# EDGAR Filing Document

**Accession Number:** 0001873723
**File Stem:** 0001213900-23-011473
**Filing Date:** 2023-2
**Character Count:** 1227608
**Document Hash:** 825d6267590682590f86b0c46c0bd744
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-011473.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001213900-23-011473

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 24

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Harden Technologies Inc.
- **CENTRAL INDEX KEY:** 0001873723
- **STANDARD INDUSTRIAL CLASSIFICATION:** SPECIAL INDUSTRY MACHINERY, NEC [3559]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269755
- **FILM NUMBER:** 23628323

**BUSINESS ADDRESS:**
- **STREET 1:** BUILDING 8. NO. 6 JINGYE ROAD
- **STREET 2:** TORCH HI-TECH DEVELOPMENT DISTRICT
- **CITY:** ZHONGSHAN CITY
- **STATE:** F4
- **ZIP:** 528400
- **BUSINESS PHONE:** 0086-760-89935422

**MAIL ADDRESS:**
- **STREET 1:** BUILDING 8. NO. 6 JINGYE ROAD
- **STREET 2:** TORCH HI-TECH DEVELOPMENT DISTRICT
- **CITY:** ZHONGSHAN CITY
- **STATE:** F4
- **ZIP:** 528400

**As filed with the Securities and Exchange Commission on February 14, 2023**

#### 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
**____________________**

#### Harden Technologies Inc. <br>(Exact Name of Registrant as Specified in its Charter)
**____________________**

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| | | |
|:---|:---|:---|
|  **British Virgin Islands** | **3559** | **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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**____________________**

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| | |
|:---|:---|
|  **Building 8, No. 6 Jingye Road**<br> **Torch Development Zone**<br> **Zhongshan City**<br> &nbsp;&nbsp;&nbsp;&nbsp;**PR China 528400**<br> **86**-760-89935422 | **Vcorp Agent Services, Inc.**<br> **25 Robert Pitt Dr., Suite 204**<br> **Monsey, New York 10952**<br> **(888) 528**-2677 |
|  (Address, including zip code, and telephone number, <br>including area code, of principal executive offices) | (Name, address, including zip code, and telephone<br>number, including area code, of agent for service) |

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**____________________**

***Copies to:***

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|:---|:---|
|  **Bradley A. Haneberg, Esq.<br>Haneberg Hurlbert PLC<br>1111 East Main Street<br> Suite 2010<br>Richmond, Virginia 23220**<br> **Telephone: 804**-554-4941 | **Fang Liu, Esq.**<br> **VC Law LLP** <br> **1945 Old Gallows Road**<br> **Suite 630**<br> **Vienna, Virginia 22182**<br> **Telephone: (301) 760**-7393 |

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**____________________**

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

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

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

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

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

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

Emerging growth company ☒

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

____________

† The 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 of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.**

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

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| | |
|:---|:---|
|  **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION, DATED FEBRUARY 14, 2023** |

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#### 2,500,000 Ordinary Shares

#### Harden Technologies Inc.
This is the initial public offering of Harden Technologies Inc. We expect the initial public offering price will be between $5.00 to $7.00 per ordinary share. No public market currently exists for our ordinary shares. We have applied for approval of the listing our ordinary shares on the Nasdaq Capital Market and have reserved the symbol "HARD" for such listing for the ordinary shares we are offering. We believe that upon the completion of the offering contemplated by this prospectus, we will meet the standards for listing on the Nasdaq Capital Market. We cannot guarantee that we will be successful in listing our securities on Nasdaq; however, we will not complete this offering unless we are so listed.

**We are an "emerging growth company," as that term is used in the Jumpstart Our Business Startup Act of 2012 (the "JOBS Act"), and will be subject to reduced public company reporting requirements. See "Prospectus Summary — Implications of Being an Emerging Growth Company" and "Risk Factors — We are an 'emerging growth company,' and we cannot be certain if choosing to elect the reduced reporting requirements applicable to emerging growth companies will make our ordinary shares less attractive to investors."**

**Investing in our ordinary shares involves significant risks. See "Risk Factors" beginning on page 21 of this prospectus for a discussion of information that should be considered before making a decision to purchase our ordinary shares.**

We are a holding company incorporated in the British Virgin Islands. As a holding company with no material operations of our own, we conduct a substantial majority of our operations through our subsidiaries in the PRC. The ordinary shares offered in this offering are shares of the British Virgin Islands holding company. Investors of our ordinary shares should be aware that they may never directly hold equity interests in our subsidiaries in the PRC.

As all our operations are conducted in China through our subsidiaries, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time. Such governmental actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• could result in a material change in our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• could hinder our ability to continue to offer securities to investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may cause the value of our securities to significantly decline or be worthless.

Recent statements by the Chinese government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in China based issuers. Any future action by the Chinese government expanding the categories of industries and companies whose foreign securities offerings are subject to government review could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

Recently, the PRC government initiated a series of regulatory actions and made several public statements on the regulation of business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding efforts in anti-monopoly enforcement. We believe that we are not directly subject to these regulatory actions or statements, as we do not have a variable interest entity structure and our business does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry. As these statements and regulatory actions are new, however, it is highly uncertain how soon legislative or administrative regulation making bodies in China will respond to them, or what existing or new laws or regulations will be modified or promulgated, if any, or the potential impact such modified or new laws and regulations will have on our daily business operations or our ability to accept foreign investments and list on an U.S. exchange.

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Our ordinary shares may be prohibited to trade on a national exchange or in the over-the-counter trading market in the United States under the Holding Foreign Companies Accountable Act (the "HFCA Act") and the Accelerating Holding Foreign Companies Accountable Act (the "AHFCA Act") if the Public Company Accounting Oversight Board (United States) (the "PCAOB") determines that it cannot inspect or fully investigate our auditors for two consecutive years beginning in 2021. As a result, an exchange may determine to delist our securities. Additionally, our securities may be prohibited from trading if our auditor cannot be fully inspected as more stringent criteria have been imposed by the SEC and the PCAOB recently. On December 2, 2021, the SEC issued 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. On December 15, 2022, however, the PCAOB vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. As of the date of the prospectus, the Company's auditor, Friedman LLP, headquartered in New York, New York, with no branches or offices outside the United States, has been inspected by the PCAOB on a regular basis, with the last inspection in August 2020. As a result, we do not expect to be identified as a "Commission — Identified Issuer" under the HFCA as of the date of this prospectus. Friedman LLP was merged with Marcum LLP on September 1, 2022 and filed its application to withdraw the PCAOB registration on December 30, 2022. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainties and depends on a number of factors out of our and our auditor's control. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and is making plans to resume regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. While our auditor is based in the U.S. and is registered with PCAOB and subject to PCAOB inspection, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor because of a position taken by an authority in a foreign jurisdiction, then such inability could cause trading in our securities to be prohibited under the HFCA Act and the AHFCA Act, and ultimately result in a determination by a securities exchange to delist our securities. If trading in our ordinary shares is prohibited under the HFCA Act and the AHFCA 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 ordinary shares, which may cause the value of our securities to decline or become worthless. See. "Risk Factors — Our ordinary shares may be prohibited from being trading on and would require delisting from a national exchange under the HFCA Act and the AHFCA Act if the PCAOB is unable to inspect our auditors for two consecutive years beginning in 2021. The delisting of our ordinary shares, or the threat of their being delisted, may materially and adversely affect the value of your investment."

Cash dividends, if any, on our ordinary shares will be paid in U.S. dollars. As of the date of this prospectus, (1) no cash transfers nor transfers of other assets have occurred among the Company, and its subsidiaries, except that we transferred $12,990 from Harden International to WFOE as a working capital loan during the year ended December 31, 2021, (2) no dividends nor distributions have been made by a subsidiary, and (3) the Company has not paid any dividends nor made any distributions to U.S. investors. 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, or any funds will be transferred from one entity to another. As such, we have not installed any cash management policies that dictate how funds are transferred among Harden, its subsidiaries, or investors. For further details, please refer to the consolidated financial statements included elsewhere in this registration statement of which this prospectus is a part. Under British Virgin Islands law, the directors of the Company may, by resolution of directors, authorize a dividend by the Company to the members at such time and of such an amount, as the directors think fit if they are satisfied, or reasonable grounds, that the company will, immediately after the payment of the dividend, satisfy the solvency test. A BVI company satisfies the solvency test if (a) the value of the company's assets exceeds its liabilities, and (b) the company is able to pay its debts as they fall due.

Our business belongs to the waste management and recycling equipment manufacturing industry in China, which does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry. Based on the advice of our PRC counsel, King & Wood Mallesons, and our understanding of currently

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applicable PRC laws and regulations, our registered public offering in the U.S. is not subject to the review or prior approval of the Cyberspace Administration of China (the "CAC") or the China Securities Regulatory Commission (the "CSRC"). Uncertainties still exist, however, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

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

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| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total Without<br>Over-Allotment<br>Option** | **Total With<br>Over-Allotment<br>Option** |
|  **Initial public offering price**<sup>(1)</sup> | $6.00 | $15000000 | $17250000 |
|  **Underwriting discounts and commissions**<sup>(</sup><sup>2</sup><sup>)</sup> | $0.39  | $975000 | $1121250 |
|  **Proceeds to us, before expenses** | $5.61 | $14025000 | $16128750 |

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____________

(1) Initial public offering price is assumed to be $6.00 per ordinary share, which is the midpoint of the range set forth on the cover page of this prospectus.

(2) See "Underwriting" for more information regarding underwriting compensation. Excludes fees and expenses payable to our underwriters.

We expect our total cash expenses for this offering (including cash expenses payable to our underwriters for their out-of-pocket expenses) to be approximately $1,400,000, exclusive of the above discounts and commissions. In addition, we will pay additional items of value in connection with this offering that are viewed by the Financial Industry Regulatory Authority, ("FINRA"), as underwriting compensation. These payments will further reduce proceeds available to us before expenses. See "Underwriting."

This offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the ordinary shares, if any such shares are taken. We have granted the underwriters an option for a period of forty-five (45) days after the closing of this offering to purchase up to 15% of the total number of our ordinary shares to be offered by us pursuant to this offering (excluding shares subject to this option), solely for the purpose of covering over-allotments, at the initial public offering price less the underwriting discounts and commissions. If the underwriters exercise the option in full and originate all investors in the offering, the total underwriting discounts and commissions payable will be $1,121,250 based on an assumed initial public offering price of $6.00 per ordinary share (the midpoint of the price range set forth on the cover page of this prospectus), and the total gross proceeds to us, before underwriting discounts and commissions and expenses, will be $17,250,000. If we complete this offering, net proceeds will be delivered to us on the closing date. We will not be able to use such proceeds in China, however, until we complete capital contribution procedures which require prior approval from each of the respective local counterparts of China's Ministry of Commerce, the State Administration for Market Regulation, and the State Administration of Foreign Exchange. See remittance procedures in the section titled "Use of Proceeds" beginning on page 49.

We have agreed to issue to the underwriter ordinary share purchase warrants, exercisable from the date of commencement of sales of this offering for a period of three years after such date, to purchase ordinary shares equal to 5% of the total number of ordinary shares sold in this offering, exercisable at a per share price equal to 125% of the public offering price (the "Warrants"). The registration statement of which this prospectus is a part covers the ordinary shares issuable upon the exercise thereof.

The underwriters expect to deliver the ordinary shares to purchasers in this offering on or about March __, 2023.

#### US Tiger Securities, Inc.

#### Prospectus dated , 202 3

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [***PROSPECTUS SUMMARY***](#T19) | 1 |
|  [*RISK FACTORS*](#T991) | 21 |
|  [***FORWARD-LOOKING STATEMENTS***](#T18) | 48 |
|  [*USE OF PROCEEDS*](#T992) | 49 |
|  [***DIVIDEND POLICY***](#T17) | 50 |
|  [***EXCHANGE RATE INFORMATION***](#T16) | 51 |
|  [***CAPITALIZATION***](#T15) | 52 |
|  [***DILUTION***](#T14) | 53 |
|  [***POST-OFFERING OWNERSHIP***](#T13) | 54 |
|  [***MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS***](#T12) | 55 |
|  [*CORPORATE HISTORY AND STRUCTURE*](#T993) | 70 |
|  [***OUR BUSINESS***](#T11) | 72 |
|  [***REGULATIONS***](#T10) | 82 |
|  [*MANAGEMENT*](#T9951) | 93 |
|  [*RELATED PARTY TRANSACTIONS*](#T9952) | 102 |
|  [*PRINCIPAL SHAREHOLDERS*](#T9953) | 105 |
|  [***DESCRIPTION OF SHARES***](#T9) | 107 |
|  [***SHARES ELIGIBLE FOR FUTURE SALE***](#T8) | 116 |
|  [***TAX MATTERS APPLICABLE TO U.S. HOLDERS OF OUR ORDINARY SHARES***](#T7) | 118 |
|  [***ENFORCEABILITY OF CIVIL LIABILITIES***](#T6) | 125 |
|  [***UNDERWRITING***](#T5) | 126 |
|  [*EXPENSES RELATED TO THIS OFFERING*](#T9954) | 130 |
|  [***LEGAL MATTERS***](#T4) | 131 |
|  [***EXPERTS***](#T3) | 131 |
|  [***INTERESTS OF NAMED EXPERTS AND COUNSEL***](#T2) | 131 |
|  [*DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION*](#T9955) | 131 |
|  [***WHERE YOU CAN FIND MORE INFORMATION***](#T1) | 131 |
|  [*INDEX TO FINANCIAL STATEMENTS*](#T9956) | F-1 |

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**Through and including , 2023 (25 days after the commencement of this offering), all dealers effecting transaction in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

You should rely only on the information contained in this prospectus and any free writing prospectus we may authorize to be delivered to you. We have not, and the underwriters have not, authorized anyone to provide you with information different from, or in addition to, that contained in this prospectus and any related free writing prospectus. We and the underwriters take no responsibility for, and can provide no assurances as to the reliability of, any information that others may give you. This prospectus is not an offer to sell, nor is it seeking an offer to buy, these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this prospectus is only accurate as of the date of this prospectus, regardless of the time of delivery of this prospectus and any sale of our ordinary shares. Our business, financial condition, results of operations and prospects may have changed since that date.

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

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

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#### PROSPECTUS SUMMARY
*This summary highlights certain information contained elsewhere in this prospectus. You should read the entire prospectus carefully, including our consolidated financial statement and related notes, and especially the risks described under "Risk Factors" beginning on page 21 hereof. We note that our actual results and future events may differ significantly based upon a number of factors. The reader should not put undue reliance on the forward*-looking *statements in this document, which speak only as of the date on the cover of this prospectus.*

#### Our Company
Harden is a waste management and recycling equipment manufacturer in China, specializing in the manufacture of customized industrial shredders and material sorting machines and production lines. We were founded on May 10, 2010 by our chairman of the board of directors, director and chief executive officer, Mr. Jiawen Miao. We are located in Zhongshan City in China's Guangdong Province. We currently employ 237 people on a full time basis — 20 people in management positions; 31 in sales and marketing positions; 29 in research and development positions; 35 people in technical engineering positions; 26 in after-sale service positions and 96 in manufacturing and installation positions.

#### Industry and Market Background
According to Grand View Research, an international market research company, the global industrial recycling equipment market size was estimated at $852 million in 2019 and is anticipated to reach $1.3 billion by 2027, expanding at a compound annual growth rate ("CAGR") of 5.8%. The Asia Pacific region's market is forecast to exceed $450 million by 2025, with China as a major revenue earner.

We expect growing awareness pertaining to the economic and environmental benefits of recycled processed materials to significantly impact our market. In addition, we expect growing concerns over the increasing carbon footprint along with rising government efforts in numerous countries in order to promote recycling of material to create significant opportunities for manufacturers. Industrial recycling equipment plays a significant role in this process. Scrap materials including discarded electrical and electronic goods, automobile parts, paper, and construction materials are collected from numerous sources for further processing. Industrial recycling equipment, including baler presses, granulators, shredders, and shears are then used to reduce the shape and size of the waste materials, which are further used for recycling.

Due to the increasing awareness towards the sustainable advantages and benefits of reusing and recycling waste materials, we believe the end-use utilization of recycled materials will further benefit the industry. We anticipate that recycled material such as steel, iron, plastic, rubber, and concrete in the industries including automotive, electrical and electronics, building and construction, and packaging will drive the market.

#### Our Products
We manufacture industrial shredders and waste sorting equipment for waste management and material recycling industries. We create equipment for customers according to their requirements depending upon applications and needs.

Samples of our industrial recycling equipment include the following:

***Single Shaft Shredders*** — Single shaft shredders are often referred to as grinders and efficiently shred large quantities of materials unattended.

***Dual Shaft Shredders*** — Dual shaft industrial shredders have opposite rotating rotors that pull the material between the two rotors. In a dual-shaft shredder, the cutters or knives cut the material when it passes over the cutter and the opposing counter-knife.

***Quad Shaft Shredders*** — Quad shaft shredders can shred a wide-range of materials and produce a consistent small material. Quad shaft shredders are able to shred and recirculate material within the machine until it is reduced to the proper size to pass through a filtering screen.

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***Primary Shredders*** — Primary shredders allow for the reduction of tough materials and are made with a hydraulic transmission. The shredders can be adjusted to different sizes to obtain the desired size of the shredded product.

***Mobile Shredders*** — Mobile shredders are equipped with the same shredding units as stationary shredders. However, different mobile shredder models are built either on crawlers or a trailer, which makes them easy to move at a production site or transport between sites when needed.

***Granulators*** — Granulators turn materials into flakes or granules, which can be sold as raw material for remanufacturing.

***Disk Screens*** — Disk screens are used to separate waste according to piece size.

***Air Separators*** — Air separators employ blowers and other mechanisms to separate lighter fractions of recyclable material.

#### Our Competitive Strengths
We believe the following competitive strengths differentiate us from our competitors and contribute to our ongoing success.

***Focus on technology and research and development***. We believe we employ a strong research and development team. We own 93 patents that we utilize in the production of our products, and we are committed to researching and developing new industrial recycling equipment, and an additional 36 patents that are pending approval.

***Ability to Grow Our Brand Awareness***. We believe that the Harden brand is a well-known, respected global brand in our industry. Our brand name and image are integral to the growth of our business and to the implementation of our strategies for expanding our business.

***Strong Cash Flow Management***. We believe that our cash flow management, driven by our low accounts receivable balance as compared to our competitors, allows us to compete effectively in a rapidly changing and increasingly complex Chinese market.

***Effective quality control***. In every step, we have fully trained, experienced and skilled employees that are working in concert to ensure the quality of our industrial recycling equipment.

***Experienced Management Team and Personnel with a Demonstrated Track Record***. Our management team, led by our chairman of the board, director and chief executive officer, Mr. Jiawen Miao, has extensive industry experience and a demonstrated track record of developing new products, adapting to changing market conditions, and managing manufacturing companies.

***Pricing strategy***. We strive to provide our customers with the best value proposition by offering our industrial recycling equipment at competitive prices on our platform.

#### Our Challenges and Risks
We recommend that you consider carefully the risks discussed below and under the heading "Risk Factors" beginning on page 21 of this prospectus before purchasing our ordinary shares. If any of these risks occur, our business, prospects, financial condition, liquidity, results of operations and ability to make distributions to our shareholders could be materially and adversely affected. In that case, the trading price of our ordinary shares could decline and you could lose some or all of your investment. These risks include, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may experience difficulties in effecting service of legal process, enforcing foreign judgments or brining actions in China against us or our management named in the prospectus based on foreign laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We must remit the offering proceeds to China before they may be used to benefit our business in China, this process may take a number of months and we will be unable to use the proceeds to grow our business in the meantime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face a wide range of competition that could affect our ability to operate profitably, and we believe that our European competitors are searching for opportunities to enter the China market;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we become directly subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed China-based companies, we may have to expend significant resources to investigate and resolve the matter which could harm our business operations, this offering and our reputation and could result in a loss of your investment in our shares, especially if such matter cannot be addressed and resolved favorably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Introduction of new laws and regulations or changes to existing laws and regulations by the Chinese government may occur quickly with little advance notice, and such new laws, regulations or changes thereto may adversely affect our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ordinary shares may be prohibited from being traded on and would require delisting from a national exchange under the HFCA Act and the AHFCA Act if the PCAOB is unable to inspect our auditors for two consecutive years beginning in 2021. Our auditor is currently subject to PCAOB inspections, and the PCAOB is able to inspect our auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additionally, our securities may be prohibited from trading if our auditor cannot be fully inspected as more stringent criteria have been imposed by the SEC and the PCAOB recently. On December 2, 2021, the SEC issued 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any decline in the availability or increase in the cost of raw materials, including steel and copper, could materially impact our earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an "emerging growth company," and we cannot be certain if choosing to elect the reduced reporting requirements applicable to emerging growth companies will make our ordinary shares less attractive to investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The novel coronavirus could have a material adverse impact upon our business, results of operations, financial condition, cash flows or liquidity.

#### Our Strategies
***We intend to increase our revenue and market share by expanding our business network internationally***. In the short term, we intend to increase our revenue and market share by expanding our business network to other provinces in China. Over the long term, however, we believe that significant business opportunities exist outside of China — particularly in the United States and Europe.

***Pursue Strategic Acquisitions****.* We intend to continue to pursue expansion opportunities in existing and new markets, as well as in core and adjacent categories through strategic acquisitions.

***Market Opportunity***. China's 14<sup>th</sup> Five Year Plan (2021-2025) promotes the reduction on the reliance on foreign technology and dependence on imported resources, and to increase industrial modernization and technological innovation. We plan to capitalize on the opportunities presented by the 14<sup>th</sup> Five Year Plan by assisting in the recycling and reuse of materials along with lowering waste disposal fees of our existing and potential customers through the use of our shredder equipment.

***Continue to develop new products****.* We are committed to researching and developing new products according to market trends.

***Target the solid waste management and recycling industry market***. According to IBISWorld, an international market research company, the solid waste recycling industry in China has developed rapidly over the past five years and industry revenue is expected to increase at an annualized 9.6% over the five years through 2022, to $25.2 billion. In addition to the China market, the global waste management market is also growing at a rapid rate in both developed and developing countries. According to Allied Market Research, a market research company based in the US, global waste management market is expected to grow from approximately $1.6 trillion in 2020 to approximately $2.5 trillion by 2030, growing at a CAGR of 3.4%. As a result of such growth, Allied Market Research also determined that the global waste management equipment market, in which we compete, will increase from $45.75 billion in 2019 to $55.63 billion by 2027, growing at a CAGR of 4.1%.

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#### Foreign Private Issuer Status
We are incorporated in the British Virgin Islands, and more than 50 percent of our outstanding voting securities are not directly or indirectly held by residents of the United States. Therefore, we are a "foreign private issuer" as defined in Rule 405 under the Securities Act and Rule 3b-4(c) under the Exchange Act. As a result, in accordance with the rules and regulations of The Nasdaq Stock Market, we may comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, or from providing current reports on Form 8-K disclosing significant events within four (4) days of their occurrence, and from the disclosure requirements of Regulation FD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from Section 16 rules regarding sales of ordinary shares by insiders, which will provide less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the Nasdaq rules applicable to domestic issuers requiring disclosure within four (4) business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private issuer exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that our board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirements that director nominees are selected, or recommended for selection by our board of directors, either by (i) independent directors constituting a majority of our board of directors' or independent directors in a vote in which only independent directors participate, or (ii) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable, addressing the nominations process is adopted.

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

Although we are permitted to follow certain corporate governance rules that conform to British Virgin Island requirements in lieu of many of the Nasdaq corporate governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers, including the requirement to hold annual meetings of shareholders.

#### Corporate Information
Our principal executive office is located at Xingda Street, Torch Development Zone, Zhongshan City, Guangdong Province, 528400, PR China. Our telephone number is 86-760-89935422. Our registered office in the British Virgin Islands is located at the office of Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands, VG 1110.

Our agent for service of process in the United States is Vcorp Agent Services, Inc. 25 Robert Pitt Dr., Suite 204, Monsey, New York 10952. Our websites are located at *www.industrial*-shredder*.info* and *www.siruide.com*. Information contained on, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this prospectus.

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#### Corporate Structure
**Harden Technologies Inc** ("**Harden**")**.** — We formed Harden Technologies Inc., our British Virgin Islands holding company, on April 8, 2021.

**Harden International Limited** ("**Harden International**") — We formed Harden International, our wholly-owned Hong Kong subsidiary, on April 20, 2021. Harden International solely serves as a holding company for WOFE.

**Harwell Technologies Ltd.** ("**WFOE**") — We formed WFOE, our principal operating company in China and wholly-owned subsidiary of Harden International, on May 13, 2021. WFOE solely serves as a holding company for Harden Machinery.

**Harden Machinery Ltd.** ("**Harden Machinery**") — We formed Harden Machinery, our former operating company in China and wholly-owned subsidiary of WFOE on May 10, 2010. Its business scope includes the design and manufacture of customized industrial recycling equipment.

**Dr. Shredder Technologies Ltd.** ("**Dr. Shredder**") — Dr. Shredder is a company incorporated on September 29, 2017 in China and is a 55% owned subsidiary of Harden Machinery. The remaining 45% of Dr. Shredder is owned by three former employees of Harden. Dr. Shredder is engaged in the manufacture and sale of small and medium-sized industrial shredders and data destruction shredders.

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As used herein the term "China Operating Companies" shall refer to WFOE, Harden Machinery and Dr. Shredder.

#### Implications of Being an Emerging Growth Company
As a company with less than $1.07 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jobs Act, and we are eligible 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, being permitted to 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 in our filings with the SEC, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. We have not decided whether to take advantage of any or all of these exemptions. If we do take advantage of any of these exemptions, we do not know if some investors will find our ordinary shares less attractive as a result. The result may be a less active trading market for our ordinary shares and the price of our ordinary shares may be more volatile.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities Act"), for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. However, we are choosing to "opt out" of such extended transition period, and as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. Section 107 of the JOBS Act provides that our decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

We will remain an "emerging growth company" until the earliest of (i) the last day of the first fiscal year in which our annual gross revenues exceed US$1.07 billion, (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (iii) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our ordinary shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter, or (iv) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three year period.

