a result, revenue is recorded on a gross basis.

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(iii) Software development services

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The Company's software development service contracts are primarily on a fixed-price basis with no variable consideration, which require the Group to perform services including designing the software as agreed upon, delivering programming source code and related documents. Upon delivery of the services, customer acceptance is generally required.

There are a list of specification or function modules defined in the contract. Each specification or module are considered interrelated with each other because none of them can be delivered to customers separately. In addition, source code and documentation to be delivered to customers is a package of final deliverables, because if the delivery was without a source code, the documentation is worthless to customer. Maintaining the utility of the software platform developed is part of the bundle of activities stipulated in the contract, and has to be delivered collectively with other activities to the client as a distinct service, *i.e*., to provide a solution to efficient management of the customer's equipment lease; therefore*,* it cannot stand alone as a separate performance obligation, and the obligations are highly interrelated to the final outcomes of the deliverables as a customer requires. As a result, the Group identified that software development service contract contains a single performance obligation, which is to conduct a full package of software development service for the customer as agreed in contracts. The Group considers that the software development contract is not subject to any variable consideration nor financing components. No specific or unspecific upgrade is agreed and therefore no contractual liabilities are accrued.

The Group recognizes revenue from software development service over time considering that the underlying deliverables are contractually or practically restricted in directing an asset for another use, nor creating an asset with an alternative use to the Company, and the Group has an enforceable right to payment for performance completed throughout the duration of the contract. An output method is applied for measuring platform software development services, according to which revenue is recognized based on the percentage of completion of the underlying software development progress. This method would faithfully depict the Company's performance in transferring control of the software development services promised to customers and can be measured reliably. The Group acts as the principal, and revenue is recorded on a gross basis.

**<u>Revenue recognized pursuant to ASC 842 *Lease* ("ASC 842")</u>**

 ****

***Transportation equipment lease services***

The Group recognizes transportation equipment lease revenue under ASC 842, and all the lease contracts are operating leases with lease terms within 12 months. The Group has elected to exclude from revenue and expenses sales taxes and other similar taxes collected from its tenants. The Group leases transportation equipment for its customers and generates rental fees. The price of each contract varies primarily based on the type, volume, and terms of the equipment leased by the customers. The Company's lease contracts typically specify the unit leasing price for each type of equipment. The Group recognizes rental revenue on a monthly basis or at every billable period over the lease term according to the contracts based on the actual usage of the leased equipment, and the future minimum undiscounted lease collections from the contracts existed as of August 31, 2025 is considered not capable of being determined. Renewal of contracts is on a negotiation basis before termination.

The Company started generating revenue from providing transportation equipment lease service since October 2024. For the fiscal year ended August 31, 2025, the Company has no operating lease income of fixed payments and the lease income of variable payments were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | **2024** | **2025** | **2025** |
|  | **USD** | **USD** | **USD** |
| Variable operating lease income |  |  | 2863148 |

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***<u>(m) Contract balances</u>***

Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Group has satisfied its performance obligation and has unconditional right to the payment. Contract assets represent the Company's right to consideration in exchange for goods or services that the Group has transferred to a customer. The Group has nil contract assets recorded on its consolidated balance sheets as of August 31, 2024 and 2025, respectively.

The contract liabilities consist of advances from customers, which represent the cash received in advance for performance obligations to be provided by the Group and will be recognized as revenue when the Group fulfills its performance obligation.

The Company's contract liabilities which were included in deferred revenue amounted to US$0 and US$270,614 as of August 31, 2024 and 2025, respectively. There was no revenue recognized from deferred revenue in the fiscal years ended August 31, 2024 and 2025, respectively.

***(n) Cost of revenue***

Cost of revenue primarily consists of outsourced services expenses, cleaning equipment lease cost, and staff cost for integrated facility management services; the cost of outsourced logistics service providers, custom clearing, and other necessary services needed to fulfill the integrated logistics services; the cost of software development services outsourced to third parties and staff cost for the software development services; and transportation equipment lease cost and depreciation of equipment purchased by the Group for the transportation equipment lease service.

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***(o) Selling, General and administrative expenses***

General and administrative expenses mainly consist of staff cost, rental expenses, office and utilities expenses, selling expenses, travel expenses, depreciation expenses and other expenses related to general corporate functions.

***(p) Research and development expenses***

 ****

Research and development expenses mainly consist of staff cost and rental expenses related to research and development personnel and office spaces.

***(q) Leases***

**<u>From the perspective as lessee</u>**

The Group accounts for leases in accordance with ASC 842, which requires lessees to recognize leases on the consolidated balance sheets in the presentation of operating lease right-of-use assets and operating lease liabilities, and disclose key information about leasing arrangements.

At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company's leases are mainly operating leases. Operating lease assets are included within operating lease right-of-use assets, net and the corresponding lease liabilities are included within operating lease liabilities, current and operating lease liabilities, non-current of the consolidated balance sheets.

The Group has elected not to present short-term leases on the consolidated balance sheets as these leases have a lease term of 12 months or less and do not include options to purchase or renew that the Group is reasonably certain to exercise. The Group recognizes lease expenses for such short-term leases on a straight-line basis over the lease term. All other lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. As the rate implicit in the Group's leases are not readily available, the Group uses the Company's incremental borrowing rate based on the credit quality of the Group and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of each lease at the lease commencement date. The Group recognizes operating lease expense on a straight-line basis over the lease term. Lease terms are based on the non-cancellable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise.

**<u>From the perspective as lessor</u>**

See Note 2 (l) "Revenue recognition, Revenue recognized pursuant to ASC 842 for more discussion.

***(r) Income taxes***

The Group accounts for income taxes under ASC 740 *Income Taxes* ("ASC 740"). Provision for income taxes consists of current taxes and deferred taxes. Current tax is recognized based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases that will be in effect when the differences are expected to reverse. 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 as income or expense in the period including the enactment date. Valuation allowances are established, based on a more-likely-than-not threshold, to reduce deferred tax assets to the amount expected to be realized. The Company's ability to realize deferred tax assets depends on each individual entity's ability to generate sufficient taxable income within the carry forward periods provided for in the tax law.

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The Company's subsidiaries in the PRC, the KSA, and Singapore are subject to the income tax laws of the PRC, the KSA, and Singapore.

The tax authority in the KSA is the Zakat, Tax and Customs Authority ("ZATCA"). The two major direct taxes in the KSA are corporate income tax and "Zakat." Corporate income tax and Zakat are essentially distinguished based on the nationality of the company's shareholders. If directly or indirectly held by foreign investors or citizens of non-GCC member states, a KSA company shall pay corporate income tax at a rate of 20%. Aish Alnas, the subsidiary incorporated in the KSA, was subject to Zakat during the inception to May 31, 2025, and subject to corporate income tax thereafter.

The Group applies a "more-likely-than-not" recognition threshold in the evaluation of uncertain tax positions. The Group recognizes the benefit of a tax position in its consolidated financial statements if the tax position is "more-likely-than-not" to prevail based on the facts and technical merits of the position. Tax positions that meet the "more-likely-than-not" recognition threshold is measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Unrecognized tax benefits may be affected by changes in interpretation of laws, rulings of tax authorities, tax audits, and expiry of statutory limitations. In addition, changes in facts, circumstances and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Accordingly, unrecognized tax benefits are periodically reviewed and re-assessed. Adjustments, if required, are recorded in the Company's consolidated financial statements in the period in which the change that necessities the adjustments occur. The ultimate outcome for a particular tax position may not be determined with certainty prior to the conclusion of a tax audit and, in certain circumstances, a tax appeal or litigation process. The Group records interest and penalties related to unrecognized tax benefits (if any) in income tax expenses.

The Group did not accrue any liability, interest, or penalties related to uncertain tax positions in its provision for income taxes of its consolidated statements of operations and comprehensive loss for the fiscal years ended August 31, 2024 and 2025, respectively. The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

***(s) Value added tax***

 ****

Revenue represents the invoiced value of goods and services, net of value added tax ("VAT"). The VAT is based on gross sales price. VAT applicable rate for subsidiaries in the KSA is at 0% for services received outside of the KSA and 15% for services provided domestically, and for subsidiaries in the PRC is at 3%, 6%, 9%, and 13% depending on the type of services and goods served. VAT taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in accrued expenses and other liabilities.

Subsidiaries incorporated in Cayman Islands and British Virgin Islands are not subject to the VAT under the legal frameworks of their respective jurisdictions.

***(t) Earnings per share***

 ****

The Group computes earnings per share ("EPS") in accordance with ASC 260 *Earnings per Share*, which requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common share outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis of the potential Class A Ordinary Shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential Class A Ordinary Shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

***(u) Comprehensive loss***

The Group applies ASC 220 *Comprehensive Income* with respect to reporting and presentation of comprehensive loss in financial statements. Comprehensive loss is defined to include all changes in equity of the Group during a period arising from transactions and other events and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the fiscal years presented, the Group's comprehensive loss primarily consists of the foreign currency translation adjustment that has been excluded from the determination of net (loss) income.

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***(v) Related parties***

The Group identifies related parties in accordance with ASC 850 *Related Party Disclosures*. Related parties include individuals or entities that directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Group. This includes principal owners, members of management, immediate family members of principal owners and management, and other entities where significant influence exists over management or operating policies.

The Group discloses material related party transactions, including the nature of the relationship, the terms and conditions of the transactions, and their financial impact. Where transactions are conducted on terms equivalent to those prevailing in arm's length transactions, such terms are disclosed, where determinable.

 ****

***(w) Segment reporting***

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 chief operating decision maker ("CODM"), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company's CODM is the chief executive officer, as in his capacity he is responsible for setting strategies and initiatives, establishing policies, allocating resources and assessing the performance of the Company's business segments.

Operating income is the primary measure of business segments' profit or loss that is most consistent with the measurement principles of U.S. GAAP and no items below operating income are allocated to segments. The CODM uses operating income to review financial performance, progress of the Group's strategic initiatives and to determine compensation of segment managers. For the fiscal year ended August 31, 2024, the Group's primary business was integrated facility management service provided to customers in the PRC and the CODM of the Group has identified the Group as one reportable segment in its entirety. For the fiscal year ended August 31, 2025, the CODM of the Group has identified financial information disaggregated by business segments including (i) PRC operation and other regions and (ii) KSA operation for internal management purposes. The Group's CODM makes decisions on resource allocation, evaluates operating performance, and monitors budget versus actual results using operating income. There is no reconciling items or adjustments in operating income between segments and as presented in the Group's consolidated statements of operations. The CODM does not review assets in evaluating the segment results and therefore such information is not presented.

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| | | | |
|:---|:---|:---|:---|
|  | **For the fiscal year ended<br> August 31, 2025** | **For the fiscal year ended<br> August 31, 2025** | **For the fiscal year ended<br> August 31, 2025** |
|  | **PRC and other regions** | **KSA** | **Consolidated** |
|  | **USD** | **USD** | **USD** |
| Revenue | 3557200 | 10110704 | 13667904 |
| Cost of revenue | (2728995) | (8132530) | (10861525) |
| Gross profit | 828205 | 1978174 | 2806379 |
| Selling, general and administrative expenses | (677823) | (630051) | (1307874) |
| Research and development expenses | (92344) |  | (92344) |
| Other expenses, net | (60439) | (2375) | (62814) |
| Income tax expenses | (3317) | (306884) | (310201) |
| Net profits | (5718) | 1038864 | 1033146 |
| Other comprehensive income | 42359 | 83 | 42442 |

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***(x) Recent accounting pronouncements***

The Company expects to be an emerging growth company ("EGC") as defined by the Jumpstart Our Business Startups Act ("JOBS Act"). The JOBS Act provides that an EGC can take advantage of extended transition periods for complying with new or revised accounting standards. This allows an EGC to delay adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to take advantage of the extended transition periods. However, this election will not apply should the Company cease to be classified as an EGC.

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In October 2023, the Financial Accounting Standard Board ("FASB") issued ASU 2023-06 *Disclosure Improvements — Codification Amendments in Response to SEC's Disclosure Update and Simplification Initiative* ("ASU 2023-06"), which amends the disclosure or presentation requirements in the following codification topics and subtopic: 230-10, Statement of Cash Flows — Overall; 250-10, Accounting Changes and Error Corrections — Overall; 260-10, Earnings Per Share — Overall; 270-10, Interim Reporting — Overall; 440-10, Commitments — Overall; 470-10, Debt — Overall; 505-10, Equity — Overall; 815-10, Derivatives and Hedging — Overall; 860-30, Transfers and Servicing — Secured Borrowing and Collateral; 932-235, Extractive Activities — Oil and Gas — Notes to Financial Statements; 946-20, Financial Services — Investment Companies — Investment Group Activities; and 974-10, Real Estate — Real Estate Investment Trusts — Overall. Many of the amendments allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the SEC's requirements. Also, the amendments align the requirements in the Codification with the SEC's regulations. For entities subject to existing SEC disclosure requirements or those that must provide financial statements to the SEC for securities purposes without contractual transfer restrictions, the effective date aligns with the date when the SEC removes the related disclosure from Regulation S-X or Regulation S-K. Early adoption is not allowed. For all other entities, the amendments will be effective two years later from the date of the SEC's removal. The Group is in the process of evaluating the effect of the adoption of ASU 2023-06.

In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure ("ASU 2023-09"). This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. The Group is in the process of evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income— Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). The amendments in this update intend to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions (such as cost of sales, selling, general and administrative expenses, and research and development). ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Group is currently evaluating the impact from the adoption of ASU 2024-03 on its consolidated financial statements.

Recently issued ASUs by the FASB, except for the ones mentioned above, are not expected to have a significant impact on the Company's consolidated results of operations or financial position. Other accounting standards that have been issued or proposed 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 Group 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.

***(y) Significant risk and uncertainties***

***Foreign exchange risk***

The reporting currency of the Company's operations was in USD and the Company's subsidiaries in the KSA, Singapore, and the PRC generally use their respective local currencies as their functional currencies. The Group is mainly exposed to foreign currency risk on fluctuations of USD against functional currency as the translation adjustment. The Group is exposed to foreign exchange risk in respect of operating activities when purchasing of goods and services in geographic areas is using transaction currencies other than USD.

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***Concentration***

***<u>Concentration of customers and suppliers</u>***

The Company's revenue and contract liabilities were generated from the contracts with various customers and one particular customer in KSA, Metallurgical Corporation of China Ltd. Saudi Branch, accounts for 60.62% of the Company's total revenue for the fiscal year ended August 31, 2025 and two customers in PRC, Shanghai Haichang Polar Ocean World Co., Ltd. and Shanghai Wangting Logistics Management Service Co., Ltd., account for 30.55% and 19.34% of the Company's total revenue respectively for the fiscal year ended August 31, 2024.

As of August 31, 2025, 54.78% of the Group's total accounts receivable were collectable from Metallurgical Corporation of China Ltd. Saudi Branch. As of August 31, 2024, 19.74%, 12.03%, and 11.52% of the Group's total accounts receivable were collectable from three different customers, Shanghai Haichang Polar Ocean World Co., Ltd., GE Energy Hangzhou Company Limited, and Shanghai Yingpei Facility Management Services Co., Ltd. respectively.

There was one supplier in the KSA, Shenzhen Minsheng GEFCO Logistics Co., Ltd., accounted for approximately 30.63% of the Group's total purchases for the fiscal year ended August 31, 2025, and one supplier, Shanghai Saying Information Technology Ltd., accounted for approximately 16.57% of the Group's total purchases for the fiscal year ended August 31, 2024.

As of August 31, 2025, 16.52% of the Company's total accounts payable was due to the above particular supplier in the KSA. As of August 31, 2024, 46.52% and 15.98% of the Group's total accounts payable were due to two suppliers, Feizhe Software Wuxi Co., Ltd. and Feizhe Software Wuxi Co., Ltd., respectively.

The Group started its operation in KSA with Metallurgical Corporation of China Ltd. Saudi Branch in KSA in the beginning of fiscal year 2025 and expanded its clientele into more than dozen customers in KSA in the second half of the fiscal year ended August 31, 2025. The Group mitigates its overall concentration risk by engaging with various clients and providing different streams of revenue to these clients, and also engaging with various suppliers in both KSA and PRC.

***Credit risk***

Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, notes and accounts receivables, amounts due from related parties, and deposits and other receivables within prepaid expenses and other current assets. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. All of the Company's cash and cash equivalents are held with financial institutions that Company's management believes to be in high credit quality. Based on the Company's historical experiences in collection of other receivables and amounts due from related parties, including the related parties and third parties' repayment history and their creditworthiness, the Group considers the credit risk of collectability of these receivables to be low. Management regularly conducts assessments on expected credit losses arising from non-performance by these counterparties.

***Interest rate risk***

The Group is exposed to interest rate risk arising from cash and cash equivalents, amounts due from related parties, short-term and long-term bank loans and amount due to related parties. The Group expected no material risk from changes in market interest rates, and did not use any derivative financial instruments to manage the interest rate risk exposure during the fiscal years ended August 31, 2024 and 2025.

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***(z) Revenue Disaggregation***

The following is a summary of the Group's segregated revenue by revenue streams:

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| | | |
|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| *Revenue* |  |  |
| Integrated facility management services | 3039055 | 3126119 |
| Integrated logistics services |  | 6438886 |
| Transportation equipment lease services |  | 2863148 |
| Software development services |  | 920810 |
| Other services | 104501 | 318941 |
| **Total revenue** | **3143556** | **13667904** |

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The following is a summary of the Group's segregated revenue by geography:

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| | | |
|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| *Revenue* |  |  |
| The Kingdom of Saudi Arabia |  | 10110704 |
| People's Republic of China | 3143556 | 3485994 |
| Other regions | - | 71206 |
| **Total revenue** | **3143556** | **13667904** |

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The following is a summary of the Group's segregated revenue by timing of revenue recognition:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **USD** | **USD** | **USD** | **USD** |
| *Revenue* | | | | |
| Over time |  | 3143556 |  | 13667904 |

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**3. CASH AND CASH EQUIVALENTS**

Cash and cash equivalents comprise cash at commercial banks in Singapore, the KSA, and the PRC, there is no restricted cash as of August 31, 2025 and 2024 respectively.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **USD** | **USD** | **USD** | **USD** |
| Cash and cash equivalents |  | 39243 |  | 633953 |

---

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

**4. NOTES AND ACCOUNTS RECEIVABLE, NET**

Notes and accounts receivable, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| &nbsp;&nbsp;Notes receivable |  | 26869 |
| &nbsp;&nbsp;Accounts receivable | 501427 | 1726946 |
| &nbsp;&nbsp;Less: allowance for credit losses | - | - |
| &nbsp;&nbsp;**Notes and accounts receivable, net** | **501427** | **1753815** |

---

There was no balance of allowance for credit losses for notes and accounts receivable as of August 31, 2024 and 2025, respectively. No credit losses provision was made or written off for the fiscal years ended August 31, 2024 and 2025, respectively.

**5. PREPAYMENTS AND OTHER CURRENT ASSETS, NET**

Prepayments and other current assets, net, consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| Prepaid rents <sup>(1)</sup> | 9883 | 169292 |
| Advances to suppliers <sup>(2)</sup> | 9435 | 48824 |
| Prepaid input value-added taxes | 63125 | 77604 |
| Deposits | 22460 | 33507 |
| Receivables from third parties <sup>(3)</sup> | 68127 | 17546 |
| Deferred offering costs |  | 80000 |
| Less: allowance for credit losses | - | - |
| **Prepayments and other current assets, net** | **173030** | **426773** |

---

(1) Prepaid
 rents mainly represent prepayments for leased premises to be leased out to local
 lessees.

(2) Advances
 to suppliers mainly represent advanced payments to suppliers for purchase of equipment in
 the PRC as of August 31, 2024 and for advanced logistics payments to suppliers in the KSA
 as of August 31, 2025.

(3) Receivables
 from third parties mainly represent short-term cash advances made to third parties for potential
 co-operating projects.

There was no balance of allowance for credit losses for other receivable as of August 31, 2024 and August 31, 2025, respectively. US$40,515 and US$6,936 credit loss provision was made and written off for the fiscal years ended August 31, 2024 and 2025, respectively.

**6. LEASE**

**From the perspective of lessee**

The Group's lease portfolio includes office space, machinery equipment, and apartments located in the PRC and the KSA. These assets are held for either the Group's own use or for subleasing. As of and for the fiscal year ended August 31, 2024, there was no lease contract beyond 12 months identified under ASC 842. As of and for the fiscal year ended August 31, 2025, all leases were classified as operating leases under ASC 842.

The Group recognized right-of-use ("ROU") assets and corresponding lease liabilities on its consolidated balance sheets in accordance with ASC 842. The ROU assets are amortized on a straight-line basis over the respective lease terms. As of August 31, 2025, the weighted-average remaining lease terms for the Group's active leases was approximately 2.22 years. As of August 31, 2025, the weighted average discount rate for the Group's active leases was 3.38%. Operating lease right-of-use assets, net consisted of the following:

---

| | |
|:---|:---|
|  | **As of<br> August 31,**<br>**2025** |
|  | **USD** |
| Original value of operating lease right of use asset | 140752 |
| Less: Amortization of operating lease right-of-use asset | (25047) |
| **Operating lease right-of-use assets, net** | **115705** |

---

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

Operating lease liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of<br> August 31,** | **As of<br> August 31,** |
|  | **2025** | **2025** |
|  | **USD** | **USD** |
| Operating lease liabilities, current |  | 55751 |
| Operating lease liabilities, non-current | | 40,249 |
| **Operating lease liabilities** | | **96,000** |

---

The Company's operating lease expenses are recognized in cost of revenue, selling, marketing, general and administrative expenses, research and development expenses in the consolidated statements of operations and comprehensive income. For the fiscal year ended August 31, 2024, the Group recognized operating lease expenses of US$24,988 and short-term lease expenses of US$40,740. For the fiscal year ended August 31, 2025, the Group recognized operating lease expenses of US$26,379 and short-term lease expense of US$2,661,126, respectively.

Cash paid for operating leases was US$50,452 and US$2,970,395 for the fiscal years ended August 31, 2024 and 2025, respectively.

The following table summarizes the maturity of operating lease liabilities as of August 31, 2025:

---

| | |
|:---|:---|
|  | **As of <br> August 31,**<br>**2025** |
|  | **USD** |
| Within 1 year | 56602 |
| 1 - 2 years | 41945 |
| **Total undiscounted lease payments** | **98547** |
| Less: imputed interest | (2547) |
| **Present value of lease liabilities** | **96000** |
| Amounts due within 12 months | 55751 |
| Long-term lease liabilities | 40249 |

---

**7. PROPERTY AND EQUIPMENT, NET**

Property and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| Machinery and equipment | 34098 | 825104 |
| Transportation equipment | 85947 | 85460 |
| Office equipment and furniture | 9796 | 27304 |
| Leasehold improvement | 20457 | 37711 |
| **Subtotal** | 150298 | 975579 |
| Less: accumulated depreciation | (47010) | (101204) |
| **Property and equipment, net** | **103288** | **874375** |

---

The Group recognized depreciation expenses of property and equipment amounted to US$23,924 and US$54,640 for the fiscal years ended August 31, 2024 and 2025, respectively.

For the fiscal year ended August 31, 2025, the Group disposed of property and equipment with cost of $637 with accumulated depreciation $605 resulting in disposal loss of $32.

**8. OTHER NON-CURRENT ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2024** | **2025** | **2025** |
|  | **USD** | **USD** | **USD** | **USD** |
| Deposits, non-current |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 11220 |

---

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

**9. SHORT-TERM LOANS**

As of August 31, 2024, the Group did not have any outstanding short-term loans. Short-term loans as of August 31, 2025 consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal <br> Amount** | **Annual<br> Interest<br> Rate** | **Contract<br> Term** |
|  | **USD** | | |
| Bank of Shanghai | 419058 | 3.60% | 2025/02/10 –2026/02/10 |
| **Short-term loan** | **419058** |  |  |

---

The short-term bank loan is guaranteed by the Company's chief financial officer and founding shareholder, Mr. Xiang Chen.

**10. ACCOUNTS PAYABLE**

Accounts payable consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| Accounts payable for services | 175792 | 1449344 |
| Accounts payable for equipment purchase | 33427 | 429538 |
| **Accounts payable** | **209219** | **1878882** |

---

**11. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES**

Accrued expenses and other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| Deferred revenue <sup>(1)</sup> |  | 270614 |
| Cash advances payable to third parties | 286319 | 208725 |
| Accrued payroll and employee benefits | 269439 | 108094 |
| Deposits payable |  | 35977 |
| Advances from customers | 14104 |  |
| Other payables to third parties | 34847 | 66396 |
| **Accrued expenses and other current liabilities** | **604709** | **689806** |

---

(1) Deferred
 revenue mainly represents premises rental fee received in advance from lessees in the KAS
 for leasing services to be rendered within next 12 months.

(2) Cash
 advances payable to third parties are cash received from third parties without interests
 and maturity dates.

**12. LONG-TERM LOANS**

As of August 31, 2024, the Group did not have any outstanding long-term loans. Long-term loans as of August 31, 2025 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of<br> August 31,<br> 2025** | **As of<br> August 31,<br> 2025** |
|  | **USD** | **USD** |
| China CITIC Bank |  | 694210 |
| Less: loan principal due within 12 months | | 14,024 |
| **Long-term loans** | | 680,186 |

---

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

The long-term bank loans described above represented the outstanding balance from a line of credit obtained from China CITIC Bank on September 27, 2024, in a total amount of US$1,079,883 with its maturity date on September 27, 2029. Standalone interest rate and maturity date will be determined along with each withdrawal. This line of credit is guaranteed by the Company's chief financial officer and founding shareholder, Mr. Xiang Chen, and mortgaged against a real estate property owned by Mr. Xiang Chen located in Wuxi, Jiangsu Province, PRC.

On September 29, 2024, the Group withdrew US$420,734 from the above line of credit with a maturity date of September 29, 2027, repayable of 1% of the loan every half year for five installment repayments from March 20, 2025 and 95% of the loan on the maturity date, and bearing interest rate of 3%.

On November 13, 2024, the Group withdrew USD$280,489 from the above line of credit with a maturity date of November 13, 2027, repayable of 1% of the loan every half year for five installment repayments from April 20, 2025 and 95% of the loan on the maturity date, and bearing interest rate of 2.85%.

**13. RELATED PARTY BALANCES AND TRANSACTIONS**

The Group records transactions with various related parties. These related party balances as of August 31, 2024 and 2025 and transactions for the fiscal years ended August 31, 2024 and 2025 are identified as follows:

**(1) Related party with transactions and related party relationships**

---

| | |
|:---|:---|
| **Name of Related Party** | **Relationship to the Company** |
| Xiang Chen | Chief financial officer, shareholder, and director of the Company |
| Peng Yu | Chief executive officer and shareholder of the Company |
| Ping Wu | Immediate family member of Xiang Chen, and shareholder of the Company |
| Minzhi Tong | Senior management of the Group and shareholder of the company |
| Ruiwuhang (Shanghai) Corporate Management Co. Ltd. | An entity of which Minzhi Tong acts as the legal representative |
| Wuxi Wuyue Drinking Water Co. Ltd. | An entity in which Xiang Chen holds 70% equity interests and acts as the legal representative |
| Wuxi Baiqun Internet Technology Co. Ltd. | An entity in which Ping Wu holds 49% equity interests and acts as the legal representative |
| Jinshi (Shanghai) Corporate Management Co. Ltd. | An entity in which Minzhi Tong holds 90% equity interests and acts as the legal representative |
| Beijing Ruiwuhang Management Consulting Co. Ltd. | An entity controlled collectively by Xiang Chen and Peng Yu |
| Wuxi Xinzhongxing Human Resources Service Co. Ltd. | An entity in which Ping Wu is the legal representative and has minority equity interests |
| Shanghai Aobo Technology Co. Ltd. | An entity 100% controlled by Ping Wu |
| Jiangsu Ruiwuhang Zhilian Technology Co. Ltd. | An entity which is 49.5% owned by Jiangsu RUI Security Service Co. Ltd. |
| Wuxi Shenrui Commercial Technology Co. Ltd. | An entity in which Xiang Chen holds 70% equity interests |
| Wuxi Zhitianxin Industrial Service Outsourcing Ltd. | An entity in which Xiang Chen acts as a senior management |

---

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

**(2) Significant Related Party Transactions**

---

| | | |
|:---|:---|:---|
| **Sales to a related party** | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| Wuxi Xinzhongxing Human Resources Service Co. Ltd. |  | 52218 |
| **Total** |  | **52218** |

---

The Group provided market research consulting service to the related party.

**Purchases from related parties**

---

| | | |
|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| Wuxi Xinzhongxing Human Resources Service Co. Ltd. <sup>(1)</sup> | 37972 | 46298 |
| Ruiwuhang (Shanghai) Corporate Management Co. Ltd. <sup>(1)</sup> |  | 19630 |
| Shanghai Aobo Technology Co. Ltd. <sup>(2)</sup> | - | 9042 |
| **Total** | **37972** | **74970** |

---

(1) Beijing
 Ruiwuhang Management Consulting Co. Ltd. and Wuxi Xinzhongxing Human Resources Service Co.
 Ltd. provided facility management outsourcing service to the Group for its integrated
 facility management service business.

(2) Shanghai
 Aobo Technology Co. Ltd. sold small tools to the Group for its integrated facility management
 service business.

**(3) Cash advances to related parties**

---

| | | |
|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| Xiang Chen <sup>(1)</sup> |  | 479136 |
| Wuxi Wuyue Drinking Water Co. Ltd. <sup>(2)</sup> | 8829 | - |
| **Total** | **8829** | **479136** |

---

(1) The cash advances provided to Xiang Chen are interest-free.
As of August 31, 2025, the outstanding balance of US$479,136 was netted off with the outstanding balance of US$328,087 amounts
due to Wuxi Baiqun Internet Technology Co. Ltd. and US$151,049 amounts due to Wuxi Wuyue Drinking Water Co. Ltd., respectively. All cash advances to Xiang Chen have been repaid during the reporting period.

(2) The cash advances provided to Wuxi Wuyue Drinking Water Co.
Ltd. represent interest-free advances to support the business operations of Wuxi Wuyue Drinking Water Co. Ltd. The outstanding amounts
were fully repaid by Wuxi Wuyue Drinking Water Co. Ltd. in 2025.

**(4) Cash advances from related parties**

---

| | | |
|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| Xiang Chen | 138464 | 170620 |
| Ping Wu | 34616 | 177091 |
| Wuxi Baiqun Internet Technology Co. Ltd. | 706166 | 5549 |
| Wuxi Zhitianxin Industrial Service Outsourcing Ltd. | 276928 |  |
| Wuxi Wuyue Drinking Water Co. Ltd. |  | 268586 |
| Jinshi (Shanghai) Corporate Management Co. Ltd. |  | 151893 |
| Beijing Ruiwuhang Management Consulting Co. Ltd. | 41539 |  |
| Jiangsu Ruiwuhang Zhilian Technology Co. Ltd. | - | 7685 |
| **Total** | **1197713** | **781424** |

---

As of and during the fiscal years ended August 31, 2024 and 2025, the Company has obtained in total US$1,197,713 and US$781,424 cash advances credits from the above listed related parties, respectively. The cash advances obtained are for temporary operation supports and the Company may repay at its discretion while the related parties would not request for repayments before August 31, 2028.

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

**(5) Amounts due from related parties**

---

| | | |
|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| Wuxi Xinzhongxing Human Resources Service Co., Ltd. <sup>(1)</sup> |  | 41884 |
| Xiang Chen <sup>(2)</sup> |  | 2805 |
| Wuxi Baiqun Internet Technology Co. Ltd. <sup>(3)</sup> |  | 2104 |
| Shanghai Aobo Technology Co. Ltd. <sup>(4)</sup> |  | 822 |
| Wuxi Wuyue Drinking Water Co. Ltd. <sup>(5)</sup> | 8993 |  |
| Ruiwuhang (Shanghai) Corporate Management Co. Ltd. <sup>(6)</sup> | 71 | - |
| **Total** | **9064** | **47615** |

---

(1) The
 amounts due from Wuxi Xinzhongxing Human Resources Services Co. Ltd. represent an accounts
 receivable of a service the Company provided to Wuxi Xinzhongxing Human Resources Services
 Co. Ltd. The amounts are expected to be repaid in the fiscal year ending August 31,
 2026.

(2) The amounts due from Xiang Chen represent an allowance the Company
made to Xiang Chen. The amounts are expected to be repaid in the fiscal year ending August 31, 2026.

(3) The amounts due from Wuxi Baiqun Internet Technology Co. Ltd.
represent interest-free cash advances with no expiration date provided by the Company to Wuxi Baiquan Internate Technology Co. Ltd. The
amounts are expected to be repaid in the fiscal year ending August 31, 2026.

(4) The amounts due from Shanghai Aobo Technology Co. Ltd. represent
interest-free cash advances with no expiration date provided by the Company to Shanghai Aobo Technology Co. Ltd. The amounts are expected
to be repaid in the fiscal year ending August 31, 2026.

(5) The amounts due from Wuxi Wuyue Drinking Water Co. Ltd. represent
interest-free cash advances with no expiration date provided by the Company to Wuxi Wuyue Drinking Water Co. Ltd. The amounts are expected
to be repaid in the fiscal year ending August 31, 2026.

(6) The amounts due from Ruiwuhang (Shanghai) Corporate Management
Co. Ltd. represent interest-free cash advances with no expiration date provided by the Company to Ruiwuhang (Shanghai) Corporate Management
Co. Ltd. The amounts are expected to be repaid in the fiscal year ending August 31, 2026.

**(6) Amounts due to related parties**

---

| | | |
|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| Xiang Chen <sup>(1)</sup> | 219451 |  |
| Peng Yu <sup>(2)</sup> | 6883 | 46817 |
| Ping Wu <sup>(3)</sup> | 1191820 | 185016 |
| Minzhi Tong <sup>(4)</sup> | 161 | 631 |
| Wuxi Baiqun Internet Technology Co. Ltd. <sup>(5)</sup> | 654443 | 225769 |
| Jinshi (Shanghai) Corporate Management Co. Ltd. <sup>(6)</sup> | 479549 | 490155 |
| Beijing Ruiwuhang Management Consulting Co. Ltd. <sup>(7)</sup> | 42313 |  |
| Wuxi Xinzhongxing Human Resources Service Co. Ltd. <sup>(8)</sup> | 409027 | 406709 |
| Wuxi Zhitianxin Industrial Service Outsourcing Ltd. <sup>(9)</sup> | 282087 | 280489 |
| Wuxi Wuyue Drinking Water Co. Ltd. <sup>(10)</sup> |  | 1645 |
| Jiangsu Ruiwuhang Zhilian Technology Co. Ltd. <sup>(11)</sup> | - | 7770 |
| **Total** | **3285734** | **1645001** |

---

(1) The amounts due to Xiang Chen represent interest-free cash advances
provided by Xiang Chen to the Company, which will not be requested for repayment before August 31, 2028.

(2) The amounts due to Peng Yu represent interest-free cash advances
provided by Peng Yu to the Company, which will not be requested for repayment before August 31, 2028.

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

(3) The amounts due to Ping Wu represent interest-free cash advances
provided by Ping Wu to the Company, which will not be requested for repayment before August 31, 2028.

(4) The amounts due to Minzhi Tong represent interest-free cash
advances provided by Minzhi Tong to the Company, which will not be requested for repayment before August 31, 2028.

(5) The amounts due to Wuxi Baiqun Internet Technology Co. Ltd.
represent interest-free cash advances provided by Wuxi Baiqun Internet Technology Co. Ltd. to the Company, which will not be requested
for repayment before August 31, 2028.

(6) The amounts due to Jinshi (Shanghai) Corporate Management Co.
Ltd. represent interest-free cash advances provided by Jinshi (Shanghai) Corporate Management Co. Ltd. to the Company, which will not
be requested for repayment before August 31, 2028.

(7) The amounts due to Beijing Ruiwuhang Management Consulting Co.
Ltd. represent interest-free cash advances provided by Beijing Ruiwuhang Management Consulting Co. Ltd. to the Company, which will not
be requested for repayment before August 31, 2028.

(8) The amounts due to Wuxi Xinzhongxing Human Resources Service
Co. Ltd. represent interest-free cash advances provided by Wuxi Xinzhongxing Human Resources Service Co. Ltd. to the Company, which will
not be requested for repayment before August 31, 2028.

(9) The amounts due to Wuxi Zhitianxin Industrial Service Outsourcing
Ltd. represent interest-free cash advances provided by Wuxi Zhitianxin Industrial Service Outsourcing Ltd. to the Company, which will
not be requested for repayment before August 31, 2028.

(10) The amounts due to Wuxi Wuyue Drinking Water Co. Ltd. represent
interest-free cash advances provided by Wuxi Wuyue Drinking Water Co. Ltd. to the Company, which will not be requested for repayment
before August 31, 2028.

(11) The amounts due to Jiangsu Ruiwuhang Zhilian Technology Co.
Ltd. represent interest-free cash advances provided by Jiangsu Ruiwuhang Zhilian Technology Co. Ltd. to the Company, which will not be
requested for repayment before August 31, 2028.

**14. EQUITY**

**Ordinary Shares**

The Group was incorporated under the laws of the Cayman Islands with authorized share capital of 500,000,000 ordinary shares at par value of $0.0001 each. As of August 31, 2025, 31,125,000 ordinary shares were issued.

Retrospectively, the Group was established in Singapore on January 26, 2024 with authorized ordinary shares of 1,000,000 at par value of $0.01 each. The Group issued 666,800 ordinary shares to MAIS Holdings Limited, 33,300 ordinary shares to PhoenixOne Holding Limited, 133,300 ordinary shares to Ridgehall Services Pte. Ltd., 83,300 ordinary shares to Vertex Ventures Holding Limited, and 83,300 ordinary shares to Ruipal Holding Limited on the same day, all with consideration at par value.

On July 12, 2024, Ruipal Holding Limited transferred all of its shares to four other shareholders. After the share transfer, MAIS Holding Limited had 500,000 ordinary shares, PhoenixOne Holdings Limited had 33,300 ordinary shares, Ridgehall Services Pte. Ltd. had 133,300 ordinary shares, and Vertex Ventures Holding Limited had 333,400 ordinary shares.

On February 17, 2025, the Company was incorporated in Cayman Islands with authorized ordinary shares of 500,000,000, $0.0001 par value, and 1 ordinary share issued to MAIS Holding Limited. On May 16, 2025, the Group issued 14,999,999 ordinary shares to MAIS Holding Limited, 999,000 ordinary shares to PhoenixOne Holding Limited, 3,999,000 to Ridgehall Services Pte. Ltd., and 10,002,000 to Vertex Ventures Holding Limited, all with consideration at par value.

On June 10, 2025, the Group issued 1,125,000 ordinary shares to Zenith Capital LLP for consideration of US$500,000. As of August 31 2025, the Group had received US$200,000 from this shareholder.

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

**Statutory reserve and restricted net assets**

As stipulated by relevant PRC laws and regulations, the Company's subsidiaries and affiliated entities in the mainland PRC (exclusive of Hong Kong) must take appropriations from tax profit to non-distributive funds. These reserves include general reserve and the development reserve.

The statutory reserve requires annual appropriation 10% of after-tax profits at each year-end until the balance reaches 50% of a mainland PRC company's registered capital. Other reserve is set aside at the Company's discretion. These reserves can only be used for general enterprise expansion and are not distributable as cash dividends. No general reserve were provided as of August 31, 2024 and 2025, respectively due to the accumulated deficit.

**15. TAXES**

TAXATION

The entities within the Group file separate tax returns in the respective tax jurisdictions in which they operate.

***Cayman Islands***

The Group incorporated in the Cayman Islands as an exempted Group with limited liability under the Companies Act of the Cayman Islands and, accordingly, is exempted from Cayman Islands income tax. As such, the Group is not subject to tax on either income or capital gain for the fiscal years ended August 31, 2024 and 2025.

***Singapore***

The Company's subsidiary incorporated in Singapore is subject to Singapore tax laws, and the Singapore corporate income tax rate varies from year to year. For the fiscal years ended August 31, 2025 and 2024, the corporate income tax rate ("CIT") was 17% combined with different applicable CIT rebate rate and CIT cash rebate applicable to different taxable profit range and different CIT cash rebate amount. The Group accrued corporate income taxes of $3,317 according to the applicable tax rates for the fiscal year ended August 31, 2025 and nil corporate income taxes in the fiscal year ended August 31, 2024 as there was an operating loss of $2,444 in the year.

***The Kingdom of Saudi Arabia***

The Company's subsidiary incorporated in KSA is subject to corporate income tax since June 1, 2025. The corporate income tax was accrued at $306,884.30 for the fiscal year ended August 31, 2025.

***People's Republic of China***

Pursuant to the Enterprise Income Tax Law of the PRC and its implementation rules, the Company's subsidiaries incorporated in PRC are subject to enterprise income tax at a uniform rate of 25% for the fiscal years ended August 31, 2024 and 2025.

Income tax expenses of $875 and $nil were recognized for the PRC Subsidiaries for the fiscal years ended August 31, 2024 and 2025, respectively. No deferred income tax benefit or losses were recognized for the fiscal years ended August 31, 2024 and 2025.

**i) The components of the income tax provision are as follows:**

---

| | | |
|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| Current tax expense | 875 | 310201 |
| Deferred tax expense (benefit) | - | - |
| **Total income tax expenses (benefit)** | **875** | **310201** |

---

Income (losses) before provision for income taxes is attributable to the following geographic locations for the fiscal years ended August 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| Cayman Islands |  | (137212) |
| Singapore | (2444) | 82339 |
| The Kingdom of Saudi Arabia | (3847) | 1345749 |
| People's Republic of China | (947326) | 91382 |
| Elimination | - | (38911) |
| **Total (Loss)/Income before Income Taxes** | **(953617)** | **1343347** |

---

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

**ii) Reconciliation**

The following table reconciles the Singapore statutory rate to the Singapore subsidiary's effective tax rates:

---

| | | |
|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | **2024** | **2025** |
| Tax at statutory tax rate | 17.00% | 17.00% |
| Non-deductible expenses | (13.59)% |  |
| Preferential rate |  | (12.87%) |
| Valuation allowance | (3.41)% | (0.10%) |
| **Effective Tax Rate** | - | 4.03% |

---

The following table reconciles the KSA statutory rate to the KSA subsidiary's effective tax rates:

---

| | | |
|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | **2024** | **2025** |
| Tax at statutory tax rate | 20.00% | 20.00% |
| Non-deductible expenses | (20.00)% | 2.80% |
| **Effective Tax Rate** | - | 22.80% |

---

The following table reconciles the PRC statutory rate to the PRC Subsidiaries' effective tax rates:

---

| | | |
|:---|:---|:---|
|  | **For the fiscal years ended <br> August 31,** | **For the fiscal years ended <br> August 31,** |
|  | **2024** | **2025** |
| Tax at statutory tax rate | 25.00% | 25.00% |
| Non-deductible items | (1.40)% | 52.75% |
| Tax losses not recognized | (23.69)% |  |
| Tax effect on previous tax losses utilization | - | (77.75)% |
| **Effective Tax Rate** | (0.09)% | - |

---

iii) The following table summarizes deferred tax assets and liabilities resulting from differences between financial accounting basis and tax basis of assets and liabilities:

---

| | | |
|:---|:---|:---|
|  | **As of August 31,** | **As of August 31,** |
|  | **2024** | **2025** |
|  | **USD** | **USD** |
| **Deferred tax assets:** |  |  |
| Net operating losses | 760327 | 732634 |
| **Total deferred tax assets** | **760327** | **732634** |
| &nbsp;&nbsp;&nbsp;Less: Valuation allowance | (760327) | (732634) |
| **Total deferred tax assets, net of valuation allowance** | **-** | **-** |

---

As of August 31, 2025, net operating loss carry forward will expire, if unused, in the following amounts:

---

| | |
|:---|:---|
|  | **For the fiscal years ended August 31,** |
|  | **2025** |
|  | **USD** |
| 2026 | 337789 |
| 2027 | 588466 |
| 2028 | 266667 |
| 2029 | 470909 |
| 2030 | 692326 |
| 2031 | 574379 |
| **Total** | **2930536** |

---

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

**16. COMMITMENTS AND CONTINGENCIES**

**<u>Commitments</u>**

The Group had no purchase commitment as of August 31, 2024 and August 31, 2025. The information of lease commitments is provided in Note 6.

**<u>Contingencies</u>**

From time to time, the Group is subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. Although the outcomes of these legal proceedings cannot be predicted, the Group does not believe these actions, in the aggregate, will have a material adverse impact on its financial position, results of operations or liquidity. As of December 15, 2025, the Group has no significant outstanding litigation.

**17. SUBSEQUENT EVENTS**

The Group evaluated subsequent events and transactions that occurred after the most recent balance sheet date up to December 15, 2025, the date on which the financial statements were available to be issued. Based on the review, the Group identify the following material subsequent events.

The Group issued 3,500,000 Class B Ordinary Shares with par value of US$0.0001 each and consideration of $350 to Serenity Prime Limited on October 30, 2025.

On November 20, 2025, the Group created two new classes of shares, being Class A Ordinary Shares of par value US$0.0001 each and Class B Ordinary Shares of par value US$0.0001 each, by converting, re-classifying, and re-designating all the 34,625,000 issued shares of par value US$0.0001 each held by the shareholders of the Company. As a result, the Company has divided its authorized share capital into 450,000,000 Class A Ordinary Shares of par value US$0.0001 each and 50,000,000 Class B Ordinary Shares of par value US$0.0001 each.

The Company has already retrospectively reflected the above subsequent events in the financial reports.

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

Until [●], 2026 (the 25th day after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

***4,000,000 Class A Ordinary Shares***

![](image_001.jpg)

**RUI Holding Inc**

![](image_002.jpg)

**Cathay Securities, Inc.**

Prospectus dated [●], 2026

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

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.**

The Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Memorandum and Articles of Association permit indemnification of our directors and officers for costs, losses, damages and expenses incurred in their capacities as such unless such losses or damages arise from actual fraud or willful default or as otherwise required by law.

Pursuant to indemnification agreements, the form of which is filed as Exhibit 10.2 to this registration statement, we have agreed to indemnify our independent directors against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director.

The Underwriting Agreement, the form of which is filed as Exhibit 1.1 to this registration statement, will also provide for indemnification of us and our officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES.**

During the past three years, we have issued the following securities which were not registered under the Securities Act. We believe that each of the following issuance was exempt from registration under the Securities Act in reliance on Regulation D under the Securities Act or pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

---

| | | | |
|:---|:---|:---|:---|
| **Securities/Purchaser** | **Date of <br> Issuance** | **Number of<br> Securities** | **Consideration** |
| ICS Corporate Services (Cayman) Limited | February 17, 2025 | 1<sup>(1)</sup> | $0.0001 |
| MAIS Holding Limited | May 16, 2025 | 14999999<sup>(2)</sup> | $14999.9999 |
| Vertex Ventures Holding Limited | May 16, 2025 | 10002000<sup>(3)</sup> | $1000.2 |
| RIDGEHALL SERVICES PTE. LTD. | May 16, 2025 | 3999000<sup>(4)</sup> | $399.9 |
| PhoenixOne Holding Limited | May 16, 2025 | 999000<sup>(5)</sup> | $99.9 |
| ZENITH CAPTIAL I LP | June 10, 2025 | 1125000 | $500000 |
| Serenity Prime Limited | October 30, 2025 | 3500000 | $350 |

---

(1) On
 February 17, 2025, ICS Corporate Services (Cayman) Limited transferred 1 ordinary share it
 was holding to MAIS Holding Limited.

(2) On September 3, 2025, MAIS Holding Limited transferred 2,317,500,
4,215,000, 748,500, 4,215,000 and 1,725,000 ordinary shares it was holding to RUI Unity Co., Ltd., RUI Horizon Holding Ltd., RIDGHALL
SERVICES PTE. LTD., Southenlake Holding Ltd., and MMG Holding Ltd, respectively.

(3) On
 September 3, 2025, Vertex Ventures Holding Limited transferred 1,522,500, 1,540,000, 79,500,
 1,505,000, and 5,355,000 ordinary shares it was holding to Elyseum Limited, Vexara Dynamics
 Limited, RUI Unity Co., Ltd., Frost Peak Investment Limited, and Serenity Prime Limited,
 respectively.

(4) On
 October 30, 2025, RIDGHALL SERVICES PTE. LTD. transferred 1,325,000 ordinary shares it was
 holding to Serenity Prime Limited.

(5) On
 September 3, 2025, PhoenixOne Holding Limited transferred 999,000 ordinary shares it was
 holding to RUI Unity Co., Ltd.

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

**ITEM 8. *EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.***

**(a) Exhibits**

See Exhibit Index beginning on page II-5 of this registration statement.

**(b) Financial Statement Schedules**

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the Consolidated Financial Statements or the Notes thereto.

**ITEM 9. *UNDERTAKINGS.***

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

(a) The
 undersigned Registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) for
 purposes of determining any liability under the Securities Act, the information omitted from
 the form of prospectus filed as part of this registration statement in reliance upon Rule
 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1)
 or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration
 statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Shanghai, the People's Republic of China, on May 22, 2026.

---

| | |
|:---|:---|
| RUI Holding Inc | RUI Holding Inc |
| By: | /s/ Xiang Chen |
|  | Xiang Chen |
|  | Chief Financial Officer and Director<br> (Principal Accounting and Financial Officer) |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Peng Yu | Chief Executive Officer and Director | May 22, 2026 |
| Name: Peng Yu | (Principal Executive Officer) |  |
| /s/ Xiang Chen | Chief Financial Officer and Director | May 22, 2026 |
| Name: Xiang Chen | (Principal Accounting and Financial Officer) |  |
| /s/ Lim Choon San | Chief Operating Officer and Director | May 22, 2026 |
| Name: Lim Choon San |  |  |
| /s/ Ooi Kok Ling | Chief Marketing Officer and Director | May 22, 2026 |
| Name: Ooi Kok Ling |  |  |
| /s/ Manli Zhang Robinson | Chief Compliance Officer and Director | May 22, 2026 |
| Name: Manli Zhang Robinson |  |  |

---

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

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933 as amended, the undersigned, the duly authorized representative in the United States of RUI Holdings Inc, has signed this registration statement or amendment thereto in New York, NY on May 22, 2026.

---

| | | |
|:---|:---|:---|
| Cogency Global Inc. | Cogency Global Inc. | Cogency Global Inc. |
| Authorized U.S. Representative | Authorized U.S. Representative | Authorized U.S. Representative |
| By: | /s/ Colleen A. De Vries | /s/ Colleen A. De Vries |
|  | Name: | Colleen A. De Vries |
|  | Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

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

**EXHIBIT INDEX**

---

| | |
|:---|:---|
|  | **Description** |
| 1.1\* | [Form of Underwriting Agreement](ruiholdex1-1.htm) |
| 3.1\* | [Memorandum and Articles of Association](ruiholdex3-1.htm) |
| 4.1\* | [Specimen Certificate for Class A Ordinary Shares](ruiholdex4-1.htm) |
| 5.1\* | [Opinion of Appleby regarding the validity of the Class A Ordinary Shares being registered](ruiholdex5-1.htm) |
| 10.1\* | [Form of Employment Agreement by and between executive officers and the Registrant](ruiholdex10-1.htm) |
| 10.2\* | [Form of Indemnification Agreement with the Registrant's directors and officers](ruiholdex10-2.htm) |
| 10.3\* | [Form of Director Offer Letter between the Registrant and its directors](ruiholdex10-3.htm) |
| 10.4\* | [Loan Agreement dated February 10, 2025, by and between RUI Facility Management and Shanghai Bank Co., Ltd. Baiyu Sub-branch](ruiholdex10-4.htm) |
| 10.5\* | [Lease Agreement dated January 8, 2025, by and between RUI Catering and Wuxi Chunzhiyu Environmental Technology Co., Ltd.](ruiholdex10-5.htm) |
| 10.6\* | [Lease Agreement dated December 26, 2024, by and between RUI Facility Management and Shanghai Liangxiang Intelligent Engineering Co., Ltd.](ruiholdex10-6.htm) |
| 10.7\* | [Translation of the Lease Agreement dated May 29, 2025, by and between Aish Alna and Deep Quest](ruiholdex10-7.htm) |
| 10.8\* | [Translation of Software Copyright License Agreement dated September 20, 2025, by and between Jiangsu Ruiwuhang Zhilian Technology Co., Ltd. and Deep Quest](ruiholdex10-8.htm) |
| 10.9\* | [Translation of Software Copyright License Agreement dated September 20, 2025, by and between Jiangsu Ruiwuhang Zhilian Technology Co., Ltd. and RUI Facility Management](ruiholdex10-9.htm) |
| 10.10\* | [Logistics Services Contract dated June 30, 2024, by and between The Metallurgical Corporation of China Ltd Saudi Branch and Aish Alnas For Logistics](ruiholdex10-10.htm) |
| 10.11\* | [Logistics Services Contract dated October 10, 2024, by and between The Metallurgical Corporation of China Ltd Saudi Branch and Aish Alnas For Logistics](ruiholdex10-11.htm) |
| 10.12\* | [Logistics Services Contract dated November 22, 2024, by and between The Metallurgical Corporation of China Ltd Saudi Branch and Aish Alnas For Logistics](ruiholdex10-12.htm) |
| 10.13\* | [Translation of Cleaning Service Contract dated June 14, 2024, by and between Shanghai Haichang Polar Ocean World Co., Ltd. and Ruiwuhang (Shanghai) Facility Management Co., Ltd.](ruiholdex10-13.htm) |
| 10.14\* | [Translation of Facilities Service Management Contract dated August 11, 2023, by and between Shanghai Wangting Logistics Management Service Co., Ltd. and Ruiwuhang (Shanghai) Facility Management Co., Ltd.](ruiholdex10-14.htm) |
| 10.15\* | [Service Agreement dated January 8, 2024, by and between Shenzhen Minsheng GEFCO Logistics Co., Ltd. and Aish Alnas For Logistics](ruiholdex10-15.htm) |
| 10.16\* | [Translation of Intelligent Comprehensive Service Agreement for the Sharing Economy dated June 2, 2023, by and between Shanghai Saying Information Technology Ltd. and Ruiwuhang (Shanghai) Facility Management Co., Ltd.](ruiholdex10-16.htm) |
| 21.1\* | [List of Subsidiaries](ruiholdex21-1.htm) |
| 23.1\* | [Consent of Prouden](ruiholdex23-1.htm) |
| 23.2\* | [Consent of Appleby (included in Exhibit 5.1)](ruiholdex5-1.htm) |
| 23.3\* | [Consent of China Commercial Law Firm (included in Exhibit 99.2)](ruiholdex99-2.htm) |
| 23.4\* | [Consent of SuhailPartners LLP](ruiholdex23-4.htm) |
| 23.5\* | [Consent of Frost & Sullivan](ruiholdex23-5.htm) |
| 99.1\* | [Code of Business Conduct and Ethics of the Registrant](ruiholdex99-1.htm) |
| 99.2\* | [Opinion of China Commercial Law Firm](ruiholdex99-2.htm) |
| 99.3\* | [Consent of Mark Frederick Duchesne](ruiholdex99-3.htm) |
| 99.4\* | [Consent of Ateeq Ur Rahman](ruiholdex99-4.htm) |
| 99.5\* | [Consent of Harry David Schulman](ruiholdex99-5.htm) |
| 107\* | [Filing Fee Table](ruiholdex-fee.htm) |

---

\* Filed herewith

## Exhibit 1.1

**Exhibit 1.1**

**UNDERWRITING AGREEMENT**

**by and between**

**RUI HOLDINGS INC**

(a Cayman Islands Company)

**and**

**CATHAY SECURITIES, INC.**

**as Representative of the Underwriters**

[●], 2026

**Cathay Securities, Inc.**

as Representative of the several Underwriters named on <u>Schedule A</u> hereto

40 Wall Street Suite 3600,

NY, NY 10005 USA

Ladies and Gentlemen:

The undersigned, RUI Holdings Inc, a Cayman Islands exempted company (the "**Company**"), hereby confirms its agreement (this "**Agreement**"), subject to the terms and conditions of this Agreement, with Cathay Securities, Inc. (hereinafter the "**Representative**"), and with the other underwriters named on <u>Schedule A</u> hereto for which the Representative is acting as representative (the Representative and such other underwriters being collectively called the "**Underwriters**" or, individually, an "**Underwriter**") to issue and sell to the Underwriters Class A ordinary shares of the Company, par value US$0.0001 per share (the "**Class A Ordinary Shares**"), in an aggregate amount of [●] Class A Ordinary Shares (the "**Firm Shares**") and to grant the Underwriters an option to purchase up to [●] Additional Shares (as defined herein), on the terms and for the purposes set forth in <u>Sections 1(c)</u>, <u>(d)</u> and <u>(e)</u> herein. The offering and sale of securities contemplated by this Agreement are referred to herein as the "**Offering**."

The Company confirms its agreement with the Underwriters as follows:

**1.** <u>Firm Shares, Additional Shares</u>.

(a) <u>Purchase of Firm Shares</u>. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the several Underwriters an aggregate of [●] Firm Shares, and each Underwriter agrees to purchase, severally and not jointly, from the Company the number of Firm Shares set forth opposite their respective names on Schedule A attached hereto and made a part hereof at a purchase price of $[●] per Firm Share (93% of the per Firm Share public offering price) (the "**Purchase Price**") at the Closing,

The Firm Shares are to be offered initially to the public at the offering price set forth on the cover page of the Prospectus (as defined in <u>Section 2(a)(i)(2)</u> hereof).

(b) <u>Delivery of and Payment for Firm Shares</u>. Delivery of
and payment for the Firm Shares shall be made at 10:00 A.M., Eastern time, on the first (1st) business day following the initial listing
of the Company on the Nasdaq Capital Market (the "Exchange"), or at such other time as shall be agreed upon by the Underwriters
and the Company, at the offices of Ortoli Rosenstadt LLP (the "**Underwriters' Counsel**") or at such other place
and time as shall be agreed upon by the Underwriters and the Company. The hour and date of delivery of and payment for the Firm Shares
following the effectiveness of the Registration Statement is called the "Closing Date." The closing of the purchase and delivery
of the Firm Shares through the facilities of the Depository Trust Company ()"**DTC**") for the accounts of the Underwriters
following the effectiveness of the Registration Statement is referred to herein as the "Closing." Payment for the Firm Shares
shall be made on the Closing Date by wire transfer in federal (same day) funds, upon delivery to the Underwriters of the Firm Shares
through the full fast transfer facilities of DTC for the accounts of the Underwriters. The Firm Shares shall be registered in such names
and in such denominations as the Underwriters may request in writing at least two (2) business days prior to the Closing Date. The Company
shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Underwriters for all the Firm Shares following
the effectiveness of the Registration Statement.

(c) <u>Additional Class A Ordinary Shares</u>. The Company hereby grants to the Underwriters an option (the "**Over-allotment Option**") exercisable for 45 days from the Closing Date to purchase up to an additional [●] Class A Ordinary Shares (the "**Additional Shares** "), representing fifteen percent (15%) of the Firm Shares sold in the Offering in each case only for the purpose of covering over-allotments in connection with the distribution and sale of the Firm Shares, all or any portion of the Additional Shares at the same purchase price as the Firm Shares. The Over-allotment Option is, at the Underwriters' sole discretion, for Additional Shares.

(d) <u>Exercise of Over-allotment Option</u>. The Over-allotment
Option granted pursuant to <u>Section 1(c)</u> hereof may be exercised in whole or in part at any time within 45 days from the Closing
Date. The purchase price to be paid per Additional Share shall be equal to the price per Firm Share in <u>Section 1(a)</u>. The Underwriters
shall not be under any obligation to purchase any Additional Shares prior to the exercise of the Over-allotment Option. The Over-allotment
Option granted hereby may be exercised upon written notice given at least two full business days prior to the exercise to the Company
from the Underwriters setting forth the aggregate number of Additional Shares to be purchased by the Underwriters and the date and time
for delivery of and payment for the Additional Shares (the "**Option Closing Date** "), which Option Closing Date shall
not be later than five (5) full business days after the date of such written notice to purchase Additional Shares is given or such other
time as shall be agreed upon by the Company and the Underwriters, at the offices of Underwriters' Counsel or at such other place
(including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Underwriters. The Underwriters
may cancel any exercise of the Over-Allotment Option at any time prior to the Option Closing Date by giving written notice of such cancellation
to the Company. If such delivery and payment for the Additional Shares does not occur on the Closing Date, the Option Closing Date will
be as set forth in the written notice. Upon exercise of the Over-allotment Option with respect to all or any portion of the Additional
Shares, subject to the terms and conditions set forth herein, (i) the Company shall become obligated to sell to the Underwriters the
number of Additional Shares specified in such notice and (ii) the Underwriters shall purchase from the Company that portion of the total
number of Additional Shares then being purchased with the number of Firm Shares set forth on <u>Schedule A</u> opposite the name of such
Underwriters bears to the total number of Firm Shares, subject, in each case, to such adjustment as the Underwriters, in their sole discretion,
shall determine.

(e) <u>Delivery of and Payment for Additional Shares</u>. Payment
for the Additional Shares shall be made on the Option Closing Date by wire transfer in federal (same day) funds, upon delivery to the
Underwriters of the Additional Shares through the facilities of DTC for the account of the Underwriters. The Additional Shares shall
be registered in such name or names and in such authorized denominations as the Underwriters may request in writing at least two (2)
full business days prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Additional Shares except
upon tender of payment by the Underwriters for the applicable Additional Shares. The Option Closing Date may be simultaneous with, but
not earlier than, the Closing Date; and in the event that such time and date are simultaneous with the Closing Date, the term "Closing
Date" as used heretofore and henceforth shall also refer to the time and date of delivery of the Firm Shares and Additional Shares.

The Firm Shares and any Additional Shares purchased pursuant to this Agreement are hereinafter referred to collectively as the "**Securities**."