#### Implications of the HFCA Act
Our ordinary shares may be prohibited to trade on a national exchange or in the over-the-counter trading market in the United States under the HFCA Act and the AHFCA Act if the PCAOB determines that it cannot inspect or fully investigate our auditors for two consecutive years beginning in 2021. As a result, an exchange may determine to delist our securities. Additionally, our securities may be prohibited from trading if our auditor cannot be fully inspected as more stringent criteria have been imposed by the SEC and the PCAOB recently. On December 2, 2021, the SEC issued 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. On December 15, 2022, the PCAOB vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. As of the date of the prospectus, the Company's auditor, Friedman LLP, headquartered in New York, New York, with no branches or offices outside the United States, has been inspected by the PCAOB on a regular basis, with the last inspection in August 2020. As a result, we do not expect to be identified as a "Commission — Identified Issuer" under the HFCA as of the date of this prospectus. However, whether the PCAOB will continue

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to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainties and depends on a number of factors out of our and our auditor's control. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and is making plans to resume regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. While our auditor is based in the U.S. and is registered with PCAOB and subject to PCAOB inspection, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor because of a position taken by an authority in a foreign jurisdiction, then such inability could cause trading in our securities to be prohibited under the HFCA Act and the AHFCA Act, and ultimately result in a determination by a securities exchange to delist our securities. If trading in our ordinary shares is prohibited under the HFCA Act and the AHFCA 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 ordinary shares, which may cause the value of our securities to decline or become worthless. See "Risk Factors — Our ordinary shares may be prohibited from being traded on and would require delisting from a national exchange under the HFCA Act and the AHFCA Act if the PCAOB is unable to inspect our auditors for two consecutive years beginning in 2021. The delisting of our ordinary shares, or the threat of their being delisted, may materially and adversely affect the value of your investment."

#### Implications of Chinese Regulations
As of the date of this prospectus, each of our Chinese subsidiaries has received all requisite permissions and approvals from Chinese authorities to conduct and operate our business as currently conducted under relevant PRC laws and regulations, and none of our Chinese subsidiaries has been denied by relevant Chinese authorities due to its business qualifications. The following table provides details on the licenses and permissions held by our Chinese subsidiaries.

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| | | | |
|:---|:---|:---|:---|
|  **Company** | **License/Permission** | **Issuing Authority** | **Validity/Expiration** |
|  Harwell Technologies, Inc. | Business License | Zhongshan Market Supervision Administration | Unlimited |
|  Harden Machinery Ltd. | Business License | Zhongshan Market Supervision Administration | Unlimited |
|  Dr. Shredder Technologies Ltd. | Business License | Zhongshan Market Supervision Administration | Unlimited |
|  Harden Machinery Ltd. | Safety Production Permit | Guangdong Provincial Department of Housing and Urban-rural Development | January 20, 2025 |
|  Harden Machinery Ltd. | Third-grade Professional Contracting Qualification for Environmental Protection Projects | Zhongshan Housing and Urban-rural Development Bureau | June 30, 2026 |
|  Harden Machinery Ltd. | High-tech Enterprise Certificate | Science & Technology Department of Guangdong Province <br> Guangdong Provincial Finance Department <br> Guangdong Provincial Tax Service, State Taxation Administration | December 20, 2024 |

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Neither we nor our subsidiaries are currently required to obtain permissions or approvals from Chinese authorities, including the China Securities Regulatory Commission ("CSRC"), the Cybersecurity Administration Committee ("CAC"), or any other Chinese authorities to list on a foreign stock exchange or issue securities to foreign investors. As of the date of this prospectus, we have not received any inquiry, notice, warning, sanctions or regulatory objection to this offering from the CSRC, CAC or any other Chinese authorities.

However, if our subsidiaries or the holding company were required to obtain permissions or approvals in the future and were denied permission from Chinese authorities to list on U.S. exchanges, we will not be able to continue listing on U.S. exchange, which would materially affect the interest of the investors. It is uncertain when and whether the Company will be required to obtain permissions or approvals from Chinese authorities to list on a foreign stock exchange in the future, and even when such permission is obtained, whether it will be denied or rescinded. We have been closely monitoring regulatory developments in China regarding any necessary approvals from the CSRC, CAC or other Chinese authorities. However, there remains significant uncertainty as to the enactment, interpretation and implementation of regulatory requirements related to overseas securities offerings and other capital market activities.

Although the Company is currently not required to obtain permission from any of Chinese authorities and has not received any denial to list on the U.S. exchange, our operations and financial conditions could be adversely affected, and our ability to offer securities to investors could be significantly limited, directly or indirectly, by existing or future laws and regulations relating to its business or industry; if we inadvertently conclude that such permissions or approvals are not required when they are, or applicable laws, regulations, or interpretations change and we are required to obtain permissions or approvals in the future.

#### The New "M&A Rule"
On August 8, 2006, six Chinese regulatory agencies, including the Ministry of Commerce of the PRC ("MOFCOM"), jointly issued the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (the "New M&A Rule"), which became effective on September 8, 2006, and was amended on June 22, 2009. The New M&A Rule contains provisions that require that an offshore special purpose vehicle ("SPV") formed for the purpose of seeking a public listing on an overseas stock exchange through acquisitions of PRC domestic companies and controlled directly or indirectly by Chinese 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. On September 21, 2006, the CSRC published procedures specifying documents and materials required to be submitted to it by an SPV seeking CSRC approval of overseas listings.

However, the application of the New M&A Rule remains unclear with no consensus currently existing among leading Chinese law firms regarding the scope and applicability of the CSRC approval requirement. Our Chinese counsel, King & Wood Mallesons, has given us the following advice, based on their understanding of current Chinese laws and regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• WFOE was established by means of direct investment and not through a merger or requisition of the equity or assets of a "PRC domestic company" as defined under the New M&A Rule, and at the time of our equity interest acquisition, Harden was a foreign-invested enterprise rather than a "PRC domestic company" before it was acquired by WFOE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In spite of the lack of clarity on this issue, the CSRC currently has not issued any definitive rule or interpretation regarding whether offerings like the one contemplated by this prospectus are subject to the New M&A Rule.

The CSRC has not issued any such definitive rule or interpretation, and we have not chosen to voluntarily request approval under the New M&A Rule. If the CSRC requires that we obtain its approval prior to the completion of this offering, the offering will be delayed until we obtain CSRC approval, which may take several months. There is also the possibility that we may not be able to obtain such approval. If prior CSRC approval was required, we may face regulatory actions or other sanctions from the CSRC or other Chinese regulatory authorities. These authorities may impose fines and penalties upon our operations in China, limit our operating privileges in China, delay or restrict the repatriation of the proceeds from this offering into China, or take other actions that could have a material adverse effect upon our business, financial condition, results of operations, reputation and prospects, as well as the trading price of our ordinary shares. The CSRC or other Chinese regulatory agencies may also take actions requiring us, or making it advisable for us, to terminate this offering prior to closing.

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#### The Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law
On July 6, 2021, The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law ("Opinions") which require (i) speeding up the revision of the provisions on strengthening the confidentiality and archives management relating to overseas issuance and listing of securities and (ii) improving the laws and regulations relating to data security, cross-border data flow, and management of confidential information. As of the date of this prospectus, no official guidance or related implementation rules have been issued. As of the date of this prospectus, it remains unclear as to how the Opinions will be interpreted, amended and implemented by the relevant Chinese authorities.

**The Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) and the Administrative Measures for the Filing of Overseas Issuance and Listing of Securities by Domestic Companies (Draft for Comments)**

On December 24, 2021, the CSRC issued Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (the "Administration Provisions"), and the Administrative Measures for the Filing of Overseas Issuance and Listing of Securities by Domestic Companies (Draft for Comments) (the "Measures").

The Administration Provisions and Measures for overseas listings lay out specific requirements for filing documents and include unified regulation management, strengthening regulatory coordination, and cross-border regulatory cooperation. Domestic companies seeking to list abroad must carry out relevant security screening procedures if their businesses involve such supervision. Companies endangering national security are among those off-limits for overseas listings.

According to Relevant Officials of the CSRC Answered Reporter Questions ("CSRC Answers"), after the Administration Provisions and Measures are implemented upon completion of public consultation and due legislative procedures, the CSRC will formulate and issue guidance for filing procedures to further specify the details of filing administration and ensure that market entities could refer to clear guidelines for filing, which means it will still take time to put the Administration Provisions and Measures into effect. As the Administration Provisions and Measures have not yet come into effect, the Company is currently unaffected by them.

However, according to CSRC Answers, only new initial public offerings and refinancing by existing overseas listed Chinese companies will be required to go through the filing process; other existing overseas listed companies will be allowed a sufficient transition period to complete their filing procedure, which means the Company will certainly go through the filing process in the future, perhaps because of refinancing, or after being given a sufficient transition period to complete the filing procedure as an existing overseas listed Chinese company.

#### The Measures for Cybersecurity Review
On December 28, 2021, the CAC, the National Development and Reform Commission ("NDRC"), and several other administrations jointly issued the revised Measures for Cybersecurity Review, or the Revised Review Measures. According to the Revised Review Measures, if an "online platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. Given the recency of the issuance of the Revised Review Measures, there is a general lack of guidance and substantial uncertainties exist with respect to their interpretation and implementation.

Our business belongs to the waste management and recycling equipment manufacturing industry in China, which does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry. Based on the advice of our PRC counsel, King & Wood Mallesons, and our understanding of currently applicable PRC laws and regulations, our registered public offering in the U.S. is not subject to the review or prior approval of the CAC or the CSRC. Uncertainties still exist, however, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

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For more detailed information, see "Risk Factors — Risks Associated with this Offering and Ownership of Our Ordinary shares — Our failure to obtain prior approval of the China Securities Regulatory Commission ("CSRC") for the listing and trading of our ordinary shares on a foreign stock exchange could delay this offering or could have a material adverse effect upon our business, operating results, reputation and trading price of our ordinary shares." "Risk Factors — Risks Related to Doing Business in China — If the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China based issuers, such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless." and "Risk Factors — Risks Related to Doing Business in China — We are subject to a variety of laws and other obligations regarding privacy, data security, cybersecurity, and data protection, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations."

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#### The Offering <sup>(1)</sup>

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|:---|:---|
|  **Ordinary shares offered by us:** | 2,500,000 ordinary shares |
|  **Ordinary shares outstanding immediately prior to this offering:** | <br>10,000,000 ordinary shares |
|  **Ordinary shares outstanding immediately after this offering:** | <br>12,500,000 ordinary shares |
|  **Offering price per ordinary share:** | We estimate the initial public offering price per share to be in the range of $5.00 to $7.00 per ordinary share |
|  **Use of proceeds:** | We expect to receive gross proceeds of approximately $15.0 million in the offering, assuming an initial public offering price of $6.00 per ordinary share, the midpoint of the estimated price range set forth on the cover page of this prospectus. In addition, we expect to receive net proceeds of approximately $13.0 million in this offering, assuming an initial public offering price of $6.00 per share, the midpoint of the estimated price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and commissions and offering expenses payable by us. The net proceeds from this offering must be remitted to China before we will be able to use the funds to grow our business.  |
|  | We intend to use the net proceeds of this offering as follows after we complete the remittance process: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• approximately $7.0 million for the development of a new manufacturing facility;<br> &nbsp;&nbsp;&nbsp;&nbsp;• approximately $3.0 million for research and development related to design of mobile shredding and mobile screening machines, waste robotic sorting technologies and pilot recycling plant development;<br> &nbsp;&nbsp;&nbsp;&nbsp;• and any remaining balance for additional working capital. |
|  | For more information on the use of proceeds, see "Use of Proceeds" on page 49. |
|  **Risk factors:** | Investing in our ordinary shares involves a high degree of risk. Below is a summary of material factors that make an investment in our ordinary shares speculative or risky. Importantly, this summary does not address all the risks that we face. Please refer to the information contained in and incorporated by reference under the heading "Risk Factors" on page 21 of this prospectus. |
|  | <u><u>Risks Relating to Our Business</u></u><br> &nbsp;&nbsp;&nbsp;&nbsp;• The impact of a novel strain of coronavirus ("COVID-19") has significantly impacted China and the rest of the world. We are currently unable to predict the full effect of COVID-19 upon our business and operations. |

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(1) Unless otherwise indicated, all information contained in this prospectus assumes no exercise of the underwriter's over-allotment option and is based upon 10,000,000 ordinary shares outstanding immediately prior to the closing of this transaction and/or 12,500,000 ordinary shares outstanding as of the closing of this offering.

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|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;• To the extent the Chinese economy slows, our business may be materially and negatively impacted.<br> &nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to maintain effective business relationships with our suppliers and customers with whom we have an interdependent relationship.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Wage increases in China may prevent us from maintaining competitive advantages and could reduce our profit margins.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Our senior executives have not managed a publicly traded company in the past, and they have no prior experience with legal compliance issues related to U.S. or British Virgin Islands law.<br> &nbsp;&nbsp;&nbsp;&nbsp;• We may require additional financing in the future, and there can be no guarantee that such financing will be available when needed.<br> &nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to attract and retain qualified and skilled employees.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Our bank accounts in China are not insured or protected against loss. |
|  <u><u>Risks Relating to Our Corporate Structure</u></u><br> &nbsp;&nbsp;&nbsp;&nbsp;• Our 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. See "Risk Factors — We will likely not pay dividends in the foreseeable future" and "Dividend Policy." |
|  <u><u>Risks Relating to Doing Business in China</u></u><br> &nbsp;&nbsp;&nbsp;&nbsp;• There are uncertainties in the interpretation and enforcement of PRC laws and regulations that could limit the legal protection available to you and us.<br> &nbsp;&nbsp;&nbsp;&nbsp;• You may experience difficulties in effecting service of legal process, enforcing foreign judgments, or bringing actions in China against us or our management named in the prospectus based on foreign laws. It may also be difficult for you or overseas regulators to conduct investigations or collect evidence within China.<br> &nbsp;&nbsp;&nbsp;&nbsp;• Changes in China's economic, political, or social conditions or government policies could have a material adverse effect on our business and operations. |
|  &nbsp;&nbsp;&nbsp;&nbsp;• As a business operating in China, we are subject to the laws and regulations of the PRC, which can be complex and evolve rapidly. The PRC government has the power to exercise significant oversight and discretion over the conduct of our business, and the regulations to which we are subject may change rapidly and with little notice to us or our shareholders. See "Risk Factors - Because all our operations are in China, our business is subject to the complex and rapidly evolving laws and regulations there. The Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our ordinary shares." |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• Under Chinese law, the proceeds of this offering must be sent back to China, and the process for sending such proceeds back to China may take several months after the closing of this offering. In order to remit the offering proceeds to China, we must:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• open a special foreign exchange account for capital account transactions. To open this account, we must submit to State Administration of Foreign Exchange approval ("SAFE") certain application forms, identity documents, transaction documents, form of foreign exchange registration of overseas investments by domestic residents, and foreign exchange registration certificate of the invested company; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remit the offering proceeds into this special foreign exchange account; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• apply for settlement of the foreign exchange. In order to do so, we must submit to SAFE certain application forms, identity documents, payment order to a designated person, and a business certificate. <br> See "Risk Factors — We must remit the offering proceeds to China before they may be used to benefit our business in China, this process may take a number of months and we will be unable to use the proceeds to grow our business in the meantime." |
|  &nbsp;&nbsp;&nbsp;&nbsp;• The Chinese government may intervene or influence our operations at any time or may exert more control over offerings conducted overseas and foreign investment in China based issuers, which could result in a material change in our operations and/or the value of our ordinary shares. Additionally, the governmental and regulatory interference could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless. See "Risk Factors — If the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China based issuers, such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless."  |

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|:---|
|  Chinese law relating to listing on foreign stock exchanges or issuing securities to foreign investors is rapidly evolving and can change rapidly. Although the Company is currently not required to obtain permission from any of Chinese authorities and has not received any denial to list on the U.S. exchange, our operations and financial conditions could be adversely affected, and our ability to offer securities to investors could be significantly limited, directly or indirectly, by existing or future laws and regulations relating to its business or industry; if we inadvertently conclude that such permissions or approvals are not required when they are, or applicable laws, regulations, or interpretations change and we are required to obtain permissions or approvals in the future. See "Risk Factors — Risks Associated with this Offering and Ownership of Our Ordinary shares — Our failure to obtain prior approval of the China Securities Regulatory Commission ("CSRC") for the listing and trading of our ordinary shares on a foreign stock exchange could delay this offering or could have a material adverse effect upon our business, operating results, reputation and trading price of our ordinary shares." "Risk Factors — Risks Related to Doing Business in China — If the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China based issuers, such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless." and "Risk Factors — Risks Related to Doing Business in China — We are subject to a variety of laws and other obligations regarding privacy, data security, cybersecurity, and data protection, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations." |
|  &nbsp;&nbsp;&nbsp;&nbsp;• We may become subject to a variety of laws and regulations in the PRC regarding privacy, data security, cybersecurity, and data protection. We may be liable for improper use or appropriation of personal information provided by our customers. See "Risk Factors — If the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China based issuers, such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless."<br> <u><u>Risks Relating to this Offering</u></u><br> &nbsp;&nbsp;&nbsp;&nbsp;• The trading price of our ordinary shares may be volatile, and you may incur losses.<br> &nbsp;&nbsp;&nbsp;&nbsp;• You may experience immediate and substantial dilution in the net tangible book value of ordinary shares purchased.<br> &nbsp;&nbsp;&nbsp;&nbsp;• We have not previously paid any cash dividends, and we do not anticipate paying any dividends on our ordinary shares in the foreseeable future. See "Risk Factors — We will likely not pay dividends in the foreseeable future." |

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| | |
|:---|:---|
|  **Over-Allotment Option** | We have granted to the underwriter an option, exercisable within 45 days from the closing of this offering, to purchase up to an additional 15% of the total number of the ordinary shares offered by us at the initial public offering price, less underwriting discounts. |
|  **Underwriter's Warrants** | We have granted US Tiger Securities, Inc. the Warrants, exercisable from the date of commencement of sales of this offering for a period of three years after such date, to purchase ordinary shares equal to 5% of the total number of ordinary shares sold in this offering, exercisable at a per share price equal to 125% of the public offering price. |
|  **Lock-up:** | All of our directors, officers and certain shareholders (defined as owners of 5% or more of our ordinary shares) have agreed with the underwriters, subject to certain exceptions, not to sell, transfer or dispose of, directly or indirectly, any of our ordinary shares or securities convertible into or exercisable or exchangeable for our ordinary shares for a period of six (6) months after the date of this prospectus. See "Shares Eligible for Future Sale" and "Underwriting" for more information. |
|  **Proposed Nasdaq Capital <br>Market symbol:** | <br>We have applied to have our ordinary shares listed on the Nasdaq Capital Market under the symbol "HARD". |

---

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#### Prospectus Conventions
Except where the context otherwise requires, "we", "us", "Company", "our" and "Harden" collectively refer to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Harden, our British Virgin Islands holding company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Harden International, our wholly-owned Hong Kong subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• WFOE, a company incorporated in China and a wholly-owned subsidiary of Harden International;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Harden Machinery, a company incorporated in China and a wholly-owned subsidiary of WFOE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dr. Shredder, a company incorporated in China and is a 55% owned subsidiary of Harden Machinery.

As used in this prospectus, "PRC" or "China" refers to the People's Republic of China, excluding, for the purpose of this prospectus, Taiwan, Hong Kong and Macau. "RMB" or "Renminbi" refers to the legal currency of China and "$," "US$," or "U.S. Dollars" refers to the legal currency of the United States.

Unless otherwise indicated, all share amounts and per share amounts in this prospectus have been presented on a pro-forma basis to reflect a recapitalization of the authorized and outstanding shares of the Company effected upon June 3, 2021. As a result of the recapitalization, the shares of the Company increased from 10,000,000 ordinary shares, par value $0.001 per share, to 100,000,000 ordinary shares, par value $0.001 per share.

As used herein the term "Chinese Operating Companies" shall include WFOE, Harden Machinery and Dr. Shredder.

This prospectus contains translations of certain RMB amounts into U.S. dollar amounts at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations made in this prospectus are based on a rate of RMB 6.6981 to $1.00, which was the exchange rate on June 30, 2022. Unless otherwise stated, we have translated balance sheet amounts, with the exception of equity, at June 30, 2022 at RMB 6.6981 to $1.00 as compared to RMB 6.5250 to $1.00 at December 31, 2020. We have stated equity accounts at their historical rates. The average translation rates applied to income statement accounts for the six months ended June 30, 2022 and 2021 were RMB 6.4791 and RMB 6.4702, respectively. The average translation rates applied to income statement accounts for the years ended December 31, 2021 and 2020 were RMB 6.4508 and RMB 6.9042, respectively. We make no representation that the RMB or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. On January 31, 2023, the Forex exchange rate was RMB 6.7547 to $1.00. See "Risk Factors — Fluctuation of the Renminbi could materially affect our financial condition and results of operations" for discussions of the effects of fluctuating exchange rates on the value of our capital shares. Any discrepancies in any table between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding.

For the sake of clarity, this prospectus follows the English naming convention of first name followed by last name, regardless of whether an individual's name is Chinese or English. For example, the name of our chairman of the board, director and chief executive officer will be presented as "Jiawen Miao," even though, in Chinese, his name would be presented as "Miao Jiawen."

#### Cash Flows through Our Organization
As a holding company, we may rely upon dividends paid to us by our subsidiaries in the PRC to pay dividends and to finance any debt we may incur. As of the date of this report, none of our subsidiaries have issued any dividends or distributions to us and we have not made any dividends or distributions to our shareholders as of the date of this report. Our subsidiaries in the PRC generate and retain cash generated from operating activities and re-invest it in our business.

Under BVI law, we may pay a dividend on our shares out of either profit, provided that in no circumstances may a dividend be paid if this would result in us being unable to pay our debts due in the ordinary course of business. If we determine to pay dividends, as a holding company, we will be dependent on receipt of funds from our subsidiaries in PRC.

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Current PRC regulations permit our subsidiary in mainland China to pay dividends to the Company only out of its accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. Therefore, under our current corporate structure, we rely on dividend payments or other distributions from our subsidiaries to fund any cash and financing requirements we may have, including the funds necessary to pay dividends and other cash distributions to our shareholders or to service any debt we may incur. If our subsidiary incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to us. In addition, our subsidiaries are permitted to pay dividends to us only out of their accumulated profits, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC laws and regulations, each of our Chinese subsidiaries are required to set aside a portion of their net income each year to fund a statutory surplus reserve until such reserve reaches 50% of its registered capital. This reserve is not distributable as dividends. As a result, our PRC subsidiaries are restricted in their ability to transfer a portion of its net assets to us in the form of dividends, loans or advances.

The PRC government also imposes controls on the conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties in completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits, if any. Furthermore, if our subsidiaries in the PRC 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 are unable to receive funds from our subsidiaries , we may be unable to pay cash dividends on our ordinary shares.

Cash dividends, if any, on our ordinary shares will be paid in U.S. dollars. If we are considered a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders may be regarded as China-sourced income and as a result may be subject to PRC withholding tax at a rate of up to 10%. A 10% PRC withholding tax is applicable to dividends payable to investors that are non-resident enterprises. Any gain realized on the transfer of ordinary shares by such investors is also subject to PRC tax at a current rate of 10% which in the case of dividends will be withheld at source if such gain is regarded as income derived from sources within the PRC.

Pursuant to the Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income, or the Double Tax Avoidance Arrangement, the 10% withholding tax rate may be lowered to 5% if a Hong Kong resident enterprise owns no less than 25% of a PRC project. However, the 5% withholding tax rate does not automatically apply and certain requirements must be satisfied, including without limitation that (a) the Hong Kong project must be the beneficial owner of the relevant dividends; and (b) the Hong Kong project must directly hold no less than 25% share ownership in the PRC project during the 12 consecutive months preceding its receipt of the dividends. In current practice, a Hong Kong entity must obtain a tax resident certificate from the Hong Kong tax authority to apply for the 5% lower PRC withholding tax rate. As the Hong Kong tax authority will issue such a tax resident certificate on a case-by-case basis, we cannot assure you that we will be able to obtain the tax resident certificate from the relevant Hong Kong tax authority and enjoy the preferential withholding tax rate of 5% under the Double Taxation Arrangement with respect to dividends to be paid by our PRC subsidiary to its immediate holding company. As of the date of this report, we have not applied for the tax resident certificate from the relevant Hong Kong tax authority. Our subsidiaries in Hongkong intends to apply for the tax resident certificate when our subsidiaries in mainland China plans to declare and pay dividends to their immediate holding companies in Hong Kong.

As an offshore holding company, we will be permitted under PRC laws and regulations to provide funding from the proceeds of our offshore fund-raising activities to our subsidiaries in China only through loans or capital contributions, subject to the satisfaction of the applicable government registration and approval requirements. Before providing loans to our PRC subsidiaries, we will be required to make filings about details of the loans with the State Administration of Foreign Exchange of the PRC (the "SAFE") in accordance with relevant PRC laws and regulations. Our PRC subsidiaries that receive the loans are only allowed to use the loans for the purposes set forth in these laws and regulations. Under regulations of the SAFE, Renminbi is not convertible into foreign currencies for capital account items, such as loans, repatriation of investments and investments outside of China, unless the prior approval of the SAFE is obtained and prior registration with the SAFE is made.

Under PRC law, we may provide funding to our PRC subsidiaries only through capital contributions or loans, and prior to the dismantling of our PRC consolidated affiliated entities only through loans to our former consolidated affiliated entities, subject to satisfaction of applicable government registration and approval requirements.

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For the year ended December 31, 2021, we transferred $12,990 from Harden International to WFOE as a working capital loan.

We have not declared or paid any cash dividends, nor do we have any present plan to pay any cash dividends on our ordinary shares in the foreseeable future. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.

Also, as of the date of this report, we do not anticipate any difficulties on our ability to transfer cash between subsidiaries. We have not installed any cash management policies that dictate the amount of such funds and how such funds are transferred.

#### Summary Consolidated Financial Information
In the table below, we provide you with historical selected financial data for the six months ended June 30, 2022, which have been derived from our unaudited consolidated financial statements for the same period and for financial data the years ended December 31, 2021 and 2020, which have been derived from our consolidated financial statements for those years. Historical results are not necessarily indicative of the results that may be expected for any future period. When you read this historical selected financial data, it is important that you read it along with the historical financial statements and related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.