**2.** <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below) and as of the Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Filing of Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Pursuant to the Act</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;(1) The Company has filed with the United States Securities and Exchange Commission (the "**Commission**") a registration statement and an amendment or amendments thereto, on Form F-1 (File No. 333-[]), including any related prospectus or prospectuses for the registration of the Securities under the Securities Act of 1933, as amended (the "**Act**"), which registration statement and amendment or amendments have been prepared by the Company and conform, in all material respects, with the requirements of the Act and the rules and regulations of the Commission under the Act (the "**Regulations**"). Except as the context may otherwise require, such registration statement on file with the Commission at the time the registration statement becomes effective (including the prospectus, financial statements, schedules, exhibits, and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of the effective date of the Registration Statement ("**Effective Date**") pursuant to paragraph (b) of Rule 430A of the Regulations), is referred to herein as the "**Registration Statement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The final prospectus in the form first furnished to the Underwriters for use in the Offering, is hereinafter called the "**Prospectus**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Registration Statement has been declared effective by the Commission on or prior to the date hereof. "**Applicable Time**" means 5:00 p.m. Eastern Time, on the date of this Agreement or such other time as agreed to by the Company and the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Registration under the Exchange Act</u>. The Securities are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the "**Exchange Act**"), and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Securities under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration except as described in the Registration Statement and Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Listing on the Exchange</u>. The Class A Ordinary Shares will be approved for listing on the Exchange by the Closing Date, subject to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, terminating the listing of the Securities on Exchange nor has the Company received any notification that Exchange is contemplating revoking or withdrawing approval for listing of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Stop Orders</u>. Neither the Commission nor, to the Company's knowledge, any state regulatory authority has issued any order preventing or suspending the use of any preliminary prospectus ("**Preliminary Prospectus**"), the Prospectus or the Registration Statement or has instituted or, to the Company's knowledge, threatened to institute any proceedings with respect to such an order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Disclosures in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>10b-5 Representation</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;(1) The Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the requirements of the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Registration Statement, when it became effective, and any amendment or supplement thereto, did not contain and, at the Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Prospectus when filed with the Commission does not contain and, at the Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The representation and warranties made in this <u>Section 2(c)(i)(2)</u> do not apply to statements made or statements omitted in reliance upon and in conformity with written information with respect to the Underwriters furnished to the Company by the Underwriters expressly for use in the Registration Statement or Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that the only information furnished on behalf of any of the Underwriters consists of (i) the name of the Underwriters contained on the cover page of the Registration Statement, the Preliminary Prospectus and Prospectus, (ii) the table listing the names of the Underwriters and allocation of Class A Ordinary Shares listed in the table set forth under the first paragraph under the caption "Underwriting" in the Prospectus and (iii) the sub-sections titled "Price Stabilization, Short Positions, and Penalty Bids", and "Electronic Offer, Sale, and Distribution of Class A Ordinary Shares" in each case under the caption "Underwriting" in the Prospectus (collectively, the "**Underwriters' Information**"). There are no contracts or other documents required to be described in the Preliminary Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement that have not been fairly and accurately described in all material respects or filed as required in the Preliminary Prospectus or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The General Disclosure Package (as defined below), when taken together as a whole with the Prospectus (collectively, the "**Disclosure Materials**"), does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Materials based upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Prior Securities Transactions</u>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by, or under common control with the Company, except as disclosed in the Registration Statement and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Changes After Dates in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Material Adverse Change</u>. Since the end of the period covered by the latest audited financial statements included in the Registration Statement and the Prospectus, and except as otherwise specifically stated therein: (i) to the knowledge of the Company, no events have occurred that would have a Material Adverse Effect (as defined herein); (ii) there have been no material transactions entered into by the Company not in the ordinary course of business, other than as contemplated pursuant to this Agreement; (iii) no officer (as defined in Rule 16a-1(f) of the Exchange Act) or director of the Company has resigned from his or her position as an officer or director of the Company; (iv) no material customer, supplier or strategic partner of the Company has terminated or materially reduced its relationship with the Company; and (v) there has been no material adverse change in the general affairs, management, financial position, shareholders' equity, net assets, earnings, results of operations, business, properties or condition (financial or otherwise) of the Company or any of its Subsidiaries (each such change, a "**Material Adverse Change**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Recent Securities Transactions</u>. Since the end of the period covered by the latest audited financial statements included in the Registration Statement and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement and the Prospectus, the Company has not: (i) issued any securities or incurred any material liability or obligation, direct or contingent, for borrowed money other than in the ordinary course of business; or (ii) declared or paid any dividend or made any other distribution on or in respect to its share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Independent Accountants</u>. To the best of the Company's knowledge, Guangdong Prouden CPAs GP ("**Prouden**"), whose report is filed with the Commission as part of the Registration Statement, are independent registered public accountants as required by the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Financial Statements</u>. The historical financial statements of the Company, respectively, filed with the Commission as a part of the Registration Statement and included in the General Disclosure Package and the Prospectus, present fairly in all material respects, the information provided as of and at the dates and for the periods indicated (provided that unaudited interim financial statements are subject to year-end audit adjustments that are not expected to be material in the aggregate and do not contain all footnotes required by generally accepted accounting principles in the United States of America ("**U.S. GAAP**")). Such financial statements comply as to form with the applicable accounting requirements of the Act and the Act regulations and have been prepared in conformity with U.S. GAAP applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto or in the case of unaudited interim financial statements which are subject to normal year end audit adjustments that are not expected to be material in the aggregate. Except as included therein, no other financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement. Each item of historical financial data relating to the operations, assets or liabilities of the Company set forth in summary form in each of the Preliminary Prospectus and the Prospectus fairly presents such information on a basis consistent with that of the complete financial statements contained in the Registration Statement. Except as disclosed in the Registration Statement and the Prospectus, (a) neither the Company nor any of its operating subsidiaries (each, a "**Subsidiary**," and together, the "**Subsidiaries**") has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its share capital; (c) there has not been any change in the share capital of the Company or any of its Subsidiaries or any grants under any share compensation plan; and (d) there has not been any Material Adverse Change in the Company's long-term or short-term debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Share Capital; Options</u>. The Company has the duly authorized, issued and outstanding share capital as set forth in the Registration Statement and the Prospectus. Based on the assumptions stated in the Registration Statement and the Prospectus, the Company will have on the Closing Date the adjusted share capital set forth therein. Except as set forth in, or contemplated by, this Agreement, the Registration Statement and the Prospectus, on the Effective Date and on the Closing Date, there will be no options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued share capital of the Company or any security convertible into share capital of the Company, or any contracts or commitments to issue or sell share capital or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Valid Issuance of Securities.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Outstanding Securities</u>. The authorized, issued and outstanding share capital of the Company is, at the date or dates indicated, as set forth in each of the Registration Statement, General Disclosure Package and the Prospectus (other than for subsequent issuances, if any, pursuant to employee benefit plans described in each of the General Disclosure Package and the Prospectus or upon exercise of outstanding options or warrants described in the General Disclosure Package and Prospectus, as the case may be). The Class A Ordinary Shares conform, and, when issued and delivered as provided in this Agreement, the Securities shall conform, in all material respects to the description thereof contained in each of the General Disclosure Package and Prospectus. All of the issued and outstanding Class A Ordinary Shares have been duly authorized and validly issued, are fully paid and non-assessable and have been issued in compliance with applicable laws. None of the outstanding Class A Ordinary Shares were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. The DTC has authorized the Class A Ordinary Shares for delivery through its full fast transfer facilities. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any share capital of the Company other than those described in the General Disclosure Package and the Prospectus. The description of the Company's share option and other share plans or arrangements, and the options or other rights granted thereunder, set forth in the General Disclosure Package and the Prospectus accurately and fairly presents the information required to be shown with respect to such plans, arrangements, options and rights. No further approval or authorization of any shareholder, the board of directors or others is required for the issuance and sale of the Securities. Except as set forth in the General Disclosure Package and the Prospectus, there are no shareholders agreements, voting agreements or other similar agreements with respect to the Company's Class A Ordinary Shares to which the Company is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Securities Sold Pursuant to this Agreement</u>. The Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly issued, fully paid and non-assessable, free and clear of all liens, encumbrances, equities or claims ("**Liens**"); the Securities are not and will not be subject to the preemptive rights of any holder of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Securities has been duly and validly taken. The Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Issuance of Securities</u>. Upon issuance of the Securities, and subject to full payment thereof by the Underwriters in accordance with the terms hereof, such Securities will be duly and validly issued, and the persons in whose names the Securities are registered will be entitled to the rights specified in the Securities, and upon the sale and delivery of the Securities, and payment therefor, pursuant to this Agreement, the registered purchasers will acquire good, marketable and valid title to such Securities, free and clear of all pledges, Liens, security interests, charges, claims or encumbrances of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement and the Prospectus, no holder of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company has the right to require the Company to register any such securities of the Company under the Act or to include any such securities in a registration statement to be filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Validity and Binding Effect of This Agreement</u>. This Agreement has been duly and validly authorized by the Company, and, when executed and delivered, will constitute the valid and binding agreement of the Company enforceable against the Company in accordance with its terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as the enforceability of any indemnification or contribution provision may be limited under federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Conflicts</u>. The execution, delivery, and performance by the Company of this Agreement, the consummation by the Company of the transactions herein contemplated and the compliance by the Company with the terms hereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in a material breach of, or conflict with, any of the terms and provisions of, or constitute a material default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its Subsidiaries pursuant to the terms of any agreement, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, lease, license, permit, franchise, or other instrument to which the Company or any of its Subsidiaries is a party or by which any of them or any of their respective properties may be bound, or to which any of the property or assets of the Company or any of its Subsidiaries is subject; (ii) result in any violation of the provisions of the Company's memorandum and articles of association or the organizational documents of any Subsidiary (as the same may be amended from time to time, the "**Charter**"); (iii) violate any existing applicable law, rule, regulation, judgment, order, writ, injunction, or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company, any of its Subsidiaries, or any of their respective properties or businesses as constituted as of the date hereof or as contemplated by the Prospectus; or (iv) result in the loss, suspension, limitation or revocation of, or require any consent, approval, authorization, order, registration or qualification under, any material permit, license, franchise, authorization, consent, or approval, or any other governmental approval or authorization required for the lawful conduct of the Company's or any Subsidiary's business. The Company represents and warrants that none of the foregoing events in clauses (i) through (iv) would reasonably be expected to have a material adverse effect on the assets, business, financial condition, or results of operations of the Company or any of its Subsidiaries (a "**Material Adverse Effect**"), and that any breach, conflict, default, violation or loss described above would not impair the ability of the Company to consummate the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>No Defaults; Violations; Solvency</u>. No default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other material agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the properties or assets of the Company is subject, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its Subsidiaries, taken as a whole, and that are not otherwise disclosed in the Registration Statement, the Prospectus or the Disclosure Materials. The Company is not in violation of any term or provision of its Charter, or in violation of any franchise, license, permit, applicable law, rule, regulation, or to the Company's best knowledge, nor has it violated any judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or businesses, except for such violations that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its Subsidiaries, taken as a whole, and that are not otherwise disclosed in the Registration Statement, the Prospectus or the Disclosure Materials. Based on the consolidated financial condition of the Company as of each of the Closing Date and the Option Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities hereunder, the current cash flow of the Company, together with the proceeds the Company would receive were it to liquidate all of its assets, after taking into account all anticipated uses of cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). Except as set forth in the Registration Statement and the Prospectus, the Company has no knowledge of any facts or circumstances that would cause it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from each of the Closing Date and the Option Closing Date. The Registration Statement and the Prospectus set forth, as of the date hereof, all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, "**Indebtedness**" means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's consolidated balance sheet (or the notes thereto), except guaranties by the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business, and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with U.S. GAAP. Except as set forth in the Registration Statement and the Prospectus, neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Corporate Power; Licenses; Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conduct of Business</u>. Except as described in the Registration Statement and the Prospectus, the Company has all requisite corporate power and authority, and has all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs as of the date hereof to conduct its business purpose as described in the Prospectus, except, in each case as would not reasonably be expected to have a Material Adverse Effect. The Company has not received any notice of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, authorization or permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Transactions Contemplated Herein</u>. The Company has all corporate power and authority to enter into this Agreement, and to carry out the provisions and conditions hereof and thereof, and all consents, authorizations, approvals and orders required in connection therewith have been obtained. No consent, authorization or order of, and no filing with, any court, government agency or other body is required for the valid issuance, sale and delivery of the Securities and the consummation by the Company of the transactions and agreements contemplated by this Agreement , and as contemplated by the Prospectus, except with respect to applicable federal and state securities laws and the rules and regulations of the Financial Industry Regulatory Authority, Inc. ("**FINRA**") and the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers named in the section "Management" in the Prospectus immediately prior to the Offering (the "**Insiders**") and provided to the Underwriters is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in the questionnaires completed by each Insider to become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Litigation; Governmental Proceedings</u>. Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings (collectively, "**Actions**") pending or, to the Company's knowledge, threatened (i) against the Company, (ii) which have as the subject thereof any officer or director (in such capacities) of, or property owned or leased by, the Company, where in any such case (A) there is a reasonable possibility that such Action might be determined adversely to the Company and (B) any such Action, if so determined adversely, would reasonably be expected to result in a Material Adverse Change or adversely affect the consummation of the transactions contemplated by this Agreement. Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, no material labor dispute with the employees of the Company exists or, to the Company's knowledge, is threatened or imminent. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. No executive officer is in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company and its Subsidiaries are in compliance with all applicable laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has within the last ten (10) years been the subject of any Action involving a claim of violation of or liability under United States federal or state or foreign securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission or other securities or commodities regulator involving the Company or any current or former director or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Good Standing</u>. The Company has been duly incorporated, is validly existing, and is in good standing under the laws of the Cayman Islands as of the date hereof, and is duly qualified to do business and to enter into and perform its obligations under this Agreement and is in good standing (or equivalent status in jurisdictions that do not recognize the concept of good standing) in each jurisdiction in which the conduct of the Company's business requires such qualification, except where the failure to qualify would not reasonably be expected to have a Material Adverse Effect. Each Subsidiary has been duly incorporated or organized, as applicable, and is validly existing and in good standing (or equivalent status) under the laws of its jurisdiction of incorporation or organization, and is duly qualified to do business in each jurisdiction in which the conduct of its business requires such qualification, except where the failure to qualify would not reasonably be expected to have a Material Adverse Effect. As of the date hereof, the Company does not own or control, directly or indirectly, any corporation, association, partnership, limited liability company or other entity that is not otherwise disclosed in the Disclosure Package. The Company has full corporate or other organizational power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus. Each Subsidiary has full corporate or other organizational power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Transactions Affecting Disclosure to FINRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Finder's Fees</u>. Except as described in the Registration Statement and the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder's, consulting or origination fee by the Company or any Insider with respect to the sale of the Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the best of the Company's knowledge, any of its shareholders that may affect the Underwriters' compensation, as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Payments Within Twelve (12) Months</u>. Except as described in the Registration Statement and the Prospectus, the Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i) any person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii) to any FINRA member; or (iii) to any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve months prior to the Effective Date,.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>FINRA Affiliation</u>. To the Company's knowledge, and except as may have been previously disclosed in writing to the Underwriters, no Insider or any beneficial owner of 10% or more of the Company's outstanding Class A Ordinary Shares has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Use of Proceeds</u>. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its affiliates inclusive of any FINRA member or its affiliates in any country or jurisdiction outside of the United States, except as specifically authorized herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Information.</u> All information provided by the Company in its FINRA Questionnaire to Underwriters' Counsel specifically for use by Underwriters' Counsel in connection with its Public Offering System filings (and related disclosure) with FINRA is true, correct and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Anti-Corruption Laws</u>. Neither the Company nor, to the Company's knowledge, any of the Insiders or employees of the Company or any other person authorized to act on behalf of the Company has, directly or indirectly, knowingly given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding. The Company has taken reasonable steps to ensure that its accounting controls and procedures are sufficient to cause the Company to comply in all material respects with the Foreign Corrupt Practices Act of 1977, as amended, the PRC Anti-Unfair Competition Law, and any other applicable anti-bribery or anti-corruption laws in the jurisdictions in which the Company or any of its Subsidiaries conducts business (collectively, "Anti-Corruption Laws"). Neither the Company nor any of its Subsidiaries, nor, to the Company's knowledge, any director, officer, agent, employee or other person acting on behalf of the Company or any of its Subsidiaries, has violated any Anti-Corruption Laws, and the Company and its Subsidiaries have instituted and maintain policies and procedures reasonably designed to ensure continued compliance with Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Officers' Certificate</u>. Any certificate signed by any duly authorized executive officer of the Company and delivered to you or to Underwriters' Counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Lock-Up Period.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the entities and individuals listed on <u>Schedule B</u> hereto (the "**Lock-Up Parties**") has agreed, pursuant to an executed Lock-Up Agreement in the form attached hereto as <u>Annex I</u> (for officers, directors and 5% or greater shareholders of Class A Ordinary Shares being registered in this Offering), that for a period ending six (6) months after the pricing date (the "**Lock-Up Period**"), each such person and their respective affiliated parties shall not offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose of, directly or indirectly, any Securities or share capital of the Company, including Class A Ordinary Shares, or any securities convertible into or exercisable or exchangeable for such Securities or share capital, or enter into any swap, hedge, short sale, or other derivative transaction that transfers to another, in whole or in part, any of the economic consequences of ownership of such Securities, without the prior written consent of the Representative, which consent may be reasonably granted or withheld in the Representative's sole and absolute discretion, with certain exceptions. The Representative may consent to an early release from the applicable Lock-Up period if, in its sole opinion, the market for the Securities would not be adversely impacted by sales and in cases of financial emergency of a Lock-up Party, provided that any such release shall be subject to the notice and disclosure requirements set forth in Section 2(t)(iii). Any Lock-Up Party who breaches the terms of a Lock-Up Agreement shall be jointly and severally liable with the Company for any losses, damages or expenses incurred by the Underwriters as a result of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company, on behalf of itself and any successor entity, has agreed that without the prior written consent of the Representative (which consent may be reasonably granted or withheld in the Representative's sole and absolute discretion), it will not, for a period ending six (6) months after the Closing Date, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any share capital of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; (ii) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; (iii) enter into any swap, hedge, short sale, forward, or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of share capital of the Company, whether any such transaction described in clause (i), (ii) or (iii) above is to be settled by delivery of shares of the Company or such other securities, in cash or otherwise; or (iv) publicly disclose the intention to do any of the foregoing. The restrictions contained in this <u>Section 2(t)(ii)</u> shall not apply to (A) the issuance by the Company of Securities upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof, provided that the Representative has been advised in writing of such issuance prior to the date hereof, (B) the issuance by the Company of options to purchase or shares of Securities, share capital or restricted shares of the Company under any share compensation plan of the Company outstanding on the date hereof, provided that such issuances do not exceed 5% of the total outstanding shares as of the Closing Date and provided further that the Company gives the Representative at least ten (10) business days' prior written notice of any such issuance, (C) any registration statement on Form S-8, or (D) the issuance of securities in connection with mergers, acquisitions, joint ventures, licensing arrangements or any other similar non-capital raising transactions, provided that (x) such shares are not registered pursuant to a registration statement, (y) the aggregate number of shares so issued does not exceed 5% of the total shares outstanding immediately after the Closing Date, and (z) the Company gives the Representative at least ten (10) business days' prior written notice of any such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any waiver or early release of any Lock-Up Agreement or the restrictions contained therein shall be in the Representative's sole and absolute discretion. If the Representative, in its sole discretion, grants any such waiver or early release to any Lock-Up Party, the Representative may, in its discretion, (A) require that the Company issue a press release announcing such waiver or early release at least two (2) business days prior to the effective date thereof, and/or (B) condition such waiver or early release upon the granting of concurrent waivers or releases to other similarly situated Lock-Up Parties, in each case as the Representative deems appropriate to maintain orderly trading in the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Subsidiaries</u>. Exhibit 21.1 of the Registration Statement lists each Subsidiary and consolidated entity of the Company and sets forth the jurisdiction of formation of each Subsidiary. The Subsidiaries are duly organized and in good standing under the laws of the place of organization or incorporation, and each such Subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not reasonably be expected to have a Material Adverse Effect. The Company's ownership and control of each Subsidiary and each Subsidiary's ownership and control of other Subsidiaries is as described in the Registration Statement, the Disclosure Materials, and the Prospectus. The Company does not own or control, directly or indirectly, any corporation, association, or entity except as disclosed in the Registration Statement and the Prospectus. Each of the Company and its Subsidiaries has full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Materials and the Prospectus and is duly qualified to do business under the laws of each jurisdiction which requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Related Party Transactions</u>. Except as disclosed in the Registration Statement and the Prospectus, there are no business relationships or related party transactions involving the Company or any other person that are required to be described in the Prospectus and that have not been so described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Board of Directors</u>. The board of directors of the Company is comprised of the persons set forth under the section of the Prospectus captioned "Management." The qualifications of the persons serving as board members and the overall composition of the board comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of the Exchange. At least one member of the board of directors of the Company qualifies as an "audit committee financial expert," as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of the Exchange. In addition, at least a majority of the persons serving on the board of directors of the Company qualify as "independent," as such term is defined under the rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Sarbanes-Oxley Compliance</u>. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company will be, on the Effective Date, in material compliance with the provisions of the Sarbanes-Oxley Act of 2002 applicable to it and has implemented or will implement such programs and taken reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all the material provisions of the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>No Investment Company Status</u>. The Company is not and, after giving effect to the Offering and sale of the Securities and the application of the net proceeds thereof as described in the Registration Statement and the Prospectus, will not be, an "investment company" as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>No Material Labor Disputes</u>. No labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the Company's knowledge, is imminent, which would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Intellectual Property</u>. Except as described in the Registration Statement and the Prospectus, the Company and each of its Subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("**Intellectual Property**") necessary for the conduct of the business of the Company and its Subsidiaries as currently carried on and as described in the Registration Statement and the Prospectus, except for such Intellectual Property, the failure of which to own or possess, as the case may be, would not reasonably be expected to result in a Material Adverse Effect. No action or use by the Company or any of its Subsidiaries will involve or give rise to any infringement of, or material license or similar fees for, any Intellectual Property of others, that would reasonably be expected to have a Material Adverse Effect on the Company and the Subsidiaries, taken as a whole, except as disclosed in the Registration Statement or the Prospectus. Neither the Company nor any of its Subsidiaries has received any notice alleging any such infringement or fee, except such infringement or fee that would not reasonably be expected to have a Material Adverse Effect on the Company or the Subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Taxes</u>. Each of the Company and its Subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof. Each of the Company and its Subsidiaries has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all material taxes imposed on or assessed against the Company or such subsidiary. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, for all periods to and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriters and to the knowledge of the Company, (i) no material issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its Subsidiaries, and (ii) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its Subsidiaries. The term "**taxes**" mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term "**returns**" means all returns, declarations, reports, statements, and other documents required to be filed with relevant taxing authorities in all respects of taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Data</u>. The statistical, industry-related and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived. The Company has obtained written consent to the use of such data from such sources to the extent necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Board of Directors</u>. The Company's board of directors has validly appointed an audit committee whose composition satisfies the requirements of the rules and regulations of the Exchange and the board of directors of the Company and/or audit committee has adopted a charter that satisfies the requirements of the rules and regulations of the Exchange. Except as disclosed in the Registration Statement and the Prospectus, neither the board of directors of the Company nor the audit committee has been informed, nor is any director of the Company aware, of any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>No Integration</u>. Neither the Company nor any of the Subsidiaries has, prior to the date hereof, made any offer or sale of any securities which are required to be "integrated" pursuant to the Act or the Regulations with the offer and sale of the Underwriters pursuant to the Registration Statement. Except as disclosed in the Registration Statement, neither the Company nor any of the Subsidiaries has sold or issued any Class A Ordinary Shares or any securities convertible into, exercisable or exchangeable for Class A Ordinary Shares, or other equity securities, or any rights to acquire any Class A Ordinary Shares or other equity securities of the Company, during the six-month period preceding the date of the Prospectus, including but not limited to any sales pursuant to Rule 144A or Regulation D or S under the Act, other than Class A Ordinary Shares issued pursuant to employee benefit plans, qualified share option plans or the employee compensation plans or pursuant to outstanding options, rights or warrants as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Cayman Islands, PRC, Singapore, Saudi Arabia, and UAE Representation and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Organization</u>. The Subsidiaries have been duly organized and are validly existing as companies under the applicable laws of the PRC, Singapore, the Kingdom of Saudi Arabia ("**KSA**"), and the United Arab Emirates ("**UAE**"), and, with respect to the Company's PRC Subsidiaries, the Company's PRC Subsidiaries have been duly organized, and each is validly existing as a company under the laws of the PRC, and their business licenses are in full force and effect. 100% of the equity interests of the PRC Subsidiaries are owned by the Company (through RUI International Pte. Ltd. ("**RUI Singapore**")) as described in the Prospectus, and such equity interests are free and clear of all Liens, encumbrances, equities or claims; the bylaws, the business licenses and other constituent documents of the PRC Subsidiaries comply in all material respects with the requirements of applicable laws of the PRC and are in full force and effect; the Company has full power and authority (corporate and other) and all consents, approvals, authorizations, permits, licenses, orders, registrations, clearances and qualifications of or with any governmental agency having jurisdiction over the Subsidiaries or any of their properties required for the ownership or lease of property by it and the conduct of its business in accordance with its registered business scope except for such that would not reasonably be expected to have a Material Adverse Effect and has the legal right and authority to own, use, lease and operate its assets and to conduct its business in the manner presently conducted and as described in the Prospectus. Apart from the Subsidiaries, the Company has no direct or indirect subsidiaries or any other company over which it has direct or indirect effective control. Other than the Subsidiaries, the Company does not directly or indirectly control any entity through contractual arrangements or otherwise such that such entity would be deemed a consolidated affiliated entity whose financial results would be consolidated under U.S. GAAP with the financial results of the Company on the consolidated financial statements of the Company, regardless of whether the Company directly or indirectly owns less than a majority of the equity interests of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ia) <u>PRC Subsidiaries</u>. Each of the Company's subsidiaries organized and operating in the People's Republic of China (collectively, the "**PRC Subsidiaries**"), including but not limited to RUI Facility Management (Shanghai) Co., Ltd. ("**RUI Shanghai**") and Ruiwuhang (Beijing) Management Consulting Co., Ltd. ("**RUI Beijing**"), has been duly organized, is validly existing, and is in good standing (or equivalent status) under the laws of the PRC. The Company or its wholly-owned subsidiaries own, directly or indirectly, 100% of the equity interests or share capital of each PRC Subsidiary, free and clear of all liens, encumbrances, equities, or claims. Each PRC Subsidiary possesses all licenses, permits, certificates, and approvals issued by the relevant PRC governmental authorities that are necessary for the conduct of its business as currently conducted and as described in the Prospectus, including but not limited to a valid business license from the State Administration for Market Regulation. No PRC Subsidiary is required to complete any filing or reporting with the Cyberspace Administration of China or any other PRC governmental authority in connection with the Offering, except as disclosed in the Prospectus. The Company is not aware of any pending or threatened action by any PRC governmental authority that would result in the revocation, suspension, or material modification of any license, permit, or approval held by any PRC Subsidiary. Each PRC Subsidiary is in material compliance with all applicable PRC laws and regulations, including but not limited to those relating to foreign exchange, data security, cybersecurity, and the overseas listing of domestic companies. The Company has not received any notice, inquiry, or request for information from the China Securities Regulatory Commission ("**CSRC**"), the Cyberspace Administration of China, or any other PRC governmental authority in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ib) <u>Saudi Arabia Subsidiaries</u>. Each of the Company's subsidiaries organized and operating in the Kingdom of Saudi Arabia (collectively, the "**KSA Subsidiaries**"), including but not limited to Aish Alnas Facilities and Logistics Services Company ("**Aish Alnas**") and Deep Quest International Freight Company ("**Deep Quest**"), has been duly organized, is validly existing, and is in good standing under the laws of the Kingdom of Saudi Arabia. The Company or its wholly-owned subsidiaries own, directly or indirectly, 100% of the equity interests or share capital of each KSA Subsidiary, free and clear of all liens, encumbrances, equities, or claims. Except as disclosed in the Prospectus, each KSA Subsidiary possesses or is in the process of obtaining, renewing, maintaining, or updating, all licenses, permits, certificates, and approvals issued by the relevant KSA governmental authorities that are necessary for the conduct of its business as currently conducted and as described in the Prospectus, including any required licenses from the Ministry of Human Resources and Social Development, the Transport General Authority, and any other applicable regulatory bodies. Except as disclosed in the Prospectus, each KSA Subsidiary is in compliance with all Saudization requirements and has obtained a valid Saudization Certificate. Except as disclosed in the Prospectus, each KSA Subsidiary is in material compliance with all applicable laws and regulations of the Kingdom of Saudi Arabia, including but not limited to those relating to foreign investment, labor, social insurance, and commercial registrations. The Company is not aware of any pending or threatened action by any KSA governmental authority that would result in the revocation, suspension, or material modification of any license, permit, or approval held by any KSA Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ic) <u>Singapore Subsidiaries</u>. Each of the Company's subsidiaries organized and operating in Singapore (collectively, the "**Singapore Subsidiaries**"), including but not limited to RUI Singapore and RUI ONE Pte. Ltd., has been duly incorporated, is validly existing, and is in good standing under the laws of Singapore. The Company or its wholly-owned subsidiaries own, directly or indirectly, 100% of the equity interests or share capital of each Singapore Subsidiary, free and clear of all liens, encumbrances, equities, or claims. Each Singapore Subsidiary possesses all licenses, permits, certificates, and approvals issued by the relevant Singapore governmental authorities that are necessary for the conduct of its business as currently conducted and as described in the Prospectus. Each Singapore Subsidiary is in material compliance with all applicable laws and regulations of Singapore.

The Company has legal and valid title to all of its properties and assets, free and clear of all Liens, charges, encumbrances, equities, claims, options and restrictions. Each lease agreement to which the Company is a party has been duly executed and is legally binding, and the Company's leasehold interests are governed by the terms of such lease agreements. To the best of the Company's knowledge, such lease agreements are valid, binding and enforceable in accordance with their respective terms under the applicable laws of the relevant jurisdiction, except where the invalidity of such lease agreements would not reasonably be expected to have a Material Adverse Effect on the Company or the Subsidiaries, taken as a whole. Neither the Company nor any of the Subsidiaries owns, operates, manages or has any other right or interest in any other material real property of any kind, which would reasonably result in a Material Adverse Effect on the Company and the Subsidiaries, taken as a whole, except as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Taxes</u>. Except as disclosed in the Registration Statement, the Disclosure Materials and Prospectus, no transaction, stamp, capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in the Cayman Islands, or the PRC, Singapore, the KSA, or the UAE to any taxing authority therein in connection with (A) the issuance, sale and delivery of the Securities to or for the account of the purchasers, and (B) the purchase from the Company and the sale and delivery of the Securities to purchasers thereof, except that Cayman Islands stamp duty will be payable if a document is executed in or brought to the Cayman Islands, or produced before a Cayman Islands court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Dividends and Distributions</u>. Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, no Subsidiary of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary's share capital, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary's property or assets to the Company or any other Subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Money Laundering</u>. The operations of the Company, its Subsidiaries are and have been conducted at all times in all material respects in compliance with applicable financial recordkeeping and reporting requirements of money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws**") and there is no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company, any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Office of Foreign Assets Control</u>. To the Company's knowledge, neither any director, officer, or employee of the Company, nor has the Company or any of its Subsidiaries, conducted or entered into a contract to conduct any transaction with the governments or any of subdivision thereof, residents of, or any entity based or resident in the countries that are currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**"); none of the Company or any of its Subsidiaries is currently subject to any U.S. sanctions administered by OFAC (including but not limited to the designation as a "specially designated national or blocked person" thereunder), the United Nations Security Council, or the European Union or is located, organized or resident in a country or territory that is the subject of OFAC-administered sanctions, including, without limitation, Belarus, Burma/Myanmar, Covered Regions of Ukraine, Cuba, Iran, North Korea, Venezuela, Russia, and Syria; and the Company will not knowingly directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>No Immunity</u>. None of the Company, its Subsidiaries or any of its or their properties or assets has any immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of the Cayman Islands, the PRC, Singapore, the KSA, or the UAE, or New York or United States federal law; and, to the extent that the Company, its Subsidiaries or any of their respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, each of the Company and its Subsidiaries waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement under New York law as provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Dividends or Distributions</u>. Except as described in the Disclosure Package and the Prospectus, (i) none of the Company or its Subsidiaries is prohibited, directly or indirectly, from (A) paying any dividends or making any other distributions on its share capital, (B) making or repaying any loan or advance to the Company or any other Subsidiary or (C) transferring any of its properties or assets to the Company or any other Subsidiary; and (ii) all dividends and other distributions declared and payable upon the share capital of the Company or any of its Subsidiaries (A) may be converted into foreign currency that may be freely transferred out of such person's jurisdiction of incorporation, without the consent, approval, authorization or order of, or qualification with, any court or governmental agency or body in such person's jurisdiction of incorporation or tax residence, and (B) are not and will not be subject to withholding, value added or other taxes under the currently effective laws and regulations of such person's jurisdiction of incorporation, without the necessity of obtaining any consents, approvals, authorizations, orders, registrations, clearances or qualifications of or with any court or governmental agency or body having jurisdiction over such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Not a PFIC</u>. Except as disclosed in the Disclosure Materials, Registration Statement and Prospectus, the Company does not expect that it will be treated as a Passive Foreign Investment Company ("**PFIC**") within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its current taxable year. The Company has no plan or intention to operate in such a manner that would reasonably be expected to result in the Company becoming a PFIC in future taxable years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) <u>Foreign Private Issuer Status</u>. The Company is a "foreign private issuer" within the meaning of Rule 405 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Choice of Law</u>. Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, (A) the choice of law provision set forth in this Agreement would be recognized, upheld and applied by the courts of the Cayman Islands as a valid choice of law and the proper law of this Agreement in proceedings brought before them in relation to the Agreement except for those laws (i) which such courts consider to be procedural in nature; (ii) which are revenue or penal laws; or (iii) the application of which would be inconsistent with public policy as that term is interpreted under Cayman Islands law; and (B) the choice of law provision set forth in this Agreement constitutes a legal and valid choice of law under the laws of the PRC, Singapore, the KSA, or the UAE and will be honored by courts in the PRC, Singapore, the KSA, or the UAE, subject to compliance with relevant civil procedural requirements (that do not involve a re-examination of the merits of the claim) in the PRC, Singapore, the KSA, or the UAE. The Company has the power to submit, and pursuant to <u>Section 15</u> of this Agreement, has legally, validly, effectively and submitted, to the personal jurisdiction of each of the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts (collectively, the "**New York Courts**"), and the Company has the power to designate, appoint and authorize, and pursuant to <u>Section 14</u> of this Agreement, has legally, validly, effectively and irrevocably designated, appointed an authorized agent for service of process in any action arising out of or relating to this Agreement or the Securities in any New York Court, and service of process effected on such authorized agent will be effective to confer valid personal jurisdiction over the Company as provided in <u>Section 14</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) <u>Recognition of Judgments</u>. Any final and conclusive judgment for a definite sum (not being a sum payable in respect of taxes or other charges of a like nature nor a fine or other penalty) and/or certain non-monetary judgments rendered in any action or proceedings brought against the Company on the basis of this Agreement in a New York Court will be recognised as a valid judgment by the courts of the Cayman Islands without re-examination of the merits of the case. On general principles, we would expect such proceedings to be successful provided that the court which gave the judgment was competent to hear the action in accordance with private international law principles as applied in the Cayman Islands and the judgment is not contrary to public policy in the Cayman Islands, has not been obtained by fraud or in proceedings contrary to natural justice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>MD&A</u>. The section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" in the Preliminary Prospectus included in the Disclosure Materials and the Prospectus accurately and fully describes in all material respects (A) accounting policies that the Company believes are the most important in the portrayal of the Company's financial condition and results of operations and that require management's most difficult, subjective or complex judgments ("**Critical Accounting Policies**"); (B) judgments and uncertainties affecting the application of the Critical Accounting Policies; and (C) the likelihood that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof; and the Company's management have reviewed and agreed with the selection, application and disclosure of the Critical Accounting Policies as described in the Disclosure Materials and the Prospectus and have consulted with its independent accountants with regard to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Disclosure Controls and Procedures</u>. Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange Act) designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company is not aware of (a) any significant deficiency in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarize and report financial data or any material weaknesses in internal controls or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Company's Accounting System</u>. Except as otherwise disclosed in the General Disclosure Package and the Prospectus, the Company maintains a system of "internal control over financial reporting" (as defined under Rules 13a-15 and 15d-15 under the Exchange Act) that comply in all material respects with the requirements of the Exchange Act and have been designed by, or under the supervision of, its respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company is not aware of any material weaknesses in its internal control over financial reporting, and, if applicable, with respect to such remedial actions disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company represents that it has taken all remedial actions set forth in such disclosure. The Company's auditors and the audit committee of the board of directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are known to the Company's management and that have adversely affected or are reasonably likely to adversely affect the Company' ability to record, process, summarize and report financial information; and (ii) any fraud known to the Company's management, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Exchange Act Filing</u>. A registration statement in respect of the Ordinary Shares has been filed on Form 8-A (File Number 001-[●]), dated [●], 2026 (the "**Form 8-A Registration Statement**") pursuant to Section 12(b) of the Exchange Act, which registration statement complies in all material respects with the Exchange Act. The Form 8-A Registration Statement is effective, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Regulation M Compliance</u>. The Company has not, and, to its knowledge, no one authorized to act on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Underwriter in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Testing the Waters Communications; Recordkeeping</u>. The Company (a) has not alone engaged in any Testing-the-Waters Communication other than Testing-the-Waters Communications with the consent of the Underwriters with entities that are qualified institutional buyers within the meaning of Rule 144A under the Act or institutions that are accredited investors within the meaning of Rule 501 under the Act and (b) has not authorized anyone other than the Underwriters to engage in Testing-the-Waters Communications. The Company reconfirms that the Underwriters have been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Testing-the-Waters Communications. For the purposes of this <u>Section 2(ll)</u> and this Agreement "Testing-the-Waters Communication" means any written communication within the meaning of Rule 405 under the Act. The Company has maintained, and will continue to maintain, complete and accurate copies and records of all Testing-the-Waters Communications made by or on behalf of the Company, and shall provide such copies and records promptly to the Underwriters upon request. The Company has not authorized, and will not authorize, any party other than the underwriters and their affiliates to conduct Testing-the-Waters Communications on its behalf, and that it has not used, and will not use, any Testing-the-Waters Communications that would conflict with, or contain information inconsistent with, the Registration Statement or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>No Fiduciary Duties</u>. The Company acknowledges and agrees that the Underwriters' responsibility to the Company is solely contractual in nature and that none of the Underwriters or their affiliates or any selling agent shall be deemed to be acting in a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering and the other transactions contemplated by this Agreement. Notwithstanding anything in this Agreement to the contrary, the Company acknowledges that the Underwriters may have financial interests in the success of the Offering that are not limited to the difference between the price to the public and the purchase price paid to the Company by the Underwriters for the Securities and the Underwriters have no obligation to disclose, or account to the Company for, any of such additional financial interests. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Cybersecurity and Data Privacy</u>.

The Company and its Subsidiaries have implemented and maintain commercially reasonable information technology, information security, and data protection controls, policies, procedures, and safeguards to protect all information technology systems and data (including personal data, personally identifiable information, and confidential business information) used in connection with their businesses ("**IT Systems and Data**") against unauthorized use, access, misappropriation or modification. To the Company's knowledge, there has been no material security breach, unauthorized access, or other compromise of the Company's or its Subsidiaries' IT Systems and Data in the past three (3) years that has resulted in material liability or regulatory action against the Company or any of its Subsidiaries, and neither the Company nor any of its Subsidiaries has been notified of any event or condition that would reasonably be expected to result in any such material security breach, unauthorized access, or other compromise. The Company and its Subsidiaries are, and at all times have been, in material compliance with all applicable laws, rules, and regulations relating to data privacy and security, including, without limitation, the PRC Cybersecurity Law, the PRC Data Security Law, and the PRC Personal Information Protection Law, as well as all applicable judgments, orders, rules, and regulations of any court or governmental agency, and all applicable internal and external privacy policies, contractual obligations, and industry standards. The Company and its Subsidiaries have taken all necessary actions to comply with any applicable data breach notification laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Payments in Foreign Currency</u>. Under current laws and regulations of the Cayman Islands and any political subdivision thereof, all dividends and other distributions declared and payable on the Class A Ordinary Shares may be paid by the Company to the holders in United States dollars and all such payments made to holders thereof who are non-residents of the Cayman Islands will not be subject to income, withholding or other taxes under laws and regulations of the Cayman Islands or any political subdivision or taxing authority thereof or therein and will otherwise be free and clear of any other tax, duty, withholding or deduction in the Cayman Islands or any political subdivision or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization in the Cayman Islands or any political subdivision or taxing authority thereof or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) Company Not Ineligible Issuer. (i) At the time of filing the Registration Statement and any amendment thereto, (ii) at the time of effectiveness of the Registration Statement and any amendment thereto, (iii) at the earliest time thereafter that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Regulations) of the Securities and (iv) as of the date of the execution and delivery of this Agreement, the Company was not and is not an "Ineligible Issuer" (as defined in Rule 405 under the Act), without taking into account any determination by the Commission pursuant to Rule 405 under the Act that it is not necessary that the Company be considered an Ineligible Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) Insurance. At the time of filing the Prospectus, the Company shall maintain directors and officers insurance in a manner consistent with the Company's business and industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) Electronic Road Show. The Company has made available a bona fide electronic road show in compliance with Rule 433(d)(8)(ii) of the Regulations such that no filing of any "road show" (as defined in Rule 433(h) of the Regulations) is required in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) Corporate Records. The minute books of the Company have been made available to the Representative and Underwriters' Counsel and such books (i) contain minutes of all material meetings and actions of the board of directors (including each board committee) and shareholders of the Company, and (ii) reflect all material transactions referred to in such minutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) Diligence Materials. The Company has provided to the Representative and Underwriters' Counsel all materials required or necessary to respond in all material respects to the diligence requests submitted to the Company by the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) No Accounting Issues. The Company has not received any notice, oral or written, from its board of directors or the audit committee of the board of directors stating that it is reviewing or investigating, and neither the Company's independent auditors nor its internal auditors have recommended that the board of directors or audit committee of the board of directors review or investigate, (i) adding to, deleting, changing the application of, or changing the Company's disclosure with respect to, any of the Company's material accounting policies; or (ii) any matter which could result in a restatement of the Company's financial statements for any annual or interim period during the current or prior two fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the Act and Section 21E of the Exchange Act) contained in the Registration Statement, the General Disclosure Package, the Prospectus, or any amendment or supplement thereto, has been made or reaffirmed without what the Company reasonably believes to be a reasonable basis or has been disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) Margin Securities. The Company owns no "margin securities" as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the "**Federal Reserve Board**"), and none of the proceeds of the Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Securities to be considered a "purpose credit" within the meanings of Regulation T, U or X of the Federal Reserve Board.

**3.** <u>Offering</u>. Upon authorization of the release of the Securities by the Underwriters, the Underwriters intend to offer the Securities for sale to the public upon the terms and conditions set forth in the Prospectus.

**4.** <u>Covenants of the Company</u>. The Company acknowledges, covenants and agrees with the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement and any amendments thereto have been declared effective, and if Rule 430A is used or the filing of the Prospectus is otherwise required under Rule 424(b), the Company will file the Prospectus (properly completed if Rule 430A has been used) pursuant to Rule 424(b) within the prescribed time period and will provide evidence satisfactory to the Underwriters of such timely filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period beginning on the date hereof and ending on the later of the Closing Date or such date as, in the reasonable opinion of Underwriters' Counsel, the Prospectus is no longer required by law to be delivered (or in lieu thereof the notice referred to in Rule 173(a) under the Act is no longer required to be provided) in connection with sales by an underwriter or dealer (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Registration Statement, the General Disclosure Package or the Prospectus, the Company shall furnish to the Underwriters and Underwriters' Counsel for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriters reasonably objects within 36 hours of delivery thereof to Underwriters' Counsel. The term "General Disclosure Package" means, collectively, (i) the Preliminary Prospectus, as amended or supplemented, (ii) each issuer free writing prospectus, as defined in Rule 433 under the Act, if any, identified in <u>Schedule C</u> hereto (the "**Issuer Free Writing Prospectus**"), (iii) the pricing terms set forth in <u>Schedule A</u> to this Agreement, and (iv) any other free writing prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the General Disclosure Package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the date of this Agreement, the Company shall promptly advise the Underwriters in writing of: (i) the receipt of any comments of, or requests for additional or supplemental information from, the Commission; (ii) the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any prospectus, the General Disclosure Package or the Prospectus; (iii) the time and date that any post-effective amendment to the Registration Statement becomes effective; and (iv) the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order preventing or suspending its use or the use of any prospectus, the General Disclosure Package, the Prospectus or Issuer Free Writing Prospectus, or the initiation of any proceedings to remove, suspend or terminate from listing the Shares from any securities exchange upon which the Shares are listed for trading, or of the threatening of initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its reasonable efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A and 430B, as applicable, under the Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) During the Prospectus Delivery Period, the Company will comply in all material respects with all requirements imposed upon it by the Act as now in effect and as may be hereafter amended, and by the Regulations, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated by the provisions hereof, the General Disclosure Package, the Registration Statement and the Prospectus. If during such period any event or development occurs as a result of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances then existing, not misleading, or if during such period it is necessary or appropriate in the opinion of the Company or its counsel or the Underwriters or Underwriters' Counsel to amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) to comply with the Act, the Company will promptly notify the Underwriters and will promptly amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If at any time following the issuance of an Issuer Free Writing Prospectus there occurs an event or development as a result of which such Issuer Free Writing Prospectus would conflict with the information contained in the Registration Statement or the Prospectus or would include an untrue statement of a material fact or would omit to state a material fact necessary in order to make the statements therein, in light of the circumstances there existing, not misleading, the Company will promptly notify the Underwriters and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will deliver to the Underwriters and Underwriters' Counsel a copy of the Registration Statement, as initially filed, and all amendments thereto, including all consents and exhibits filed therewith, and will maintain in the Company's files manually signed copies of such documents for at least five (5) years after the date of filing thereof. The Company will promptly deliver to the Underwriters such number of copies of any Preliminary Prospectus, the Prospectus, the Registration Statement, and all amendments of and supplements to such documents, if any, and all documents which are exhibits to the Registration Statement and any Preliminary Prospectus or Prospectus or any amendment thereof or supplement thereto, as the Underwriters may reasonably request. On the business day next succeeding the date of this Agreement, and from time to time thereafter, the Company will furnish to the Underwriters' copies of the Prospectus in such quantities as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company consents to the use and delivery of the Preliminary Prospectus by the Underwriters in accordance with Rule 430 and Section 5(b) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Company elects to rely on Rule 462(b) under the Act, the Company shall both file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by the earlier of: (i) 10:00 P.M., Eastern time, on the date of this Agreement, and (ii) the time that confirmations are given or sent, as specified by Rule 462(b)(2), and pay the applicable fees in accordance with Rule 111 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company will use its reasonable best efforts, in cooperation with the Underwriters, at or prior to the time of effectiveness of the Registration Statement, to qualify the Securities for offering and sale under the securities laws relating to the Offering or sale of the Securities of such jurisdictions as the Underwriters may reasonably designate and to maintain such qualifications in effect for so long as required for the distribution thereof; except that in no event shall the Company be obligated in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process or to subject itself to taxation if it is otherwise not so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the Electronic Data Gathering, Analysis and Retrieval ("**EDGAR**") system) to its security holders as soon as practicable, but in any event not later than four (4) months and fifteen days after the end of the Company's current fiscal year, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Act and Rule 158 of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Except with respect to (i) the Securities to be sold hereunder, (ii) the issuance by the Company of Securities upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof of, provided that the Representative has been advised in writing of such issuance prior to the date hereof, (iii) the issuance by the Company of option to purchase or shares of Securities, shares or restricted shares of the Company under any share compensation plan of the Company outstanding on the date hereof, (iv) any registration statement on Form S-8, or (v) the issuance of securities in connection with mergers, acquisitions, joint ventures, licensing arrangements or any other similar non-capital raising transactions provided such shares are not registered pursuant to a registration statement during the 180 days following the Closing Date, the Company or any successor to the Company shall not undertake any public or private offerings of any equity securities of the Company (including equity-linked securities) without the prior written consent of the Underwriters, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Following the Closing Date, the Lock-Up Parties without the prior written consent of the Underwriters, shall not sell or otherwise dispose of any securities of the Company, whether publicly or in a private placement, during the period that their respective lock-up agreements are in effect. The Company will deliver to the Underwriters the agreements of the Lock-Up Parties to the foregoing effect prior to the Closing Date, which agreements shall be substantially in the form attached hereto as <u>Annex I</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company will not issue press releases or engage in any other publicity without the Representative's prior written consent, for a period ending at 5:00 P.M., Eastern time, on the first business day following the forty-fifth (45th) day following the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business, or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will apply the net proceeds from the sale of the Securities substantially in the manner set forth under the caption "Use of Proceeds" in the Prospectus. Without the prior written consent of the Representative, except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, no proceeds of the Offering will be used to pay outstanding loans from officers, directors or shareholders or to pay any accrued salaries or bonuses to any employees or former employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company will use its reasonable best efforts to effect and maintain the listing of the Class A Ordinary Shares on the Exchange for at least three (3) years after the Effective Date, unless such listing is terminated as a result of a transaction approved by the holders of a majority of the voting securities of the Company. If the Company fails to maintain such listing of its Shares on the Exchange or other Trading Market, for a period of three (3) years from the Effective Date, the Company, at its expense, shall obtain and keep current a listing of such securities in the Standard & Poor's Corporation Records Services or Mergent's Industrial Manual; provided that Mergent's OTC Industrial Manual is not sufficient for these purposes. "**Trading Market**" means any of the following markets or exchanges on which the Class A Ordinary Shares is listed or quoted for trading on the date in question: the Exchange, the Nasdaq Stock Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company will use its reasonable best efforts to do and perform all things required to be done or performed under this Agreement by the Company prior to the Closing Date, and to satisfy all conditions precedent to the delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company will not take, and will cause its affiliates not to take, directly or indirectly, any action which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause or result in, the stabilization or manipulation of the price of any security to facilitate the sale or resale of any of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Company shall cause to be prepared and delivered to the Underwriters, at its expense, within two (2) business days from the date of this Agreement, an Electronic Prospectus to be used by the Underwriters in connection with the Offering. As used herein, the term "Electronic Prospectus" means a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Underwriters, that may be transmitted electronically by the Underwriters to offerees and purchasers of the Securities for at least the period during which a Prospectus relating to the Securities is required to be delivered under the Act or the Exchange Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to the extent that graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to the Underwriters, that will allow recipients thereof to store and have continuously ready access to the prospectus at any future time, without charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for online time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Internal Controls</u>. The Company will maintain a system of internal accounting controls designed to provide reasonable assurances that: (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with U.S. GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The internal controls, upon consummation of the Offering, will be overseen by the audit committee of the Company's board of directors (the "**Audit Committee**") of the board of directors in accordance with the rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Exchange Listing</u>. The Class A Ordinary Shares have been duly authorized for listing on the Exchange, subject to official notice of issuance. The Company is in material compliance with the provisions of the rules and regulations promulgated by the Exchange (to the extent applicable to the Company as of the date hereof, the Closing Date or the Option Closing Date; and subject to all exemptions and exceptions from the requirements thereof as are set forth therein, to the extent applicable to the Company) and shall use commercially reasonable efforts to maintain the listing of the Class A Ordinary Shares on the Exchange for a period of at least two (2) years after the date of this Agreement. Without limiting the generality of the foregoing and subject to the qualifications above: (i) all members of the Company's board of directors who are required to be "independent" (as that term is defined under applicable laws, rules and regulations), including, without limitation, all members of each of the audit committee, compensation committee and nominating committee of the Company's board of directors, will, on the Closing Date or any Option Closing Date meet the qualifications of independence as set forth under such laws, rules and regulations, (ii) the audit committee of the Company's board of directors will, on the Closing Date or any Option Closing Date have at least one member who is an "audit committee financial expert" (as that term is defined under such laws, rules and regulations), and (iii) that, based on discussions with the Exchange, the Company meets all requirements for listing on the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Existing Lock-Up Agreements</u>. Except as described in the Registration Statement, the Disclosure Package and the Prospectus, there are no existing agreements between the Company and its security holders that prohibit the sale, transfer, assignment, pledge or hypothecation of any of the Company's securities. The Company will direct the transfer agent to place stop transfer restrictions upon the securities of the Company that is bound by such "lock-up" agreements for the duration of the periods contemplated therein.

**5.** <u>Representations and Warranties of the Underwriters</u>.

Each Underwriter, severally and not jointly, represents and agrees that, unless it obtains the prior written consent of the Company, it has not made and will not make any offer relating to the Securities that would constitute a "free writing prospectus," as defined in Rule 405 under the Act, required to be filed with the Commission; *provided* that the prior written consent of the parties hereto shall be deemed to have been given in respect of the free writing prospectuses included on <u>Schedule C</u>. Any such free writing prospectus consented to by the Underwriters is herein referred to as a "**Permitted Free Writing Prospectus**." Each Underwriter severally and not jointly, represents that it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an "issuer free writing prospectus," as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.

**6.** <u>Consideration; Payment of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the services to be provided for hereunder, the Company shall pay to the Underwriters or its designee(s) the following compensation (or pro rata portion thereof, if applicable) with respect to the Securities purchased from the Company in this Offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an underwriting discount equal to seven percent (7%) of the aggregate gross proceeds raised by the Company in the Offering (inclusive of the Over-allotment Option to purchase the Additional Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a non-accountable expense allowance of one percent (1.0%) of the gross proceeds of the Offering (inclusive of the Over-allotment Option to purchase the Additional Shares) payable to the Underwriter on the Closing Date and the Option Closing Date, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an accountable expense allowance of up to US$200,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Representative reserves the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that the Underwriters' aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whether or not the transactions contemplated by this Agreement, the Registration Statement and the Prospectus are consummated or this Agreement is terminated for any reason whatsoever (including by the Company for cause), the Company hereby agrees to pay all costs and expenses incident to the Offering, including 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;(i) all expenses in connection with the preparation, printing, formatting for EDGAR and filing of the Registration Statement, any Preliminary Prospectus and the Prospectus and any and all amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers;

&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) all filing fees in connection with filings with FINRA's Public Offering System;

&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) all fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Securities under the Act and the Offering and with the qualifications of the Securities for offering and sale under state or foreign securities or blue sky laws, if necessary;

&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) all reasonable fees associated with translation services (if necessary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all fees and expenses in connection with listing the Securities on a national securities exchange;

&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) all fees and expenses in connection with pre-approved due diligence work in legal, finance, and 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;(vii) all the road show expenses incurred by the Company; 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;(viii) the cost and charges of any transfer agent or registrar for the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is understood, however, that except as provided in this <u>Section 6</u>, and <u>Sections 8</u>, <u>9</u> and <u>12(e)</u> hereof, the Underwriters will pay all of their own costs and expenses. Notwithstanding anything to the contrary in this <u>Section 6</u>, in the event that this Agreement is terminated pursuant to <u>Section 12(b)</u> hereof, or subsequent to a Material Adverse Change, the Company will pay, less any advances previously paid (the "Advances"), any unreimbursed expenses that have accrued as of such date. All documented out-of-pocket expenses and advisory fee of the Underwriters (including but not limited to fees and disbursements of Underwriters' Counsel and reasonable and accountable travel) incurred in connection herewith which shall be limited to expenses which are actually incurred as allowed under FINRA Rule 5110 and in any event, the aggregate amount of such expenses and fees to be reimbursed by the Company shall not exceed US$200,000, including the Advances. To the extent that the Underwriters' documented out-of-pocket expenses and advisory fee are less than the Advances, the Underwriters will return to the Company that portion of the Advances not offset by actual expenses in accordance with FINRA Rule 5110(g)(4)(A) and 5110(g)(4)(B).

**7.** <u>Conditions of Underwriters' Obligations</u>. The obligations of the Underwriters to purchase and pay for the Firm Shares as provided herein shall be subject to: (i) the accuracy in all material respects of the representations and warranties of the Company herein contained, as of the date hereof and as of the Closing Date (except for representations and warranties that are made as of a specific date, which shall be accurate in all material respects as of such date), as if made at and as of such dates, (ii) the absence from any certificates, opinions, written statements or letters furnished to the Underwriters or to Underwriters' Counsel pursuant to this <u>Section 7</u> of any misstatement or omission that would render such certificate, opinion, statement or letter misleading in any material respect, (iii) the performance in all material respects by the Company of its obligations hereunder to be performed at or prior to the Closing Date, (iv) the satisfaction of each of the conditions set forth in this Section 7 on or prior to the Closing Date to the reasonable satisfaction of the Underwriters, (v) the absence of any Material Adverse Change since the date of the most recent financial statements included in the Registration Statement and Prospectus (other than as disclosed in or contemplated by the Registration Statement and Prospectus), and (vi) each of the following additional conditions. For purposes of this <u>Section 7</u>, the terms "Closing Date" and "Closing" shall refer to the Closing Date for the Firm Shares and, unless otherwise specified, each of the foregoing and following conditions must be satisfied as of each Closing. Each of the following conditions is for the sole benefit of the Underwriters and may be waived by the Representative in writing in its sole discretion; provided, however, that no such waiver shall affect any other condition or any of the obligations of the Company hereunder.

(a) The Registration Statement shall have become effective and all
necessary regulatory and listing approvals shall have been received not later than 5:30 P.M., Eastern time, on the date of this Agreement,
or at such later time and date as shall have been consented to in writing by the Underwriters. If the Company shall have elected to rely
upon Rule 430A under the Act, the Prospectus shall have been filed with the Commission in a timely fashion in accordance with the terms
thereof and a form of the Prospectus containing information relating to the description of the Securities and the method of distribution
and similar matters shall have been filed with the Commission pursuant to Rule 424(b) within the applicable time period; and, at or prior
to the Closing Date and the actual time of the Closing, no stop order suspending the effectiveness of the Registration Statement or any
part thereof, or any amendment thereof, nor suspending or preventing the use of the General Disclosure Package, the Prospectus or any
Issuer Free Writing Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or
threatened; all requests of the Commission for additional information (to be included in the Registration Statement, the General Disclosure
Package, the Prospectus, any Issuer Free Writing Prospectus or otherwise) shall have been complied with to the Underwriters' reasonable
satisfaction.

(b) The Representative shall not have reasonably determined, and
advised the Company, that the Registration Statement, the General Disclosure Package or the Prospectus, or any amendment thereof or supplement
thereto, or any Issuer Free Writing Prospectus, contains an untrue statement of fact which, in the Representative's reasonable
opinion, is material, or omits to state a fact which, in the Representative's reasonable opinion, is material and is required to
be stated therein or necessary to make the statements therein not misleading.

(c) The Underwriters shall have received legal opinions, in form
and substance reasonably satisfactory to the Underwriters and Underwriters' Counsel of (i) China Commercial Law Firm, PRC counsel
to the Company, dated as of the Closing Date and addressed to the Underwriters, covering, among other matters, the due organization and
valid existence of the PRC Subsidiaries under PRC law, the authorization and enforceability of material agreements governed by PRC law,
and compliance with applicable PRC laws and regulations, including those relating to foreign investment, data security, and cybersecurity;
(ii) Hunter Taubman Fischer & Li LLC, U.S. legal counsel for the Company, dated as of the Closing Date and addressed to the Representative,
covering, among other matters, compliance with U.S. federal securities laws, the validity of the Registration Statement, and the issuance
and sale of the Securities; (iii) Appleby, Cayman Islands legal counsel to the Company, dated as of the Closing Date and addressed to
the Underwriters, covering, among other matters, the due incorporation and valid existence of the Company, the authorization and validity
of the issuance of the Securities, and the enforceability of any material agreements governed by Cayman Islands law; (iv) SuhailPartners
LLP, KSA counsel to the Company, dated as of the Closing Date and addressed to the Underwriters, covering, among other matters, the due
organization and valid existence of Aish Alnas and Deep Quest under KSA law, compliance with the Companies Law and Commercial Registration
Law of the KSA, regulatory compliance with the Transport General Authority requirements, labor law and Saudization requirements, tax
registration and compliance, and the enforceability of material agreements governed by KSA law; (v) Singapore counsel to the Company,
dated as of the Closing Date and addressed to the Underwriters, covering, among other matters, the due organization and valid existence
of RUI Singapore under Singapore law, the authorization and enforceability of material agreements governed by Singapore law, and compliance
with applicable Singapore laws and regulations; and (vi) UAE counsel to the Company, dated as of the Closing Date and addressed to the
Underwriters, covering, among other matters, the due organization and valid existence of RUI International Enterprise LLC under UAE law
and, to the extent RUI International Enterprise LLC has commenced material business operations prior to the Closing Date, compliance
with applicable UAE laws and regulations and the enforceability of material agreements governed by UAE law.

(d) The Underwriters shall have received a certificate from the
Chief Executive Officer and Chief Financial Officer of the Company, dated as of each of the Closing Date and any Option Closing Date,
to the effect that: (i) the conditions set forth in subsection (a) of this <u>Section 7</u> have been satisfied, (ii) as of the date
hereof and as of each of the Closing Date and any Option Closing Date, the representations and warranties of the Company set forth in <u>Section 2</u> hereof are accurate, (iii) as of each of the Closing Date and any Option Closing Date, all agreements, conditions and
obligations of the Company to be performed or complied with hereunder on or prior thereto have been duly performed or complied with,
(iv) except as disclosed in the Registration Statement, the Disclosure Package or the Prospectus, the Company has not sustained any material
loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental
proceeding, (v) no stop order suspending the effectiveness of the Registration Statement or any amendment thereof has been issued and
no proceedings therefor have been initiated or threatened by the Commission, (vi) there are no pro forma or as adjusted financial statements
that are required to be included in the Registration Statement and the Prospectus pursuant to the Regulations which are not so included,
and (vii) subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there
has not been any Material Adverse Change or any development involving a prospective Material Adverse Change.

(e) On the Closing Date and the Option Closing Date, if any, the
Underwriters shall have received a written certificate executed by the Chief Financial Officer of the Company, dated as of such date,
on behalf of the Company, with respect to certain financial data contained in the Registration Statement, General Disclosure Package
and the Prospectus, providing "management comfort" with respect to such information, in form and substance reasonably satisfactory
to the Underwriters.

At each of the Closing Date and any Option Closing Date, the Underwriters shall have received a certificate of the Company signed by the Secretary of the Company, or if the Company does not have a Secretary, by the Chief Executive Officer, dated the Closing Date and any Option Closing Date, certifying: (i) that each of the Charter and bylaws is true and complete, has not been modified and is in full force and effect; (ii) that the resolutions of the Company's board of directors relating to the Offering are in full force and effect and have not been modified; (iii) the good standing of the Company and its Subsidiaries; and (iv) as to the incumbency of the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.

(f) On the date of this Agreement and on the Closing Date and the
Option Closing Date, if any, the Underwriters shall have received a "comfort" letter from Prouden as of each such date, addressed
to the Underwriters and in form and substance satisfactory to the Underwriters and Underwriters' Counsel, confirming that they
are independent certified public accountants with respect to the Company within the meaning of the Act and all applicable Regulations,
and stating, as of such date (or, with respect to matters involving changes or developments since the respective dates as of which specified
financial information is given in the Prospectus, as of a date not more than three (3) days prior to such date), the conclusions and
findings of such firm with respect to the financial information and other matters relating to the Registration Statement covered by such
letter.

(g) Subsequent to the execution and delivery of this Agreement and
prior to the Closing Date or the Option Closing Date or, if earlier, the dates as of which information is given in the Registration Statement
(exclusive of any amendment thereof) and the Prospectus (exclusive of any supplement thereto), there shall not have been (i) any change
in the share capital, short-term debt or long-term debt of the Company or any of its Subsidiaries from that set forth or contemplated
in the Registration Statement, the General Disclosure Package or the Prospectus (exclusive of any amendment or supplement thereto), (ii)
any change or development involving a prospective change, whether or not arising from transactions in the ordinary course of business,
in the business, assets, liabilities, condition (financial or otherwise), results of operations, shareholders' equity, properties,
or management of the Company or any of its Subsidiaries, or (iii) any litigation, governmental action, claim, investigation, or proceeding
pending or, to the knowledge of the Company, threatened against the Company or any of its Subsidiaries, (iv) any material change in management
or the board of directors of the Company, change or development involving a prospective change in or affecting the general affairs, management,
business, properties, operations, or condition (financial or otherwise) of the Company or its Subsidiaries, whether or not arising from
transactions in the ordinary course of business, including but not limited to any fire, flood, storm, explosion, accident, pandemic,
epidemic, act of war, act of terrorism, cyberattack, or other calamity, the effect of which, in any such case described in clauses (i)
through (iii) above, in the reasonable judgment of the Representative, is so material and adverse as to make it impracticable or inadvisable
to proceed with the public offering or the sale of Securities or Offering as contemplated hereby.

(h) The Underwriters shall have received (i) a lock-up agreement
from each Lock-Up Party, duly executed by the applicable Lock-Up Party, in each case substantially in the form attached as <u>Annex I</u>.

(i) The Class A Ordinary Shares are registered under the Exchange
Act and, as of the Closing Date, the Class A Ordinary Shares shall be listed and admitted and authorized for trading on the Exchange
and satisfactory evidence of such action shall have been provided to the Underwriters. The Company shall have taken no action designed
to terminate, or likely to have the effect of terminating, the registration of the Class A Ordinary Shares under the Exchange Act or
delisting or suspending the Class A Ordinary Shares from trading on the Exchange, nor will the Company have received any information
suggesting that the Commission or the Exchange is contemplating terminating such registration or listing. The Firm Shares and the Additional
Shares shall be DTC eligible.

(j) FINRA shall have confirmed that it has not raised any objection
with respect to the fairness and reasonableness of the underwriting terms and arrangements.

(k) No action shall have been taken and no statute, rule, regulation
or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would,
as of the Closing Date, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court
shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely
affect or potentially materially and adversely affect the business or operations of the Company.

(l) The Company shall have furnished the Underwriters and Underwriters'
Counsel with such other certificates, opinions or documents as they may have reasonably requested.

**8.** <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted under applicable law, the Company agrees to indemnify and hold harmless the Underwriters, their directors, officers, employees, agents and affiliates, and each Person, if any, who controls the Underwriters within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, and each of their respective successors and assigns (collectively, the "**Underwriter Indemnified Parties**"), against any and all losses, liabilities, claims, damages, and expenses whatsoever, as incurred (including but not limited to reasonable and documented attorneys' fees and any and all reasonable and documented expenses whatsoever, incurred in investigating, preparing, or defending against any litigation, commenced or threatened, or any claim, action, proceeding, inquiry or investigation whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which any of them may become subject under the Act, the Exchange Act, any other federal or state statutory law or regulation, at common law or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Company), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon: (i) an untrue statement or alleged untrue statement of a material fact contained in (A) the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, or any amendment or supplement to any of them, or (B) any Issuer Free Writing Prospectus or any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities ("**Marketing Materials**"), including any road show or investor presentations made to investors by the Company (whether in person or electronically), or any "Testing-the-Waters Communication" as defined in Rule 163B under the Act, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) any material inaccuracy in the representations and warranties of the Company contained herein or any certificate delivered pursuant hereto, to the extent such inaccuracy is a proximate cause of such losses, liabilities, claims, damages or expenses; or (iii) any material failure of the Company to perform its obligations hereunder or to comply with applicable law in connection with the Offering, to the extent such failure is a proximate cause of such losses, liabilities, claims, damages or expenses; and the Company will promptly reimburse such Underwriter Indemnified Parties for any legal or other expenses as reasonably incurred by them in connection with investigating, preparing, or defending against any such losses, liabilities, claims, damages or expenses (or actions in respect thereof); *provided, however*, that the Company shall not be liable in any such case to the extent, but only to the extent, that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, or any such amendment or supplement to any of them, or any Issuer Free Writing Prospectus or any Marketing Materials in reliance upon and in conformity with the Underwriters' Information. Each Underwriter Indemnified Party shall use commercially reasonable efforts to mitigate any loss, liability, claim, damage or expense upon becoming aware of any event which would reasonably be expected to give rise to any such loss, liability, claim, damage or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted under applicable law, each Underwriter, severally and not jointly agrees to indemnify and hold harmless the Company, each of the directors of the Company, each of the officers of the Company who shall have signed the Registration Statement, and each other Person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Underwriters), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, any amendment or supplement to any of them or any Marketing Materials, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigating or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof), in each case to the extent, but only to the extent, that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing thereof (but the failure so to notify an indemnifying party shall not relieve the indemnifying party from any liability which it may have under this <u>Section 8</u> except to the extent that the indemnifying party demonstrates that it has been materially prejudiced as a result thereof, and in any event shall not relieve it from any liability that such indemnifying party may have otherwise than on account of the indemnity agreement hereunder). In case any such claim or action is brought against any indemnified party, and it so notifies an indemnifying party thereof, the indemnifying party will be entitled to participate at its own expense in the defense of such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; *provided however,* that counsel to the indemnifying party shall not (except with the written consent of the indemnified party) also be counsel to the indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless: (i) the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action; (ii) the indemnifying parties shall not have employed counsel to have charge of the defense of such action within a reasonable time after notice of the claim or the commencement of the action; (iii) the indemnifying party does not diligently defend the action after assumption of the defense; or (iv) such indemnified party or parties shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party, or any of them, in conducting the defense of any such action or there may be legal defenses available to it or them which are different from or additional to those available to any of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the indemnifying parties and shall be paid as incurred. The indemnifying parties shall pay or reimburse such fees and expenses as incurred upon submission of invoices or other documentation reasonably satisfactory to such indemnifying parties, and in no event later than ten (10) business days following receipt of such invoices. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) of the indemnified party or parties unless such separate representations are required under applicable ethics rules that govern the representations of the indemnified party or parties by such legal counsel; provided, however, that the foregoing limitation shall not prohibit separate counsel for the Underwriters and their control persons, and separate counsel for such control persons' affiliates, if such separate representation is required by applicable ethics rules. In the case of any separate firm for the Underwriters and such control persons and affiliates of any Underwriters, such firm shall be designated in writing by the Underwriters. In the case of more than one separate firm (in addition to any local counsel) for the Company, and such directors, officers and control persons of the Company, such firm shall be designated in writing by the Company. No indemnifying party shall, without the prior written consent of the indemnified parties (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement or compromise of, or consent to the entry of judgment with respect to, any pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been sought by an indemnified party under this <u>Section 8</u> or <u>Section 9</u> hereof (whether or not the indemnified party is an actual or potential party thereto), unless such settlement, compromise or judgment (v) includes an unconditional release of the indemnified party from all liability arising out of such claim, investigation, action or proceeding, (w) does not include a statement as to or an admission of fault, culpability or any failure to act, by or on behalf of the indemnified party, (x) does not impose any injunctive or other equitable relief against any indemnified party, (y) provides only for the payment of money (which payment shall be made solely by the indemnifying party without any contribution from the indemnified party), and (z) the indemnifying party confirms in writing its indemnification obligations hereunder with respect to such settlement, compromise or judgment. The indemnified party shall have the right, in its sole discretion, to settle any claim covered by this Section 8 if the indemnifying party fails to assume the defense within the time period specified above, and the indemnifying party shall be bound by any such settlement.

**9.** <u>Contribution</u>. In order to provide for contribution in circumstances in which the indemnification provided for in <u>Section 8</u> is for any reason held to be unavailable from any indemnifying party or is insufficient to hold harmless a party indemnified thereunder, the Company and the Underwriters shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by such indemnification provision (including any investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted, but after deducting in the case of losses, claims, damages, liabilities and expenses suffered by the Company, any contribution received by the Company from Persons, other than the Underwriters, who may also be liable for contribution, including Persons who control the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, officers of the Company who signed the Registration Statement and directors of the Company), as incurred, to which the Company and one or more of the Underwriters may be subject, in such proportions as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand from the Offering and sale of the Securities or, if such allocation is not permitted by applicable law, in such proportions as are appropriate to reflect not only the relative benefits referred to above but also the relative fault of the Company and the Underwriters in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Underwriters shall be deemed to be in the same proportion as (x) the total proceeds from the Offering (net of underwriting discount and commission but before deducting expenses) received by the Company bears to (y) the underwriting discount and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company and the Underwriters shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this <u>Section 9</u> were determined by *pro rata* allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this <u>Section 9</u>. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this <u>Section 9</u> shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any judicial, regulatory or other legal or governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the provisions of this <u>Section 9</u>: (i) in no event shall any Underwriter be required to contribute any amount in excess of the underwriting discounts and commissions actually received by such Underwriter in connection with the Securities underwritten by it and distributed to the public, after deducting any amounts previously paid by such Underwriter in satisfaction of its indemnification obligations under Section 8(b); (ii) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any Person who was not guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act); and (iii) for the avoidance of doubt, the limitation on contribution set forth in clause (i) above shall not limit any Underwriter Indemnified Party's right to full indemnification pursuant to Section 8(a). For purposes of this <u>Section 9</u>, each Person, if any, who controls an Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Underwriter, and each Person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case to clauses (i), (ii) and (iii) of the immediately preceding sentence. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this <u>Section 9</u> or otherwise. As used herein, a "Person" refers to an individual or entity.

**10.** <u>Survival of Representations and Agreements</u>. All representations, warranties, covenants and agreements of the Company and the Underwriters contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, including, without limitation, the agreements contained in <u>Sections 6</u>, 11, <u>14</u> and <u>15</u>, the indemnity agreements contained in <u>Section 8</u> and the contribution agreements contained in <u>Section 9</u>, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriters or any controlling Person thereof or by or on behalf of the Company, any of its officers or directors or any controlling Person thereof, and shall survive delivery of and payment for the Securities to and by the Underwriters. The representations and warranties contained in <u>Section 2</u> and <u>Section 5</u> and the covenants and agreements contained in <u>Sections 4</u>, <u>6, 8</u>, <u>9</u>, <u>11</u>, <u>14</u> and <u>15</u> shall survive any termination of this Agreement, including termination pursuant to <u>Section 12</u> and <u>Section 16</u>. For the avoidance of doubt, in the event of termination the Underwriters will receive only documented out-of-pocket accountable expenses and advisory fee actually incurred subject to the limit in <u>Section 12(e)</u> below, in compliance with FINRA Rules 5110.

**11.** <u>Right of First Refusal; Restriction on Continuous Offerings; Tail Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company and the Representative agree that for a period of six (6) months from the Closing Date, whether or not the engagement contemplated under this Agreement is terminated (other than termination for Cause, as defined below), the Company grants the Representative the right (provided the Offering is completed) to provide investment banking services to the Company on an exclusive basis and on terms that are the same or more favorable to the Company compared to terms offered to the Company by other underwriters or placement agents (such right, the "**Right of First Refusal**"), which right is exercisable in the Representative's sole discretion. For these purposes, investment banking services shall include, without limitation, (a) acting as lead manager for any underwritten public offering; and (b) acting as exclusive placement agent or initial purchaser in connection with any private offering of securities of the Company. The Representative shall notify the Company of its intention to exercise the Right of First Refusal within fifteen (15) business days following notice in writing by the Company. Any decision by Representative to act in any such capacity shall be contained in separate agreements, which agreements would contain, among other matters, provisions for customary fees for transactions of similar size and nature, as may be mutually agreed upon, and indemnification of Representative and shall be subject to general market conditions, provided the terms for such financing or transaction are the same or more favorable to the Company compared to terms offered to the Company by other underwriters or placement agents. If the Representative declines to exercise the Right of First Refusal or is unable to provide same or more favorable terms to the Company under reasonable standard, or the Company does not receive any response from the Representative within the aforesaid fifteen (15) business day-period, the Company shall have the right to retain any other person or persons to provide such services on terms and conditions which are not more favorable to such other person or persons than the terms presented to and declined by the Representative. The Right of First Refusal granted hereunder may be terminated by the Company for "Cause," which shall mean a material breach by the Representative of this Agreement or a material failure by the Representative to provide the services contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, during the twelve (12) month period following the termination or expiration of this Agreement for any reason (the "**Tail Period**"), the Company consummates any offering or sale of securities (whether public or private, and whether for cash or other consideration) with any investor or financing source that was introduced to the Company by the Representative during the term of this Agreement or any prior engagement between the Company and the Representative in connection with the Offering and that was not known to the Company prior to such introduction (each such investor or financing source, an "**Identified Party**"), the Company shall pay to the Representative, promptly upon the closing of such offering or sale, cash compensation equal to seven percent (7%) of the gross proceeds received by the Company from any Identified Party in connection with such offering or sale . The Representative shall, upon the Company's request or upon termination or expiration of this Agreement, provide the Company with a written list identifying each Identified Party, together with reasonable documentation evidencing the Representative's introduction of such Identified Party to the Company in connection with the Offering. The Company's obligation to pay tail compensation pursuant to this <u>Section 11(b)</u> shall survive any termination of this Agreement, including termination pursuant to <u>Section 12</u>.

**12.** <u>Effective Date of Agreement; Termination; Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon the execution of this Agreement by all parties hereto. Notwithstanding any termination of this Agreement, the provisions of this <u>Section 12</u> and of <u>Sections 1</u>, <u>4</u>, <u>6</u>, <u>8</u>, <u>9</u>, <u>11</u>, <u>14</u> and <u>15</u> shall remain in full force and effect at all times after the execution hereof to the extent they are in compliance with FINRA Rule 5110.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Representative shall have the right to terminate this Agreement at any time prior to the consummation of the Closing if: (i) any domestic or international event or act or occurrence has materially disrupted, or in the reasonable opinion of the Representative will in the immediate future materially disrupt, the market for the Company's securities or securities in general; (ii) trading on the New York Stock Exchange or the Nasdaq Stock Market has been suspended or made subject to material limitations, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices for securities have been required, on any such exchange or by order of the Commission, FINRA or any other governmental authority having jurisdiction; (iii) a banking moratorium has been declared by any state or federal authority or by any competent authority in any jurisdiction in which the Company conducts material operations, or any material disruption in commercial banking or securities settlement or clearance services has occurred in the United States or any such jurisdiction; (iv) (A) there has occurred any outbreak or escalation of hostilities, acts of terrorism, or declaration of martial law involving the United States, the Cayman Islands, Singapore, the PRC, UAE, KSA, or any other jurisdiction in which the Company or any of its Subsidiaries conducts material operations, or there is a declaration of a national emergency or war by the United States or any such jurisdiction, or (B) there has been any other calamity, crisis, epidemic, pandemic, or any change in political, financial, economic or market conditions, if the effect of any such event in (A) or (B), in the reasonable judgment of the Underwriters, is so material and adverse that such event makes it impracticable or inadvisable to proceed with the offering, sale and delivery of the Firm Shares on the terms and in the manner contemplated by the Prospectus, (v) since the date of this Agreement, there has occurred a Material Adverse Change or any development involving a prospective Material Adverse Change, (vi) any condition to the obligations of the Underwriters set forth in Section 7 has not been satisfied or waived by the Underwriters, and (vii) the Company has failed to perform in any material respect any of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall have the right to terminate this Agreement at any time prior to the consummation of the Closing for "Cause." "Cause," for the purpose of this <u>Section 12(c)</u>, shall mean, as determined by a court of competent jurisdiction, fraud, bad faith, willful misconduct, gross negligence or a material breach of the Agreement by the Underwriters. In the event that the Company believes that the Underwriters have engaged in conduct constituting Cause, it must first notify the Underwriters in writing of the facts and circumstances supporting such an assertion(s) and allow the Underwriters fifteen (15) business days to cure such alleged breach. For the avoidance of doubt, no cure period shall apply to any termination for Cause based on fraud, bad faith, willful misconduct, or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any notice of termination pursuant to this <u>Section 12</u> shall be in writing and delivered in accordance with <u>Section 13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If this Agreement shall be terminated pursuant to any of the provisions hereof (other than pursuant to <u>Section 12(b)</u> hereof), or if the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriters set forth herein is not satisfied or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof, the Company will, subject to demand by the Underwriters, reimburse the Underwriters for only those documented out-of-pocket expenses and advisory fee (including the reasonable fees and expenses of their counsel), actually incurred by the Underwriters in connection herewith as allowed under FINRA Rule 5110 less any amounts previously paid by the Company); *provided, however,* that all such expenses and fees, including the costs and expenses and fees set forth in <u>Section 6(d)</u> which were actually paid, shall not exceed US$200,000 in the aggregate, including any advances. Upon any termination of this Agreement by the Representative pursuant to <u>Section 12(b)</u>, the Representative and the Underwriters shall have no liability to the Company or any other person in connection with this Agreement or the transactions contemplated hereby, except for (i) the reimbursement and refund obligations expressly set forth in this <u>Section 12</u> and <u>Section 6</u> and (ii) any liability arising from the fraud, bad faith, gross negligence, willful misconduct or bad faith of the Representative or the Underwriters. For the avoidance of doubt, the indemnification and contribution provisions of <u>Sections 8 and 9</u> shall survive any such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All sums payable by the Company under this Agreement shall be paid free and clear of and without deductions or withholdings of any present or future taxes or duties, unless the deduction or withholding is required by law, in which case the Company shall pay such additional amount as will result in the receipt by each Underwriter or Representative of the full amount that would have been received had no deduction or withholding been made.

**13.** <u>Notices</u>. All communications hereunder, except as may be otherwise specifically provided herein, shall be in writing, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if sent to the Representative, shall be mailed, delivered, or emailed, to:

Cathay Securities, Inc.

40 Wall Street Suite 3600,

NY, NY 10005 USA

Attention: Shell Li

Email: [●]

with a copy to Underwriters' Counsel at:

Ortoli Rosenstadt LLP

366 Madison Avenue, 3rd Floor

New York, NY 10017

Attention: Mengyi "Jason" Ye, Esq.

Email: [●]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent to the Company, shall be mailed, delivered, or emailed, to:

RUI Holdings Inc

Plot 2224, Block 6739, Al-Zanbaq Street

King Abdullah Economic City,

Makkah Province, Saudi Arabia 23982

Attention: Xiang Chen, CFO

Email: michael.chen@ruigroup.com

*with a copy (which shall not constitute notice) to:*

Hunter Taubman Fischer & Li LLC

950 Third Avenue, 19th Floor

New York, NY 10022

Attn: Ying Li, Esq.; Warren Wang, Esq.

Email: yli@htflawyers.com; wwang@htflawyers.com

**14.** <u>Parties; Limitation of Relationship</u>. This Agreement shall inure solely to the benefit of, and shall be binding upon, the Underwriters, the Company and the controlling Persons, directors, officers, employees and agents referred to in <u>Sections 8</u> and <u>9</u> hereof, and their respective successors and assigns, and no other Person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the parties hereto and such Persons and their respective successors and assigns, and not for the benefit of any other Person. The term "successors and assigns" shall not include a purchaser, in its capacity as such, of Securities from the Underwriters.

**15.** <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the conflict of laws principles thereof that would require the application of the laws of another jurisdiction. Each of the parties hereto hereby irrevocably submits to the exclusive jurisdiction of the federal and state courts in the Borough of Manhattan in The City of New York (each, a "**New York Court**") in any suit, action, or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby, and each party waives any objection based on venue or forum non conveniens and any objection to personal jurisdiction with respect to any such suit, action, or proceeding in any New York Court. Each of the parties hereto irrevocably waives any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in the New York Courts, and irrevocably waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. **EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING, CLAIM, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.** The Company acknowledges that this waiver is a material inducement for the Underwriters to enter into this Agreement. The Company and the Underwriters agree that the prevailing party or parties in any action arising out of or relating to this Agreement or the transactions contemplated hereby shall be entitled to recover from the other party or parties all of its or their reasonable attorneys' fees, costs, and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company irrevocably appoints Cogency Global Inc., 122 East 42nd St 18th Floor, New York, NY 10168 as its authorized agent (the "**Authorized Agent**") in the Borough of Manhattan in The City of New York upon which process may be served in any such suit or proceeding, and agrees that service of process in any manner permitted by applicable law upon such agent shall be deemed in every respect effective service of process in any manner permitted by applicable law upon the Company in any such suit or proceeding. The Company further agrees to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of three (3) years from the date of this Agreement or until all obligations of the Company hereunder have been fully discharged, whichever is later.

**16.** <u>Default of Underwriters</u>. If any Underwriter or Underwriters default in their obligations to purchase Securities hereunder on either the Closing Date or any Option Closing Date and the aggregate number of Securities that such defaulting Underwriter or Underwriters agreed but failed to purchase does not exceed 10% of the total number of Securities that the Underwriters are obligated to purchase on such Closing Date or Option Closing Date, the Representative may make arrangements satisfactory to the Company for the purchase of such Securities by other persons, including any of the Underwriters, but if no such arrangements are made by such Closing Date or Option Closing Date, the non-defaulting Underwriters shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Securities that such defaulting Underwriters agreed but failed to purchase on such Closing Date or Option Closing Date. If any Underwriter or Underwriters so default and the aggregate number of Securities with respect to which such default or defaults occur exceeds 10% of the total number of Securities that the Underwriters are obligated to purchase on such Closing Date or Option Closing Date and arrangements satisfactory to the Representative and the Company for the purchase of such Securities by other persons are not made within 36 hours after such default, this Agreement will terminate without liability on the part of any non-defaulting Underwriter or the Company, except as provided in <u>Section 10</u>. As used in this Agreement, the term "Underwriter" includes any person substituted for an Underwriter under this <u>Section 16</u>. Nothing herein will relieve a defaulting Underwriter from liability for its default.

**17.** <u>Entire Agreement</u>. This Agreement, together with the schedules and annexes attached hereto and as the same may be amended from time to time in accordance with the terms hereof, contains the entire agreement among the parties hereto relating to the subject matter hereof and there are no other or further agreements outstanding not specifically mentioned herein. This Agreement supersedes any prior agreements or understandings among or between the parties hereto.

**18.** <u>Severability</u>. If any term or provision of this Agreement or the performance thereof shall be invalid or unenforceable to any extent, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this Agreement and this Agreement shall be valid and enforceable to the fullest extent permitted by law.

**19.** <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

**20.** <u>Waiver.</u> The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver may be sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

**21.** <u>No Fiduciary Relationship</u>. The Company hereby acknowledges that the Underwriters are acting solely as Underwriters in connection with the offering of the Company's Securities. The Company further acknowledges that the Underwriters is acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm's-length basis and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of the offering of the Company's Securities, either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company hereby further confirms its understanding that the Underwriters have not assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including, without limitation, any negotiation related to the pricing of the Securities; and the Company has consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company's securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.

**22.** <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or other electronic transmission shall constitute valid and sufficient delivery thereof.

**23.** <u>Headings</u>. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

*[Signature Page to Underwriting Agreement Follows]*

If the foregoing correctly sets forth your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among us.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **RUI Holdings Inc** | **RUI Holdings Inc** |
| By: |  |
| Name: | Peng Yu |
| Title: | Chairperson and Chief Executive Officer; Director |

---

Confirmed as of the date first written above, on behalf of itself and as Representative of the several Underwriters named on <u>Schedule A</u> hereto:

**Cathay Securities, Inc.**

By:   <br> Name: Shell Li <br> Title: Chief Executive Officer

[*Signature Page to Underwriting Agreement*]

**SCHEDULE A**

---

| | |
|:---|:---|
| **Underwriters** | **Total <br> Number of<br> Firm<br> Shares to be<br> Purchased** |
| Cathay Securities, Inc. | [●] |
| **TOTAL** | **[●]** |

---

Number of Firm Shares: [●]

Public Offering Price per Firm Share: $[●]

Underwriting Discount per Firm Share: $[●]

Proceeds to Company per Firm Share (before expenses): $[●] per Firm share

**SCHEDULE B**

Lock-Up Parties

---

| | |
|:---|:---|
| **<u>Name</u>** | **<u>Lock-Up Period</u>** |
| Peng Yu | 6 Months from the pricing date |
| Xiang Chen | 6 Months from the pricing date |
| Lim Choon San | 6 Months from the pricing date |
| Ooi Kok Ling | 6 Months from the pricing date |
| Mark Frederick Duchesne | 6 Months from the pricing date |
| Ateeq Ur Rahman | 6 Months from the pricing date |
| Manli Zhang Robinson | 6 Months from the pricing date |
| Harry David Schulman | 6 Months from the pricing date |
| Serenity Prime Limited | 6 Months from the pricing date |
| RUI Horizon Holding Ltd | 6 Months from the pricing date |
| Southenlake Holding Ltd. | 6 Months from the pricing date |
| Ridgehall Service Pte.Ltd. | 6 Months from the pricing date |
| Rui Unity Co., Ltd. | 6 Months from the pricing date |
| Mais Holding Limited | 6 Months from the pricing date |
| MMG Holding Ltd. | 6 Months from the pricing date |
| Vexara Dynamics Limited | 6 Months from the pricing date |
| Elyseum Limited | 6 Months from the pricing date |
| Frost Peak Investment Limited | 6 Months from the pricing date |
| Zenith Capital I LP | 6 Months from the pricing date |

---

**SCHEDULE C**

Free Writing Prospectuses

[●]

<u>Annex I</u>

**Lock-Up Agreement**

[●], 2026

**Cathay Securities, Inc.**

40 Wall Street Suite 3600,

NY, NY 10005 USA

as Representative of the several Underwriters named on <u>Schedule A</u>

to the Underwriting Agreement

Ladies and Gentlemen:

The undersigned understands that Cathay Securities, Inc (the "**Representative**") proposes to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with RUI Holdings Inc, a Cayman Islands exempted company (the "**Company**"), providing for the initial public offering in the United States (the "**Initial Public Offering**") of a certain number of the Company's Class A Ordinary Shares, par value $0.0001 per share (the "**Class A Ordinary Shares**" or the "**Securities**"). For purposes of this letter agreement, "Shares" shall mean shares of the Company's Class A Ordinary Shares.

To induce the Underwriters (as defined in the Underwriting Agreement) to continue their efforts in connection with the Initial Public Offering, the undersigned hereby agrees that, without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending six (6) months from the pricing date of the Class A Ordinary Shares in the Initial Public Offering (the "**Lock-Up Period**"), (1) 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, make any short sale, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for or represent the right to receive Shares, whether now owned or hereafter acquired by the undersigned (collectively, the "**Lock-Up Securities**"); (2) enter into any swap or other agreement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) above or this clause (2) is to be settled by delivery of Shares or such other securities, in cash or otherwise; (3) make any written demand for or exercise any right with respect to the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares; or (4) publicly disclose the intention to do any of the foregoing.

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Representative in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Initial Public Offering; (b) transfers of Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of the undersigned and/or one or more family members (for purposes of this lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution or other not-for-profit organization; (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any such corporation, partnership, limited liability company or other business entity, or any shareholder, partner or member of, or owner of similar equity interests in, the same, as the case may be; (e) a sale or surrender to the Company of any options or Shares of the Company underlying options in order to pay the exercise price or taxes associated with the exercise of options, (f) transfers of Lock-Up Securities pursuant to any Company-approved employee incentive plan, provided that such transfers are made in accordance with the terms of such plan, or (g) transfers or distributions pursuant to any *bona fide* third-party tender offer, merger, acquisition, consolidation or other similar transaction made to all holders of the Company's Shares involving a Change of Control of the Company, provided that in the event that such tender offer, merger, acquisition, consolidation or other such transaction is not completed, the Lock-Up Securities held by the undersigned shall remain subject to the provisions of this lock-up agreement; <u>provided</u> that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Representative a lock-up agreement substantially in the form of this lock-up agreement and (iii) no filing under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended shall be required or shall be voluntarily made (collectively, "**Permitted Transfers**"). For purposes of this paragraph, the term "Change of Control" shall mean any transaction or series of related transactions pursuant to which any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the "beneficial owner" (as such term is defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Shares of the Company on a fully diluted basis. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with this lock-up agreement.

The undersigned agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up agreement (for the avoidance of doubt, excluding any transaction or other action in connection with a Permitted Transfer) during the period from the date hereof to the expiration of the initial Lock-Up Period, the undersigned will give notice thereof to the Company and will not consummate any such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period has expired.

The undersigned agrees that (i) the foregoing restrictions shall be equally applicable to any issuer-directed or "friends and family" Shares that the undersigned may purchase in the Initial Public Offering, (ii) at least three (3) business days before the effective date of any release or waiver substantially in the form of <u>Schedule 1</u> hereto of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) business days after the publication date of such press release substantially in the form of <u>Schedule 2</u> hereto. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or in connection with any other Permitted Transfer and (b) the transferee has agreed in writing to be bound by a lock-up agreement substantially in the form of this lock-up agreement.

No provision in this agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable or exchangeable for or convertible into Shares, as applicable; <u>provided</u> that the undersigned does not transfer the Shares acquired on such exercise, exchange or conversion during the Lock-Up Period, unless in connection with a Permitted Transfer or in a transfer otherwise permitted pursuant to the terms of this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification of a so-called "10b5-1" plan at any time (other than the entry into or modification of such a plan in such a manner as to cause the sale of any Lock-Up Securities within the Lock-Up Period).

The undersigned understands that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Initial Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, successors and assigns.

The undersigned understands that, if (1) the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder, (2) either the Representative or the Company advises the other in writing that it has determined not to proceed with the Initial Public Offering, (3) the Registration Statement (as defined in the Underwriting Agreement) is withdrawn, or (4) the Initial Public Offering has not closed by the termination date of the Initial Public Offering or such other date as may be agreed upon as the final date of the Initial Public Offering if the Company and the Representative extend the Initial Public Offering, then this lock-up agreement shall be void and of no further force or effect.

Whether or not the Initial Public Offering actually occurs depends on a number of factors, including market conditions. The Initial Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Representative.

This lock-up agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to the conflict of laws principles thereof. Delivery of a signed copy of this lock-up agreement by facsimile or e-mail/.pdf transmission shall be effective as the delivery of the original hereof.

[***SIGNATURE PAGE TO FOLLOW***]

---

| |
|:---|
| <br> Very truly yours, |
| (Signature)<br>By: ________________ |
| Address: |

---

**SCHEDULE 1**

**Form of Release or Waiver**

[●], 202[●]

[Name and Address of

Officer or Director

Requesting Waiver]

Dear Mr./Ms. [Name]:

This letter is being delivered to you in connection with the offering by RUI Holdings Inc (the "**Company**") of [●] Class A ordinary shares, par value $0.0001 per share (the "**Class A Ordinary Shares**"), of the Company, and the Lock-Up Agreement dated , 202[●] (the "**Lock-Up Agreement**"), executed by you in connection with such offering, and your request for a [waiver] [release] dated , 202[●], with respect to [●] Class A Ordinary Shares (the "**Shares**").

The undersigned hereby agrees to [waive] [release] the transfer restrictions set forth in the Lock-Up Agreement, but only with respect to the Shares, effective [●], 20[●]; *provided*, *however*, that such [waiver] [release] is conditioned on the Company announcing the impending [waiver] [release] by press release through a major news service at least three (3) business days before effectiveness of such [waiver] [release]. This letter will serve as notice to the Company of the impending [waiver] [release].

Except as expressly [waived] [released] hereby, the Lock-Up Agreement shall remain in full force and effect.

---

| | |
|:---|:---|
|  | Very truly yours, |
|  | Acting severally on behalf of themselves and the several Underwriters named in <u>Schedule A</u> to the Underwriting Agreement |
|  | Cathay Securities, Inc. |
|  | By: |
|  | Name: |
|  | Title: |
| cc: RUI Holdings Inc |  |

---

**SCHEDULE 2**

**Form of Press Release**

**RUI Holdings Inc**

[●], 202[●]

RUI Holdings Inc (the "Company") announced today that Cathay Securities, Inc., acting as representative for the underwriters in the Company's recent public offering of [●] of the Company's Class A ordinary shares, par value $0.0001 per share, is [waiving] [releasing] a lock-up restriction with respect to [●] Class A ordinary shares, par value $0.0001 per share, held by [certain officers or directors] [an officer or director] of the Company. The [waiver] [release] will take effect on [●], 202[●], and the securities may be sold on or after such date.

**This press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended.**

## Exhibit 3.1

**Exhibit 3.1**

**THE CAYMAN ISLANDS**

**THE COMPANIES ACT (AS REVISED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION** 

**OF**

**RUI Holdings Inc**

**(adopted by a Special Resolution passed on 20 November 2025)**

---

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**THE CAYMAN ISLANDS**

**THE COMPANIES ACT (AS REVISED) COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION OF**

**RUI Holdings Inc**

**(adopted by a Special Resolution passed on 20 November 2025)**

1. The name of the Company is RUI Holdings Inc.

2. The registered office will be situated at the offices of
ICS Corporate Services (Cayman) Limited, Palm Grove Unit 4, 265 Smith Road, George Town, P.O. Box 52A Edgewater Way, #1653, Grand Cayman
KY1-9006, Cayman Islands or at such other place in the Cayman Islands 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 carry out any object not prohibited by the Companies Act (As Amended) or any other
law of the Cayman Islands and shall have and be capable of from time to time and at all times exercising
any and all of the powers at any time or from time to time exercisable by a natural person or body corporate in any part of the world
whether as principal, agent, contractor or otherwise.

4. The Company shall not be permitted to carry on any business
where a licence is required under the laws of the Cayman Islands to carry on such a business until such time as the relevant license
has been obtained.

5. As an exempted company, the Company's operations will
be carried on subject to the provisions of Section 174 of the Companies Act (As Amended).

6. The liability of each Shareholder is limited to the amount
from time to time unpaid on such Shareholder's share.

7. The authorized share capital of the Company is US$50,000.00
divided into 450,000,000 Class A Ordinary Shares of par value US$0.0001 each and 50,000,000 Class B Ordinary Shares of par value US$0.0001
each, with the power for the Company to increase or reduce the said capital and to issue any part of its capital, original or increased,
with or without any preference, priority or special privilege or subject to any postponement of rights or to any conditions or restrictions;
and so that, unless the condition of issue shall otherwise expressly declare, every issue of shares, whether declared to be preference
or otherwise, shall be subject to the power hereinbefore contained.

8. The Company has power to register by way of continuation
as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman
Islands.

9. Capitalized terms that are not defined in this Memorandum
of Association bear the same meanings as those given in the Articles of Association of the Company.

---

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---

**THE CAYMAN ISLANDS**

**THE COMPANIES ACT (AS REVISED)**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**RUI Holdings Inc**

**(adopted by a Special Resolution passed on 20 November 2025)**

 

---

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---

**THE CAYMAN ISLANDS**

**THE COMPANIES ACT (AS REVISED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**RUI Holdings Inc**

**(adopted by a Special Resolution passed on 20 November 2025)**

**TABLE A**

The Regulations contained or incorporated in Table A in the First Schedule to the Companies Act (As Amended) shall not apply to the Company and the following regulations shall comprise the Articles of Association of the Company:

**INTERPRETATION**

1. In these Articles of Association the following terms shall
have the meanings set opposite unless the context otherwise requires:-

---

| | |
|:---|:---|
| "**Articles**" | means these Articles of Association. |
| "**Auditors"** | means the auditors of the Company for the time being, if appointed. |
| "**Board**" or "**Board of Directors**" | being, or as the case may be, the Directors assembled as a Board or as a committee thereof. |
| "**Class A Ordinary Shareholders**" | means holders of one or more Class A Ordinary Shares, and "Class A Ordinary Shareholder" means any one of them. |
| "**Class A Ordinary Shares**" | means a class A ordinary share of US$0.0001 each in the capital of the Company having the rights, preference and privileges attaching to it set out herein, and "**Class A Ordinary Share**" means any one of them, and includes a fraction of a share. |

---

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|:---|:---|
| "**Class B Ordinary Shareholders**" | means holders of one or more Class B Ordinary Shares, and "**Class B Ordinary Shareholder**" means any one of them. |
| "**Class B Ordinary Shares**" | means a class B ordinary share of US$0.0001 each in the capital of the Company having the rights, preference and privileges attaching to it set out herein, and "**Class B Ordinary Share**" means any one of them, and includes a fraction of a share. |
| "**Companies Act**" | means the Companies Act (as revised) of the Cayman Islands. |
| "**Company**" | means RUI Holdings Inc. |
| "**day(s)**" | means calendar day(s), unless specified otherwise. |
| "**Directors**" | means the directors of the Company for the time. |
| "**Electronic Record**" | has the meaning given to that expression in the Electronic Transactions Act (Revised), as amended from time to time. |
| "**in writing**" | means written, printed, lithographed, Electronic Record, photographed or telexed or represented by any other substitute for writing or partly one and partly another. |
| "**Memorandum of Association"** | means the Memorandum of Association of the Company, as amended, restated or supplemented from time to time |
| **"Ordinary Resolution"** | means a resolution: |

---

---

| | | |
|:---|:---|:---|
|  | a. | passed by a simple majority of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Company and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Shareholder is entitled; or |
|  | b. | approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments signed in the aggregate by all of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments if more than one, is signed. |
| **"Ordinary Shares"** | means the Class A Ordinary Shares and the Class B Ordinary Shares, and "**Ordinary Share**" means any one of the Ordinary Shares. | means the Class A Ordinary Shares and the Class B Ordinary Shares, and "**Ordinary Share**" means any one of the Ordinary Shares. |
| **"paid up"** | includes credited as paid up. | includes credited as paid up. |
| **"Registered Office"** | means the registered office of the Company as provided in Section 50 of the Companies Act. | means the registered office of the Company as provided in Section 50 of the Companies Act. |
| **"Register of Members**" | means the register to be kept by the Company in accordance with Section 40 of the Companies Act. | means the register to be kept by the Company in accordance with Section 40 of the Companies Act. |

---

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| | |
|:---|:---|
| **"Seal"** | means the Common Seal (if any) of the Company including any facsimile thereof for use outside of the Cayman Islands. |
| **"Secretary"** | means any person appointed by the Directors to perform any of the duties of the secretary of the Company including any assistant secretary. |
| **"shares"** | means a share of any class in the capital of the Company, and for the avoidance of doubt, includes Class A Ordinary Shares and Class B Ordinary Shares, and "**Share**" means any one of them, and includes a fraction of a share. |
| **"Shareholder"** | means a person whose name is entered in the Register of Members. |
| **"signed"** | includes a signature or representation of a signature affixed by mechanical means. |
| **"Special Resolution"** | means a resolution passed in accordance with Section 60 of 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;a. passed
by a majority of at least two-thirds of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed,
by proxy at a general meeting of the Company of which notice specifying the intention to propose the resolution as a Special Resolution
has been duly given and where a poll is taken regard shall be had in computing such a majority to the number of votes to which each Shareholder
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;b. approved
in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments signed in the aggregate
by all of the Shareholders and the effective date of the Special Resolution so adopted shall be the date on which the instrument or the
last of such instruments if more than one, is executed.

2. In these Articles, save where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. words
importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. words
importing the masculine gender only shall include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 words
importing persons only shall include companies or associations or bodies of persons, whether corporate or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 the word "may"
 shall be construed as permissive and the word "shall" shall be construed as imperative;

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 a
reference to an Article shall be to an Article of these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 a
reference to a dollar or dollars or US$ is a reference to United States dollars, the lawful currency of the United States of America;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 a
reference to a statutory enactment shall include reference to any amendment or re-enactment thereof for the time being in force.

3. Subject to the last two preceding Articles, any words defined
in the Companies Act shall, if not inconsistent with the subject or context, bear the same meaning in these Articles.

**PRELIMINARY**

4. The business of the Company may be commenced as soon after
incorporation as the Directors see fit.

5. The registered office of the Company shall be at such address
in the Cayman Islands as the Directors shall from time to time determine. The Company may in addition establish and maintain such other
offices and places of business and agencies in such places as the Directors may from time to time determine.

**SHARE CAPITAL**

6. The authorized share capital of the Company at the date of
adoption of these Articles is US$50,000.00 divided into 450,000,000 Class A Ordinary Shares and 50,000,000 Class B Ordinary Shares.

7. Subject to any applicable laws and regulations, rules of
any stock exchange, and the Memorandum of Association, and without prejudice to any special rights previously conferred on the holders
of existing shares, any share may be issued with such preferred, deferred, or other special rights, or such restrictions, whether in
regard to dividend, voting, return of share capital or otherwise, as the Company may from time to time by Special Resolution determine,
and subject to the provisions of section 37 of the Companies Act, any share may, with the sanction of a Special Resolution, be issued
on the terms that it is, or at the option of the Company or the holder is liable, to be redeemed.

8. Subject as otherwise provided in any applicable laws and
regulations, any applicable rules of any applicable stock exchange, and these Articles, all shares for the time being and from time to
time unissued shall be under the control of the Directors, and may be redesignated, allotted, issued or otherwise disposed of in such
manner, to such persons and on such terms as the Directors, in their absolute discretion, may think fit. The Directors may issue shares
in separate classes and may issue shares of any class in different series.

9. The Company shall not issue shares to bearer.

10. The Company may, in so far as may be permitted by law, pay
a commission to any person in consideration of his subscribing or agreeing to subscribe whether absolutely or conditionally for any shares.
Such commissions may be satisfied by the payment of cash or the lodgement of fully or partly paid-up shares or partly in one way and
partly in the other. The Company may also on any issue of shares pay such brokerage as may be lawful.

---

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11. The Directors shall keep or cause to be kept a Register of
Members as required by Section 40 of the Companies Act at such place or places as the Directors may from time to time determine, and
in the absence of any such determination, the Register of Members shall be kept at the registered office of the Company. The Company
shall not be bound to register more than four persons as the joint holders of any share or shares.

**FRACTIONAL SHARES**

12. The Directors may issue fractions of a share up to such number
of decimal places as they shall determine of any class or series of shares, and, if so issued, a fraction of a share (calculated to three
decimal points) shall be subject to and carry the corresponding fraction of liabilities (whether with respect to any unpaid amount thereon,
contribution, calls or otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without limitation,
voting and participation rights) and other attributes of a whole share of the same class or series of shares.

**REPURCHASE OF SHARES**

13. Subject to the provisions of the Companies Act as well as
any other applicable laws and regulations and without prejudice to these Articles, the Company may purchase its own shares in such manner
and on such terms as the Directors may agree with the relevant Shareholder, and 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. The Directors may accept the surrender for no consideration
of any fully paid share unless following such surrender there would no longer be any issued shares.

**VARIATION OF RIGHTS ATTACHING TO SHARES**

14. The rights attaching to any class or series of share (unless
otherwise provided by these Articles or the terms of issue of the shares of that class or series) may be varied or abrogated with the
consent in writing of the holders of two-thirds of the issued shares of that class or series, or with the sanction of a resolution passed
by at least a two-thirds majority of the holders of shares of the class or series present in person or by proxy and entitled to vote
at a separate meeting of the holders of the shares of the class or series. To every such separate general meeting the provisions of these
Articles relating to general meetings of the Company shall mutatis mutandis apply, but so that the necessary quorum shall, unless otherwise
provided by these Articles, be at least two persons holding or representing by proxy at least one-third of the issued shares of the class
or series and that any holder of shares of the class or series present in person or by proxy may demand a poll.

**CERTIFICATES FOR SHARES**

15. A Shareholder shall only be entitled to a share certificate
if the Directors resolve that share certificates shall be issued. Share certificates representing shares, if any, shall be in such form
as the Directors may determine. Share certificates shall be signed by one or more Directors or another person authorized by the Directors.
The Directors may authorize certificates to be issued with the authorized signature(s) affixed by mechanical process. All certificates
for shares shall be consecutively numbered or otherwise identified and shall specify the shares to which they relate.

16. The Company shall not be bound to issue more than one certificate
for Shares held jointly by more than one person and delivery of a certificate to one joint holder shall be a sufficient delivery to all
of them.

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17. If a share certificate is defaced, worn out, lost or destroyed,
it may be renewed on such terms (if any) as to evidence and indemnity and on the payment of such expenses reasonably incurred by the
Company in investigating evidence, as the Directors may prescribe, and (in the case of defacement or wearing out) on delivery up of the
old certificate.

**LIEN**

18. The Company shall have a first priority lien and charge on
every partly paid share for all moneys (whether presently payable or not) called or payable at a fixed time in respect of that share,
and the Company shall also have a first priority lien and charge on all partly paid shares standing registered in the name of a Shareholder
(whether held solely or jointly with another person) for all moneys presently payable by him or his estate to the Company, but the Directors
may at any time declare any share to be wholly or in part exempt from the provisions of this Article. The Company's lien, if any,
on a share shall extend to all distributions payable thereon.

19. The Company may sell, in such manner as the Directors in
their sole and absolute discretion think fit, any shares on which the Company has a lien, but no sale shall be made unless an amount
in respect of which the lien exists is presently payable nor until the expiration of 14 days after a notice in writing, stating and demanding
payment of such part of the amount in respect of which the lien exists as is presently payable, has been given to the registered holder
for the time being of the share, or the persons entitled thereto by reason of his death or bankruptcy.

20. For giving effect to any such sale the Directors may authorize
some person to transfer the shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the shares comprised
in any such transfer and he shall not be bound to see to the application of the purchase money, nor shall his title to the shares be
affected by any irregularity or invalidity in the proceedings in reference to the sale.

21. The proceeds of the sale after deduction of expenses, fees
and commissions incurred by the Company shall be received by the Company and applied in payment of such part of the amount in respect
of which the lien exists as is presently payable, and the residue shall (subject to a like lien for sums not presently payable as existed
upon the shares prior to the sale) be paid to the person entitled to the shares at the date of the sale.

**CALLS ON SHARES**

22. The Directors may from time to time make calls upon the Shareholders
in respect of any moneys unpaid on their partly paid shares, and each Shareholder shall (subject to receiving at least 14 days notice
specifying the time or times of payment) pay to the Company at the time or times so specified the amount called on such shares.

23. The joint holders of a share shall be jointly and severally
liable to pay calls in respect thereof.

24. If a sum called in respect of a share is not paid before or on the day appointed for payment
thereof, the person from whom the sum is due shall pay interest upon the sum at such rate per annum as the Directors shall determine
from the day appointed for the payment thereof to the time of the actual payment, but the Directors shall be at liberty to waive payment
of that interest wholly or in part.

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25. The provisions of these Articles as to the liability of joint
holders and as to payment of interest shall apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes
payable at a fixed time, whether on account of the amount of the share, or by way of premium, as if the same had become payable by virtue
of a call duly made and notified.

26. The Directors may make arrangements on the issue of partly
paid shares for a difference between the Shareholders, or the particular shares, in the amount of calls to be paid and in the times of
payment.

27. The Directors may, if they think fit, receive from any Shareholder
willing to advance the same all or any part of the moneys uncalled and unpaid upon any partly paid shares held by him, and upon all or
any of the moneys so advanced may (until the same would, but for such advance, become presently payable) pay interest at such rate as
may be agreed upon between the Shareholder paying the sum in advance and the Directors.

**FORFEITURE OF SHARES**

28. If a Shareholder fails to pay any call or instalment of a
call in respect of partly paid shares on the day appointed for payment, the Directors may, at any time thereafter during such time as
any part of such call or instalment remains unpaid, serve a notice on him requiring payment of so much of the call or instalment as is
unpaid, together with any interest which may have accrued.

29. The notice shall name a further day (not earlier than the
expiration of 14 days from the date of the notice) on or before which the payment required by the notice is to be made, and shall state
that in the event of non-payment at or before the time appointed the shares in respect of which the call was made will be liable to be
forfeited.

30. If the requirements of any such notice as aforesaid are not
complied with, any share in respect of which the notice has been given may, at any time thereafter before the payment required by notice
has been made, be forfeited by a resolution of the Directors to that effect.

31. A forfeited share may be sold or otherwise disposed of on
such terms and in such manner as the Directors think fit, and at any time before a sale or disposition the forfeiture may be cancelled
on such terms as the Directors think fit.

32. A person whose shares have been forfeited shall cease to
be a Shareholder in respect of the forfeited shares, but shall, notwithstanding, remain liable to pay to the Company all moneys which
at the date of forfeiture were payable by him to the Company in respect of the shares forfeited, but his liability shall cease if and
when the Company receives payment in full the amount unpaid on the shares forfeited.

33. A statutory declaration in writing that the declarant is
a Director, and that a share has been duly forfeited on a date stated in the declaration, shall be conclusive evidence of the facts in
the notice as against all persons claiming to be entitled to the share.

34. The Company may receive the consideration, if any, given
for a share on any sale or disposition thereof pursuant to the provisions of these Articles as to forfeiture and may execute a transfer
of the share in favour of the person to whom the share is sold or disposed of and that person shall be registered as the holder of the
share, and shall not be bound to see to the application of the purchase money, if any, nor shall his title to the share be affected by
any irregularity or invalidity in the proceedings in reference to the disposition or sale.

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35. The provisions of these Articles as to forfeiture shall apply
in the case of non-payment of any sum which by the terms of issue of a share becomes due and payable, whether on account of the amount
of the share, or by way of premium, as if the same had been payable by virtue of a call duly made and notified.

**TRANSFER OF SHARES**

36. The instrument of transfer of any share shall be in any usual
or common form or such other form as the Directors may, in their absolute discretion, approve and be executed by or on behalf of the
transferor and if in respect of a nil or partly paid up share, if so required by the Directors, shall also be executed on behalf of the
transferee and shall be accompanied by such evidence as the Directors may reasonably require to show the right of the transferor to make
the transfer. The transferor shall be deemed to remain a holder of the share until the name of the transferee is entered in the Register
of Members in respect thereof.

37. Subject to any applicable rules of any stock exchange, the
Directors may, in their absolute discretion, decline to register any transfer of shares without assigning any reason therefor. If the
Directors refuse to register a transfer of any shares, they shall, within three months after the date on which the transfer was lodged
with the Company, send to the transferee notice of the refusal.

38. Subject to any applicable rules of any stock exchange, the
registration of transfers may be suspended at such times and for such periods as the Directors may, in their absolute discretion, from
time to time determine, provided always that such registration shall not be suspended for more than 30 days in any year.

39. All instruments of transfer which are registered shall be
retained by the Company, but any instrument of transfer which the Directors decline to register shall (except in any case of fraud) be
returned to the person depositing the same.

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|:---|:---|
| 39A. | Upon any sale, pledge, transfer, assignment or disposition of one or more Class B Ordinary Share(s) by a holder thereof to any person or entity which is not (i) an immediate family member of such holder (if such holder is an individual), or (ii) one or more Executive Officer(s), or (iii) an Affiliate of one or more Executive Officer(s), each such Class B Ordinary Share shall be automatically and immediately converted into one Class A Ordinary Share in accordance with Articles 45A to 45F, provided that a change in the beneficial ownership of Class B Ordinary Shares from a holder of Class B Ordinary Shares to (i) an immediate family member of such holder (if such holder is an individual), or (ii) one or more Executive Officer(s), or (iii) an Affiliate of one or more Executive Officer(s), shall not cause a conversion under this Article 39A. |

---

**TRANSMISSION OF SHARES**

40. The legal personal representative of a deceased sole holder
of a share shall be the only person recognized by the Company as having any title to the share. In the case of a share registered in
the name of two or more holders, the survivor or survivors of the deceased, or the legal personal representatives of the deceased, shall
be the only person or persons recognized by the Company as having any title to the share.

---

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41. Any person becoming entitled to a share in consequence of
the death or bankruptcy of a Shareholder shall, upon such evidence
being produced as may from time to time be required by the Directors, have the right either to be registered as a Shareholder in
respect of the share or, instead of being registered himself, to make such transfer of the share as the deceased or bankrupt person
could have made; but the Directors shall, in either case, have the same right to decline or suspend registration as they would have
had in the case of a transfer of the share by the deceased or bankrupt person before the death or bankruptcy.

42. A person becoming entitled to a share by reason of the death
or bankruptcy of the holder shall be entitled to the same dividends and other advantages to which he would be entitled if he were the
registered holder of the share, except that he shall not, before being registered as a Shareholder in respect of the share, be entitled,
in respect of it, to exercise any right conferred by membership in relation to meetings of the Company.

**ALTERATION OF SHARE CAPITAL**

43. The Company may from time to time by Ordinary Resolution
increase the share capital by such sum, to be divided into shares of such classes or series and amount, as the resolution shall prescribe.

44. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.1. 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;44.2. convert
all or any of its paid up shares into stock and reconvert that stock into paid up shares of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.3. subdivide
its existing shares, or any of them, into shares of a smaller amount provided that in the subdivision the proportion between the amount
paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the share from which the reduced share
is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.4. 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.

45. The Company may by Special Resolution reduce its share capital
and any capital redemption reserve in any manner authorized by law.

**CONVERSION OF CLASS B ORDINARY SHARES**

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| 45A. | Each fully paid Class B Ordinary Share is convertible (the "**Conversion**") into one (1) Class A Ordinary Share at any time at the option of the Class B Ordinary Shareholder holding such Class B Ordinary Share (the "**Conversion Shareholder**"). The right to convert shall be exercisable by the holder of the Class B Ordinary Share delivering a written notice to the Company ("**Conversion Notice**") that such holder elects to convert all or a specified number of Class B Ordinary Shares held by such holder into Class A Ordinary Shares. The Class A Ordinary Shares resulting from the Conversion shall in all respects rank pari passu with the existing issued Class A Ordinary Shares. |

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45B. Class A Ordinary Shares shall not be convertible into Class B Ordinary Shares in any circumstances.

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| 45C. | Those Class B Ordinary Shares specified in a Conversion Notice shall convert automatically on the date such Conversion Notice is served on the Company unless the Conversion Notice states that conversion is to be effective on some later date, or when any conditions specified in the Conversion Notice have been fulfilled, in which case conversion shall take effect on that later date, or when such conditions have been fulfilled (as the case may be) (the "**Conversion Date**"). |

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| 45D. | Within five (5) days after the Conversion Date the Conversion Shareholder shall deliver the share certificate(s) (or an indemnity in a form reasonably satisfactory to the Directors in respect of any lost share certificate(s)) in respect of the Class B Ordinary Shares being converted to the Company at the office of its registered agent for the time being. |

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45E. In the case where a conversion is subject to any condition(s) specified in the Conversion Notice being fulfilled, if such condition(s) has not been satisfied or waived by the relevant Conversion Holder by the time of the Conversion Date such conversion shall be deemed not to have occurred.

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| 45F. | Any conversion of Class B Ordinary Shares into Class A Ordinary Shares shall be effected by way of a re-designation and re-classification of each relevant Class B Ordinary Share as a Class A Ordinary Share, or a repurchase of each relevant Class B Ordinary Share for cancellation and an allotment and issuance of new Class A Ordinary Share. |

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**CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE**

46. For the purpose of determining those Shareholders that are
entitled to receive notice of, attend or vote at any meeting of Shareholders or any adjournment thereof, or those Shareholders that are
entitled to receive payment of any dividend, or in order to make a determination as to who is a Shareholders for any other purpose, the
Directors may provide that the Register of Members shall be closed for transfers for a stated period which shall not exceed in any case
30 days. If the Register of Members shall be so closed for the purpose of determining those Shareholders that are entitled to receive
notice of, attend or vote at a meeting of Shareholders the Register of Members shall be so closed for at least 10 days immediately preceding
such meeting and the record date for such determination shall be the date of the closure of the Register of Members.

47. In lieu of or apart from closing the Register of Members,
the Directors may fix in advance a date as the record date for any such determination of those Shareholders that are entitled to receive
notice of, attend or vote at a meeting of the Shareholders and for the purpose of determining those Shareholders that are entitled to
receive payment of any dividend the Directors may, at or within 30 days prior to the date of declaration of such dividend fix a subsequent
date as the record date for such determination.

48. If the Register of Members is not so closed and no record
date is fixed for the determination of those Shareholders entitled to receive notice of, attend or vote at a meeting of Shareholders
or those Shareholders that are entitled to receive payment of a dividend, the date on which notice of the meeting is posted or the date
on which the resolution of the Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination
of Shareholders. When a determination of those Shareholders that are entitled to receive notice of, attend or vote at a meeting of Shareholders
has been made as provided in this Article, such determination shall apply to any adjournment thereof.

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**GENERAL MEETINGS**

49. The Directors may, whenever they think fit, convene a general
meeting of the Company.

50. General meetings shall also be convened on the written requisition
of any Shareholder or Shareholders entitled to attend and vote at general meetings of the Company who hold not less than 10 per cent
of the total number of issued and paid up voting shares of the Company (which include the Class A Ordinary Shares and Class B Ordinary
Shares) deposited at the registered office of the Company specifying the objects of the meeting for a date no later than 21 days from
the date of deposit of the requisition signed by the requisitionists, and if the Directors do not convene such meeting for a date not
later than 45 days after the date of such deposit, the requisitionists themselves may convene the general meeting in the same manner,
as nearly as possible, as that in which general meetings may be convened by the Directors, and all reasonable expenses incurred by the
requisitionists as a result of the failure of the Directors to convene the general meeting shall be reimbursed to them by the Company.

51. If at any time there are no Directors, any two Shareholders
(or if there is only one Shareholder then that Shareholder) entitled to vote at general meetings of the Company may convene a general
meeting in the same manner as nearly as possible as that in which meetings may be convened by the Directors.

**NOTICE OF GENERAL MEETINGS**

52. At least seven clear days' notice of a general meeting
excluding the day the notice is given or deemed to be given as provided in these Articles and the day of the meeting, specifying the
place, the day and the hour of the meeting and, in case of special business, the general nature of that business, shall be given in the
manner provided in Article 128 or in such other manner (if any) as may be prescribed by the Company by Ordinary Resolution to such persons
as are, under these Articles, entitled to receive such notices from the Company, but with the consent of all the Shareholders entitled
to receive notice of some particular meeting and attend and vote thereat, that meeting may be convened by such shorter notice or without
notice and in such manner as those Shareholders may think fit. The accidental omission to give notice of a meeting to or the non-receipt
of a notice of a meeting by any Shareholder shall not invalidate the proceedings at any meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

53. All business carried out at a general meeting shall be deemed
special with the exception of sanctioning a dividend, the consideration of the accounts, balance sheets, and any report of the Directors
or of the Auditors and the fixing of the remuneration of the Auditors. No special business shall be transacted at any general meeting
without the consent of all Shareholders entitled to receive notice of that meeting unless notice of such special business has been given
in the notice convening that meeting.

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54. Other than the appointment of the chairman of the general
meeting, no business shall be transacted at any general meeting unless a quorum of Shareholders is present at the time when the meeting
proceeds to business. Save as otherwise provided by these Articles, one or more Shareholders holding at least one third of the total
number of the issued and paid up voting shares of the Company (which include the Class A Ordinary Shares and Class B Ordinary Shares)
present in person or by proxy shall be a quorum.

55. If within half an hour from the time appointed for the meeting
a quorum is not present, the meeting, if convened upon the requisition of Shareholders, shall be dissolved. In any other case it shall
stand adjourned to the same day in the next week, at the same time and place, and if at the adjourned meeting a quorum is not present
within half an hour from the time appointed for the meeting the Shareholder or Shareholders present and entitled to vote shall be a quorum.

56. If the Directors wish to make this facility available to
Shareholders for a specific or all general meetings of the Company, a Shareholder who is entitled to participate in any specific or general
meeting of the Company, may participate by means of telephone or similar communication equipment by way of which all persons participating
in such meeting can hear each other and such participation shall be deemed to constitute presence in person at the meeting.

57. The Chairman (if any) shall preside as chairman at every
general meeting of the Company.

58. If there is no Chairman, or if at any general meeting the
Chairman is not present within fifteen minutes after the time appointed for holding the meeting or is unwilling to act as chairman of
the meeting, the Shareholders present shall choose one of their number to be chairman of that meeting.

59. The chairman of the meeting may, with the consent of any
general meeting at which a quorum is present (and shall if so directed by the meeting), adjourn a meeting from time to time and from
place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from
which the adjournment took place. When a meeting is adjourned for 14 days or more, notice of the adjourned meeting shall be given as
in the case of an original meeting. Save as aforesaid it shall not be necessary to give any notice of an adjournment or of the business
to be transacted at an adjourned meeting.

60. At any general meeting a resolution put to the vote of the meeting shall be decided on a show of
 hands, unless a poll is (before or on the declaration of the result of the show of hands) demanded by (i) the chairman of the
 meeting, or (ii) one or more Shareholders present in person or by proxy entitled to vote, and unless a poll is so demanded, a
 declaration by the chairman of the meeting that a resolution has, on a show of hands, been carried, or carried unanimously, or by a
 particular majority, or lost, and an entry to that effect in the book of the proceedings of the Company, shall be conclusive
 evidence of the fact, without proof of the number or proportion of the votes recorded in favour of, or against, that
 resolution.

61. If a poll is duly demanded it shall be taken in such manner
as the chairman of the meeting directs, and the result of the poll shall be deemed to be the resolution of the meeting at which the poll
was demanded.

62. In the case of an equality of votes, whether on a show of
hands or on a poll, the chairman of the meeting at which the show of hands takes place or at which the poll is demanded, shall have a
second or casting vote.

63. A poll demanded on the election of a chairman of the meeting
or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such time as the chairman of the meeting directs.

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**VOTES OF SHAREHOLDERS**

64. Except as otherwise required by law or these Articles, the
Class A Ordinary Shares and the Class B Ordinary Shares shall vote together on all matters submitted to a vote of Shareholders.

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| 64A. | In the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy shall be accepted to the exclusion of the votes of the joint holders and for this purpose seniority shall be determined by the order in which the names stand in the Register of Members. |

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65. A Shareholder of unsound mind, or in respect of whom an order
has been made by any court having jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his committee, or other
person in the nature of a committee appointed by that court, and any such committee or other person, may vote by proxy.

66. Shareholders who are entitled to vote at a general meeting
shall not be entitled to vote at any general meeting unless all calls or other sums presently payable by him in respect of shares carrying
the right to vote held by him have been paid.

67. On a poll votes may be given either personally or by proxy.
Subject to the Act, every Class A Ordinary Shareholder who is entitled to vote at a general meeting and every person representing such
a Class A Ordinary Shareholder as proxy shall have **one (1)** vote for each Class A Ordinary Share of which such Class A Ordinary
Shareholder or the Class A Ordinary Shareholder represented by the proxy is the holder, and every Class B Ordinary Shareholder who is
entitled to vote at a general meeting and every person representing such a Class B Ordinary Shareholder as proxy shall have **twenty (20)** votes for each Class B Ordinary Share of which such Class B Ordinary Shareholder or the Class B Ordinary Shareholder represented
by the proxy is the holder.

68. The instrument appointing a proxy shall be in writing under
the hand of the appointor or of his attorney duly authorized in writing or, if the appointor is a corporation, either under seal or under
the hand of an officer or attorney duly authorized. A proxy need not be a Shareholder.

69. An instrument appointing a proxy may be in any usual or common
form or such other form as the Directors may approve.

70. The instrument appointing a proxy shall be deemed to confer
authority to demand or join in demanding a poll.

71. A resolution in writing signed by all the Shareholders for
the time being entitled to receive notice of and to attend and vote at general meetings (or being corporations by their duly authorized
representatives) shall be as valid and effective as if the same had been passed at a general meeting of the Company duly convened and
held. Any such resolution may consist of several documents in the like form signed by one or more of the Shareholders.

**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS**

72. Any corporation which is a Shareholder or a Director may
by resolution of its directors or other governing body authorize such person as it thinks fit to act as its representative at any meeting
of the Company or of any class of Shareholders or of the Board of Directors or of a committee of Directors, and the person so authorized shall be entitled to exercise the same powers on behalf
of the corporation which he represents as that corporation could exercise if it were an individual Shareholders or Director.

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**DIRECTORS**

73. The name of the first Director(s) shall either be determined
in writing by a majority (or in the case of a sole subscriber that subscriber) of, or elected at a meeting of, the subscribers of the
Memorandum of Association.

74. The Directors shall have the power at any time, and from
time to time, to appoint a person as an additional Director or persons as additional Directors.

75. The Company may by Ordinary Resolution from time to time
fix the maximum and minimum number of Directors to be appointed but unless such number is fixed as aforesaid the number of Directors
shall be unlimited and there shall be no minimum number of Directors. The Company may by Ordinary Resolution appoint additional Directors
from time to time.
76. The remuneration of the Directors and any officers of the
Company shall from time to time be determined by the Directors.

77. There shall be no shareholding qualification for Directors
unless determined otherwise by the Company by Ordinary Resolution.

78. Any casual vacancy occurring in the Board of Directors may
be filled by the Directors. 79. The Directors shall not be required to retire by rotation.

**ALTERNATE DIRECTOR AND PROXY**

80. Any Director may in writing appoint another person to be
his alternate to act in his place at any meeting of the Directors at which he is unable to be present. Every such alternate shall be
entitled to notice of meetings of the Directors and to attend and vote thereat as a Director when the person appointing him is not personally
present and where he is a Director to have a separate vote on behalf of the Director he is representing, in addition to his own vote.
A Director may at any time in writing revoke the appointment of an alternate appointed by him. Such alternate shall not be an officer
of the Company and shall be deemed to be the agent of the Director appointing him. The remuneration of such alternate shall be payable
out of the remuneration of the Director appointing him and the proportion thereof shall be agreed between them.

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81. Any Director may appoint any person, whether or not a Director,
to be the proxy of that Director to attend and vote on his behalf, in accordance with instructions given by that Director, or in the
absence of such instructions at the discretion of the proxy, at a meeting or meetings of the Directors which that Director is unable
to attend personally. The instrument appointing the proxy shall be in writing under the hand of the appointing Director and shall be
in any usual or common form or such other form as the Directors may approve, and must be lodged with the chairman of the meeting of the
Directors at which such proxy is to be used, or first used, prior to the commencement of the meeting.

**POWERS AND DUTIES OF DIRECTORS**

82. Subject to the provisions of the Companies Act, these Articles,
and to any resolutions made in a general meeting, the business of the Company shall be managed by the Directors, who may pay all expenses
incurred in setting up and registering the Company and may exercise all powers of the Company. No resolution made by the Company in general
meeting shall invalidate any prior act of the Directors which would have been valid if that resolution had not been made.

83. The Directors may exercise all the powers of the Company
to borrow money and to mortgage or charge its undertaking, property and uncalled capital or any part thereof 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.

84. The Directors may from time to time appoint any person, whether
or not a Director, to hold such office in the Company as the Directors may think necessary for the administration of the Company, including
but not limited to, the office of President, one or more Vice-Presidents, Chief Executive Officer, Chief Financial Officer, Treasurer,
Assistant Treasurer, Manager or Controller, and for such term, and with such powers and duties as the Directors may think fit. The Directors
may also appoint one or more of their number to the office of Managing Director upon like terms, but any such appointment shall ipso
facto determine if any Managing Director ceases from any cause to be a Director, or if the Company by Ordinary Resolution resolves that
his tenure of office be terminated.

85. The Directors may appoint a Secretary (and if need be an
Assistant Secretary or Assistant Secretaries) who shall hold office for such term, at such remuneration and upon such conditions and
with such powers as they think fit. Any Secretary or Assistant Secretary so appointed by the Directors may be removed by the Directors.

86. The Directors may delegate any of their powers to committees
consisting of such member or members of their body as they think fit; any committee so formed shall in the exercise of the powers so
delegated conform to any regulations that may be imposed on it by the Directors.

87. The Directors may from time to time and at any time by power
of attorney appoint any company, firm or person or body of persons, whether nominated directly or indirectly by the Directors, to be
the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretion (not exceeding those vested
in or exercisable by the Directors under these Articles) and for such period and subject to such conditions as they may think fit, and
any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as
the Directors may think fit, and may also authorize any such attorney to delegate all or any of the powers, authorities and discretion vested in him.

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88. The Directors may from time to time provide for the management
of the affairs of the Company in such manner as they shall think fit and the provisions contained in the three next following Articles
shall not limit the general powers conferred by this Article.

89. The Directors from time to time and at any time may establish
any committees or local boards for managing any of the affairs of the Company and may appoint any persons to be members of such committees
or local boards and may appoint any managers or agents of the Company and may fix the remuneration of any such persons.

90. The Directors from time to time and at any time may delegate
to any such committee, local board, manager or agent any of the powers, authorities and discretions for the time being vested in the
Directors and may authorize the members for the time being of any such committee or local board, or any of them to fill any vacancies
therein and to act notwithstanding vacancies and any such appointment or delegation may be made on such terms and subject to such conditions
as the Directors may think fit and the Directors may at any time remove any person so appointed and may annul or vary any such delegation,
but no person dealing in good faith and without notice of any such annulment or variation shall be affected thereby.

91. Any such delegates as aforesaid may be authorized by the
Directors to sub-delegate all or any of the powers, authorities, and discretion for the time being vested in them.

**DISQUALIFICATION OF DIRECTORS**

92. The office of Director shall be vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.1. becomes
bankrupt or makes any arrangement or composition with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.2. is
found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.3. resigns
his office by notice in writing to the Company; 92.4. is
removed from office by Ordinary Resolution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.5. ceases
to be, or is prohibited from being, or is removed from office of, a Director by law or pursuant to any other provision of these Articles.

**PROCEEDINGS OF DIRECTORS**

93. The Directors may meet together (either within or without
the Cayman Islands) for the despatch of business, adjourn, and otherwise regulate their meetings and proceedings as they think fit. Questions
arising at any meeting shall be decided by a majority of votes. In case of an equality of votes the chairman of the meeting shall have
a second or casting vote. A Director may, and the Secretary or Assistant Secretary on the requisition of a Director shall, at any time
summon a meeting of the Directors.

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94. A Director or Directors may participate in any meeting of
the Board of Directors, or of any committee appointed by the Board of Directors of which such Director or Directors are members, by means
of telephone or similar communication equipment by way of which all persons participating in such meeting can hear each other and such
participation shall be deemed to constitute presence in person at the meeting. Every Director may be reimbursed for travel, hotel and
other expenses incurred by him in attending meetings of the Directors, any committee of the Directors or general meetings of the Company
or in connection with the business of the Company.

95. The quorum necessary for the transaction of the business
of the Directors may be fixed by the Directors, and unless so fixed, if there be two or more Directors shall be two, and if there be
one Director the quorum shall be one. A Director represented by proxy or by an alternate Director at any meeting shall be deemed to be
present for the purposes of determining whether or not a quorum is present.

96. A Director who is present at a meeting of the Board of Directors
at which action on any Company matter is taken shall be presumed to have assented to the action taken 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 person acting as the chairman or
secretary of the meeting before the adjournment thereof 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 such action.

97. A Director who is in any way, whether directly or indirectly,
interested in a contract or proposed contract with the Company shall declare the nature of his interest at a meeting of the Directors.
A general notice given to the Board of Directors by any Director to the effect that he is a member of any specified company or firm and
is to be regarded as interested in any contract which may thereafter be made with that company or firm shall be deemed a sufficient declaration
of interest in regard to any contract so made. Subject to applicable laws and regulations, and applicable rules of any applicable stock
exchange, a Director may vote in respect of any contract or proposed contract or arrangement notwithstanding that he may be interested
therein and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the Directors at which any
such contract or proposed contract or arrangement shall come before the meeting for consideration.

98. Subject to applicable laws and regulations, and applicable
rules of any applicable stock exchange, a Director may hold any other office or place of profit under the Company (other than the office
of auditor) in conjunction with his office of Director for such period and on such terms as the Directors may determine and no Director
or intending Director shall be disqualified by his office from contracting with the Company either with regard to his tenure of any such
other office or place of profit or as vendor, purchaser or otherwise, nor shall any such contract or arrangement entered into by or on
behalf of the Company in which any Director is in any way interested, be liable to be avoided, nor shall any Director so contracting
or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by reason of such
Director holding that office or of the fiduciary relationship thereby established. A Director, notwithstanding his interest, may be counted
in the quorum present at any meeting of the Directors whereat he or any other Director is appointed to hold any such office or place
of profit under the Company or whereat the terms of any such appointment are arranged and he may vote on any such appointment or arrangement.

99. Any Director may act by himself or his firm in a professional
capacity for the Company, but he or his firm shall not be entitled to any remuneration for such professional services unless approved
by the Board; provided that nothing herein contained shall authorize a Director or his firm to act as auditors to the Company.

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100. The Directors shall cause minutes to be made in books provided
for the purpose of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1 all
appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.2 the
names of the Directors present at each meeting of the Directors and of any committee of the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.3 all
resolutions and proceedings at all meetings of the Company, and of the Directors and of committees of Directors.

101. When the chairman of a meeting of the Directors signs the
minutes of such meeting those minutes shall be deemed to have been duly held notwithstanding that all the Directors have not actually
come together or that there may have been a technical defect in the proceedings.

102. A resolution signed by all the Directors shall be as valid
and effectual as if it had been passed at a meeting of the Directors duly called and constituted. Any such resolution may consist of
several documents in the like form signed by one or more of the Directors.

103. The continuing Directors may act notwithstanding any vacancy
in their body but if and so long as their number is reduced below the number fixed by or pursuant to these Articles as the necessary
quorum of Directors, the continuing Directors may act for the purpose of increasing the number, or of summoning a general meeting of
the Company, but for no other purpose.

104. The Directors may elect a chairman of the Board (the "**Chairman**") and determine
 the period for which he is to hold office, and may revoke or terminate any such election or appointment. Save as provided in the Act
 or these Articles, the powers and duties of the Chairman shall be such (if any) as are determined from time to time by the
 Directors.

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| 104A. | The Chairman (if any) shall preside as chairman at every meeting of the Board. If no Chairman is elected, or if at any meeting the Chairman is not present within fifteen minutes after the time appointed for holding the meeting, the Directors present may choose one of their number to be chairman of the meeting. |

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105. A committee appointed by the Directors may elect a chairman
of its meetings. If no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time
appointed for holding the meeting, the members present may choose one of their number to be chairman of the meeting.

106. A committee appointed by the Directors may meet and adjourn
as it thinks proper. Questions arising at any meeting shall be determined by a majority of votes of the committee members present and
in case of an equality of votes the chairman shall have a second or casting vote. A resolution signed by all the committee members shall
be as valid and effectual as if it had been passed at a meeting of the committee duly called and constituted. Any such resolution may
consist of several documents in the like form signed by one or more of the committee members.

107. All acts done by any meeting of the Directors or of a committee of Directors, or by any person
 acting as a Director, shall notwithstanding that it be afterwards discovered that there was some defect in the appointment of any
 such Director or person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such person had been duly appointed and was qualified to be a Director.

---

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**THE SEAL AND DEEDS**

108. The Seal shall not be affixed to any instrument except by
the authority of a resolution of the Board of Directors provided always that such authority may be given prior to or after the affixing
of the Seal and if given after may be in general form confirming a number of affixations of the Seal. The Seal shall be affixed in the
presence of a Director or the Secretary (or an Assistant Secretary) or in the presence of any one or more persons as the Directors may
appoint for the purpose and every person as aforesaid shall sign every instrument to which the Seal is so affixed in their presence.

109. The Company may maintain a facsimile of the Seal in such
countries or places as the Directors may appoint and such facsimile Seal shall not be affixed to any instrument except by the authority
of a resolution of the Board of Directors provided always that such authority may be given prior to or after the affixing of such facsimile
Seal and if given after may be in general form confirming a number of affixing of such facsimile Seal. The facsimile Seal shall be affixed
in the presence of such person or persons as the Directors shall for this purpose appoint and such person or persons as aforesaid shall
sign every instrument to which the facsimile Seal is so affixed in their presence and such affixing of the facsimile Seal and signing
as aforesaid shall have the same meaning and effect as if the Seal had been affixed in the presence of and the instrument signed by a
Director or the Secretary (or an Assistant Secretary) or in the presence of any one or more persons as the Directors may appoint for
the purpose.

110. Notwithstanding the foregoing, the Secretary or any Assistant
Secretary shall have the authority to affix the Seal, or the facsimile Seal, to any instrument for the purposes of attesting authenticity
of the matter contained therein but which does not create any obligation binding on the Company.

111. The Company may execute any deed or other instrument which
would otherwise be required to be executed under Seal by the signature of such deed or instrument as a deed by a Director, the Secretary
(or an Assistant Secretary) or any one or more persons as the Directors may appoint for the purpose.

**DIVIDENDS**

112. Subject to any rights and restrictions for the time being
attached to any class or series of shares, the Directors may from time to time declare dividends (including interim dividends) and other
distributions on shares in issue and authorize payment of the same out of the funds of the Company lawfully available therefor.

113. Subject to any rights and restrictions for the time being
attached to any class or series of shares, the Company by Ordinary Resolution may declare dividends, but no dividend shall exceed the
amount recommended by the Directors.

114. The Directors may, before recommending or declaring any dividend,
set aside out of the funds legally available for distribution such sums as they think proper as a reserve or reserves which shall, in
the absolute discretion of the Directors be applicable for meeting contingencies, or for equalizing dividends or for any other purpose
to which those funds may be properly applied and pending such application may, in the absolute discretion of the Directors, either be
employed in the business of the Company or be invested in such investments (other than shares) as the Directors may from time to time think fit.

---

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---

115. Any dividend may be paid by cheque sent through the post
to the registered address of the Shareholder or person entitled thereto, or in the case of joint holders, to any one of such joint holders
at his registered address or to such person and such address as the Shareholder or person entitled, or such joint holders as the case
may be, may direct. Every such cheque shall be made payable to the order of the person to whom it is sent or to the order of such other
person as the Shareholder or person entitled, or such joint holders as the case may be, may direct.

116. The Directors when paying dividends to the Shareholders in
accordance with the provisions of these Articles may make such payment either in cash or in specie.

117. Subject to any rights and restrictions for the time being
attached to any class or classes of shares, all dividends shall be declared and paid according to the amount paid on the shares, but
if and so long as nothing is paid up on any of the shares dividends may be declared and paid according to the par value of the shares.
No amount paid on a share in advance of calls shall, while carrying interest, be treated for the purposes of this Article as paid on
the share.

118. If several persons are registered as joint holders of any
share, any of them may give effectual receipts for any dividend or other moneys payable on or in respect of the share.