#### Condensed Consolidating Schedule — Statement of Operations

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2022** | **For the Six Months Ended June 30, 2022** | **For the Six Months Ended June 30, 2022** | **For the Six Months Ended June 30, 2022** | **For the Six Months Ended June 30, 2022** |
|  | **Harden** | **Harden International** | **Subsidiaries** | **Eliminations** | **Consolidated Total** |
|  Revenues | $— | $— | $14548072 | $— | $14548072 |
|  Cost | $— | $— | $10079664 | $— | $10079664 |
|  Gross profit | $— | $— | $4468408 | $— | $4468408 |
|  Income (loss) from operations | $— | $— | $442556 | $(442556) | $— |
|  Income for equity method investment | $572518 | $(16) | $— | $(572503) | $— |
|  Net income | $571891 | $(16) | $553164 | $(572503) | $552537 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** |
|  | **Harden** | **Harden International** | **Subsidiaries** | **Eliminations** | **Consolidated Total** |
|  Revenues | $— | $— | $31606067 | $— | $31606067 |
|  Cost | $— | $— | $21962617 | $— | $21962617 |
|  Gross profit | $— | $— | $9643450 | $— | $9643450 |
|  Income (loss) from operations | $— | $— | $1461199 | $— | $1461199 |
|  Income for equity method investment | $1794702 | $(10) | $— | $(1794692) | $— |
|  Net income | $1766645 | $(10) | $1761228 | $(1794692) | $1733171 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2020** | **For the Year Ended December 31, 2020** | **For the Year Ended December 31, 2020** | **For the Year Ended December 31, 2020** | **For the Year Ended December 31, 2020** |
|  | **Harden** | **Harden International** | **Subsidiaries** | **Eliminations** | **Consolidated Total** |
|  Revenues | $— | $— | $21901699 | $— | $21901699 |
|  Cost | $— | $— | $14676004 | $— | $14676004 |
|  Gross profit | $— | $— | $7225695 | $— | $7225695 |
|  Income (loss) from operations | $— | $— | $1794162 | $— | $1794162 |
|  Income for equity method investment | $2429947 | $— | $— | $(2429947) | $— |
|  Net income | $2429947 | $— | $2398741 | $(2429947) | $2398741 |

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#### Condensed Consolidating Schedule — Balance Sheet

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of June 30, 2022** | **As of June 30, 2022** | **As of June 30, 2022** | **As of June 30, 2022** | **As of June 30, 2022** |
|  | **Harden** | **Harden International** | **Subsidiaries** | **Eliminations** | **Consolidated Total** |
|  Cash | $111 | $— | $2822914 | $— | $2823025 |
|  Total current assets | $111 | $— | $25816108 | $1301442 | $27117661 |
|  Investments in subsidiaries | $10150201 | $12990 | $— | $(10163191) | $— |
|  Total non-current assets | $10150201 | $12990 | $4406654 | $(11451643) | $3118202 |
|  Total assets | $10150312 | $12990 | $30222762 | $(10150201) | $30235863 |
|  Total liabilities | $28795 | $13016 | $20123051 | $— | $20164862 |
|  Total shareholders' equity | $10121517 | $(26) | $10099711 | $(10150201) | $10071001 |
|  Total liabilities and shareholders' equity | $10150312 | $12990 | $30222762 | $(10150201) | $30235863 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** |
|  | **Harden** | **Harden International** | **Subsidiaries** | **Eliminations** | **Consolidated Total** |
|  Cash | $723 | $— | $3120513 | $— | $3121236 |
|  Total current assets | $723 | $— | $19360834 | $1234531 | $20596088 |
|  Investments in subsidiaries | $10085388 | $12990 | $— | $(10098378) | $— |
|  Total non-current assets | $10085388 | $12990 | $3469598 | $(11319919) | $2248057 |
|  Total assets | $10086111 | $12990 | $22830432 | $(10085388) | $22844145 |
|  Total liabilities | $28780 | $13000 | $12778442 | $— | $12820222 |
|  Total shareholders' equity | $10057331 | $(10) | $10051990 | $(10085388) | $10023923 |
|  Total liabilities and shareholders' equity | $10086111 | $12990 | $22830432 | $(10085388) | $22844145 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2020** | **As of December 31, 2020** | **As of December 31, 2020** | **As of December 31, 2020** | **As of December 31, 2020** |
|  | **Harden** | **Harden International** | **Subsidiaries** | **Eliminations** | **Consolidated Total** |
|  Cash | $— | $— | $2383833 | $— | $2383833 |
|  Total current assets | $— | $— | $19016156 | $— | $19016156 |
|  Investments in subsidiaries | $10482845 | $— | $— | $(10482845) | $— |
|  Total non-current assets | $10482845 | $— | $1923181 | $(10482845) | $1923181 |
|  Total assets | $10482845 | $— | $20939337 | $(10482845) | $20939337 |
|  Total liabilities | $— | $— | $10456026 | $— | $10456026 |
|  Total shareholders' equity | $10482845 | $— | $10483311 | $(10482845) | $10483311 |
|  Total liabilities and shareholders' equity | $10482845 | $— | $20939337 | $(10482845) | $20939337 |

---

#### Condensed Consolidating Schedule — Statement of Cash Flows

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2022** | **For the Six Months Ended June 30, 2022** | **For the Six Months Ended June 30, 2022** | **For the Six Months Ended June 30, 2022** | **For the Six Months Ended June 30, 2022** |
|  | **Harden** | **Harden International** | **Subsidiaries** | **Eliminations** | **Consolidated Total** |
|  Net cash (used in) provided by operating activities | $(612) | $(16) | $(1783730) | $— | $(1784342) |
|  Net cash used in investing activities | $— | $— | $(203880) | $— | $(203880) |
|  Net cash provided by (used in) financing activities | $28780 | $16 | $1828455 | $— | $1828455 |
|  **Inter-company cash transfers**: |  |  |  |  |  |
|  | $— | $— | $— | $— | $— |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** | **For the Year Ended December 31, 2021** |
|  | **Harden** | **Harden International** | **Subsidiaries** | **Eliminations** | **Consolidated Total** |
|  Net cash (used in) provided by operating activities | $(28057) | $(10) | $848014 | $— | $819947 |
|  Net cash used in investing activities | $— | $(12990) | $(238080) | $— | $(251070) |
|  Net cash provided by (used in) financing activities | $28780 | $13000 | $59487 | $— | $101267 |
|  **Inter-company cash transfers**: |  |  |  |  |  |
|  Transfer from Harden to Subsidiaries | $— | $(12990) | $12990 | $— | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2020** | **For the Year Ended December 31, 2020** | **For the Year Ended December 31, 2020** | **For the Year Ended December 31, 2020** | **For the Year Ended December 31, 2020** |
|  | **Harden** | **Harden International** | **Subsidiaries** | **Eliminations** | **Consolidated Total** |
|  Net cash (used in) provided by operating activities | $— | $— | $(1618583) | $— | $(1618583) |
|  Net cash used in investing activities | $— | $— | $(501465) | $— | $(501465) |
|  Net cash provided by (used in) financing activities | $— | $— | $441640 | $— | $441640 |
|  **Inter-company cash transfers**: |  |  |  |  |  |
|  | $— | $— | $— | $— | $— |

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#### RISK FACTORS
***Investment in our securities involves a high degree of risk. You should carefully consider the risks described below together with all of the other information included in this prospectus before making an investment decision. The risks and uncertainties described below represent our known material risks to our business. If any of the following risks actually occurs, our business, financial condition or results of operations could suffer. In that case, you may lose all or part of your investment. You should not invest in this offering unless you can afford to lose your entire investment.***

#### Risks Related to Our Business

#### The novel coronavirus could have a material adverse impact upon our business, results of operations, financial condition, cash flows or liquidity.
In the last few years the outbreak of a novel strain of coronavirus ("COVID-19") in China has spread rapidly throughout the world. COVID-19 and has resulted in quarantines, travel restrictions, and the temporary closure of stores and facilities throughout China and the rest of the world. In March 2020, the World Health Organization declared COVID-19 a pandemic. Government efforts to contain the spread of the coronavirus and responses by businesses and individuals to reduce the risk of exposure to infection have caused significant disruptions to the global economy and normal business operations across a growing list of countries and business sectors. These efforts are likely to adversely affect business confidence and consumer sentiment, and have been, and may continue to be, accompanied by significant volatility in financial and commodity markets. The spread of the coronavirus and various variants also may have broader macro-economic implications, including reduced levels of economic growth and possibly a global recession, the effects of which could be felt well beyond the time the spread of infection is contained.

In terms of the impact on us and the industrial recycling machinery, parts and equipment industry in China, after the COVID-19 outbreak began in China in December 2019, many Chinese cities and villages were locked down to control the spread of the disease. Our facilities as well as those of our suppliers were closed down for a few months in early 2020. On December 7, 2022, China announced 10 new rules that constitute a relaxation of almost all of its stringent COVID-19 pandemic control measures. Shortly after their announcement, additional mobility restrictions issued by local governments were also scrapped. While such measures effectively reopened business within China, COVID-19's continued existence may have significant and still not well-understood impacts on our industry.

Although our supply chains and our ability to produce parts and machinery are up and running, the foregoing developments could adversely affect our ongoing operations. As our customers struggle to recover from the effects of the COVID-19 pandemic, there may be less demand for our products, and we may see decreased and canceled orders. In addition, COVID-19 may also negatively impact our customers' businesses, which may reduce their budgets on industrial recycling equipment.

We currently are unable to predict the full effect of COVID-19 and responses thereto on our business and operations, and on our results of operations, financial condition, cash flow and liquidity, as these depend on rapidly evolving developments, which are highly uncertain and will be a function of factors beyond our control, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage to a recovery of the industrial recycling market and other markets in China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implementation of effective measures to prevent and contain further outbreaks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development and distribution of effective medical solutions, including COVID-19 vaccines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• timing and scope of governmental restrictions on mobility and other activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial and other market reactions to the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reactions and responses of the populace both in affected regions and regions yet to be affected.

While we expect we will suffer adverse effects, the more severe the outbreak and the longer it lasts, the more likely it is that the impact upon our financial condition and results of operations will be materially adverse.

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#### Our revenue and net income may be materially and adversely affected by any economic slowdown in China.
In recent years, the PRC government has implemented several measures to control the rate of economic growth, including raising interest rates and adjusting deposit reserve ratios for commercial banks as well as by implementing other measures designed to tighten credit and liquidity. These measures have contributed to a slowdown of the PRC economy. According to the National Bureau of Statistics of China, China's GDP growth rate was 8.1 percent growth year-on-year over 2000. Any continuing or worsening slowdown could significantly reduce domestic commerce in China. An economic downturn, whether actual or perceived, a further decrease in economic growth rates or an otherwise uncertain economic outlook in China could have a material adverse effect on our business, financial condition and results of operations.

#### Our business is dependent on third-party suppliers and changes or difficulties in our relationships with our suppliers may harm our business and financial results.
We are dependent on our suppliers for material necessary to manufacture our products. For the six months ended June 30, 2022, no supplier accounted for more than 10% of the Company's total purchases. For the year ended December 31, 2021, no supplier accounted for more than 10% of the Company's total purchases. For the year ended December 31, 2020, one supplier accounted for approximately 12% of the Company's total purchases. We entered into a purchase contract with this supplier, Demark Environmental Technology Co., Ltd. ("Demark"), on March 26, 2020. Pursuant to the agreement, Demark supplied us with three hydraulic power stations for use in our operations. The agreement included a one-year warranty period. The agreement related solely to the sale of such machinery and did not apply to any future equipment purchases. The total purchase price was RMB 445,803. As of June 30, 2022, December 31, 2021 and 2020, no supplier accounted for more than 10% of the Company's accounts payable.

Our suppliers may fail to meet timelines or contractual obligations or provide us with sufficient products, which may adversely affect our business. Certain of our contracts with key suppliers, can be terminated by the supplier upon giving notice within a certain period and restrict us from using other suppliers. Failure to appropriately structure or adequately manage our agreements with third parties may adversely affect our supply of products. We are also subject to credit risk with respect to our third-party suppliers. The insolvency of any such suppliers could result in increased charges or the termination of the service contracts. We may not be able to replace a supplier within a reasonable period of time, on as favorable terms or without disruption to our operations. Any adverse changes to our relationships with third-party suppliers could have a material adverse effect on our image, brand and reputation, as well as on our business, financial condition and results of operations.

In addition, to the extent that our creditworthiness is impaired, or general economic conditions decline, certain of our key suppliers may demand onerous payment terms that could materially adversely affect our working capital position, or such suppliers may refuse to continue to supply to us.

***Our business is dependent on certain major customers and changes or difficulties in our relationships with our major customers may harm our business and financial results.***

From time to time, we may conduct business with customers that may account for a significant amount of business. For the six months ended June 30, 2022, no customer accounted for more than 10% of the Company's total revenues. For the year ended December 31, 2021, no customer accounted for more than 10% of the Company's total revenues. For the year ended December 31, 2020, one customer accounted for approximately 11% of the Company's total revenues. We entered into an equipment purchase contract with this customer, Shanghai Canzhou Environmental Engineering Co., Ltd. ("Canzhou") on March 17, 2020. Pursuant to the agreement, we supplied Canzhou with crushing equipment and technical and installation services for a total purchase price of RMB 2,330,000. The agreement included a warranty period of up to18 months after delivery. The agreement related solely to the sale and installation of such machinery and did not apply to any future equipment purchases by Canzhou. As of June 30, 2022, no customer accounted for more than 10% of the Company's total accounts receivable. As of December 31, 2021, one customer accounted for approximately 10% of the Company's accounts receivable. As of December 31, 2020, no customer accounted for more than 10% of the Company's total accounts receivable. The loss of any significant customer may materially affect our business and financial condition.

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#### Any decline in the availability or increase in the cost of raw materials, including steel and copper, could materially impact our earnings.
Our products and project installation operations depend heavily on the ready availability of various raw materials, including steel and copper. The availability of raw materials may decline, and their prices may fluctuate. If our suppliers are unable or unwilling to provide us with raw materials on terms favorable to us, we may be unable to produce certain products. The inability to produce certain products or installation projects for customers could result in a decrease in profit and damage to our reputation. In the event our raw material costs increase, we may not be able to pass these higher costs on to our customers in full or at all, and this may materially impact our business and financial condition.

#### We may be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt our business.
We cannot be certain that our operations or any aspects of our business do not or will not infringe upon or otherwise violate intellectual property rights held by third parties. We have not, but may in the future become, subject to legal proceedings and claims relating to the intellectual property rights of others. There could also be existing intellectual property of which we are not aware that our products may inadvertently infringe. We cannot assure you that holders of intellectual property purportedly relating to some aspect of our technology, products or business, if any such holders exist, would not seek to enforce such intellectual property rights against us in China or any other jurisdiction. If we are found to have violated the intellectual property rights of others, we may be subject to liability for our infringement activities or may be prohibited from using such intellectual property, and we may incur licensing fees or be forced to develop alternatives of our own. In addition, we may incur significant expenses, and may be forced to divert management's time and other resources from our business and operations to defend against any such infringement claims, regardless of their merit. Successful infringement or licensing claims made against us may result in significant monetary liabilities and may materially disrupt our business and operations by restricting or prohibiting our use of the intellectual property in question, and our business, financial position and results of operations could be materially and adversely impacted.

#### Damage claims against our products could reduce our sales and revenues.
If any of our products are found to cause injury or damage, we could suffer financial damages. We have not had significant claims for damages or losses from our products to date. We do not carry product liability insurance. Any claims for damages related to the products we sell could damage our reputation and reduce our revenues.

***We do not have business insurance coverage. Any future business liability, disruption or litigation we experience might divert management focus from our business and could significantly impact our financial results.***

Availability of business insurance products and coverage in China is limited, and most such products are expensive in relation to the coverage offered. We have determined that the risks of disruption, cost of such insurance and the difficulties associated with acquiring such insurances on commercially reasonable terms make it impractical for us to maintain such insurance. As a result, we do not have any business liability, disruption or litigation insurance coverage for our operations in China. Accordingly, a business disruption, litigation or natural disaster may result in substantial costs and divert management's attention from our business, which would have an adverse effect on our results of operations and financial condition.

#### If we fail to adopt new technologies to evolving customer needs or emerging industry standards, our business may be materially and adversely affected.
To remain competitive, we must continue to stay abreast of the constantly evolving industry trends, market conditions or customer preferences and to enhance and improve our technologies accordingly. Our success, in part, will depend on our ability to identify, develop, acquire or license leading technologies useful in our business. There can be no assurance that we will be able to use new technologies effectively or adapt to meet customer requirements. If we are unable to adapt in a cost-effective and timely manner in response to changing market conditions or customer preferences, whether for technical, legal, financial or other reasons, our business may be materially and adversely impacted.

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#### Wage increases in China may prevent us from sustaining our competitive advantage and could reduce our profit margins.
Pursuant to the PRC 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 we decide to terminate some of our employees or otherwise change our employment or labor practices, the Labor Contract Law and its implementation rules may limit our ability to effect those changes in a desirable or cost-effective manner, which could adversely affect our business and results of operations. As the interpretation and implementation of these new laws and regulations are still evolving, our employment practice may not at all times be deemed in compliance with the new laws and regulations. If we are subject to penalties or incur significant liabilities in connection with labor disputes or investigation, our business and profitability may be adversely affected.

***We have experienced growth in recent periods. If we fail to manage our growth effectively, we may be unable to execute our business plan and address competitive challenges, which could have a material adverse effect on our business.***

Our total revenues increased from approximately $21.9 million in 2020 to approximately $31.6 million in 2021. This growth has resulted, and will continue to result, in substantial demands on our managerial, administrative, operational, financial and other resources. Furthermore, we expect to continue to experience such growth. To manage this growth, we must develop and improve our existing administrative and operational systems and our financial and management controls and further expand, train and manage our work force. As we continue these efforts, we may incur substantial costs and expend substantial resources due to, among other things, different technology standards, legal considerations and cultural differences. We will be required to dedicate additional financial resources and personnel to optimize our operational infrastructure and to recruit more personnel to train and manage our growing employee base. If we cannot successfully implement these measures efficiently and cost-effectively, we may be unable to satisfy a growth in demand for our retail shopping centers, which will impair our revenue growth and hurt our overall financial performance.

***We cannot assure you that our growth strategy will be successful, which may result in a negative impact on our growth, financial condition, results of operations and cash flow.***

We intend to grow, in part, by expanding into new markets. However, many obstacles to this expansion exist, including increased competition from similar businesses, unexpected costs and costs associated with marketing efforts. As such, we cannot assure you that we will be able to successfully overcome these potential challenges and establish our business in additional markets. Our inability to implement this growth strategy successfully may have a negative impact on our growth, future financial condition, and results of operations or cash flows.

***If we experience a significant disruption in, or a breach in security of, our information technology systems or if we fail to implement, manage or integrate new systems, software and technologies successfully, it could harm our business.***

Our information technology ("IT") systems are an integral part of our business. We depend on our IT systems to process transactions, manage logistics, keep financial records, prepare our financial reporting and operate other critical functions. Security breaches, cyber-attacks or other serious disruptions of our IT systems can create systemic disruptions, shutdowns or unauthorized disclosure of confidential information. If we are unable to prevent or adequately respond to such breaches, attacks or other disruptions, our operations could be adversely affected or we may suffer financial or reputational damage. In addition, our ability to effectively implement our business plan in a rapidly evolving market requires effective planning, reporting and analytical processes and systems. We are improving and expect that we will need to continue to improve and further integrate our IT systems, reporting systems and operating procedures on an ongoing basis. If we fail to do so effectively, it could adversely affect our ability to achieve our objectives.

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#### We depend on our key personnel, and our business and growth prospects may be severely disrupted if we lose their services.
Our future success depends heavily upon the continued service of our key executives. If any of our key executives became unable or unwilling to continue in his/her present position, or if he/she joined a competitor or formed a competing company in violation of his/her employment agreement, we may not be able to replace him/her easily, our business may be significantly disrupted and our financial condition and results of operations may be materially adversely affected.

We do not maintain key person life insurance on any of our senior management or key personnel. The loss of any one of them would have a material adverse effect on our business and operations. Competition for senior management and our other key personnel is intense and the pool of suitable candidates is limited. We may be unable to locate a suitable replacement for any senior management or key personnel that we lose. In addition, if any member of our senior management or key personnel joins a competitor or forms a competing company, they may compete with us for customers, business partners and other key professionals and staff members of our company. Although each of key executives has signed a confidentiality and non-competition agreement in connection with his or her employment with us, we cannot assure that we will be able to successfully enforce these provisions in the event of a dispute between us and any member of our senior management or key personnel.

In addition, we compete for qualified personnel with other industry competitors, and we face competition in attracting skilled personnel and retaining the members of our senior management team. These personnel possess technical and business capabilities, including expertise relevant to the retail shopping industry, which are difficult to replace. There is intense competition for experienced senior management with technical and industry expertise in the retail shopping industry, and we may not be able to retain our key personnel. Intense competition for these personnel could cause our compensation costs to increase, which could have a material adverse effect on our results of operations. Our future success and ability to grow our business will depend in part on the continued service of these individuals and our ability to identify, hire and retain additional qualified personnel. If we are unable to attract and retain qualified employees, we may be unable to meet our business and financial goals.

***Our senior management lacks experience in managing a public company and complying with laws applicable to operating as a U.S. public company domiciled in the British Virgin Islands and failure to comply with such laws could have a material adverse effect on our business.***

Prior to the completion of this offering, the China Operating Companies operated as private companies located in China. In connection with this offering, we formed the Company in the British Virgin Islands and Harden International in Hong Kong. In the process of taking these steps to prepare the Company for this initial public offering, Harden Machinery's senior management became the Company's senior management. None of the Company's senior management has experience managing a public company or managing a British Virgin Islands company.

As a result of this offering, the Company will become subject to laws, regulations and obligations that do not currently apply to it, and our senior management currently has no experience in complying with such laws, regulations and obligations. For example, the Company will need to comply with the British Virgin Islands laws applicable to companies that are domiciled in that country. The senior management is only experienced in operating business in compliance with Chinese laws. Similarly, by virtue of this offering, the Company will be required to file annual and current reports in compliance with U.S. securities and other laws. These obligations can be burdensome and complicated, and failure to comply with such obligations could have a material adverse effect on the Company. In addition, we expect that the process of learning about such new obligations as a public company in the United States will require our senior management to devote time and resources to such efforts that might otherwise be spent on the operation of our business.

#### We may require financing in the future, and our operations could be curtailed if we are unable to obtain required financing when needed.
In addition to the funds raised by the Company in this initial public offering, we may need to obtain debt or equity financing to fund future capital expenditures. While we do not anticipate seeking financing in the immediate

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future, any additional equity financing may result in dilution to the holders of our outstanding shares of capital stock. Debt financing may impose affirmative and negative covenants that restrict our freedom to operate our business, including covenants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit our ability to pay dividends or require us to seek consent for the payment of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase our vulnerability to general adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require us to dedicate a portion of our cash flow from operations to payments on our debt, thereby reducing the availability of our cash flow to fund capital expenditures, working capital and other general corporate purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit our flexibility in planning for, or reacting to, changes in our business and our industry.

We cannot ensure that we will be able to raise funds in this offering or obtain additional financing on terms that are acceptable to us, or any financing at all, and the failure to obtain sufficient financing could adversely affect our business operations.

***Potential disruptions in the capital and credit markets may adversely affect our business, including the availability and cost of short-term funds for liquidity requirements, which could adversely affect our results of operations, cash flows and financial condition.***

Potential changes in the global economy may affect the availability of business and consumer credit. We may need to rely on the credit markets, particularly for short-term borrowings from banks in China, as well as the capital markets, to meet our financial commitments and short-term liquidity needs if internal funds from our operations are not available to be allocated to such purposes. Disruptions in the credit and capital markets could adversely affect our ability to draw on such short-term bank facilities. Our access to funds under such credit facilities is dependent on the ability of the banks that are parties to those facilities to meet their funding commitments, which may be dependent on governmental economic policies in China. Those banks may not be able to meet their funding commitments to us if they experience shortages of capital and liquidity or if they experience excessive volumes of borrowing requests from us and other borrowers within a short period of time.

Long-term disruptions in the credit and capital markets could result from uncertainty, changing or increased regulations, reduced alternatives or failures of financial institutions could adversely affect our access to the liquidity needed for our business. Any disruption could require us to take measures to conserve cash until the markets stabilize or until alternative credit arrangements or other funding for our business needs can be arranged. Such measures may include deferring capital expenditures, and reducing or eliminating discretionary uses of cash. These events would adversely impact our results of operations, cash flows and financial position.

#### Our bank accounts in China are not insured or protected against loss.
The China Operating Companies maintain cash accounts with various banks located in China. Such cash accounts are not insured or otherwise protected. While we have not experienced any losses for uninsured bank deposits and do not believe that we are exposed to significant risks on cash held in bank accounts, should any bank holding such cash deposits become insolvent, or if the China Operating Companies are otherwise unable to withdraw funds, those entities would lose the cash on deposit with that particular bank.

#### Risks Relating to Our Corporate Structure

#### We will likely not pay dividends in the foreseeable future.
We have not previously paid any cash dividends, and we do not anticipate paying any dividends on our ordinary shares in the foreseeable future. Dividend policy is subject to the discretion of our board of directors and will depend on, among other things, our earnings, financial condition, capital requirements and other factors. If we determine to pay dividends on any of our ordinary shares in the future, we will be dependent, in large part, on receipt of funds from the China Operating Companies for our cash needs, including the funds necessary to pay dividends and other cash distributions, if any, to our shareholders, to service any debt we may incur and to pay our operating expenses. The payment of dividends by entities organized in China is subject to limitations as described herein. Under British Virgin Islands law, the directors of the Company may, by resolution of directors, authorize a dividend by the Company to the members at such time and of such an amount, as the directors think fit if they are satisfied, or

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reasonable grounds, that the company will, immediately after the payment of the dividend, satisfy the solvency test. A BVI company satisfies the solvency test if (a) the value of the company's assets exceeds its liabilities, and (b) the company is able to pay its debts as they fall due.

If we determine to pay dividends on any of our ordinary shares in the future, as a holding company, we will be dependent on receipt of funds from the Chinese Operating Companies. See "Dividend Policy."