119. No dividend shall bear interest against the Company.

120. Any dividend unclaimed after a period of six years from the
date of declaration of such dividend shall be automatically forfeited and shall revert to the Company and shall be applied to the class
or series of shares in relation to which the dividend relates.

**ACCOUNTS AND AUDIT**

121. The books of account relating to the Company's affairs
shall be kept in such manner as may be determined from time to time by the Directors.

122. The books of account shall be kept at the registered office
of the Company, or at such other place or places as the Directors think fit, and shall always be open to the inspection of the Directors.

123. The Directors may from time to time determine whether and
to what extent and at what times and places and under what conditions or regulations the accounts and books of the Company or any of
them shall be open to the inspection of Shareholders not being Directors, and no Shareholder (not being a Director) shall have any right
of inspecting any account or book or document of the Company except as conferred by law or authorized by the Directors or by the Company
by Ordinary Resolution.

124. The Company may appoint Auditors but shall not be required
to do so and if the Company appoints Auditors the Company's accounts shall be audited in such manner as may be determined from
time to time by the Directors. The Auditors shall be appointed in general meeting or failing which by the Directors.

**SHARE PREMIUM ACCOUNT**

125. The Directors shall in accordance with Section 34 of the
Companies Act establish a share premium account and shall carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any share.

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126. There shall be debited to any share premium account on the
redemption or purchase of a share the difference between the nominal value of such share and the redemption or purchase price provided
always that at the discretion of the Directors such sum may be paid out of the profits of the Company or, if permitted by Section 37
of the Companies Act, out of capital.

**CAPITALISATION OF PROFITS**

127. Subject to any necessary sanction or authority being obtained
the Company in general meeting may at any time and from time to time pass a resolution that any sum not required for the payment or provision
of a fixed dividend with or without further participation in profits and (a) for the time being standing to the credit of any reserve
fund of the Company including without limitation the share premium account or (b) being undivided profits in the hands of the Company
be capitalized and that such sum be appropriated as capital to and amongst the members in the shares and proportions in which they would
have been entitled thereto if the same had been distributed by way of dividend and in such manner as the resolution may direct and the
Directors shall in accordance with such resolution apply such sum in paying up in full or in part any unissued shares or debentures of
the Company on behalf of such members and appropriate such shares or debentures to and distribute the same credited as fully paid up
or partly paid up amongst them in the proportions aforesaid in satisfaction of their shares and interests in the said capitalized sum
or shall apply such sum or any part thereof on behalf of such members in paying up the whole or part of any uncalled balance which shall
for the time being be unpaid in respect of any issued shares or debentures held by them. Where any difficulty arises in respect of any
such distribution the Directors may settle the same as they think expedient and in particular they may fix the value for distribution
of any fully paid up shares or debentures make cash payments to any members on the footing of the value so fixed in order to adjust rights
and vest any such shares or debentures in trustees upon such trusts for or for the benefit of the persons entitled to share in the appropriation
and distribution as may seem just and expedient to the Directors.

**NOTICES**

128. Any notice or document may be served by the Company or by
the person entitled to give notice to any Shareholder either personally, by facsimile, by email or by sending it through the post in
a prepaid letter or via a recognized courier service, fees prepaid, addressed to the Shareholder at his address as appearing in the Register
of Members, or by any other means authorized in writing by the Shareholder. In the case of joint holders of a share, all notices shall
be given to that one of the joint holders whose name stands first in the Register of Members in respect of the joint holding, and notice
so given shall be sufficient notice to all the joint holders.

129. Any Shareholder present, either personally or by proxy, at
any meeting of the Company shall for all purposes be deemed to have received due notice of such meeting and, where requisite, of the
purposes for which such meeting was convened.

130. Any notice or other document, if served by (a) post, shall
be deemed to have been served on the day following that on which the letter containing the same is posted or, (b) facsimile or email,
shall be deemed to have been served upon transmission to the correct facsimile number or email address, or (c) recognized courier service,
or (d) if served or delivered by any other means authorized in writing by the Shareholder concerned, shall be deemed to have been served
when the Company has carried out the action it has been authorized to take for that purpose, shall be deemed to have been served 48 hours
after the time when the letter containing the same is delivered to the courier service. In proving service by post or courier service
it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered
to the courier service.

---

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131. Any notice or document delivered or sent by post, left at
the registered address of any Shareholder or sent by facsimile transmission or email in accordance with the terms of these Articles shall
notwithstanding that such Shareholder be then dead or bankrupt, and whether or not the Company has notice of his death or bankruptcy,
be deemed to have been duly served in respect of any share registered in the name of such Shareholder as sole or joint holder, unless
his name shall at the time of the service of the notice or document, have been removed from the Register of Members as the holder of
the share, and such service shall for all purposes be deemed a sufficient service of such notice or document on all persons interested
(whether jointly with or as claiming through or under him) in the share.

132. Notice of every general meeting of the Company shall be given
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133.1. all
Shareholders holding shares with the right to receive notice and who have supplied to the Company an address for the giving of notices
to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133.2. every
person entitled to a share in consequence of the death or bankruptcy of a Shareholder, who but for his death or bankruptcy would
be entitled to receive notice of the meeting.

No other person shall be entitled to receive notices of general meetings.

**INDEMNITY**

133. Every Director, Secretary (including an Assistant Secretary),
officer (other than the Auditors) or servant for the time being of the Company or any trustee for the time being acting in relation to
the affairs of the Company and their respective heirs, executors, administrators, personal representatives or successors or assignees
shall, in the absence of actual fraud or wilful default or as otherwise required by law, be indemnified by the Company against, and it
shall be the duty of the Directors out of the funds and other assets of the Company to pay, all costs, losses, damages and expenses,
including travelling expenses, which any such Director, Secretary, officer, servant or trustee may incur or become liable in respect
of by reason of any contract entered into, or act or thing done by him as such Director, Secretary, officer, servant or trustee or in
any way in or about the execution of his duties and the amount for which such indemnity is provided shall immediately attach as a lien
on the property of the Company and have priority over the Shareholders and over all other claims. No such Director, Secretary, officer,
servant or trustee shall be liable or answerable for the acts, receipts, neglects or defaults of any other Director, Secretary, officer,
servant or trustee or for joining in any receipt or other act for conformity or for any loss or expense happening to the Company through
the insufficiency or deficiency of any security in or upon which any of the monies of the Company shall be invested or for any loss or
damage arising from the bankruptcy, insolvency or tortious act of any person with whom any monies, securities or effects shall be deposited,
or for any loss, damage or misfortune whatsoever which shall happen in or about the execution of the duties of his respective office
or trust or in relation thereto unless the same happens through his own actual fraud or wilful default or as otherwise required by law.

---

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**NON-RECOGNITION OF TRUSTS**

134. No person shall be recognized by the Company as holding any
share upon any trust and the Company shall not (unless required by law) be bound by or be compelled in any way to recognise (even when
having notice thereof) any equitable, contingent or future interest in any of its shares or any other rights in respect thereof except
an absolute right to the entirety thereof in each Shareholder registered in the Register of Members.

**WINDING UP**

135. If the Company shall be wound up the liquidator may, with
the sanction of an Ordinary Resolution of the Company, divide amongst the Shareholders in specie the whole or any part of the assets
of the Company (whether they shall consist of property of the same kind or not) and may, for such purpose set such value as he deems
fair upon any property to be divided as aforesaid and may determine how such division shall be carried out as between the Shareholders
or different class or series of shares. The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees
upon such trusts for the benefit of the contributories as the liquidator, with the like sanction shall think fit, but so that no Shareholder
shall be compelled to accept any shares or other securities whereon there is any liability.

**AMENDMENT OF ARTICLES OF ASSOCIATION**

136. Subject to the Companies Act and the rights attaching to
any class or series of shares, the Company may at any time and from time to time by Special Resolution alter or amend these Articles
in whole or in part.

**ORGANIZATION EXPENSES**

137. The preliminary and organization expenses incurred in forming
the Company shall be paid by the Company and may be amortized in such manner and over such period of time and at such rate as the Directors
shall determine and the amount so paid shall in the accounts of the Company, be charged against income and/or capital.

**FINANCIAL YEAR**

138. Unless the Directors otherwise prescribe, the financial year
of the Company shall end on 31 August in each year and, following the year of incorporation, shall begin on 1 September in each year.

**REGISTRATION BY WAY OF CONTINUATION**

139. The Company shall, subject to the provisions of the Companies
Act and with the approval of a Special Resolution, have the power to register by way of continuation as a body corporate under the laws
of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

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## Exhibit 4.1

**Exhibit 4.1**

**SHARE CERTIFICATE**

---

| | |
|:---|:---|
| Number of certificate | Number of shares |

---

**RUI HOLDINGS INC**

**Incorporated in the Cayman Islands under the Companies Act (as Revised)**

**Authorized Share Capital is US$50,000 divided into:**

**i)** **450,000,000 Class A Ordinary Shares of a par value of US$0.0001 each; and** 

**ii)** **50,000,000 Class B Ordinary Shares of a par value of US$0.0001 each.**

This is to certify that [Name] of [Address] is the registered holder of [Number] [Share Class] shares of [Value] each being [partly paid to the extent of [amount in words] [amount in numerals] per share]]/[fully paid][and numbered [number]] in the above-named company, subject to the memorandum and articles of association of the company.

[Transfer date]

    <br> Director Director/Secretary

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | |
|:---|:---|
| **RUI Holdings Inc** | **Email** vchan@applebyglobal.com |
| 3-212 Governors Square, |  |
| 23 Lime Tree Bay Avenue, | **Direct Dial** (852) 2905 5759 |
| P.O. Box 30746, Seven Mile Beach, | **Tel** (852) 2523 8123 |
| Grand Cayman KY1-1203, |  |
| Cayman Islands |  |
| (**Addressee**) | **Appleby Ref** 471621.0001 |
|  | 22 May 2026 |
| Dear Sirs |  |

---

---

| | |
|:---|:---|
| Suites 3504B-06<br> 35/F, Two Taikoo Place<br> 979 King's Road<br> Quarry Bay<br> Hong Kong<br>Tel +852 2523 8123<br>applebyglobal.com<br>**Managing Partner**<br> **David Bulley** <br>**Partners**<br> **Fiona Chan**<br> **Kitty Chan**<br> **Vincent Chan** <br> **Chris Cheng** <br> **Richard Grasby** <br> **Eason Huang** <br> **Judy Lee** <br> **Michael Makridakis** <br> **John McCarroll SC** <br> **Lorinda Peasland** <br> **Eliot Simpson** | **RUI Holdings Inc (Company)**<br>**INTRODUCTION**<br>We act as Cayman Islands legal adviser to the Company, and this opinion as to Cayman Islands law is addressed to you in connection with Company's filing of a registration statement on Form F-1, including all amendments or supplements thereto (**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) with the U.S. Securities and Exchange Commission (**Commission**) under the United States Securities Act of 1933 (as amended) (**Act**), relating to the offering (**Offering**) and listing on the Nasdaq Capital Market of up to 4,000,000 class A ordinary shares of par value US$0.0001 each in the share capital of the Company (**Offer Shares**) (or up to 4,600,000 class A ordinary shares of par value US$0.0001 each in the share capital of the Company (**Optional Offer Shares**)). This opinion is given in accordance with the terms of the Legal Matters section of the Registration Statement.<br>We are furnishing this opinion letter as Exhibits 5.1 and 23.2 to the Registration Statement.<br>**OUR REVIEW**<br>For the purposes of giving this opinion we have examined and relied upon the documents listed in Part 1 of Schedule 1. We have not examined any other documents.<br>For the purposes of giving this opinion we have carried out the Litigation Search described in Part 2 of Schedule 1.<br>We have not made any other enquiries concerning the Company and in particular we have not investigated or verified any matter of fact or opinion (whether set out in any of the Documents or elsewhere) other than as expressly stated in this opinion.<br>Unless otherwise defined herein, capitalised terms have the meanings assigned to them in Schedule 1. |
|  | Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai ■ Shenzhen |

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**LIMITATIONS**

Our opinion is limited to, and should be construed in accordance with, the laws of the Cayman Islands at the date of this opinion. We express no opinion on the laws of any other jurisdiction.

This opinion is limited to the matters stated in it and does not extend, and is not to be extended by implication, to any other matters.

This opinion is given solely for the benefit of the Addressee in connection with the matters referred to herein and, except with our prior written consent it may not be transmitted or disclosed to or used or relied upon by any other person or be relied upon for any other purpose whatsoever.

**ASSUMPTIONS AND RESERVATIONS**

We give the following opinions on the basis of the assumptions set out in Schedule 2 (**Assumptions**), which we have not verified, and subject to the reservations set out in Schedule 3 (**Reservations**).

**OPINIONS**

1. **Incorporation and Status**: The Company is an exempted company duly incorporated with limited liability
and existing under the laws of the Cayman Islands and is a separate legal entity.

2. **Authorised Share Capital:** Based solely on our review of the Constitutional Documents and the Certificate
of Incumbency, as of 6 May 2026, the authorised share capital of the Company was US$50,000.00 divided into 450,000,000 Class A ordinary
shares of par value US$0.0001 each and 50,000,000 Class B ordinary shares of par value US$0.0001 each.

3. **Issue of Shares**: The allotment and issue of the Offer Shares by the Company have been duly authorised,
and when fully paid, allotted and issued by the Company in the manner set out in the Registration Statement and in accordance with the
Resolutions, the Offer Shares will be validly issued, fully paid and non-assessable (meaning that no further sums are payable to the Company
on such Offer Shares).

4. **Disclosure**: The statements under the heading "Dividend Policy", "Description
of Share Capital", "Material Income Tax Consideration – Cayman Islands Taxation" and "Enforceability of
Civil Liabilities" in the prospectus forming part of the Registration Statement, insofar as such statements constitute statements
of Cayman Islands law and only to the extent governed by the laws of the Cayman Islands, are accurate in all material respects. The statements
under the heading "Taxation — Cayman Islands Taxation" in the Registration Statement constitute our opinion.

5. **Withholding Taxes**: The Company is not required under Cayman Islands law to make any deduction or
withholding for or on account of any tax from any payment to be made in respect of the Offering.

6. **Winding Up and Litigation**: Based solely upon the Litigation Search:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no court proceedings are pending against the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no court proceedings have been started by or against the Company for the liquidation, winding-up or dissolution
of the Company or for the appointment of a liquidator, receiver, trustee or similar officer of the Company or of all or any of its assets.

**CONSENT**

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the heading "Legal Matters" in the prospectus included by reference in the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the Rules and Regulations of the Commission thereunder.

Yours faithfully

*/s/ Appleby*

**Appleby** 

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai ■ Shenzhen

**Schedule 1** 

**Part 1**

**Documents Examined**

1. A scanned copy of the certificate of incorporation of the Company issued on 17 February 2025 (**Certificate of Incorporation**).

2. Scanned copies of the amended and restated memorandum and articles of association (adopted on 20 November
2025) of the Company (together the **Constitutional Documents**).

3. Scanned copies of the memorandum and articles of association (dated 17 February 2025) of the Company.

4. Scanned copies of the written resolutions of the sole director of the Company dated 20 November 2025 and
the unanimous written resolutions of the directors dated 19 April 2026 (**Resolutions**).

5. A scanned copy of the register of directors and officers of the Company (**Register of Directors and Officers**).

6. A scanned copy of the register of members of the Company (**Register of Members**).

7. A scanned copy of the certificate of incumbency of the Company dated 6 May 2026, issued by the Cayman
registered office provider (**Certificate of Incumbency**).

8. A scanned copy of the certificate of good standing of the Company dated 6 May 2026, issued by the Cayman
Registrar (**Certificate of Good Standing**).

9. A scanned copy of the registration statement on Form F-1 as confidentially submitted with the Commission
on 14 May 2026 and as amended and supplemented from time to time (**Registration Statement**).

10. A scanned copy of the results of the Litigation Search.

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai ■ Shenzhen

**Part 2**

**Search**

A search of the entries and filings shown and available for inspection in respect of the Company in the Register of Writs and other Originating Process maintained at the Clerk of the Courts Office in George Town, Cayman Islands for the period of one year preceding such search as revealed by a search conducted as on 14 May 2026 (**Litigation Search**).

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai ■ Shenzhen

**Schedule 2** 

**Assumptions**

We have assumed:

1. that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the originals of all documents examined in connection with this opinion are authentic, accurate and complete;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the authenticity, accuracy, completeness and conformity to original documents of all documents submitted
to us as copies;

2. that each of the documentation which was received by electronic means is complete, intact and in conformity
with the transmission as sent;

3. that there has been no change to the information contained in the Certificate of Incorporation and the
Certificate of Incumbency and that the Constitutional Documents remain in full force and effect and are unamended;

4. that the signatures, initials and seals on all documents and certificates submitted to us as originals
or copies of executed originals are authentic, and the signatures and initials on any document executed by the Company are the signatures
and initials of a person or persons authorised by the Company, by resolution of its board of directors or any power of attorney granted
by the Company, to execute such document;

5. that where incomplete documents, drafts or signature pages only have been supplied to us for the purposes
of issuing this opinion, the original documents have been duly completed and correspond in all material respects with the last version
of the relevant documents examined by us prior to giving our opinion;

6. that the documents do not differ in any material respects from any draft of the same which we have examined
and upon which this opinion is based;

7. the truth, accuracy and completeness of all representations and warranties or statements of fact or law
(other than as to the laws of the Cayman Islands in respect of matters upon which we have expressly opined) made in the documents and
any correspondence submitted to us;

8. the accuracy, completeness and currency of the records and filing systems maintained at the public offices
where we have searched or enquired or have caused searches or enquiries to be conducted, that such search and enquiry did not fail to
disclose any information which had been filed with or delivered to the relevant body but had not been processed at the time when the search
was conducted and the enquiries were made, and that the information disclosed by the Litigation Search is accurate and complete in all
respects and such information has not been materially altered since the date and time of the Litigation Search;

9. that none of the Company's sole director or its registered office has received any notice of any
litigation or threatened litigation to which the Company is or may be party;

10. that the Company has not (i) received notice of any stop notice under Order 50 of the Grand Court Rules
in respect of any of its shares or (ii) issued any restrictions notice under the Companies Act (as revised) of the Cayman Islands (**Companies Act**) in respect of the registration of the beneficial ownership of any of its shares, which restrictions notice has not been withdrawn
by the Company or ceased by court order;

11. that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Resolutions were duly passed and adopted in accordance with the law and the Constitutional Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all interests of the director(s) of the Company on the subject matter of the Resolutions, if any, were
declared and disclosed in accordance with the law and Constitutional Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Resolutions have not been revoked, amended or superseded, in whole or in part, and remain in full
force and effect at the date of this opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the director(s) of the Company have concluded that the entry by the Company into documents approved by
the Resolutions and the transactions contemplated thereby are *bona fide* in the best interests of the Company and for a proper purpose
of the Company;

12. that the Register of Directors and Officers and the Certificate of Incumbency accurately reflect the names
of all the directors and officers of the Company and the Register of Members and the Certificate of Incumbency accurately reflect the
names of all the shareholders of the Company, as at the dates the Resolutions were passed or adopted and as at the date of this opinion;

13. that there are no records of the Company, agreements, documents or arrangements other than the Constitutional
Documents, the Resolutions and the documents expressly referred to herein as having been examined by us which materially affect, amend
or vary the transactions contemplated in the Resolutions or restrict the powers and authority of the sole director of the Company in any
way which would affect opinions expressed herein;

14. that the carrying out each of the transactions referred to in the Resolutions will not conflict with or
breach any applicable economic, anti-money laundering, anti-terrorist financing or other sanctions;

15. that any applicable escrow conditions have been met; and

16. that the sole director or members of the Company have not taken any steps to have the Company struck off
or placed in liquidation, no steps have been taken to wind up the Company and no receiver has been appointed over any of the Company's
property or assets.

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai ■ Shenzhen

**Schedule 3** 

**Reservations**

Our opinion is subject to the following:

1. **Currency of Court Judgments**: The Cayman Islands Grand Court Rules 1995 expressly contemplate that
judgments may be granted by the Grand Court of the Cayman Islands in currencies other than Cayman Islands dollars or United States dollars.
Such Rules provide for various specific rates of interest payable upon judgment debts according to the currency of the judgment.

2. **Conversion of Debts**: In the event the Company is placed into liquidation, the Cayman Islands court
is likely to require that all debts are converted (at the official exchange rate at the date of conversion) into and paid in a common
currency which is likely to be Cayman Islands dollars or United States dollars.

3. **Summary Court Register**: We have not examined the register of the summary court of the Cayman Islands
on the basis that claims in such court are limited to a maximum of approximately USD24,000.

4. **Preferences**: Every conveyance or transfer of property, or charge thereon, and every payment obligation
and judicial proceeding, made, incurred, taken or suffered by a company at a time when that company was unable to pay its debts within
the meaning of section 93 of the Companies Act, and made or granted in favour of a creditor with a view to giving that creditor a preference
over the other creditors of the Company, would be invalid pursuant to section 145(1) of the Companies Act, if made, incurred, taken or
suffered within the six months preceding the commencement of a liquidation of the Company. Such actions will be deemed to have been made
with a view to giving such creditor a preference if it is a "related party" of the Company. A creditor shall be treated as
a related party if it has the ability to control a company or exercise significant influence over a company in making financial and operating
decisions.

5. **Undervalues**: Any disposition of property made at an undervalue by or on behalf of a company and
with an intent to defraud its creditors (which means an intention to wilfully defeat an obligation owed to a creditor), shall be voidable
(i) under section 146 of the Companies Act at the instance of the company's official liquidator, and (ii) under the Fraudulent Dispositions
Act, at the instance of a creditor thereby prejudiced.

6. **Defrauding Creditors**: If any business of a company has been carried on with intent to defraud creditors
of the company or creditors of any other person or for any fraudulent purpose, the Cayman Islands court may declare that any persons who
were knowingly parties to the carrying on of the business of the company in such manner are liable to make such contributions, if any,
to the company's assets as the court thinks proper.

7. **Corporate Documents**: The Registry of Companies in the Cayman Islands is not public in the sense
that copies of the Constitutional Documents and information on shareholders is not publicly available and information on directors is
limited. We have therefore obtained scanned copies of the corporate documents specified in Schedule 1 and relied exclusively on such scanned
copies for the verification of such corporate information.

8. **Issue of shares:** The English case of *Houldsworth v City of Glasgow Bank* (1880)
5 App Cas 317 HL, provided that (i) in the event of a misrepresentation by a company on which a shareholder relied in agreeing to subscribe
for shares in such company, the shareholder may be entitled to rescind the share subscription agreement and thereafter claim damages against
such company for any additional loss suffered as a result of the misrepresentation; (ii) such a claim for damages will not arise unless
and until the shareholder has successfully rescinded the share subscription agreement; and (iii) that a shareholder may be barred from
rescinding on the grounds of delay or affirmation and if such company is wound up (whether voluntarily or compulsorily), such shareholder
will lose the right to rescind the share subscription agreement (**The Rule of Houldsworth**). The Rule of Houldsworth was expressly
not followed by the Cayman Islands Grand Court in a first instance decision (currently under appeal). Our assessment is that the Rule
of Houldsworth as framed above is of questionable status in the Cayman Islands and if a company enters winding up (whether voluntarily
or compulsorily) a shareholder would not necessarily lose the right to rescind the share subscription agreement.

Bermuda ■ British Virgin Islands ■ Cayman Islands ■ Guernsey ■ Hong Kong ■ Isle of Man ■ Jersey ■ Mauritius ■ Seychelles ■ Shanghai ■ Shenzhen

## Exhibit 10.1

**Exhibit 10.1**

**EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (the "<u>Agreement</u>"), is entered into as of [DATE] by and between RUI Holdings Inc, a company incorporated and existing under the laws of Cayman Islands (the "<u>Company</u>"), and [NAME], an individual (the "<u>Executive</u>"). The term "Company" as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its direct or indirect parent companies, subsidiaries, affiliates, or subsidiaries or affiliates of its parent companies (collectively, the "<u>Group</u>").

**RECITALS**

The Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below).

The Executive desires to be employed by the Company during the term of Employment and upon the terms and conditions of this Agreement.

**AGREEMENT**

The parties hereto agree as follows:

**1.** **POSITION** 

The Executive hereby accepts a position of [CEO/CFO] of the Company (the "<u>Employment</u>").

**2.** **TERM** 

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be one year, commencing on [DATE] (the "<u>Effective Date</u>"), unless terminated earlier pursuant to the terms of this Agreement. Upon expiration of the one-year term, the Employment shall be automatically extended for successive one-year terms unless either party gives the other party hereto a one-month prior written notice to terminate the Employment prior to the expiration of the then current term or unless terminated earlier pursuant to the terms of this Agreement.

**3.** **PROBATION** 

There is no probationary period.

**4.** **DUTIES AND RESPONSIBILITIES** 

The Executive's duties at the Company will include all jobs assigned by the Company's Board of Directors (the "<u>Board</u>").

The Executive shall devote all of his/her working time, attention and skills to the performance of his/her duties at the Company and shall faithfully and diligently serve the Company in accordance with this Agreement, the Memorandum and Articles of Association of the Company, as may be amended from time to time, and the guidelines, policies and procedures of the Company approved from time to time by the Board.

**5.** **NO BREACH OF CONTRACT** 

The Executive shall use his/her best efforts to perform his/her duties hereunder. The Executive shall not, without prior consent of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or interested in any business or entity that directly or indirectly competes with the Group (any such business or entity, a "<u>Competitor</u>"), provided that nothing in this clause shall preclude the Executive from holding shares or other securities of any Competitor that is listed on any securities exchange or recognized securities market anywhere, <u>provided however,</u> that the Executive shall notify the Company in writing prior to his/her obtaining a proposed interest in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably require. The Company shall have the right to require the Executive to resign from any board or similar body which he/she may then serve if the Board reasonably determines, and notifies the Executive in writing that the Executive's service on such board or body interferes with the effective discharge of the Executive's duties and responsibilities to the Company or that any business related to such service is then in competition with any business of the Company or any of its subsidiaries or affiliates.

The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements that are required to be entered into by and between the Executive and any member of the Group pursuant to applicable law of the jurisdiction where the Executive is based, if any; (ii) the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his/her duties hereunder; and (iii) the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

**6.** **LOCATION** 

The Executive will be based in [], Saudi Arabia, until both parties hereto agree to change otherwise. The Executive acknowledges that he/she may be required to travel from time to time in the course of performing his/her duties for the Company.

**7.** **COMPENSATION AND BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compensation</u>. The Executive's cash compensation (inclusive of any statutory social welfare reserves that the Company may be required to set aside for the Executive under applicable law) shall be provided by the Company in a separate schedule attached hereto as <u>Schedule A</u> or as specified in a separate agreement between the Executive and the Company's designated subsidiary or affiliated entity, subject to annual review and adjustment by the Company or the compensation committee of the Board. The cash compensation may be paid by the Company, a subsidiary or affiliated entity or a combination thereof, as designated by the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Equity Incentives</u>. To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benefits</u>. The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan.

**8.** **TERMINATION OF THE AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Company</u>. The Company may terminate the Employment for cause, at any time, without notice or remuneration, if the Executive (1) commits any serious or persistent breach or non-observance of the terms and conditions of the Employment; (2) is convicted of a criminal offence other than one which, in the opinion of the Board, does not affect the Executive's position as an employee of the Company, bearing in mind the nature of the Executive's duties and the capacity in which the Executive is employed; (3) willfully disobeys a lawful and reasonable order; (4) misconducts himself/herself and such conduct is inconsistent with the due and faithful discharge of the Executive's material duties hereunder; (5) is guilty of fraud or dishonesty; or (6) is habitually neglectful in his/her duties. The Company may terminate the Employment without cause at any time with a one-month prior written notice to the Executive or by payment of one month's salary in lieu of notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the Executive</u>. The Executive may terminate the Employment at any time with a one-month prior written notice to the Company. In addition, the Executive may resign prior to the expiration of the Agreement if such resignation or an alternative arrangement with respect to the Employment is approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Termination.</u> Any termination of the Executive's Employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party in accordance with the provisions of Section 20 below. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

**9.** **CONFIDENTIALITY AND NONDISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-disclosure.</u> The Executive hereby agrees at all times during the term of his/her Employment and after termination of the Executive's Employment under this Agreement, to hold in the strictest confidence, and not to use, except for the benefit of the Group, or to disclose to any person, corporation or other entity without written consent of the Company, any Confidential Information. The Executive understands that " <u>Confidential Information</u> " means any proprietary or confidential information of the Group, its affiliates, their clients, customers or partners, and the Group's licensors, including, without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and customers (including, but not limited to, customers of the Group on whom the Executive called or with whom the Executive became acquainted during the term of his/her Employment), supplier lists and suppliers, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, personnel information, marketing, finances, information about the suppliers, joint ventures, licensors, licensees, distributors, and other persons with whom the Group does business, information regarding the skills and compensation of other employees of the Group or other business information disclosed to the Executive by or obtained by the Executive from the Group, its affiliates, or their clients, customers, or partners, either directly or indirectly, in writing, orally or by drawings or observation of parts or equipment, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available and known to the public through no fault of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Property</u>. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created, received or transmitted in connection with his/her work or using the facilities of the Group are property of the Group and subject to inspection by the Group, at any time. Upon termination of the Executive's Employment with the Company (or at any other time when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining to his/her work with the Company and will provide prompt written certification of his compliance with this Agreement. Under no circumstances will the Executive have, following his/her termination, in his/her possession any property of the Group, or any documents or materials or copies thereof containing any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Former Employer Information</u>. The Executive agrees that he/she has not and will not, during the term of his/her employment, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep in confidence, or (ii) bring into any premises of the Group any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity. The Executive will indemnify the Group and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys' fees and costs of suit, arising out of or in connection with any violation of the foregoing.

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

This Section 9 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 9, the Company shall have right to seek remedies permissible under applicable law.

**10.** **WITHHOLDING TAXES** 

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

**11.** **NOTIFICATION OF NEW EMPLOYER** 

In the event that the Executive leaves the employ of the Company, the Executive hereby grants consent to notification by the Company to his/her new employer about his/her rights and obligations under this Agreement.

**12.** **ASSIGNMENT** 

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; <u>provided, however</u>, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

**13.** **SEVERABILITY** 

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

**14.** **ENTIRE AGREEMENT** 

This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, other than any such agreement under any employment agreement entered into with a subsidiary of the Company at the request of the Company to the extent such agreement does not conflict with any of the provisions herein. The Executive acknowledges that he/she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement.

**15.** **REPRESENTATIONS** 

The Executive hereby agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. The Executive hereby represents that the Executive's performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by the Executive in confidence or in trust prior to his/her Employment by the Company. The Executive has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement in conflict with this Section 15. The Executive represents that the Executive will consult his/her own consultants for tax advice and is not relying on the Company for any tax advice with respect to this Agreement or any provisions hereunder.

**16.** **GOVERNING LAW** 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflict of laws.

**17.** **ARBITRATION** 

Any dispute arising out of, in connection with or relating to, this Agreement shall be resolved through arbitration pursuant to this Section 17. The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the "Centre") in accordance with the rules of the United Nations Commission of International Trade Law ("UNCITRAL Rules") in effect at the time of the arbitration. There shall be one arbitrator. The award of the arbitration tribunal shall be final and binding upon the disputing parties, and any party may apply to a court of competent jurisdiction for enforcement of such award.

**18.** **AMENDMENT** 

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

**19.** **WAIVER** 

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

**20.** **NOTICES** 

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) sent by facsimile or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party), (ii) delivered by hand, (iii) otherwise delivered against receipt therefor, or (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

**21.** **COUNTERPARTS** 

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

**22.** **NO INTERPRETATION AGAINST DRAFTER** 

Each party recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms. The Executive agrees and acknowledges that he/she has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so.

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

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

---

| |
|:---|
| **RUI Holdings Inc** |
| By: |
| Name: |
| Title: |

---

**Executive**

Signature: <br> Name:

*[Signature Page to Employment Agreement]*

 

**Schedule A**

Compensation is specified in a separate agreement between the Executive and the Company's designated subsidiary or affiliated entity.

## Exhibit 10.2

**Exhibit 10.2**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "<u>Agreement</u>") is entered into as of [DATE] by and between RUI Holdings Inc, a Cayman Islands company (the "<u>Company</u>"), and the undersigned, a director and/or an officer of the Company ("<u>Indemnitee</u>"), as applicable.

**RECITALS**

The Board of Directors of the Company (the "<u>Board of Directors</u>") has determined that the inability to attract and retain highly competent persons to serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them arising out of their services to the corporation.

**AGREEMENT**

In consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

A. DEFINITIONS

The following terms shall have the meanings defined below:

***Expenses*** shall include, without limitation, damages, judgments, fines, penalties, settlements and costs, attorneys' fees and disbursements and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.

***Indemnifiable Event*** means any event or occurrence that takes place either before or after the execution of this Agreement, related to the fact that Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, partnership, joint venture or other entity, or related to anything done or not done by Indemnitee in any such capacity, including, but not limited to neglect, breach of duty, error, misstatement, misleading statement or omission.

***Participant*** means a person who is a party to, or witness or participant (including on appeal) in, a Proceeding.

***Proceeding*** means any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or investigation, whether civil, criminal, administrative, investigative or other, including appeal, in which Indemnitee may be or may have been involved as a party or otherwise by reason of an Indemnifiable Event.

B. AGREEMENT TO INDEMNIFY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General Agreement</u>. In the event Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant in, a Proceeding, the Company shall indemnify the Indemnitee from and against any and all Expenses which Indemnitee incurs or becomes obligated to incur in connection with such Proceeding, to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Indemnification of Expenses of Successful Party</u>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding, the Company shall indemnify Indemnitee against all Expenses incurred in connection with such Proceeding or such claim, issue or matter, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Partial Indemnification</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Employment Rights</u>. Nothing in this Agreement is intended to create in Indemnitee any right to continued employment with the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Contribution</u>. If the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee for any reason other than those set forth in Section B.4, then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and by the Indemnitee on the other hand from the transaction or events from which such Proceeding arose, and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events which resulted in such Expenses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section B.5 were determined by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations.

C. INDEMNIFICATION PROCESS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Notice and Cooperation by Indemnitee</u>. Indemnitee shall, as a condition precedent to his/her right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement, provided that the delay of Indemnitee to give notice hereunder shall not prejudice any of Indemnitee's rights hereunder, unless such delay results in the Company's forfeiture of substantive rights or defenses. Notice to the Company shall be given in accordance with Section F.7 below. If, at the time of receipt of such notice, the Company has directors' and officers' liability insurance policies in effect, the Company shall give prompt notice to its insurers of the Proceeding relating to the notice. The Company shall thereafter take all necessary and desirable actions to cause such insurers to pay, on behalf of Indemnitee, all Expenses payable as a result of such Proceeding. In addition, Indemnitee shall give the Company such information and cooperation as the Company may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Indemnification Payment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Advancement of Expenses*. Indemnitee may submit a written request with reasonable particulars to the Company requesting that the Company advance to Indemnitee all Expenses that may be reasonably incurred in advance by Indemnitee in connection with a Proceeding. The Company shall, within 10 business days of receiving such a written request by Indemnitee, advance all requested Expenses to Indemnitee. Any excess of the advanced Expenses over the actual Expenses will be repaid to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Reimbursement of Expenses*. To the extent Indemnitee has not requested any advanced payment of Expenses from the Company, Indemnitee shall be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company immediately after Indemnitee makes a written request to the Company for reimbursement unless the Company refers the indemnification request to the Reviewing Party in compliance with Section C.2(c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Determination by the Reviewing Party*. If the Company reasonably believes that it is not obligated under this Agreement to indemnify the Indemnitee, the Company shall, within 10 days after the Indemnitee's written request for an advancement or reimbursement of Expenses, notify the Indemnitee that the request for advancement of Expenses or reimbursement of Expenses will be submitted to the Reviewing Party (as hereinafter defined). The Reviewing Party shall make a determination on the request within 30 days after the Indemnitee's written request for an advancement or reimbursement of Expenses. Notwithstanding anything foregoing to the contrary, in the event the Reviewing Party informs the Company that Indemnitee is not entitled to indemnification in connection with a Proceeding under this Agreement or applicable law, the Company shall be entitled to be reimbursed by Indemnitee for all the Expenses previously advanced or otherwise paid to Indemnitee in connection with such Proceeding; p<u>rovided</u>, <u>however</u>, that Indemnitee may bring a suit to enforce his/her indemnification right in accordance with Section C.3 below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Suit to Enforce Rights</u>. Regardless of any action by the Reviewing Party, if Indemnitee has not received full indemnification within 30 days after making a written demand in accordance with Section C.2 above or 50 days if the Company submits a request for advancement or reimbursement to the Reviewing Party under Section C.2(c) above, Indemnitee shall have the right to enforce its indemnification rights under this Agreement by commencing litigation in any court of competent jurisdiction seeking a determination by the court or challenging any determination by the Reviewing Party or any aspect of this Agreement. Any determination by the Reviewing Party not challenged by Indemnitee and any judgment entered by the court shall be binding on the Company and Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Assumption of Defense</u>. In the event the Company is obligated under this Agreement to advance or bear any Expenses for any Proceeding against Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee, upon delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding, unless (i) the employment of counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee shall have reasonably concluded, based on written advice of counsel, that there may be a conflict of interest of such counsel retained by the Company between the Company and Indemnitee in the conduct of any such defense, or (iii) the Company ceases or terminates the employment of such counsel with respect to the defense of such Proceeding, in any of which events the fees and expenses of Indemnitee's counsel shall be at the expense of the Company. At all times, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Defense to Indemnification, Burden of Proof and Presumptions</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement that it is not permissible under this Agreement or applicable law for the Company to indemnify the Indemnitee for the amount claimed. In connection with any such action or any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified under this Agreement, the burden of proving such a defense or determination shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>No Settlement without Consent</u>. Neither party to this Agreement shall settle any Proceeding in any manner that would impose any damage, loss, penalty or limitation on Indemnitee without the other party's written consent. Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Company Participation</u>. Subject to Section B.5, the Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense, conduct and/or settlement of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Reviewing Party.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, the Reviewing Party with respect to each indemnification request of Indemnitee that is referred by the Company pursuant to Section C.2(c) above shall be (A) the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee. If the Reviewing Party determines that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within 10 days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel or member of the Board of Directors shall act reasonably and in good faith in making a determination under this Agreement of the Indemnitee's entitlement to indemnification. Any reasonable costs or expenses (including reasonable attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. "<u>Disinterested</u> Director" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected as provided in this Section C.8(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board of Directors, in which event the proceeding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; *provided*, *however*, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "<u>Independent Counsel</u>" as defined in Section C.8(d) of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting under this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section C.8(b), regardless of the manner in which such Independent Counsel was selected or appointed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In making a determination with respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of *nolo contendere* or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he/she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his/her conduct was unlawful. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Company and any other corporation, partnership, joint venture or other entity of which Indemnitee is or was serving at the written request of the Company as a director, officer, employee, agent or fiduciary, including financial statements, or on information supplied to Indemnitee by the officers and directors of the Company or such other corporation, partnership, joint venture or other entity in the course of their duties, or on the advice of legal counsel for the Company or such other corporation, partnership, joint venture or other entity or on information or records given or reports made to the Company or such other corporation, partnership, joint venture or other entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or such other corporation, partnership, joint venture or other entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership, joint venture or other entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. The provisions of this Section C.8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

D. DIRECTOR AND OFFICER LIABILITY INSURANCE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Good Faith Determination</u>. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Coverage of Indemnitee</u>. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>No Obligation</u>. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain any director and officer insurance policy if the Company determines in good faith that such insurance is not reasonably available in the case that (i) premium costs for such insurance are disproportionate to the amount of coverage provided, or (ii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit.

E. NON-EXCLUSIVITY; U.S. FEDERAL PREEMPTION; TERM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Non-Exclusivity</u>. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the Company's current memorandum and articles of association, as may be amended from time to time, applicable law or any written agreement between Indemnitee and the Company (including its subsidiaries and affiliates). The indemnification provided under this Agreement shall continue to be available to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though he/she may have ceased to serve in any such capacity at the time of any Proceeding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>U.S. Federal Preemption</u>. Notwithstanding the foregoing, both the Company and Indemnitee acknowledge that in certain instances, U.S. federal law or public policy may override applicable law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. Such instances include, but are not limited to, the prohibition by the U.S. Securities and Exchange Commission (the "<u>SEC</u>") on indemnification for liabilities arising under certain U.S. federal securities laws. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the SEC an obligation to submit the question of indemnification to a court in certain circumstances for a determination of the Company's right under public policy to indemnify Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duration of Agreement</u>. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer and/or a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding by reason of his/her former or current capacity at the Company, whether or not he/she is acting or serving in any such capacity at the time any Expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer and/or a director of the Company or any other enterprise at the Company's request.

F. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment of this Agreement</u>. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in this Agreement, no failure to exercise or any delay in exercising any right or remedy shall constitute a waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Subrogation</u>. In the event of payment to Indemnitee by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Assignment; Binding Effect</u>. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party hereto without the prior written consent of the other party; except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company's successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company) and assigns, as well as Indemnitee's spouses, heirs, and personal and legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Severability and Construction</u>. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company's inability, pursuant to a court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. In addition, if any portion of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by applicable law. The parties hereto acknowledge that they each have opportunities to have their respective counsels review this Agreement. Accordingly, this Agreement shall be deemed to be the product of both of the parties hereto, and no ambiguity shall be construed in favor of or against either of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts</u>. This Agreement may be executed in two counterparts, both of which taken together shall constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. This agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect to conflicts of law provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notices</u>. All notices, demands, and other communications required or permitted under this Agreement shall be made in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed via postage prepaid, certified or registered mail, return receipt requested, and addressed to the Company at:

RUI Holdings Inc

Attention: Chief Executive Officer

and to Indemnitee at his/her address last known to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

(Signature page follows)

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IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the date first written above.

---

| |
|:---|
| **RUI Holdings Inc** |
| &nbsp;&nbsp;&nbsp;&nbsp;By: |
| &nbsp;&nbsp;&nbsp;&nbsp; Name: |
| &nbsp;&nbsp;&nbsp;&nbsp; Title: |
| &nbsp;&nbsp;&nbsp;&nbsp;**Indemnitee** |
| &nbsp;&nbsp;&nbsp;&nbsp;Signature: |
| &nbsp;&nbsp;&nbsp;&nbsp;Name: |

---

[Signature Page to Indemnification Agreement]

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## Exhibit 10.3

**Exhibit 10.3**

Director Offer Letter

Dear Mr./Ms. [NAME],

RUI Holdings Inc, a Cayman Islands exempted company with limited liability (the "**Company**"), is pleased to offer you a position as a member of its board of directors (the "**Board**"). We believe your background and experience will be a significant asset to the Company and we look forward to your participation on the Board. Should you choose to accept this position as a member of the Board, this letter agreement (this "**Agreement**") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Term</u>**. This Agreement is effective upon your acceptance and signature below. Your term as a director shall commence upon you being elected to the Board. Subject to the Company's memorandum and articles of association, as amended, and the provisions in Section 8 below, your term shall continue until your successor is duly elected and qualified. The position shall be up for re-election each year at the annual shareholder's meeting, and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Services</u>**. You shall render services as a member of the Board and the Board committees set forth on ***<u>Schedule A</u>*** attached hereto (hereinafter your "**Duties**"). During the term of this Agreement, you shall attend and participate in such number of meetings of the Board and of the Board committee(s) of which you are a member as regularly or specially called. You may attend and participate at each such meeting via teleconference, video conference, or in person. You shall consult with the other members of the Board and Board committee(s) as necessary via telephone, electronic mail, or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Compensation</u>**. As compensation for serving on the Board, you will receive the compensation set forth on ***<u>Schedule B</u>*** attached hereto (hereinafter, the "**Compensation**") during your term as a director. You shall be reimbursed for reasonable and approved expenses incurred by you in connection with the performance of your Duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>No Assignment</u>**. Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Confidential Information; Non-Disclosure</u>**. In consideration of your access to certain Confidential Information (as defined below) of the Company, and in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **<u>Definition</u>**. For purposes of this Agreement the term "Confidential Information" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any information which the Company possesses that has been created, discovered, or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any information which is related to the business of the Company and is generally not known by non-Company personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Confidential Information includes, without limitation, trade secrets and any information concerning services provided by the Company, concepts, ideas, improvements, techniques, methods, research, data, know-how, software, formats, marketing plans, general analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **<u>Exclusions</u>**. Notwithstanding the foregoing, the term "Confidential Information" shall not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any information which becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Information received from a third party in rightful possession of such information who is not restricted from disclosing such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Information known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

**RUI Holdings Inc**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **<u>Documents</u>**. You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines, or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies, to the Company upon the earliest of Company's demand, termination of this Agreement, or your termination or Resignation, as defined in Section 8 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **<u>Confidentiality</u>**. You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as maybe necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **<u>Ownership</u>**. You agree that Company shall own all right, title, and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas, and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions**") and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments or conveyances as may be necessary in respect hereof, and to perfect, obtain, maintain, enforce, and defend any rights assigned or otherwise conveyed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Non-Competition</u>**. You agree and undertake that you will not, so long as you are a member of the Board and for a period of 12 months following termination of this Agreement for whatever reason, directly or indirectly as owner, partner, joint venture, shareholder, employee, broker, agent principal, corporate officer, director, licensor, or in any other capacity whatsoever, engage in, become financially interested in, be employed by, or have any connection with any business or venture that is engaged in any activities involving services or products which compete, directly or indirectly, with the services or products provided or proposed to be provided by the Company or its subsidiaries or affiliates in []; *<u>provided</u>*, *<u>however</u>*, that you may own securities of any public corporation which is engaged in such business but in an amount not to exceed at any one time, one percent of any class of stock or securities of such company, so long as you has no active role in the publicly owned company as director, employee, consultant, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Non-Solicitation</u>**. So long as you are a member of the Board and for a period of 12 months thereafter, you shall not directly or indirectly solicit for employment any individual who was an employee of the Company during your tenure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Termination and Resignation</u>**. Your membership on the Board or on any Board committee shall be terminated if you become physically or mentally incapable of acting as a director, are prohibited by law from acting as a director, or are subject to any other conditions as specified in the Company's memorandum and articles of association, as amended. Your membership on any Board committee will be terminated on the same effective date when your membership on the Board is terminated. You may also terminate your membership on the Board or on any Board committee for any or no reason by delivering your written notice of resignation to the Company ("**Resignation**"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of Resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will be subject to the Company's obligations to pay you any compensation (including the vested portion of the securities of the Company) that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation. Any securities of the Company that have not vested as of the effective date of such termination or Resignation shall be forfeited and cancelled.

**RUI Holdings Inc**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Governing Law</u>**. All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the internal laws of the State of New York without regard to conflict of laws provisions therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Entire Agreement; Amendment; Waiver; Counterparts</u>**. This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements, and other legally permissible amounts ("**Losses**"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your negligence, fraud, bad faith, or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount, and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Not an Employment Agreement</u>**. This Agreement is not an employment agreement and shall not be construed or interpreted to create any right for you as an employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Acknowledgement</u>**. You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of the Company of any questions arising under this Agreement.

[*Signature Page Follows*]

**RUI Holdings Inc**

This Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| |
|:---|
| Sincerely, |
| RUI Holdings Inc |
| By: Xiang Chen |
| Title: Director |

---

---

| |
|:---|
| AGREED AND ACCEPTED: |
| By: [NAME] |
| [DATE] |

---

**RUI Holdings Inc**

**Schedule A**

The Director is offered to serve on the following Board committee(s):

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Committee** | &nbsp;&nbsp;**Title** |
| &nbsp;&nbsp;Audit Committee | &nbsp;&nbsp;[Chairman/Member] |
| &nbsp;&nbsp;Nominating and Corporate Governance Committee | &nbsp;&nbsp;[Chairman/Member] |
| &nbsp;&nbsp;Compensation Committee | &nbsp;&nbsp;[Chairman/Member] |

---

**RUI Holdings Inc**

**Schedule B**

Compensation

Commencing upon you being elected to the Board and during your term as a member of the Board, you will receive cash compensation in the amount of US$[●] per year, which shall be paid to you at the end of each month.

## Exhibit 10.4

**Exhibit 10.4**

**BANK OF SHANGHAI**

**Loan Agreement**

**Borrower (Party A): Ruiwuhang (Shanghai) Facility Management Co., Ltd.**

Registered Address: Room 302, Building A, No. 909 Duhui Road, Minhang District, Shanghai

Legal Representative (Person in Charge): Chen Xiang

Contact Person: Chen Xiang

Telephone:

Email:

**Lender (Party B): Shanghai Bank Co., Ltd. Baiyu Sub-branch**

Business Address: 27F, No. 199 Longwen Road, Xuhui District, Shanghai

Contact Person: Yuan jw

Telephone:

Email:

Whereas the Borrower has applied to the Lender for a working capital loan, in order to clarify the rights and obligations of both parties, in accordance with the currently effective relevant laws, regulations and regulatory requirements, and through equal consultation, the Parties hereby enter into this Contract.

**Article 1 Loan Amount**

The loan amount shall be as specified in Article 27 of this Contract.

**Article 2 Loan Term**

The loan term shall be as specified in Article 27 of this Contract.

**Article 3 Loan Purpose**

The loan purpose shall be as specified in Article 27 of this Contract.

**Article 4 Interest Rate**

4.1 The loan interest rate shall be as specified in Article 27 of this Contract.

4.2 The overdue penalty interest rate and the misappropriation penalty interest rate shall be as specified in Article 27 of this Contract. In the event of dual default of both overdue and misappropriation, the heavier penalty interest rate shall apply.

**Article 5 Loan Disbursement and Payment**

**5.1 Account Opening and Management**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 The Borrower shall have opened a loan account with the Lender. The specific account information shall be as specified in Article 27 of this Contract. If a dedicated loan disbursement/payment account is opened, the loan disbursement and payment shall be processed through such account. Such account shall be used solely for the disbursement and payment of loan funds applied for by the Borrower with the Lender, and shall not be used for other settlement purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 The Lender confirms that the Lender shall deposit the loan funds drawn by the Borrower in accordance with this Contract into the loan account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 Upon effectiveness of this Contract, the Lender shall have the right to monitor and manage the loan account (or the dedicated loan disbursement/payment account) to supervise that the loan funds are used in accordance with the purposes specified in this Contract.

**5.2 Drawdown Application**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 Prior to each drawdown, the Borrower shall, in accordance with the provisions of Article 27 of this Contract, apply for the relevant drawdown procedures in advance. Unless otherwise provided in Article 27, the Borrower shall specify the payment method (either "Lender Entrusted Payment" or "Borrower Autonomous Payment"). If the payment method applied for by the Borrower does not conform to the provisions of this Contract, the Lender shall have the right to refuse payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 Once a drawdown application is submitted, the Borrower may not unilaterally withdraw it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The Borrower agrees that loan fund payments satisfying the conditions specified in Article 27 of this Contract shall adopt the Lender Entrusted Payment method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Lender Entrusted Payment means that the Lender, in accordance with the provisions of this Contract, pays the loan funds through the loan account to the Borrower's counterparty (payee) for purposes consistent with this Contract. For Lender Entrusted Payment, the Borrower shall submit to the Lender the "Drawdown Application/Entrusted Payment Letter", "Loan Voucher", settlement business vouchers, transaction documents relating to the counterparty, and other materials required by the Lender, specifying the drawdown amount, payee and payer amounts. The drawdown amount shall equal the corresponding payment amount and shall not exceed the total payment amount.

For Lender Entrusted Payment, if payment cannot be effected or a payment refund occurs due to incorrect information provided by the Borrower, the Borrower shall, within the time limit prescribed by the Lender, re-submit correct information or relevant materials and bear the losses itself.

For working capital loans that should be paid through entrusted payment, if for objective reasons payment must be made through other accounts, a written application shall be submitted to the Lender in advance with reasons explained. The transfer of loan funds shall be effected as continuous payments between different bank accounts, and payment to the agreed counterparty shall be completed on the same day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Borrower Autonomous Payment means that the Lender, in accordance with the provisions of this Contract, disburses the loan funds to the loan account, and the Borrower autonomously pays them to the Borrower's counterparty (payee) for purposes consistent with this Contract. For Borrower Autonomous Payment, the Borrower shall submit to the Lender a written "Drawdown Application/Autonomous Payment Plan", "Loan Voucher", fund use plan, fund purpose description, and other materials required by the Lender. The Borrower shall report to the Lender the loan fund payment status in accordance with Article 27 of this Contract after loan disbursement. The Lender shall have the right to verify through account analysis, document inspection, on-site investigation and other means whether the loan payment conforms to the agreed purposes, and the Borrower shall cooperate with the Lender's verification. If the actual payment recipient, amount and purpose differ from the original fund use plan, the Borrower shall promptly provide reasons recognized by the Lender and relevant materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 When applying to the Lender for external payment of loan funds, the Borrower shall submit supporting documents meeting the Lender's requirements, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1 Documents evidencing conformity with the purposes specified in this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2 Transaction contracts entered into between the Borrower and third parties or written documents truly reflecting the Borrower's payment obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3 Corresponding invoices or receipts; if they cannot be obtained at the time of payment, the Borrower shall promptly submit the corresponding use invoices or receipts after payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.4 Legally valid payment vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.5 Other supporting documents required by the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 During loan disbursement or payment, if any of the following circumstances occurs with respect to the Borrower, the Lender shall have the right to take any of the following measures: supplementing drawdown conditions or payment conditions, changing the loan payment method, suspending or discontinuing loan fund disbursement and payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.1 Deterioration of credit status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.2 Significant deterioration of operating and financial conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.3 Abnormal use of loan funds or evasion of entrusted payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.4 Other acts in violation of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 The "Loan Voucher" constitutes a part of this Contract and has equal legal effect with this Contract. If the loan amount, term, interest rate and other information recorded in this Contract are inconsistent with those recorded in the "Loan Voucher", the "Loan Voucher" shall prevail.

**Article 6 Drawdown Conditions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 For the first drawdown, the Borrower shall simultaneously satisfy the following conditions:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 This Contract and its guarantee contracts (if any) shall have become effective, and guarantee procedures shall have been completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 The representations made in Article 12.1 of this Contract are true and effective, the commitments made in Article 13.1 can be duly performed, and no default event set forth in Article 14.1 has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 No material adverse change has occurred in the operating and financial conditions that would be detrimental to the security of the Lender's claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 The Zhongzheng Code of the Borrower and the guarantor (except where the guarantor is a natural person) has been submitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.5 The loan payment method conforms to the provisions of this Contract, and the Lender has consented to payment for loans adopting Lender Entrusted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.6 The Borrower has opened/designated the fund collection account as required by the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 For each subsequent drawdown, in addition to satisfying the above conditions, the Borrower shall also simultaneously satisfy the following conditions:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 The fund inflow into the fund collection account is normal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 No circumstances have occurred whereby loan funds are fragmented to evade Lender Entrusted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3 No other circumstances in violation of this Contract have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The Borrower agrees to draw the loan principal in the manner specified in Article 27 of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Other drawdown conditions shall be as specified in Article 27 of this Contract.

**Article 7 Loan Repayment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The repayment method shall be as specified in Article 27 of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Without the Lender's consent, the Borrower may not repay the loan in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 The Borrower shall open/designate the following fund collection account with the Lender. The specific account information shall be as specified in Article 27 of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 The fund collection account is the revenue account under this Contract. The Borrower's corresponding revenue cash flows shall be deposited into the fund collection account, and the Lender shall be promptly provided with information regarding the fund movements in such account. The Lender shall have the right to monitor and manage the fund collection account. When abnormal fund movements occur in the fund collection account, the Lender shall have the right to investigate the causes and require the Borrower to repay the loan in advance, provide additional guarantees, or take other measures. The Lender shall have the right to require the Borrower to enter into an account management agreement based on the Borrower's credit status and financing situation, and to manage the inflows and outflows of funds in the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 The Borrower shall open/designate a dedicated account for loan repayment and other accounting purposes. The specific account information shall be as specified in Article 27 of this Contract.

**Article 8 Interest and Fees**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Loan interest shall be calculated from the date of drawdown based on the actual number of days of fund use. The number of days of fund use shall be calculated based on the business stamp date affixed by the Lender on the loan and repayment vouchers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Interest Settlement Method: As specified in Article 27 of this Contract. For monthly interest settlement, the interest settlement date is the 20th day of each calendar month. For quarterly interest settlement, the interest settlement date is the 20th day of the last month of each quarter. The interest payment date is the day following the interest settlement date. If the interest payment date falls on a non-banking business day, it shall be postponed to the next banking business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 If the Borrower defaults on repayment or misappropriates the loan, the Lender shall charge penalty interest on the defaulted amount on a daily basis in accordance with this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Compound interest shall be charged on interest that cannot be paid on schedule (including normal interest, overdue interest and misappropriated interest) in accordance with the regulations of the People's Bank of China:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.1 For interest that cannot be paid on schedule during the loan term, compound interest shall be calculated at the interest rate under this Contract and in the manner specified in Article 27 of this Contract; after the loan becomes overdue, compound interest shall be calculated at the penalty interest rate under this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.2 For interest that cannot be paid on schedule during the period of loan overdue or misappropriation, compound interest shall be calculated at the penalty interest rate under this Contract and in the manner specified in Article 27 of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 The Borrower shall pay all fees in accordance with the fee schedule of the Lender or relevant national regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Only fees compliant with laws, regulations and regulatory requirements shall be charged.

**Article 9 Guarantee Matters**

The guarantee matters shall be as specified in Article 27 of this Contract.

**Article 10 Insurance Matters**

The Parties agree on insurance matters as follows, except as otherwise provided by laws, regulations or regulatory requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 After consultation between the Parties, if commercial insurance is procured for properties under this Contract, the insurance period shall be continuous, and the total effective period shall not be shorter than the loan term under this Contract. Before the debt is paid off, the Borrower may not interrupt or cancel the insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The insurance contract shall expressly designate the Lender as the first-priority claimant for insurance compensation, and the Lender shall keep the insurance policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 If the Borrower fails to procure or renew insurance, the Lender shall have the right to procure or renew insurance on its own, pay premiums on behalf of the Borrower, or take other insurance maintenance measures. The Borrower shall provide necessary assistance.

**Article 11 Notarization Matters**

If notarization is required for this Contract and other agreements under this Contract, the Borrower shall cooperate with the Lender to complete the notarization of this Contract (including notarization for compulsory enforcement). If the Lender requires compulsory enforcement notarization, the Parties agree as follows:

The Parties agree to apply to the notary office for notarization of this Contract and to grant it compulsory enforcement effect. The Borrower undertakes that, in the event the Borrower fails to perform or improperly performs its obligations, it shall voluntarily accept compulsory enforcement. If the Borrower fails to perform or incompletely performs any principal or interest repayment obligation under this Contract, the Lender may apply to the notary office for an enforcement certificate and apply to the competent People's Court for compulsory enforcement. The Borrower voluntarily accepts compulsory enforcement. When both personal guarantee and property guarantee exist under this Contract, the applicant for compulsory enforcement may simultaneously apply for compulsory enforcement against both the personal guarantee and the property guarantee.

**Article 12 Representations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1 Borrower's Representations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1 The Borrower is legally established and validly existing, and has the capacity and civil act capacity to enter into and perform this Contract, and can perform the obligations and assume civil liability under this Contract in its own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2 The Borrower operates in accordance with its business license or operating permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3 The Borrower has lawful and stable income or sources of income, and has the ability to repay principal and interest on schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.4 The Borrower holds a currently valid Zhongzheng Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.5 The execution and performance of this Contract represent the true intention of the Borrower, comply with the articles of association, and have been subject to all necessary consents, approvals and authorizations, without any legal defects, and are not in conflict with any other contracts already entered into;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.6 In the process of signing and performing this Contract, the Borrower abides by the principle of honesty and integrity, and all materials, documents and information provided to the Lender, including those relating to itself and the guarantor, are true, valid and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.7 The financial and accounting reports submitted to the Lender, including balance sheets, income statements, cash flow statements and other accounting statements and notes, financial position statements, etc., are true, lawful, complete and valid, and comply with the relevant national accounting laws, regulations and systems. Since the loan application, the financial and credit status has not undergone any material adverse change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.8 The Borrower has not deliberately concealed any mediation, arbitration, litigation, claims, compulsory enforcement, or disciplinary or illegal events that may endanger the Lender's rights and interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.9 The Borrower has a good credit status without any major adverse records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2 Lender's Representations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1 The Lender is legally established and validly existing with the approval of the banking regulatory authority, and has the capacity to enter into and perform this Contract, and can perform the obligations and assume civil liability under this Contract in its own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2 The Lender has the right to manage and control the loan fund payments in accordance with relevant regulatory requirements and the provisions of this Contract, and has the right to monitor the relevant accounts specified in this Contract.

**Article 13 Covenants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1 Borrower's Covenants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1 Draw funds on the agreed date and in the agreed amount, and use the loan funds in the agreed manner, without fragmenting funds to evade "Lender Entrusted Payment"; for "Borrower Autonomous Payment", the single loan fund payment shall not exceed the contractually agreed limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2 The working capital loan under this Contract shall not be used for shareholder dividends, or for investments in financial assets, fixed assets, equity, etc.; shall not be used for fields and purposes prohibited by the State for production and operation; shall not be used in violation of relevant national regulations as registered capital, capital verification or capital increase; shall not be used in violation of relevant national regulations for stock, futures, or financial derivative investments; and shall not involve any other circumstances in violation of currently effective laws, regulations or regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3 Repay the loan principal and interest and relevant fees under this Contract in full and on time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.4 Before obtaining the Lender's written consent, the Borrower shall not take equity transfers, external investment activities including acquisitions, mergers, restructuring, dissolution, etc.; nor shall it sell key equipment, complete sets of equipment or important buildings, repay other long-term debts in advance, or substantially increase debt financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.5 The Lender has the right to conduct on-site or off-site due diligence on the Borrower, including post-loan inspections of the Borrower's operating status, financial status, loan fund use, and repayment status. The Borrower is obliged to actively cooperate with the Lender in payment management, post-loan management and relevant inspections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.6 Provide the following materials signed by the legal representative (and person in charge) and stamped with the company seal to the Lender in a timely manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Quarterly financial and accounting reports shall be submitted before the 15th day of the month following the end of each quarter. Non-listed companies shall submit annual financial and accounting reports before the end of March of the following year; listed companies shall submit annual financial and accounting reports before the end of April of the following year (annual financial and accounting reports must be audited by a qualified accounting firm). If a listed company undergoes capital increase, expansion, dividends or other major events, it must also submit audited semi-annual financial and accounting reports before the end of August of the same year in accordance with regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Provide true information and materials relating to production, operation, and financial activities connected with the loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Provide the names, account numbers, and statement of deposit and loan balances at the end of the previous month for all banks where accounts are opened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Provide other materials relating to the loan as required by the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.7 Cooperate with the Lender in verifying the loan guarantee, cooperate with the Lender in inquiring about information provided by the Borrower, and cooperate with the Lender in submitting the Borrower's financial statements or collateral or pledge to institutions recognized by the Lender for audit or appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.8 Comply with national environmental protection laws and regulations, and all pollution prevention indicators comply with national standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.9 Before the loan principal and interest are fully repaid, without the Lender's permission, the Borrower shall not provide additional debt guarantees for third parties, nor mortgage assets to other third parties; nor shall it engage in other acts that would adversely affect its economic status, financial status, or ability to perform its obligations under this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.10 In the event of any major matters including but not limited to significant asset transfers, business adjustments, equity changes, name changes, or amendments to articles of association, the Borrower shall notify the Lender in writing of the relevant circumstances 30 days in advance, provide a plan for the repayment of debts under this Contract, and implement the same only after obtaining the Lender's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.11 In the event of any change in business registration items such as company name, seal, articles of association, domicile, telephone number, bank of deposit and account number, main business premises, legal representative (person in charge), or registered capital, the Borrower shall notify the Lender in writing no later than the day following the change, and provide relevant materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.12 In the event of major litigation or arbitration, or if the Borrower's main assets, loan projects, or collateral under this Contract are subject to property preservation or other compulsory measures, or other events endangering the security of the Lender's claims occur, the Borrower shall notify the Lender in writing no later than the day following the event, provide relevant information and materials, and cooperate with the Lender in taking effective loan preservation measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.13 When it is discovered that the guarantor has undergone changes that may adversely affect its ability to perform its guarantee obligations, the Borrower shall promptly notify the Lender and cooperate with the Lender in taking effective loan preservation measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.14 In the event of other adverse events affecting the Borrower's debt repayment ability, the Borrower shall notify the Lender in writing no later than the day following the event, provide relevant information and materials, and cooperate with the Lender in taking effective loan preservation measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.15 Provide timely and accurate information on related party transactions to the Lender, including but not limited to the related party relationships of the transaction parties, the nature of the transactions, and the amounts or corresponding proportions of the transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.16 During the validity period of this Contract, the Borrower must continuously maintain the financial indicators specified in Article 27 of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.17 The Borrower acknowledges and is aware that if, due to the enactment or amendment of laws, policy changes, regulatory requirements, or any other reason, the Lender's granting and/or maintenance of credit under this Contract becomes illegal or non-compliant, the Lender shall have the right to require the Borrower to repay all or part of the principal, interest, and relevant fees under this Contract, and the Borrower has no objection thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.18 If the Borrower is an affiliate of the Lender, or becomes an affiliate of the Lender during the term of this Contract, the Borrower agrees to cooperate with the management measures taken by the Lender in accordance with regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2 Lender's Covenants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.1 Provide the loan in accordance with the agreed drawdown conditions, procedures, time and amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.2 Charge loan interest in accordance with this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.3 Not deduct loan interest from the loan principal in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4 Keep confidential the Borrower's business secrets such as accounts, assets, and financial status, except in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Disclosure is required by national laws, regulations, regulatory policies or listing rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Disclosure is required by judicial or government departments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Disclosure is made to the Lender's external professional advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Disclosure is made to credit reporting agencies or credit information databases established in accordance with law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Disclosure is made with the Borrower's consent or authorization.

**Article 14 Events of Default**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1 The occurrence of any of the following circumstances shall constitute a default by the Borrower:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Borrower fails to pay any matured debts on time, including but not limited to any principal, interest or other fees agreed under this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Borrower fails to perform or incompletely performs any representation, warranty, covenant or obligation under this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Without the Lender's consent, the Borrower arbitrarily changes the loan purpose, or uses bank loans for illegal or non-compliant transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Borrower fails to comply with the agreed loan payment method or fragments funds to evade Lender Entrusted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The loan application materials provided to the Lender fail to meet the requirements of completeness, truthfulness and validity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Borrower violates or fails to meet the relevant financial indicators agreed in this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Borrower is ordered to cease business, dissolve, revoke, close, or declare bankruptcy, or otherwise terminates business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) The legal representative or principal person in charge of the Borrower or guarantor absconds, disappears, is suspected of a crime, or is subject to compulsory measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The Borrower is involved in material litigation, arbitration or other legal disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) The Borrower defaults under other contracts entered into with Shanghai Bank (and/or any of its branches) or other financial institutions or third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) The Borrower defaults under any guarantee document under this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) The Borrower defaults on debts in the open market, including but not limited to failure to pay on schedule under bonds issued on the stock exchange or other markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) The guarantee under this Contract is invalid, the guarantor loses qualification, or the guarantor undergoes material adverse changes in operating or financial conditions or property, and is insufficient to repay the loan principal and interest, and the Borrower fails to provide new guarantees meeting the Lender's requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) The Borrower uses false contracts with related parties to obtain bank funds or credit through discounting or pledging of receivables notes, accounts receivable and other claims without actual trade background;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) The Borrower refuses to accept the Lender's supervision and inspection of the use of loan funds and relevant operating and financial activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) The Borrower deliberately evades bank debts through related party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Other events or acts occur that result in loss or lack of debt repayment ability or sincerity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) The circumstances specified in Article 23 of this Contract whereby the purpose of the Contract cannot be realized occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Other adverse circumstances occur that may seriously affect the Borrower's debt repayment ability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) Other circumstances in violation of this Contract occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2 The occurrence of any of the following circumstances shall constitute a default by the Lender:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.1 The representations made in this Contract are untrue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2 The Lender violates any commitment made in this Contract.