Pursuant to the Chinese enterprise income tax law, dividends payable by a foreign investment entity to its foreign investors are subject to a withholding tax of 10%. Similarly, dividends payable by a foreign investment entity to its Hong Kong investor who owns at least 25% of the equity of the foreign investment entity is subject to a withholding tax of 5%.

The payment of dividends by entities organized in China is subject to limitations, procedures and formalities. Regulations in China currently permit payment of dividends only out of accumulated profits as determined in accordance with accounting standards and regulations in China. The China Operating Companies are also required to set aside at least 10% of its after-tax profit based on the Company Law of the PRC and the Chinese accounting standards year to its compulsory reserves fund until the accumulative amount of such reserves reaches 50% of its registered capital.

The transfer to this reserve must be made before distribution of any dividend to shareholders. The surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years' losses, if any, and may be utilized for business expansion or converted into registered capital, provided that the remaining reserve balance after such issue is not less than 25% of the registered capital. As of June 30, 2022, December 31, 2021 and 2020, the accumulated appropriations to statutory reserves amounted to $1,265,464, $1,265,464 and $945,755, respectively.

***Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.***

We have never declared or paid cash dividends. To support the financial needs of our business, we may retain all of our future earnings, if any. As a result, capital appreciation, if any, of our ordinary shares will be your sole source of gain for the foreseeable future

***Our business may be materially and adversely affected if any of our China Operating Companies declare bankruptcy or become subject to a dissolution or liquidation proceeding.***

The Enterprise Bankruptcy Law of the PRC provides that an enterprise may be liquidated if the enterprise fails to settle its debts as and when they fall due and if the enterprise's assets are, or are demonstrably, insufficient to clear such debts. Our China Operating Companies hold certain assets that are important to our business operations. If any of our China Operating Companies undergoes a voluntary or involuntary liquidation proceeding, unrelated third-party creditors may claim rights to some or all of these assets, thereby hindering our ability to operate our business, which could materially and adversely affect our business, financial condition and results of operations.

#### Risks Related to Doing Business in China
***Because all our operations are in China, our business is subject to the complex and rapidly evolving laws and regulations there. The Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our ordinary shares.***

As a business operating in China, we are subject to the laws and regulations of the PRC, which can be complex and evolve rapidly. The PRC government has the power to exercise significant oversight and discretion over the conduct of our business, and the regulations to which we are subject may change rapidly and with little notice to us or our shareholders. As a result, the application, interpretation, and enforcement of new and existing laws and regulations in the PRC are often uncertain. In addition, these laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, and inconsistently with our current policies and practices. New laws, regulations, and other government directives in the PRC may also be costly to comply with, and such compliance or any associated inquiries or investigations or any other government actions may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delay or impede our development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• result in negative publicity or increase the Company's operating costs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require significant management time and attention; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject us to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our current or historical operations, or demands or orders that we modify or even cease our business practices.

The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise unfavorably impact the ability or way we conduct our business and could require us to change certain aspects of our business to ensure compliance, which could decrease demand for our products, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected as well as materially decrease the value of our ordinary shares, potentially rendering it worthless.

***If the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China based issuers, such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.***

Recent statements by the Chinese government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in China-based issuers. The PRC has recently proposed new rules that would require companies collecting or holding large amounts of data to undergo a cybersecurity review prior to listing in foreign countries, a move that would significantly tighten oversight over China based internet giants. The Measures for Cybersecurity Review (2021 version) was promulgated on December 28, 2021 and became effective on February 15, 2022. These measures specify that any "online platform operators" controlling the personal information of more than one million users which seek to list on a foreign stock exchange are subject to prior cybersecurity review.

Our business belongs to the waste management and recycling equipment manufacturing industry in China, which does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry. Based on the advice of our PRC counsel, King & Wood Mallesons, and our understanding of currently applicable PRC laws and regulations, our registered public offering in the U.S. is not subject to the review or prior approval of the Cyberspace Administration of China (the "CAC") or the China Securities Regulatory Commission (the "CSRC"). Uncertainties still exist, however, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. Any future action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

***If we become directly subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed China-based companies, we may have to expend significant resources to investigate and resolve the matter which could harm our business operations, this offering and our reputation and could result in a loss of your investment in our shares, especially if such matter cannot be addressed and resolved favorably.***

In recent years, U.S. public companies that have substantially all of their 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 around financial and accounting irregularities, a lack of effective internal controls over financial accounting, inadequate corporate governance policies or a lack of adherence thereto and, in some 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 has sharply decreased in value and, in some cases, has 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 type of scrutiny, criticism and negative publicity might have on our company, our business and this offering. 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

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resources to investigate such allegations and/or defend our company. This situation may be a significant distraction to our management. If such allegations are not proven to be groundless, our company and business operations could be severely hampered and your investment in our shares could be rendered worthless.

***Our ordinary shares may be prohibited from being trading on and would require delisting from a national exchange under the HFCA Act and the AHFCA Act if the PCAOB is unable to inspect our auditors for two consecutive years beginning in 2021. The delisting of our ordinary shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.***

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

On December 29, 2022, the AHFCA Act was signed into law, which reduced the number of consecutive non-inspection years required for triggering the listing and trading prohibitions under the HFCA Act from three years to two years.

Additionally, our securities may be prohibited from trading if our auditor cannot be fully inspected as more stringent criteria have been imposed by the SEC and the PCAOB recently. On December 2, 2021, the SEC issued 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, a Special Administrative Region of the PRC, because of positions taken by PRC authorities in those jurisdictions. On December 15, 2022, however, the PCAOB vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong.

Our auditor, Friedman LLP, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. Our auditor is currently subject to PCAOB inspections and PCAOB is able to inspect our auditor. However, the recent developments would add uncertainties to our offering, and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements.

The implications of these laws and regulations are uncertain. Such uncertainty could cause the market price of our ordinary shares to be materially and adversely affected, and our securities could be delisted or prohibited from being traded on the national securities exchange. If our ordinary shares are unable to be listed on another securities exchange by then, such a delisting would substantially impair your ability to sell or purchase our ordinary shares when you wish to do so, and the risk and uncertainty associated with a potential delisting would have a negative impact on the price of our ordinary shares.

#### Fluctuations in exchange rates could adversely affect our business and the value of our securities.
Changes in the value of the RMB against the U.S. dollar are affected by, among other things, changes in China's political and economic conditions. Any significant revaluation of the RMB may have a material adverse effect on our revenues and financial condition, and the value of, and any dividends payable on our shares in U.S. dollar terms. For example, to the extent that we need to convert U.S. dollars into RMB for our operations, appreciation of the RMB against the U.S. dollar would have an adverse effect on RMB amount we would receive from the conversion. Conversely, if we decide to convert our RMB into U.S. dollars for the purpose of paying dividends on our ordinary shares or for other business purposes, appreciation of the U.S. dollar against the RMB

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would have a negative effect on the U.S. dollar amount available to us. In addition, fluctuations of the RMB against other currencies may increase or decrease the cost of imports and exports, and thus affect the price-competitiveness of our products against products of foreign manufacturers or products relying on foreign inputs.

Since July 2005, the RMB is no longer pegged to the U.S. dollar. Although the People's Bank of China regularly intervenes in the foreign exchange market to prevent significant short-term fluctuations in the exchange rate, the RMB may appreciate or depreciate significantly in value against the U.S. dollar in the medium to long term. Moreover, it is possible that in the future Chinese authorities may lift restrictions on fluctuations in the RMB exchange rate and lessen intervention in the foreign exchange market.

We reflect the impact of currency translation adjustments in our financial statements under the heading "Foreign currency translation adjustment." For the six months ended June 30, 2022 and 2021, we had an adjustment of $(505,459) and $72,381, respectively, for foreign currency translations. For the years ended December 31, 2021 and 2020, we had an adjustment of $198,574 and $643,391, respectively, for foreign currency translations. Very limited hedging transactions are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into any hedging transactions. While we may enter into hedging transactions in the future, the availability and effectiveness of these transactions may be limited, and we may not be able to successfully hedge our exposure at all. In addition, our foreign currency exchange losses may be magnified by China exchange control regulations that restrict our ability to convert RMB into foreign currencies.

***Under the Enterprise Income Tax Law, we may be classified as a "Resident Enterprise" of China. Such classification will likely result in unfavorable tax consequences to us and our non-PRC shareholders.***

Under the Enterprise Income Tax Law of the PRC (the "EIT Law") and the Regulation on the Implementation of Enterprise Income Tax Law of China (the "EIT Rules"), both of which became effective on January 1, 2008, and the former of which was last amended on December 29, 2018, and the latter of which was amended on April 23, 2019, an enterprise established outside of China with "de facto management bodies" within China is considered a "resident enterprise" and will be subject to the enterprise income tax on its global income at the rate of 25%. The EIT Rules define de facto management as "substantial and overall management and control over the production and operations, personnel, accounting, and properties" of the enterprise. According to these regulations, a resident enterprise would have to pay a withholding tax at a rate of 10% when paying dividends to its non-PRC shareholders.

On April 22, 2009, the State Administration of Taxation of China issued Circular 82 further interpreting the application of the EIT Law and its implementation to offshore entities controlled by a Chinese enterprise or group. Pursuant to Circular 82, an enterprise incorporated in an offshore jurisdiction and controlled by a Chinese enterprise or group will be classified as a "non-domestically incorporated resident enterprise" if (i) its senior management in charge of daily operations reside or perform their duties mainly in China; (ii) its financial or personnel decisions are made or approved by bodies or persons in China; (iii) its substantial assets and properties, accounting books, corporate stamps, board and stockholder minutes are kept in China; and (iv) at least half of its directors with voting rights or senior management are often resident in China.

We do not believe that we meet the conditions outlined in the preceding paragraph since Harden does not have a PRC enterprise or enterprise group as its primary controlling shareholder. Further, Harden is a holding company incorporated outside China and its key assets are its ownership interests in its subsidiaries, and its records (including the resolutions of its board of directors and the resolutions of its shareholders) are maintained outside China. 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," there can be no assurance that the PRC government will ultimately take a view that is consistent with our position. We will continue to monitor our tax status.

If the PRC tax authorities determine that we are a "resident enterprise" for PRC enterprise income tax purposes, we may be subject to the enterprise income tax at a rate of 25% on our worldwide taxable income as well as PRC enterprise income tax reporting obligations. In addition, 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 PRC tax on gains realized on the sale or other disposition of our shares, if such income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends payable to our non-PRC individual shareholders and any gain realized on the transfer of our shares by such shareholders may be subject to PRC tax at a rate of 10% in the case of non-PRC enterprises or a rate of 20% in the case of non-PRC individuals unless a reduced rate is available under an applicable tax treaty. It is unclear

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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 shares.

#### We may be exposed to liabilities under the Foreign Corrupt Practices Act and Chinese anti-bribery law.
In connection with this initial public offering, we will become subject to the U.S. Foreign Corrupt Practices Act ("FCPA"), and other laws that prohibit improper payments or offers of payments to foreign governments and their officials and political parties by U.S. persons and issuers as defined by the statute for the purpose of obtaining or retaining business. We are also subject to the Anti-Unfair Competition Law of the PRC and the relevant anti-bribery provisions in the Criminal Law of the PRC, or together, the "PRC Anti-Bribery Laws." The current PRC Anti-Bribery Laws prohibit the payment of bribes to government officials, private companies or individuals in a commercial transaction or their agents. We have operations, agreements with third parties, and make sales in China, which may experience corruption. Our activities in China create the risk of unauthorized payments or offers of payments by one of the employees, consultants or distributors clients of our company, because these parties are not always subject to our control. We are in process of implementing an anticorruption program, which prohibits the offering or giving of anything of value to foreign officials, directly or indirectly, for the purpose of obtaining or retaining business. The anticorruption program also requires that clauses mandating compliance with our policy be included in all contracts with foreign sales agents, sales consultants and distributors and that they certify their compliance with our policy annually. It further requires all hospitality involving promotion of sales to foreign governments and government-owned or controlled entities to be in accordance with specified guidelines. In the meantime, we believe to date we have complied in all material respects with the provisions of the FCPA and the PRC Anti-Bribery Laws.

However, our existing safeguards and any future improvements may prove to be less than effective, and the employees, consultants or distributors of our Company may engage in conduct for which we might be held responsible. Violations of the FCPA or PRC Anti-Bribery Laws may result in severe criminal or administrative sanctions, and we may be subject to other liabilities, which could negatively affect our business, operating results and financial condition. In addition, the government may seek to hold our Company liable for successor liability FCPA violations committed by companies in which we invest or that we acquire.

***You may experience difficulties in effecting service of legal process, enforcing foreign judgments or brining actions in China against us or our management named in the prospectus based on foreign laws.***

We are a company incorporated under the laws of the British Virgin Islands, we conduct substantially all of our operations in China, and substantially all of our assets are located in China. As a result, it may be difficult for our shareholders to effect service of process upon us or those persons in China. In addition, China does not have treaties providing for the reciprocal recognition and enforcement of judgements of courts with the British Virgin Islands and many other countries and regions. Therefore, recognition and enforcement in China of judgments of a court in any of these non-PRC jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult or impossible.

***We must remit the offering proceeds to China before they may be used to benefit our business in China, this process may take a number of months and we will be unable to use the proceeds to grow our business in the meantime.***

Under Chinese law, the proceeds of this offering must be sent back to China, and the process for sending such proceeds back to China may take several months after the closing of this offering. In order to remit the offering proceeds to China, we will take the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First, we will open a special foreign exchange account for capital account transactions. To open this account, we must submit to SAFE approval certain application forms, identity documents, transaction documents, form of foreign exchange registration of overseas investments by domestic residents, and foreign exchange registration certificate of the invested company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second, we will remit the offering proceeds into this special foreign exchange account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third, we will apply for settlement of the foreign exchange. In order to do so, we must submit to SAFE certain application forms, identity documents, payment order to a designated person, and a business certificate.

The timing of the process is difficult to estimate because the efficiencies of different SAFE branches can vary materially. Ordinarily, the process takes several months to complete. We may be unable to use these proceeds to grow our business until we receive such proceeds in China.

#### Fluctuation of the RMB may indirectly affect our financial condition by affecting the volume of cross-border money flow.
Although we use the United States dollar for financial reporting purposes, all of the transactions effected by the China Operating Companies are denominated in China's currency, the RMB. The value of the RMB fluctuates and is subject to changes in China's political and economic conditions. We do not currently engage in hedging activities to protect against foreign currency risks. Even if we choose to engage in such hedging activities, we may not be able to do so effectively. Future movements in the exchange rate of the RMB could adversely affect our financial condition as we may suffer financial losses when transferring money raised outside of China into the country or paying vendors for services performed outside of China.

***If any dividend is declared in the future and paid in a foreign currency, you may be taxed on a larger amount in U.S. dollars than the U.S. dollar amount that you will actually ultimately receive.***

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

***Introduction of new laws and regulations or changes to existing laws and regulations by the Chinese government may occur quickly with little advance notice, and such new laws, regulations or changes thereto may adversely affect our business.***

The Chinese legal system is a codified legal system made up of written laws, regulations, circulars, administrative directives and internal guidelines. Unlike common law jurisdictions such as the U.S., decided cases (which may be taken as precedent) do not form part of the legal structure of China and thus have no binding effect. Furthermore, in line with its transformation from a centrally planned economy to a more market-oriented economy, the Chinese government is still in the process of developing a comprehensive set of laws and regulations. As the legal system in China is still evolving, laws and regulations or their interpretation may be subject to further and rapid changes. Such uncertainty and prospective changes to the Chinese legal system could adversely affect our results of operations and financial condition.

***We may be subject to foreign exchange controls in China, which could limit our use of funds raised in this offering, which could have a material adverse effect on our business.***

We are subject to Chinese rules and regulations on currency conversion. In China, SAFE regulates the conversion of the RMB into foreign currencies. Currently, a foreign invested enterprise ("FIE") is required to apply to banks for foreign exchange registration under domestic and overseas direct investment. WFOE is a FIE, with such registration. WFOE is allowed to open foreign currency accounts including the "current account" and the "capital account". Currently, conversion within the scope of the "current account" and general "capital account" can be effected without requiring the approval of SAFE. However, conversion of currency in some restricted "capital account" (e.g. for capital items such as direct investments, loans and securities), unless expressly exempted by laws and regulations, still requires the approval of SAFE.

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In particular, if WFOE borrows foreign currency through loans from Harden or other foreign lenders, these loans must be registered with SAFE. If WFOE is financed by means of additional capital contributions, certain Chinese government authorities' registration and/or approvals or their local counterparts are required. These restrictions could limit our use of funds raised in this offering, which could have an adverse effect on our business.

#### Governmental control of currency conversion may affect the value of your investment.
The Chinese government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China, which may take as long as six months in the ordinary course. We receive the majority of our revenues in Renminbi. Under our current corporate structure, our income is derived from payments from WFOE. Shortages in the availability of foreign currency may restrict the ability of Harden Technologies to remit sufficient foreign currency to pay dividends or other payments to us, or otherwise satisfy their foreign currency denominated obligations. Under existing Chinese 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 SAFE by complying with certain procedural requirements. However, approval from appropriate government authorities is required where Renminbi is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of bank loans denominated in foreign currencies. The Chinese 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 currency to satisfy our currency demands, we may not be able to pay dividends in foreign currencies to our shareholders. See "Regulations — Regulations of Foreign Currency Exchange and Dividend Distribution."

#### Failure to comply with PRC laws and regulations related to labor and employee benefits may subject us to penalties or additional cost.
Companies operating in China are required to comply with various laws and regulations related to labor and employment benefits. For example, companies are required to participate in various government-sponsored employee benefit plans, including certain social insurance, housing provident funds and other welfare-oriented payment obligations, and contribute to the plans in amounts equal to certain percentages of salaries, including bonuses and allowances, of employees up to a maximum amount specified by the local government from time to time at locations where our employees are based. The requirement of employee benefit plans has not been implemented consistently by the local governments in China given the different levels of economic development in different locations. Apart from that, if a company intends adopt flexible working hour arrangement and comprehensive working hour scheme, it shall fulfill the requirements in relevant regulations, and make filings with labor authorities, or the company will be subject to penalties and may be required to pay extra fees to its employees. As confirmed by the relevant local authorities and our directors, in no records of violation were found on Harden Machinery and Dr. Shredder for social insurance and/or housing fund during the period from January 2018 to 2022.

However, we cannot assure you that we have complied or will be able to comply with all labor-related law and regulations, including those relating to obligations to make social insurance payments, contribute to the housing provident funds, as well as make all filing for comprehensive working hour scheme. Our failure to make contributions to various employee benefit plans and in complying with applicable PRC labor-related laws may subject us to fines, penalties, government investigations or labor disputes and we could be required to make up the contributions for these plans as well as to pay late fees and fines, which may adversely affect our financial condition and results of operations.

#### Labor laws in China may adversely affect our results of operations.
In June 2007, the National People's Congress of the PRC enacted the Labor Contract Law, which became effective on January 1, 2008 and was amended on December 28, 2012. To clarify certain details in connection with the implementation of the Labor Contract Law, the China State Council promulgated the Implementing Rules for the Labor Contract Law on September 18, 2008, which came into effect immediately. These labor laws impose significant liabilities on employers and affects the cost of an employer's decision to reduce its workforce. The labor laws formalized workers' rights concerning overtime hours, pensions, layoffs, employment contracts and

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the role of trade unions. Among other things, these labor laws provide for specific standards and procedures for the termination of an employment contract. In addition, the laws require the payment of a statutory severance pay upon the termination of an employment contract in most cases, including the case of the expiration of a fixed-term employment contract. The labor laws also mandate that employers provide social welfare packages to all employees, increasing our labor costs. In addition, in July 2018, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Reform Plan of the Taxation and Collection Systems of National Taxes and Local Taxes, which states that, effective from January 1, 2019, basic pension insurance premiums, basic medical insurance premiums, unemployment insurance premiums, injury insurance premiums and maternity insurance premiums shall be levied by the tax authorities. Under the new system, the social insurance premiums collection is likely to be stringently administrated and enforced. All of our employees working for us exclusively within China are covered by these labor laws, and in the event we decide to significantly change or decrease our workforce, these labor laws could adversely affect our ability to enact such changes in a manner that is most advantageous to our business or in a timely and cost-effective manner, thus materially and adversely affecting our financial condition and results of operations.

***Chinese regulations relating to the establishment of offshore special purpose companies by Chinese residents may subject our Chinese resident shareholders to personal liability and limit our ability to inject capital into our Chinese subsidiaries, limit our subsidiaries' ability to increase its registered capital, distribute profits to us, or otherwise adversely affect us.***

On July 4, 2014, China's SAFE issued the Circular of the State Administration of Foreign Exchange on Issues concerning Foreign Exchange Administration over the Overseas Investment and Financing and Round-trip Investment by Domestic Residents via Special Purpose Vehicles, or Circular 37, which became effective as of July 4, 2014. On February 13, 2015, SAFE issued the Circular of the State Administration of Foreign Exchange on Further Simplifying and Improving the Direct Investment Foreign Exchange Administration Policies, or Circular 13. According to Circular 37 and Circular 13, prior foreign exchange registration with the local SAFE branch or a qualified bank is required for Chinese residents to contribute domestic assets or interests to offshore companies, known as SPVs. Moreover, Circular 37 applies retroactively. As a result, Chinese residents who have contributed domestic assets or interests to a SPV, but failed to complete foreign exchange registration of overseas investments as required before July 4, 2014 shall send a letter to SAFE and its branches for explanation. SAFE and its branches shall, under the principle of legality and legitimacy, conduct supplementary registration, and impose administrative punishment on those in violation of the administrative provisions on the foreign exchange pursuant to the law.

We have requested our shareholders who are Chinese residents to make the necessary applications, filings and amendments as required under Circular 37, Circular 13 and other related rules. As of the date of this prospectus, all of our beneficial owners who are PRC individuals have completed their initial registration in accordance with Circular 37 and Circular 13. We attempt to comply, and attempt to ensure that our shareholders who are subject to these rules comply, with the relevant requirements. However, we cannot provide any assurances that all of our shareholders who are Chinese residents will comply with our request to make or obtain any applicable registrations or comply with other requirements required by Circular 37, Circular 13 or other related rules. The failure or inability of our Chinese resident shareholders to make any required registrations or comply with other requirements or making misrepresentation on or failure to disclose controllers of the foreign-invested enterprise may subject such shareholders who are PRC residents and our PRC subsidiaries to fines and legal sanctions and may also limit our ability to contribute additional capital into or provide loans to (including using the proceeds from this offering) WFOE, limiting WFOE's ability to pay dividends or otherwise distributing profits to us.

***Failure to comply with the Individual Foreign Exchange Rules relating to the overseas direct investment or the engagement in the issuance or trading of securities overseas by our Chinese resident stockholders may subject such stockholders to fines or other liabilities.***

Other than Circular 37, 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 on January 5, 2007 (as amended and supplemented, the "Individual Foreign Exchange Rules") and the Foreign Exchange Administration Regulations of the PRC, which was promulgated by the State Council on January 29, 1996, became effective on April 1, 1996 and last amended on August 1, 2008 (which became effective on August 5, 2008). Under the Individual Foreign Exchange Rules and the Foreign Exchange Administration Regulations, any Chinese individual seeking to make a direct investment overseas or engage in

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the issuance or trading of negotiable securities or derivatives overseas must make the appropriate registrations in accordance with SAFE provisions. Chinese individuals who fail to make such registrations may be subject to warnings, fines or other liabilities.

We may not be fully informed of the identities of all our beneficial owners who are Chinese residents. For example, because the investment in or trading of our shares will happen in an overseas public or secondary market where shares are often held with brokers in brokerage accounts, it is unlikely that we will know the identity of all of our beneficial owners who are Chinese residents. Furthermore, we have no control over any of our future beneficial owners and we cannot assure you that such Chinese residents will be able to complete the necessary approval and registration procedures required by the Individual Foreign Exchange Rules.

It is uncertain how the Individual Foreign Exchange Rules will be interpreted or enforced and whether such interpretation or enforcement will affect our ability to conduct foreign exchange transactions. Because of this uncertainty, we cannot be sure whether the failure by any of our Chinese resident stockholders to make the required registration will subject our subsidiaries to fines or legal sanctions on their operations, delay or restriction on repatriation of proceeds of this offering into the China, restriction on remittance of dividends or other punitive actions that would have a material adverse effect on our business, results of operations and financial condition.

***We are subject to a variety of laws and other obligations regarding privacy, data security, cybersecurity and data protection, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.***

We are subject to PRC laws relating to privacy, data security, cybersecurity, and data protection. In particular, there are numerous laws and regulations regarding privacy and the collection, use, sharing, retention, security, and transfer of confidential and private information, such as personal information and other data. These laws apply not only to third-party transactions, but also to transfers of information between us and our PRC subsidiaries, and among us, and other parties with which we have commercial relations. These laws continue to develop, and the PRC government may adopt other rules and restrictions in the future. Non-compliance could result in penalties or other significant legal liabilities.

The PRC Criminal Law, as amended by its Amendment 7 (effective on February 28, 2009) and Amendment 9 (effective on November 1, 2015), prohibits institutions, companies and their employees from selling or otherwise illegally disclosing a citizen's personal information obtained during the course of performing duties or providing services or obtaining such information through theft or other illegal ways. The Civil Code of the PRC issued by the NPC on May 28, 2020 and effective from January 1, 2021 provides main legal basis for privacy and personal information infringement claims under the Chinese civil laws.

On November 7, 2016, the Standing Committee of the National People's Congress of the PRC ("SCPNC") issued the Cyber Security Law of the PRC, or Cyber Security Law, which became effective on June 1, 2017. Pursuant to the Cyber Security Law, network operators must not, without users' consent, collect their personal information, and may only collect users' personal information necessary to provide their services. Providers are also obliged to provide security maintenance for their products and services and shall comply with provisions regarding the protection of personal information as stipulated under the relevant laws and regulations. The Cyber Security Law is the first PRC law that systematically lays out the regulatory requirements on cybersecurity and data protection, subjecting many previously under-regulated or unregulated activities in cyberspace to government scrutiny.

In April 2020, the CAC and certain other PRC regulatory authorities promulgated Cybersecurity Review Measures, which came into effect on June 1, 2020. According to the Cybersecurity Review Measures, operators of critical information infrastructure must pass a cybersecurity review when purchasing network products and services which do or may affect national security.