**Article 15 Remedies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1 If any default event specified in Article 14.1 occurs, the Lender shall have the right to take any one or more of the following measures:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Suspend the drawdown of unused loan facilities by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For loan funds already drawn but not yet used by the Borrower, discontinue payment processing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Require the Borrower to implement loan disbursement and payment conditions within a prescribed time limit as required by the Lender, or change the payment method or adjust the loan interest rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Require the Borrower to provide other guarantees recognized by the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Declare the loan under this Contract to be due in advance, and recall part or all of the disbursed loan principal and interest in advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Require the Borrower to bear all costs incurred by the Lender in realizing its claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Charge penalty interest in accordance with the relevant provisions of this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Deduct funds from the Borrower's accounts in accordance with the relevant set-off provisions of this Contract to settle debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Exercise relevant guarantee rights in accordance with laws and/or contractual provisions, including but not limited to recourse against the guarantor, disposing of relevant collateral or pledge and applying the proceeds to priority repayment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Take other measures compliant with relevant laws and regulations, financial regulatory requirements, or the provisions of this Contract.

All costs incurred by the Lender in realizing its claims (including but not limited to litigation, arbitration, attorney fees, preservation, insurance, appraisal, evaluation, registration, transfer, translation, certification, notarization fees, etc.) shall be borne by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2 If, due to the Lender's reasons, any of the following circumstances occurs (except for circumstances specially agreed in Article 16) and causes actual losses to the Borrower, the Lender shall bear corresponding compensation liability:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.1 Failure to provide the loan on the agreed date and in the agreed amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.2 Failure to determine the loan interest rate in accordance with this Contract, and failure to correct and refund overcharged interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2.3 Deducting loan interest from the principal in advance, and failure to make up the principal and refund the deducted interest.

**Article 16 Special Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 The Borrower agrees that the Lender may inquire about, use, and retain the Borrower's credit information for loan application and post-loan management purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 The Lender shall not be liable if, due to force majeure, epidemic prevention and control, communication or network failures, or system failures, the loan cannot be disbursed or payment cannot be processed in accordance with this Contract, but the Lender shall promptly notify the Borrower and take remedial measures.

**Article 17 Set-off and Deduction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 For any matured (including all accelerated maturity) payables under this Contract (including but not limited to matured loan or loans recalled in advance due to the Borrower's default), the Lender may directly debit any currency amount from any account opened by the Borrower with Shanghai Bank Co., Ltd. (including branches). Any interest and/or exchange rate losses arising therefrom shall be borne by the Borrower. For exchange rate conversion, the exchange rate published by Shanghai Bank Co., Ltd. at the time of debit shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 When settling debts, the Lender shall have the right to determine the order in which relevant amounts settle debts (whether multiple debts, or principal, interest (including compound interest), penalty interest, liquidated damages, fees, etc. under a single debt), except as otherwise required by laws or regulations.

**Article 18 Exercise of Rights**

Unless the Lender expressly waives its rights under this Contract in writing, the non-exercise, delayed exercise, or relaxation of loan conditions or procedures by the Lender with respect to all or part of its rights shall not be deemed a waiver of such rights.

**Article 19 Value Added Tax**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 All prices and fees under this Contract (including but not limited to interest, fees, etc.) are tax-inclusive prices, including but not limited to value-added tax and other relevant taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 The Lender shall issue corresponding VAT invoices in accordance with national laws and regulations within 90 natural days (inclusive of the payment date) from the date the Borrower pays all amounts and fees under this Contract. For requests exceeding such period, the Lender shall have the right not to issue invoices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 If the Borrower requires the Lender to issue a VAT invoice, the Borrower shall first complete customer information registration with the Lender and provide the relevant taxpayer identification documents and invoicing information. The Borrower confirms that the invoicing materials and related information provided are true and accurate. If there is any change in the Borrower's information, the Borrower shall promptly apply to the Lender for a change in invoicing information. If incorrect, false, incomplete, or untimely changes in the above information result in incorrect invoices or the Borrower's inability to deduct input tax, the Borrower shall bear the relevant responsibility itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 The Lender shall not be liable if, due to force majeure such as natural disasters, government actions, epidemic prevention and control, abnormal social events, or reasons of the tax authorities, the Lender is unable to issue VAT invoices in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 If the VAT invoice is lost, damaged, or delayed after being collected by the Borrower or after being sent by the Lender through a third party for mailing, and the Borrower is unable to receive the VAT invoice or unable to deduct tax due to reasons not attributable to the Lender, the Borrower shall bear the relevant responsibility itself.

**Article 20 Contract Documents**

The "Drawdown Application/Entrusted Payment Letter", "Drawdown Application/Autonomous Payment Plan", "Loan Voucher", "Repayment Voucher", "Interest Settlement/Payment Documents", "Principal and Interest Repayment Notice", "Overdue Loan Collection Notice", and other agreements relating to the performance of this Contract under this Contract shall all constitute part of this Contract and are legally binding on both parties.

**Article 21 Amendment and Assignment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 Any amendment or supplement to this Contract and its constituent parts shall be agreed upon by both parties through consultation and recorded in a written agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 If the Borrower is unable to repay the loan on schedule, it may, at least seven banking business days prior to the loan maturity date, submit a written application to the Lender for an extension. Whether to agree to the extension shall be determined by the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 The Lender may assign all or part of its rights under this Contract to a third party, but shall notify the Borrower in writing. When the Borrower assigns all or part of its obligations under this Contract to a third party, it shall obtain the written consent of the Lender and the guarantor.

**Article 22 Governing Law and Dispute Resolution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 This Contract shall be governed by the laws of the mainland of the People's Republic of China and interpreted in accordance therewith. If disputes arise between the parties in the performance of this Contract, they shall be resolved through consultation; if consultation fails, the following method (1) shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File a lawsuit with the People's Court with jurisdiction over the place of performance of this Contract. The place of performance of this Contract is the location of the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) File a lawsuit with the People's Court with jurisdiction over the place of performance of this Contract. The place of performance of this Contract is the location of the actual business handling branch (sub-branch) designated by the Lender (i.e.: __/___).

During the consultation or litigation period, the provisions of this Contract that do not involve disputes shall still be performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 If this Contract has been notarized for compulsory enforcement, if the Borrower fails to repay on schedule or other default circumstances occur, the Lender may directly apply for compulsory enforcement in accordance with law.

**Article 23 Failure of Contract Purpose**

For the avoidance of doubt, the parties hereby jointly confirm and agree that if the Borrower becomes bankrupt, undergoes liquidation, terminates business operations, or if the performance of this Contract becomes illegal or non-compliant due to laws, regulations or regulatory factors, or any other such circumstances occur, it shall be deemed that the basis for entering into this Contract no longer exists or the purpose of the Contract cannot be realized. Such events shall constitute a fundamental default under this Contract, and the Lender shall have the right to immediately declare all claims under this Contract to be due in advance, and recover all claims including but not limited to principal, interest and fees in accordance with the relevant provisions of Article 15.

**Article 24 Notices**

All notices, agreements and other documents between the parties relating to matters under this Contract, as well as relevant documents and legal instruments in the event of disputes arising from this Contract, shall be served in written form (including electronic device terminals, including mobile phones, fax numbers, email addresses, etc.) to the service addresses and contact persons specified in Article 26 of this Contract.

The above service addresses shall apply to non-litigation stages and first-instance, second-instance, retrial and enforcement procedures after disputes enter litigation procedures. If any of the Borrower's service address, contact person or other matters changes, the Borrower shall notify the Lender in writing no later than two business days thereafter.

If the Borrower fails to perform the notification obligation in the above manner, the confirmed service address shall still be deemed a valid service address. If the Borrower's service address changes without timely notification to the Lender, and the Lender serves documents at the original service address, or if service is returned due to inaccurate changed address provided by the Borrower, the consequences shall be borne by the Borrower.

For service in accordance with the notice methods agreed in this Contract: for service by mail, the service date is the date of the registered mail postmark; for special delivery, the service date is the date of receipt by the recipient; for service by telegram or fax, the service date is the date when the telegram or fax reaches the other party; for service by electronic device terminal, the service date is the date when the sender sends the communication.

**Article 25 Effectiveness and Copies**

This Contract shall become effective after being signed by the legal representatives (and persons in charge) or authorized agents of both parties and stamped with the company seals or contract special seals, and shall remain effective until the Borrower has fully repaid all debts under this Contract. The number of original copies shall be as specified in Article 27 of this Contract, and the number of duplicate copies shall be determined as needed.

**Article 26 Party Information and Service Addresses**

(Note: The boxes in this Contract indicate selection. Checked items are marked with "☑", unchecked items are marked with "☐".)

Borrower: Ruiwuhang (Shanghai) Facility Management Co., Ltd.

Main Business Premises Address: Room 302, Building A, No. 909 Duhui Road, Minhang District, Shanghai

Legal Representative (Person in Charge): Chen Xiang

Telephone:

Contact Person: Chen Xiang

Email:

Fax: /

Lender: Shanghai Bank Co., Ltd. Baiyu Sub-branch

Main Business Premises Address: 27F, No. 199 Longwen Road, Xuhui District, Shanghai

Contact Person: Yuan jw

Telephone:

Email:

**Service Addresses:**

Borrower Service Address: Room 302, Building A, No. 909 Duhui Road, Minhang District, Shanghai

Contact Person: Chen Xiang

Borrower Service Mobile (Subscriber Name):

Borrower Service Email:

Lender Service Address: Room 2203, No. 3500 Pudongnan Road, Pudong New Area

**Article 27 Specific Terms**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1 Contract Number:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2 Loan Amount: RMB 3,000,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.3 Loan Term:

From February 10, 2025 to February 10, 2026. For multiple drawdowns, the last drawdown date shall not be later than /Year/Months/Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4 Loan Purpose is limited to: Daily operating expenses of the Borrower, and shall not be paid to affiliated enterprises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.5 Loan Interest Rate:

The loan interest rate shall be determined in accordance with the following method (2). Daily interest rate = annual interest rate / 360;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) During the validity period of this Contract, a floating interest rate shall apply: the loan interest rate is __/_%, i.e., the Loan Prime Rate (LPR) of ___ years / ___ years or above published by the National Interbank Funding Center on ___/___/___ / plus / minus _/__ basis points (one basis point is 0.01%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) ☑ During the validity period of this Contract, a fixed interest rate shall apply. The loan interest rate is 3.6%, i.e., the 1-year Loan Prime Rate (LPR) of 3.1% published by the National Interbank Funding Center on January 20, 2025 plus 50 basis points (one basis point is 0.01%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Other interest rate agreement: _/__

Where a floating interest rate and the Loan Prime Rate (LPR) apply during the validity period of this Contract, the Lender shall adjust the loan interest rate according to the LPR published by the National Interbank Funding Center based on the floating range (i.e., plus/minus basis points) agreed in this Contract on an annual / semi-annual / quarterly / monthly / daily basis. The interest rate adjustment date is the date in the corresponding month of each year / every 6 months / every 3 months / each month that corresponds to the loan disbursement date. If there is no corresponding date, the last day of the corresponding month shall apply. Such adjustment shall not be deemed a modification of this Contract, and no separate notice to the Borrower is required.

After signing this Contract and before disbursing the loan, if the Loan Prime Rate (LPR) published by the National Interbank Funding Center is adjusted, the Lender shall have the right to re-determine the interest rate standard at the time of loan disbursement in accordance with the adjusted LPR and the plus/minus points agreed in this Contract.

All loan interest rates under this Contract shall be calculated using the simple interest method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.6 Penalty Interest Rate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.6.1 The overdue penalty interest rate is ☐ 130% / ☐ 140% / ☑150% / ☐ Other: ___ of the loan interest rate agreed in this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.6.2 The misappropriation penalty interest rate is ☐ 150% / ☐ 180% / ☑ 200% / ☐ Other: ___ of the loan interest rate agreed in this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.7 Loan Account Information:

Bank: Shanghai Bank Baiyu Sub-branch

Account Name: Ruiwuhang (Shanghai) Facility Management Co., Ltd.

Account No.:

☐ This account is / ☑ This account is not a dedicated loan disbursement/payment account opened by the Borrower with the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.8 Drawdown Application:

Prior to each drawdown, the Borrower shall apply for the relevant drawdown procedures at least 3 banking business days in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.9 Entrusted Payment Agreement:

For loan fund payments meeting the following conditions, the Lender Entrusted Payment method shall be adopted:

× A single payment to a transaction counterparty exceeds RMB 10,000,000;

× Other conditions: _/__

For single payment amounts not exceeding RMB 10,000,000, if the Lender determines that the entrusted payment method should be adopted, the Borrower shall comply with Article 5.4 of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.10 Autonomous Payment Summary Report Requirements:

The Borrower shall report the loan fund payment status to the Lender every 30 days (not exceeding 30 days) after loan disbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.11 Method of Drawing Loan Principal:

× The Borrower shall draw all loan principal within three months from the date of effectiveness of this Contract.

× The Borrower shall draw the loan principal according to the following schedule:

☐ On ___/___/___: RMB ___; ☐ On ___/___/___: RMB ___;

☐ On ___/___/___: RMB ___; ☐ On ___/___/___: RMB ___;

☐ On ___/___/___: RMB ___; ☐ On ___/___/___: RMB ___.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.12 Other Drawdown Agreement: _/__

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.13 Repayment Method:

Where the loan term is one year (inclusive) or less, the loan principal shall be repaid in full at maturity.

× The loan principal shall be repaid in installments in accordance with the following schedule:

☐ On ___/___/___: RMB ___; ☐ On ___/___/___: RMB ___;

☐ On ___/___/___: RMB ___; ☐ On ___/___/___: RMB ___;

☐ On ___/___/___: RMB ___; ☐ On ___/___/___: RMB ___.

Where the loan term exceeds one year, the loan principal shall be repaid in installments in accordance with the following schedule:

☐ On ___/___/___: RMB ___; ☐ On ___/___/___: RMB ___;

☐ On ___/___/___: RMB ___; ☐ On ___/___/___: RMB ___;

☐ On ___/___/___: RMB ___; ☐ On ___/___/___: RMB ___.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.14 Fund Collection Account:

Bank: Shanghai Bank Baiyu Sub-branch

Account Name: Ruiwuhang (Shanghai) Facility Management Co., Ltd.

Account No.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.15 Dedicated Account for Loan Repayment and Other Accounting Purposes:

Bank: Shanghai Bank Baiyu Sub-branch

Account Name: Ruiwuhang (Shanghai) Facility Management Co., Ltd.

Account No.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.16 Interest Settlement Method: ☑ Monthly / ☐ Quarterly

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.17 Compound Interest Method:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.17.1 For interest that cannot be paid on schedule during the loan term, compound interest shall be calculated at the interest rate under this Contract on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.17.2 For interest that cannot be paid on schedule during the period of loan overdue or misappropriation, compound interest shall be calculated at the penalty interest rate under this Contract on a ☑ monthly / ☐ quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.18 Guarantee Matters:

This Contract is guaranteed by:

☑ Joint and several liability guarantee provided by Shanghai Municipal Small and Medium Enterprises Policy Financing Guarantee Fund Management Center.

☐ Maximum amount guarantee provided by guarantor: ___

☐ Mortgage guarantee provided by mortgagor: ___

☐ Maximum amount mortgage guarantee provided by mortgagor: ___

☐ Pledge of rights provided by pledgor: ___

☐ Maximum amount pledge guarantee provided by pledgor: ___

☐ This Contract is an unsecured loan, and all guarantee provisions are not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.19 During the validity period of this Contract, the Borrower must continuously maintain the following financial indicators:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) _/__

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) _/__

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) _/__

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.20 Supplementary Agreement:

× The total balance of all drawn principal under this Contract shall not exceed the loan amount recalculated based on the effective revaluation of the collateral, and shall not exceed the originally approved amount. The maximum loan-to-value ratio agreed in this Contract is _/__%. When the collateral is revalued, if the loan-to-value ratio exceeds the maximum ratio agreed in this Contract, the Borrower shall, within 15 business days, take measures such as providing additional guarantees, reducing the loan facility, or repaying the loan in advance to reduce the Lender's risk exposure as required by the Lender. If the Borrower refuses or fails to complete the required procedures within 15 business days, the Borrower shall bear liability for breach of contract.

✔ Other supplementary agreement: During the Lender's credit period, if new external financing, external guarantees, or repayment of shareholder loans occurs, the Borrower shall inform the Lender in writing in advance. After credit is granted, within 6 months, the Borrower shall compress the loan principal to RMB 1,500,000 (i.e., reduce by 50%), otherwise by July 2025, the loan principal shall be compressed to RMB 1,500,000. Implement the first source of repayment, and use it as an important reference for renewal of credit. If the filing with the Shanghai Municipal Small and Medium Enterprises Policy Financing Guarantee Fund Management Center is not obtained in the month following disbursement, the Lender shall have the right to declare all loans under this Contract to be due in advance, and the Borrower must repay the loan principal and interest within 10 days after receiving the Lender's written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.21 Number of Contract Copies:

This Contract is made in 3 original copies, of which the Borrower holds 1 copy, the Lender holds 1 copy, and registration, notarization and other authorities hold copies as needed.

(No text below)

**SIGNATURE PAGE**

(This page is the signature page of the "Small Enterprise Working Capital Loan Contract" No. 130966250001)

At the time of signing this Contract, the Lender has explained and interpreted all terms of this Contract in detail to the Borrower. Both parties have no doubts about all terms of the Contract, and have fully understood the relevant rights, obligations and responsibilities.

**Borrower (Party A):**

Ruiwuhang (Shanghai) Facility Management Co., Ltd.

Legal Representative (or Authorized Agent): *<u>/s/Chen Xiang</u>*______________

Execution Date: February 10, 2025

Execution Place: Shanghai

**Lender (Party B):**

Shanghai Bank Co., Ltd. Baiyu Sub-branch

Legal Representative (or Authorized Agent): *<u>/s/ Qu XiJia</u>*______________

Execution Date: February 10, 2025

## Exhibit 10.5

**Exhibit 10.5**

**HOUSE LEASE CONTRACT**

**Lessor (Party A): Wuxi Chunzhiyu Environmental Technology Co., Ltd.**

ID No.:

**Lessee (Party B): Ruiwuhang (Shanghai) Catering Management Co., Ltd.**

ID No.:

In accordance with the "Contract Law of the People's Republic of China" and relevant regulations of the Wuxi Municipal Government, Party A and Party B have reached the following agreement on a voluntary, equal and mutually beneficial basis:

**I. Location and Facilities of the Leased Property**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A leases to Party B the premises located at Room 802 and Room 803, No. 90 Dicui Road, Binhu District, Wuxi City (hereinafter referred to as "the Premises"), for office use. The building area of the Premises is 700 square meters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The existing decoration and facilities of the Premises are detailed in the annex to this Contract. Unless otherwise agreed by both parties, such ancillary facilities shall serve as the basis for Party A's delivery of the Premises to Party B and Party B's return of the Premises to Party A upon expiration of the lease term.

**II. Lease Term**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The lease term of the Premises is 34 months, from March 1, 2025 to December 31, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. During the lease term, neither Party A nor Party B may terminate the Contract in advance without mutual consultation and agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Upon expiration of the lease term, Party A shall have the right to reclaim the Premises, and Party B shall return the same on schedule. If Party B wishes to renew the lease, it must notify Party A three months prior to the expiration of the lease term. Upon Party A's consent, a new lease contract shall be concluded.

**III. Rent and Payment Method**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The monthly rent for the Premises is RMB 26,666.66 (inclusive of 9% tax). Party B shall pay the initial rent of RMB 320,000 upon signing this Contract, of which RMB 80,000 is the security deposit, and the remaining RMB 240,000 is the rent for the first period (March 1, 2025 to December 31, 2025); the second period rent is RMB 320,000 (January 1, 2026 to December 31, 2026); the third period rent is RMB 320,000 (January 1, 2027 to December 31, 2027).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The rent shall be paid annually, with the payment date being 30 days prior to the expiration of each rental period, subject to actual receipt by the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party A's receiving account: __________/_______; Account Name: _________/________; Bank: ________/_________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If Party B fails to pay rent on time, for each day of delay, Party B shall pay a late fee of 1% of the monthly rent. If Party B fails to pay rent within the agreed time for more than 7 days, or Party A is unable to contact Party B through the contact information provided by Party B to urge payment, Party A shall have the right to reclaim the Premises immediately. Party B shall pay rent for the actual extended lease period and bear liability for breach of contract. The security deposit shall not be refunded, and Party A shall have the right to dispose of all items left by Party B in the Premises. All losses incurred by Party A due to Party B's breach of contract shall be borne by Party B.

**IV. Security Deposit**

To ensure that Party B uses the Premises and its ancillary facilities in a proper and good faith manner, Party B shall pay Party A a security deposit of RMB 80,000 upon signing the Contract and paying the initial rent. Party A shall issue a receipt for the security deposit to Party B. Within 3 days after the expiration of the lease term, after both parties settle the fees and inspect the Premises, Party B shall hand over the keys to Party A, and Party A shall refund the full amount of the security deposit to Party B without interest.

(Note: If Party B has registered a company at the Premises, within 10 days after the expiration of the Contract, Party B must relocate the company registered at the Premises. If Party B fails to relocate the company registered at the Premises within 10 working days after the expiration of the Contract, the security deposit shall not be refunded, and all losses incurred by Party A shall be borne by Party B.)

**V. Lease Conditions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall present to Party B the "House Ownership Certificate" of the Premises or relevant proof of authority to lease the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A shall ensure that the leasing of the Premises complies with relevant laws and regulations of the State and has the authority to decide on the leasing of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party B shall not engage in any activities in the Premises that violate laws, regulations and government regulations on the use of leased premises. If Party B engages in any illegal or criminal activities in the Premises, all legal responsibilities shall be borne by Party B, and Party A shall have the right to terminate the Contract immediately. The prepaid rent and security deposit shall not be refunded. At the same time, Party B shall compensate Party A for all possible losses caused by Party B's reasons (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Without Party A's written consent, Party B may not sublease or transfer the whole or part of the Premises to others. If Party B subleases or transfers without authorization, Party A shall have the right to terminate the Contract immediately, and Party B shall bear liability for breach of contract to Party A and third parties.

**VI. Termination of Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Contract shall terminate upon expiration of the lease term or upon mutual agreement between Party A and Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B shall deliver the keys of the Premises and ancillary items in normal use condition to Party A on the expiration date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If either Party A or Party B breaches the Contract, the other party shall have the right to terminate the Contract and claim compensation from the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B shall bear the telephone charges, water charges, electricity charges, broadband fees, air conditioning energy consumption fees and other actual usage expenses during the lease term. The property management fees shall be borne by Party A. Special agreements shall prevail if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If damage or malfunction occurs to the Premises or its internal decoration or facilities due to Party B's improper or unreasonable use, Party B shall promptly repair and bear the resulting costs. Losses caused by force majeure and non-Party B reasons shall be borne by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If Party B needs to decorate or modify the leased Premises or internal facilities during the lease term for use purposes, it must obtain Party A's consent and approval from relevant government departments. Party A shall have the right to supervise the decoration or modification. Upon expiration of the Contract, Party A shall decide whether Party B shall remove the structurally added facilities. Party A shall not be required to compensate for the retained facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. During the Contract term, Party B shall be responsible for personal and property safety and all other safety matters within the Premises. If losses are caused to Party A due to Party B's problems, all responsibilities shall be borne by Party B.

**VII. Handling of Breach of Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Handling of Party A's Breach**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If Party A fails to provide the Premises and relevant ancillary facilities in normal use condition to Party B according to the time stipulated in the Contract, for each day of delay, Party A shall pay Party B 1% of the monthly rent as liquidated damages. If Party A still fails to perform after 7 days of delay, Party B shall have the right to terminate the Contract. At the same time, Party A shall pay Party B liquidated damages equivalent to one month's rent based on the actual number of days delayed and refund the security deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If Party A unilaterally terminates this Contract and reclaims the Premises in advance during the Contract term without Party B's fault, Party A shall bear the losses caused to Party B by the breach of contract (liquidated damages, decoration costs, etc.), and Party B shall have the right to terminate the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Handling of Party B's Breach**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If Party B vacates the Premises, subleases or transfers the Premises, or alters the structure or changes the use without Party A's written consent, or uses the Premises for illegal activities, all such acts shall be deemed as Party B's breach of contract. The security deposit shall not be refunded, and Party A shall have the right to terminate the Contract and reclaim the Premises. If the security deposit is insufficient to compensate Party A's losses, Party B shall compensate according to actual losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If Party B fails to promptly return the Premises with intact facilities to Party A upon expiration of the Contract term, Party B shall pay liquidated damages to Party A at twice the daily rent based on actual number of days. At the same time, the security deposit shall not be refunded to Party B, and Party A shall have the right to reclaim the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If Party B vacates the Premises without authorization during the Contract term, the prepaid rent and security deposit shall not be refunded to Party B.

**VIII. Handover and Acceptance Inspection**

Inspection shall be conducted upon expiration or termination of the Contract. Except for normal wear and tear, if damage or malfunction occurs to the structure, internal decoration and relevant ancillary facilities of the Premises, Party B shall be responsible for replacement or repair to restore normal condition. Otherwise, Party A shall have the right to deduct from the security deposit. If the security deposit is insufficient to cover the losses, Party A shall have the right to claim compensation from Party B.

**IX. Dispute Resolution**

Any dispute arising from the execution of this Contract or relating to this Contract shall be resolved by both parties through friendly consultation. If consultation fails, either party shall have the right to file a lawsuit with the People's Court at the location of the Premises.

**X. Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Contract is made in triplicate, with Party A, Party B and the brokerage company each holding one copy, all having equal legal effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The annexes to this Contract constitute an integral part of this Contract and have equal legal effect with this Contract.

Remarks: _________________/________________________________

**SIGNATURE PAGE**

---

| | |
|:---|:---|
| **Lessor (Party A):** | **Lessee (Party B):** |
| Wuxi Chunzhiyu Environmental Technology Co., Ltd. | Ruiwuhang (Shanghai) Catering Management Co., Ltd. |
| Authorized Representative: *<u>/s/ Wuxi Chunzhiyu Environmental Technology Co., Lt</u>*<u>d.</u> | Authorized Representative: *<u>/s/ Ruiwuhang (Shanghai) Catering Management Co., Ltd.</u>* |
| Date: January 8, 2025 | Date: January 8, 2025 |

---

**APPENDIX**

**Lessor (Party A) Account Information**

**Company Name:** Wuxi Chunzhiyu Environmental Technology Co., Ltd.

**Bank:** Agricultural Bank of China Co., Ltd. Wuxi Binhu Sub-branch

**Account No.:** 

**Tax ID:** 

**Registered Address:** Room 50801-1, No. 90 Dicui Road, Liyuan Street, Binhu District, Wuxi City

**Telephone:**

## Exhibit 10.6

**Exhibit 10.6**

**COOPERATION AGREEMENT**

**(House Lease Contract)**

**Lessor (Party A): Shanghai Liangxiang Intelligent Engineering Co., Ltd.**

**Lessee (Party B): Ruiwuhang (Shanghai) Facility Management Co., Ltd.**

**Article I Lease Term and Rent**

The lease term is three years, from January 1, 2025 to December 31, 2027. Party B has priority to renew the lease under the same conditions upon expiration of the Contract, subject to mutual consultation. The monthly rent is RMB 500 per month.

**Article II Premises Handover**

The Premises are located at Exhibition Hall, 3rd Floor, Building D, No. 909 Duhui Road, Minhang District, Shanghai. Upon termination of the lease, Party B shall return the Premises and ancillary items in their original condition.

**Article III Rent Payment Method**

Party B shall pay rent on a yearly basis by cash or bank transfer, in accordance with the actual lease period, to Party A. The annual rent is RMB 6,000.

Party A's Receiving Account:

Bank: Xiamen International Bank Xuhui Sub-branch

Account Name: Shanghai Liangxiang Intelligent Engineering Co., Ltd.

Account No.:

**Article IV Dispute Resolution**

Any dispute arising between the parties during the performance of this Contract shall be resolved through friendly consultation. If consultation fails, either party may file a lawsuit with the People's Court at the location of Party A.

**Article V Supplementary Provisions**

Matters not covered in this Contract may be subject to supplementary agreements signed by both parties.

**Article VI Work Safety**

Party B shall be fully responsible for safety management of decoration and related work during the performance of this Contract, and shall bear full responsibility in the event of any safety accident. Party A shall not bear any responsibility therefor. When Party B's construction personnel enter the Premises for construction, they must strictly comply with safety operation requirements. If any person is injured due to violation of safe operation requirements, all responsibilities shall be borne by Party B.

**Article VII Liability for Breach of Contract**

If either Party A or Party B has special circumstances and needs to terminate this Contract in advance, they must notify the other party two months in advance. Only after obtaining the other party's consent may the check-out procedures be processed. If either party breaches the Contract without cause, they shall pay liquidated damages to the other party equivalent to three times the monthly rent. If Party A breaches the Contract, in addition to refunding the deposit to Party B, Party A shall also pay the aforementioned amount of liquidated damages to Party B. Conversely, if Party B breaches the Contract, Party A shall have the right not to refund the deposit.

Any dispute arising between the parties in the performance of this Contract or in connection with this Contract shall first be resolved through friendly consultation. If consultation fails, either party may file a lawsuit with the People's Court at the location of the Premises when necessary.

**Article VIII Miscellaneous**

This Contract, together with the supplementary provisions and annexes, consists of two pages, and is made in two copies. Party A and Party B shall each hold one copy, and both copies shall have equal legal effect. This Contract shall take effect upon signature.

**SIGNATURE PAGE**

**Party A (Lessor): Shanghai Liangxiang Intelligent Engineering Co., Ltd.**

Legal Representative (or Authorized Agent): ________________

Signature/Seal: *<u>/s/ Shanghai Liangxiang Intelligent Engineering Co., Ltd</u>*.

Date: December 26, 2024

**Party B (Lessee): Ruiwuhang (Shanghai) Facility Management Co., Ltd.**

Legal Representative (or Authorized Agent): ________________

Signature/Seal: *<u>/s/ Ruiwuhang (Shanghai) Facility Management Co., Ltd.</u>*

Date: December 26, 2024

## Exhibit 10.7

**Exhibit 10.7**

**House Lease Contract**

Party A (Lessor): EICH EL-NASS For Logistics

Party B (Lessee): Company Deep Quest

According to the relevant laws and regulations, both parties, on the principles of equality, voluntariness, fairness, and good faith, have reached an agreement through consultation and hereby conclude this contract, which both parties shall jointly observe.

**Basic Information of the Premises**

Party A voluntarily leases to Party B the premises located at Plot 2224, Block 6739, Al-

Zanbaq Street, King Abdullah Economic City, Makkah Province, Saudi Arabia, with the property code KT001, The total area is 437 square meters, for office use. Party B has fully understood the premises to be leased and is willing to rent the said property.

**Rent / Deposit and Payment Method**

- The monthly rent for the premises is agreed to be Fifteen thousand (in words) Saudi Riyal, (in figures) SAR 15,000.00.<br> - The lease term shall be from (1 / 6 / 2025) to (31 / 12 / 2026), with a total lease period of (18 months).<br> - The agreed deposit is Ten Thousand Saudi Riyal (SAR 10,000).

Payment Account of Party A:

COMPANY EICH EL NASS FOR LOGISTICS

Bank Account No.:

Bank: Saudi Awwat Bank

**Obligations of the Parties**

**Obligations of Party A**

1. Ensure that Party B can normally use the premises.

2. Be responsible for regular inspections and normal maintenance of the premises and its attachments. If losses occur to Party B or any third party due to Party A's delay in repair, Party A shall compensate.

3. If the premises are to be sold or mortgaged, Party A shall notify Party B one month in advance.

4. Guarantee clear ownership of the premises. If ownership disputes, debts, or claims related to the premises arise, Party A shall bear full responsibility and compensate Party B for any losses.

**Obligations of Party B**

1. Ensure business activities are free from pollution, disturbance, or safety hazards.

2. Obtain Party A's written consent before making renovations or adding facilities; costs shall be borne by Party B.

3. Obtain Party A's consent before subleasing to a third party or exchanging the use of the premises with a third party.

4. Compensate or repair if the premises or equipment are damaged due to improper use or human factors.

5. Cooperate with Party A's regular inspections and maintenance.

6. Return the premises to Party A upon lease expiration. If Party B intends to continue leasing, it shall negotiate with Party A one month in advance, and both parties shall sign a new contract.

**Liability for Breach of Contract**

● If either party fails to perform the terms of this contract or violates relevant national or local real estate lease regulations, the other party has the right to terminate the contract in advance, and the breaching party shall bear the resulting losses.

● If Party B delays in paying rent, it shall pay Party A a penalty of 1% of the overdue amount.

● In case the premises or equipment are damaged due to force majeure, neither party shall be held liable.

**Dispute Resolution**

Any dispute arising during the performance of this contract shall be resolved through consultation between the parties. If consultation fails, either party may apply to the local Real Estate Arbitration Committee for mediation or arbitration, or file a lawsuit with a competent court.

**Miscellaneous**

● Taxes and fees related to the leased premises during the lease term shall be borne separately by Party A and Party B as stipulated by law.

● Matters not covered in this contract may be separately agreed upon by both parties. Any supplementary agreements, once signed (or sealed), shall have the same legal effect as this contract.

● This contract shall take effect upon signature (or seal) by both parties.

● This contract is made in two copies, with each party holding one copy.

Party A: EICH EL-NASS For Logistics

Date: ____________

Party B: Company Deep Quest

Date: 29/05/2025

## Exhibit 10.8

**Exhibit 10.8**

**SOFTWARE COPYRIGHT LICENSE AGREEMENT**

Party A (Licensor)

Company Name: Jiangsu Ruiwuhang Zhilian Technology Co., Ltd.

Registered Address: Room 802, Building A5, No. 90 Dicui Road, Liyuan Street, Binhu District, Wuxi City

Legal Representative: Zhang Lina

Contact:

Party B (Licensee)

Company Name: Company Deep Quest

Registered Address: Khallad Ibn Rafi Al Aziziyah Dist RIYADH Kingdom of Saudi Arabia

Legal Representative: Chen Xiang

Contact:

Whereas Party A owns the copyright to certain software and is willing to authorize Party B to use such software under specific conditions, the Parties, in accordance with the Copyright Law of the People's Republic of China and other relevant laws and regulations, and on the basis of equality, voluntariness, and fairness, hereby enter into the following Software Copyright License Agreement:

**I. Licensed Works**

Party A hereby authorizes Party B to use a total of 12 software works, the names of which are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **No.** | **Full Software Name** | **Version** | **Certificate No.** | **Software Copyright Registration No.** |
| 1 | RUI Smartlink Vehicle Dispatch Management System | 1 | No. 16474437 | 2025SR1857153 |
| 2 | RUI Smartlink Visitor Vehicle Management System | 1 | No. 16474412 | 2025SR1818214 |
| 3 | RUI Smartlink Personnel Access Management System | 1 | No. 16495264 | 2025SR1839066 |
| 4 | RUI Smartlink Construction Process Management System | 1 | No. 16513351 | 2025SR1857153 |
| 5 | RUI Smartlink Inspection System | 1 | No. 16513318 | 2025SR1857120 |
| 6 | IoT Device Data Transmission Service Software Based on ModBus TCP Protocol | 1 | No. 16476242 | 2025SR1820044 |
| 7 | IoT Device Data Transmission Service Software Based on MQTT Protocol | 1 | No. 16474462 | 2025SR1818264 |
| 8 | Artificial Intelligence Integrated Management Platform | 1 | No. 16513304 | 2025SR1857106 |
| 9 | Smart Security Integrated Management Platform | 1 | No. 16495264 | 2025SR1839066 |
| 10 | Smart Fire Protection Integrated Management Platform | 1 | No. 16476243 | 2025SR1820045 |
| 11 | Smart Power Management Integrated Platform | 1 | No. 16495234 | 2025SR1839036 |
| 12 | Intelligent Integrated Management Application Platform | 1 | No. 16495208 | 2025SR1839010 |

---

**II. Scope of License**

Party A hereby authorizes Party B to use the copyright of this software on a non-exclusive basis within the scope agreed upon in this Contract, including but not limited to reproduction, display, promotion, modification, and optimization.

Party B has the right to make necessary modifications and optimizations to this software according to business requirements, provided that such modifications do not harm the legitimate rights and interests of Party A. The ownership of copyright in derivative works created from modified software shall be governed by any separate agreement between the Parties; in the absence of such agreement, the copyright shall remain with Party A.

Upon obtaining the authorization, Party B may only use this software within the internal business scope of the Group and shall not transfer or disclose the copyright of this software to any third party outside the Group.

**III. License Term**

The term of this Software Copyright License shall be <u>10</u> years, commencing from the effective date of this Contract.

Upon expiration of the license term, Party B shall cease using this software and delete or destroy all copies of this software, unless the Parties separately enter into a renewal agreement.

**IV. Rights and Obligations**

Party A has the right to supervise Party B's use of the software within the scope of authorization to ensure that Party B uses this software in accordance with the Contract.

Party A shall provide Party B with necessary materials and assistance related to the software copyright to ensure Party B's normal use of the software.

Party B shall use the software copyright within the scope and manner agreed upon in the Contract and shall not exceed the scope of authorization.

Party B shall respect Party A's copyright and shall not copy, distribute, rent, or sell this software or its source code without authorization, nor engage in reverse engineering, decompilation, disassembly, or any other acts infringing upon Party A's copyright.

Both Parties shall jointly protect the security of this software and prevent third parties from infringing upon the copyright of this software.

**V. Confidentiality**

Both Parties shall keep confidential the contents of this Contract, transaction details, and other relevant information, and shall not disclose the same to any third party without the other Party's consent.

Party B shall strictly keep confidential any trade secrets and confidential information of Party A obtained during the use of this software and shall not disclose or use the same illegally. The confidentiality period shall be <u>10</u> years from the effective date of this Contract.

**VI. Liability for Breach**

If Party A discovers that Party B has exceeded the scope of authorization in using this software or has infringed upon Party A's copyright, Party A shall have the right to demand that Party B cease the infringing acts and pursue Party B's legal liability. Party B shall pay liquidated damages of RMB <u>50,000</u> per item to Party A, and shall compensate Party A for all losses incurred therefrom.

If either Party violates any other provision of this Contract, such Party shall compensate the non-breaching Party for all losses incurred therefrom.

**VII. Dispute Resolution**

Any dispute arising from the performance of this Contract shall be resolved through friendly negotiation between the Parties. If negotiation fails, either Party shall have the right to file a lawsuit with the competent People's Court.

**VIII. Miscellaneous**

This Contract shall take effect upon signature (or seal) by both Parties.

This Contract is made in duplicate, with each Party holding one copy, and both copies shall have equal legal effect.

Party A (Signature/Seal): *<u>/s/ Zhang Lina</u>* _________________

Date of Execution: ___2025___ Year _9___ Month _20___ Day

Party B (Signature/Seal): *<u>/s/ Chen Xiang</u>*_______________

Date of Execution: __2025____ Year _9___ Month __20__ Day

## Exhibit 10.9

**Exhibit 10.9**

**SOFTWARE COPYRIGHT LICENSE AGREEMENT**

Party A (Licensor)

Company Name: Jiangsu Ruiwuhang Zhilian Technology Co., Ltd.

Registered Address: Room 802, Building A5, No. 90 Dicui Road, Liyuan Street, Binhu District, Wuxi City

Legal Representative: Zhang Lina

Contact:

Party B (Licensee)

Company Name: Ruiwuhang (Shanghai) Facility Management Co., Ltd.

Registered Address: Building 2, No. 692 Yongjia Road, Xuhui District, Shanghai

Legal Representative: Chen Xiang

Contact:

Whereas Party A owns the copyright to certain software and is willing to authorize Party B to use such software under specific conditions, the Parties, in accordance with the Copyright Law of the People's Republic of China and other relevant laws and regulations, and on the basis of equality, voluntariness, and fairness, hereby enter into the following Software Copyright License Agreement:

**I. Licensed Works**

Party A hereby authorizes Party B to use a total of 12 software works, the names of which are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **No.** | **Full Software Name** | **Version** | **Certificate No.** | **Software Copyright Registration No.** |
| 1 | RUI Smartlink Vehicle Dispatch Management System | 1 | No. 16474437 | 2025SR1857153 |
| 2 | RUI Smartlink Visitor Vehicle Management System | 1 | No. 16474412 | 2025SR1818214 |
| 3 | RUI Smartlink Personnel Access Management System | 1 | No. 16495264 | 2025SR1839066 |
| 4 | RUI Smartlink Construction Process Management System | 1 | No. 16513351 | 2025SR1857153 |
| 5 | RUI Smartlink Inspection System | 1 | No. 16513318 | 2025SR1857120 |
| 6 | IoT Device Data Transmission Service Software Based on ModBus TCP Protocol | 1 | No. 16476242 | 2025SR1820044 |
| 7 | IoT Device Data Transmission Service Software Based on MQTT Protocol | 1 | No. 16474462 | 2025SR1818264 |
| 8 | Artificial Intelligence Integrated Management Platform | 1 | No. 16513304 | 2025SR1857106 |
| 9 | Smart Security Integrated Management Platform | 1 | No. 16495264 | 2025SR1839066 |
| 10 | Smart Fire Protection Integrated Management Platform | 1 | No. 16476243 | 2025SR1820045 |
| 11 | Smart Power Management Integrated Platform | 1 | No. 16495234 | 2025SR1839036 |
| 12 | Intelligent Integrated Management Application Platform | 1 | No. 16495208 | 2025SR1839010 |

---

**II. Scope of License**

Party A hereby authorizes Party B to use the copyright of this software on a non-exclusive basis within the scope agreed upon in this Contract, including but not limited to reproduction, display, promotion, modification, and optimization.

Party B has the right to make necessary modifications and optimizations to this software according to business requirements, provided that such modifications do not harm the legitimate rights and interests of Party A. The ownership of copyright in derivative works created from modified software shall be governed by any separate agreement between the Parties; in the absence of such agreement, the copyright shall remain with Party A.

Upon obtaining the authorization, Party B may only use this software within the internal business scope of the Group and shall not transfer or disclose the copyright of this software to any third party outside the Group.

**III. License Term**

The term of this Software Copyright License shall be <u>10</u> years, commencing from the effective date of this Contract.

Upon expiration of the license term, Party B shall cease using this software and delete or destroy all copies of this software, unless the Parties separately enter into a renewal agreement.

**IV. Rights and Obligations**

Party A has the right to supervise Party B's use of the software within the scope of authorization to ensure that Party B uses this software in accordance with the Contract.

Party A shall provide Party B with necessary materials and assistance related to the software copyright to ensure Party B's normal use of the software.

Party B shall use the software copyright within the scope and manner agreed upon in the Contract and shall not exceed the scope of authorization.

Party B shall respect Party A's copyright and shall not copy, distribute, rent, or sell this software or its source code without authorization, nor engage in reverse engineering, decompilation, disassembly, or any other acts infringing upon Party A's copyright.

Both Parties shall jointly protect the security of this software and prevent third parties from infringing upon the copyright of this software.

**V. Confidentiality**

Both Parties shall keep confidential the contents of this Contract, transaction details, and other relevant information, and shall not disclose the same to any third party without the other Party's consent.

Party B shall strictly keep confidential any trade secrets and confidential information of Party A obtained during the use of this software and shall not disclose or use the same illegally. The confidentiality period shall be <u>10</u> years from the effective date of this Contract.

**VI. Liability for Breach**

If Party A discovers that Party B has exceeded the scope of authorization in using this software or has infringed upon Party A's copyright, Party A shall have the right to demand that Party B cease the infringing acts and pursue Party B's legal liability. Party B shall pay liquidated damages of RMB <u>50,000</u> per item to Party A, and shall compensate Party A for all losses incurred therefrom.

If either Party violates any other provision of this Contract, such Party shall compensate the non-breaching Party for all losses incurred therefrom.

**VII. Dispute Resolution**

Any dispute arising from the performance of this Contract shall be resolved through friendly negotiation between the Parties. If negotiation fails, either Party shall have the right to file a lawsuit with the competent People's Court.

**VIII. Miscellaneous**

This Contract shall take effect upon signature (or seal) by both Parties.

This Contract is made in duplicate, with each Party holding one copy, and both copies shall have equal legal effect.

Party A (Signature/Seal): *<u>/s/ Zhang Lina</u>*________________

Date of Execution: __2025____ Year __9__ Month __20__ Day

Party B (Signature/Seal): *<u>/s/ Chen Xiang</u>*______________

Date of Execution: __2025____ Year __9__ Month _20___ Day

## Exhibit 10.10

**Exhibit 10.10**

**Party A:** Metallurgical Corporation of China Ltd. Saudi Branch. (hereinafter referred to as "Party A")

**Party B:** EICH EL-NASS For Logistics. (hereinafter referred to as "Party B")

This contract is based on the principles of equality, voluntariness, fairness and integrity, Party A and Party B have reached an agreement on the logistics services for the project of CEER Automobile Manufacturing Plant (second bidding section). In order to clarify the rights, obligations and responsibilities of both parties in the course of this cooperation, after friendly consultation between Party A and Party B, this contract is signed with the following terms and conditions:

**I. General situation and logistics service requirements**

(I) General situation

&nbsp;&nbsp;&nbsp;&nbsp;1. Project
 name: CEER Automobile Manufacturing Plant Project

&nbsp;&nbsp;&nbsp;&nbsp;2. Party
 A is the consignor of logistics service for CEER Automobile Manufacturing Plant Project (the
 second bidding section), Party A designates the general coordinator of logistics: Wang Tao,
 Tel: [\*]; Party A designates the Logistics Coordinator: Reng Jie Tel: [\*]; Party B is the
 carrier of CEER Automobile Manufacturing Plant Project Logistics Services (Second Bid), Party
 B designates the General Logistics Coordinator: Xu Bin, Tel: [\*]; Party B designates the
 Logistics Coordinator: Yan Yuanlin, Tel: [\*]; Relevant personnel shall not arbitrarily turn
 off their cell phones during the logistics period of the project to ensure the logistics
 work is orderly and smooth.

&nbsp;&nbsp;&nbsp;&nbsp;3. Scope
 of contract and work content:

The scope of the contract is that Party B is responsible for all the work occurring during the period from the unloading of the goods from the ship after Party A's goods arrive at the destination port in Saudi Arabia to the transportation of the goods to Party A's designated stacking place of the Project, but not including the short rebuttal, reverse shipping, and emptying of containers of the goods from the member stacking yard to the erection site. The work includes (but is not limited to) (1) unloading the ship after the arrival of the goods at the port of destination, cargo counting and acceptance, in-port dumping, stockpiling and storage, loading, waiting for vehicles, and other port terminal operations and completion of customs clearance; (2) cooperate with Party A to pay tariffs and VAT on imports; (3) transportation of the goods from the destination port to the stacking place designated by Party A in the project; (4) handle the paperwork for the goods handover with Party A, and provide clearance according to the needs of Party A. (5) If container transportation is used, after the goods arrive at the stacking place designated by Party A, it is necessary to return the containers in a timely manner according to Party A's requirements. For details, please refer to Attachment 1: CEER Automobile Manufacturing Plant Project Logistics Services (Second Bidding Section) BOQ.

&nbsp;&nbsp;&nbsp;&nbsp;4. Mode
 of transportation: by automobile.

&nbsp;&nbsp;&nbsp;&nbsp;5. Goods:
 including but not limited to steel members, materials, construction equipment and instruments,
 cables, power distribution boxes, tire racks, pad road steel plates, roadbed boxes and other
 related engineering materials.

&nbsp;&nbsp;&nbsp;&nbsp;6. Delivery
 time and list: the total construction period is 174 calendar days, tentatively from July
 10, 2024 to December 31, 2024, subject to Party A's written instruction or notice.

&nbsp;&nbsp;&nbsp;&nbsp;7. Port
 of loading and unloading: See Attachment 1: CEER Automobile Manufacturing Plant Project Logistics
 Services (Second Bidding Section) Work Amount Bill of Quantity Pricing Table, subject to
 Party A's final written confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;8. Party
 B shall, within 10 days from the date of contract signing, report the organization of the
 project and indicate the work and contact information of the relevant personnel, and a bank
 guarantee of 10% of the total amount of the contract as a performance guarantee, which shall
 be returned to Party B within 30 calendar days after Party A confirms that Party B has completed
 all the logistic work of the contract, and the format of the bank guarantee is shown in Attachment

(II) Logistics service requirements

&nbsp;&nbsp;&nbsp;&nbsp;1. Party
B shall ensure the safety and protection of finished products during the transportation and loading/unloading of goods, and shall do
the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
loading and shipment should be done in such a way that the heavy does not press the light, and the big does not press the small.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) members
and members need to be separated by square wood, and members and the bottom of the car with cushions and other soft materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
members should be placed smoothly in the transportation, and the lashing should be firm to prevent the members from tipping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When
tying, pay attention to the protective liner for members, and protect the contact parts of tying wire rope and members with sponge or
foam to prevent damage to members and surface paint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Reasonable
space should be kept between each piece of cargo to avoid deformation of cargo caused by mutual compression.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) When
loading or unloading trucks or discharging ships, strictly follow the location of the lifting point marked on the goods to lift the operation,
and prepare lifting protection liners, such as rubber pads or nylon pad liners, to avoid wire ropes and chains and other lashing materials
from directly contacting the members causing damage to the members or paints and so on. It is strictly prohibited to directly contact
the hooks with the members when lifting, if using a forklift to reverse transportation or loading, it is necessary to use cloth or pearl
cotton wrapped around the forklift's head to prevent damage to the paint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) It
is noted that it is forbidden to stack other members on the upper part of trusses, piece supports and other members to prevent deformation
caused by extrusion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) The
stacking of goods in the port of destination is in strict accordance with the requirements of Party A, and the goods that can not be
stacked should be stored separately in the site. When members need to be stacked, it is necessary to take good protective and fixed measures,
skid must be padded between the members to avoid direct contact between the members, when stacked, it is noted that the force should
be borne by the tire frame to avoid deformation of the members and damage to the paint; the members should be fixed firmly to avoid sliding
in the process of inverted transportation, resulting in a potential safety hazard. When unloading the ship, Party B should ask the professional
operators in the port area to confirm the integrity of the packaging of each piece of cargo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Party
B shall declare the complete logistics service program to Party A and implement it only after Party A's approval.

&nbsp;&nbsp;&nbsp;&nbsp;2. During
 the period of cargo in the destination port, Party B shall arrange specialists at the port
 (1) to be responsible for the terminal/warehouse logistics, take photos of the cargo, and
 deal with any problems in a timely manner; (2) to supervise the real-time loading and unloading
 of ships/cabinets/case emptying, and to take photos of the cargo; and (3) to directly communicate
 with Party A, and to cooperate with Party A's work.

&nbsp;&nbsp;&nbsp;&nbsp;3. During
 the period of loading and unloading, Party B shall arrange specialists on site to cooperate
 with the whole process of unloading, counting, checking and other related matters.

&nbsp;&nbsp;&nbsp;&nbsp;4. Party
 B must have the ability to operate on this line, and at the same time ensure that the transportation
 cycle of each batch of goods is as short as possible, and ensure that all the goods will
 be transported out of the port during the period of exemption from stacking in the port of
 destination, otherwise, Party B shall bear the relevant costs caused by overdue stacking
 and stranding of goods due to Party B's reasons. At the same time, Party B's logistics and
 transportation progress must meet Party A's on-site construction needs.

&nbsp;&nbsp;&nbsp;&nbsp;5. If
 the transportation of members is overloaded, Party B shall be responsible for coordinating
 and handling the relevant procedures and paying the relevant fees, which have been included
 in the unit price of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;6. calendar
 days before the ship arrives at the port of destination, Party A shall send Party B a full
 set of stamped and scanned import declaration information according to Party B's requirements
 on documents. Party A guarantees that the documents it provides are true, correct and valid,
 and bears the corresponding legal responsibility, but Party B has the obligation to inform,
 review and confirm.

&nbsp;&nbsp;&nbsp;&nbsp;7. Customs
 clearance documents: Party B shall promptly inform Party A of the detailed requirements for
 import and export customs clearance documents, as well as requesting Party A for the information
 of customs clearance and proxy certificate, Party B shall act on behalf of Party A for the
 governmental documents required for customs clearance in Saudi Arabia (including, but not
 limited to, Saudi Arabia Temporary Entry and Re-exit Application, Approval and Extension,
 Authorization Letter, Customs Data Sheet, and Payment Guarantee Letter certified by Saudi
 Chamber of Commerce, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;8. Party
 B shall inform Party A of the possible risks and problems of the project and provide timely
 and appropriate countermeasures.

&nbsp;&nbsp;&nbsp;&nbsp;9. Party
 B shall assist Party A in handling the claims and litigations related to the logistics of
 the project.

**II. Contract price:**

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 contract price of this contract is tentatively set at: 25,928,590.00 SAR (capitalized: 25,928,590.00),
 and the VAT rate is 15 %; the contract price without VAT is tentatively set at: 22,546,600.00
 SAR (capitalized: 22,546,600.00), and the VAT amount is tentatively set at: 3,381,990.00SAR
 (capitalized: 3,381,990.00). If the logistics payment exceeds the provisional total price
 of the contract during the actual fulfillment of the contract, Party A and Party B shall
 sign a supplementary agreement, otherwise Party A shall stop paying the logistics payment.
 (The final settlement value will be based on the finalized settlement value verified and
 confirmed by the Party A) In case of the adjustment of Saudi Arabia's national tax rate policy,
 the contract price without VAT shall be taken as the basis, and the contract price including
 tax shall be adjusted accordingly to the rate of the VAT invoice actually provided by Party
 B in accordance with the compliance of the VAT invoice.

&nbsp;&nbsp;&nbsp;&nbsp;2. Form
 of contract price: single-price contract (For details, please refer to Attachment 1: CEER
 Automobile Manufacturing Plant Project Logistics Services (Second Bidding Section) Bill of
 Quantity Pricing Table.)

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 unit price of this contract is a fixed comprehensive unit price, which includes all the work
 occurred during the period from the unloading of goods from the ship to the transportation
 to the storage place designated by Party A of this project (but does not include the short
 barge, inverted transportation and box pulling work from the member storage yard to the installation
 site); the labor cost, machinery cost, material cost, fuel cost, road tolls, bridge tolls,
 transportation insurance, taxes, direct costs, overhead unforeseen costs during the period,
 Risks and other costs are included to complete the contract scope and the work content. During
 the performance of the contract, Party B shall not propose any price adjustment for any reason
 (except for the adjustment of tax rate). If Party B proposes price adjustment, it will be
 regarded as Party B's breach of contract. If Party B defaults, Party A has the right to require
 Party B to continue to perform or terminate the contract immediately, and Party B shall pay
 10% of the total contract price as liquidated damages to Party A. Among them, due to the
 adjustment of tax rate, the unit price excluding tax will remain unchanged, and the settlement
 price will be adjusted according to the actual incurred tax rate at the time of settlement.
 For details, please refer to Attachment 1: CEER Automobile Manufacturing Plant Project Logistics
 Services (Second Bidding Section) Bill of Quantity Pricing Table.

&nbsp;&nbsp;&nbsp;&nbsp;4. In
 the course of Party B's performance, if Party A causes additional costs (e.g., customs inspection,
 additional port charges arising from delayed documents, demurrage, overdue storage fees,
 etc.), Party B shall submit supporting evidence and make settlement according to the actual
 occurrence after Party A's verification and confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;5. Attachment
 1: List items contained in the pricing table of the Bill of Quantities of CEER Automobile
 Manufacturing Plant Project (Bidding Section II) but not actually occurred shall not be settled.

**III. Payment and settlement:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Payment
 of contract price: Party B declares the progress settlement of completed batches of logistics
 services to Party A on the 20th of each month, and Party A pays Party B 90% of the approved
 progress settlement price in the following month. Party A will pay Party B 100% of the final
 settlement price within three months after Party A and Party B handle the final settlement.

&nbsp;&nbsp;&nbsp;&nbsp;2. Basis
 of settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) drawings,
bills of lading, logistics and transportation lists, bills and other documents; logistics and transportation lists need to include the
name of the carrier unit, the driver's signature and contact phone number, a detailed list of goods, the list needs to be signed
by Party A and Party B's designated consignor and consignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Possible
incurrence of charges and supporting evidence for additional costs.

&nbsp;&nbsp;&nbsp;&nbsp;3. Rules
 for calculation of Bill of Quantity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Bulk
cargoes are measured by "billable tons", and the specific quantity is based on the bill of lading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Containers
are measured by "boxes".

&nbsp;&nbsp;&nbsp;&nbsp;4. Settlement
 and Payment Currency: Settlement and payment shall be made in Saudi Riyal (SAR).

&nbsp;&nbsp;&nbsp;&nbsp;5. Settlement
 Procedures: Within 60 days following Party B's completion of all logistics services, Party
 B will submit the settlement letter and related settlement information to Party A for final
 settlement. Party A's Project Department will conduct the preliminary examination and Party
 A will review it. Only the finalized settlement amount listed on the "Project Completion
 Settlement Validation Sheet", which is reviewed by Party A and signed by the its engineering
 audit supervisor, is legally valid, and Party A will not recognize any other form of settlement.
 In case of no objection to the final settlement, Party A will complete the settlement procedures
 within 3 months after receiving the complete settlement information from Party B.

&nbsp;&nbsp;&nbsp;&nbsp;6. VAT
 invoicing matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Party
B must provide qualified and valid VAT invoices in full amount according to Party A's requirements, and the VAT rate is 15 %; the
taxes and fees for issuing invoices shall be borne by Party B. Fees and charges required to be paid by Party B under Saudi Arabia's
policy and other taxes and charges shall be borne by Party B itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 20
working days before Party A pays Party B for the project, Party B shall provide legally compliant invoices of not less than the corresponding
payment amount that meets the deduction requirements, and after the completion and settlement of the project, Party B shall provide the
full amount of legally compliant invoices, otherwise, Party A may refuse to pay for the subsequent project, and the delay in payment
caused by this does not constitute a default. The name and tax code of the purchaser on the invoice must be the same as the name and
tax code of Party A of the Contract, and the name and tax code of the seller must be the same as the name and tax code of Party B of
the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Party
B must provide the above invoices in accordance with Saudi Arabia's national and local tax laws and regulations, as well as Party
A's invoice management regulations, or Party A has the right to refuse to pay for the work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 If
Party B issues false or invalid invoices or uncontrolled invoices or issues or provides invoices in violation of Saudi Arabia's
national laws and regulations, Party B shall bear the corresponding legal responsibility by itself and shall pay to Party A a liquidated
damages of 5% of the contract total price, and Party A shall have the right to deduct Party B's entire performance bond if Party
B has provided the performance bond, and if the above liquidated damages or performance bond are not enough to compensate Party A's
loss, Party B shall compensate for the loss; if the invoice reissued by Party B is still inconsistent with the contract agreement, Party
B shall be liable according to the preceding agreement, and Party A shall refuse to accept the invoice; if Party B is unable to issue
the invoice, in addition to the liability for breach of contract according to the preceding agreement, Party B shall return the payment
made by Party A, compensate for the total loss caused to Party A, and Party A has the right to terminate the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 If
the VAT invoices provided by Party B are not timely certified for deduction by the tax department due to late delivery or wrong issuance,
Party A has the right to refuse to receive them. Party B shall compensate Party A in full for any loss of VAT deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 If
the tax rate of the VAT invoice actually issued by Party B is lower than the agreed tax rate in the contract, Party B shall not only
pay Party A the amount of tax that cannot be deducted, but Party B shall also pay to Party A a liquidated damages of 5% of the total
contract price, and if the liquidated damages are not enough to make up for the loss of Party A, Party B shall make compensation, and
Party A shall have the right to terminate the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 Party
B shall bear the loss of Party A due to the change of applicable VAT rate brought about by the change of Party B's own taxpayer
status and tax payment method.

&nbsp;&nbsp;&nbsp;&nbsp;7. Other
 Agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The
seal of Party A's project department/production plant/branch shall not be used for signing economic contracts, and if it happens
that the contracts and confirmation instruments signed with such seal are invalid. Party A will not recognize any of them at the time
of settlement, and Party B will bear all the consequences and losses incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Visa
exceeding SAR 5,000 needs to be approved by Party A and signed by its person in charge to take effect.

**IV. Rights and Obligations of Party A**

&nbsp;&nbsp;&nbsp;&nbsp;1. Party
A's rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To
inspect Party B's record documents and facilities at reasonable times and intervals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To
supervise the performance of this Contract by Party B and its employees, and have the right to request replacement of Party B's
employees who do not meet the requirements of Party A and its Project Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Have
the right to terminate the cooperation with Party B if Party B does not provide good services or Party A suffers losses due to Party
B's negligence, as assessed by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
right to refuse to pay any additional costs not caused by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;2. Party
A's obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
packaging of the goods provided by Party A shall be suitable for usual port loading and unloading, with complete and clear labels, signs
and markings, and the location of the gravity center, lifting point and lashing point of the bulky goods shall be provided by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Settlement
and payment shall be made in accordance with this contract according to facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party
A shall provide accurate import customs clearance information in line with export standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Party
B shall be notified in writing in time if there is any change or cancellation of the shipment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) After
all the goods of the batch arrive at Party A's designated stacking site, issue " Handover Record of Lading" for the
whole batch of goods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Pay
customs duty and import VAT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) After
the ship arrives at the destination port, Party B shall complete the customs clearance procedures in time and arrange enough vehicles
to complete the unloading work. Party A requires the unloading rate to be: 2000/billable tons/per sunny day (working day in the port
area), and if it exceeds the number of days allowed to be used for the unloading rate, causing the other party to charge Party A the
demurrage fee for the ship, which will be charged in accordance with USD15,000/day, and the fee will be calculated on the basis of proportion
for the shortfall of one day. It is noted that: ① Waiting time is excluded; ② Before the bulk ship reaches the destination
port, Party B must be clear and know the operation requirements of each discharge port (King Port, Jeddah Port, Dammam Port), including
but not limited to the size of the cargo exceeds the standard port, Party B needs to send vehicles into the port for the direct discharge
of the ship side. Before and after the unloading of the ship, we need to take photos to prove whether the cargo is intact or not. If
Party B misjudges the unloading operation requirements of each port, Party B shall bear all the related responsibilities and costs.

**V. Party B's Rights and Obligations**

&nbsp;&nbsp;&nbsp;&nbsp;1. Party
 B's rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Submit
complete settlement information and settle with Party A according to the unit price stated in this contract, and collect logistics fees
from Party A according to the settlement amount agreed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Understand
and be informed of the necessary information related to the fulfillment of this contract (such as cargo information, transportation location,
delivery time, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;2. Party
B's obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Carry
and prepare the goods according to the source provided by Party A. Without Party A's approval, Party B shall not subcontract the
performance of its contractual obligations to a third party, charging only profit and management fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Complete
all the work within the scope of this contract according to Party A's requirements and bear the corresponding costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Contact
with the appropriate carrier in time according to Party A's cargo transportation requirements and go through the relevant transportation
procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Party
B shall ensure the shipment of each batch of goods from Party A, and shall not dump or refuse to provide services for the transportation
of Party A's goods for any reason (such as the cargo volume, the influence of market factors, prices, low and peak seasons, holidays,
etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Commission
a competent and experienced customs clearance company (line), carefully examine the inspection and customs clearance documents, coordinate
and communicate well, and provide timely feedback of relevant information. Party B must end someone to participate in the customs inspection
and coordinate the relationship between the relevant parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Party
B shall keep track of the whereabouts of the goods and reply within 12 hours at the latest after receiving Party A's inquiry request.
If any situation affecting the safety of the transported goods occurs or is likely to occur, Party B shall immediately liaise with Party
A's designated personnel and act according to its instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) At
the time of bidding, Party B has familiarized itself with the logistics requirements, priorities and difficulties of the project. Any
factors unfavorable to the safe and on-time delivery of the goods to the destination, Party B shall make adequate contingency plans,
make every effort to coordinate, and take effective remedial measures to eliminate the adverse effects without delay and additional costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Party
B shall promptly notify Party A when it can reasonably foresee that the delivery of the goods under this contract may be delayed, regardless
of the reasons for such delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Party
B shall be responsible for the proper custody of the signed documents of Party A and shall not lose them, otherwise Party B shall bear
the delays and additional costs caused by the loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Party
B shall, within the time specified by Party A, deliver the goods to the place designated by Party A in accordance with Party A's
requirements in a safe, numbered and undamaged manner, hand over to the designated receiving counterpart and handle the whole batch of
goods with Party A for the "Handover and Acceptance Record" within 1 working day after all the goods of the batch have been
unloaded at the destination. If any error is found in the goods, both parties should make a good annotation and sign together to confirm.
If Party A requests a delay or cannot deliver the goods immediately due to other reasonable reasons confirmed by Party A, Party B shall
immediately notify Party A by phone or e-mail and indicate the reasons, the time of contact with Party A and the specific contact person
on the signing receipt after the delivery of the goods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Party
A fully entrusts Party B to insure the transportation logistics insurance within the contract scope, the cost is included in the contract
price, a full set of insurance policy a positive two copies. If the goods are lost or damaged in transportation, Party B shall notify
Party A within 24 hours after the accident, make detailed explanation and provide on-site record information and photos, and actively
cooperate with Party A and the insurance company to do a good job in claim settlement. Party B shall provide the original insurance policy
or electronic policy and MB/L to Party A's designated counterpart within 3 calendar days after the goods leave the port.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Party
B shall do well in cargo inspection, photo retention and signing for all the handover links involved (such as picking up, loading, unloading,
transportation, delivery, etc.) to prevent disputes. And provide relevant information according to Party A's requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Party
B guarantees to send professional personnel to supervise loading and unloading of the whole process, so as to ensure that the packaging
supports and bundling points of the goods should be suitable for transportation. Party B needs to take photos of Party A's emptying
process, and if it finds any problems of packing and marking, Party B needs to take photos of the box number and packing problems, and
notify Party A in writing. Party B shall be responsible for the damage and loss of the goods within the fulfillment period of this agreement
due to Party B's reasons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Party
B is required to provide written safety education to the employees and agents, including truck drivers, directly or indirectly employed
or retained by Party B who are involved in the performance of the whole logistics chain, especially when loading and unloading goods.
In order to ensure personnel safety, property safety and no damage to third parties, all personnel are required to operate in accordance
with the safety norms, and Party B shall bear all losses and liabilities if they are caused by negligence of Party B and its supply-side
performance personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) If
the transportation of members exceeds the limit, Party B shall be responsible for coordinating and going through the relevant procedures
and paying the relevant fees, which are included in the unit price of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Party
B shall handle the handover of goods with Party A after the goods are delivered to the destination and sign the "Handover and Acceptance
Record".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Party
B shall declare the complete logistics service program to Party A and shall implement it only after Party A has passed the review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Party
B must have the ability to operate on this route, and at the same time need to ensure that the transportation cycle of each batch of
goods as short as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Party
B shall inform Party A of the possible risks and problems of the project and give timely and appropriate countermeasures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) Party
B shall require the terminal to keep Party A's goods properly and safely, and stack them appropriately according to Party A's
storage requirements for the goods (open air, roofed, indoor, covered with raincloth).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) Party
B shall be responsible for contacting and negotiating with Party A to solve the problems arising from the cargo at the port of discharge.
If Party A's cargo is stranded at the port due to force majeure, Party B shall activate the contingency plan and measures, arrange
for appropriate storage and reverse transportation to ensure the safety of Party A's cargo and minimize the cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) Party
B shall do its duty and supervise all aspects of logistics (loading and unloading, reversing shortages, stacking and storage, etc.) to
operate in a proper and standardized manner, to prevent brutality and breakage of goods. Stacking should be moisture-proof, water-proof,
fire-proof and theft-proof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) Containerized
cargo: Party B shall return the containers in a timely manner as required by Party A during the exemption period of Party A's containers;
if the return date exceeds the exemption period due to Party B's reasons, the corresponding overtime cost shall be borne by Party
B. Note: Party A's container exemption period: 21 days from the date of unloading all containers to the destination port in Saudi
Arabia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) If
Party B's committed personnel are derelict in their duties or not in place, Party A has the right to deduct from the payable logistics
payment according to the standard of USD 60 per person per calendar day; if there is any difference in quantity, appearance, customs
clearance data and customs clearance requirements due to the dereliction of duties of Party B's assigned personnel or not in place,
the loss thus caused will be borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) Party
B is required to hire a third-party inspection company recognized by PNI (Shipowners' Protection Institute) to issue a report on
ship unloading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) Party
B shall assist Party A in making customs clearance documents and provide Party A with correct and professional consulting services for
the classification of customs clearance name and HS code, if Party A so requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) Party
B shall ensure the purchase of workmen's compensation insurance and social security for all the personnel involved in the project
in accordance with the relevant laws and regulations of Saudi Arabia and the requirements of the relevant government departments.

**VI. Safety Responsibility**

&nbsp;&nbsp;&nbsp;&nbsp;1. Party
B shall designate the safe operation procedures for transportation, loading and unloading in strict accordance with the local safety
standards and carry them out accordingly, shall be equipped with necessary safety production and labor protection gears, and shall strengthen
the safety education of its personnel, and shall bear the responsibility for the safety accidents caused by Party B due to improper safety
measures and the expenses incurred as a result of such accidents.

&nbsp;&nbsp;&nbsp;&nbsp;2. Party
B shall be responsible for the safety of all personnel it dispatches or employs as a result of the performance of this Contract, including
Party B's subcontractors, suppliers and their employees, but Party A shall be responsible for any safety accidents of Party B's
personnel due to Party A's reasons.

&nbsp;&nbsp;&nbsp;&nbsp;3. Party
A shall be responsible for the safety of all personnel it dispatches or employs as a result of the fulfillment of this contract, but
Party B shall be responsible for any safety accidents caused by Party B that result in safety accidents of Party A's personnel.

&nbsp;&nbsp;&nbsp;&nbsp;4. The
responsible party shall be liable for any injury or loss caused to a third party.

**VII. Disclaimer**

Party B shall not be liable for damages under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;1. Force
 majeure

Force majeure means that after the contract is signed, an unexpected event or natural disaster that the contracting parties cannot foresee, avoid, control or overcome occurs, so in which the contracting parties are unable to perform their duties in accordance with the contract or cannot perform their duties as scheduled, and the party who has suffered from the unexpected event or natural disaster can be exempted from the responsibility of performing their duties or delayed in the performance of their duties. Specifically, these include: natural phenomena caused by natural causes, such as: drought, flood, earthquake, typhoon, etc.; and social phenomena caused by social causes, such as: serious unrest, mass strikes, embargoes and sanctions.

When force majeure occurs, the party experiencing the accident shall try its best to take all remedial measures to minimize the loss; if the loss is further enlarged due to the accident and the party's failure to try its best or take remedial measures, the party experiencing the accident shall bear the liability for the enlarged loss.

The party experiencing an incident of force majeure shall immediately notify the other party within 48 hours and submit an incident report and supporting documents from governmental agencies; failure to provide or not provide an incident report and supporting documents from governmental agencies cannot be regarded as force majeure.

Reasonable measures shall be taken to continue the performance of this contract immediately upon the end of the said force majeure event. The period of continued performance shall be extended by the period of delay in transportation caused by the said event. If the force majeure makes it impossible to continue the performance of the contract, the contract shall be terminated by mutual agreement.

**VIII. Applicable Law**

The application and interpretation of this contract is in accordance with the laws and regulations of China.

**IX. Dispute Settlement**

In case of conflict between the Chinese and English translations of the contents of this contract, the Chinese contents shall prevail.

Matters not covered in this contract shall be resolved by consensus between the parties to this contract. In case of failure to settle by consensus, any dispute or controversy arising under this contract shall be submitted to the Beijing Arbitration Commission for arbitration settlement.

The following address shall be the place of service for all legal documents related to this contract:

Party A's address: Riyadh- AL Olaya District-Behind Narcissus Hotel- AL Huwaishel Center, mail: [\*];

Party B's address: Shop 13, Khilad Ibn Refee Rd, Al Aziziyah, Riyadh, Kingdom of Saudi Arabia, mail: [\*]

**X. Notices**

Notices of any requirements and permissions given to Party A or Party B in accordance with this Contract shall be in Chinese.

**XI. Other Agreements**

&nbsp;&nbsp;&nbsp;&nbsp;1. This
 Contract shall be executed in five copies, with Party A executing four copies and Party B
 executing one copy.

&nbsp;&nbsp;&nbsp;&nbsp;2. Any
 matters not covered in this contract shall be supplemented and improved by both parties through
 friendly consultation. All amendments, supplements and improvements to this contract shall
 be confirmed in writing and signed and sealed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;3. If
 Party B fails to strictly fulfill its duties and obligations under this Contract, and there
 is no obvious improvement measures after Party A's request for rectification, which has caused
 economic loss to Party A, Party A shall have the right to terminate this Contract, and the
 Contract shall be automatically terminated after Party A notifies Party B in writing.

**XII. Entry into force and validity of the contract**

This contract shall be sealed and signed by both parties and authorized representatives, and shall come into effect after Party A receives Party B's performance guarantee letter, and shall expire until the terms and conditions of this contract have been fulfilled and the amount payable has been paid in full.

**Party A:** 

Metallurgical Corporation of China Ltd. Saudi Branch.

**Party B:**

EICH EL-NASS For Logistics

Legal representative:

Or authorized agent:

## Exhibit 10.11

**Exhibit 10.11**

**Machinery Rental Contracts for Drayage and Reversing Vehicles of CEER Automotive Manufacturing Facility**

Contract No: QT-GAQ2023046-19

Lessee: Metallurgical Corporation of China Ltd. Saudi Branch.

(hereinafter referred to as Party A)

Lessor: Company EICH EL-NASS For logistics

(hereinafter referred to as Party B)

This contract follows the principles of equality, voluntariness, fairness and honesty and trustworthiness. In order to clarify the rights and obligations of both parties, this contract is signed by both parties by mutual consensus for mutual observance and implementation.

**Article I. Machinery rental contracts contents for drayage and reversing vehicles**

The specification model, quantity and leasing time of the drayage and reversing vehicles of CEER Automobile Manufacturing Facility are tentative, and will be provided according to Party A's actual demand, please refer to Annex 2 for details of the bill of quantities of and services purchased. Party B guarantees that Party B has the right to occupy the above machinery and equipment, otherwise Party B shall compensate for any loss caused to Party A.

**Article II. Location, project title and work content**

Location: Jeddah, Saudi Arabia

Project Name: CEER Automotive Manufacturing Facility

Job Description: To be responsible for the short barge transport and on-site reversing of our goods (components, materials, etc.) from the designated location of Party A to the site of the short barge transport, field reversing and other vehicle transport services.

**Article III. Term of lease**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **No.** | &nbsp;&nbsp;**Name of machinery and equipment** | &nbsp;&nbsp;**Specification/model** | &nbsp;&nbsp;**Quantity** | &nbsp;&nbsp;**Leasing time Starting time** | &nbsp;&nbsp;**End time** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Transport Vehicles | &nbsp;&nbsp;Ordinary Flat Car | &nbsp;&nbsp;15 | &nbsp;&nbsp;2024/9/1 | &nbsp;&nbsp;2025/2/27 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Transport Vehicles | &nbsp;&nbsp;Ordinary Flat Car | &nbsp;&nbsp;10 | &nbsp;&nbsp;2024/9/1 | &nbsp;&nbsp;2025/2/27 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Transport Vehicles | &nbsp;&nbsp;Low Flat Car | &nbsp;&nbsp;5 | &nbsp;&nbsp;2024/9/1 | &nbsp;&nbsp;2025/2/27 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Transport Vehicles | &nbsp;&nbsp;Low Flat Car | &nbsp;&nbsp;3 | &nbsp;&nbsp;2024/9/1 | &nbsp;&nbsp;2025/2/27 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Transport Vehicles | &nbsp;&nbsp;Pull Board Truck | &nbsp;&nbsp;1 | &nbsp;&nbsp;2024/9/1 | &nbsp;&nbsp;2025/2/27 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Transport Vehicles | &nbsp;&nbsp;Pull Board Truck | &nbsp;&nbsp;1 | &nbsp;&nbsp;2024/9/1 | &nbsp;&nbsp;2025/2/27 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Transport Vehicles | &nbsp;&nbsp;8-axis hydraulic board car | &nbsp;&nbsp;1 | &nbsp;&nbsp;2024/9/1 | &nbsp;&nbsp;2025/2/27 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Transport Vehicles | &nbsp;&nbsp;8-axis hydraulic board car | &nbsp;&nbsp;1 | &nbsp;&nbsp;2024/9/1 | &nbsp;&nbsp;2025/2/27 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Additional driver-operator (additional personnel to meet Party A's requirements for shift work (two or three shifts) and overtime) | &nbsp;&nbsp;Additional driver-operator (additional personnel to meet Party A's requirements for shift work (two or three shifts) and overtime) | &nbsp;&nbsp;15 | &nbsp;&nbsp;2024/9/1 | &nbsp;&nbsp;2025/2/27 |

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The rental time of the above transport vehicles is tentative. Starting time is when the transport vehicle is qualified for use and confirmed in writing by Party A's representative, and the ending time is subject to Party A's representative's written notification of the exit time.

**Article 4 Pricing method, rules for calculating the quantity of work, rental payment and basis of settlement**

Pricing method: The transport vehicles within the scope of this tender are leased on a monthly and sporadic basis, and the pricing method is based on a fixed comprehensive unit price.

1.1 The comprehensive unit price of transport vehicle leasing includes the leasing fee, labour fee, insurance fee, work visa fee, residence permit and medical insurance fee, vehicle annual inspection fee, management fee, profit, a certain range of risk fee, fees and taxes and other costs related to the whole process of leasing and using, but does not include the fuel power fee. The fuel cost during the use of transport vehicles shall be borne by Party A. Party B shall cooperate with Party A to complete the refuelling work.

1.2 In case of force majeure and other special circumstances leading to the period of stagnation of transport vehicles/holiday (subject to Party A's notification) or when Party A notifies Party B of the withdrawal of the transport vehicles (counting from the date of notification of withdrawal), the rental cost of the transport vehicles will not be counted.

1.3 Party B has fully considered the actual situation of the construction site (including the project location, topography, climate, surrounding traffic environment, construction period, etc.) and all the influencing factors, and will not ask for adjustment of the comprehensive unit price for any reason during the performance.

1.4 In case of any adjustment of the national tax rate policy of the project location, the rental price shall be adjusted accordingly according to the compliant VAT invoice rate actually provided by Party B based on the tax-exclusive price of this contract.

&nbsp;&nbsp;&nbsp;&nbsp;2. Rules for calculating the amount of work:

2.1 When the transport vehicle is used on a monthly basis, the rental fee shall be calculated on a monthly basis; the daily rental fee for less than a full month shall be calculated by dividing the monthly rental fee by 30.5 days and multiplying it by the actual number of days of use. Party A only counts the corresponding labour cost separately for the driver-operator who works overtime and the additional driver-operator; When sporadic transport vehicles are used, the rental fee will be calculated on the basis of shifts, and the daily working time will be calculated on the basis of one shift for 9 hours (excluding commuting time on the way to and from work), and the working time of the same day exceeding 9 hours will be calculated on the basis of overtime, and the overtime time will be calculated on the basis of 0.5 shift if it is less than 4.5 hours, and 1 shift if it is more than 4.5 hours but less than 9 hours, and the unit price of each shift (regardless of daytime, nighttime and holidays) will be calculated on the basis of The unit price of each shift (regardless of day, night and holiday) is calculated according to the unit price of odd shifts in the contract list after signing.

2.2 The rental cost of the monthly transport vehicle for night work or overtime work, or shift work (two or three shifts) during the peak period of construction has been included in the monthly price of the contract list, and will not be counted separately. Party A only counts the corresponding labour cost separately for the driver-operator who works overtime and the additional driver-operator; when the transport vehicle is used on a monthly basis, the driver-operator's daily working time will be counted as one working day according to 9 hours (excluding the commuting time on the way to and from work). Hours worked in excess of nine (9) hours in the same day shall be counted as overtime, and overtime hours less than 4.5 hours shall be counted as 0.5 man-days, and hours in excess of 4.5 hours but less than 9 hours shall be counted as one (1) work day. The unit price of each working day (regardless of daytime, nighttime and holidays) is calculated by dividing the monthly wages of the additional driver-operator in the bill of quantities for procurement of works and services by 30.5 days.

2.3 The entry and exit of transport vehicles/daily overtime operating hours/operating hours of additional driver-operators during peak construction period shall be confirmed by the signatures of both parties of a daily basis; the rental cost of transport vehicles and overtime pay of driver-operators shall be subject to the confirmation sheet signed by both parties, otherwise they shall be invalid. Without Party A's permission and consent, the monthly chartered transport vehicle can only be withdrawn from the site after Party A's notification; if Party A notifies to withdraw from the site and Party B fails to withdraw from the site in time, the leasing fee will no longer be counted during the period, and Party B will bear the responsibility and risk caused by this.

&nbsp;&nbsp;&nbsp;&nbsp;3. Rent payment: Rent is calculated on a monthly basis, Party B shall declare the monthly settlement to Party A on the 20th of each month.
After receiving the full amount of valid VAT invoice issued by Party B, Party A will pay 90% of the monthly rent approved by Party A to
Party B in the following month. After the transportation vehicles leave the site, both parties will proceed with the settlement. After
the settlement procedure, Party B will provide the full amount of invoice, and Party A will pay up to 100% of the settlement amount within
one year after receiving Party B's legally valid invoice. The payment currency of progress payment and settlement amount is Saudi Riyal
(SAR), and the payment method is internet banking or wire transfer;

&nbsp;&nbsp;&nbsp;&nbsp;4. Agreement on settlement: The basis of settlement includes but not limited to the contract signed by both parties, the bill of quantities
of the contract (see Annex 1 for details), supplemental agreement, confirmation sheet audited by Party A, penalty deduction sheet and
settlement information etc.

&nbsp;&nbsp;&nbsp;&nbsp;5. Settlement Procedures: Within 60 days after Party B completes all on-site short barge and reverse vehicle transport services, Party
B will submit the settlement letter and its relevant settlement information to Party A for final settlement. Party A's project department
will review initially, and Party A's company will re-examine. Only the final settlement amount listed on the 'Project Completion Settlement
Validation Sheet', which is reviewed by Party A and signed by the company's engineering audit supervisor, is legally valid, and Party
A will not recognize any other form of settlement. In the case of final settlement without any objection from both parties, Party A will
complete the settlement procedures within 3 months after receiving Party B's complete settlement information that meets the requirements.

&nbsp;&nbsp;&nbsp;&nbsp;6. The recipient of the payment assigned by Party B under this contract shall be Xu Bin the identity card number 510 228 1981 1211 3338
(the original of the identity card shall be checked by Party A's project department and finance department, and the copy shall be kept
in Party A's finance department for record.

&nbsp;&nbsp;&nbsp;&nbsp;7. The contract price (including 15 per cent value-added tax) for this contract is tentatively fixed at SAR 3161062.5 (say: 3161062.5
rial);

The contract price, exclusive of value-added tax (VAT), was provisionally set at SAR 2748750 (Saudi Arabian Riyals) and the amount of VAT was provisionally set at SAR 412312.5 (Saudi Arabian Riyals).

(1) the rental price does not include fuel power charges, and fuel power shall be borne by Party A. Each equipment is allocated with 1 random operator, and random operator cost is included in the rental price.

(2) The mobilization and demobilization of machinery is the responsibility of Party B, and relevant fee includes transportation, on-site assembly, crane fees incurring in demolition, labor fees, management fees, profits, taxes and other full costs. Party B shall be responsible for repair and maintenance during construction and use, etc. after the machinery has been commissioned, qualified and handed over to Party A for normal use. Related expenses have been included in the comprehensive unit price of the Contract list;

(3) The maintenance cost of the machinery during the construction period shall be borne by Party B. The repair time shall be calculated on a daily basis(not less than one day) and the usage fee shall be deducted. If repair affects the normal construction arrangements of Party A, the corresponding machinery shall be deployed/replaced in accordance with Party A's instructions to meet Party A's requirements.

(4) In case of national tax rate policy adjustment, the rental price shall be adjusted according to the compliant VAT invoice tax rate actually provided by Party B, based on the non-tax value of this Contract.

(5) VAT Invoice Issuance

(5.1) Party B shall provide a VAT invoice with a VAT rate of 15 %. Except for VAT, regulated fees and taxes that are regulated by policy shall be borne by Party B itself. Other taxes and regulated fees payable according to provisions under this Contract: random operator's work injury insurance, accident insurance, machinery and equipment insurance.

(5.2) 20 working days before Party A pays Party B for the project, Party B shall provide a legal and compliant invoice that meets the deduction requirement and not less than the corresponding payment amount, and after the completion and the settlement, Party B shall provide a full legal compliance invoice. Otherwise, Party A may refuse to pay for subsequent works, which may not be deemed as a breach of contract. The name and tax number of the purchaser on the invoice must be consistent with the name and tax number of Party A of the Contract, and the name and tax number of the seller must be consistent with the name and tax number of Party B of the Contract.

(5.3) Party B shall provide the above invoices in accordance with the national and local tax laws and regulations and the invoice administration regulations of Party A. Otherwise, Party A shall have the right to refuse payment of the project funds.

(5.4) When Party B issues an invalid invoice, such as a false or invalid invoice, or an out-of-control invoice, or issues or provides an invoice in violation of the laws and regulations of the State, Party B shall bear the corresponding legal liability at its own discretion and shall pay Party A a liquidated damages of 5% of the total Contract price, where Party B provides a performance bond, Party A shall have the right to deduct all performance bonds of Party B. And if the above liquidated damages or performance bonds are not sufficient to compensate Party A for the loss, Party B shall compensate. If the invoice re-issued by Party B is still not in conformity with the Contract, Party B shall be liable in accordance with the foregoing agreement, and Party A has the right to refuse to receive it. If Party B is unable to issue an invoice, Party B shall refund Party A's payment and compensate Party A for all losses, and Party A shall have the right to terminate the Contract.

(5.5) Party A shall have the right to refuse to receive VAT invoices provided by Party B that are not certified and deducted by the tax department in a timely manner due to delay in delivery or error in issuing such invoices. Party B shall compensate Party A for the loss of the amount of VAT deduction.

(5.6) Where Party B actually issues a VAT invoice at a rate lower than that agreed in the Contract, Party B shall pay to Party A the amount of tax which cannot be deducted, as well as a liquidated damage equaling to 5% of the total Contract price. If the liquidated damages are not sufficient to compensate Party A's loss, Party B shall compensate and Party A shall have the right to terminate the Contract.

(5.7) The loss of Party A shall be borne by Party B as a result of changes in the applicable VAT rates brought about by changes in Party B's own taxpayer status and tax methods.

(5.8) For assisting in the execution, compulsory withholding, government order or other reasons, if Party A has paid project amount and Party B has not provided the contract-agreed VAT invoice, Party A has the right to withhold a certain amount of the project amount from Party B. The withholding amount shall be calculated based on the aforesaid project amount and the VAT rate at the time of payment. Party A shall pay Party B shall provide an equivalent VAT invoice as agreed in the contract, and Party A effectively deducts and then pays the withholding money; If Party B fails to provide an equivalent VAT invoice as agreed in the Contract within 15 days of Party A's payment of the aforementioned project amount, Party B shall pay to Party A the liquidated damages for failing to provide the VAT invoice on time, and the amount of liquidated damages is equal to the aforementioned withholding amount, and Party B shall not be exempted from the obligation to invoice VAT as agreed in the Contract for payment of liquidated damages. Party A has the right to suspend payment of the project before Party B provides the VAT invoice as agreed in the Contract.

**Article 5 Place of delivery and acceptance of machinery and equipment**

&nbsp;&nbsp;&nbsp;&nbsp;1. Delivery of machinery and equipment: CEER Automotive Manufacturing Plant in Jeddah, Saudi Arabia

&nbsp;&nbsp;&nbsp;&nbsp;2. Delivery time: according to time of written confirmation of Party A's representative after the qualified commissioning of machinery
equipment with conditions of use.

&nbsp;&nbsp;&nbsp;&nbsp;3. Party A's representative: Name Chen Jian, Position: Project Manager.

**Article 6 Mobilization, Use, Repair and Maintenance of Drayage and Reversing Vehicles**

&nbsp;&nbsp;&nbsp;&nbsp;1. Mobilization and demobilization of vehicles: Party B shall be responsible for transporting the equipment to the site where Party A
uses the equipment, and Party A shall be responsible for the inspection and examination of transport vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;2. If the vehicles work in the night construction or overtime, mechanical shift (two-shift or three-shift) during the construction peak,
Party B shall, according to the requirements of Party A, arrange additional random operators to meet the construction requirements of
the site. Party A shall be responsible for the meals, accommodation (including meals, accommodation, beds, beddings, quilts), normal commuting
between accommodation camp and the construction site, daily water and electricity fees of on-site managing personnel (including person
providing technical services, security personnel) of Party B during the vehicle rental period. Party B shall be responsible for the household
items(including but not limited to household items, laundry products, bedding exclusive of what Party A has provided, charging plug, plug
row, personal sun protection and maintenance supplies, etc.) for random operators. Party B shall be responsible for the safe and civilized
construction, such as cleaning in the dormitory area of the camp and the production and living area.

&nbsp;&nbsp;&nbsp;&nbsp;3. The fuel required for the vehicles during the lease period shall be provided by Party A at its expense.

&nbsp;&nbsp;&nbsp;&nbsp;4. During the use of the vehicles, Party A may, in accordance with the specific circumstances of the construction process, put forward
a request for suspension of use (such as statutory holidays, winter shutdown, shutdown during rainy season or typhoon, etc., in the form
of written notice or contact letter), and the rental fees during the suspension process shall be further negotiated by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;5. During the lease period, Party B shall be responsible for the daily repair and maintenance of the equipment to keep the equipment
in good condition, and the costs incurred shall be borne by Party B.

**Article 7 Rights and Obligations of the Parties**

&nbsp;&nbsp;&nbsp;&nbsp;1. Party A's Rights and Obligations

(1) Party A shall provide Party B with assistance and facilities for the mobilization and demobilization of vehicles and equipment and other maintenance operations.

(2) Party A shall conduct safety and technical education to Party B's operators prior to construction.

(3) Party A shall be responsible for paying the lease fee as agreed in the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;2. Party B's Rights and Obligations

(1) Party B shall provide the vehicles to Party A in accordance with the Contract, and provide the production manufacturers' name, production licenses, product certificates, safety inspection (annual inspection) reports, insurance, and technical condition sheets and other information documents in accordance with the provisions of the law and regulations. The machinery and equipment provided by Party B to Party A shall meet the national engineering quality evaluation standards of the engineering location and comply with the current relevant specifications and requirements of Party A and the Employer, and shall meet the third-party certification entity's TUV certification; The age of machinery and equipment shall be equal to or less than 5 years; The random operator provided by Party B shall be free of criminal records, be of physical health, be in possession of appropriate identification documents, health examination certificates, driving licenses, third-party certificates (such as special equipment operating certificates, professional qualification certificates), personnel insurance certificates and other supporting documents.

(2) Party B shall provide Party A with the environment requirements, safety requirements, operational and maintenance precautions and other necessary technical information or technical instructions for the rental of vehicles.

(3) Party B's crew shall strengthen the overhaul, maintenance and repair of the transport vehicles so that the transport vehicles are in good operating condition. Party B shall carry out normal repair and maintenance of the transport vehicles during the gap time of Party A's non-vehicle transport use time. If the transport vehicle is unable to operate normally due to failure, Party B shall arrive at the site for repair within 8 hours from the time of notification, and complete the repair and reach the normal use status within the date specified by Party A.

The time for repair and downtime maintenance of the transport vehicle shall be calculated according to the suspended use, and the rental fee shall start to be calculated when the equipment is removed from the faults and is in normal use. During the maintenance period of the transport vehicle, Party B shall replace the vehicle in a timely manner if Party A needs to do so. During the replacement of transport vehicles, Party A will not calculate the expenses for the use of transport vehicles. If the transport vehicles cannot return to normal use due to Party B's reasons, which affects Party A's construction progress, Party A will make deductions from Party B's payment according to the seriousness of the situation. If Party B's transport vehicle cannot meet Party A's requirements/frequently breaks down, Party A has the right to request Party B to withdraw the unqualified transport vehicle from the site and replace it with a qualified vehicle in time, and Party B shall bear the relevant losses and additional costs incurred as a result. The cumulative maintenance time of each transport vehicle for the month shall not exceed 1 day, and the number of repairs for each transport vehicle for the month shall not be more than 2 times. If Party B's equipment does not meet the performance requirements shown in the performance table, Party A may request Party B to replace the qualified equipment in time, and Party B shall bear the relevant losses and additional costs incurred, and Party A may also choose to terminate the contract under such circumstances.

(4) Party B shall send on-site personnel with certificate (including but not limited to on-site drivers, maintenance personnel and management personnel) who shall abide by the rules and regulations of Party A's construction site, and obey the command of Party A's on-site management personnel.

(5) Party B shall perform normal maintenance of the machinery and equipment within the clearance time of Party A's non operation period.

(6) Party B shall bear the relevant losses and liabilities for any quality problems or vehicle safety accidents caused by any Party except for Party A. Party B shall bear relevant losses and liabilities for equipment quality problems or equipment safety accidents caused by Party B's operators. Party B shall, within 24 hours after receiving notice from Party A, replace the substandard mechanical equipment within the scope of the project and the random operator who does not meet the requirements of Party A and the Employer. If Party A requests overtime work, the random operator is unwilling or does not agree to overtime work, Party B shall arrange additional operator to the site within 24 hours after receiving notification from Party A. Party B shall be responsible for all losses caused to Party A by Party B's substandard mechanical equipment or random operators who do not meet Party A's requirements.

(7) Party B shall not use or damage Party A's materials, tools, equipment and construction site facilities. Otherwise, Party B shall bear full responsibility and loss if a safety accident or other loss occurs.

(8) Each transport vehicle shall be equipped with at least one random operator, and arrange additional random operator in case of overtime in peak period (including night overtime)to meet mechanical use requirements. Random operators must be licensed and have years of operational experience. If Party A discovers that Party B's random operator is not qualified, Party A shall have the right to request Party B to change the relevant personnel unconditionally within 24 hours.

(9) The mobilization and demobilization of each transport vehicle, overtime hours/additional random operator's construction time during peak period need to be signed daily by both parties for confirmation. The cost of leasing machinery and equipment for shift rental and the cost of overtime for random operators shall be subject to the confirmation form signed by both parties, otherwise invalid.

Without Party A's permission, the monthly chartered transport vehicle shall only be demobilized only after Party A's demobilization notice. Fee shall not be charged when Party A notice Party B to demobilize machinery and equipment yet Party B fails to do so. The random operator is advised to be with Chinese nationality, if not and the operator's religious belief is involved in the practice of praying and other ceremonies, then Party B shall promise that the construction of Party A will not be affected in any circumstances. All non-Saudi personnel working on this project, including but not limited to the project management team and random operators, are required to apply for a work visa.

(10) Party B shall, according to request of Party A, the Employer, the Project Manager, the Contractor and third parties, provide mechanical and equipment information (including but not limited to the equipment model, type number, registration expiration date, manufacturer name, name of third-party equipment certification authority and certificate number, certificate's expiration date) and operator's information (identification information, driving licenses, third-party certificates), and ensure that the corresponding certificate is complete.

(11) Party B shall cooperate with Party A in the civilized construction and the inspection of production safety, and participate in the creation of civilized sites. During the inspection and creation of the activity, the problem incurred by the equipment itself shall be rectified and the relevant fee shall be borne by Party B, and the other shall be rectified by Party A.

(12) Party B shall have the transport vehicle with corresponding specifications equaling to that of the Contract or have a wide range of information resources of available transport vehicles with corresponding specifications to ensure that after receiving notification of the machinery use from Party A, transport vehicle can be in place in time to meet the requirements of Party A's transportation use.

(13) Party B shall cooperate with Party A in the record-keeping work if the site of the project has a record-keeping requirement.

(14) In case of safety accidents, Party B shall bear the responsibility caused by the quality of the transport vehicle itself.

(15) If the drivers are staying at Party A's temporary camp, he shall abide by the relevant laws and regulations, the regulations of the construction site and the camp. If he affects Party A's production operations or is reported and punished due to illegal conduct, violating the relevant administrative regulations, Party B shall be responsible for all costs and losses incurred.

(16) In circumstances beyond the control of Party A, such as war, natural disaster, civil insurrection, or government/other official restrictions, or project hold or loss of equipment, either Party may state the reasons, notify the other Party in writing, and terminate the Contract immediately or at any time after the agree by both Parties.

(17) Party B shall keep the leased equipment in proper situation. Party B shall bear its own losses if the equipment is damaged or missing due to improper use by Party B. Communication tools (such as interphone) and equipment accessories (such as hooks) shall be provided by Party B.

(18) When workers, managers, temporary workers, subcontractors and suppliers employed by Party B sue Party A for whatever reason, Party B shall bear Party A's expenses, including but not limited to litigation fees, legal fees, appraisal fees and execution fees. If Party A has any balance outstanding under this contract or other project Contract, Party A may first deducts the outstanding balance and Party B shall compensate Party A when the outstanding balance is not sufficient.

**Article 8 Security Duties:**

&nbsp;&nbsp;&nbsp;&nbsp;1. The construction shall be carried out in strict accordance with the safe operation code. Party B and Party A shall have the right
to prevent each other from operating in violation of the rules and regulations and command. Party A shall be responsible for the safety
management of the site.

&nbsp;&nbsp;&nbsp;&nbsp;2. Party A shall be liable for any accident caused by Party A's failure to declare the ground and underground facilities on the construction
site. Party B shall be liable for any accident incurred when Party A has declared clearly the ground and underground facilities on the
construction site.

&nbsp;&nbsp;&nbsp;&nbsp;3. Before hoisting, Party A shall inform Party B the real situation. The responsibility and loss of Party A shall be the responsibility
of Party A for the accident caused by Party A's mismanagement or failure to implement the security measures.

**Article 9 Liability for Breach of Contract**

&nbsp;&nbsp;&nbsp;&nbsp;1. Party B must enter the market within 7 days after receiving the notice from Party A; otherwise, Party B shall pay Party A a compensation
of SAR 2000 for each day of delay. If the delay exceeds 10 days, Party B shall be deemed to have fundamentally breached the contract,
and Party A shall have the right to terminate the contract and claim compensation from Party B.

&nbsp;&nbsp;&nbsp;&nbsp;2. Party B shall complete the demobilization within 7 days from the date of receiving Party A's demobilization notice. Otherwise, Party
B shall pay Party A a liquidated damages of SAR 2,000 for each day of delay.

&nbsp;&nbsp;&nbsp;&nbsp;3. Party B shall indemnify Party A for the failure of the transport vehicles which shall be deducted from the lease fee for the corresponding
number of days resulting in Party A's stoppage and other losses. Party A has the right to terminate the Contract or request Party B to
replace transport vehicles of the same type and performance.

**Article 10 Dispute Resolution**

&nbsp;&nbsp;&nbsp;&nbsp;1. The application and interpretation of this contract is in accordance with the laws and regulations of China.

&nbsp;&nbsp;&nbsp;&nbsp;2. Matters not covered in this contract shall be resolved by consensus between the parties to this contract. In case of failure to settle
by consensus, any dispute or controversy arising under this contract shall be submitted to the Beijing Arbitration Commission for arbitration
settlement.

&nbsp;&nbsp;&nbsp;&nbsp;3. In case of conflict between the Chinese and English translations of the contents of this contract, the Chinese contents shall prevail.

**Article 11 Other contractual matters**

&nbsp;&nbsp;&nbsp;&nbsp;1. This contract shall enter into force after both parties have signed or sealed it, and any unresolved issues shall be resolved through
friendly negotiation between the two parties and supplementary agreements may be signed separately.

**Article 12. Entry into Force and Number of Copies**

&nbsp;&nbsp;&nbsp;&nbsp;1. All attachments to this Contract are an integral part of this Contract and have the same legal effect as this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;2. This contract is in 5 duplicates, with Party A holding 3 copy(s) and Party B holding 2 copy(s). The Contract shall come into force
upon being signed and sealed by both Parties. This Contract shall become invalid after all project payment is paid.

&nbsp;&nbsp;&nbsp;&nbsp;3. If the contract is not completed, the Parties shall negotiate and resolve the matter.

Party A: Metallurgical Corporation of China Ltd Saudi Branch.

Party B: Company EICH EL-NASS For logistics

Party A's legal representative or entrusted legal person:

Party B's legal representative or entrusted legal person:

Location: Riyadh-AL Olaya District-Behind Narcissus

Hotel-AL Huwaishel Center.

**Annex 1 Contract BOQ**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Item Name** | **Name of bills** | **Item Characteristics** | **Quantity (provisional)** | **Unit** | **Quantity of work (provisional)** | **VAT not included comprehensive unit price (SAR)** | **VAT rate (%)** | **Combined price (SAR) VAT included** | **VAT not included** | **Calculation rules for work quantity** |
| 1 | On-Site drayage and reshipment Vehicle Machinery Rental (Ordinary flatbed truck) | Ordinary flatbed trucks | &nbsp;&nbsp; 1.The mobilization and demobilization fee includes leasing fee, fuel and power fee, road and bridge tolls, random operator fee, etc.;<br>2.The vehicle shift usage fee (monthly charter and sporadic shift) includes leasing fee, 1 driver fee, insurance fee, annual inspection fee, etc., excluding fuel and power fee;<br>3.The applicable cargo dimensions for the vehicle type: 12-14 meters/2.5 meters/2.7 (L/W/H) or below. For details, please refer to the quotation description and contract documents;<br>4.Short-haul transport and on-site reversing of components, materials and other supplies from the designated location of Party A to the site (excluding unloading). | 15 | Trucks | 300 | 900 | 15% | 310500.00 | 270000.00 | See bidding instructions for details |
| 2 | On-Site drayage and reshipment Vehicle Machinery Rental (Ordinary flatbed truck) | Use of ordinary flatbed trucks on a monthly basis | &nbsp;&nbsp; 1.The mobilization and demobilization fee includes leasing fee, fuel and power fee, road and bridge tolls, random operator fee, etc.;<br>2.The vehicle shift usage fee (monthly charter and sporadic shift) includes leasing fee, 1 driver fee, insurance fee, annual inspection fee, etc., excluding fuel and power fee;<br>3.The applicable cargo dimensions for the vehicle type: 12-14 meters/2.5 meters/2.7 (L/W/H) or below. For details, please refer to the quotation description and contract documents;<br>4.Short-haul transport and on-site reversing of components, materials and other supplies from the designated location of Party A to the site (excluding unloading). | 10 | trucks/month | 60 | 21000 | 15% | 1449000.00 | 1260000.00 | See bidding instructions for details |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Item Name** | **Name of bills** | **Item Characteristics** | **Quantity (provisional)** | **Unit** | **Quantity of work (provisional)** | **VAT not included comprehensive unit price (SAR)** | **VAT rate (%)** | **Combined price (SAR) VAT included** | **VAT not included** | **Calculation rules for work quantity** |
| 3 | On-Site drayage and reshipment Vehicle Machinery Rental(Lowbed truck) | 低平板车零星台班 lowbed trucks on a monthly basis | &nbsp;&nbsp; 1.The mobilization and demobilization fee includes leasing fee, fuel and power fee, road and bridge tolls, random operator fee, etc.;<br>2.The vehicle shift usage fee (monthly charter and sporadic shift) includes leasing fee, 1 driver fee, insurance fee, annual inspection fee, etc., excluding fuel and power fee;<br>3.The applicable cargo dimensions for the vehicle type: 12-14(12) meters/2.5(5) meters/2.7(3) (L/W/H) or below. For details, please refer to the quotation description and contract documents;<br>4.Short-haul transport and on-site reversing of components, materials and other supplies from the designated location of Party A to the site (excluding unloading). | 5 | Trucks | 100 | 1800 | 15% | 207000.00 | 180000.00 |  |
| 4 | On-Site drayage and reshipment Vehicle Machinery Rental(Lowbed truck) | 低平板车包月使用 Use of lowbed trucks on a monthly basis | &nbsp;&nbsp; 1.The mobilization and demobilization fee includes leasing fee, fuel and power fee, road and bridge tolls, random operator fee, etc.;<br>2.The vehicle shift usage fee (monthly charter and sporadic shift) includes leasing fee, 1 driver fee, insurance fee, annual inspection fee, etc., excluding fuel and power fee;<br>3.The applicable cargo dimensions for the vehicle type: 12-14(12) meters/2.5(5) meters/2.7(3) (L/W/H) or below. For details, please refer to the quotation description and contract documents;<br>4.Short-haul transport and on-site reversing of components, materials and other supplies from the designated location of Party A to the site (excluding unloading). | 3 | trucks/month | 18 | 35000 | 15% | 724500.00 | 630000.00 |  |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Item Name** | **Name of bills** | **Item Characteristics** | **Quantity (provisional)** | **Unit** | **Quantity of work (provisional)** | **VAT not included comprehensive unit price (SAR)** | **VAT rate (%)** | **Combined price (SAR) VAT included** | **VAT not included** | **Calculation rules for work quantity** |
| 5 | On-Site drayage and reshipment Vehicle Machinery Rental(pull-out flatbed truck) | pull-out flatbed trucks | &nbsp;&nbsp; 1.The mobilization and demobilization fee includes leasing fee, fuel and power fee, road and bridge tolls, random operator fee, etc.;<br>2.The vehicle shift usage fee (monthly charter and sporadic shift) includes leasing fee, 1 driver fee, insurance fee, annual inspection fee, etc., excluding fuel and power fee;<br>3.The applicable cargo dimensions for the vehicle type: 12-24 meters/3.85 meters/2.7 (L/W/H) or below. For details, please refer to the quotation description and contract documents;<br>4.Short-haul transport and on-site reversing of components, materials and other supplies from the designated location of Party A to the site (excluding unloading). | 1 | Trucks | 1 | 1250 | 15% | 1437.50 | 1250.00 |  |
| 6 | On-Site drayage and reshipment Vehicle Machinery Rental(pull-out flatbed truck) | Use of pull-out flatbed trucks on a monthly basis | &nbsp;&nbsp; 1.The mobilization and demobilization fee includes leasing fee, fuel and power fee, road and bridge tolls, random operator fee, etc.;<br>2.The vehicle shift usage fee (monthly charter and sporadic shift) includes leasing fee, 1 driver fee, insurance fee, annual inspection fee, etc., excluding fuel and power fee;<br>3.The applicable cargo dimensions for the vehicle type: 12-24 meters/3.85 meters/2.7 (L/W/H) or below. For details, please refer to the quotation description and contract documents;<br>4.Short-haul transport and on-site reversing of components, materials and other supplies from the designated location of Party A to the site (excluding unloading). | 1 | trucks/month | 1 | 37000 | 15% | 42550.00 | 37000.00 |  |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Item Name** | **Name of bills** | **Item Characteristics** | **Quantity (provisional)** | **Unit** | **Quantity of work (provisional)** | **VAT not included comprehensive unit price (SAR)** | **VAT rate (%)** | **Combined price (SAR) VAT included** | **VAT not included** | **Calculation rules for work quantity** |
| 7 | On-Site drayage and reshipment Vehicle Machinery Rental(8-axle hydraulic plate truck) | Use of 8-axle hydraulic plate truck | &nbsp;&nbsp; 1.The mobilization and demobilization fee includes leasing fee, fuel and power fee, road and bridge tolls, random operator fee, etc.;<br>2.The vehicle shift usage fee (monthly charter and sporadic shift) includes leasing fee, 1 driver fee, insurance fee, annual inspection fee, etc., excluding fuel and power fee;<br>3.The applicable cargo dimensions for the vehicle type: 12-24meters/5 meters/3 (L/W/H) or below. For details, please refer to the quotation description and contract documents;<br>4.Short-haul transport and on-site reversing of components, materials and other supplies from the designated location of Party A to the site (excluding unloading). | 1 | Trucks | 1 | 3000 | 15% | 3450.00 | 3000.00 |  |
| 8 | On-Site drayage and reshipment Vehicle Machinery Rental(8-axle hydraulic plate truck) | Use of 8-axle hydraulic plate trucks on a monthly basis | &nbsp;&nbsp; 1.The mobilization and demobilization fee includes leasing fee, fuel and power fee, road and bridge tolls, random operator fee, etc.;<br>2.The vehicle shift usage fee (monthly charter and sporadic shift) includes leasing fee, 1 driver fee, insurance fee, annual inspection fee, etc., excluding fuel and power fee;<br>3.The applicable cargo dimensions for the vehicle type: 12-24meters/5 meters/3 (L/W/H) or below. For details, please refer to the quotation description and contract documents;<br>4.Short-haul transport and on-site reversing of components, materials and other supplies from the designated location of Party A to the site (excluding unloading). | 1 | trucks/month | 1 | 75000 | 15% | 86250.00 | 75000.00 |  |
| 9 | Additional drivers | Monthly wages |  | 15 | person s/month | 45 | 6500 | 15% | 336375.00 | 292500.00 |  |
| 10 | Subtotal |  |  |  |  |  |  |  | 3161062.50 | 2748750.00 |  |

---

See the description of the contract terms for details:

Party B needs to review all the contract documents in detail, including modification documents and relevant annexes; and need to be fully aware of the need to waive the right to raise ambiguities or misunderstandings.

Party B need to ensure to complete the work content according to the work schedule, quality and safety requirements stipulated in the contract documents.

The above specifications of transport vehicle leasing, quantity, lease time are tentative, and not as the basis for the final settlement; transport vehicles and mechanical equipment will be provided according to Party A's actual needs, and the amount of works will be settled based on Party A's review and confirmation.

Requirements for Party B's transport vehicles within the scope of the contract are as follows: product certification, safety inspection (annual inspection) report and within the validity period, insurance purchased, and complete information; Those vehicles need to meet the national engineering quality inspection and evaluation standards in Saudia Arabia, conform to the current relevant norms and requirements of Party A and the client, and pass the TUV certification; the annual requirement of the transport vehicle and equipment should be ≤ 5 years; Party B's driver-operators need to have no criminal record, be in good health, and hold the appropriate identification documents, health inspection certificates, driver's licences, third-party certificates and other supporting documents, and personnel insurance certificates (if required).

The transport vehicle leasing unit shall provide the vehicle information (including but not limited to the transport vehicle model, type number, registration validity period, manufacturer, name of third party equipment certification institution and certificate number, expiry date) and driver operator information (identification information, driving licence, third party certificates) according to the requirements of the Party A, the client, the project management party, the maincontractor, and third parties and ensure that the corresponding certificates are complete.

The rental fee of machinery rented by month incurring in the night construction or overtime, shift in construction peak (two-shift or three-shift) has been included in Contract's monthly price. Party A should be only responsible for labor fee for randomly arranged operators and additional random operators who works overtime. Nine working hours of random operator should be calculated as one working day(excluding commuting hours on commuting roads). The working time exceeding nine hours should be calculated as overtime. The overtime shall be regarded as half a working day when less than 4.5 hours and regarded as a working day when more than 4.5 hours but less than 9 hours. The unit price per man-day (regardless of days, nights and holidays) shall be calculated by dividing the monthly wages of the additional driver-operator package in the bill of quantities for the procurement of works and services by 30.5 days. In principle, there is one person for each machine, and the corresponding price of additional random personnel for shift work is determined in this list of separate quotations. In the event of overtime work or shift work during peak periods (including night-time construction), additional random operators shall be added to meet the requirements for the use of machinery. Random operators shall be licensed and have many years of operating experience. If Party A finds that the random operators chosen by Party B are unqualified, Party A has the right to request Party B to unconditionally replace the relevant personnel within 24 hours.

When the sporadic transport vehicle is used, the rental fee is calculated on the basis of shifts, and the daily working time on the basis of shifts is calculated on the basis of one shift for 9 hours (excluding the commuting time on the way to and from work), and the working time of the same day is calculated on the basis of overtime, and the overtime time is calculated on the basis of 0.5 shift for less than 4.5 hours, and the overtime time is calculated on the basis of one shift for more than 4.5 hours but less than 9 hours, and the unit price of each shift (regardless of the daytime, nighttime and holidays) is calculated on the basis of the unit price of sporadic shifts in the contract list after signing. The unit price of each shift (regardless of day, night and holiday) is calculated according to the unit price of odd shifts in the contract list after signing.

The times of mobilization and demobilization, monthly usage time, daily use time of each machinery equipment must be signed by both parties, otherwise it shall be invalid. Without the consent of Party A, the mobilized monthly rented machinery and equipment shall not be demobilized except for situation with Party A's demobilization notice. The rental fee of the machinery equipment shall not be calculated when Party B fails to execute the demobilization timely after receiving the demobilization notice from Party A.

The comprehensive unit price includes the mobilization and demobilization fee(including fuel and power fees, road and bridge charges of the equipment) of machinery equipment within the scope of the Contract, commissioning fee, the rental fee, repair and maintenance fee, technical service charge, insurance fee, annual inspection fee, management fee, profit, risk charges within a certain range, regulated fees and taxes, and all relevant fees. The fuel fee incurring in the use of machinery and equipment shall be borne by the Party A, and Party B shall cooperate with Party A to complete the refueling work.

Random operator's food and accommodation (including meals, housing, beds, bedding, quilts), normal commuting between the camp and the construction site, and water and electricity expenses for living are the responsibility of Party A. Random operator's living materials (including, but not limited to, daily necessities, laundry supplies, bedding exclusive of those supplied by Party A), charging plugs and sockets, and personal sunscreen protection and maintenance supplies) and the safe and civilized construction including cleaning camp's dormitory area are the responsibility of Party B.

In the event of force majeure and other special circumstances resulting in the mechanical equipment stagnation/holiday (Party A's notice prevails)/period during Party A notifies Party B of the mechanical equipment demobilization (calculating from the date of the demobilization notification), the mechanical equipment rental fee shall be exempted.

Party B has fully considered the actual situation of the construction site (including the construction site, terrain, climate, surrounding traffic environment, construction time, etc.) and all other influencing factors, and will not, for any reason, require adjustment of the consolidated unit price during the performance process.

In the event of the adjustment of the tax rate policy of the country where the project is located, the lease price shall be adjusted according to the tax rate of the compliant VAT invoice actually provided by Party B, based on the non-tax value of this Contract.

Other unresolved issues are detailed in the Contract.

## Exhibit 10.12

**Exhibit 10.12**

**CEER Automobile Manufacturing Plant Project**

**Lease Contract on Truck Crane and Other Machinery**

**(second Bidding Section)**

Contract No.: QT-GAQ2023046-15

Leasee: Metallurgical Corporation of China Ltd. Saudi Branch.

(hereinafter referred to as Party A)

Lessor: Company EICH EL-NASS For logistics

(hereinafter referred to as Party B)

This contract is based on the principles of equality, voluntariness, fairness and integrity, in order to clarify the rights and obligations of both parties, the two sides, by consensus, signed this contract, with a view to mutual faithful execution.

**Article 1 Content of Leasing Machinery and Equipment.**

The specification, number and lease period of the truck crane, truck with crane and forklift are tentative, and final result shall be in line with the actual needs of Party B. Please see Annex 1 Bill of Quantities of the Contract for details. Party B guarantees that it is in possession of the above machinery and equipment, otherwise Party B shall compensate Party A for the losses caused.

**Article 2 Place of Use, Project Name and Work Content**

Location: Jeddah, Saudi Arabia

Project Name: CEER Automotive Manufacturing Plant Project

Work content: according to Party A's instructions and requirements to cooperate with this project to finish the assembly, installation, hang and transportation of members(construction material including assembly moulding bed, supporting moulding bed) and accessories. The concrete content includes but is not limited to lease, mobilization and demobilization, commissioning, qualified inspection, hand-over to Party A for normal use, repair and maintenance, etc.

**Article 3 Leasing Period**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **No.** | **Name of the machinery equipment** | **Unit** | **Quantity (tentative)** | **Leasing Period(to be decided)** | **Leasing Period(to be decided)** |
| **No.** | **Name of the machinery equipment** | **Unit** | **Quantity (tentative)** | **Scheduled start time** | **end time** |
| 1 | 50-ton or 55-tons truck crane | set | 16 | 2024/11/10 | 2025/3/10 |
| 2 | 50-ton or 55-ton truck crane | set | 21 | 2024/11/25 | 2025/3/24 |
| 3 | 25-ton truck crane | set | 4 | 2024/11/10 | 2025/3/10 |
| 4 | 10 tons lorry crane | set | 1 | 2024/11/10 | 2025/3/10 |
| 5 | 5 tons forklift | set | 4 | 2024/11/10 | 2025/3/10 |
| 6 | 5 tons forklift | set | 4 | 2024/11/10 | 2025/3/10 |
| 7 | 5 tons forklift | set | 3 | 2024/11/10 | 2025/3/10 |

---

The above lease time is tentative, the start date of the leasing shall be subject to the date of the mechanical equipment qualified by commissioning and confirmed in writing by the representative of Party A. The end time shall be subject to the demobilization date stated in written notice or email from Party A's representative to Party B.

Party A shall notify Party B 7 days in advance of any increase in machinery and equipment before mobilization or during construction;

If the lease term expires and Party A continues to use the machinery and equipment, Party A shall notify Party B 7 days in advance that the original lease contract shall remain in force and the lease term shall be subject to the actual time of use.

Party A shall notify Party B 7 days in advance of the end time of the machinery lease. The end time shall be subject to the date of demobilization stated in written notice or email from Party A's representative. Party B shall, within 7 days upon receiving Party A's notice, process demobilization procedures and organize the demobilization of machinery, equipment and operators.

**Article 4 Methods of Valuation, Rules for Calculation of Work, Rent Payment and Settlement Basis**

&nbsp;&nbsp;&nbsp;&nbsp;1. Method of valuation: the rental of machinery and equipment
in the scope of the Contract shall be rented monthly

&nbsp;&nbsp;&nbsp;&nbsp;1.1 The fuel fee incurred in the use of equipment should be the
responsibility of Party A.

In case of national tax rate policy adjustment, the rental price shall be adjusted according to the compliant VAT invoice tax rate actually provided by Party B, based on the non-tax value of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;2. Calculation method of bill of quantities:

&nbsp;&nbsp;&nbsp;&nbsp;2.1 When machinery and equipment are used on a monthly basis,
rental fee should be calculated on a month (30 days) basis. Will be account full month excluded breakdown . When leasing period is less
than a month, rental fee equals to the monthly rental fee divided by 30 days and multiplied by the actual number of days of use. The
minimum working hour is recorded as 10 hours per day(excluding commuting hours on commuting roads), if there is overtime, the overtime
fee will be calculated, and the overtime fee will be calculated as the monthly rent divided by 30 days, then divided by 10 hours, multiplied
by the actual overtime hours (less than 1 hour of overtime is calculated as 1 hour). Forklifts used for more than 20 hours per day are
counted as 20 hours.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 payment: Rent is accounted for on a monthly basis. Party
B shall declare the monthly settlement to Party A prior to the fifth natural day of the following month. After Party A approves it, Party
B will issue a full invoice to Party A within 2 days. After receiving the full amount of true and valid invoice from Party B, Party A
will pay Party B 100% of the monthly rent which has been confirmed by Party A before the 30th day of the following month. If Party B
delays invoicing, Party A has the right to delay payment. If the payment is delayed due to Party A, Party B has the right to suspend
the work and not resume work until Party A makes the payment. When the all mechanical equipment is demobilized, both Parties shall complete
the settlement, and after Party B has provided the full invoice, Party A shall pay 100% of the settlement amount within one month of
receipt of Party B's lawfully valid invoice. Settlement payment shall be paid by Saudi Arabian Rial(SAR) by E-bank or telegraphic transfer;
Incase of delay payment as per contract and agreement Party B have all rights for stop equipment working with running time sheet till
get payment. Without bearing the slightest responsibility

&nbsp;&nbsp;&nbsp;&nbsp;3. The payee designated by Party B under this Contract i Xu
Bin, Tel: 18523047620 (966 5392676632) ; with ID card number 510228198112113338 (the copy of ID card shall be kept in the financial department
of Party A for record after inspection of the original ID card by Party A's project management and finance department).

&nbsp;&nbsp;&nbsp;&nbsp;4. The Contract price (including 15% VAT) is tentatively set as SAR 9613540 in words. The Contract price exclusive of VAT is SAR 8359600
in word. VAT is tentatively set as SAR 1253940 in words.

&nbsp;&nbsp;&nbsp;&nbsp;5. The mobilization and demobilization of machinery is the responsibility of Party B, and relevant fee includes transportation, on-site
assembly, Party B shall be responsible for repair and maintenance during construction and use, etc. after the machinery has been commissioned,
qualified and handed over to Party A for normal use. Related expenses have been included in the comprehensive unit price of the Contract
list.

&nbsp;&nbsp;&nbsp;&nbsp;6. The maintenance cost of the machinery during the construction period shall be borne by Party B.

**Article 5 Place of delivery and acceptance of machinery and equipment**

&nbsp;&nbsp;&nbsp;&nbsp;1. Delivery of machinery and equipment: CEER Automotive Manufacturing Plant in Jeddah, Saudi Arabia

&nbsp;&nbsp;&nbsp;&nbsp;2. Delivery time: according to time of written confirmation of Party A's representative after the qualified commissioning of machinery
equipment with conditions of use.

&nbsp;&nbsp;&nbsp;&nbsp;3. Party A's representative: Name Chen Jian , Position: Project Manager

**Article 6 Mobilization, Use, Repair and Maintenance of Machinery and Equipment**

&nbsp;&nbsp;&nbsp;&nbsp;1. Mobilization and demobilization of equipment: Party B shall be responsible for transporting the equipment to the site where Party
A uses the equipment, and Party A shall be responsible for providing the necessary site conditions for the mobilization and demobilization
of the machinery and equipment. All work such as unloading, assembly and disassembly of machinery and equipment shall be the responsibility
of Party B .

&nbsp;&nbsp;&nbsp;&nbsp;2. Party B shall add any additional operators according to the requirements of Party A to meet the construction requirements of the site
during night construction or machinery shift (two-shift) in construction peak. Party A shall be responsible for board and lodging of management
and operator dispatched by Party B to site, including meals, accommodation, bed, bedding and quilts, as well as normal commuting from
the accommodation place to the construction site,

&nbsp;&nbsp;&nbsp;&nbsp;3. The fuel required for the equipment during the lease period shall be provided by Party A at its expense.

&nbsp;&nbsp;&nbsp;&nbsp;4. During the use of the equipment, Party A may, in accordance with the specific circumstances of the construction process, put forward
a request for suspension of use (such as statutory holidays, stop work during the interval of construction, winter shutdown, shutdown
during rainy season or typhoon, etc., in the form of written notice or contact letter), and the lease fees during the suspension process
shall be further negotiated by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;5. During the lease period, Party B shall be responsible for the daily repair and maintenance of the equipment to keep the equipment
in good condition,

&nbsp;&nbsp;&nbsp;&nbsp;7. Party B shall provide the machinery and equipment to Party A in accordance with the Contract, and provide the production manufacturers'
production licenses, name, product certificates, safety inspection (annual inspection) reports, insurance, and technical condition sheets
and other information documents in accordance with the provisions of the law and regulations. The machinery and equipment provided by
Party B to Party A shall meet the national engineering quality evaluation standards of the engineering location and comply with the current
relevant specifications and requirements of Party A and the Employer, and shall meet the third-party certification entity' s TUV certification;
The age of machinery and equipment shall be equal to or less than 5 years; The random operator provided by Party B shall be free of criminal
records, be of physical health, be in possession of appropriate identification documents, health examination certificates, driving licenses
,third-party certificates (such as special professional equipment operating certificates, qualification certificates), personnel insurance
certificates and other supporting documents.

**Article 7 Rights and Obligations of the Parties**

&nbsp;&nbsp;&nbsp;&nbsp;1. Party A's Rights and Obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party A shall provide Party B with assistance and facilities
for the mobilization and demobilization of machinery and equipment and other maintenance operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party A shall conduct safety and technical education to Party
B's operators prior to construction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party A shall be responsible for paying the lease fee as
agreed in the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Party A provide good accommodations suitable for operators
and Management and technicians team with full food and commuter services .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) party A Should send time sheet of equipment to party B before
5th new month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Party A shall observe the safety rules and shall be fully
responsible for any damage or accidents caused by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;2. Party B's Rights and Obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B shall provide the machinery and equipment to Party
A in accordance with the Contract, with third party certificate (TUV, INSURRANCE AND REGISTRATION)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B shall provide Party A with the, safety requirements,
operational and maintenance precautions and other necessary technical information or technical instructions for the rental of machinery
and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In the event of malfunction of the leased machinery and equipment
due to default, Party B shall arrive at the site for fixing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Party B shall perform normal maintenance of the machinery
and equipment within the clearance time of Party A's non-lifting operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Party B shall, according to request of Party A, the Employer,
the Project Manager, the Contractor and third parties, provide mechanical and equipment information (including but not limited to the
equipment model, type number, registration expiration date, manufacturer name, name of third-party equipment certification authority
and certificate number, certificate's expiration date) and operator's information (identification information, driving licenses, third-party
certificates), and ensure that the corresponding certificate is complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The construction shall be carried out in strict accordance
with the safe operation code. Party B and Party A shall have the right to prevent each other from operating in violation of the rules
and regulations and command, and insist on the implementation of the ten forbidden situations of lifting machinery. The safety management
of the site shall be the responsibility of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Party B shall cooperate with Party A in the record-keeping
work if the site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Party B shall appoint a contact officer (name, contact number)
Xu Bin, Tel: 18523047620 (966 5392676632) responsible for receiving Party A's notifications and the signature confirmation of the contact
form, etc. Party B shall arrange on-site management team in order to solve management, organizational coordination, services and other
works of the project in the process of machinery equipment leasing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Party B shall be responsible for any loss of machinery caused
by the operating errors of the his crew.

**Article 8 Security Duties:**

&nbsp;&nbsp;&nbsp;&nbsp;1. The construction shall be carried out in strict accordance with the "Safety Code of Practice", Party A and Party B have
the right to prevent each other's unauthorized operation, unauthorized command, in strict accordance with the provisions of Annex 2 lifting
operations. Party A should be equipped with qualified lifting commanders, site safety management is Party A's responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;2. Party A shall be liable for any accident caused by Party A's failure to declare the ground and underground facilities on the construction
site.

&nbsp;&nbsp;&nbsp;&nbsp;3. Before hoisting, Party A shall inform Party B the real situation. The responsibility and loss of Party A shall be the responsibility
of Party A for the accident caused by Party A's mismanagement or failure to implement the security measures. performance.

**Article 9 Dispute Resolution**

&nbsp;&nbsp;&nbsp;&nbsp;1. The application and interpretation of this contract is in accordance with the laws and regulations of China.

&nbsp;&nbsp;&nbsp;&nbsp;2. Matters not covered in this contract shall be resolved by consensus between the parties to this contract. In case of failure to settle
by consensus, any dispute or controversy arising under this contract shall be submitted to the Beijing Arbitration Commission for arbitration
settlement.

&nbsp;&nbsp;&nbsp;&nbsp;3. In case of conflict between the Chinese and English translations of the contents of this contract, the Chinese contents shall prevail.

**Article 10 Other contractual matters.**

&nbsp;&nbsp;&nbsp;&nbsp;1. This contract shall enter into force after both parties have signed or sealed it, and any unresolved issues shall be resolved through
friendly negotiation between the two parties and supplementary agreements may be signed separately.

**Article 11. Entry into Force and Number of Copies**

&nbsp;&nbsp;&nbsp;&nbsp;1. All attachments to this Contract are an integral part of this Contract and have the same legal effect as this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;2. This contract is in 5 duplicates, with Party A holding 3 copy(s) and Party B holding 2 copy(s). The Contract shall come into force
upon being signed and sealed by both Parties. This Contract shall become invalid after all project payment is paid.

&nbsp;&nbsp;&nbsp;&nbsp;3. If the contract is not completed, the Parties shall negotiate and resolve the matter.

Party A: Metallurgical Corporation of China Ltd Saudi Branch.

Party B: Company EICH EL-NASS For logistics

Party A's legal representative or entrusted legal person:

Party B's legal representative or entrusted legal person:

Bank information: Saudi Awwal Bank

Account No.: [\*]

Operator:

**Annex 1**

**BOQ of the Contract**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item Name** | **Item Characteristics** | **Tentative Mechanical Quantity(units)** | **Tentative Mechanical Quantity(units)** | **Units of measurement** | **Provisiona l estimate of Quantity** | **VAT not included Consolidated unit price(SAR)** | **VAT rate** | **Combined price (SAR) VAT included** | **Combined price (SAR) VAT not included** | **Remarks** |
| 1 | 50 tons truck crane | Entry and Exit | 1. Mobilization and demobilization fees include rental fees, fuel and power costs, road and bridge tolls, and random operator fees,etc; 2. Monthly use fee of non-consecutive shift includes rental fee, 1 random operator fee, insurance fee, annual inspection fee, etc., excluding fuel and power costs. For details, please refer to the offer description and bidding documents. 3. The boom of 50 tonnes truck crane have sections more than or equaling to 5. | 1 | Set \* Times | 1 | 4000 | 15% | 4600 | 4000 |
|  |  | Non-consecutive shifts, monthly use |  |  | Set \* Months | 4 | 28200 | 15% | 129720 | 112800 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item Name** | **Item Characteristics** | **Tentative Mechanical Quantity(units)** | **Tentative Mechanical Quantity(units)** | **Units of measurement** | **Provisiona l estimate of Quantity** | **VAT not included Consolidated unit price(SAR)** | **VAT rate** | **Combined price (SAR) VAT included** | **Combined price (SAR) VAT not included** | **Remarks** |
| 2 | 50 tons truck crane | Entry and Exit | 1. Mobilization and demobilization fees include rental fees, fuel and power costs, road and bridge tolls, and random operator fees,etc; 2. Monthly use fee of consecutive shift (two-shift) includes rental fee, 2 random operators' fee, insurance fee, annual inspection fee, etc., excluding fuel and power costs.For details, please refer to the offer description and bidding documents. 3. The boom of 50 tonnes truck crane have sections more than or equaling to 5. | 15 | Set \* Times | 15 | 4000 | 15% | 69000 | 60000 |
|  |  | Continuous shifts (two shifts) with monthly usage |  |  | Set \* Months | 60 | 48960 | 15% | 3378240 | 2937600 |

---

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item Name** | **Item Characteristics** | **Tentative Mechanical Quantity(units)** | **Tentative Mechanical Quantity(units)** | **Units of measurement** | **Provisiona l estimate of Quantity** | **VAT not included Consolidated unit price(SAR)** | **VAT rate** | **Combined price (SAR) VAT included** | **Combined price (SAR) VAT not included** | **Remarks** |
| 3 | 55 tons truck crane | Entry and Exit | 1. Mobilization and demobilization fees include rental fees, fuel and power costs, road and bridge tolls, and random operator fees,etc; 2. Monthly use fee of non-consecutive shift includes rental fee, 1 random operator fee, insurance fee, annual inspection fee, etc., excluding fuel and power costs. For details, please refer to the offer description and bidding documents. 3. The boom of 55 tonnes truck crane have sections more than or equaling to 5. | 1 | Set \* Times | 1 | 4000 | 15% | 4600 | 4000 |
|  |  | Non-consecutive shifts, monthly use |  |  | Set \* Months | 4 | 28200 | 15% | 129720 | 112800 |

---

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item Name** | **Item Characteristics** | **Tentative Mechanical Quantity(units)** | **Tentative Mechanical Quantity(units)** | **Units of measurement** | **Provisiona l estimate of Quantity** | **VAT not included Consolidated unit price(SAR)** | **VAT rate** | **Combined price (SAR) VAT included** | **Combined price (SAR) VAT not included** | **Remarks** |
| 4 | 55 tons truck crane | Entry and Exit | 1. Mobilization and demobilization fees include rental fees, fuel and power costs, road and bridge tolls, and random operator fees,etc; 2. Monthly use fee of consecutive shift (two-shift) includes rental fee, 2 random operators' fee, insurance fee, annual inspection fee, etc., excluding fuel and power costs.For details, please refer to the offer description and bidding documents. 3. The boom of 55 tonnes truck crane have sections more than or equaling to 5. | 20 | Set \* Times | 20 | 4000 | 15% | 92000 | 80000 |
|  |  | Continuous shifts (two shifts) with monthly usage |  |  | Set \* Months | 80 | 48960 | 15% | 4504320 | 3916800 |

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---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item Name** | **Item Characteristics** | **Tentative Mechanical Quantity(units)** | **Tentative Mechanical Quantity(units)** | **Units of measurement** | **Provisiona l estimate of Quantity** | **VAT not included Consolidated unit price(SAR)** | **VAT rate** | **Combined price (SAR) VAT included** | **Combined price (SAR) VAT not included** | **Remarks** |
| 5 | 25 tons truck crane | Entry and Exit | 1. Mobilization and demobilization fees include rental fees, fuel and power costs, road and bridge tolls, and random operator fees,etc; 2. Monthly use fee of non-consecutive shift includes rental fee, 1 random operator fee, insurance fee, annual inspection fee, etc., excluding fuel and power costs. For details, please refer to the offer description and bidding documents. 3. The boom of 25 tonnes truck crane have sections more than or equaling to 4. | 2 | Set \* Times | 2 | 4000 | 15% | 9200 | 8000 |
|  |  | Non-consecutive shifts, monthly use |  |  | Set \* Months | 8 | 20000 | 15% | 184000 | 160000 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item Name** | **Item Characteristics** | **Tentative Mechanical Quantity(units)** | **Tentative Mechanical Quantity(units)** | **Units of measurement** | **Provisiona l estimate of Quantity** | **VAT not included Consolidated unit price(SAR)** | **VAT rate** | **Combined price (SAR) VAT included** | **Combined price (SAR) VAT not included** | **Remarks** |
| 6 | 25 tons truck crane | Entry and Exit | 1. Mobilization and demobilization fees include rental fees, fuel and power costs, road and bridge tolls, and random operator fees,etc; 2. Monthly use fee of consecutive shift (two-shift) includes rental fee, 2 random operators' fee, insurance fee, annual inspection fee, etc., excluding fuel and power costs.For details, please refer to the offer description and bidding documents. 3. The boom of 25 tonnes truck crane have sections more than or equaling to 4. | 2 | Set \* Times | 2 | 4000 | 15% | 9200 | 8000 |
|  |  | Continuous shifts (two shifts) with monthly usage |  |  | Set \* Months | 8 | 33000 | 15% | 303600 | 264000 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item Name** | **Item Characteristics** | **Tentative Mechanical Quantity(units)** | **Tentative Mechanical Quantity(units)** | **Units of measurement** | **Provisiona l estimate of Quantity** | **VAT not included Consolidated unit price(SAR)** | **VAT rate** | **Combined price (SAR) VAT included** | **Combined price (SAR) VAT not included** | **Remarks** |
| 7 | 10 tons lorry crane | Entry and Exit | 1. Mobilization and demobilization fees include rental fees, fuel and power costs, road and bridge tolls, and random operator fees,etc; 2. Monthly use fee of consecutive shift (two-shift) includes rental fee, 2 random operators' fee, insurance fee, annual inspection fee, etc., excluding fuel and power costs.For details, please refer to the offer description and bidding documents. | 1 | Set \* Times | 1 | 4000 | 15% | 4600 | 4000 |
|  |  | Continuous shifts (two shifts) with monthly usage |  |  | Set \* Months | 4 | 34000 | 15% | 156400 | 136000 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item Name** | **Item Characteristics** | **Tentative Mechanical Quantity(units)** | **Tentative Mechanical Quantity(units)** | **Units of measurement** | **Provisiona l estimate of Quantity** | **VAT not included Consolidated unit price(SAR)** | **VAT rate** | **Combined price (SAR) VAT included** | **Combined price (SAR) VAT not included** | **Remarks** |
| 8 | 5 tons forklift | Entry and Exit | 1.Mobilization and demobilization fees include rental fees, fuel and power costs, road and bridge tolls, and random operator fees,etc; 2.No operator included,meet the requirements of the tenderee, please refer to the offer description and bidding documents. 3.Monthly usage costs include rental, insurance of equipment, excluding fuel and power costs. | 1 | Set \* Times | 1 | 2000 | 15% | 2300 | 2000 |
|  |  | Forklifts require solid tyres., chartered for monthly |  |  | Set \* Months | 4 | 8600 | 15% | 39560 | 34400 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item Name** | **Item Characteristics** | **Tentative Mechanical Quantity(units)** | **Tentative Mechanical Quantity(units)** | **Units of measurement** | **Provisiona l estimate of Quantity** | **VAT not included Consolidated unit price(SAR)** | **VAT rate** | **Combined price (SAR) VAT included** | **Combined price (SAR) VAT not included** | **Remarks** |
| 9 | 7 tons forklift | Entry and Exit | 1.Mobilization and demobilization fees include rental fees, fuel and power costs, road and bridge tolls, and random operator fees,etc; 2.No operator included,meet the requirements of the tenderee, please refer to the offer description and bidding documents. 3.Monthly usage costs include rental, insurance of equipment, excluding fuel and power costs. | 4 | Set \* Times | 4 | 4000 | 15% | 18400 | 16000 |
|  |  | Forklifts require solid tyres., chartered for monthly |  |  | Set \* Months | 16 | 15000 | 15% | 276000 | 240000 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item Name** | **Item Characteristics** | **Tentative Mechanical Quantity(units)** | **Tentative Mechanical Quantity(units)** | **Units of measurement** | **Provisiona l estimate of Quantity** | **VAT not included Consolidated unit price(SAR)** | **VAT rate** | **Combined price (SAR) VAT included** | **Combined price (SAR) VAT not included** | **Remarks** |
| 10 | 10 tons forklift | Entry and Exit | 1.Mobilization and demobilization fees include rental fees, fuel and power costs, road and bridge tolls, and random operator fees,etc; 2.No operator included,meet the requirements of the tenderee, please refer to the offer description and bidding documents. 3.Monthly usage costs include rental, insurance of equipment, excluding fuel and power costs. | 3 | Set \* Times | 3 | 4000 | 15% | 13800 | 12000 |
|  |  | Forklifts require solid tyres., chartered for monthly |  |  | Set \* Months | 12 | 20600 | 15% | 284280 | 247200 |
|  |  | Subtotal |  | 50.00 |  | 250.00 |  | 9613540 | 8359600 |  |

---

**Annex 2**

**Ten Rules for Lifting and Hoisting**

&nbsp;&nbsp;&nbsp;&nbsp;1. Not lifting with unclear or disorganized command signals;

&nbsp;&nbsp;&nbsp;&nbsp;2. Not lifting with overload;

&nbsp;&nbsp;&nbsp;&nbsp;3. Not lifting when the workpiece is not securely fastened;

&nbsp;&nbsp;&nbsp;&nbsp;4. Not lifting with someone underneath the lifting object;

&nbsp;&nbsp;&nbsp;&nbsp;5. Not lifting when safety devices do not work.