The PRC Data Security Law, which was promulgated by the Standing Committee of the National People's Congress ("SCPNC") on June 10, 2021 and took effect on September 1, 2021, requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for the purpose of data protection, data processing activities must be conducted based on data classification and hierarchical protection system for data security. As the Data Security Law was recently promulgated, we may be required to make further adjustments to our business practices to comply with

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this law. If our data processing activities were found to be not in compliance with this law, we could be ordered to make corrections, and under certain serious circumstances, such as severe data divulgence, we could be subject to penalties, including the revocation of our business licenses or other permits.

Furthermore, the Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law issued on July 6, 2021 require (i) speeding up the revision of the provisions on strengthening the confidentiality and archives management relating to overseas issuance and listing of securities and (ii) improving the laws and regulations relating to data security, cross-border data flow, and management of confidential information.

On July 10, 2021, the Cyberspace Administration of China issued a revised draft of the Measures for Cybersecurity Review for public comments ("Draft Measures"), which required that, in addition to "operator of critical information infrastructure", any "data processor" carrying out data processing activities that affect or may affect national security should also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad. The Cyberspace Administration of China has said that under the proposed rules companies holding data on more than 1,000,000 users must now apply for cybersecurity approval when seeking listings in other nations because of the risk that such data and personal information could be "affected, controlled, and maliciously exploited by foreign governments," The cybersecurity review will also investigate the potential national security risks from overseas IPOs.

On December 28, 2021, the CAC, the National Development and Reform Commission ("NDRC"), and several other administrations jointly issued the revised Measures for Cybersecurity Review, or the Revised Review Measures. According to the Revised Review Measures, if an "online platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. Given the recency of the issuance of the Revised Review Measures, there is a general lack of guidance and substantial uncertainties exist with respect to their interpretation and implementation.

Furthermore, the CAC released the draft of the Regulations on Network Data Security Management in November 2021 for public consultation, which among other things, stipulates that a data processor listed overseas must conduct an annual data security review by itself or by engaging a data security service provider and submit the annual data security review report for a given year to the municipal cybersecurity department before January 31 of the following year.

As there remain uncertainties regarding the further interpretation and implementation of those laws and regulations, we cannot assure you that we will be compliant such new regulations in all respects, and we may be ordered to rectify and terminate any actions that are deemed illegal by the regulatory authorities and become subject to fines and other sanctions. As a result, we may be required to suspend our relevant businesses or face other penalties, which may materially and adversely affect our business, financial condition, and results of operations.

#### Changes in China's political and economic policies could harm our business.
Substantially all of our business operations are conducted in China. Accordingly, our results of operations, financial condition and prospects are subject to economic, political and legal developments in China. China's economy differs from the economies of most developed countries in many respects, including with respect to the amount of government involvement, level of development, growth rate, control of foreign exchange and allocation of resources.

The Chinese economy has historically been a planned economy subject to governmental plans and quotas and has, in certain aspects, been transitioning to a more market-oriented economy. Although we believe that the economic reform and the macroeconomic measures adopted by the Chinese government have had a positive effect on the economic development China, we cannot predict the future direction of these economic reforms or the effects these measures may have on our business, financial position or results of operations. In addition, the Chinese economy differs from the economies of most countries belonging to the Organization for Economic Cooperation and Development ("OECD"). These differences include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• level of government involvement in the economy;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• level of development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• level of capital reinvestment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• control of foreign exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• methods of allocating resources; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• balance of payments position.

As a result of these differences, our business may not develop in the same way or at the same rate as might be expected if the Chinese economy were similar to those of the OECD member countries.

Since 1979, the Chinese government has promulgated many new laws and regulations covering general economic matters. Despite these efforts to develop a legal system, China's system of laws is not yet complete. Even where adequate law exists in China, enforcement of existing laws or contracts based on existing law may be uncertain or sporadic, and it may be difficult to obtain swift and equitable enforcement or to obtain enforcement of a judgment by a court of another jurisdiction. The relative inexperience of China's judiciary, in many cases, creates additional uncertainty as to the outcome of any lawsuit. In addition, interpretation of statutes and regulations may be subject to government policies reflecting domestic political changes. Our activities in China will also be subject to administration review and approval by various national and local agencies of the Chinese government. Because of the changes occurring in China's legal and regulatory structure, we may not be able to secure the requisite governmental approval for our activities. Although we have obtained all required governmental approvals to operate our business as currently conducted, to the extent we are unable to obtain or maintain required governmental approvals, the Chinese government may, in its sole discretion, prohibit us from conducting our business.

***Changes in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in China and may have a material adverse effect on our business.***

Political events, international trade disputes, and other business interruptions could harm or disrupt international commerce and the global economy, and could have a material adverse effect on us and our customers, service providers, and other partners. International trade disputes could result in tariffs and other protectionist measures which may materially and adversely affect our business. Tariffs could increase the cost of the goods and products which could affect customers' spending levels. In addition, political uncertainty surrounding international trade disputes and the potential of the escalation to trade war and global recession could have a negative effect on customer confidence, which could materially and adversely affect our business. We may have also access to fewer business opportunities, and our operations may be negatively impacted as a result. In addition, the current and future actions or escalations by either the United States or China that affect trade relations may cause global economic turmoil and potentially have a negative impact on our markets, our business, or our results of operations, and we cannot provide any assurances as to whether such actions will occur or the form that they may take.

***The Chinese government could change its policies toward private enterprise or even nationalize or expropriate private enterprises, which could result in the total loss of our investment in that country.***

Our business is subject to political and economic uncertainties and may be adversely affected by political, economic and social developments in China. Over the past several years, the Chinese government has pursued economic reform policies including the encouragement of private economic activity and greater economic decentralization. The Chinese government may not continue to pursue these policies or may alter them to our detriment from time to time with little, if any, prior notice.

Changes in policies, laws and regulations or in their interpretation or the imposition of confiscatory taxation, restrictions on currency conversion, restrictions or prohibitions on dividend payments to shareholders, devaluations of currency or the nationalization or other expropriation of private enterprises could have a material adverse effect on our business. Nationalization or expropriation could even result in the total loss of our investment in China and in the total loss of any investment in us.

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#### Because our operations are located in China, information about our operations is not readily available from independent third-party sources.
Because our operations are based in China, our shareholders may have greater difficulty in obtaining information about them on a timely basis than would shareholders of a U.S.-based company. Our operations will continue to be conducted in China and shareholders may have difficulty in obtaining information from sources other than the companies themselves. Information available from newspapers, trade journals, or local, regional or national regulatory agencies such as issuance of construction permits and contract awards for development projects will not be readily available to shareholders and, where available, will likely be available only in Chinese. Shareholders will be dependent upon management for reports of their progress, development, activities and expenditure of proceeds.

***We may be involved from time to time in legal proceedings and commercial or contractual disputes, which could have a material adverse effect on our business, results of operations and financial condition.***

From time to time, we may be involved in legal proceedings and commercial disputes. Such proceedings or disputes are typically claims that arise in the ordinary course of business, including, without limitation, commercial or contractual disputes, and other disputes with customers and suppliers, intellectual property matters, environmental issues, tax matters and employment matters. There can be no assurance that such proceedings and claims, should they arise, will not have a material adverse effect on our business, results of operations and financial condition.

***Geopolitical risks and political uncertainty may adversely impact economic conditions, increase market volatility, cause operational disruption to us and impact our strategic plans, which could have adverse effects on our business and its profitability.***

We are exposed to geopolitical risks and political uncertainty in the markets in which we operate. Geopolitical risks and political uncertainty may adversely impact our operations and. Increased geopolitical tensions may increase cross-border cyber activity and therefore increase cyber security risks. Geopolitical tensions may also lead to civil unrest and/or acts of civil disobedience. This includes the unrest in Hong Kong, where mass anti-government demonstrations have given rise to increased disruption throughout the region. Such events could impact operational resilience by disrupting our systems, operations, new business sales and renewals, distribution channels and services to customers, which may result decreased profitability, financial loss, adverse customer impacts and reputational damage. Additionally, the degree and nature of regulatory changes and our competitive position in some markets may be impacted, for example, through measures favoring local enterprises, such as changes to the maximum level of non-domestic ownership by foreign companies.

***The current tensions in international economic relations may negatively affect the demand for our services, and our results of operations and financial condition may be materially and adversely affected.***

Recently there have been heightened tensions in international economic relations, such as the one between the United States and China. The U.S. government has imposed, and has continued to propose to impose additional, new, or higher tariffs on certain products imported from China to penalize China for what it characterizes as unfair trade practices. China has responded by imposing, and proposing to impose additional, new, or higher tariffs on certain products imported from the United States. Amid these tensions, the U.S. government has imposed and may impose additional measures on entities in China, including sanctions. Escalations of the tensions that affect trade relations may lead to slower growth in the global economy in general, which in turn could negatively affect our clients' businesses and materially reduce demand for our products and services, thus potentially negatively affect our business, financial condition, and results of operations.

#### Risks Associated with this Offering and Ownership of Our Ordinary shares
***We are an "emerging growth company," and we cannot be certain if choosing to elect the reduced reporting requirements applicable to emerging growth companies will make our ordinary shares less attractive to investors.***

We are an "emerging growth company," as defined in the JOBS Act. For as long as we continue to be an emerging growth company, we may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including not being required to

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comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We could be an emerging growth company for up to five years, although we could lose that status sooner if our revenues exceed $1.07 billion, if we issue more than $1 billion in non-convertible debt in a three-year period, or if the market value of our ordinary shares held by non-affiliates exceeds $700 million as of any June 30 before that time, in which case we would no longer be an emerging growth company as of the following December 31. We cannot predict if investors will find our ordinary shares less attractive because we may rely on these exemptions. If some investors find our ordinary shares less attractive as a result, there may be a less active trading market for our ordinary shares and our stock price may be more volatile.

Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have irrevocably elected not to avail our Company of this exemption from new or revised accounting standards and, therefore, will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

If we are unable to implement and maintain effective internal control over financial reporting in the future, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our ordinary shares may decline.

As a public company, we will be required to maintain internal control over financial reporting and to report any material weaknesses in such internal control. In addition, beginning with our 2021 annual report on Form 20-F to be filed in 2022, we will be required to furnish a report by management on the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. We are in the process of designing, implementing, and testing the internal control over financial reporting required to comply with this obligation, which process is time consuming, costly, and complicated. In addition, our independent registered public accounting firm will be required to attest to the effectiveness of our internal control over financial reporting beginning with our annual report on Form 20-F following the date on which we are no longer an "emerging growth company," which may be up to five full years following the date of this offering. If we identify material weaknesses in our internal control over financial reporting, if we are unable to comply with the requirements of Section 404 in a timely manner or assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting when required, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our ordinary shares could be negatively affected, and we could become subject to investigations by the stock exchange on which our securities are listed, the SEC, or other regulatory authorities, which could require additional financial and management resources.

#### There may not be an active, liquid trading market for our ordinary shares.
Prior to this offering, there has been no public market for our ordinary shares. An active trading market for our ordinary shares may not develop or be sustained following this offering. You may not be able to sell your shares at the market price, if at all, if trading in our shares is not active. The initial public offering price was determined by negotiations between us and the underwriters based on a number of factors. The initial public offering price may not be indicative of prices that will prevail in the trading market.

The market price of our ordinary shares 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 ordinary shares will be determined through negotiations between the underwriters and us and may vary from the market price of our ordinary shares following our initial public offering. If you purchase our 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 ordinary shares, or the market price following our initial public offering, will equal or exceed prices in privately negotiated transactions of our shares that have occurred from time to time prior to our initial public offering. The market price of our ordinary shares may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lawsuits threatened or filed against us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other events or factors, including those resulting from war or incidents of terrorism, or responses to these events.

In addition, the securities markets have from time to time experienced price and volume fluctuations that are not related to the operating performance of particular companies. As a result, to the extent shareholders sell our shares in a negative market fluctuation, they may not receive a price per share that is based solely upon our business performance. We cannot guarantee that shareholders will not lose some or all of their investment in our ordinary shares.

If a limited number of participants in this offering purchase a significant percentage of the offering, the effective public float may be smaller than anticipated and the price of our ordinary shares may be volatile which could subject us to securities litigation and make it more difficult for you to sell your shares.

As a company conducting a relatively small public offering, we are subject to the risk that a small number of investors will purchase a high percentage of the offering. While the underwriters are required to sell shares in this offering to at least 300 round lot shareholders (a round lot shareholder is a shareholder who purchases at least 100 shares) in order to ensure that we meet Nasdaq Capital Market initial listing standards, we have not otherwise imposed any obligations on the underwriters as to the maximum number of shares they may place with individual investors. If, in the course of marketing the offering, the underwriters were to determine that demand for our shares was concentrated in a limited number of investors and such investors determined to hold their shares after the offering rather than trade them in the market, other shareholders could find the trading and price of our shares affected (positively or negatively) by the limited availability of our shares. If this were to happen, investors could find our shares to be more volatile than they might otherwise anticipate. Companies that experience such volatility in their stock price may be more likely to be the subject of securities litigation. In addition, if a large portion of our public float were to be held by a few investors, smaller investors may find it more difficult to sell their shares.

#### If we are unable to comply with certain conditions, our ordinary shares may not trade on the Nasdaq Ca pital Marke t.
We have applied to list our ordinary shares on the Nasdaq Capital Market, which provides that we pay the balance of our entry fee and show that we satisfy Nasdaq's initial listing requirements. If we are unable to meet these conditions our shares may not trade on the Nasdaq Capital Market. In addition, we have relied on an exemption to the blue sky registration requirements afforded to "covered securities". Securities listed on Nasdaq Capital Market are "covered securities." If we were unable to meet Nasdaq conditions for listing, then we would be unable to rely on the covered securities exemption to blue sky registration requirements and we would need to register the offering in each state in which we planned to sell shares. Consequently, we will not complete this offering until we have met the required listing conditions.

#### If we are listed on Nasdaq Capital Market and our financial condition deteriorates, we may not meet continued listing standards on Nasdaq Capital Market.
Nasdaq Capital Market also requires companies to fulfill specific requirements in order for their shares to continue to be listed. In order to qualify for continued listing on Nasdaq Capital Market, we must meet the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our shareholders' equity must be at least $2,500,000; or the market value of our listed securities must be at least $35,000,000; or our net income from continuing operations in our last fiscal year (or two of the last three fiscal years) must have been at least $500,000;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market value of our publicly held shares must be at least $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The minimum bid price for our shares must be at least $1.00 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We must have at least 300 shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We must have at least 500,000 publicly held shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We must have at least 2 market makers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We must have adopted Nasdaq-mandated corporate governance measures, including a board of directors comprised of a majority of independent directors, an Audit Committee comprised solely of independent directors and the adoption of a code of ethics among other items.

If our shares are listed on the Nasdaq Capital Market but are delisted from the Nasdaq Capital Market at some later date, our shareholders could find it difficult to sell our shares. In addition, if our ordinary shares are delisted from the Nasdaq Capital Market at some later date, we may apply to have our ordinary shares quoted on the Bulletin Board or in the "pink sheets" maintained by the National Quotation Bureau, Inc. The Bulletin Board and the "pink sheets" are generally considered to be less efficient markets than the Nasdaq Capital Market. In addition, if our ordinary shares are not so listed or are delisted at some later date, our ordinary shares may be subject to the "penny stock" regulations. These rules impose additional sales practice requirements on broker-dealers that sell low-priced securities to persons other than established customers and institutional accredited investors and require the delivery of a disclosure schedule explaining the nature and risks of the penny stock market. As a result, the ability or willingness of broker-dealers to sell or make a market in our ordinary shares might decline. If our ordinary shares are not so listed or are delisted from the Nasdaq Capital Market at some later date or become subject to the penny stock regulations, it is likely that the price of our shares would decline and that our shareholders would find it difficult to sell their shares.

#### We may become a passive foreign investment company, which could result in adverse U.S. tax consequences to U.S. investors.
Based on the nature of our business activities, we may be classified as a passive foreign investment company ("PFIC"), by the U.S. Internal Revenue Service ("IRS"), for U.S. federal income tax purposes. Such characterization could result in adverse U.S. tax consequences to you if you are a U.S. investor. For example, if we are a PFIC, a U.S. investor will become subject to burdensome reporting requirements. The determination of whether or not we are a PFIC is made on an annual basis and will depend on the composition of our income and assets from time to time. Specifically, we will be classified as a PFIC for U.S. tax purposes if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 75% or more of our gross income in a taxable year is passive income; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average percentage of our assets by value in a taxable year that produce or are held for the production of passive income (which includes cash) is at least 50%.

The calculation of the value of our assets is based, in part, on the then market value of our ordinary shares, which is subject to change. In addition, the composition of our income and assets will be affected by how, and how quickly, we spend the cash we raise in this offering. We cannot assure that we will not be a PFIC for any taxable year. See "Taxation — United States Federal Income Taxation-Passive Foreign Investment Company."

***A significant portion of our total outstanding shares are restricted from immediate resale but may be sold into the market in the near future. This could cause the market price of our ordinary shares to drop significantly, even if our business is doing well.***

Sales of a substantial number of our ordinary shares in the public market could occur at any time. These sales, or the perception in the market that these sales may occur, could result in a decrease in the market price of our ordinary shares. Immediately after this offering, we will have 12,500,000 outstanding ordinary shares, assuming no exercise of the underwriters' over-allotment option. This includes the shares that we are selling in this offering, which may be resold in the public market immediately without restriction, unless purchased by our affiliates or existing shareholders. Of that amount, 10,000,000 shares are currently restricted as a result of securities laws and/or lock-up agreements, but will be able to be sold after the closing of this offering, subject to securities laws and/or lock-up agreements. If held by one of our affiliates, the resale of those securities will be subject to volume limitations under Rule 144 of the Securities Act. See "Shares Eligible for Future Sale."

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***Our failure to obtain prior approval of the China Securities Regulatory Commission ("CSRC") for the listing and trading of our ordinary shares on a foreign stock exchange could delay this offering or could have a material adverse effect upon our business, operating results, reputation and trading price of our ordinary shares.***

On August 8, 2006, six Chinese regulatory agencies, including the Ministry of Commerce of the PRC ("MOFCOM"), jointly issued the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (the "New M&A Rule"), which became effective on September 8, 2006 and was amended on June 22, 2009. The New M&A Rule contains provisions that require that an offshore special purpose vehicle ("SPV") formed for the purpose of seeking a public listing on an overseas stock exchange through acquisitions of PRC domestic companies and controlled directly or indirectly by Chinese companies or individuals shall obtain the approval of the CSRC prior to the listing and trading of such SPV's securities on an overseas stock exchange. On September 21, 2006, the CSRC published procedures specifying documents and materials required to be submitted to it by an SPV seeking CSRC approval of overseas listings.

However, the application of the New M&A Rule remains unclear with no consensus currently existing among leading Chinese law firms regarding the scope and applicability of the CSRC approval requirement. Our Chinese counsel, King & Wood Mallesons, has given us the following advice, based on their understanding of current Chinese laws and regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• WFOE was established by means of direct investment and not through a merger or requisition of the equity or assets of a "PRC domestic company" as defined under the New M&A Rule, and at the time of our equity interest acquisition, Harden was a foreign-invested enterprise rather than a "PRC domestic company" before it was acquired by WFOE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In spite of the lack of clarity on this issue, the CSRC currently has not issued any definitive rule or interpretation regarding whether offerings like the one contemplated by this prospectus are subject to the New M&A Rule.

The CSRC has not issued any such definitive rule or interpretation, and we have not chosen to voluntarily request approval under the New M&A Rule. If the CSRC requires that we obtain its approval prior to the completion of this offering, the offering will be delayed until we obtain CSRC approval, which may take several months. There is also the possibility that we may not be able to obtain such approval. If prior CSRC approval was required, we may face regulatory actions or other sanctions from the CSRC or other Chinese regulatory authorities. These authorities may impose fines and penalties upon our operations in China, limit our operating privileges in China, delay or restrict the repatriation of the proceeds from this offering into China, or take other actions that could have a material adverse effect upon our business, financial condition, results of operations, reputation and prospects, as well as the trading price of our ordinary shares. The CSRC or other Chinese regulatory agencies may also take actions requiring us, or making it advisable for us, to terminate this offering prior to closing.

#### We will incur increased costs as a result of being a public company, which could have a material adverse effect on our profitability.
As a public company, we will incur legal, accounting and other expenses that we did not incur as a private company. For example, we must now engage U.S. securities law counsel and U.S. GAAP auditors that we did not need prior to this offering, and we will have annual payments for listing on a stock exchange, if we are so listed. In addition, the Sarbanes-Oxley Act, as well as new rules subsequently implemented by the SEC and Nasdaq, has required changes in corporate governance practices of public companies. We expect these new rules and regulations to increase our legal, accounting and financial compliance costs and to make certain corporate activities more time-consuming and costly. In addition, we will incur additional costs associated with our public company reporting requirements. While it is impossible to determine the amounts of such expenses in advance, we expect that we will incur expenses of between $500,000 and $1,000,000 per year that we did not experience prior to commencement of this offering. Added costs of this nature will naturally reduce our profitability and could have a material adverse effect on our business.

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***The requirements of being a public company may strain our resources and divert management's attention, which could have a material adverse effect on our business.***

As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, the listing requirements of the securities exchange on which we list, and other applicable securities rules and regulations. Despite recent reforms made possible by the JOBS Act, compliance with these rules and regulations will nonetheless increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources, particularly after we are no longer an "emerging growth company." The Exchange Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business and operating results.

As a result of disclosure of information in this prospectus and in filings required of a public company, our business and financial condition will become more visible, which we believe may result in threatened or actual litigation, including by competitors and other third parties. If such claims are successful, our business and operating results could be harmed, and even if the claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management and adversely affect our business, brand and reputation and results of operations.

We also expect that being a public company and these new rules and regulations will make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These factors could also make it more difficult for us to attract and retain qualified members of our board of directors, particularly to serve on our audit committee and compensation committee, and qualified executive officers.

***The obligation to disclose information publicly may put us at a disadvantage to competitors that are private companies which could have an adverse effect on our results of operations.***

Upon completion of this offering, we will be a reporting company in the United States. As a reporting company, we will be required to file periodic reports with the SEC upon the occurrence of matters that are material to our Company and shareholders. In some cases, we will need to disclose material agreements or results of financial operations that we would not be required to disclose if we were a private company. Our competitors may have access to this information, which would otherwise be confidential. This may give them advantages in competing with our Company. Similarly, as a U.S.-listed public company, we will be governed by U.S. laws that our competitors, which are mostly private Chinese companies, are not required to follow. To the extent compliance with U.S. laws increases our expenses or decreases our competitiveness against such companies, our public listing could affect our results of operations.

***Shares eligible for future sale may adversely affect the market price of our ordinary shares, as the future sale of a substantial amount of outstanding ordinary shares in the public marketplace could cause the price of our ordinary shares to decline.***

The market price of our ordinary shares could decline as a result of sales of substantial amounts of our ordinary shares in the public market, or the perception that these sales could occur. In addition, these factors could make it more difficult for us to raise funds through future offerings of our ordinary shares. An aggregate of 10,000,000 ordinary shares were outstanding as of the date of this filing, and after giving effect to this offering, 12,500,000 ordinary shares will be outstanding immediately after this offering. All of the ordinary shares sold in the offering will be freely transferable without restriction or further registration under the Securities Act. The remaining ordinary shares will be "restricted securities" as defined in Rule 144. These ordinary shares may be sold in the future without registration under the Securities Act to the extent permitted by Rule 144 or other exemptions under the Securities Act. See "Shares Eligible for Future Sale."

#### You will experience immediate and substantial dilution as a result of sales of ordinary shares under this offering.
The assumed initial public offering price of $6.00 per ordinary share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, is substantially higher than the pro forma net tangible book value per ordinary share. If you purchase ordinary shares in this offering, you will incur immediate dilution of approximately 72.7% or approximately $4.36 in the pro forma net tangible book value per ordinary share from the

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price per share that you pay for the shares, based on the assumed initial public offering price of $6.00 per ordinary share and 2,500,000 ordinary shares to be offered in this offering. Accordingly, if you purchase shares in this offering, you will incur immediate and substantial dilution of your investment. See "Dilution."

***We have not finally determined the uses of the proceeds from this offering, and we may use the proceeds in ways with which you may not agree.***

While we have identified the priorities to which we expect to put the proceeds of this offering, our management will have considerable discretion in the application of the net proceeds received by us. In addition, in the event we are unable to use the proceeds for as described herein, we have reserved the right to re-allocate funds currently allocated to that purpose to our general working capital. If that were to happen, then our management would have discretion over even more of the net proceeds to be received by our company in this offering. You will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. You must rely on the judgment of our management regarding the application of the net proceeds of this offering. The net proceeds may be used for corporate purposes that do not improve our efforts to achieve profitability or increase our stock price. The net proceeds from this offering may be placed in investments that do not produce profit or increase value. See "Use of Proceeds."

#### Our employees, officers and/or directors will control a sizeable amount of our ordinary shares, limiting your influence on shareholder decisions.
Upon the conclusion of this offering, our employees, officers and/or directors will, in the aggregate, beneficially own approximately 75.2% of our outstanding shares. As a result, our employees, officers and directors will possess substantial ability to impact our management and affairs and the outcome of matters submitted to shareholders for approval. These shareholders, acting individually or as a group, could exert substantial influence over matters such as electing directors and approving mergers or other business combination transactions. This concentration of ownership and voting power may also discourage, delay or prevent a change in control of our Company, which could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our Company and might reduce the price of our ordinary shares. These actions may be taken even if they are opposed by our other shareholders, including those who purchase shares in this offering. See "Principal and Selling Stockholders."

#### As the rights of stockholders under British Virgin Islands law differ from those under U.S. law, you may have fewer protections as a shareholder .
Our corporate affairs will be governed by our Amended and Restated Memorandum and Articles of Association (the "Memorandum and Articles"), the BVI Business Companies Act (as revised) (the "BVI Act"), and the common law of the British Virgin Islands. The rights of shareholders to take legal action against our directors, actions by minority shareholders and the fiduciary responsibilities of our directors under British Virgin Islands law are to a large extent governed by the common law of the British Virgin Islands and by the BVI Act. The common law of the British Virgin Islands is derived in part from comparatively limited judicial precedent in the British Virgin Islands as well as from English common law, which has persuasive, but not binding, authority on a court in the British Virgin Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under British Virgin Islands law are not as clearly established as they would be under statutes or judicial precedents in some jurisdictions in the United States. In particular, the British Virgin Islands has a less developed body of securities laws as compared to the United States, and some states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law. As a result of the foregoing, holders of our ordinary shares may have more difficulty in protecting their interests through actions against our management, directors or major shareholders than they would as shareholders of a U.S. company and whose management, directors and/or major shareholders were also incorporated, resident, or otherwise established in a United States jurisdiction.