&nbsp;&nbsp;&nbsp;&nbsp;6. Not lifting when workpieces are buried under the ground;

&nbsp;&nbsp;&nbsp;&nbsp;7. Not lifting when the lights are too dim.

&nbsp;&nbsp;&nbsp;&nbsp;8. Not lifting when workpieces are pulled obliquely.

&nbsp;&nbsp;&nbsp;&nbsp;9. Not lifting when there is no treatment measures for angular objects

&nbsp;&nbsp;&nbsp;&nbsp;10. Not lifting when hanging objects are too heavy.

**Clarification of Contract List:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Party B is required to review in detail all the bidding documents, including the modification documents and relevant annexes; it is
required to be fully aware of the need to waive the right to raise ambiguities or misunderstandings.

&nbsp;&nbsp;&nbsp;&nbsp;2. Party B should guarantee to complete the work content according to the work schedule, quality and safety requirements specified in
the bidding documents.

&nbsp;&nbsp;&nbsp;&nbsp;3. The specification model, quantity and rental time of the above machinery equipment are tentative, not as the basis for final settlement;
the machinery equipment will be provided according to the actual demand of the Party A in the end and the settlement will be made based
on the quantities audited and confirmed by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;4. When machinery and equipment are used on a monthly basis, rental fee should be calculated on a month (30 days) basis. Will be account
full month excluded breakdown . When leasing period is less than a month, rental fee equals to the monthly rental fee divided by 30 days
and multiplied by the actual number of days of use. The minimum working hour is recorded as 10 hours per day, if there is overtime, the
overtime fee will be calculated, and the overtime fee will be calculated as the monthly rent divided by 30 days, then divided by 10 hours(excluding
commuting hours on commuting roads), multiplied by the actual overtime hours (less than 1 hour of overtime is calculated as 1 hour). Forklifts
used for more than 20 hours per day are counted as 20 hours.

&nbsp;&nbsp;&nbsp;&nbsp;5. The times of mobilization and demobilization, monthly usage time, daily use time of each machinery equipment must be signed by both
parties, otherwise it shall be invalid. Without the consent of Party A, the mobilized monthly rented machinery and equipment shall not
be demobilized except for situation with Party A's demobilization notice. The rental fee of the machinery equipment shall not be calculated
when Party B fails to execute the demobilization timely after receiving the demobilization notice from Party A.

&nbsp;&nbsp;&nbsp;&nbsp;6. Party B shall provide the machinery and equipment to Party A in accordance with the Contract, and provide the production manufacturers'
name, production licenses, product certificates, safety inspection (annual inspection) reports, insurance, and technical condition sheets
and other information documents in accordance with the provisions of the law and regulations. The machinery and equipment provided by
Party B to Party A shall meet the national engineering quality evaluation standards of the engineering location and comply with the current
relevant specifications and requirements of Party A and the Employer, and shall meet the third-party certification entity's TUV certification;
The age of machinery and equipment shall be equal to or less than 5 years; The random operator provided by Party B shall be free of criminal
records, be of physical health, be in possession of appropriate identification documents, health examination certificates, driving licenses,
third-party certificates (such as special equipment operating certificates, professional qualification certificates), personnel insurance
certificates and other supporting documents.

&nbsp;&nbsp;&nbsp;&nbsp;7. Random operator's food and accommodation (including meals, housing, beds, bedding, quilts), normal commuting between the camp and
the construction site, and water and electricity expenses for living are the responsibility of Party A. Random operator's living materials
(including, but not limited to, daily necessities, laundry supplies, bedding exclusive of those supplied by Party A), charging plugs and
sockets, and personal sunscreen protection and maintenance supplies) and the safe and civilized construction including cleaning camp's
dormitory area are the responsibility of Party B.

## Exhibit 10.13

**Exhibit 10.13**

**Shanghai Haichang Ocean Park 2024 Annual Cleaning Service Entrustment Contract**

Party A: Shanghai Haichang Polar Ocean World Co., Ltd.

Party B: Ruiwuhang (Shanghai) Facility Management Co., Ltd.

Date of Execution: ____ Year ____ Month ____ Day

In accordance with the Civil Code of the People's Republic of China and relevant laws and regulations, Party A and Party B, following the principles of equality, voluntariness, fairness, and good faith, hereby enter into this Contract regarding the entrustment of cleaning services for Shanghai Haichang Ocean Park to be undertaken by Party B, through mutual consultation, to be jointly observed.

**Article 1 Basic Information of the Entrusted Project**

1.1 **Project Name**: Shanghai Haichang Ocean Park Daily Cleaning Service Entrustment Project

1.2 **Address**: No. 166 Yinfei Road, Nanhui New Town, Pudong New Area, Shanghai

1.3 **Total site area** 297,145㎡, **total building area** 205,731㎡, **above-ground building area** 162,731㎡, **underground building area** 43,000㎡.

**Article 2 Entrusted Service Content**

**I. Service Scope:**

Party B's service scope includes but is not limited to daily cleaning within Party A's park area, high-altitude cleaning, dry and wet waste removal, recyclable waste sorting, and other work scopes recognized by Party A.

**II. Specific service areas to be covered by Party B include but are not limited to:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Park
 public areas, office and logistics areas (including hotels, office buildings, and dormitory
 buildings), including but not limited to natural granite floors, other floors, walls, background
 music speakers, glass, baseboards/panels, signage, service counters, workbenches, fire hose
 cabinets, ceilings, air vent grilles, lighting fixtures, fire doors, doors, windows, stainless
 steel, fire hydrants, signage, alarm bells, carpets, garbage removal, etc.

&nbsp;&nbsp;&nbsp;&nbsp;2. Elevator
 cabins, including but not limited to ceilings and lighting, interior walls, doors, frames,
 button panels, door grooves, floors, etc.

&nbsp;&nbsp;&nbsp;&nbsp;3. Various
 staircases, including but not limited to stainless steel, treads, steps, handrails, glass,
 etc.

&nbsp;&nbsp;&nbsp;&nbsp;4. Fire
 evacuation passages, including but not limited to floors, walls, air vents, handrails, signage,
 glass windows, ceiling lights, etc.

&nbsp;&nbsp;&nbsp;&nbsp;5. Outdoor
 plazas, including but not limited to plaza floors, various lighting fixtures, various advertising
 light boxes, service booths, various signs, finished seating, background music speakers,
 garbage bins, green spaces, flower pools, tree pools, water features, small items
and flagpoles, manhole covers, rainwater covers, various supporting facilities, etc.

&nbsp;&nbsp;&nbsp;&nbsp;6. Underground
 parking lots and various equipment rooms, including but not limited to floors, ceiling surfaces,
 daylight lamps, various pipelines, smoke detectors, temperature sensors, sprinklers, background
 music speakers, communication signal enhancement devices, air vents, columns, walls, wall
 lamps, manual alarm buttons, fire hydrants, doors, baseboards/panels, traffic facilities
 and equipment, fire control rooms, floors, manhole covers, restrooms, various signs, substations,
 warehouses, fan rooms, stairwells, garbage rooms, control rooms, office areas, toll booths,
 barrier machines, underground garage elevator lobbies, and fire passages, etc.

&nbsp;&nbsp;&nbsp;&nbsp;7. Various
 exterior walls, including below 2 meters but not limited to domes, exterior walls, and glass
 of hotels, office buildings, dormitory buildings, and all venues, limited to daily dust removal,
 cobweb cleaning, and clear water washing operations. High-altitude cleaning in the park above
 2 meters is limited to glass curtain walls, aluminum buckle plates, and ceramic tile exterior
 wall materials, specifically referring to hotels, dormitory buildings, Dolphin Theater, and
 Coral Jellyfish Pavilion. Exterior walls with texture coatings, painted finishes, etc., that
 Party B cannot handle due to insufficient cleaning process capabilities are not included
 in the high-altitude cleaning scope.

&nbsp;&nbsp;&nbsp;&nbsp;8. Various
 exhibition halls, theaters/cinemas, and restaurants, including but not limited to Iceberg
 Arctic Pavilion, Sea Beast Exploration Pavilion, Underwater World Pavilion, Volcano Shark
 Pavilion, Ultraman Theme Pavilion, Antarctic Penguin Pavilion, Coral Jellyfish Pavilion,
 as well as Orca Theater, Walrus Theater, Dolphin Theater, Sky Screen Cinema, 4D Super Sensation
 Cinema, Dream Dessert House, Aurora Restaurant, and other venues, including entrances, queuing
 areas, pre-show areas, main performance areas, exit passages, seating, carpets, marble, acrylic,
 tracks, garbage removal, etc.

&nbsp;&nbsp;&nbsp;&nbsp;9. Implicit
 work content in the aforementioned entrusted matters or work that should belong to Party
 B according to industry practices is included in the service scope.

**Article 3 Contract Term**

This Contract shall be effective from June 16, 2024 to December 31, 2025.

**Article 4 Performance Bond**

4.1 Party B shall transfer the performance bond to the account designated by Party A within three (3) working days after signing this Contract. The total performance bond under this Contract is RMB 50,000.00 (in words: Fifty Thousand Yuan Only). The performance bond shall be returned to Party B without interest within thirty (30) days after the normal termination or dissolution of the Contract by both parties, after deducting relevant amounts by Party A.

4.2 In case of Party B's breach of contract, Party A has the right to deduct compensation or liquidated damages that Party B should bear from the performance bond, and such deducted amounts shall be deemed as compensation or liquidated damages paid by Party B to Party A. Party B shall replenish the performance bond within two (2) working days after Party A's deduction. If Party B fails to replenish within the time limit, Party A has the right to unilaterally terminate this Contract without bearing any responsibility to Party B. The remaining performance bond shall be paid to Party A as liquidated damages. If Party A's losses exceed the remaining performance bond, Party A has the right to claim compensation.

Party A's account information is as follows:

Account Name: Shanghai Haichang Polar Ocean World Co., Ltd.<br> Bank: China Construction Bank Shanghai Lingang New Town Branch<br> Account No.:

**Article 5 Fees and Payment Methods**

5.1 During the Contract period, Party A shall pay the entrusted service fees to Party B on a "monthly settlement" basis. The monthly fee calculation method is: Monthly service fee per cleaner × number of cleaners confirmed for the month + unit price per square meter for high-altitude cleaning × high-altitude cleaning area confirmed for the month + temporary worker unit price × total temporary worker hours confirmed for the month - penalty fees for the month = monthly payable service fee including tax (applicable tax rate is 6%, inspection standards and penalties see Contract annexes, and various business charging standards see Annex I "Quotation List").

The above service fee unit price is a one-time all-inclusive price, which already includes cleaning tool fees, labor costs, insurance, training fees, and other transportation, accommodation, meals, profits, taxes, and all other costs required for Party B to complete the cleaning service work under this Contract. Except as otherwise agreed in the Contract, Party A does not need to pay any other fees to Party B. The cleaning material brand list is detailed in Annex II "Cleaning Material Brand List."

5.2 **Payment Method and Time**: Party B shall propose a cleaning service plan and the number of cleaning personnel according to Party A's service requirements, which shall be confirmed after review by Party A. If Party A needs to adjust the number of cleaning personnel according to the off-peak and peak season passenger flow in the park, Party A shall notify Party B in writing one month in advance; if force majeure factors such as natural disasters require Party A to adjust the number of cleaning personnel, Party B shall respond quickly and actively cooperate upon receiving Party A's notice; in the above circumstances, if the configured personnel work less than one month, settlement shall be made based on actual days. After Party B's service ends each month, Party A shall conduct a monthly assessment of Party B's service work on the 10th of the following month (postponed automatically if holidays or public rest days are encountered). After the assessment, settlement procedures shall be handled. Within 10 days after the settlement value is confirmed by Party A, Party B shall attach a special VAT invoice equal to the service fee (applicable tax rate is 6%). On the premise that all the above payment conditions are met, Party A shall pay the previous month's fees to Party B by transfer before the 15th of the following month; otherwise, Party A has the right to refuse payment without bearing any responsibility.

5.3 **Party B's account information is as follows**:

Account Name: Ruiwuhang (Shanghai) Facility Management Co., Ltd.<br> Bank: China Merchants Bank Shanghai Huai Zhong Branch<br> Account No.:

If the above account information changes, Party B shall notify Party A three (3) days in advance; otherwise, Party B shall bear all losses caused thereby.

5.4 Both parties agree to smoothly transition from the traditional service model to results-oriented performance-based services, with a transition period from June 14, 2024 to December 31, 2024.

5.4.1 **Implementation of Performance-Based Services**: Party A allows and supports Party B to explore service methods centered on achieving agreed performance goals rather than solely relying on fixed manpower. Specific performance goals shall be negotiated separately by both parties.

5.4.2 Party B may propose innovative measures through optimizing tools, technology, and processes to meet performance goals, but must obtain written confirmation from Party A before implementation.

5.4.3 Party A will conduct monthly assessments of Party B's services. If services do not meet standards, Party B must provide a solution within twelve (12) hours after receiving notice. If Party B fails to provide such solutions within the time limit, or if the solutions provided by Party B are not satisfactory to Party A, Party A has the right to terminate the Contract without bearing any responsibility.

5.4.4 Party B shall report innovation and efficiency improvement plans quarterly. Party A actively supports and has the right to decide to adjust Contract terms based on innovation effectiveness.

**Article 6 Party A's Rights and Responsibilities**

6.1 Party B shall provide a cleaning work plan and schedule simultaneously with the signing of this Contract. Party A has the right to review, modify, inspect, and supervise the cleaning work plan and schedule formulated by Party B and put forward relevant opinions. Party B shall execute according to the work plan and schedule determined by Party A. The cleaning work plan and schedule confirmed by Party A shall serve as an annex to this Contract.

6.2 Party A has the right to inspect, supervise, and assess the execution of Party B's cleaning work, and has the right to propose rectification opinions for unqualified services.

6.3 Party A has the right to supervise and manage all behaviors of Party B's staff within the jurisdiction, and may require Party B to replace personnel who do not meet standards for reasonable reasons. If Party B fails to replace within the time limit or still cannot meet Party A's requirements after replacement, Party A has the right to terminate this Contract.

6.4 Within the jurisdiction agreed in this Contract, Party A has the right to require Party B to dispatch its staff to different work locations and positions as needed.

6.5 Party A has the right to assess the job responsibilities and work standards of Party B's management personnel; has the right to provide relevant cleaning service education to Party B's personnel according to operational needs.

6.6 With Party B's consent, Party A may call upon Party B's staff to complete other work outside the scope of the agreed services under this Contract. The resulting costs shall be negotiated separately by both parties.

6.7 Party A has the right to adjust the number of cleaning personnel according to operational needs, notifying Party B in writing one month in advance. The increase or decrease in service fees shall be calculated according to the pricing method determined in Article 5.1 of this Contract, and Party A shall not incur other additional costs.

6.8 Party A has the right to deduct liquidated damages, compensation, damages, and all other costs that Party B should bear from the amounts payable to Party B or from the performance bond.

6.9 Party A shall provide Party B with office space, warehouses, rest rooms, and lockers for the purpose of cleaning services free of charge (quantity and conditions subject to Party A's provision), and shall be responsible for electricity and basic lighting in offices, warehouses, and rest rooms.

6.10 Party A shall provide Party B with walkie-talkies required for work free of charge (quantity subject to Party A's provision).

6.11 Party A shall keep confidential Party B's cleaning procedures, operational information, and other commercial secrets obtained in the performance of this Contract.

6.12 Party A shall pay Party B's service fees on time in accordance with this Contract.

6.13 Party A shall be responsible for all energy consumption costs in cleaning work, such as water and electricity.

6.14 For all materials provided by Party A to Party B (including but not limited to the above materials), both parties must sign a material handover form. Upon termination or dissolution of the Contract, Party B must return the materials to Party A according to the list on the handover form. Except for normal material wear and tear, Party B shall be responsible for compensation for any man-made damage or waste caused by improper use.

**Article 7 Party B's Responsibilities**

7.1 Cleaning personnel provided by Party B shall meet the following conditions and must provide Party A with relevant personnel identity files and resumes for filing with Party A's corresponding management department:

(1) Junior high school education or above (including junior high school), with cleaning service capabilities, and no criminal record;

(2) Good appearance, healthy body, between 20 and 55 years old, male proportion not higher than 40%, female proportion not lower than 60%; 20-35 years old proportion not lower than 10%, 36-45 years old proportion not lower than 30%, 46-55 years old proportion not higher than 60%; provide medical examination report within 1 year (including hepatitis B three items) to prove physical health;

(3) Understanding of relevant laws and regulations, professional cleaning training, and certain relevant experience.

7.2 In performing the services stipulated in this Contract, Party B must assign management personnel to be responsible for the organization, management, and supervision of cleaning work, maintain contact with Party A's cleaning supervisor at all times, and accept Party A's business guidance. Any commitments, signatures, or confirmations made by Party B's management personnel to Party A shall be deemed as Party B's actions, and Party B shall bear responsibility.

7.3 Party B shall fully recognize that providing clean, tidy, safe, and maximally satisfactory services to Party A is Party B's important obligation. Therefore, in cleaning work, Party B must complete work sincerely and faithfully. Party B must fully understand the strict management implemented by Party A to establish a high-quality service system. Party A may require Party B to immediately improve any dissatisfaction with the cleaning services provided by Party B to improve service levels to meet Party A's requirements. All actions of Party B's staff shall be deemed as Party B's actions, and Party B shall bear responsibility, unrelated to Party A.

7.4 For the needs of Party B's business operations, keys handed over to Party B by Party A according to prescribed procedures must be strictly kept by Party B and subject to Party A's supervision at any time. If Party B causes losses to Party A due to improper key management, Party B must provide compensation.

7.5 When using office spaces and items provided by Party A, Party B shall use them carefully and keep them properly. If there is any damage or loss, Party B must provide compensation.

7.6 Party B must guarantee to dispatch senior company management personnel to Party A's location to communicate with Party A no less than once per month, and provide comprehensive supervision and guidance on the business of on-site cleaning personnel.

7.7 During the performance of business by Party B, if any events that may endanger the personal or property safety of Party A or its employees, agents, or visitors are discovered, even if they do not fall within Party B's business scope, Party B also has the responsibility to take prescribed legal actions within limits to avoid or promptly terminate the occurrence or continuation of such hazardous events, and immediately report to Party A's relevant personnel.

7.8 Party B's personnel must comply with Party A's company rules and regulations and obey Party A's management.

7.9 When working, Party B's personnel must be neatly dressed, behave appropriately, handle cleaning affairs politely, and shall not smoke, chat, or eat during working hours.

7.10 Party B's staff shall make their best efforts to complete their duties with an active and enthusiastic service attitude in accordance with the regulations of both Party A and Party B, ensuring both quality and establishing relevant work records. Party A may conduct spot checks at any time. If there are falsified, fabricated, or false records, or refusal of Party A's spot checks, Party A has the right to terminate this Contract depending on the severity of the situation.

7.11 Party B's staff must strictly follow Party A's interview procedures upon entry. Party B's staff must remain fixed and shall not hold concurrent positions. If Party B's staff (including management personnel) resign, Party B must notify Party A seven (7) days in advance and go through corresponding procedures according to Party A's regulations, and arrange suitable personnel to replace the departing staff; otherwise, Party A has the right to deduct the monthly service fee of the staff who resigned without cause and require Party B to bear liquidated damages of RMB 3,000-5,000. If Party B's management personnel resign without cause and fail to return Party A's items as required, Party A has the right to require Party B to bear compensation of three times the item's quoted price, and simultaneously pay liquidated damages of RMB 3,000-5,000 to Party A; any labor disputes arising between Party B's departing staff and Party B shall be handled by Party B itself.

7.12 Party B shall strictly comply with the attendance system stipulated by Party A, ensure the number of posts, and promptly allocate personnel if there are absences due to leave. If personnel cannot be allocated, Party B must explain the reasons to Party A in advance and ensure that service standards are not reduced. If Party B's staff are absent, Party A has the right to directly deduct the corresponding fees payable to Party B. Attendance shall be the responsibility of Party B's on-site supervisor, who shall submit the next month's shift schedule and import forms to Party A before the 24th of each month for import into the fingerprint attendance system. Party A has the right to supervise Party B's attendance. If attendance anomalies are found, RMB 50 shall be deducted from the monthly fee per person per occurrence.

If there are special working hours, both parties shall communicate and negotiate, and Party A's confirmed attendance records shall prevail.

7.13 Party B must follow the staffing agreed by both parties. Party A will regularly inspect posts. If unauthorized absences or insufficient post numbers are found, Party A will deduct RMB 5,000-10,000 from Party B's fees according to the severity of the situation.

7.14 During working hours, Party B shall not arbitrarily use Party A's equipment, enter Party A's office areas, equipment, or animal feeding areas arbitrarily, use Party A's office phones arbitrarily except in emergencies, and must strictly keep Party A's commercial secrets.

7.15 Party B's staff shall actively assist Party A's staff in handling theft and accidents. Party B shall give priority to Party A's requests for assistance.

7.16 If disputes arise with tourists due to improper handling by Party B's staff during working hours, Party B's company must coordinate and handle them on its own. If the parties are dissatisfied with Party B's handling opinions, leading to exposure by media, radio stations, and other news units, Party A has the right to pursue Party B for losses and impacts caused to Party A, and has the right to unilaterally terminate the Contract.

7.17 Party B's staff shall assist Party A's relevant personnel in regular inspections of fire prevention and anti-theft facilities. If alarms are discovered, Party B's staff shall immediately report to Party A's relevant management personnel and actively participate in pacification work according to instructions.

7.18 If Party A discovers that Party B's staff have stolen Party A's property or colluded with outsiders to steal, relevant legal procedures will be taken, and Party B shall compensate for the corresponding losses caused to Party A. Party A may deduct directly from the entrustment fees payable to Party B; for privately receiving personnel into the park free of charge, Party B shall bear compensation at three times the ticket price per person per occurrence, and Party A has the right to require Party B to replace violators; the aforementioned amounts will be deducted from the service fees paid by Party A to Party B. If the fees are insufficient, Party B must pay the compensation to Party A on the day of the incident.

7.19 If Party B violates Party A's relevant management systems or fails to meet Party A's required standards due to management level, causing accidents and economic losses, Party B shall be responsible for compensating Party A's relevant losses, and Party A will deduct RMB 2,000-3,000 from Party B's fees as compensation according to the severity of the situation.

7.20 Party B shall provide appropriate safety warnings and protection to avoid personal injury or property loss to Party A or third parties due to falls, etc. If Party A suffers losses or assumes liability to third parties for this reason, Party A has the right to claim compensation from Party B. If damage or loss of items provided by Party A is caused by Party B's improper use or negligence during work, Party B must bear relevant repair costs or full compensation.

7.21 Party B shall be responsible for business training of its staff, strict management of equipment, and proper storage in designated storage locations provided by Party A.

7.22 Party B's staff's remuneration, insurance (including but not limited to social security, housing fund, personal accident insurance, medical insurance, etc.) shall be the sole responsibility of Party B, unrelated to Party A.

7.23 Party B is responsible for the personal and property safety of its staff. If Party B's staff have disputes with any third party in the execution of matters agreed in this Contract, or cause injury or death to themselves or others or property loss, Party B shall be responsible for resolution, and the resulting compensation costs shall be borne by Party B, unrelated to Party A.

7.24 Party B is responsible for providing necessary equipment and facilities for its staff to perform work. Except for equipment explicitly agreed to be provided by Party A in this Agreement, other equipment, materials, and consumables shall be prepared by Party B itself at its own cost.

7.25 Party B guarantees that its staff have signed labor contracts with it, and confirms that there is no labor contract relationship between Party B's personnel and Party A. Otherwise, if Party B's personnel claim a labor contract relationship with Party A causing losses to Party A, Party B shall bear compensation liability; and Party A has the right to terminate this Contract.

7.26 Party B's personnel must not disclose any confidential matters concerning Party A or the park learned during business operations to anyone; otherwise, Party B shall bear relevant liability.

7.27 Party B has the responsibility to provide necessary manpower, cleaning machines, equipment, tools, and sufficient cleaning materials to ensure the completion of this Contract, and ensure that the cleaning process complies with national hygiene and environmental protection requirements and adopts scientific methods and measures. Party B shall also pay attention to the tools and measures used to complete cleaning services to avoid damage to Party A's equipment, facilities, or property.

7.28 Has the obligation to manage staff daily in accordance with laws and regulations. Must pay staff wages and benefits in accordance with national laws and regulations and the Contract, and shall not delay staff wages for any reason. If staff strikes or any other adverse effects on Party A are caused by delayed wages, a fine of RMB 10,000-20,000 shall be imposed each time, and Party A has the right to unilaterally terminate the Contract. If the penalty is insufficient to compensate for Party A's losses, Party A has the right to require Party B to make up the difference.

7.29 Must handle all documents and various insurance required by laws and government departments for affiliated employees, as well as third-party liability accident insurance; otherwise, if any problems arise causing losses to Party A or third parties, Party B shall independently resolve and bear the costs. If Party A's reputation is affected, Party B shall take all measures to restore Party A's reputation and compensate for Party A's losses.

7.30 Has the responsibility to conduct pre-job and on-the-job training for employees, effective assessment and inspection, and has the responsibility to conduct fire prevention, theft prevention training, and relevant legal education and moral supervision for employees.

7.31 Party B must provide Party A with chemical and biological disinfection qualification level certificates, special equipment operation certificates, and high-altitude operation certificates for high-altitude workers for Party A's filing and record.

7.32 Party B promises to provide Party A with 10 barrels of chlorine granules and 20 barrels of moss cleaner free of charge during the Contract period.

7.33 If Party B's staff discover emergencies such as electrical leakage or broken water pipes during working hours, they shall promptly notify Party A. If Party B's staff delay notification causing losses to Party A, Party B shall bear compensation liability.

**Article 8 Joint Responsibilities**

8.1 Both Party A and Party B are companies formally established and validly existing according to Chinese law, enjoying all necessary powers and authorizations under the terms of this Contract, and fully and promptly performing all obligations under this Contract.

8.2 During the implementation of the above cleaning business, both Party A and Party B shall accept supervision and guidance from relevant government administrative authorities at any time in accordance with relevant laws and regulations.

8.3 Neither Party A nor Party B shall leak or disclose the contents of this Contract to third parties without the other's consent, unless required by law, or only disclose to professionals employed by both Party A and Party B (including but not limited to lawyers, accountants, etc.); or only disclose responsibilities related to employees performing relevant contractual obligations under this Contract, which is not subject to this restriction.

8.4 The confidentiality responsibilities of Party A and Party B under this Contract are permanent. Regardless of the termination of this Contract for any reason, both parties are obliged to ensure that materials related to their cooperation are not disclosed.

8.5 If at any time Party A or Party B violates any of the above representations or warranties, or if any of the above or any other representations or warranties made in this Contract document become untrue or inaccurate in any respect, the resulting and consequential losses/damages to the other party shall be borne by the breaching party. The breaching party shall make full compensation to the non-breaching party within seven days after receiving written notice from the non-breaching party regarding such losses/damages.

**Article 9 Contract Termination and Liability for Breach**

9.1 Upon expiration of this Contract, if Party A and Party B wish to renew, they shall reach consensus through negotiation and confirm in writing thirty (30) days before the expiration of this Contract.

9.2 When this Contract cannot be performed or fully performed due to force majeure, Party A and Party B may terminate this Contract. "Force majeure" mentioned in this Contract refers to any unforeseeable, unavoidable, and insurmountable condition or circumstance that has actual or adverse effects on the performance of relevant clauses or supplementary clauses and conditions of this Contract by both parties (including preventing, hindering, or delaying contract performance), including but not limited to:

(1) Any government action;

(2) Any natural factors or other natural disasters, such as storms, floods, droughts, lightning strikes, earthquakes, or other natural calamities;

(3) Plagues, epidemics, or quarantine isolation;

(4) Acts of war (whether declared or not), malicious destruction, terrorist activities, or anti-government actions, states of war with foreign enemies, blockades, embargoes, civil unrest, political revolutions, rebellions, civilian uprisings, warlord rule, and attempts to usurp political power, etc.

If either Party A or Party B cannot perform the Contract due to force majeure reasons, they shall promptly notify the other party of the reasons for inability to perform or incomplete performance, and provide proof within seven (7) working days. After confirmation by the other party, delayed performance, partial performance, or non-performance of the Contract is permitted, and liability for breach of contract may be partially or fully exempted depending on the circumstances.

9.3 If Party B has any of the following circumstances, Party A has the right to terminate this Contract. Both parties shall settle fees based on the actual service period provided by Party B and the standards agreed in this Contract. Party B shall pay liquidated damages of 10% of the provisional amount of this Contract (to flexibly control costs to the maximum extent, Party A notifies Party B of the required number of cleaners and services based on the next day's visitor volume. The total contract price is determined by Party A's cleaning service budget). If the liquidated damages are insufficient to compensate for losses caused to Party A, Party B shall compensate for Party A's losses (including but not limited to Party A's direct economic losses, expected profit losses, and all expenses incurred for realizing claims such as attorney fees, preservation fees, litigation fees, notary fees, appraisal fees, investigation fees, etc.). Meanwhile, Party A's termination of the Contract does not affect Party A's right to require Party B to bear various liabilities for breach of contract and damages within the period recognized by Chinese law.

(1) Party B arbitrarily transfers cleaning staff;

(2) Party B's cleaning staff leave their posts without cause for more than 8 hours;

(3) Party B's cleaning staff cannot complete the matters agreed in this Contract, and after replacement by Party B, the reconfigured personnel still cannot complete the matters agreed in this Contract;

(4) Party B's cleaning staff intentionally or with gross negligence cause losses to Party A;

(5) Party A is dissatisfied with Party B's cleaning service level, and after Party A notifies twice or Party B violates other obligations and Party A sets a time limit for correction, Party B fails to correct or still fails to meet Party A's requirements after correction;

(6) Party B's cleaning services do not comply with relevant Chinese laws or Party B's staff engage in illegal or criminal activities;

(7) The services provided infringe upon Party A or other third parties' patent rights/trademark rights/proprietary technology/internet domain name rights/commercial secrets and other intellectual property rights and other rights;

(8) Party B or Party B's property is subject to litigation preservation/auction/compulsory execution/investigation/rectification by administrative authorities/active or passive liquidation or reorganization, causing significant difficulties for Party B to perform this Contract, and Party B still cannot provide third-party performance guarantees after Party A gives a one-month grace period.

(9) Without Party A's written consent, Party B transfers, subcontracts, or dismembers and subcontracts the cleaning services under this Contract to third parties.

9.4 During the Contract period, except for termination of this Contract due to Party B's reasons, Party A has the right to terminate this Contract by notifying Party B in writing fifteen (15) days in advance due to actual needs. After Contract termination, both parties shall settle the cleaning service fees based on Party B's actual working period, and Party A does not need to bear any compensation or indemnification.

9.5 If Party A discovers that Party B's provided services do not comply with the service content stipulated in this Contract, or have any other problems, or do not comply with relevant national industry quality standards and service quality standards, requirements, and specifications recognized by both Party A and Party B, Party A has the right to raise objections. After Party A raises objections to Party B, Party B shall make corrections within seven days according to the service content agreed in this Contract, relevant national industry quality standards, or service quality standards and specifications recognized by both Party A and Party B. All costs and liabilities arising therefrom shall be borne by Party B.

9.6 If Party B unilaterally terminates this Contract, Party B shall pay liquidated damages of 10% of the provisional total amount of the Contract to Party A. If the liquidated damages are insufficient to compensate for losses caused to Party A, Party B shall compensate for Party A's losses (including but not limited to Party A's direct economic losses, expected profit losses, and all expenses incurred for realizing claims such as attorney fees, preservation fees, litigation fees, notary fees, appraisal fees, investigation fees, etc.).

9.7 If Party B has no breach of contract and Party A delays payment, for each day of delay, Party A shall pay compensation at the同期 LPR interest rate (one-year loan market quotation rate announced by the National Interbank Funding Center authorized by the People's Bank of China) on the unpaid amount. Beyond this, Party A does not bear any other compensation or indemnification.

**Article 10 Supplementary Provisions**

Party A and Party B have reached consensus on the following Contract supplementary provisions:

10.1 Party B shall execute according to Party A's customer service standard SOP and cleaning operation procedures. If there are areas needing improvement or supplementation, they must be demonstrated as feasible by both parties and confirmed by Party A before execution;

10.2 Based on service experience, Party B shall propose 3-4 characteristic service suggestions annually. After demonstration of feasibility by both parties, Party A has the right to select 2 for Party B to implement. Party B shall provide allowances to employees with characteristic skills (RMB 200-300/month);

10.3 Party B shall organize no less than 3 cleaning skill competitions annually, with incentive amounts no less than RMB 3,000 each time;

10.4 Party B shall submit monthly, quarterly, and annual cleaning training plans and courseware for Party A's review and supervision of implementation;

10.5 Party B shall submit annual disinfection plan proposals and timely update physical rodent control plans for Party A's review and supervision of implementation;

10.6 Party B shall maintain no less than 2 reserve personnel for grassroots management (team leader level), with allowances no less than RMB 200/person/month during the reserve period;

10.7 Party B shall replace on-site damaged, old, and customer-facing poor tools and equipment at its own expense, with Party A responsible for supervising implementation;

10.8 Regarding the on-site night staff digital management plan, Party B shall provide preliminary support. If demonstrated as feasible, Party A will invest in promotion and implementation;

10.9 Party A conducts monthly assessments of the on-site management team, and Party B rewards or punishes based on assessment results;

10.10 Party B shall arrange for management personnel (above on-site manager level) to visit the site once a month to work with Party A's management personnel for communication and coordination.

**Article 11 Dispute Resolution**

Both parties shall perform the Contract in good faith. If disputes arise during Contract performance, Party A and Party B shall resolve them through negotiation. If negotiation fails, both parties choose to resolve through litigation in the people's court with jurisdiction over Party A's location.

**Article 12 Notice**

12.1 Any notice, requirement, or other communication made in accordance with this Contract must be in written form and delivered to the following communication address of the recipient listed in this Contract (or any other address designated by the recipient with five days' prior written notice).

**Party A's Communication Address**: No. 399 Songluo Road, Nanhui New Town, Pudong New Area, Shanghai<br> Contact Person: Gong Hongbin<br> Telephone: 15304111369<br> Fax: 20781117<br> Postal Code: 20081

**Party B's Communication Address**: Room 108, Shangqi Office, No. 385 Yongjia Road, Tianping Road Street, Xuhui District, Shanghai<br> Contact Person: Chen Luocheng<br> Telephone: 15921530050<br> Fax: ____<br> Postal Code: ____

12.2 Notices, requirements, or other communications sent by one party shall be deemed delivered to the other party according to the following provisions:

(1) If sent by registered mail, deemed received seven days after posting;

(2) If delivered directly, deemed received upon delivery;

(3) If sent by express courier, deemed received three days after dispatch.

**Article 13 Other Matters**

13.1 At the time of signing this Contract, Party B must submit the following documents to Party A: business license, tax registration certificate, licenses, certificates, or documents required by laws and regulations and necessary for operating services, and other certificates and materials reasonably required by Party A.

13.2 The annexes to this Contract are necessary components of this Contract and have equal legal effect with the main text of this Contract.

13.3 Unless otherwise agreed in this Contract, without written consent from Party A/management, Party B shall not transfer rights/obligations under this Contract to third parties.

13.4 Matters not covered in this Contract, or any changes to this Contract, after consensus through negotiation by both parties, may be made through supplementary contracts in written form by both parties. Supplementary contracts have equal effect with this Contract and shall replace the revised Contract clauses.

13.5 Taxes and fees arising from the performance of this Contract shall be borne by Party A and Party B respectively according to law.

13.6 This Contract is written in Chinese. If Party A provides Party B with Chinese and English texts, the English text is for reference only. Party A does not guarantee that the content and meaning expressed in the English text are completely consistent with the Chinese text. If there are any conflicts or differences between the two texts, the Chinese text shall prevail.

13.7 The headings of the clauses in this Contract are for convenience of reference only and shall not be used to interpret Contract clauses.

13.8 The clauses of this Contract are reached through full negotiation and discussion by both parties and do not constitute standard terms of either party.

13.9 This Contract is made in seven (7) copies with equal legal effect. Party A holds five (5) copies, and Party B holds two (2) copies. This Contract takes effect immediately after being sealed by both parties.

**Party A**: Shanghai Haichang Polar Ocean World Co., Ltd.

**Party B**: Ruiwuhang (Shanghai) Facility Management Co., Ltd.

Authorized Representative: ________

Authorized Representative: ________

Signature (Official Seal): ________

Signature (Official Seal): ________

Date: ____ Year ____ Month ____ Day

Date: ____ Year ____ Month ____ Day

## Exhibit 10.14

**Exhibit 10.14**

**Facility Management Service Contract**

This Facility Management Service Contract ("Contract") is signed by the following parties:

**Shanghai Wangting Logistics Management Service Co., Ltd.** Address: No. 1111, Hucheng Ring Road, Pudong New Area, Shanghai Telephone: [\*], Authorized Representatives: Zhang Yuanyuan, Wu Zhenzhen (Hereinafter referred to as "Party A" or "Jianqiao College")

**And**

**Ruiwuhang (Shanghai) Facility Management Co., Ltd.** Address: Building 2, No. 692, Yongjia Road, Xuhui District, Shanghai Telephone: [\*], Authorized Representative: Chen Luocheng (Hereinafter referred to as "Party B" or "Ruiwuhang")

Whereas, Party A and Party B have reached an agreement that Party B will provide facility management services to Party A at Shanghai Jianqiao College, and both parties have entered into this Contract based on mutual commitments and common objectives as follows:

**I. Scope of Services**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Project** a. Project Name: Shanghai Jianqiao College b. Project Type: School c. Location: No. 1111,
 Hucheng Ring Road, Pudong New Area, Shanghai d. Building Area: 485,000 square meters

&nbsp;&nbsp;&nbsp;&nbsp;2. **Services** a. Party A is the entrusted manager of this project. Party B shall provide project management
 to Party A through the following service modules, and deploy service personnel to complete
 the services under this Contract. Party B's scope of services includes but is not limited
 to: 1. Dormitory Management; 2. Waste Collection and Transportation; 3. Conference Services.
 b. If Party A and Party B negotiate to supplement the scope of services, they may sign a
 supplementary agreement or negotiate to amend the annexes to this Contract. Party B shall
 provide the most favorable service conditions.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Task List** a. Party B shall provide services based on the task list negotiated and agreed upon
 by both parties; b. Task Lists: Annex I "Dormitory Management Task List", "Waste
 Collection and Transportation Task List", "Conference Services Task List".
 c. If Party A and Party B negotiate to supplement the task content, they may sign a supplementary
 agreement or negotiate to amend the annexes to this Contract.

**II. Obligations and Responsibilities of Party B**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Personnel Management** a. Party B shall provide experienced teams and employees for facility management
 services, and deploy a sufficient number of qualified personnel to ensure service delivery.
 Specific qualifications and personnel arrangements for each project are detailed in Annex
 I. b. Party B's deployed staff must obtain written confirmation from Party A before entering
 the site. All personnel must be employees who have established labor or employment relationships
 with Party B. Party B is responsible for managing, training, and supervising all staff providing
 services. c. Party B must ensure the stability of deployed service personnel. One month after
 entering the site, personnel must be fixed and not be arbitrarily replaced. If there are
 personnel who do not meet work requirements and need to be adjusted or replaced, Party B
 must report to Party A in advance.

d. If Party B needs to adjust or redeploy staff positions recognized by Party A, a written application must be submitted and adjustment can only be made after Party A's approval. For on-duty personnel that Party A deems unsuitable, Party B shall make timely adjustments after receiving Party A's request for personnel changes.

e. During the work period, Party B's staff must comply with all school rules and regulations as well as management regulations formulated by Party A to provide quality services. No illegal or disciplinary violations shall occur; no conflicts with teachers, students, employees, merchants, or customers; and no unauthorized disclosure or dissemination of Party A's, teachers', students', or school-related information.

f. When Party B's personnel perform their duties, any disputes involving Party B's employees (including but not limited to labor/employment contract disputes, work injury compensation, etc.) shall be solely the responsibility of Party B and have no relation to Party A. If Party B's deployed staff cause personal or property damage or harm to Party A, teachers, students, merchants, or customers due to negligence, Party B shall bear corresponding legal liability and economic compensation. Student complaints, petition visits, etc., caused by Party B's staff's service attitude or service quality shall be resolved by Party B, and Party B shall bear full responsibility for any losses and economic compensation.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Site Representative** a. To ensure on-site service delivery, Party B shall assign one employee
 as the site representative to serve as the on-site project manager. b. Responsibilities of
 Party B's Project Manager: Represent Party B in executing this Contract. Ensure the quality
 of services under this Contract on site. Manage daily operations and supervise Party B's
 staff. Represent Party B in handling various daily affairs, including communication and coordination
 with Party A's representatives. c. The project manager assigned by Party B shall obtain confirmation
 from Party A. The requirements are: bachelor's degree or above, at least 5 years of relevant
 service industry experience (Ruiwuhang specifically requires at least 2 years of Internet-related
 experience), and overall operation of the Jianqiao project. If Party B's company representative
 is changed, Party B shall promptly notify Party A and obtain confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Management Requirements** a. Party B shall prepare service work plans, emergency plans, establish
 personnel work norms, quality management objectives, assessment and evaluation systems, reward
 and punishment methods, etc., according to the requirements of documents related to schools
 and logistics provided by Party A, and send the above materials to Party A for filing and
 review within one month after the contract is signed.

b. Party B shall establish information communication channels and make them public to Party A: set up suggestion boxes or online mailboxes in the duty room to receive opinions and suggestions from students, and respond promptly to questions or feedback from teachers and students. The above information communication records shall be reported to the property service center in written (electronic version) briefings every Monday.

c. Party B's unit shall organize at least 1 training session per month for its employees on business and safety skills, emergency plan publicity and learning, etc., to familiarize them with work operations and proficient use of facilities, equipment, and firefighting equipment in the building, and conduct corresponding assessments on training results. Training content, results, and related image materials shall be reported to the property service center in briefings every month.

d. Without Party A's written permission, Party B shall not change the use of common areas and shared facilities in the property management area; shall not occupy roads and sites in the property management area; if indeed necessary for work, Party B shall apply in writing to Party A in advance and obtain consent before implementation. Related construction shall not affect the normal operation of the school.

e. In case of safety accidents or emergencies, Party B shall take emergency measures while promptly reporting to Party A, protect the scene, and assist in handling the situation.

f. Party B shall submit monthly and annual property management service summary reports to Party A by the end of each month and year; before the contract expires, Party B shall submit a property management service summary report to Party A; when the contract expires and is not renewed, Party B shall hand over buildings, materials, equipment, tools, archives, and drawings to Party A, fill out the handover list, and have it signed by both parties; after all procedures are completed, sign the property handover confirmation.

g. In case of temporary important activities by Party A, inspections by superior leaders, etc., Party B shall deploy additional personnel according to the situation to ensure Party A and/or the school's good social image. Party B shall not refuse temporary task arrangements.

h. Party B is fully responsible for the authenticity and validity of all materials provided to Party A. Party B has the obligation to ensure that itself and its service personnel maintain confidentiality of all Party A and/or school information they come into contact with. If Party B or Party B's personnel disclose the aforementioned information to third parties without legal authorization or Party A's written consent, Party A may terminate this Contract at any time and require Party B to bear losses including but not limited to direct losses, indirect losses, loss of expected profits, attorney fees, litigation fees, etc. of Party A and/or the school.

i. Party B shall ensure that office and service areas provided to Party A are clean and tidy.

**III. Obligations and Responsibilities of Party A**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Equipment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Party A shall provide all necessary facilities, tools, and safety systems on site (including but not limited to: access control, CCTV, anti-theft alarm devices, fire protection systems, etc.) to enable Party B to smoothly complete its work. Party A and Party B shall jointly inventory the equipment and tools provided by Party A, and both parties shall sign on the equipment list to confirm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For facilities, tools, and safety systems provided by Party A, Party B shall test the equipment provided by Party A. If there are problems, notify Party A promptly, and Party A shall be responsible for repairing or replacing damaged equipment. Party B shall regularly inventory equipment and track damage to items at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If equipment damage is caused by incorrect operation of Party B's employees, Party B shall replace or repair it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. When ending the work of this Contract, both parties shall inventory again, and discrepancies shall be resolved according to the responsibilities stipulated in this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Facilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Office Facilities: Party A shall provide Party B's service personnel with office space and office network required for work free of charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Staff Convenience: Party A shall provide Party B's employees with living conveniences as much as possible, including but not limited to: dining, drinking water, parking lots, night duty rooms (one for cleaning), etc.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Responsibilities of Party A's Representative** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Party A shall assign a representative to handle daily affairs, including communication with Party B, signing monthly, quarterly, and annual quality reports, assisting Party B's reports, and assisting Party B in handling problems arising in daily operations, so that Party B can take timely action when Party A has reasonable requirements. If Party A's company representative is changed, Party A shall promptly notify Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Medical Assistance: Party A agrees that during the service process, if any emergency occurs, Party A is willing to assist Party B with medical emergency treatment as much as possible, and provide conveniences to coordinate sending patients to the nearest local hospital. Party B bears the work injury liability of its employees during the service process.

**IV. Price Terms**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Service Management Fee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Based on the services provided by Party B to Party A, Party B shall charge Party A service management fees as follows: Annex II "Dormitory Service Fee List", "Waste Collection and Transportation Service Fee List", "Conference Service Fee List". If the service exceeds one year, the excess part shall be settled according to actual facts. If the service is less than a natural month, the monthly fee shall be calculated proportionally based on the actual service days of the project to the total days of the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This service management fee includes: basic salary, bonuses and other benefits of on-site employees, national holiday allowances; tools and consumables required for Party B's employees' work; recruitment and training fees; uniforms; administrative, travel, and reporting expenses; public liability insurance, employer liability insurance; management fees; taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. After this Contract is signed, Party B shall pay Party A a performance bond of RMB 50,000. This amount shall be refunded without interest within one month after Party B's contract period expires, after Party A confirms that the service quality is qualified, no major safety liability accidents have occurred, and there are no serious breach of contract liabilities stipulated in this Contract during the contract period.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Payment of Service Management Fee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Party B shall confirm the service management fee with Party A at the end of each month, and promptly issue invoices to Party A after obtaining Party A's written confirmation. Party A shall pay the service management fee for the previous month before the end of the next month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Both parties' accounts: Party A: Shanghai Wangting Logistics Management Service Co., Ltd. Bank Account: 03867300040025892 Opening Bank: China Agricultural Bank Shanghai Free Trade Zone New Area Branch

Party B: Ruiwuhang (Shanghai) Facility Management Co., Ltd. Bank Account: 1219 4085 5310 705 Opening Bank: China Merchants Bank Shanghai Huaihai Middle Road Branch

&nbsp;&nbsp;&nbsp;&nbsp;3. **Additional Position Costs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Due to Party A's operational requirements, for any additional positions on site, adjustments shall be made according to the unit prices and service fees listed in Annex II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For large event guarantees such as the beginning of the school year, graduation season, and summer projects, Party B shall provide additional personnel support. If additional costs may be incurred, they shall be determined after evaluation by both parties' management personnel, and Party B shall provide maximum discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. For large event handling, if additional costs may be incurred, they shall be determined after evaluation by both parties' management personnel, and overtime fees shall be paid according to actual occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. For large events requiring equipment support, after both parties negotiate and agree, costs shall be borne by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Overtime Pay** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For overtime requirements proposed by Party A, Party B shall charge management fees according to the following standards: Weekdays/Weekends/Holidays: RMB 25 per hour

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All overtime must be approved by both parties.

**V. Contract Term and Renewal**

&nbsp;&nbsp;&nbsp;&nbsp;1. This
 Contract is for two years, from August 15, 2023 to June 30, 2025. The first service period
 is from August 15, 2023 to June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;2. If
 either party does not renew this Contract before it expires, they shall notify the other
 party 3 months before the contract expires. If notification is not made within this time
 limit, the contract term shall automatically renew for 1 year from the day after expiration.

**VI. Results-Oriented Services**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Definition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Results-oriented services are based on agreed performance levels to set contract terms. In contrast, traditional service contracts mainly rely on fixed resource quantities (such as manpower, equipment) that Party B must provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Contract expects, promotes, and allows Ruiwuhang to propose innovative measures to achieve agreed performance levels through tools, technology, and process optimization. However, such measures must be applied for in writing and implemented only after Party A's confirmation and approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Results-oriented services improve cost-effectiveness and reduce dependence on human resources.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Objectives** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Party B shall provide first-class property management services to Party A with the best professional practices and industry standards. Services shall be measured against performance agreed upon by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Party A shall conduct monthly performance assessments of Party B's services. The assessment form is detailed in Annex III "Monthly Assessment Detailed Rules", and the results shall be compared with the agreed standards. If Party B's performance results are below the agreed level, Party B shall immediately take improvement measures. If Party B's performance is significantly below the agreed standard or causes losses to Party A, corresponding compensation shall be provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Party B commits to continuously improving its services to increase customer satisfaction and property facility maintenance levels. Party B shall regularly (at least once a month) provide service quality reports to prove its improvement results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Party B shall immediately investigate and provide solutions within 12 hours after receiving notification of customer doubts about service quality.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Efficient and Innovative Solutions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. To achieve the objectives of these "Results-Oriented Services", Party B shall ensure the flexibility to provide efficient and innovative solutions. This flexibility shall include but not be limited to adoption of new technologies, implementation of new working methods, and exploration of new service models.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Party B shall regularly (quarterly) report to Party A on its plans and achievements in improving efficiency and innovative solutions. Such reports shall include but not be limited to introduction of new technologies, implementation of new working methods, exploration of new service models, and the benefits brought by these changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Party A shall actively support and assist service providers in implementing these efficient and innovative solutions, including but not limited to providing necessary information and adjusting corresponding service standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If Party B's efficient and innovative solutions generate additional value for Party A, both parties shall negotiate to reasonably reflect this value in price or other contract terms.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Performance Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Both parties shall jointly determine and confirm in writing specific performance standards at the beginning of each service period. These performance standards shall detail the targets that the service provider should achieve, including but not limited to: task lists, customer satisfaction indicators, property facility maintenance status, response times, and problem resolution times.

&nbsp;&nbsp;&nbsp;&nbsp;5. **Performance Incentives and Payment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. To continuously improve service quality, Party A and Party B will implement a reward mechanism to motivate Party B to continuously improve its service quality. If Party B's performance scores are higher than the predetermined performance for several consecutive months, Party A will adopt an incentive payment model. Party A will assess Party B monthly based on the content of Annex I: "Property Monthly Assessment Detailed Rules". Party A will establish special rewards for Party B's staff annually (reward amount not exceeding 100,000 yuan), mainly to reward outstanding backbone personnel who perform excellently in emergency handling, large event guarantees, etc. during the service period. Specific reward plans shall be determined and implemented after joint consultation between Party A and Party B.

---

| | |
|:---|:---|
| **Performance Score (x)** | **Incentive Payment** |
| Annual Comprehensive Score 95 and above | RMB 100,000 special reward fund annually |
| x ≥ 90% | 100% Service Management Fee |
| 85% ≤ x < 90% | 97% Service Management Fee |
| 80% ≤ x < 85% | 95% Service Management Fee |
| x < 80% | 90% Service Management Fee |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. a.
 The incentive payment model links monthly payment to Party B's performance scores. For Party
 B that exceeds expected performance, in addition to full monthly contract payment, Party
 A shall determine the allocation of special reward funds based on the annual service situation
 in the last month of the service year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If Party B's performance is not up to standard, Party A shall deduct the service management fee according to a certain proportion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Performance-based payment will encourage Party B to achieve key performance indicators, improve productivity and service quality, and motivate Party B to make up for performance deficiencies to obtain full payment for the services provided.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Transition Period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Contract aims to transition from traditional property management service models to results-oriented service models. To ensure service continuity and avoid any potential service interruption, both parties agree to set a "transition period". After the transition period, through mutual consultation, the contract model will transition to results-oriented service models.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. During the transition period, Party B will continue to provide property management services according to traditional models while gradually implementing results-oriented service models. During this period, Party B shall ensure that the quality and efficiency of all services reach the level of the agreed service model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The client will provide necessary support and cooperation during the transition period to help Party B smoothly implement results-oriented service models.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The transition period of this Contract is tentatively set at 2 months. After the transition period ends, Party B will fully provide property management services according to results-oriented service models. At this time, both parties will adjust the service provider's compensation and on-site personnel arrangements for various service projects according to Party B's performance based on other terms of the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Flexible Pricing and Regular Contract Review** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The "Results-Oriented Services" in this Contract shall have flexibility to adapt to constantly changing market environments. This flexibility helps both parties share risks in a fair and open manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Both parties shall review the Contract at least once every six months. The review shall include but not be limited to the service provider's performance, contract price, and any market and regulatory changes that may affect contract execution. Based on the review results, both parties shall negotiate to adjust contract terms in a timely manner to adapt to changing market environments and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If there is any dispute between the parties on contract review or price adjustment, it shall be handled according to the dispute resolution clauses of this Contract.

**VII. General Terms**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Contract Effectiveness** 

This Contract and related supplementary agreements shall take effect after being stamped or signed by authorized representatives of both parties.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Termination of Contract** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If Party B fails to perform its main obligations as agreed in the Contract or seriously violates the Contract, and Party B fails to take any remedial measures within 30 (thirty) days after receiving written notice from Party A, Party A may request to terminate this Contract and require Party B to pay liquidated damages equivalent to one month's service fee amount before contract termination (monthly service fee calculated based on the average service fee amount of the three months before contract termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If Party A terminates the Contract not due to Party B's reasons or force majeure, Party A shall pay liquidated damages to Party B equivalent to one month's service fee amount before termination (monthly service fee calculated based on the average service fee amount of the three months before contract termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If Party A delays payment of service fees for more than 30 days, Party B has the right to terminate the Contract and require Party A to pay liquidated damages equivalent to one month's service fee amount before contract termination (monthly service fee calculated based on the average service fee amount of the three months before contract termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If Party B terminates the Contract not due to Party A's reasons or force majeure, Party B shall pay liquidated damages to Party A equivalent to one month's service fee amount before termination (monthly service fee calculated based on the average service fee amount of the three months before contract termination).

&nbsp;&nbsp;&nbsp;&nbsp;3. **Breach of Contract Liability of Both Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If
 Party A delays payment of Party B's service fees for more than one month without reason,
 for each working day of delay, Party A shall pay liquidated damages to Party B at the rate
 of 0.03% per day based on the unpaid amount (except for delays caused by this Contract not
 being signed). Delays in Party A's payment caused by Party B's failure to provide valid invoices
 in a timely manner or due to Party B's reasons or force majeure are not considered Party
 A's breach of contract. b. If Party B violates the Contract, commitments, or obligations,
 it shall bear liability for breach of contract. Liability for breach of contract includes
 but is not limited to payment of liquidated damages and compensation for losses, which include
 but are not limited to Party A's direct losses, indirect losses, loss of expected profits,
 notary fees, attorney fees, litigation fees, and all other expenses. If Party B violates
 the following clauses, it will be deemed a breach:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B's cumulative 3 monthly assessments are below 85 points or cumulative three quarterly satisfaction rates are below 90%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Causing major safety liability accidents or cases due to Party B's reasons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Causing teacher and student complaints and petitions (3 times or more), damaging Party A's or the school's reputation, or causing economic losses to Party A or the school due to Party B's reasons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Being fined or administratively punished by relevant departments (Municipal Education Commission, etc.) due to Party B's reasons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Party B subcontracting or transferring service content and projects in any form without authorization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Party B providing false materials, falsifying information, etc., verified by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Party B privately transferring project staff without Party A's written consent, or Party B's personnel instability with monthly turnover rate exceeding 30%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Party B privately disclosing Party A's and the school's, teachers' and students' related information;

&nbsp;&nbsp;&nbsp;&nbsp;4. **Confidentiality** 

The specific content of this Contract and any business secrets of either party shall be kept confidential. Whether during the validity period of the Contract or after termination, except with prior written consent from the other party, neither party shall disclose this to third parties (including but not limited to any party's technology, business, financial, and personnel information, etc.). This confidentiality clause remains valid after contract termination or cancellation. The breaching party shall bear all responsibilities and losses arising therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;5. **Insurance** 

Party B shall take out public liability insurance, employer liability insurance, etc. Premiums shall be paid by Party B, and proof of premium payment shall be shown to Party A upon request.

&nbsp;&nbsp;&nbsp;&nbsp;6. **Contract Transfer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. With Party A's written consent, during the term of this Contract, Party B may transfer this Contract to its branches, affiliated companies, subsidiaries, or holding companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Party B agrees that during the term of this Contract, Party A may transfer this Contract to its affiliated companies.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Employment Regulations** 

Both parties agree that under any circumstances, during the term of this Contract and within twelve (12) months after termination of this Contract, Party A (including but not limited to itself, branches, subsidiaries, and other affiliates) shall not directly or indirectly employ (including but not limited to dispatching) any of Party B's employees. If Party A violates this provision, it shall pay compensation to Party B equivalent to one month's salary for each employee.

&nbsp;&nbsp;&nbsp;&nbsp;8. **Dispute Resolution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any dispute arising from or in connection with this Contract shall be submitted to the competent court at the location of Party A for litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The formation, effectiveness, interpretation, execution, amendment, and termination of this Contract, as well as the resolution of disputes, shall be governed by the laws of the People's Republic of China.

&nbsp;&nbsp;&nbsp;&nbsp;9. **Contract Execution** 

The annexes to this Contract constitute an integral part of this Contract and have the same legal effect as this Contract. This Contract shall take effect after being stamped by both parties or signed by the legal representatives or authorized representatives. This Contract is made in four (4) originals, with Party A holding three (3) copies and Party B holding one (1) copy, all having equal legal effect.

**Party A (Official Seal):** Shanghai Wangting Logistics Management Service Co., Ltd.

**Authorized Representative Signature:** Wu Zhenzhen, Zhang Yuanyuan

**Date of Signature:**

**Party B (Official Seal):** Ruiwuhang (Shanghai) Facility Management Co., Ltd.

**Authorized Representative Signature:** [Signature]

**Date of Signature:** [Date]

## Exhibit 10.15

**Exhibit 10.15**

**Service Agreement**

**COMPANY EICH EL NASS For logistics**

**&**

**SHENZHEN MINSHENG GEFCO LOGISTICS**

**THIS AGREEMENT is made on 01/08/2024 BETWEEN**

**The First Party:** COMPANY EICH EL NASS For logistics (referred hereafter as Client) having its registered office in Jeddah with CR 1009049155

**The Second Party:** SHENZHEN MINSHENG GEFCO LOGISTICS CO.,LTD (referred hereafter as SHENZHEN MINSHENG GEFCO /Supplier) having its register office in Jeddah with CR #91440300594321345M

**Background and Appointment:** 

The Client appoints SHENZHEN MINSHENG GEFCO as its procurement and coordination supplier for logistics-related services and the Supplier agrees to provide such procurement and coordination services to the Client in accordance with the terms and conditions of this Agreement from the effective

**Scope Of Work and Volume:** 

The Supplier (SHENZHEN MINSHENG GEFCO) agreed to procure, coordinate and arrange customs clearance, transportation, trucking and storage services for the Client through qualified third-party service providers, based on the Client's assigned projects and

The Supplier shall coordinate clearance services and trucking services for all assigned projects, including the arrangement of delivery of containers/consignments directly from the Port/Terminal/Depot/Warehouse to the customer's location or the other way around, as required by the

The Parties agree that the relevant fees shall be based on the final bill and/or the agreed project documentation (including proforma invoices) for the assigned

**Documents &Reporting:** 

All Containers/Consignments must be accompanied with the relevant documents and/or paperwork related to the contents of the consignment in accordance with agreed SOP and all paperwork is properly executed and stamped. Consignment documents or their contents shall not be shared or handed over to third

The Supplier must report actual delivery times at Client's location (Port, Store, Factory, Warehouse etc.)no later than 24 hours after actual delivery with supporting

Incidents &Accidents In the event of any force majeure, incident, accident, emergency, damage to the Container and/or Cargo whether at Port, Terminal, Depot, Road or Warehouse, the Supplier will take necessary action to contain the situation and inform the Client office/representative as soon as

The Supplier shall ensure that third-party service providers (including drivers) check all the relevant documents before loading/offloading and take reasonable steps to safeguard the customer's cargo until delivered to the appointed destination. In the case that waiting hours or any other stops occur during loading and/or unloading of the Container(s)or other delays at the customer's premises, the Client must be

The Supplier shall be responsible for coordinating the performance of the third-party service providers. Unless otherwise agreed in writing, the Client shall be responsible for all expenses related to the trucks and drivers charged by such third-party service providers and included in the final

**Dispute Settlement:** 

Both parties agreed, any dispute that may arise between them relating to the execution of this agreement shall be resolved by resort to amicable means, otherwise it shall transfer and resolved in accordance with local, commercial, and judicial laws of Saudi Arabic.

**General Terms &Conditions:**

● Fash appointment charges will be applied for Pullout &Port shuttling.

● Minimum of five days prior notification is necessary to allocate trucks.

● Client will pay for any special equipment required for Offloading &LoLo.

● The above rates are exclusive of 15%VAT and in Saudi Riyals.

● 90%payment after completion of the shipment and 10% after 180days.

● All Government/Official charges will be paid directly by the client.

● Rates are valid till 30th OCT 2024.

● Waiting Charges of SR 500will be charged after six free hours.

● Overnight Charges of SR 1000will be charged after 24

**Amendment &Notice:** 

Any amendments or alterations to this agreement will not be certified unless written or signed by both parties. All notices between both parties shall be sent by email or delivered by hand against receiving

**Rate and Payments:** 

Subject to the assigned projects

**Validity:**

The contract is valid for one year, started 01/08/2024 and will be renewed automatically unless one of them notify to the other party his desire not to renew one month prior to the contract renewal date. Notice of contract termination should be in the form of a written letter outlining reasons for termination.

**Accepted and Agreed:**

**First Party：**

COMPANY EICH EL NASS For logistics

Dated: 2024/08/01

Stamp: [Seal Image]

**Second Party：**

SHENZHEN MINSHENG GEFCO LOGISTICS

Dated:2024/08/01

Stamp: [Seal Image]

## Exhibit 10.16

**Exhibit 10.16**

**Intelligent Comprehensive Service Agreement for Sharing Economy**

Thank you for choosing **Saying Platform** to provide you with comprehensive services for the sharing economy. We will rely on our comprehensive strength to provide you with the most standardized and professional services.

**Party A:** Ruiwuhang (Shanghai) Facility Management Co., Ltd. (hereinafter referred to as "Party A")

Address: Room 108, No. 10, Lane 385, Yongjia Road, Xuhui District, Shanghai

Contact Person: Ms. Zhang

Telephone: [\*]

Email: [\*]

**Party B:** Shanghai Saying Information Technology Ltd. (hereinafter referred to as "Party B")

Address:

Contact Person: Zhang Hua Telephone: [\*]

Email: [\*]

Party A and Party B hereby enter into this Agreement on **June 2, 2023**, in **Shanghai** (hereinafter, Party A and Party B are collectively referred to as the "Parties" and individually as a "Party").

**Special Provisions:**

 

*In the use of the comprehensive services for the sharing economy provided by Party B under this Agreement for freelancers who obtain business operation income, Party B undertakes to pay taxes in accordance with the law and to ensure that individual taxpayers obtain legal income after tax.*

 

*Military personnel, public servants, and other personnel prohibited by national laws, regulations, and disciplinary rules from engaging in part-time jobs or business activities are strictly prohibited from using the comprehensive services for the sharing economy provided by Party B under this Agreement.*

 

*Company employees and other personnel who have labor/employment contracts or similar labor and personnel legal relationships with a company and obtain wage and salary income from such company are strictly prohibited from using the comprehensive services for the sharing economy provided by Party B under this Agreement; for such personnel who obtain business operation income from engaging in production and business operations with enterprises or institutions other than the aforementioned entities, Party B may provide them with the comprehensive services for the sharing economy under this Agreement.*

 

*Legal representatives, shareholders, directors, supervisors, and other personnel who obtain income from their affiliated companies are strictly prohibited from using the comprehensive services for the sharing economy provided by Party B under this Agreement; for such personnel who obtain business operation income from engaging in production and business operations with enterprises or institutions other than the aforementioned entities, Party B may provide them with the comprehensive services for the sharing economy under this Agreement.*

 

*Once any of the above behaviors is discovered, Party B has the right to report to the tax authorities and other relevant state organs. The tax authorities and other relevant state organs shall pursue the legal liability of the responsible persons in accordance with the provisions of the Law of the People's Republic of China on the Administration of Tax Collection and other relevant laws and regulations.*

**Whereas,** Party A engages in **Information Technology** business and requires a large number of freelancers to provide services to its users/clients; Party B is a company registered and established in China, possesses a sharing economy resource platform and intelligent system, has the qualification for tax collection and remittance on behalf of the tax authorities, and accepts Party A's entrustment to screen and select suitable freelancers for Party A and can provide comprehensive services for the sharing economy.