As a result of all of the above, holders of our shares may have more difficulty protecting their interests through actions against our management, directors or major shareholders than they would as shareholders of a U.S. company. For a discussion of material differences between the provisions of the BVI Act and the laws applicable to companies incorporated in the United States and their shareholders, see "Description of Shares — Differences in Corporate Law."

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#### British Virgin Islands companies may not be able to initiate shareholder derivative actions, thereby depriving shareholders of the ability to protect their interests.
Shareholders of British Virgin Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States Shareholders of a British Virgin Islands company could, however, bring a derivative action in the British Virgin Islands courts, and there is a clear statutory right to commence such derivative claims under Section 184C of the BVI Act. The circumstances in which any such action may be brought, and the procedures and defenses that may be available in respect to any such action, may result in the rights of shareholders of a British Virgin Islands company being more limited than those of shareholders of a company organized in the United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate wrongdoing has occurred. The British Virgin Islands courts are also unlikely to recognize or enforce against us judgments of courts in the United States based on certain liability provisions of U.S. securities law; and to impose liabilities against us, in original actions brought in the British Virgin Islands, based on certain liability provisions of U.S. securities laws that are penal in nature. There is no statutory recognition in the British Virgin Islands of judgments obtained in the United States, although the courts of the British Virgin Islands will generally recognize and enforce the non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits. This means that even if shareholders were to sue us successfully, they may not be able to recover anything to make up for the losses suffered.

***The laws of the British Virgin Islands provide little protection for minority shareholders, so minority shareholders will have little or no recourse if the shareholders are dissatisfied with the conduct of our affairs*.***

Under the laws of the British Virgin Islands, there is limited statutory law for the protection of minority shareholders other than the provisions of the BVI Act dealing with shareholder remedies. The principal protection under statutory law is that shareholders may bring an action to enforce the constituent documents of the company and are entitled to have the affairs of the company conducted in accordance with the BVI Act and the memorandum and articles of association of the company. As such, if those who control the company have disregarded the requirements of the BVI Act or the provisions of the company's memorandum and articles of association, or oppose to do so, then the courts will likely grant relief. Generally, the areas in which the courts will intervene are the following: (i) an act complained of which is outside the scope of the authorized business or is illegal or not capable of ratification by the majority; (ii) acts that constitute fraud on the minority where the wrongdoers control the company; (iii) acts that infringe on the personal rights of the shareholders, such as the right to vote or breach of a duty owed to the shareholder by the Company; and (iv) acts where the company has not complied with provisions requiring approval of a special or extraordinary majority of shareholders, which are more limited than the rights afforded minority shareholders under the laws of many states in the United States.

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

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

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***We are a "foreign private issuer," and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects.***

We are a foreign private issuer and, as a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic reporting companies. For example, we will not be required to issue quarterly reports or proxy statements and we do not intend to file quarterly reports. We will not be required to disclose detailed individual executive compensation information and we do not intend to disclose detailed executive compensation information. Furthermore, our directors and executive officers will not be required to report equity holdings under Section 16 of the Exchange Act and will not be subject to the insider short-swing profit disclosure and recovery regime and we do not intend to file Section 16 reports for officers and directors.

As a foreign private issuer, we will also be exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant to ensure that select groups of investors are not privy to specific information about an issuer before other investors. However, we do plan to disclose material information to all investors at this time*.* In addition, we will still be subject to the anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act. Since many of the disclosure obligations imposed on us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you should not expect to receive the same information about us and at the same time as the information provided by U.S. domestic reporting companies.

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

As a foreign private issuer, we are permitted to take advantage of certain provisions in the Nasdaq rules that allow us to follow our home country law for certain governance matters. Certain corporate governance practices in our home country, the British Virgin Islands, may differ significantly from corporate governance listing standards. Currently, we do not plan to rely on home country practice with respect to our corporate governance after we complete this offering. However, if we choose to follow home country practice in the future, our shareholders may be afforded less protection than they would otherwise enjoy under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers.

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

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#### You may be unable to present proposals before general meetings or extraordinary general meetings not called by shareholders.
British Virgin 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 memorandum and articles of association. Our memorandum and articles of association allow our shareholders holding shares representing in aggregate not less than 30% of our voting shares in issue, to requisition an extraordinary general meeting of our shareholders, in which case our directors are obliged to call such meeting and to put the resolutions so requisitioned to a vote at such meeting. Although our memorandum and articles of association 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, any shareholder may submit a proposal to our board of directors for consideration of inclusion in a proxy statement. Advance notice of at least seven (7) calendar days is required for the convening of a general meeting of our shareholders. At any meeting of shareholders, a quorum will be present if there are shareholders present in person or by proxy representing not less than on one third of the issued ordinary shares entitled to vote on the resolutions to be considered at the meeting. Such quorum may be represented by only a single shareholder or proxy. If no quorum is present within two hours of the start time of the meeting, the meeting shall be dissolved if it was requested by shareholders. In any other case, the meeting shall be adjourned to the next business day, and if shareholders representing not less than one-third of the votes of the ordinary shares or each class of shares entitled to vote on the matters to be considered at the meeting are present within one hour of the start time of the adjourned meeting, a quorum will be present but otherwise the meeting shall be dissolved.

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#### FORWARD-LOOKING STATEMENTS
We have made statements in this prospectus, including under "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Our Business" and elsewhere that constitute forward-looking statements. Forward-looking statements involve risks and uncertainties, such as statements about our plans, objectives, expectations, assumptions or future events. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "should," "will," "could" and similar expressions denoting uncertainty or an action that may, will or is expected to occur in the future. These statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from any future results, performances or achievements expressed or implied by the forward-looking statements.

Examples of forward-looking statements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of the development of future business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• projections of revenue, earnings, capital structure and other financial items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements regarding the capabilities of our business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements of expected future economic performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements regarding competition in our market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumptions underlying statements regarding us or our business.

The ultimate correctness of these forward-looking statements depends upon a number of known and unknown risks and events. We discuss our known material risks under the heading "Risk Factors" above. Many factors could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Consequently, you should not place undue reliance on these forward-looking statements.

The forward-looking statements speak only as of the date on which they are made, and, except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

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#### USE OF PROCEEDS
After deducting the estimated underwriting discounts and commissions and expenses of this offering payable by us, we expect net proceeds from this offering of approximately $13.0 million, based on an assumed initial public offering price of $6.00 per share, the midpoint of the estimated price range set forth on the cover page of this prospectus. The net proceeds from this offering must be remitted to China before we will be able to use the funds to grow our business. The procedure to remit funds may take a number of months after completion of this offering, and we will be unable to use the offering proceeds in China until remittance is completed. See "Risk Factors — We must remit the offering proceeds to China before they may be used to benefit our business in China, and this process may take a number of months."

We intend to use the net proceeds of this offering as follows after we complete the remittance process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately $7.0 million for the development of a new manufacturing facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately $3.0 million for research and development related to design of mobile shredding and mobile screening machines, robotic sorting technologies and pilot plant development; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any balance for additional working capital.

The precise amounts and percentage of proceeds we devote to particular categories of activity, and their priority of use, will depend on prevailing market and business conditions as well as on the nature of particular opportunities that may arise from time to time. Accordingly, we reserve the right to change the use of proceeds that we presently anticipate and describe herein. Pending remitting the offering proceeds to China, we intend to invest our net proceeds in short-term, interest bearing, and investment-grade obligations. These investments may have a material adverse effect on the U.S. federal income tax consequences of an investment in our ordinary shares. It is possible that we may become a passive foreign investment company for U.S. federal income taxpayers, which could result in negative tax consequences to you. These consequences are discussed in more detail in "Tax Matters Applicable to U.S. Holders of Our Ordinary shares."

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#### DIVIDEND POLICY
We have never declared or paid any cash dividends on our ordinary shares. We anticipate that we will retain any earnings to support operations and to finance the growth and development of our business. Therefore, we do not expect to pay cash dividends in the foreseeable future. Any future determination relating to our dividend policy will be made at the discretion of our board of directors and will depend on a number of factors, including future earnings, capital requirements, financial conditions and future prospects and other factors the board of directors may deem relevant.

Under British Virgin Islands law, the directors of the Company may, by resolution of directors, authorise a dividend by the Company to the members at such time and of such an amount, as the directors think fit if they are satisfied, or reasonable grounds, that the company will, immediately after the payment of the dividend, satisfy the solvency test. A BVI company satisfies the solvency test if (a) the value of the company's assets exceeds its liabilities, and (b) the company is able to pay its debts as they fall due.

If we determine to pay dividends on any of our ordinary shares in the future, as a holding company, we will be dependent on receipt of funds from Harden Machinery. Current Chinese regulations permit our China Operating Companies to pay dividends to Harden International only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. In addition, each of our subsidiaries in China is 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. Upon contribution to the statutory reserve using their after-tax profits, our China Operating Companies may further set aside a portion of their after-tax profits, although the amount to be set aside, if any, is determined at the discretion of its board of directors or the general meeting. Although the statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the event of liquidation. Our subsidiaries in China are required to set aside statutory reserves.

In addition, pursuant to the EIT Law and its implementation rules, dividends generated after January 1, 2008 and distributed to us by Harden International are subject to withholding tax at a rate of 10% unless otherwise exempted or reduced according to treaties or arrangements between the Chinese central government and governments of other countries or regions where the non-Chinese-resident enterprises are incorporated.

Under existing Chinese foreign exchange regulations, payments of current account items, including profit distributions, interest payments and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval of SAFE, by complying with certain procedural requirements. Specifically, under the existing exchange restrictions, without prior approval of SAFE, cash generated from the operations in China may be used to pay dividends to our company.

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#### EXCHANGE RATE INFORMATION
Our business is conducted in China, and the financial records of the China Operating Companies are maintained in RMB, its functional currency. However, we use the U.S. dollar as our reporting currency; therefore, periodic reports made to shareholders will include current period amounts translated into U.S. dollars using the then-current exchange rates. Our financial statements have been translated into U.S. dollars in accordance with Accounting Standards Codification ("ASC") 830-10, "Foreign Currency Matters." We have translated our asset and liability accounts using the exchange rate in effect at the balance sheet date. We translated our statements of operations using the average exchange rate for the period. We reported the resulting translation adjustments under other comprehensive income (loss). The consolidated balance sheet amounts, with the exception of equity at June 30, 2022 were translated at RMB 6.6981. The consolidated balance sheet amounts, with the exception of equity at December 31, 2021 and 2020 were translated at RMB 6.3726 and RMB 6.5250 to $1.00, respectively. The equity accounts were stated at their historical rate. The average translation rates applied to consolidated statements of income and comprehensive income and cash flows for the six months ended June 30, 2022 and 2021 were RMB 6.4791 and RMB 6.4702, respectively. The average translation rates applied to consolidated statements of income and comprehensive income and cash flows for the years ended December 31, 2021 and 2020 were RMB 6.4508 and RMB 6.9042 to $1.00, respectively.

We make no representation that any RMB or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or RMB, as the case may be, at any particular rate, or at all. The Chinese government imposes control over its foreign currency reserves in part through direct regulation of the conversion of RMB into foreign exchange and through restrictions on foreign trade. On January 31, 2023, the Forex exchange rate was RMB 6.7547 to $1.00. We do not currently engage in currency hedging transactions.

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#### CAPITALIZATION
The following table sets forth our capitalization as of December 31, 2021 on an actual basis and on a pro forma basis giving effect to the sale of 2,500,000 shares at an assumed initial public offering price of $6.00 per share, the midpoint of the estimated price range set forth on the cover page of this prospectus, and to reflect the application of the proceeds after deducting the estimated underwriting discounts and commissions and offering expenses payable by us.

You should read this table in conjunction with our financial statements and related notes appearing elsewhere in this prospectus and "Use of Proceeds" and "Description of Shares."

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| |
|:---|
|  Long-term bank loans  |
|  Shareholders' equity: |
| &nbsp;&nbsp;&nbsp; Ordinary shares, $0.001 par value, 100,000,000 shares authorized, 10,000,000 shares issued and outstanding, pro forma; 12,500,000 shares issued and outstanding, pro forma as adjusted |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital |
| &nbsp;&nbsp;&nbsp; Statuary reserves |
| &nbsp;&nbsp;&nbsp; Retained earnings |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive income) |
| &nbsp;&nbsp;&nbsp; Total shareholders' equity |
| &nbsp;&nbsp;&nbsp; Non-controlling interest) |
| &nbsp;&nbsp;&nbsp; **Total Equity** |
|  Total capitalization |

---

____________

(1) Reflects the sale of ordinary shares in this offering at an assumed initial public offering price of $6.00 per share, and after deducting the estimated underwriting discounts, and estimated offering expenses payable by us. The pro forma as adjusted information is illustrative only, and we will adjust this information based on the actual initial public offering price and other terms of this offering determined at pricing. Additional paid-in capital reflects the net proceeds we expect to receive, after deducting the underwriting discounts and estimated offering expenses payable by us. We estimate that such net proceeds will be approximately $13.0 million.

A $1.00 increase (decrease) in the assumed initial public offering price of $6.00 per ordinary share would increase (decrease) each of additional paid-in capital, total shareholders' equity and total capitalization by $2.3 million, assuming the number of ordinary shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts, and estimated expenses payable by us.

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#### DILUTION
If you invest in our ordinary shares, your interest will be diluted to the extent of the difference between the initial public offering price per ordinary share and the pro forma net tangible book value per ordinary share after the offering. Dilution results from the fact that the per ordinary share offering price is substantially in excess of the book value per ordinary share attributable to the existing shareholders for our presently outstanding ordinary shares. Our net tangible book value attributable to shareholders at June 30, 2022 was approximately $7.9 million or approximately $0.79 per ordinary share. Net tangible book value per ordinary share as of June 30, 2022 represents the amount of total tangible assets less acquired intangible assets, deferred tax assets, right-of-use assets, total liabilities and non-controlling interest, divided by the number of ordinary shares outstanding.

Upon completion of this offering, our post offering pro forma net tangible book value, which gives effect to receipt of the net proceeds from the offering and issuance of additional shares in the offering, but does not take into consideration any other changes in our net tangible book value after June 30, 2022, will be approximately $20.5 million or $1.64 per ordinary share. This would result in dilution to investors in this offering of approximately $4.36 per ordinary share or approximately 72.7% from the assumed initial public offering price of $6.00 per ordinary share, the midpoint of the estimated price range set forth on the cover page of this prospectus. Net tangible book value per ordinary share would increase to the benefit of present shareholders by $0.85 per share attributable to the purchase of the ordinary shares by investors in this offering.

The following table sets forth the estimated net tangible book value per ordinary share after the offering and the dilution to persons purchasing ordinary shares based on the foregoing offering assumptions.

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| | |
|:---|:---|
|  | **Post- <br>Offering<sup>(1)</sup>** |
|  Assumed offering price per ordinary share | $6.00 |
|  Net tangible book value per ordinary share before the offering | $0.79 |
|  Increase per ordinary share attributable to payments by new investors | $0.85 |
|  Pro forma net tangible book value per ordinary share after the offering | $1.64 |
|  Dilution per ordinary share to new investors | $4.36 |

---

____________

(1) Assumes net proceeds of $13.0 million from offering of ordinary shares, calculated as follows: $15,000,000 offering, less estimated underwriting discounts and commissions of $975,000 offering expenses of $1.3 million, and a non-accountable expense allowance of $150,000.

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#### POST-OFFERING OWNERSHIP
The following table illustrates our pro forma proportionate ownership, upon completion of the offering, by present shareholders and investors in this offering, compared to the relative amounts paid by each. The table reflects payment by present shareholders as of the date the consideration was received and by investors in this offering at the assumed initial public offering price of $6.00, the midpoint of the estimated price range set forth on the cover page of this prospectus, before deducting the estimated underwriting discounts and commissions and offering expenses payable by us. The table further assumes no changes in net tangible book value other than those resulting from the offering.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average Price <br>Per Share ($)** |
|  | **Amount (#)** | **Percent (%)** | **Amount ($)** | **Percent (%)** | **Average Price <br>Per Share ($)** |
|  Existing shareholders | 10000000 | 80% | $177705 | 1.17% | $0.02 |
|  New investors | 2500000 | 20% | $15000000 | 98.83% | $6.00 |
|  Total | 12500000 | 100% | $15177705 | 100% | $1.21 |

---

A $1.00 increase (or decrease) in the assumed initial public offering price of $6.00 per share would increase (or decrease) total consideration paid by new investors by $2.5 million, assuming that the number of shares offered by us on the cover page of this prospectus remains the same.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL <br> CONDITION AND RESULTS OF OPERATION S
*You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward*-looking *statements that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially from those anticipated in these forward*-looking *statements as a result of various factors, including those set forth under "Risk Factors" and elsewhere in this prospectus.*

#### Overview
Harden Technologies Inc. ("Harden" or the "Company") is a company that was established under the laws of the British Virgin Islands on April 8, 2021 as a holding company. The Company, through its subsidiaries, specializes in the manufacture of customized industrial recycling equipment. Mr. Jiawen Miao ("Mr. Miao") is the chairman of the board, director and chief executive officer of the Company.

We are a waste management equipment manufacture in China. We offer a diversified line of waste management and recycling equipment that can be easily integrated into customers' single processing facilities. We generate revenue from equipment sales contracts. For the six months ended June 30, 2022 and 2021, our revenues were approximately $14.5 million and $11.7 million, respectively. For the six months ended June 30, 2022 and 2021, we had net income of approximately $0.6 million and $0.5 million, respectively. For the years ended December 31, 2021 and 2020, our revenues were approximately $31.6 million and $21.9 million, respectively. For the years ended December 31, 2021 and 2020, we had net income of approximately $1.7 million and $2.4 million, respectively.

#### Reorganization
For the purpose of this offering and listing on the Nasdaq Capital market, a reorganization of our legal structure was completed on June 3, 2021. The reorganization involved the incorporation of the Company's wholly-owned subsidiary — Harden International Limited ("Harden HK") and Harden HK's wholly-owned subsidiary — Harwell Technologies Ltd. ("WFOE"); and the transfer of all the shareholders' equity interest in Harden Machinery Ltd. ("Harden Machinery") to WFOE.

Since our businesses are effectively controlled by the same group of the shareholders before and after the reorganization, they are considered under common control. The above-mentioned transactions were accounted for as a recapitalization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the consolidated financial statements.

#### Key Factors that Affect Operating Results
We currently derive a majority of revenue from our equipment sales contracts. We intend to continually enhance or complement our technologies in design, production and acquire new customers by increasing our market penetration with deeper market coverage and a broader geographical reach. Our ability to maintain and expand our customer base affects our operating results.

As the waste management industry continues to expand, we expect that the number of our current and potential customers will also increase. We intend to maintain our existing customers and acquire new customers by continually making significant investments in research and development activities as well as sales marketing activities to increase our revenue and profit.

Our business of producing customized waste management equipment and industrial recycling equipment requires highly skilled professionals with specialized domain knowledge and technology expertise. Our ability to recruit, train, develop and retain our professionals with the skills and qualifications necessary to fulfill the needs of our existing and new customers has a significant effect on our operating results.

We intend maintain our organic growth while also pursuing strategic acquisitions and investments in selective technologies and businesses that will enhance our technology capabilities and increase our market penetration. We believe our strategic acquisition and investment strategy is critical for us to accelerate our growth and strengthen our competitive position after this offering. Our ability to identify and execute strategic acquisitions and investments will have an effect on our operating results.

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#### Recent Development
In December 2019, a novel strain of coronavirus (COVID-19) surfaced. COVID-19 has spread rapidly to many parts of the PRC and other parts of the world in the first half of 2020, which has caused significant volatility in the PRC and international markets. In the six months ended June 30, 2022 and years ended December 31, 2021 and 2020, the COVID-19 pandemic did not have a material net impact on the Company's financial positions and operating results. The extent of the impact on the Company's future financial results will be dependent on future developments such as the length and severity of the crisis, the potential resurgence of the crisis, future government actions in response to the crisis and the overall impact of the COVID-19 pandemic on the global economy and capital markets, among many other factors, all of which remain highly uncertain and unpredictable. Given this uncertainty, the Company is currently unable to quantify the expected impact of the COVID-19 pandemic on its future operations, financial condition, liquidity and results of operations if the current situation continues.

For the six months ended June 30, 2022, our revenue reached approximately $14.5 million, an increase of approximately $2.8 million or 24% from approximately $11.7 million for the six months ended June 30, 2021. The increase was attributable to more customized industrial recycling equipment sold during the six months ended June 30, 2022. For the six months ended June 30, 2022, our net income was $552,537, representing an increase of $40,036 or 8% from $512,501 for the six months ended June 30, 2021.

For the six months ended June 30, 2022, our revenue was approximately $14.5 million, an increase of approximately $2.8 million or 24% from approximately $11.7 million for the six months ended June 30, 2021. The increase was attributable to higher revenue from equipment sales during the six months ended June 30, 2022, partially offset by decreased accessories and supplies sales. For the six months ended June 30, 2022, our net income was $552,537, representing an increase of $40,036 or 8% from $512,501 for the six months ended June 30, 2021.

For the year ended December 31, 2021, our revenue was approximately $31.6 million, an increase of approximately $9.7 million or 44% from approximately $21.9 million for the fiscal year ended December 31, 2020. The increase was attributable to more customized industrial recycling equipment sold during the year ended December 31, 2021. For the year ended December 31, 2021, our net income was approximately $1.7 million, representing a decrease of approximately $0.7 million or 28% from approximately $2.4 million for the fiscal year ended December 31, 2020, primarily due to higher operating expenses and significant provision for doubtful accounts.

#### Results of Operations

#### For the six months ended June 30, 2022 and 2021
The following table summarizes the results of our operations for the six months ended June 30, 2022 and 2021, respectively, and provides information regarding the dollar and percentage increase during such periods.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** | **<br>Change** | **%<br> Change** |
|  | **2022** | **2021** | **<br>Change** | **%<br> Change** |
|  REVENUE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Product sales | $14128366 | $11276398 | $2851968 | 25% |
| &nbsp;&nbsp;&nbsp; Warranty service | 419706 | 473578 | (53872) | (11)% |
| &nbsp;&nbsp;&nbsp; Total | 14548072 | 11749976 | 2798096 | 24% |
|  COST OF REVENUE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of sales | 9901746 | 7682053 | 2219693 | 29% |
| &nbsp;&nbsp;&nbsp; Cost of warranty service | 177918 | 163399 | 14519 | 9% |
| &nbsp;&nbsp;&nbsp; Total | 10079664 | 7845452 | 2234212 | 28% |
|  GROSS PROFIT | 4468408 | 3904524 | 563884 | 14% |
|  OPERATING EXPENSES: |  |  |  |  |
|  Selling and marketing | 2423598 | 1728596 | 695002 | 40% |
|  General and administrative | 729536 | 819309 | (89773) | (11)% |
|  Research and development | 873422 | 832008 | 41414 | 5% |
|  (Recovery of) provision for doubtful accounts, net | (704) | 216702 | (217406) | (100)% |
|  Total | 4025852 | 3596615 | 429237 | 12% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** | **<br>Change** | **%<br> Change** |
|  | **2022** | **2021** | **<br>Change** | **%<br> Change** |
|  OTHER INCOME (EXPENSE): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | 3968 | 3044 | 924 | 30% |
| &nbsp;&nbsp;&nbsp; Interest expense | (117254) | (9968) | (107286) | 1076% |
| &nbsp;&nbsp;&nbsp; Other income, net | 192632 | 226625 | (33993) | (15)% |
| &nbsp;&nbsp;&nbsp; Total other income, net | 79346 | 219701 | (140355) | (64)% |
|  INCOME BEFORE INCOME TAXES | 521902 | 527610 | (5708) | (1)% |
|  INCOME TAX PROVISION (BENEFIT) | (30635) | 15109 | (45744) | (303)% |
|  NET INCOME | $552537 | $512501 | $40036 | 8% |

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*Revenues*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** | **<br>Change** | **%<br> Change** |
|  | **2022** | **2021** | **<br>Change** | **%<br> Change** |
|  Equipment sales | $12768345 | $9377405 | $3390940 | 36% |
|  Accessories and supplies sales | 1360021 | 1898993 | (538972) | (28)% |
|  Warranty service | 419706 | 473578 | (53872) | (11)% |
|  Total | $14548072 | $11749976 | $2798096 | 24% |

---

For the six months ended June 30, 2022, our total revenue was approximately $14.5 million as compared to approximately $11.7 million for the six months ended June 30, 2021, representing an increase of approximately $2.8 million, or 24%. For the six months ended June 30, 2022, revenue from our new customers accounted for approximately 82% of our total revenue.

Revenue from equipment sales increased by approximately $3.4 million, or 36% from approximately $9.4 million for the six months ended June 30, 2021 to approximately $12.8 million for the six months ended June 30, 2022. During the six months ended June 30, 2022, we sold 109 sets of equipment with an average price of $117,141, while in the six months ended June 30, 2021, we sold 85 sets of equipment with an average price of $110,322. The higher average price in the six months ended June 30, 2022 was due to more customized equipment specifications required by our customers. Revenue from our new customers accounted for approximately 90% of our equipment sales revenue in the six months ended June 30, 2022.

Revenue from accessories and supplies sales decreased by approximately $0.5 million, or 28% from approximately $1.9 million for the six months ended June 30, 2021 to approximately $1.4 million for the six months ended June 30, 2022. Revenue from our new customers accounted for approximately 21% of our accessories and supplies sales revenue in the six months ended June 30, 2022.

Revenue from service-type warranties decreased by $53,872 or approximately 11% from $473,578 for the six months ended June 30, 2021 to $419,706 for the six months June 30, 2022.

The Company's equipment sale contracts are primarily on a fixed-price basis, which require the Company to deliver certain quantities of shredder equipment based on customers' technical specifications. When a customer receives the equipment, customer acceptance is generally required. Included in the contract, the Company generally offers the customer the warranty period from 12 to 15 months in which the Company provides post-contract customer support when customer encounters any technical issues when operating the equipment. According to the general payment terms, 30% of the contract price is payable upon signing the contract, 50% of the contract price is payable upon equipment delivery, 5% to 15% of contract price is payable upon the customer's acceptance of the delivery, and the remaining percentage of the contract price is payable when the post-contract customer support period ends, which typically ranges between 12 to15 months from the date which the customer receives the equipment.

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*Cost of Revenues*

Cost of revenues consist of material costs, labor costs, overhead expenses and travel expenses related to revenue contracts. Please refer to the cost of revenue portion of the table above for the dollar and percentage increase of our cost of revenues for the six months ended June 30, 2022 and 2021, respectively.

Cost of revenues increased by approximately $2.2 million, or 28% to approximately $10.1 million for the six months ended June 30, 2022 from approximately $7.8 million for the six months ended June 30, 2021, which was attributable to increased raw materials, labor costs and overhead expenses related to processing increased sales orders. Among the cost of revenues, cost of sales orders increased by approximately $2.2 million, or 29% from approximately $7.7 million for the six months ended June 30, 2021 to approximately $9.9 million for the six months ended June 30, 2022, and cost of service-type warranty increased by $14,519 or approximately 9% from $163,399 for the six months ended June 30, 2021 to $177,918 for the six months ended June 30, 2022.

*Gross profit*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2022** | **2022** | **2021** | **2021** |
|  **GROSS PROFIT** | **Gross<br> Profit** | **Gross<br> Margin** | **Gross<br> Profit** | **Gross<br> Margin** |
|  Total | $4468408 | 31% | $3904524 | 33% |

---

Gross profit increased by approximately $0.6 million or 14% from approximately $3.9 million for the six months ended June 30, 2021 to approximately $4.5 million for the six months ended June 30, 2022. Gross margin as a percent of overall revenue for the six months ended June 30, 2022 and 2021 was approximately 31% and 33%, respectively. The decrease in gross margin was primarily attributable to increased raw material prices, labor costs and overhead expenses.

*Operating Expenses*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** | **<br>Change** | **%<br> Change** |
|  | **2022** | **2021** | **<br>Change** | **%<br> Change** |
|  OPERATING EXPENSES: |  |  |  |  |
|  Selling and marketing | $2423598 | $1728596 | $695002 | 40% |
|  General and administrative | 729536 | 819309 | (89773) | (11)% |
|  Research and development | 873422 | 832008 | 41414 | 5% |
|  (Recovery of) provision for doubtful accounts | (704) | 216702 | (217406) | (100)% |
|  Total | $4025852 | $3596615 | $429237 | 12% |

---

Operating expenses consist of selling and marketing, general and administrative, research and development expenses, and provision for doubtful accounts. Operating expenses increased by approximately $0.4 million, or 12%, from approximately $3.6 million for the six months ended June 30, 2021 to approximately $4.0 million for the six months ended June 30, 2022. The increase in our operating expenses was primarily due to approximately a $0.7 million increase in selling and marketing expenses.

Selling and marketing expenses primarily consisted of salary and compensation relating to our sales and marketing personnel, and also included entertainment, travel and transportation, and other expenses relating to our sales and marketing activities. Selling and marketing expenses increased by approximately $0.7 million, or 40%, from approximately $1.7 million for the six months ended June 30, 2021 to approximately $2.4 million for the six months ended June 30, 2022 due to (a) post-sales service expenses increased by approximately $0.8 million, or 382% from $211,364 for the six months ended June 30, 2021 to approximately $1.0 million for the six months ended June 30, 2022; (b) other miscellaneous expenses including office expense, transportation expense, conference expense etc. decreased 0.2 million.

General and administrative expenses primarily consisted of salary and compensation expenses relating to our accounting, human resources and executive office personnel, and included rental, depreciation and amortization expenses, office overhead, professional service fees and travel and transportation costs. General and administrative

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expenses decreased by $89,773 or approximately 11% from approximately $0.8 million for the six months ended June 30, 2021 to approximately $0.7 million for the six months ended June 30, 2022 due to (a) employee related expenses decreased by $127,911 from approximately $0.4 million for the six months ended June 30, 2021 to approximately $0.3 million for the six months ended June 30, 2022; (b) professional consulting and legal fees decreased by $77,982 or 35% from approximately $0.2 million for the six months ended June 30, 2021 to approximately $0.1 million for the six months ended June 30, 2022.

Research and development primarily consisted of compensation and benefits relating to our research and development personnel as well as office overhead and other expenses relating to our research and development activities. Our research and development expenses increased by $41,414 million or approximately 5% from approximately $0.8 million for the six months ended June 30, 2021 to approximately $0.9 million for the six months ended June 30, 2022, representing approximately 6.0% and 7.1% of our revenues for the six months ended June 30, 2022 and 2021, respectively. We expect to continue to invest in research and development. We expect that our ability to effectively utilize our research and development capabilities significantly affect our results of operations in the future.

Net recovery of provision for doubtful accounts amounted to $704 for the six months ended June 30, 2022, as compared to a provision of $216,702 for the six months ended June 30, 2021.

*Other Income, net*

Other income, net primarily consists of government subsidy income, interest income, interest expense and net other income. Other income, net was $79,346 for the six months ended June 30, 2022, representing a decrease of $140,355, or approximately 64%, as compared to $219,701 for the six months ended June 30, 2021. The decrease in other income, net was due to: (a) interest expense increased by $107,286 as a result of increased average loan balances for the current six-month period due to new bank loan obtained; (b) one-time refund on "Value-Added Tax" in connection with the software integrated in the equipment sold to customers decreased by $169,798; (c) government subsidy increased by $131,096 as a result of received high-end equipment subsidy from government during the current period.

*Income Taxes Provision (Benefit)*

Our income tax benefit was $30,635 for the six months ended June 30, 2022, as compared to an income tax provision of $15,109 for the six months ended June 30, 2021. The tax benefit for current period was due to higher R&D expense additional deduction. According to PRC tax regulations, 200% of current year R&D expense approved by the local tax authority may be deducted from tax income for the six months ended June 30, 2022 while 175% of current period R&D expense approved by the local tax authority may be deducted from tax income for the six months ended June 30, 2021. Under the Income Tax Laws of the PRC, companies are generally subject to income tax at a rate of 25%. However, Harden Machinery, the Company's main operating subsidiary in PRC, obtained the "high-tech enterprise" tax status in 2015, which reduced its statutory income tax rate to 15%. The Company further renewed the "high-tech enterprise" tax status in 2021. The new certificate is valid until December 2024.

*Net Income*

As a result of the foregoing, net income increased by $40,036, or approximately 8%, to $552,537 for the six months ended June 30, 2022, from $512,501 for the six months ended June 30, 2021.

*Other comprehensive income (loss)*

Foreign currency translation adjustments amounted to a loss of approximately $0.5 million and a gain of $72,381 for the six months ended June 30, 2022 and 2021, respectively. The balance sheet amounts with the exception of equity as of June 30, 2022 were translated at RMB 6.6981 to USD 1.00 as compared to RMB 6.4566 to USD 1.00 as of June 30, 2021. The equity accounts were stated at their historical rate. The average translation rates applied to the income statements accounts for the six months ended June 30, 2022 and 2021 were RMB 6.4791 to USD 1.00 and RMB 6.4702 to USD 1.00, respectively.

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#### For the years ended December 31, 2021 and 2020
The following table summarizes the results of our operations for the years ended December 31, 2021 and 2020, respectively, and provides information regarding the dollar and percentage increase during such periods.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended<br> December 31,** | **For the Years Ended<br> December 31,** | **<br>Change** | **%<br> Change** |
|  | **2021** | **2020** | **<br>Change** | **%<br> Change** |
|  REVENUE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Product sales | $30369041 | $21533744 | $8835297 | 41% |
| &nbsp;&nbsp;&nbsp; Warranty service | 1237026 | 367955 | 869071 | 236% |
| &nbsp;&nbsp;&nbsp; Total revenue | 31606067 | 21901699 | 9704368 | 44% |
|  COST OF REVENUE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of sales | 21521653 | 14426163 | 7095490 | 49% |
| &nbsp;&nbsp;&nbsp; Cost of warranty service | 440964 | 249841 | 191123 | 76% |
| &nbsp;&nbsp;&nbsp; Total cost of revenues | 21962617 | 14676004 | 7286613 | 50% |
|  GROSS PROFIT | 9643450 | 7225695 | 2417755 | 33% |
|  OPERATING EXPENSES: |  |  |  |  |
|  Selling and marketing | 3704183 | 2673873 | 1030310 | 39% |
|  General and administrative | 2057553 | 1563752 | 493801 | 32% |
|  Research and development | 1591754 | 1165032 | 426722 | 37% |
|  Provision for doubtful accounts | 828761 | 28876 | 799885 | 2770% |
|  Total operating expenses | 8182251 | 5431533 | 2750718 | 51% |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended<br> December 31,** | **For the Years Ended<br> December 31,** | **<br>Change** | **%<br> Change** |
|  | **2021** | **2020** | **<br>Change** | **%<br> Change** |
|  OTHER INCOME (EXPENSE): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | 14498 | 7314 | 7184 | 98% |
| &nbsp;&nbsp;&nbsp; Interest expense | (45650) | (14981) | (30669) | 205% |
| &nbsp;&nbsp;&nbsp; Other income, net | 344003 | 916857 | (572854) | (62)% |
| &nbsp;&nbsp;&nbsp; Total other income | 312851 | 909190 | (596339) | (66)% |
|  INCOME BEFORE INCOME TAXES | 1774050 | 2703352 | (929302) | (34)% |
|  PROVISION FOR INCOME TAXES | 40879 | 304611 | (263732) | (87)% |
|  NET INCOME | $1733171 | $2398741 | $(665570) | (28)% |

---

*Revenues*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended<br> December 31,** | **For the Years Ended<br> December 31,** | **<br>Change** | **%<br> Change** |
|  | **2021** | **2020** | **<br>Change** | **%<br> Change** |
|  Equipment sales | $26725849 | $18986319 | $7739530 | 41% |
|  Accessories and supplies sales | 3643192 | 2547425 | 1095767 | 43% |
|  Warranty service | 1237026 | 367955 | 869071 | 236% |
|  Total | $31606067 | $21901699 | $9704368 | 44% |

---

For the year ended December 31, 2021, our total revenue was approximately $31.6 million as compared to approximately $21.9 million for the year ended December 31, 2020, representing an increase of approximately $9.7 million, or 44%. For fiscal 2021, revenue from our new customers accounted for approximately 84% of our total revenue.

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Revenue from equipment sales increased by approximately $7.7 million, or 41% from approximately $19.0 million for the year ended December 31, 2020 to approximately $26.7 million for the year ended December 31, 2021. During fiscal year 2021, we sold 225 sets of equipment with an average price of $118,782, while in fiscal year 2020, we sold 254 sets of equipment with an average price of $74,749. The increase in average price was due to more customized equipment specifications required by our customers in fiscal year 2021. Revenue from our new customers accounted for approximately 88% of our equipment sales revenue in the fiscal 2021.

Revenue from accessories and supplies sales increased by approximately $1.1 million, or 43% from approximately $2.5 million for the year ended December 31, 2020 to approximately $3.6 million for the year ended December 31, 2021. Revenue from our new customers accounted for approximately 68% of our accessories and supplies sales revenue in fiscal year 2021. Accessories and supplies often need to be replaced based on usages. As we increase our customer base, we expect revenue from accessories and supplies to continue to increase.

Revenue from service-type warranties increased by $869,071 or approximately 236% from approximately $0.4 million in the year ended December 31, 2020 to approximately $1.2 million in the year ended December 31, 2021.

The Company's equipment sale contracts are primarily on a fixed-price basis, which require the Company to deliver certain quantities of shredder equipment based on customers' technical specifications. When a customer receives the equipment, customer acceptance is generally required. Included in the contract, the Company generally offers the customer the warranty period from 12 to 15 months in which the Company provides post-contract customer support when customer encounters any technical issues when operating the equipment. According to the general payment terms, 30% of the contract price is payable upon signing the contract, 50% of the contract price is payable upon equipment delivery, 5% to 15% of contract price is payable upon the customer's acceptance of the delivery, and the remaining percentage of the contract price is payable when the post-contract customer support period ends, which typically ranges between 12 to15 months from the date which the customer receives the equipment. Revenues from service-type warranty amounted to $1,237,026 and $367,955 for the years ended December 31, 2021 and 2020, respectively.

*Cost of Revenues*

Cost of revenues consist of material costs, labor costs, overhead expenses and travel expenses related to revenue contracts. Please refer to the cost of revenue portion of the table above for the dollar and percentage increase of our cost of revenues ended December 31, 2021 and 2020, respectively.

Cost of revenues increased by approximately $7.3 million, or 50% to approximately $22.0 million in the year ended December 31, 2021 from approximately $14.7 million in the year ended December 31, 2020, which was attributable to increased raw materials, labor costs and overhead expenses related to processing increased sales orders. Among the cost of revenues, cost of sales orders increased by approximately $7.1 million, or 49% from approximately $14.4 million in the year ended December 31, 2020 to approximately $21.5 million in the year ended December 31, 2021, and cost of service-type warranty increased by $191,123 or approximately 76% from $249,841 in the year ended December 31, 2020 to $440,964 in the year ended December 31, 2021.

*Gross profit*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2021** | **2021** | **2020** | **2020** |
|  **GROSS PROFIT** | **Gross<br> Profit** | **Gross<br> Margin** | **Gross<br> Profit** | **Gross<br> Margin** |
|  Total gross profit | $9643450 | 31% | $7225695 | 33.0% |

---

Gross profit increased by approximately $2.4 million or 33% from approximately $7.2 million in fiscal year 2020 to approximately $9.6 million for the year ended December 31, 2021. Gross margin as a percent of overall revenue for the year ended December 31, 2021 and 2020 was approximately 31% and 33.0%, respectively. The decrease in gross margin was primarily attributable to increased raw material prices, labor costs and overhead expenses.

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*Operating Expenses*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended<br> December 31,** | **For the Years Ended<br> December 31,** | **<br>Change** | **%<br> Change** |
|  | **2021** | **2020** | **<br>Change** | **%<br> Change** |
|  OPERATING EXPENSES: |  |  |  |  |
|  Selling and marketing | $3704183 | $2673873 | $1030310 | 39% |
|  General and administrative | 2057553 | 1563752 | 493801 | 32% |
|  Research and development | 1591754 | 1165032 | 426722 | 37% |
|  Provision for doubtful accounts | 828761 | 28876 | 799885 | 2770% |
|  Total operating expenses | $8182251 | $5431533 | $2750718 | 51% |

---

Operating expenses consist of selling and marketing, general and administrative, research and development, and provision for doubtful accounts. Operating expenses increased by approximately $2.8 million, or 51%, from approximately $5.4 million for the year ended December 31, 2020 to approximately $8.2 million for the year ended December 31, 2021. The increase in our operating expenses was primarily due to approximately a $1.0 million increase in selling and marketing and an increase of approximately $0.8 million in provision for doubtful accounts.

Selling and marketing primarily consisted of salary and compensation relating to our sales and marketing personnel, and also included entertainment, travel and transportation, and other expenses relating to our sales and marketing activities. Selling and marketing expenses increased by approximately $1.0 million, or 39%, from approximately $2.7 million for the year ended December 31, 2020 to approximately $3.7 million for the year ended December 31, 2021. The increase was attributable to (a) the shipping, handling and related post-sales service expenses increased by approximately $0.6 million due to the increased product sales orders; (b) advertisement, exhibition and related travel expenses increased by approximately $0.2 million due to increased marketing and promotion activities; and (c) the increased employee compensation by approximately $0.2 million.

General and administrative primarily consisted of salary and compensation expenses relating to our accounting, human resources and executive office personnel, and included rental, depreciation and amortization expenses, office overhead, professional service fees and travel and transportation costs. General and administrative expenses increased by approximately $0.5 million or 32% from approximately $1.6 million in the year ended December 31, 2020 to approximately $2.1 million in the year ended December 31, 2021. The increase in general and administrative expense was attributable to (a) professional and consulting fee increased by approximately $0.4 million due to public listing activities; and (b) employee compensation increased by approximately $0.1 million.

Research and development primarily consisted of compensation and benefits relating to our research and development personnel as well as office overhead and other expenses relating to our research and development activities. Our research and development expenses increased by approximately $0.4 million or 37% from approximately $1.2 million in the year ended December 31, 2020 to approximately $1.6 million in the year ended December 31, 2021, representing approximately 5.3% and 5.0% of our revenues for the year ended December 31, 2020 and 2021, respectively. We expect to continue to invest in research and development. We expect that our ability to effectively utilize our research and development capabilities significantly affect our results of operations in the future.

Provision for doubtful accounts in the year ended December 31, 2021 was approximately $0.8 million, representing approximately 2.6% of our revenue, as compared to approximately $0.03 million in the year ended December 31, 2020, representing approximately 0.1% of revenue. Provision for doubtful accounts increased by approximately $0.8 million or approximately 2770% from approximately $0.03 million in the year ended December 31, 2020 to approximately $0.8 million in the year ended December 31, 2021, because the Company provided a one-time bad debt allowance of $0.8 million for the advances to certain medical masks equipment suppliers. In May 2020, the Company signed contracts with certain suppliers to purchase medical mask production equipment to prevent the spread of COVID-19 infection and advanced approximately $0.8 million deposits pursuant to the contracts. However, due to volatile market demand of medical masks, the Company later decided not to proceed with the contracts and negotiated with the suppliers for refund. As of December 31, 2021, the Company has not received the refund from those suppliers and the related balance aged over one year, as a result, the Company provided full bad debt allowance against those advances. This was a one-time transaction, which is not expected to recur.

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*Other Income, net*

Other income primarily consists of government subsidy income, interest income, interest expense and net other income. Other income, net was approximately $0.3 million in the year ended December 31, 2021, representing a decrease of approximately $0.6 million, or approximately 66%, as compared to approximately $0.9 million in the year ended December 31, 2020. The decrease in other income, net was due to a decrease of $0.6 million government VAT refunds received for the year ended December 31, 2021.

*Provision for Income Taxes*

Our provision for income taxes was $40,879 in the year ended December 31, 2021, decreased by approximately $0.3 million, or 87%, compared to approximately $0.3 million for the year ended December 31, 2020, primarily attributable to a 34% decrease in income before taxes and additional R&D expenses deduction for the year ended December 31, 2021. According to PRC tax regulations, 200% of current year R&D expense approved by the local tax authority may be deducted from tax income for the year 2021. Under the Income Tax Laws of the PRC, companies are generally subject to income tax at a rate of 25%. However, Harden Machinery, the Company's main operating subsidiary in PRC, obtained the "high-tech enterprise" tax status in 2015, which reduced its statutory income tax rate to 15%. The Company further renewed the "high-tech enterprise" tax status in 2021. The new certificate is valid until December 2024.

*Net Income*

As a result of the foregoing, net income decreased by approximately $0.7 million, or 28%, to approximately $1.7 million for the year ended December 31, 2021, from approximately $2.4 million for the year ended December 31, 2020.

*Other comprehensive income*

Foreign currency translation adjustments amounted to a gain of approximately $0.2 million and $0.6 million for the years ended December 31, 2021 and 2020, respectively. The balance sheet amounts with the exception of equity as of December 31, 2021 were translated at RMB 6.3726 to USD 1.00 as compared to RMB 6.5250 to USD 1.00 as of December 31, 2020. The equity accounts were stated at their historical rate. The average translation rates applied to the income statements accounts for the years ended December 31, 2021 and 2020 were RMB 6.4508 to USD 1.00 and RMB 6.9042 to USD 1.00, respectively.

#### Liquidity and Capital Resources
Substantially all of our operations are conducted in China and all of our revenue, expenses, and cash are denominated in RMB. RMB is subject to the exchange control regulation in China, and, as a result, we may have difficulty distributing any dividends outside of China due to PRC exchange control regulations that restrict our ability to convert RMB into U.S. dollars. As of June 30, 2022, cash and restricted cash of approximately $2.8 million were fully held by the Company and its subsidiaries in mainland PRC.

The Company is a holding company with no material operations of its own. We conduct our operations primarily through our subsidiary in China. As a result, the Company's ability to pay dividends depends upon dividends paid by our subsidiary. Our subsidiary in China is permitted to pay dividends to us only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, our subsidiary is required to set aside at least 10% of its after-tax profits each year based on PRC accounting standards, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. The statutory reserve funds are not distributable as cash dividends. Remittance of dividends by our subsidiary out of China is subject to examination by the banks designated by State Administration of Foreign Exchange ("SAFE"). Our subsidiary has not paid dividends and will not be able to pay dividends until it generates accumulated profits and meet the requirements for statutory reserve funds. In addition, we would need to accrue and pay withholding taxes if we were to distribute funds from our subsidiary in China to us. We do not intend to repatriate such funds in the foreseeable future, as we plan to use existing cash balance in PRC for general corporate purposes.

In assessing our liquidity, we monitor and analyze our cash on hand, our ability to generate sufficient revenue sources in the future and our operating and capital expenditure commitments. As of June 30, 2022, we had cash and restricted cash of approximately $2.8 million. Our current assets were approximately $27.1 million, and our current

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liabilities were approximately $18.5 million, which resulted in a working capital of approximately $8.7 million. Our net operating cash outflow was approximately $1.8 million for the six months ended June 30, 2022. Our operating cash inflow was approximately $0.8 million for the year ended December 31, 2021. We have historically funded our working capital needs primarily from operations, bank loans, advance payments from customers and contributions by shareholders. Our working capital requirements are affected by the efficiency of our operations, the numerical volume and dollar value of our revenue contracts, the progress or execution on our customer contracts, and the timing of accounts receivable collections. Our management believes that current levels of cash and cash flows from operations will be sufficient to meet our anticipated cash needs for at least the next 12 months from the date of the issuance of this report. However, we may need additional cash resources in the future if we experience changed business conditions or other developments, and may also need additional cash resources in the future if we wish to pursue opportunities for investment, acquisition, strategic cooperation or other similar actions. If we determine that the cash requirements exceed our amounts of cash on hand, we may seek to issue debt or equity securities or obtain a credit facility.

The following summarizes the key components of our cash flows for the six months ended June 30, 2022 and 2021.

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| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** |
|  | **2022** | **2021** |
|  Net cash provided by (used in) operating activities | $(1784342) | $592313 |
|  Net cash used in investing activities | (203880) | (16203) |
|  Net cash provided by financing activities | 1828455 | 74737 |
|  Effect of exchange rate change on cash and restricted cash | (138444) | (7247) |
|  Net increase (decrease) in cash and restricted cash | $(298211) | $643600 |

---

#### Operating Activities
Net cash used in operating activities was approximately $1.8 million for the six months ended June 30, 2022, as compared to approximately $0.6 million net cash provided by operating activities for the six months ended June 30, 2021. Net cash used in operating activities for the six months ended June 30, 2022 consisted of net income of approximately $0.6 million, noncash adjustments of approximately $0.3 million, an increase of approximately $2.6 million in inventories, an increase of approximately $4.1 million in accounts receivable (including a related party) and notes receivable due to more sales in the six months ended June 30, 2022, an increase of approximately $0.9 million in advance to supplier (including related parties), partially offset by an increase of approximately $1.5 million in accounts payables (including related parties) and an increase of approximately $4.3 million in advance from customers.

Net cash provided by operating activities was approximately $0.6 million for the six months ended June 30, 2021. Net cash provided by operating activities for the six months ended June 30, 2021 consisted of net income of approximately $0.5 million, noncash adjustments of approximately $0.3 million, an increase of approximately $4.5 million in advance from customers due to more customer orders received, offset by an increase of approximately $3.4 million in accounts receivable, an increase of approximately $0.8 million in inventories, and an increase of approximately $0.4 million in prepayments and other assets.

#### Investing Activities
Net cash used in investing activities was $203,880 and $16,203 for the six months ended June 30, 2022 and 2021, respectively. Cash used in investing activities was due to purchase of equipment.

#### Financing Activities
Net cash provided by financing activities was approximately $1.8 million for the six months ended June 30, 2022, consisted of proceeds from long-term bank loans of approximately $1.4 million and proceeds from a short-term bank loan of approximately $0.5 million. Net cash provided by financing activities was $74,737 for the six months ended June 30, 2021, which consisted of approximately $2.5 million in proceeds from related party loan, offset by approximately $2.5 million payment for acquiring all equity interests of Harden Machinery from its existing shareholders.

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The following summarizes the key components of our cash flows for the years ended December 31, 2021 and 2020.

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| | | |
|:---|:---|:---|
|  | **For the Years Ended<br> December 31,** | **For the Years Ended<br> December 31,** |
|  | **2021** | **2020** |
|  Net cash provided by (used in) operating activities | $819947 | $(1618583) |
|  Net cash used in investing activities | (251070) | (501465) |
|  Net cash provided by financing activities | 101267 | 441640 |
|  Effect of exchange rate change on cash, cash equivalent and restricted cash | 67259 | 164747 |
|  Net increase (decrease) in cash and restricted cash | $737403 | $(1513661) |

---

#### Operating Activities
Net cash provided by operating activities was approximately $0.8 million for the year ended December 31, 2021, as compared to approximately $1.6 million used in operating activities for the year ended December 31, 2020. Cash provided by operating activities for the year ended December 31, 2021 consisted of net income of approximately $1.7 million, noncash adjustments of approximately $0.8 million, a decrease of approximately $1.1 million in inventories, a decrease of approximately $0.4 million in advance to suppliers, an increase of approximately $0.5 million in accrued expenses and other liabilities, partially offset by a decrease of approximately $1.2 million in advance from customers, an increase of approximately $2.9 million in accounts receivable (including related parties) and notes receivable due to more sales in 2021.

Cash used in operating activities for the year ended December 31, 2020 consisted of net income of approximately $2.4 million, noncash adjustments of approximately $0.1 million, an increase of approximately $1.2 million in accounts receivable due to more sales incurred in the second half of the year ended December 31, 2020, and an increase of approximately $3.0 million in inventories to fulfill the increased demand from customers, offset by more payments on prepayment and other assets and advances to suppliers of approximately $0.5 million and $0.8 million, respectively, to secure our suppliers and increased advances to our vendors.