**Article 1 Cooperation Content**

&nbsp;&nbsp;&nbsp;&nbsp;1. Party
 A's business operations require a large number of freelancers to provide related services
 to its users/clients. Party A may provide services to freelancers and their users/clients,
 including but not limited to: information release and inquiry, transaction matching and processing,
 order inquiry and management, pricing suggestions and consultation, agency service fee consultation
 and negotiation, other modern services, transaction contracts and voucher custody, and other
 information services and transaction processing services. The term "freelancer"
 in this clause refers to: **freelancers without factual labor relationships**.

&nbsp;&nbsp;&nbsp;&nbsp;2. Party
 B possesses a sharing economy resource platform and intelligent system, and can accept Party
 A's entrustment to provide comprehensive services for the sharing economy, including but
 not limited to screening and recommending suitable freelancers for Party A, supervising the
 business activities of freelancers providing services to Party A, withholding and remitting
 taxes and fees on behalf of freelancers, and accepting Party A's entrustment to pay corresponding
 performance fees (after tax) to freelancers.

&nbsp;&nbsp;&nbsp;&nbsp;3. According
 to the withholding authority, the scope of withholding by Party B is limited to individuals
 engaged in production and business operations, that is, the freelancers under this Agreement.
 The meaning of "withholding" in this clause refers to: **the tax bureau grants Party B the qualification to withhold taxes on the platform**; "withholding authority"
 refers to: **the authority to withhold relevant value-added tax and other taxes and fees for freelancers within the platform**.

**Article 2 Rights and Obligations of Party A**

&nbsp;&nbsp;&nbsp;&nbsp;1. Party
 A has the right to review the application information submitted by freelancers and decide
 whether to accept the application. Party A shall regulate its transaction methods and legal
 relationships with users/clients and freelancers on its own. If any disputes arise therefrom,
 Party A shall handle them on its own, and Party B shall have no liability.

&nbsp;&nbsp;&nbsp;&nbsp;2. Party
 A has the right to decide to suspend the activities of freelancers, suspend the corresponding
 expense settlement, terminate the activity arrangement with such freelancers, and arrange
 corresponding contract arrangements according to business needs, freelancer activities, and
 other circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;3. Party
 A shall truthfully generate withdrawal application forms (the amount recorded in the withdrawal
 application form shall be the after-tax income of the freelancer) according to the agreement
 of this Agreement, pay service fees to Party B in full and on time, and independently bear
 any legal liability related to the freelancer.

&nbsp;&nbsp;&nbsp;&nbsp;4. Party
 A shall ensure that the service information released by freelancers and their users/clients
 is true, valid, and complies with legal provisions, and ensure that the information releaser
 will not arbitrarily revoke or change the service information. If the above information is
 untrue or changes cause losses to Party B, Party A shall bear the responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;5. Party
 A shall publish business rules on its platform/website and notify Party B in a timely manner
 when business rules change.

&nbsp;&nbsp;&nbsp;&nbsp;6. Party
 A shall ensure that the service content arranged for freelancers and their users/clients
 does not violate laws, harm social morals, or harm the physical and mental health and safety
 of freelancers, and fully ensure the effective realization of the rights and interests of
 freelancers and Party B.

&nbsp;&nbsp;&nbsp;&nbsp;7. Party
 A shall not engage in behaviors that violate laws or administrative regulations, such as
 money laundering, tax evasion, or other behaviors that Party B deems inappropriate for using
 Party B's services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 If
Party A or freelancers or their users/clients are taxpayers or withholding obligors, they shall fulfill their tax obligations in accordance
with the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 When
Party B fulfills the withholding obligations under this Agreement within the withholding authority granted by the competent tax authority,
if Party A or freelancers or their users/clients refuse to pay taxes, Party B has the right to report to Party B's competent tax authority
within 24 hours for handling by Party B's competent tax authority.

&nbsp;&nbsp;&nbsp;&nbsp;8. Party
 A shall not entrust Party B to withhold individual income tax for the following personnel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Personnel
who have labor/employment contracts or other similar labor and personnel legal relationships with Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Personnel
who have labor/employment contracts or other similar labor and personnel legal relationships with Party A's affiliated enterprises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Legal
representatives, directors, supervisors, and shareholders of Party A and its affiliated enterprises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Other
personnel not applicable to the provisions of Article 1, Paragraph 3 of this Agreement regarding the scope of withholding by Party B.

The aforementioned Party A's affiliated enterprises refer to those that directly or indirectly hold 25% or more of the equity of one party; or those that are directly or indirectly owned or controlled by a third party holding 25% or more of the equity; or those that have actual control over Party A's production, operation, and transactions, or other interest-related relationships (including but not limited to marriage, close relatives).

If the personnel stipulated in this article engage in production and business operations as freelancers, and provide relevant proof documents, **Party B may withhold and remit individual income tax on their behalf from such business operation income in accordance with this Agreement**.

&nbsp;&nbsp;&nbsp;&nbsp;9. Party
 A undertakes to keep confidential the personal privacy information disclosed by freelancers.

&nbsp;&nbsp;&nbsp;&nbsp;10. Party
 A undertakes: for the purpose of completing the cooperation under this Agreement, the personal
 information legally provided to Party B and authorized for use by Party B or legally shared
 with Party B has obtained the consent of the personal information subject. The aforementioned
 "personal information" refers to various information recorded in electronic or
 other forms that can identify a natural person's personal identity alone or in combination
 with other information, including but not limited to the natural person's name, date of birth,
 identity document number, personal biometric information, address, telephone number, etc.,
 as well as personal collection account information, order quantity, and fees.

&nbsp;&nbsp;&nbsp;&nbsp;11. Party
 A may retain the personal information of freelancers obtained from Party B for the purpose
 of realizing the cooperation content of this Agreement. However, without Party B's authorization,
 Party A shall not disclose the personal information of freelancers obtained from Party B
 to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;12. Party
 A undertakes to fulfill the security protection obligations for the personal information
 of freelancers obtained from Party B in accordance with the requirements of relevant laws
 and regulations, ensuring that the network is free from interference, damage, or unauthorized
 access, and preventing network data leakage, theft, or tampering.

**Article 3 Rights and Obligations of Party B**

&nbsp;&nbsp;&nbsp;&nbsp;1. Party
 B has the right to formulate corresponding service standards for the business activities
 provided by freelancers. Freelancers shall comply with the aforementioned service standards.
 Party B shall urge freelancers not to violate relevant laws and regulations, and Party B
 shall not bear any legal liability for freelancers' violations of laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;2. For
 the comprehensive services for the sharing economy provided by Party B under this Agreement,
 including but not limited to the economic activities provided by freelancers to Party A,
 Party B has the right to charge Party A corresponding service fees.

&nbsp;&nbsp;&nbsp;&nbsp;3. Party
 B shall act in the principle of maximizing Party A's interests, diligently perform this Agreement,
 maintain Party A's image, and not harm Party A's legitimate rights and interests.

&nbsp;&nbsp;&nbsp;&nbsp;4. Party
 B shall, in accordance with relevant tax policies and the requirements of Party B's competent
 tax authority, provide Party A with the list of freelancers' individual income tax withholding
 and administrative charges (if applicable) for the withdrawal application. Upon Party B's
 request, freelancers shall provide assistance and information related to tax declaration
 and payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Party
B shall comply with national laws, administrative regulations, and rules regarding entrusted withholding, and complete the withholding
acts agreed upon under this Agreement in accordance with the provisions of the "Entrusted Withholding Agreement" signed with
the competent tax authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Party
B shall legally withhold and remit taxes in full and on time, ensuring that the amount of tax vouchers issued is consistent with the
reported taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Party
B shall, in accordance with the ticket management regulations of the competent tax authority, collect, keep, issue, and cancel relevant
vouchers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 When
Party B withholds taxes under this Agreement, it shall provide Party A with tax vouchers provided by Party B's competent tax authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 If
Party B fails to withhold or under-withhold taxes due to Party B's responsibility, the legal liability arising therefrom shall
be borne by Party B. Party B shall handle the liability assumption with the competent tax authority on its own, except that Party B shall
report to Party B's competent tax authority within 24 hours when freelancers or their users/clients refuse to pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 If
Party B violates regulations by over-withholding taxes, and causes losses to the legitimate rights and interests of freelancers or their
users/clients, Party B shall be responsible for compensation and handle the liability assumption with the competent tax authority on
its own.

&nbsp;&nbsp;&nbsp;&nbsp;5. If
 Party B discovers that Party A has any of the behaviors stipulated in Article 2, Paragraph
 8 of this Agreement, Party B has the right to immediately suspend the performance of this
 Agreement and report Party A's illegal behavior to Party B's competent tax authority within
 24 hours of discovery. Party A shall bear the tax-related penalties arising therefrom on
 its own, including but not limited to paying the corresponding taxes, late fees, etc. as
 required by the tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;6. The
 services provided by Party B to freelancers to meet Party A's business needs do not constitute
 any labor or employment contract relationship between Party B and the freelancers. Party
 B shall not bear any legal liability for disputes arising from freelancers engaging in production
 and business activities with any party or third party.

&nbsp;&nbsp;&nbsp;&nbsp;7. Party
 B undertakes to keep confidential the personal privacy information disclosed by Party A and
 freelancers.

&nbsp;&nbsp;&nbsp;&nbsp;8. If
 Party A and freelancers or their users/clients have other service or arrangement agreements,
 Party B shall not bear any obligations for arrangements in which it is not involved, including
 but not limited to paying performance fees to freelancers, withholding individual income
 tax, etc.

&nbsp;&nbsp;&nbsp;&nbsp;9. Party
 B may retain the personal information obtained from Party A for the purpose of realizing
 the cooperation content of this Agreement. However, without Party A's authorization, Party
 B shall not disclose the personal information obtained from Party A to any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;10. Party
 B undertakes to fulfill the security protection obligations for the personal information
 obtained from Party A in accordance with the requirements of relevant laws and regulations,
 ensuring that the network is free from interference, damage, or unauthorized access, and
 preventing network data leakage, theft, or tampering.

**Article 4 Service Fee and Payment Method**

&nbsp;&nbsp;&nbsp;&nbsp;1. For
 the comprehensive services for the sharing economy provided by Party B under this Agreement,
 Party A shall pay service fees to Party B (hereinafter referred to as "Service Fees").
 Based on the commercial characteristics of the services provided by Party B, the specific
 calculation of the service fee amount shall include the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Depending
on the specific activities provided by each freelancer to Party A, Party A calculates the service fee amount (hereinafter referred to
as "Performance Fee") generated by each freelancer's activities according to business rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
the comprehensive services for the sharing economy provided by Party B under this Agreement and the specific activities provided by freelancers
to Party A, Party B charges a basic service fee (hereinafter referred to as "Basic Service Fee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Hosting
fees for individual industrial and commercial households actually registered and established by freelancers.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 specific settlement and payment methods for service fees between the Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
the performance fees (after tax) that Party A should pay to freelancers, Party A needs to generate a withdrawal application form (the
content of the withdrawal application form includes but is not limited to freelancer name, ID number, collection account information,
order quantity, and fees, etc.). Party A uploads data files to the settlement system through technical docking or manual upload. Given
Party A's commercial confidentiality and information security considerations, Party B shall not require Party A to provide order
details of freelancers providing services at Party A's location. Party A shall truthfully fill in the withdrawal application form,
and Party B is not responsible for verifying the content of the withdrawal application form; all disputes arising from errors in the
settlement information provided by Party A shall be resolved by Party A on its own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within
2 days after receiving the service fees paid by Party A (holidays postponed), Party B shall pay the performance fees (after tax) that
should be paid to freelancers according to Party A's withdrawal application form to the corresponding freelancers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
basic service fee amount corresponding to the service fees charged by Party B is calculated as follows: Basic Service Fee = Total performance
fees (after tax) based on freelancer activities during the settlement period × Basic Service Fee rate; where the basic standard
for the aforementioned "rate" is **[6.72]%**, of which the enterprise bears the service fee rate of **[6.72]%**, and
the individual bears the service fee rate of **[0]%**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Payment
limit: Each freelancer of Party A shall not exceed **5 million** RMB per year (this fee standard will be adjusted according to policy
adjustments).

&nbsp;&nbsp;&nbsp;&nbsp;3. Party
 A shall pay service fees to Party B through bank transfer: Party A's bank account information
 is as follows: Bank: China Merchants Bank Shanghai Huai Zhong Branch Account Name: Ruiwuhang
 (Shanghai) Facility Management Co., Ltd. Account Number: 121940855310705

&nbsp;&nbsp;&nbsp;&nbsp;4. Party
 A needs to establish a merchant in Party B's settlement system and **complete the recharge** in order to prepay service fees to Party B. In Party B's settlement system, Party B opens
 a unique sub-account for the merchant established by Party A. Party A's payment operations
 to this sub-account can be confirmed by Party B as Party A's recharge behavior. After Party
 A's sub-account is established, it can be queried through Party B's settlement system. After
 Party A's recharge funds actually arrive at Party B's designated account, Party B can perform
 payment operations to freelancers according to the withdrawal application form provided by
 Party A. Party B does not bear the obligation to advance the operating income of freelancers.
 After Party B pays performance fees (after tax) to freelancers and collects basic service
 fees, Party A can query payment details and complete reconciliation based on Party B's settlement
 system. Party B issues invoices according to the actual settlement service fee amount. If
 Party A and Party B agree separately on this matter, the agreement shall prevail.

Party A's system operator and authorizer information is as follows. If there are any changes later, please contact Party B for operation modifications:

---

| | | |
|:---|:---|:---|
| **Item** | **System Operator** | **System Authorizer** |
| Name | Zhang Xiaoling |  |
| Mobile | [\*] |  |
| Email | [\*] |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;5. Party
B's bank account information for collecting service fees is as follows:

---

| | |
|:---|:---|
| **Fee** | **System Recharge Collection Account** |
| Account Name | Shanghai Saying Information Technology Ltd. |
| Bank | Postal Savings Bank of China Shanghai Putuo District Aomen Road Branch |
| Account Number | [\*] |

---

&nbsp;&nbsp;&nbsp;&nbsp;6. After
 receiving the service fees paid by Party A, Party B shall provide Party A with equivalent
 value-added tax special invoices and mail them to the address stated at the beginning of
 this Agreement. Party A's billing information is as follows: Account Name: Ruiwuhang (Shanghai)
 Facility Management Co., Ltd. Bank: China Merchants Bank Shanghai Huai Zhong Branch Account
 Number: 1[\*] Tax Number: [\*] Telephone: [\*] Address: Room 108, No. 10, Lane 385, Yongjia
 Road, Xuhui District, Shanghai

&nbsp;&nbsp;&nbsp;&nbsp;7. Party
 A guarantees that freelancers can inquire about the calculation method of fees, payment channels,
 and other information at Party A's location on their own. If both parties have any objections
 to the inquiry results, Party A and freelancers shall resolve them on their own.

&nbsp;&nbsp;&nbsp;&nbsp;8. If
 Party A fails to pay service fees in a timely manner, all liability for breach of contract
 shall be borne by Party A; if Party A has paid service fees on time, but Party B fails to
 settle performance fees with each freelancer in a timely manner due to Party B's reasons,
 all consequences arising therefrom shall be borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;9. If
 Party A and Party B sign relevant agreements when using third-party technical services for
 service fee settlement, if such agreements conflict with this Agreement, such agreements
 shall prevail.

**Article 5 Termination and Cancellation of Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;1. Upon
 mutual agreement between Party A and Party B, this Agreement may be modified or terminated
 in advance.

&nbsp;&nbsp;&nbsp;&nbsp;2. In
 case of any of the following circumstances, Party A may terminate this Agreement at any time
 and has the right to require Party B to bear corresponding liability for breach of contract
 and compensate for corresponding losses: (1) Party B fails to **issue the relevant invoices** to Party A as agreed and fails to explain the reasons to Party A, and still fails to provide
 the invoices as agreed after reminder; (2) Due to Party B's promotional negligence, causing
 serious negative impact on Party A, resulting in a serious decline in Party A's social evaluation.
 When Party A terminates this Agreement due to the aforementioned circumstances, Party A has
 the right to require Party B to compensate for all losses suffered by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;3. In
 case of any of the following circumstances, Party B may terminate this Agreement at any time
 and has the right to require Party A to bear corresponding liability for breach of contract
 and compensate for corresponding losses: (1) Party A arranges for freelancers to engage in
 illegal activities, harmful to social morals, or activities that seriously damage Party B's
 interests; (2) Party A fails to pay service fees on time; (3) Due to Party A's promotional
 negligence, causing serious negative impact on Party B, resulting in a serious decline in
 Party B's social evaluation. When Party B terminates this Agreement due to the above circumstances,
 Party B has the right to require Party A to compensate for all losses suffered by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;4. If
 the purpose of this Agreement cannot be realized due to force majeure factors, either party
 may terminate this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;5. Before
 the expiration of the performance period, if one party clearly indicates or demonstrates
 by its own behavior that it will not perform the main obligations, or one party delays in
 performing obligations or has other breaches of contract that make it impossible to realize
 the purpose of this Agreement, the other party may unilaterally terminate this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6. During
 the validity period of this Agreement, if one party is legally dissolved, revoked, or its
 subject qualification is revoked for other reasons, the other party may treat this Agreement
 as terminated.

**Article 6 Liability for Breach**

&nbsp;&nbsp;&nbsp;&nbsp;1. If
 either party violates the agreement of this Agreement, it constitutes a breach by that party;
 unless otherwise provided in this Agreement, the breaching party shall bear liability for
 breach of contract to the observing party, compensating for all losses, liabilities, compensation,
 or expenses suffered or incurred by the observing party (including but not limited to reasonable
 attorney fees, litigation costs, notary fees, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;2. In
 the following circumstances of breach by Party B, Party A has the right to make corresponding
 demands and claims for compensation: If Party B violates the provisions of this Agreement
 and fails to provide the services agreed upon by both parties, causing serious impact on
 Party A, Party A has the right to send a written notice to Party B, requiring Party B to
 perform its obligations immediately. If serious losses are caused to Party A, Party A has
 the right to claim compensation from Party B for all losses suffered by Party A thereby.

&nbsp;&nbsp;&nbsp;&nbsp;3. In
 the following circumstances of breach by Party A, Party B has the right to make corresponding
 demands and claims for compensation: During the validity period of this Agreement, if Party
 A fails to perform its payment obligations, for each day of delay, Party B has the right
 to require Party A to bear **0.05%** of the overdue payment amount as a penalty for breach
 of contract, and Party B has the right to calculate the interest that Party A should pay
 at **0.05%/day** based on Party A's overdue payment amount as the principal.

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 provisions of this Agreement regarding remedies in case of breach (including requiring liability
 for breach of contract and termination of the Agreement, etc.) are cumulative and may be
 applied alternatively or simultaneously.

&nbsp;&nbsp;&nbsp;&nbsp;5. If
 either party violates any provision of this Agreement, after either party issues a written
 reminder of breach to the other party, requiring the breaching party to perform the Agreement
 or take necessary economic remedial measures, if no written response is received from the
 breaching party within **30** natural days (inclusive), in addition to the compensation
 that the breaching party should make to the other party in terms of law or assets, the other
 party has the right to terminate this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6. If
 government actions or force majeure factors cause part or all of the provisions of this Agreement
 to be unperformable, the party suffering such behavior shall not bear liability for breach
 of contract. The aforementioned government actions include but are not limited to **failure of** Chinese government authorities **to grant or revocation of** the corresponding
 operating qualifications or rights of Party A and Party B.

**Article 7 Early Termination**

&nbsp;&nbsp;&nbsp;&nbsp;1. Under
 the following circumstances, Party B may terminate this Agreement in advance: (1) Party A
 seriously violates the provisions of this Agreement; (2) Party A refuses or fails to perform
 the duties and obligations stipulated in this Agreement that it should perform; (3) Party
 A goes bankrupt or has its business license revoked.

&nbsp;&nbsp;&nbsp;&nbsp;2. Under
 the following circumstances, Party A may terminate this Agreement in advance: (1) Party B
 refuses or fails to perform relevant agreements; (2) Party B refuses or fails to perform
 the duties and obligations stipulated in this Agreement that it should perform; (3) Party
 B goes bankrupt or has its business license revoked.

**Article 8 Representations, Warranties and Undertakings**

The Parties hereby make the following representations, warranties and undertakings: Each Party has disclosed to the other Party all information required to be disclosed for the signing and performance of this Agreement, and the disclosed content is true, accurate, and complete. The Parties hereby jointly declare and undertake: The signing and performance of this Agreement do not conflict with any agreements already signed by either Party or any obligations to be undertaken, nor will they create any legal and commercial conflicts with any third party other than the Parties to this Agreement.

**Article 9 Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;1. Either
 Party shall keep confidential any content involved in this Agreement and all legal, commercial,
 and cooperative business information related to the execution of this Agreement by both Parties.
 Without the other Party's permission, neither Party shall disclose to any third party other
 than the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 confidentiality period shall be: from the effective date of this Agreement to ten years after
 the formal termination of this Agreement.

**Article 10 Force Majeure**

&nbsp;&nbsp;&nbsp;&nbsp;1. "Force
 Majeure" refers to events that neither Party can control, cannot foresee, or even if
 foreseeable cannot be avoided, and such events are sufficient to hinder, affect, or delay
 either Party's performance of all or part of its obligations under this Agreement. Such events
 include but are not limited to natural disasters, war, policy changes, computer viruses,
 hacker attacks, or interruptions in telecommunication agency services.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 party suffering a force majeure event may temporarily suspend the performance of its obligations
 under this Agreement until the impact of the force majeure event is eliminated, and does
 not need to bear liability for breach of contract for this. However, that party shall make
 its best efforts to overcome the force majeure event and prevent or reduce the expansion
 of losses.

**Article 11 Governing Law, Dispute Resolution and Jurisdiction**

The conclusion, execution, interpretation, and dispute resolution of this Agreement shall be governed by Chinese law. Any dispute arising from or related to this Agreement shall be resolved through friendly consultation between both Parties. If consultation fails, both Parties agree to submit to the People's Court at the place of signing of this Agreement for resolution through litigation.

**Article 12 Supplementary Agreements and Attachments**

Both Parties agree that after the signing of this Agreement, if there are supplementary agreements, such supplementary agreements and attachments shall constitute an inseparable part of this Agreement and have equal legal effect.

**Article 13 Exercise of Rights**

The failure of either or both Parties to exercise the rights under this Agreement in a timely manner shall not be deemed as a waiver of such rights, nor shall it affect the exercise of such rights by that Party in the future.

**Article 14 Notices**

&nbsp;&nbsp;&nbsp;&nbsp;1. Unless
 otherwise provided in this Agreement, all notices in the performance of this Agreement shall
 be sent by registered mail, EMS, or courier to the addresses of the Parties listed at the
 beginning of this Agreement. Both Parties guarantee that such addresses are addresses where
 they can receive notices at any time. When the address changes, the changing Party shall
 immediately notify the other Party in writing of the changed address. Sent by registered
 mail, EMS, or courier, it shall be deemed delivered **5** days after the postmark/delivery
 date.

&nbsp;&nbsp;&nbsp;&nbsp;2. If
 either Party fails to notify the other Party in writing of the address change in a timely
 manner, and the other Party mails to the originally provided address, it shall be deemed
 to have been delivered on the date **5** days after the postmark/delivery date in accordance
 with the preceding paragraph.

**Article 15 Effectiveness and Validity Period**

&nbsp;&nbsp;&nbsp;&nbsp;1. This
 Agreement shall take effect after being sealed by both Parties or signed by authorized representatives.
 The validity period of this Agreement is **1** years.

&nbsp;&nbsp;&nbsp;&nbsp;2. If
 neither Party proposes to terminate this Agreement in writing before the expiration date
 of this Agreement, the validity period of this Agreement shall be automatically extended
 for **1** years.

&nbsp;&nbsp;&nbsp;&nbsp;3. This
 Agreement is made in **2** copies, with Party A and Party B each holding **1** copy,
 each having equal legal effect.

**Party A (Official Seal):** Ruiwuhang (Shanghai) Facility Management Co., Ltd.

**Authorized Representative** 

**Signature: Date:**

**Party B (Official Seal):** Shanghai Saying Information Technology Ltd.

**Authorized Representative** 

**Signature: Date:**

## Exhibit 21.1

**Exhibit 21.1**

**List of Subsidiaries**

---

| | |
|:---|:---|
| **Name of Subsidiary** | **Place of <br> Incorporation** |
| RUI International Pte. Ltd. | Singapore |
| Aish Alnas For Logistics | The Kingdom of Saudi Arabia |
| RUI International Enterprise LLC | United Arab Emirates |
| Ruiwuhang (Shanghai) Information Technology Co. Ltd. | People's Republic of China |
| Beijing Ruiwuhang Information Technology Co. Ltd. | People's Republic of China |
| Ruiwuhang (Shanghai) Facility Management Co. Ltd. | People's Republic of China |
| Ruiwuhang (Shanghai) Catering Management Co., Ltd. | People's Republic of China |
| Ruiwuhang (Wuxi) facility management Co. Ltd. | People's Republic of China |
| RUI ONE Pte. Ltd. | Singapore |
| Jiangsu Ruimu Boshi Technology Co. Ltd. | People's Republic of China |
| Company Deep Quest | The Kingdom of Saudi Arabia |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**广东宝臻会计师事务所（普通合伙）**

Ste.2201, GDH Bay City Centre,

No. 21 Zhujiang West Road, Guangzhou

广州市天河区珠江西路21号

粤海金融中心2201室

<u>Independent Registered Public Accounting Firm's Consent</u>

We consent to the inclusion in this Registration Statement of RUI Holdings Inc. on Form F-1 of our report dated December 15, 2025, with respect to our audits of the consolidated financial statements of RUI Holdings Inc. as of August 31, 2024 and 2025, and for each of the two years in the periods ended August 31, 2025, which report appears in the Prospectus, which is part of this Registration Statement. We also consent to the reference to our Firm under the heading "Experts" in such Prospectus.

/s/ Guangdong Prouden CPAs GP

Guangdong Prouden CPAs GP

Guangzhou, China

May 22, 2026

## Exhibit 23.4

**Exhibit 23.4**

22/5/2026

RUI HOLDINGS INC

Plot 2224, Block 6739, Al-Zanbaq Street,

King Abdullah Economic City,

Makkah Province, Saudi Arabia 23982

Attention: The Board of Directors

**<u>Re: Consent of SuhailPartners LLP</u>**

Dear Sirs and Madams,

We understand that RUI HOLDINGS INC (the "**Company**") intends to file a registration statement (the "**Registration Statement**") with the United States Securities and Exchange Commission (the "**SEC**") in connection with its initial public offering (the "**Proposed IPO**").

We hereby consent to the use of this consent as an exhibit to the Registration Statement, to the use of our name as your KSA counsel and to all references made to us in the Registration Statement and in the prospectus forming a part thereof.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the rules and regulations of the SEC thereunder.

---

| |
|:---|
| /s/ SuhailPartners LLP |
| SuhailPartners LLP |

---

## Exhibit 23.5

**Exhibit 23.5**

---

| | |
|:---|:---|
| ![](ex23-5_001.jpg) | 3006, Two Exchange Square, <br> 8 Connaught Place, Hong Kong <br> Tel: 852 2191 7566<br> Fax: 852 2191 7995 <br> **www.frost.com** |
| 04 March 2026 |  |

---

**RUI HOLDINGS INC**

Plot 2224, Block 6739, Al-Zanbaq Street,

King Abdullah Economic City,

Makkah Province, Saudi Arabia 23982

Attention: The Board of Directors

**Re: Consent of Frost & Sullivan Limited**

Dear Sirs or Madams:

We understand that RUI HOLDINGS INC (the "Company") intends to file a registration statement (the "Registration Statement") with the United States Securities and Exchange Commission (the "**SEC**") in connection with its initial public offering (the "**Proposed IPO**").

We hereby consent to the references to our name and the inclusion of information, data, and statements from our research reports and amendments thereto, including but not limited to the industry research report titled "Market Study on AIoT and Smart Operations Solutions Market" (the "Report"), and any subsequent amendments to the Report, as well as the citation of our research report and amendments thereto, (i) in the Registration Statement and any amendments thereto, (ii) in any written correspondences with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F, Form 6-K or other SEC filings (collectively, the **"SEC Filings"**), (iv) on the websites of the Company and its subsidiaries and affiliates, (v) in institutional and retail road shows and other activities in connection with the Proposed IPO, and in other publicity materials in connection with the Proposed IPO.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the rules and regulations of the SEC thereunder.

---

| |
|:---|
| Yours faithfully |
| For and on behalf of |
| **Frost & Sullivan Limited** |

---

---

| | |
|:---|:---|
| ***/s/ Jessica Lau*** | ***/s/ Jessica Lau*** |
| Name: | Jessica Lau |
| Title: | Executive Director |

---

## Exhibit 99.1

**Exhibit 99.1**

**CODE OF BUSINESS CONDUCT AND ETHICS OF**

**RUI HOLDINGS INC**

**INTRODUCTION**

**Purpose**

This Code of Business Conduct and Ethics (this "Code") contains general guidelines for the conduct of business of RUI HOLDINGS INC, a Cayman Islands company (the "<u>Company</u>"), consistent with the highest standards of business ethics. To the extent where this Code requires a higher standard than required by commercial practice or applicable laws, rules or regulations, we shall adhere to these higher standards.

This Code applies to all the directors, officers, and employees of the Company and its subsidiaries (which, unless the context otherwise requires, are collectively referred to as the "Company" in this Code). We refer to all persons covered by this Code as "<u>Company employees</u>" or simply "<u>employees</u>." We also refer to our chief executive officer and our chief financial officer as our "<u>principal financial officers</u>."

**Seeking Help and Information**

This Code is not intended to be a comprehensive rulebook and cannot address every situation that you may face. If you feel uncomfortable about a situation or if you have any doubts as to whether it is consistent with the Company's ethical standards, do seek help. We encourage you to first contact your supervisor for help. If your supervisor cannot answer your question or resolve your problem, or if you do not feel comfortable contacting your supervisor, you may contact the Compliance Officer of the Company, who shall be a person appointed by the Board of Directors of the Company. [ ] has been appointed by the Board of Directors of the Company as the Compliance Officer of the Company. The Company will notify you if there is a change in the appointment of the Compliance Officer. You may remain anonymous and will not be required to reveal your identity in your communication to the Company.

**Reporting Violations of the Code**

All employees have a duty to report any known or suspected violation of this Code, including any violation of the laws, rules, regulations or policies that apply to the Company. If you know of or suspect a violation of this Code, immediately report the conduct to your supervisor. Your supervisor will contact the Compliance Officer, who will work with you and your supervisor to investigate the matter. If you do not feel comfortable reporting the matter to your supervisor or you do not get a satisfactory response, you may contact the Compliance Officer directly. Employees making a report need not leave their name or other personal information and reasonable efforts will be used to conduct the investigation that follows from the report in a manner that protects the confidentiality and anonymity of the employee submitting the report. All reports of known or suspected violations of the law or this Code will be handled sensitively and with discretion. Your supervisor, the Compliance Officer and the Company will protect your confidentiality to the extent possible, consistent with law and the Company's need to investigate your report.

It is the Company's policy that any employee who violates this Code will be subject to appropriate discipline, which may include termination of employment. This determination will be based upon the facts and circumstances of each situation. An employee accused of violating this Code will be given an opportunity to present his or her version of the events at issue prior to any determination of appropriate discipline. Employees who violate the law or this Code may expose themselves to substantial civil damages, criminal fines and prison terms. The Company may also face substantial fines and penalties, and many incur damage to its reputation and standing in the community. Your conduct as a representative of the Company, if it does not comply with the law or with this Code, can result in serious consequences for both you and the Company.

**Policy Against Retaliation**

The Company prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations. Any reprisal or retaliation against an employee because such employee, in good faith, sought help or filed a report will be subject to disciplinary action, including potential termination of employment.

**Waivers of the Code**

Waivers of this Code for employees may be granted only by an executive officer of the Company. Any waiver of this Code for our directors, executive officers or other principal financial officers may be granted only by our Board of Directors or the appropriate committee of our Board of Directors and will be disclosed to the public as required by law or the rules of Nasdaq.

**CONFLICTS OF INTEREST**

**Identifying Potential Conflicts of Interest**

A conflict of interest may occur when an employee's private interest interferes, or appears to interfere, with the interests of the Company as a whole. You should avoid any private interest that influences your ability to act in the interests of the Company or that makes it difficult to perform your work objectively and effectively.

Identifying potential conflicts of interest may not always be clear-cut. The following situations are examples of conflicts of interest:

● <u>Outside Employment</u>. No employee should be employed by, serve as a director of, or provide any services not in his or her capacity as a Company employee to a company that is a material customer, supplier, or competitor of the Company.

● <u>Improper Personal Benefits</u>. No employee should obtain any material (as to him or her) personal benefits or favors because of his or her position in the Company. Please see "Gifts and Entertainment" below for additional guidelines in this area.

● <u>Financial Interests</u>. No employee should have a significant financial interest (ownership or otherwise) in any company that is a material customer, supplier or competitor of the Company. A "significant financial interest" means (i) ownership of greater than 1% of the equity of a material customer, supplier or competitor or (ii) an investment in a material customer, supplier or competitor that represents more than 5% of the total assets of the employee.

● <u>Loans or Other Financial Transactions</u>. No employee should obtain loans or guarantees of personal obligations from, or enter into any other personal financial transaction with, any company that is a material customer, supplier or competitor of the Company. This guideline does not prohibit arms-length transactions with banks, brokerage firms or other financial institutions.

● <u>Service on Boards and Committees</u>. No employee should serve on a board of directors or trustees or on a committee of any entity (whether profit or not-for-profit) whose interests would reasonably be expected to be in conflict with those of the Company.

● <u>Actions of Family Members</u>. The actions of family members outside the workplace may also give rise to the conflicts of interest described above because they may influence an employee's objectivity in the making of decisions on behalf of the Company. For the purposes of this Code, " <u>family members</u> " include your spouse or life-partner, brothers, sisters and parents, in-laws and children, whether such relationships are by blood or adoption.

For the purposes of this Code, a company is considered to be a "material" customer if that company has made payments to the Company in the past year in excess of US$100,000 or 10% of the customer's gross revenues, whichever is greater. A company is considered as a "material" supplier if that company has received payments from the Company in the past year in excess of US$100,000 or 10% of the supplier's gross revenues, whichever is greater. A company is considered as a "material" competitor if that company competes in the Company's line of business and has annual gross revenues from such line of business in excess of US$500,000. If you are uncertain whether a particular company is a material customer, supplier or competitor, please contact the Compliance Officer for assistance.

**Disclosure of Conflicts of Interest**

The Company requires employees to disclose any situations that would reasonably be expected to give rise to a conflict of interest. If you suspect that you have a conflict of interest, or something that others could reasonably perceive as a conflict of interest, you must report it to your supervisor or the Compliance Officer. Your supervisor and the Compliance Officer will work with you to determine whether you have a conflict of interest and, if so, how best to address it. Although conflicts of interest are not automatically prohibited, they are not desirable and may only be waived as described in "Waivers of the Code" above.

**CORPORATE OPPORTUNITIES**

As an employee of the Company, you have an obligation to advance the Company's interests when the opportunity to do so arises. If you discover or are presented with a business opportunity through the use of corporate property, information, or because of your position in the Company, you should first present the business opportunity to the Company before pursuing the opportunity in your individual capacity. No employee may use corporate property, information, or his or her position in the Company for personal gain or in a manner that may compete with the Company.

You should disclose to your supervisor the terms and conditions of each business opportunity covered under this Code that you wish to pursue. Your supervisor will contact the Compliance Officer and the appropriate management personnel to determine whether the Company wishes to pursue the business opportunity. If the Company waives its right to pursue the business opportunity, you may pursue the business opportunity on the same terms and conditions as originally proposed and consistent with the other ethical guidelines set forth in this Code.

**Confidential Information and Company's Property**

Employees have access to a variety of confidential information while being employed at the Company. Confidential information includes all non-public information that might be of use to competitors, or, if disclosed, harmful to the Company or its customers. Each employee has a duty to respect and safeguard the confidentiality of the Company's information and the information of our suppliers and customers, except when disclosure is authorized or legally mandated. In addition, you must refrain from using any confidential information from any previous employment if, in doing so, you could reasonably be expected to breach your duty of confidentiality to your former employers. An employee's obligation to protect confidential information continues after he or she leaves the Company. Unauthorized disclosure of confidential information could cause competitive harm to the Company and/or its customers and could result in legal liability to you and the Company.

Employees also have a duty to protect the Company's intellectual property and other business assets. The intellectual property, business systems and the security of the Company are critical to the Company's business.

Any questions or concerns on whether the disclosure of Company information is legally mandated should be promptly referred to the Compliance Officer.

**Safeguarding Confidential Information and Company's Property**

Care must be taken to safeguard and protect confidential information and the Company's property. Accordingly, the following measures should be adhered to:

● The Company's employees should conduct their business and social activities so as not to risk inadvertent disclosure of confidential information. For example, when not in use, confidential information should be securely stored. Besides, review of confidential documents or discussion of confidential subjects in public places (e.g., airplanes, trains, taxis, buses, etc.) should not be conducted so as to prevent being overheard or accessed by unauthorized persons.

● When in the Company's offices, confidential matters should not be discussed within hearing range of visitors or others not working on such matters.

● Confidential matters should not be discussed with other employees not working on such matters or with friends or relatives, including those living in the same household as a Company's employee.

● The Company's employees are only to access, use, and disclose confidential information that is necessary for them to perform their duties. They are not to disclose confidential information to other employees or contractors at the Company unless it is necessary for those employees or contractors to have such confidential information in the course of their duties.

● The Company's files, personal computers, networks, software, internet access, internet browser programs, emails, voice mails, and other business equipment (e.g., desks and cabinets) and resources are provided for business use, and they are the exclusive property of the Company. Misuse of such Company's property is not tolerable.

**COMPETITION AND FAIR DEALING**

All employees are obligated to deal fairly with fellow employees and with the Company's customers, suppliers and competitors. Employees should not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

**Relationships with Customers**

Our business success depends upon our ability to foster lasting customer relationships. The Company is committed to dealing with customers fairly, honestly, and with integrity. Specifically, you should keep the following guidelines in mind when dealing with customers:

● Information we supply to customers should be accurate and complete to the best of our knowledge. Employees should not deliberately misrepresent information to customers.

● Employees should not refuse to sell, service, or maintain products the Company has produced simply because a customer is buying products from another supplier.

● Customer entertainment should not exceed the reasonable and customary business practice of the Company. Employees should not provide entertainment or other benefits that could be viewed as an inducement to or a reward for customer's purchase decisions. Please see "Gifts and Entertainment" below for additional guidelines in this area.

**Relationships with Suppliers**

The Company deals fairly and honestly with its suppliers. This means that our relationships with suppliers are based on price, quality, service, and reputation, among other factors. Employees dealing with suppliers should carefully guard their objectivity. Specifically, no employee should accept or solicit any personal benefit from a supplier or potential supplier that might compromise, or appear to compromise, their objective assessment of the supplier's products and prices. Employees can give or accept promotional items of nominal value or moderately scaled entertainment within the limits of reasonable and customary business practice of the Company. Please see "Gifts and Entertainment" below for additional guidelines in this area.

**Relationships with Competitors**

The Company is committed to free and open competition in the marketplace. Employees should avoid actions that would be contrary to laws governing competitive practices in the marketplace, including antitrust laws. Such actions include misappropriation and/or misuse of a competitor's confidential information or making false statements about the competitor's business and business practices.

**PROTECTION AND USE OF COMPANY'S ASSETS**

Employees should protect the Company's assets and ensure their efficient use for legitimate business purposes only. Theft, carelessness and waste have a direct impact on the Company's profitability. The use of Company funds or assets, whether or not for personal gain, for any unlawful or improper purpose is prohibited.

To ensure the protection and proper use of the Company's assets, each employee should:

● exercise reasonable care to prevent theft, damage or misuse of Company's property;

● report the actual or suspected theft, damage or misuse of Company's property to a supervisor;

● use the Company's telephone system, other electronic communication services, written materials and other property primarily for business-related purposes;

● safeguard all electronic programs, data, communications and written materials from inadvertent access by others; and

● use Company's property only for legitimate business purposes, as authorized in connection with your job responsibilities.

Employees should be aware that Company's property includes all data and communications transmitted or received to or by, or contained in, the Company's electronic or telephonic systems, as well as all written communications. Employees and other users of Company's property should have no expectation of privacy with respect to these communications and data. To the extent permitted by law, the Company has the ability, and reserves the right, to monitor all electronic and telephonic communication. These communications may also be subject to disclosure to law enforcement or government officials.

**GIFTS AND ENTERTAINMENT**

The act of giving and receiving of gifts is a common business practice. Appropriate business gifts and entertainment are welcome courtesies designed to build relationships and understanding among business partners. However, gifts and entertainment should not compromise, or appear to compromise, your ability to make objective and fair business decisions.

It is your responsibility to use good judgment in this area. As a general rule, you may give or receive gifts or entertainment to or from customers or suppliers only if the gift or entertainment would not be viewed as an inducement to or reward for any particular business decision. All gifts and entertainment expenses should be properly accounted for on expense reports. The following specific examples may be helpful:

● <u>Meals and Entertainment</u>. You may occasionally accept or give meals, refreshments or other entertainment if:

● The items are of reasonable value;

● The purpose of the meeting or attendance at the event is business related; and

● The expenses would be paid by the Company as a reasonable business expense if not paid for by another party.

Entertainment of reasonable value may include food and tickets for sporting and cultural events if they are generally offered to other customers, suppliers or vendors.

● <u>Advertising and Promotional Materials</u>. You may occasionally accept or give advertising or promotional materials of nominal value.

● <u>Personal Gifts</u>. You may accept or give personal gifts of reasonable value that are related to recognized special occasions, such as a graduation, promotion, new job, wedding, retirement or a holiday. A gift is also acceptable if it is based on a family or personal relationship and unrelated to the business involved between the individuals.

● <u>Gifts Rewarding Service or Accomplishment</u>. You may accept a gift from a civic, charitable or religious organization specifically related to your service or accomplishment.

You must be particularly careful that gifts and entertainment are not construed as bribes, kickbacks, or other improper payments. See "The Foreign Corrupt Practices Act" below for a more detailed discussion of our policies on giving or receiving gifts related to business transactions.

You should make every effort to refuse or return a gift that is beyond these permissible guidelines. If it would be inappropriate to refuse a gift or you are unable to return a gift, you should promptly report the gift to your supervisor. Your supervisor will bring the gift to the attention of the Compliance Officer, who may require you to donate the gift to an appropriate community organization. If you have any questions on whether it is permissible to accept a gift or something else of value, contact your supervisor or the Compliance Officer for additional guidance.

**COMPANY RECORDS**

Accurate and reliable records are crucial to our business. Our records are the basis of our earnings statements, financial reports and other disclosures to the public and guide our business decision-making and strategic planning. Company records include booking information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of our business.

All Company records must be complete, accurate and reliable in all material respects. Undisclosed or unrecorded funds, payments or receipts are inconsistent with our business practices and are prohibited. You are responsible for understanding and complying with our record-keeping policy. Ask your supervisor if you have any questions.

**ACCURACY OF FINANCIAL REPORTS AND OTHER PUBLIC COMMUNICATIONS**

As a public company we are subject to various securities laws, regulations and reporting obligations. These laws, regulations and obligations and our policies require the disclosure of accurate and complete information regarding the Company's business, financial condition and results of operations. Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company's reputation and integrity, and result in legal liability.

It is essential that the Company's financial records, including all filings with the Securities and Exchange Commission ("SEC") be accurate and timely. Accordingly, in addition to adhering to the conflict of interest policy and other policies and guidelines under this Code, the principal financial officers and other senior financial officers must take special care to exhibit integrity at all times and to instill this value within their organizations. In particular, these senior officers must ensure their conduct is honest and ethical that they abide by all public disclosure requirements by providing full, fair, accurate, timely and understandable disclosures, and that they comply with all other applicable laws and regulations. These financial officers must also understand and strictly comply with generally accepted accounting principles in the U.S. and all standards, laws and regulations for accounting and financial reporting of transactions, estimates and forecasts.

In addition, U.S. federal securities law requires the Company to maintain proper internal books and records and to devise and maintain an adequate system of internal accounting controls. The SEC has supplemented the statutory requirements by adopting rules that prohibit (1) any person from falsifying records or accounts subject to the above requirements and (2) officers or directors from making any materially false, misleading, or incomplete statement to an accountant in connection with an audit or any filing with the SEC. These provisions reflect the SEC's intent to discourage officers, directors, and other persons with access to the Company's books and records from taking action that might result in the communication of materially misleading financial information to the investing public.

**COMPLIANCE WITH LAWS AND REGULATIONS**

Each employee has an obligation to comply with all laws, rules and regulations applicable to the Company's operations. These include, without limitation, laws covering bribery and kickbacks, copyrights, trademarks and trade secrets, information privacy, insider trading, illegal political contributions, antitrust prohibitions, foreign corrupt practices, offering or receiving gratuities, environmental hazards, employment discrimination or harassment, occupational health and safety, false or misleading financial information or misuse of corporate assets. You are expected to understand and comply with all laws, rules and regulations that apply to your job position. If any doubt exists about whether a course of action is lawful, you should seek advice from your supervisor or the Compliance Officer.

**COMPLIANCE WITH INSIDER TRADING LAWS**

The Company has an insider trading policy, which may be obtained from the Compliance Officer. The following is a summary of some of the general principles relevant to insider trading, and should be read in conjunction with the aforementioned specific policy.

Company employees are prohibited from trading in shares or other securities of the Company while in possession of material, non-public information about the Company. In addition, Company employees are prohibited from recommending, "tipping" or suggesting that anyone else buy or sell shares or other securities of the Company on the basis of material, non-public information. Company employees who obtain material non-public information about another company in the course of their employment are prohibited from trading in shares or securities of the other company while in possession of such information or "tipping" others to trade on the basis of such information. Violation of insider trading laws can result in severe fines and criminal penalties, as well as disciplinary action by the Company, up to and including termination of employment.

Information is "non-public" if it has not been made generally available to the public by means of a press release or other means of widespread distribution. Information is "material" if a reasonable investor would consider it important in a decision to buy, hold or sell stock or other securities. As a rule of thumb, any information that would affect the value of stock or other securities should be considered material. Examples of information that is generally considered "material" include:

● Financial results or forecasts, or any information that indicates the Company's financial results may exceed or fall short of forecasts or expectations;

● Important new products or services;

● Pending or contemplated acquisitions or dispositions, including mergers, tender offers or joint venture proposals;

● Possible management changes or changes of control;

● Pending or contemplated public or private sales of debt or equity securities;

● Acquisition or loss of a significant customer or contract;

● Significant write-offs;

● Initiation or settlement of significant litigation; and

● Changes in the Company's auditors or a notification from its auditors that the Company may no longer rely on the auditor's report.

The laws against insider trading are specific and complex. Any questions about information you may possess or about any dealings you have had in the Company's securities should be promptly brought to the attention of the Compliance Officer.

**PUBLIC COMMUNICATIONS AND PREVENTION OF SELECTIVE DISCLOSURE**

**Public Communications Generally**

The Company places a high value on its credibility and reputation in the community. What is written or said about the Company in the news media and investment community directly impacts our reputation, positively or negatively. Our policy is to provide timely, accurate and complete information in response to public requests (media, analysts, etc.), consistent with our obligations to maintain the confidentiality of competitive and proprietary information and to prevent selective disclosure of market-sensitive financial data. To ensure compliance with this policy, all news media or other public requests for information regarding the Company should be directed to the Company's Investor Relations Department. The Investor Relations Department will work with you and the appropriate personnel to evaluate and coordinate a response to the request.

**Prevention of Selective Disclosure**

Preventing selective disclosure is necessary to comply with United States securities laws and to preserve the reputation and integrity of the Company as well as that of all persons affiliated with it. "Selective disclosure" occurs when any person provides potentially market-moving information to selected persons before the news is available to the investing public generally. Selective disclosure is a crime under United States law and the penalties for violating the law are severe.

The following guidelines have been established to avoid improper selective disclosure. Every employee is required to follow these procedures:

● All contact by the Company with investment analysts, the press and/or members of the media shall be made through the chief executive officer, chief financial officer or persons designated by them (collectively, the "Media Contacts").

● Other than the Media Contacts, no officer, director or employee shall provide any information regarding the Company or its business to any investment analyst or member of the press or media.

● All inquiries from third parties, such as industry analysts or members of the media, about the Company or its business should be directed to a Media Contact. All presentations to the investment community regarding the Company will be made by us under the direction of a Media Contact.

● Other than the Media Contacts, any employee who is asked a question regarding the Company or its business by a member of the press or media shall respond with "No comment" and forward the inquiry to a Media Contact.

These procedures do not apply to the routine process of making previously released information regarding the Company available upon inquiries made by investors, investment analysts and members of the media.

Please contact the Compliance Officer if you have any questions about the scope or application of the Company's policies regarding selective disclosure.

**THE FOREIGN CORRUPT PRACTICES ACT**

**Foreign Corrupt Practices Act**

The Foreign Corrupt Practices Act of 1977 (the "FCPA") prohibits the Company and its employees and agents from offering or giving money or any other item of value to win or retain business or to influence any act or decision of any governmental official, political party, candidate for political office or official of a public international organization. Stated more concisely, the FCPA prohibits the payment of bribes, kickbacks or other inducements to foreign officials. This prohibition also extends to payments to a sales representative or agent if there is a reason to believe that the payment will be used indirectly for a prohibited payment to foreign officials. Violation of the FCPA is a crime that can result in severe fines and criminal penalties, as well as disciplinary action by the Company, up to and including termination of employment.

Certain small facilitation payments to foreign officials may be permissible under the FCPA if customary in the country or locality and intended to secure routine governmental action. Governmental action is "routine" if it is ordinarily and commonly performed by a foreign official and does not involve the exercise of discretion. For instance, "routine" functions would include setting up a telephone line or expediting a shipment through customs. To ensure legal compliance, all facilitation payments must receive prior written approval from the Compliance Officer and must be clearly and accurately reported as a business expense.

**ENVIRONMENT, HEALTH AND SAFETY**

The Company is committed to providing a safe and healthy working environment for its employees and avoiding adverse impact and injury to the environment and the communities in which we do business. Company's employees must comply with all applicable environmental, health and safety laws, regulations and Company's standards. It is your responsibility to understand and comply with the laws, regulations and policies that are relevant to your job. Failure to comply with environmental, health and safety laws and regulations can result in civil and criminal liability against you and the Company, as well as disciplinary action by the Company, up to and including termination of employment. You should contact the Compliance Officer if you have any questions about the laws, regulations and policies that apply to you.

**Environment**

All Company's employees should strive to conserve resources and reduce waste and emissions through recycling and other energy conservation measures. You have a responsibility to promptly report any known or suspected violations of environmental laws or any events that may result in a discharge or emission of hazardous materials. Employees whose jobs involve manufacturing have a special responsibility to safeguard the environment. Such employees should be particularly alert to the storage, disposal and transportation of waste, and handling of toxic materials and emissions into the land, water or air.

**Health and Safety**

The Company is committed not only to complying with all relevant health and safety laws, but also to conducting business in a manner that protects the safety of its employees. All employees are required to comply with all applicable health and safety laws, regulations and policies relevant to their jobs. If you have a concern about unsafe conditions or tasks that present a risk of injury to you, please report these concerns immediately to your supervisor or the Human Resources Department.

**EMPLOYMENT PRACTICES**

The Company pursues fair employment practices in every aspect of its business. The following is intended to be a summary of our employment policies and procedures. Copies of our detailed policies are available from the Human Resources Department. Company employees must comply with all applicable labor and employment laws, including anti-discrimination laws and laws related to freedom of association, privacy and collective bargaining. It is your responsibility to understand and comply with the laws, regulations and policies that are relevant to your job. Failure to comply with labor and employment laws can result in civil and criminal liability against you and the Company, as well as disciplinary action by the Company, up to and including termination of employment. You should contact the Compliance Officer or the Human Resources Department if you have any questions about the laws, regulations and policies that apply to you.

**Harassment and Discrimination**

The Company is committed to providing equal opportunity and fair treatment to all individuals on the basis of merit, without discrimination because of race, color, religion, national origin, gender (including pregnancy), sexual orientation, age, disability, veteran status or other characteristic protected by law. The Company prohibits harassment in any form, whether physical or verbal and whether committed by supervisors, non-supervisory personnel or non-employees. Harassment may include, but is not limited to, offensive sexual flirtations, unwanted sexual advances or propositions, verbal abuse, sexually or racially degrading words, or the display in the workplace of sexually suggestive objects or pictures.

If you have any complaints about discrimination or harassment, report such conduct to your supervisor or the Human Resources Department. All complaints will be treated with sensitivity and discretion. Your supervisor, the Human Resources Department and the Company will protect your confidentiality to the extent possible, consistent with law and the Company's need to investigate your concern. Where our investigation uncovers harassment or discrimination, we will take prompt corrective action, which may include disciplinary action by the Company, up to and including, termination of employment. The Company strictly prohibits retaliation against an employee who, in good faith, files a complaint.

Any member of management who has reason to believe that an employee has been the victim of harassment or discrimination or who receives a report of alleged harassment or discrimination is required to report it to the Human Resources Department immediately.

**CONCLUSION**

This Code of Business Conduct and Ethics contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. If you have any questions about these guidelines, please contact your supervisor or the Compliance Officer. We expect all Company employees to adhere to these standards.

*This Code of Business Conduct and Ethics, as applied to the Company's principal financial officers, shall be the Company's "code of ethics" within the meaning of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder.*

*This Code and the matters contained herein are neither a contract of employment nor a guarantee of continuing Company policy. We reserve the right to amend, supplement or discontinue this Code and the matters addressed herein, without prior notice, at any time.*

## Exhibit 99.2

**Exhibit 99.2**

---

| |
|:---|
| Sinar Mas Plaza, Floor 15, No. 501 Dong Da Ming |
| Road, Hongkou District, Shanghai, P.R.China, |
| T：（86-21）6506 1098 |
| www.huashang.cn |

---

May 22, 2026

To: RUI Holdings Inc

**Re: Certain PRC Law Matters of RUI Holdings Inc (the "Company")**

Dear Sir/Madam,

We are qualified lawyers of the People's Republic of China (the "**PRC**", for the purpose of issuing this opinion, excluding Hong Kong Special Administration Region, Macau Special Administration Region and Taiwan) and as such are qualified to issue this opinion with respect to all laws, regulations, statutes, rules, decrees, guidelines, notices, and judicial interpretations and other legislations of the PRC currently in force and publicly available as of the date hereof (hereinafter referred to as the "**PRC Laws**").

We are acting as your PRC legal counsel in connection with (a) the proposed initial public offering (the "**Offering**") of a certain number of Class A Ordinary Shares, par value $0.0001 per share (the "**Ordinary Shares**"), by the Company as set forth in 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 (the "**SEC**") in relation to the Offering, and (b) the proposed listing and trading of the Company's Ordinary Shares on the Nasdaq Capital Market.

The following terms as used in this opinion are defined as follows.

"**M&A Rules**" means the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, which was issued by six PRC regulatory agencies, namely, the Ministry of Commerce, the State-owned Assets Supervision and Administration Commission, the State Administration for Taxation, the State Administration for Industry and Commerce, the China Securities Regulatory Commission (the "**CSRC**") and the State Administration for Foreign Exchange, on August 8, 2006 and became effective on September 8, 2006, as amended by the Ministry of Commerce on June 22, 2009.

"**Material Adverse Effect**" means any event, circumstance, condition, occurrence or situation or new development or any combination of the foregoing that has or could be reasonably expected to have a material and adverse effect upon the position or conditions (financial or otherwise), assets, liabilities, business, general affairs, properties or results of operations, performance or prospects of the Company and the PRC Subsidiaries, taken as a whole.

![](ex99-2_001.jpg)

"**PRC Subsidiaries**" means the PRC subsidiaries, as listed in **<u>Annex A</u>**, as at the date thereof.

"**Trial Measures and Circular**" means the Circular on the Administrative Arrangements for Filing of Securities Offering and Listing By Domestic Companies, and the set of regulations consisting of the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, and five supporting guidelines, issued by the CSRC on February 17, 2023 and came into effect on March 31, 2023.

For the purpose of giving this opinion, we have examined the originals or copies, certified or otherwise identified to our satisfaction, of corporate records, agreements, documents and other instruments provided to us and such other documents or certificates issued by governmental authorities or representations made by officials of government authorities or other public organizations and by officers or representatives of the Company as we have deemed necessary and appropriate as a basis for the opinions hereinafter set forth.

In rendering the opinions expressed below, we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 authenticity of the documents submitted to us as originals and the conformity to the originals
 of the documents submitted to us as copies;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 truthfulness, accuracy and completeness of all corporate minutes, resolutions and documents
 of or in connection with the PRC Subsidiaries as they were presented to us;

&nbsp;&nbsp;&nbsp;&nbsp;(c) that
 the documents and the corporate minutes and resolutions which have been presented to us remain
 in full force and effect as of the date hereof and have not been revoked, amended, varied
 or supplemented, except as noted therein;

&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 response to our due diligence inquiries, requests and investigation for the purpose of this
 opinion, all the relevant information and materials that have been provided to us by the
 Company and the PRC Subsidiaries, including all factual statements in the documents and all
 other factual information provided to us by the Company and the PRC Subsidiaries, and the
 statements made by the Company, the PRC Subsidiaries and relevant government officials, are
 true, accurate, complete and not misleading, and that the Company has not withheld anything
 that,

if disclosed to us, would reasonably cause us to alter this opinion in whole or in part. Where important facts were not independently established to us, we have relied upon certificates issued by governmental authorities and appropriate representatives of the Company and/or other relevant Subsidiaries and/or upon representations made by such persons in the course of our inquiry and consultation;

2/7

![](ex99-2_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(e) that
 all parties to the documents provided to us in connection with this opinion, other than the
 PRC Subsidiaries, have the requisite power and authority to enter into, and have duly executed,
 delivered and/or issued those documents to which they are parties, and have the requisite
 power and authority to perform their obligations thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) with
 respect to all parties, the due compliance with, and the legality, validity, effectiveness
 and enforceability under, all laws other than the laws of the PRC.

We do not purport to be experts on and do not purport to be generally familiar with or qualified to express legal opinions on any laws other than the laws of the PRC and accordingly express no legal opinion herein on any laws of any jurisdiction other than the PRC.

Based on the foregoing and subject to the qualifications set out below, we are of the opinion that, as of the date hereof, so far as PRC Laws are concerned:

&nbsp;&nbsp;&nbsp;&nbsp;1. Based
 on our understanding of the current PRC Laws, the ownership structures of the PRC Subsidiaries,
 both currently and immediately after giving effect to the Offering, do not and will not contravene
 any applicable PRC Laws currently in effect.

&nbsp;&nbsp;&nbsp;&nbsp;2. On
 February 17, 2023, the CSRC released the Trial Measures and Circular, which came into effect
 on March 31, 2023. The Trial Measures and Circular refine the regulatory system by subjecting
 both direct and indirect overseas offering and listing activities to the CSRC filing-based
 administration. Under the Trial Measures and Circular, PRC domestic companies are required
 to file their overseas offering and listing with the CSRC under certain conditions. Given
 that (i) the operating revenue, total profit, total assets and net assets contributed by
 the PRC subsidiaries each accounted for only a minority portion of the corresponding figures
 in the Company's consolidated financial statements for the most recent fiscal year,
 (ii) the Company's core business functions and management activities are primarily
 conducted outside of the PRC, and (iii) a majority of the members of the Company's
 board of directors and senior management who are responsible for the Company's business
 operations and management are neither PRC citizens nor habitual residents of mainland China,
 this offering is not classified as an indirect offering (i.e., an indirect overseas listing).
 Consequently, the Company is not required to file with the CSRC in accordance with the Circular
 and the Trial Measures.

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![](ex99-2_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 M&A Rules, among other things, purport to require that an offshore special purpose vehicle
 controlled directly or indirectly by PRC domestic companies or individuals and that was formed
 for the purpose of overseas listing through acquisitions of PRC domestic interests held by
 such PRC companies or individuals obtain the approval of the CSRC prior to the listing and
 trading of such special purpose vehicle's securities on an overseas stock exchange.
 The CSRC has not issued any definitive rules or interpretations concerning whether offerings
 such as the Offering are subject to the CSRC approval procedures under the M&A Rules.
 Based on our understanding of the current PRC Laws, prior approval from the CSRC is not required
 under the M&A Rules for the Offering and the listing and trading of the Ordinary Shares
 on the Nasdaq Capital Market, because none of the PRC subsidiaries were established by way
 of merger with or acquisition of any PRC domestic company as defined under the M&A Rules.
 However, uncertainties still exist as to how the M&A Rules will be interpreted and implemented
 and our opinion stated above is subject to any new laws, rules and regulations or detailed
 implementations and interpretations in any form relating to the M&A Rules.

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 recognition and enforcement of foreign judgments are provided for under the Civil Procedure
 Law of the PRC. PRC courts may recognize and enforce foreign judgments in accordance with
 the requirements of the Civil Procedure Law of the PRC based either on treaties between China
 and the jurisdiction where the judgment is made or on principles of reciprocity between jurisdictions.
 China does not have any treaties or other form of reciprocity with the United States or the
 Cayman Islands that provide for the reciprocal recognition and enforcement of foreign judgments.
 In addition, according to the Civil Procedure Law of the PRC, courts in the PRC will not
 recognize or enforce a foreign judgment against a company or its directors and officers if
 they decide that the judgment violates the basic principles of PRC Law or national sovereignty,
 security or public interest. As a result, it is uncertain whether and on what basis a PRC
 court would enforce a judgment rendered by a court in the United States or the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;5. On
 December 28, 2021, 13 governmental departments of the PRC, including the Cyberspace Administration
 of China (the "CAC"), issued the Cybersecurity Review Measures, which became
 effective on February 15, 2022. Based on the confirmation by the Company and after due and
 reasonable inquiry, we are of the opinion that neither the Company nor any of its PRC subsidiaries
 is required to undergo cybersecurity review by the CAC in connection with the Offering, since
 neither the Company nor any of its PRC subsidiaries is a critical information infrastructure
 operator purchasing network products and services or a network platform operator whose data
 processing activities affect or may affect national security, and neither the Company nor
 any of its PRC subsidiaries holds personal information of more than one million users or
 anticipates collecting personal information of more than one million users in the foreseeable
 future.

4/7

![](ex99-2_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;6. The
 statements made in the Registration Statement under the captions "Risk Factors",
 "Management's Discussion and Analysis of Financial Condition and Results of Operations",
 "Material Income Tax Considerations—People's Republic of China Enterprise
 Taxation" and elsewhere with respect to the PRC tax laws and regulations or interpretations,
 constitute true, accurate and correct descriptions of the matters described therein in all
 material respects and such statements represent our opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 statements set forth in the Registration Statement on the cover page and under the captions
 "Prospectus Summary", "Risk Factors", "Use of Proceeds",
 "Dividend Policy", "Corporate History and Structure", "Management's
 Discussion and Analysis of Financial Condition and Results of Operations", "Business",
 "Regulations", "Management", "Material Income Tax Considerations",
 "Enforceability of Civil Liabilities" and elsewhere in each case insofar as such
 statements describe or summarize PRC Law matters, or documents, agreements or proceedings
 governed by PRC Laws, including statements that relate to the Company and each of the PRC
 Subsidiaries and their respective businesses, are true and accurate in all material respects,
 are correctly set forth therein, fairly present or summarize in all material respects the
 PRC legal and regulatory matters, documents, agreements or proceedings referred to therein,
 do not contain an untrue statement of a material fact, and do not omit to state any material
 fact necessary to make the statements, in light of the circumstances under which they were
 made, not misleading.

The foregoing opinion is further subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;(a) we
 express no opinion as to any laws other than the PRC Laws in force on the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 PRC Laws referred to herein are laws currently in force and there is no guarantee that any
 of such laws, or the interpretation thereof or enforcement therefore, will not be changed,
 amended or replaced in the immediate future or in the longer term with or without retrospective
 effect;

&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 opinion is intended to be used in the context which is specifically referred to herein and
 each section should be looked on as a whole regarding the same subject matter; and this opinion
 is subject to the effects of (i) certain legal or statutory principles affecting the validity
 and enforceability of contractual rights generally under the concepts of public interest,
 social ethics, national security, good faith, fair dealing, and applicable statutes of limitation;
 (ii) 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; (iii) judicial discretion with respect
 to the availability of indemnifications, remedies or defenses, the calculation of damages,
 the entitlement to attorney's fees and other costs, and the waiver of immunity from
 jurisdiction of any court or from legal process; and (iv) the discretion of any competent
 PRC legislative, administrative or judicial bodies in exercising their authority in the PRC.

5/7

![](ex99-2_001.jpg)

This opinion is delivered in our capacity as the Company's PRC legal counsel solely for the purpose of the Registration Statement filed with the SEC on the date of this opinion and may not be used for any other purpose without our prior written consent.

We hereby consent to the use of this opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the reference to our name under the captions "Prospectus Summary", "Risk Factors", "Legal Matters", "Enforceability of Civil Liabilities" and elsewhere in such Registration Statement. We do not thereby admit that we fall within the category of the persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder.

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|:---|
| Yours faithfully, |
| /s/ China Commercial Law Firm |
| China Commercial Law Firm |

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6/7

**Annex A**

**List of the PRC Subsidiaries**

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| | | |
|:---|:---|:---|
| **No.** | **PRC Subsidiaries** | **Shareholders (% of Equity Interests)** |
| 1 | Ruiwuhang (Shanghai) Information Technology Co., Ltd. | RUI International Pte. Ltd. (100%) |
| 2 | Ruiwuhang (Shanghai) Facility Management Co., Ltd. | Ruiwuhang (Shanghai) Information Technology Co., Ltd. (100%) |
| 3 | Ruiwuxing (Wuxi) Facility Management Co., Ltd. | Ruiwuhang (Shanghai) Facility Management Co., Ltd. (100%) |
| 4 | Ruiwuhang (Shanghai) Catering Management Co., Ltd. | Ruiwuhang (Shanghai) Facility Management Co., Ltd. (100%) |
| 5 | Jiangsu Ruimu Boshi Technology Co., Ltd. | Ruiwuhang (Shanghai) Facility Management Co., Ltd. (100%) |
| 6 | Beijing Ruiwuhang Information Technology Co., Ltd. | RUI International Pte. Ltd. (100%) |

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7/7

## Exhibit 99.3

**Exhibit 99.3**

**CONSENT OF MARK FREDERICK DUCHESNE**

RUI Holdings Inc (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: May 22, 2026

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|:---|
| /s/ Mark Frederick Duchesne |
| **Mark Frederick Duchesne** |

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## Exhibit 99.4

**Exhibit 99.4**

**CONSENT OF ATEEQ UR RAHMAN**

RUI Holdings Inc (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: May 22, 2026

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| |
|:---|
| /s/ Ateeq Ur Rahman |
| **Ateeq Ur Rahman** |

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## Exhibit 99.5

**Exhibit 99.5**

**CONSENT OF HARRY DAVID SCHULMAN**

RUI Holdings Inc (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: May 22, 2026

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| |
|:---|
| /s/ Harry David Schulman |
| **Harry David Schulman** |

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**RUI Holdings Inc**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A ordinary shares, par value $0.0001 per share | (1) | 457(o) |  | $| $23000000.00 | 0.0001381 | $3176.30 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $23000000.00 |  | 3176.30 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $3176.30 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for the purpose of determining the amount of registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act") includes Class A ordinary shares that may be purchased by the underwriters pursuant to their option to purchase additional Class A ordinary shares to cover over-allotment, if any. In accordance with Rule 416, the Registrant is also registering an indeterminate number of additional ordinary shares that shall be issuable after the date hereof as a result of share splits, share dividends, or similar transactions.