#### Investing Activities
Net cash used in investing activities was approximately $0.3 million and $0.5 million for the years ended December 31, 2021 and 2020, respectively. Cash used in investing activities for the year ended December 31, 2021 was due to $247,722 purchase of equipment and $3,348 addition to intangible assets. Cash used in investing activities for the year ended December 31, 2020 was due to $490,317 purchase of equipment and $11,148 purchase of intangible assets.

#### Financing Activities
Net cash provided by financing activities was approximately $0.1 million for the year ended December 31, 2021, consisted of proceeds from related party of approximately $2.5 million offset by approximately $2.5 million payment for acquiring all equity interests of Harden Machinery from its existing shareholders, $61,122 proceeds from private placement and $46,500 repayment for bank loan. Net cash provided by financing activities for the year ended December 31, 2020 was approximately $0.4 million, from $434,400 proceeds from Long-term bank loan and $7,240 capital injection by a non-controlling shareholder.

#### Capital Expenditures
The Company made capital expenditures of $203,880 and $16,203 for the six months ended June 30, 2022 and 2021, respectively. The Company made capital expenditures of approximately $0.3 million and $0.5 million for the years ended December 31, 2021 and 2020, respectively. Our capital expenditures were used for purchases of equipment, and acquiring intangible assets. The Company will continue to make capital expenditures to meet the expected growth of its business.

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#### Contractual Obligations
The Company had outstanding bank loans of $2,172,315 and $423,630 as of June 30, 2022 and December 31, 2021. The Company has also entered into non-cancellable operating lease agreements to rent factory and office spaces from Zhongshan Langhua Property Management Company and Zhongshan Wukong Real Estate Investment Co., Ltd. The lease agreements will expire on March 31, 2025.

The following table sets forth our contractual obligations and commercial commitments as of June 30, 2022:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** |
|  | **Total** | **Less than<br> 1 Year** | **1 – 3<br> Years** | **3 – 5<br> Years** | **More than<br> 5 Years** |
|  Operating lease arrangements | $894921 | $330077 | $564844 | $— | $— |
|  Bank loan | 2172315 | 1007775 | 1164540 |  |  |
|  Total | $3067236 | $1337852 | $1729384 | $— | $— |

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The following table sets forth our contractual obligations and commercial commitments as of December, 31, 2021:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** |
|  | **Total** | **Less than<br> 1 Year** | **1 – 3<br> Years** | **3 – 5<br> Years** | **More than<br> 5 Years** |
|  Operating lease arrangements | $1163368 | $346645 | $724640 | $92083 | $— |
|  Bank loan | 423630 | 47070 | 376560 |  |  |
|  Total | $1586998 | $393715 | $1101200 | $92083 | $— |

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#### Off-Balance Sheet Arrangements
There were no off-balance sheet arrangements for the six months ended June 30, 2022 and for the years ended December 31, 2021 and 2020 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.

#### Critical Accounting Policies
We prepare our consolidated financial statements in conformity with U.S. GAAP, which requires us to make judgments, estimates and assumptions that affect our reported amount of assets, liabilities, revenue, costs and expenses, and any related disclosures. Although there were no material changes made to the accounting estimates and assumptions in the past two years, we continually evaluate these estimates and assumptions based on the most recently available information, our own historical experience and various other assumptions that we believe to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from our expectations as a result of changes in our estimates.

We believe that the following accounting policies involve a higher degree of judgment and complexity in their application and require us to make significant accounting estimates. Accordingly, these are the policies we believe are the most critical to understanding and evaluating our consolidated financial condition and results of operations.

#### Uses of estimates and assumptions
In preparing the consolidated financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant accounting estimates required to be made by management include, but are not limited to, the valuation of inventories, allowance for inventories obsolescence, useful lives of property and equipment and intangible assets, the recoverability of long-lived assets, allowance for doubtful accounts, revenue recognition and uncertain tax position, realization of deferred tax assets. The Company evaluates its estimates and assumptions on an ongoing basis and bases its estimates on historical experience, current and expected future conditions and various other assumptions that management believes are reasonable under the circumstances based on the information available to management at the time these estimates and assumptions are made. Actual results and outcomes may differ significantly from these estimates and assumptions.

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#### Accounts Receivable
Accounts receivable are recognized and carried at original invoiced amount less an estimated allowance for uncollectible accounts. The Company usually determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trends. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. The allowance is based on management's best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. As of June 30, 2022, December 31, 2021 and 2020, the allowance for doubtful accounts represented approximately 3%, 4% and 6% of gross account receivable balances, respectively. If the allowance estimates increase (or decrease) by 1%, the related provision for doubtful accounts could increase (decrease) by approximately $3,000, $78,000 and $52,000 for the six months ended June 30, 2022 and the years ended December 31, 2021 and 2020, respectively. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of income and comprehensive income. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.

#### Inventories
Inventories are stated at the lower of cost or net realizable value. Costs include the cost of raw materials, freight, direct labor and related production overhead. The cost of inventories is calculated using the weighted average method. Any excess of the cost over net realizable value of each item of inventories is recognized in the value of inventories. Net realizable value is estimated using selling price in the normal course of business less any costs to complete and sell products.

#### Advances to Suppliers
Advance to suppliers consists of balances paid to suppliers for services and materials that have not been provided or received. Advance to suppliers are short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the assets to be impaired if the collectability of the advance becomes doubtful. The Company uses the aging method to estimate the allowance for uncollectible balances. In addition, at each reporting date, the Company generally determines the adequacy of allowance for doubtful accounts by evaluating all available information, and then records specific allowances for individual advances based on the specific facts and circumstances.

#### Prepayments and other assets
Prepayment and other assets primarily consist of loans to third-parties, refundable tax credits and receivables, security deposits made to customers and advances to employees, which are presented net of allowance for doubtful accounts. These balances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the balances to be impaired if the collectability of the balances becomes doubtful. The Company uses the aging method to estimate the allowance for uncollectible balances. The allowance is also based on management's best estimate of specific losses on individual exposures, as well as a provision on historical trends of collections and utilizations. Actual amounts received or utilized may differ from management's estimate of credit worthiness and the economic environment. Delinquent account balances are written off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.

#### Impairment of Long-lived Assets
The Company reviews long-lived assets, including definitive-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition below are the asset's carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets as of June 30, 2022, December 31, 2021 and 2020.

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#### Fair Value of Financial Instruments
ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — inputs to the valuation methodology are unobservable.

Unless otherwise disclosed, the fair value of the Company's financial instruments, including cash, advances to suppliers, prepayments and other current assets, accounts payable, advance from customers, accrued expenses, short term bank loans and taxes payable, approximates their recorded values due to their short-term maturities. The Company determined that the carrying value of the long term bank loans approximated their fair value by comparing the stated loan interest rate to the rate charged by similar financial institutions.

#### Revenue recognition
The Company manufactures and distributes customized industrial recycling equipment. The Company has adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and all subsequent ASUs that modified ASC 606 for the six months ended June 30, 2022 and the years ended December 31, 2021 and 2020.

The Company generates revenue primarily through the sale and delivery of promised goods or services to customers and recognizes revenue when control is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the goods or services and is recorded net of value-added tax ("VAT"). Performance obligations typically include the delivery of promised products, such as customized industrial recycling equipment, sometimes, along with service-type warranties. The Company's contracts with customer are primarily on a fixed-price basis and generally do not contain cancelable provisions. Upon delivery of the customized recycling equipment, customer acceptance is generally required.

The Company determines its performance obligations arise from (i) sales of customized industrial recycling equipment ("product component") and (ii) provides warranty service, if applicable, as these deliverables are distinct in that customers can benefit from each service on its own and the Company's promises to deliver the product or services are separately identifiable from each other in the contract.

The Company allocates the contract price to each distinct performance obligations using their relative standalone selling prices consistent with the guidance in ASC 606. The Company does not have observable standalone selling price information for the product component and service-type warranty component because it does not provide service-type warranty component on a standalone basis. There is no direct observable standalone selling price for similar services in the market that is reasonably available to the Company. As a result, the estimation of standalone selling price involves significant judgment. The Company uses an expected cost plus margin approach to estimate the standalone selling prices of product component and service — type warranty component as the basis of revenue allocation. In estimating its standalone selling price for the product component and service-type warranty component, the Company considers the cost incurred to deliver such services, profit margin for similar arrangements, customer demand, effect of competitors on the Company's services, and other market factors.

Revenue from sales of customized industrial recycling equipment is recognized when the products are delivered and accepted by customers, which is the point when title has transferred and risk of ownership has passed. Return allowances are determined by an estimate of expected customer merchandise returns, which is calculated based on historical return patterns, and recorded as a refund liability included in accrued expenses and other liabilities.

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Revenues from service-type warranty are recognized over warranty period ends and the consideration is collected.

Contract liabilities are reflected as advance from customers on the consolidated balance sheet. Contract liabilities relate to payments received in advance of completion of performance obligations under a contract. Contract liabilities are recognized as revenue upon the fulfilment of performance obligations.

#### Research and development expenses
Research and development expenses include costs directly associated with the Company's research and development projects, including the cost of salaries and other employee benefits, testing expenses, consumable equipment and consulting fees. All costs associated with research and development are expensed as incurred.

#### Income taxes
The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the six months ended June 30, 2022 and the years ended December 31, 2021 and 2020. As of June 30, 2022, the tax years ended December 31, 2016 through December 31, 2021 for the Company's PRC subsidiaries remain open for statutory examination by PRC tax authorities.

#### Earnings per Share
The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the six months ended June 30, 2022 and the years ended December 31, 2021 and 2020, there were no dilutive shares.

#### Risks and Uncertainties
In December 2019, a novel strain of coronavirus (COVID-19) surfaced. COVID-19 has spread rapidly to many parts of the PRC and other parts of the world in the first half of 2020, which has caused significant volatility in the PRC and international markets. For the six months ended June 30, 2022 and the years ended December 31, 2021 and 2020, the COVID-19 pandemic did not have a material net impact on the Company's financial positions and operating results. The extent of the impact on the Company's future financial results will be dependent on future developments such as the length and severity of the crisis, the potential resurgence of the crisis, future government actions in response to the crisis and the overall impact of the COVID-19 pandemic on the global economy and capital markets, among many other factors, all of which remain highly uncertain and unpredictable. Given this uncertainty, the Company is currently unable to quantify the expected impact of the COVID-19 pandemic on its future operations, financial condition, liquidity and results of operations if the current situation continues.

#### Recent Accounting Pronouncements
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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#### CORPORATE HISTORY AND STRUCTURE

#### Our Corporate Structure

#### Structural Overview
We are a holding company incorporated in the British Virgin Islands that owns all of the outstanding capital stock of Harden International, our wholly-owned Hong Kong subsidiary. Harden International, in turn, owns all of the outstanding capital stock of WFOE, our operating subsidiary that is based in Zhongshan City, Guangdong Province, China.

We completed a reorganization of our company in June 2021 (the "Reorganization"). Pursuant to the Reorganization, our company formed Harden International, our company's wholly-owned Hong Kong subsidiary and WFOE, a wholly-owned subsidiary of Harden International. On May 14, 2021, WFOE borrowed $2,467,433 in unsecured, non-interest bearing debt from Jiawen Miao, the chairman of the board, director and chief executive officer of Harden. WFOE further acquired all equity interests of Harden Machinery from its existing shareholders for cash consideration of $2,464,429. The cash consideration for the reorganization was fully paid by July 12, 2021.

#### Organization Structure and Purpose
**Harden Technologies Inc** ("**Harden**") — We formed Harden Technologies Inc., our British Virgin Islands holding company, on April 8, 2021.

**Harden International Limited** ("**Harden International**") — We formed Harden International, our wholly-owned Hong Kong subsidiary, on April 20, 2021. Harden International solely serves as a holding company for WFOE.

**Harwell Technologies Ltd.** ("**WFOE**") — We formed WFOE, our principal operating company in China and wholly-owned subsidiary of Harden International, on May 13, 2021. WFOE solely serves as a holding company for Harden Machinery.

**Harden Machinery Ltd.** ("**Harden Machinery**") — We formed Harden Machinery, our former operating company in China and wholly-owned subsidiary of WFOE on May 10, 2010. Its business scope includes the design and manufacture of customized industrial recycling equipment.

**Dr. Shredder Technologies Ltd.** ("**Dr. Shredder**") — Dr. Shredder is a company incorporated on September 29, 2017 in China and is a 55% owned subsidiary of Harden Machinery. The remaining 45% of Dr. Shredder is owned by three former employees of Harden. Dr. Shredder is engaged in the manufacture and sale of small and medium-sized industrial shredders and data destruction shredders.

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#### OUR BUSINESS

#### Overview
Harden is a waste management equipment and recycling equipment manufacturer in China, specializing in the manufacture of customized industrial shredders and material sorting machines and production lines. We were founded on May 10, 2010 by our chairman of the board, director and chief executive officer, Mr. Jiawen Miao. We are located in Zhongshan City in China's Guangdong Province. We currently employ 237 people on a full time basis — 20 people in management positions; 31 in sales and marketing positions; 29 in research and development positions; 35 people in technical engineering positions; 26 in after-sale service positions and 96 in manufacturing and installation positions.

#### Industry and Market Background
According to Grand View Research, an international market research company, the global industrial recycling equipment market size was estimated at $852 million in 2019 and is anticipated to reach $1.3 billion by 2027, expanding at a CAGR of 5.8%. The Asia Pacific region's market is forecast to exceed $450 million by 2025, with China as a major revenue earner.

We expect growing awareness pertaining to the economic and environmental benefits of recycled processed materials to significantly impact our market. In addition, we expect growing concerns over the increasing carbon footprint along with rising government efforts in numerous countries in order to promote recycling of material to create significant opportunities for manufacturers. Industrial recycling equipment plays a significant role in this process. Scrap materials including discarded electrical and electronic goods, automobile parts, paper, and construction materials, are collected from numerous sources for further processing. The industrial recycling equipment, including baler presses, granulators, shredders, and shears are then used to reduce the shape and size of the waste materials, which are further used for recycling.

Due to the increasing awareness towards the sustainable advantages and benefits of reusing and recycling waste materials, we believe the end-use utilization of recycled materials will further benefit the industry. We anticipate that recycled material such as steel, iron, plastic, rubber, and concrete in the industries including automotive, electrical and electronics, building and construction, and packaging will drive the market.

#### Description and Purpose of Types of Industrial Shredders

#### Industrial Shredders
An industrial shredder is a piece of heavy-duty equipment designed to shred dense and light materials to prepare them for recycling or for the destruction of unusable products. It is an environmentally friendly device that takes otherwise useless materials and transforms them into raw forms for remanufacturing or waste management. Industrial shredders vary from office equipment designed to destroy sensitive documents to huge commercial industrial shredders that prepare materials for disposal or recycling. In recent years, shredders have become an essential part of manufacturing and production as an asset to reduce the amount of waste dumped into landfills.

#### General Industrial Shredder Design
**Single Shaft Shredder —** Single shaft shredders are used for waste recycling and have one shaft with rotary blades, a hydraulic pusher plate, and a filtering screen underneath to filter materials to conform to the proper size. The single shaft rotates at a low revolutions per minute rate and shreds materials into small pieces. They are used when a consistent particle size is required and are ideal for shredding plastic materials.

**Dual Shaft Shredder —** Dual or double shaft shearing shredders utilize shearing blades mounted on two shafts that rotate into each other at slow speeds to shred large volume materials into small pieces. The low speed helps prevent the creation of dust during shredder operation. The main purpose of dual shaft shredders is to handle large quantities of bulk volumes of materials.

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**Triple Shaft Shredder —** The three blades of a triple shaft shredder rotate at different speeds to provide a continuous flow of shredded material. The size selection for shredded materials is determined by the filtering screen that the material has to pass through when leaving the shredding chamber. If the material is not small enough, it is recirculated through the machine until it is the proper size to pass through the filtering screen.

**Quad Shaft Shredder —** A quad or four shaft shredder has four shearing rollers with four sets of shearing knife rollers with different cutting shapes. The process of a quad shaft shredder allows for pre-shredding and secondary shredding to happen simultaneously, which improves production efficiency. Quad or four shaft shredders are used to shred materials that need separation with uniform sized particles.

**Grinder —** Grinders shave, chip, and grind small pieces from large objects using abrasives or compression that flattens the material. Grinders break materials down to fragments. There are two styles of grinders: tub and horizontal. Tub grinders are top loading and are designed to grind wide materials. Horizontal grinders have a conveyor belt and do a smooth consistent grinding. Grinders are similar to dual shaft shredders with two rows of sharp steel cutters that slowly rotate to breakdown material.

**Granulator —** Granulators turn materials into flakes or granules, which can be sold as raw material for remanufacturing. They have an electric motor that turns a rotor that has cutting blades attached and enclosed in a chamber. They come in a wide variety of sizes and shapes. In the chamber, the blades on the rotor shred the material into reusable granules.

#### How Industrial Shredders Work
**Operation of a Shredder —** The operation of a shredder is a simple process, but the engineering principles behind the operation of a shredder are more complex. The basic elements of a shredder include a rotor, a counter blade or counter blades, housing, motor, feeding, power system, and a control system and can include grabbing.

**Rotor** — The rotor on a shredder has blade knives to shred scrap and waste.

**Blades** — Blades are at the heart of a shredder but must be chosen carefully to fit the material to be shredded since not all blades can be used on all materials. They are made of hardened alloyed steel and may be coated to add to their useful life.

**Housing** — The housing contains all of the components of the shredder and is made of heavy-duty metal.

**Motor** — The motor on a shredder operates at a slow speed to lessen its stress. The slow rotating speed and high torque allows the shredder to shred a variety of materials.

**Power Systems** — The two types of power systems are hydraulic and electric. Electric power systems are preferred since they take up less space and can process most materials. Hydraulic power systems are preferred for heavy duty processing and can handle overloads from batch feeding.

**Feeding** — Batch and meter feeding are the most common feeding methods. Batch feeding is designed to shred large quantities of material. Metered feeding is placing materials in the shredder at an even flow and normally employs some form of conveyor.

**Grabbing** — This is the process whereby the shredder takes the material and pulls it down into the cutting blades. Its function is determined by the size and shape of the cutter hook as well as the texture and weight of the material.

**Control Systems** — With the advancement of technology, modern shredders for industrial use utilize touch panel control systems that allow for in process adjustments to shredding eliminating the need to access the mechanism to make changes and adjustments.

#### The Shredding Process
**Feeding** — Material to be shredded is fed into the shredder. This can be accomplished with a hopper, where material is dropped in from the top or on a conveyor.

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**Grabbing** — Cutting mechanisms grab the material and pull it through the rotating blades changing large whole materials into small pieces. As the material passes through the shredder, it is cut into shapes of various sizes depending on the material being shredded and the design of the shredder. For some materials, a secondary or granulator may be used to further reduce the size of particles.

**Filtering Screen** — Filtering or discharge screens are found on bulk shredders to screen materials and send oversized pieces back through the shredding blades to ensure that it reaches a specific size. Filtering screens are designed to fit the type of material and come in a wide variety of sizes. Shredder filtering screens align with the rotating cutter such that there is an interaction between the cutter and screen.

**Collection** — The process of collecting the shredded materials falls into several categories with a different method for each type of shredding device, shredded material, and ultimate use of the particulates. Some systems have a conveyor system that collects the material to be used as raw material for repurposing. Unlike the common paper shredder that has a trash can type container for shredded material to fall into, industrial shredding requires other steps to prepare material for recycling. In some systems, the shredded material passes through a granulator to convert it into smaller particles, pellets, or other types of raw material. Other processes may dump the material into a large bin or bale it. The purpose of the shredding process is to avoid dumping reusable material into a landfill and preparing it for remanufacturing or for waste management.

#### Materials that are Shredded
There is no limit as to the type of materials that can be shredded, which can include computers, disk drives, cars, aluminum cans, and outdated and unusable equipment. For each type of material, there is a specific shredder design that can precisely crush solid materials and prepare it for repurposing, reutilization, or waste management.

**Plastic** — Plastic production benefits the most from shredders and combines the shredding process with granulating to prepare shredded plastic materials for reprocessing. Plastic industrial shredders shred large plastic materials like car bumpers, pipes, and storage drums to reduce them for granulation. The shredders, moving at slow speed, break the large objects into smaller pieces that are collected, washed, treated, and then granulated for recycling.

**Tires** — Tire shredders prepare used tires for disposal or recycling. In order for tires to be repurposed or sent to waste management, they must meet the size requirements of the province or region where they are processed.

**Metal** — The purpose of a metal shredders are to squeeze large pieces of metal that are too large for waste management or transport and tear them into more usable pieces. Metal shredders come in various models depending on the metals that they process. Large models can have 10,000 horsepower motors and are capable of shredding trucks and automobiles.

**Wood** — Industrial wood shredders or chippers reduce pieces of wood to smaller refined chips, fragments, or sawdust as part of the process of recycling. The design of the blades of the shredder determines the size of wood that the shredder is capable of processing.

**Biomass** — Biomass is a source of renewable power and has become an important source for many countries since it contains large amounts of stored chemical energy. The purpose of a biomass shredder is to reduce the size of materials used by biomass boilers at power plants. Biomass shredders transform materials from farm and forestry products into the proper form. All biomass has different character traits requiring biomass shredders to be specifically designed for each type.

**Textile** — The unique construction of textile fibers presents a challenge for their shredding since they can be synthetic, artificial, or naturally woven as well as contain zippers, fasteners, buttons, and rubber. The textile shredders separate the various materials, removing and detaching them. Clothing, textiles, and other fabrics are shredded into filaments, square short single fibers, or debris in the form of flakes or powder. The shredded materials from a textile shredder are reused for insulation and padding.

**Medical waste** — Medical waste shredders are designed for processing of sterilized medical waste that may be toxic, unsafe, or hazardous. Empty glucose bottles, hose syringes, blood bags, scalpels, needles, gloves, and other medical equipment cannot be disposed of by burning since they emit hazardous gases. Medical waste shredding

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cuts medical equipment into unrecognizable pieces and makes it safe for proper disposal. The mechanism of a medical waste shredder involves the use of a fixed cutter with multiple shearing discs to destroy and reduce medical equipment into fragments.

**Aluminum** — Much like plastic shredding, aluminum shredding has become an important recycling industry. The process involves shredding aluminum items down to forms that are easier to handle for further processing. Prior to being shredded, aluminum goes through a process designed to remove contaminants. It is then sent through a set of magnetic separators to remove any ferrous metals. Once cleaned and separated, it is emptied into the shredder. Once it is shredded, it is melted and cast into aluminum blocks.

**Glass bottles** — Glass crushers are used to change glass bottles and products into a powder to be cleaned and molded into new products or hollow blocks. They can crush bottles of various sizes to significantly reduce the amount of waste for landfills. There are several benefits to crushing or shredding bottles into powder or reusable sizes. The process saves on waste, storage space, and provides material that can be remelted into new products.

**Paper** — Industrial paper shredders are able to destroy large volumes of confidential materials in bulk and shred over 500 sheets at once. They run continuously to feed a compactor that turns the shredded paper into bales. Unlike a home shredder, an industrial shredder needs a means of removing paper dust from the thousands of sheets it shreds each day.

**Automobiles** — Automobile shredders have become an essential part of the harvesting of scrap metal. The process for shredding a car begins with crushing it to reduce its volume. The common feeding method for automobile shredding is a hopper that is located above the shredding blades and cutting tools. To ensure that the shredder does not receive too much material at one time, a feeding device controls the movement of the car into the shredding blades. The result of the process is high density, uniform scrap that is later separated into plastic, rubber, carpet, and glass which will all be processed.

**Cardboard** — Cardboard shredders operate much like a paper shredder and transform uncontaminated cardboard into small sized pieces for further processing. Unlike paper shredders, certain cardboard shredders perforate cardboard for use as packing material.

#### Benefits of Shredding
As environmental concerns continue to grow and gain greater focus, more industries are gradually noticing the benefits of using shredders as a method of taking useless and out of date materials and converting them to raw materials for remanufacturing.

**Financial** — In highly competitive industries, companies search for opportunities to reduce costs and increase revenue. We believe that shredders provide a strategic advantage in these efforts. Even in this time of increased focus upon environmental sustainability efficiency, waste materials remain as a significant issue. By their nature, manufacturing processes produces waste materials. Industrial shredders can take waste materials from production and convert it into reusable raw material.

**Recycling Costs** — Concerns for carbon footprint, environmental impact, and waste management have encouraged governments to adopt regulations requiring companies to follow specific guidelines regarding waste materials. Added to these concerns is the rising cost of recycling. By using shredders, companies may develop their own recycling programs. Every item in an operation can be examined for possible recycling and repurposing.

**New Source of Income** — The utilization of shredders results in the creation of raw materials, which can be reused by the company that produces them or be marketed to other businesses. For example, the lumber and construction industries frequently combine shredded materials with resin to form wafer or particle boards. The uses for shredded plastic are seemingly endless from granulating into resin for the manufacture of new plastic products to being used as filler and insulation. With the advancements in industrial shredding equipment, the transformation of plastic into reusable raw materials has become more efficient and productive.

**Reduced Development Costs** — Shredders take otherwise useless waste materials and convert it into materials for landscaping, fill products, and lowering of building insulation costs. If a recycling company is employed to remove waste materials from a development project, the amount they charge is substantially lower when the waste has been processed into scrap. Development projects may install an on-site shredder as a part of the development plan.

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**Production Waste Recovery** — All manufacturing processes produce waste materials as a by-product. Even with efficiency monitoring, streamlining of processes, and waste management, a considerable amount of waste material remains. This is especially true with molding, stamping, casting, and trimming, which are necessary parts of production. By installing a shredder granulator, a company can recover the loss and make use of the waste materials.

**Environmental Factor** — Companies today are focusing on ways to reduce their carbon footprint and environmental impact. With financial incentives offered by relevant governmental agencies and the benefits to the environment, companies are looking for solutions to their waste problems. Shredders are a practical and convenient means of repurposing materials that would otherwise end up in a landfill.

**Landfills** — Space for landfills is becoming sparser. Garbage collection companies and corporations are looking to shredding technology to reduce the amount of waste that has to be taken to the landfill. Shredded materials can be reused, repurposed, reutilized and remanufactured to be put to a useful purpose. These methods significantly reduce the number of waste materials that end up in a landfill. In addition, shredded materials take up less space in a landfill.

**Natural resources preservation** — By taking the metals that have been fabricated and processed and shredding them into usable pieces, companies can remove the need to use natural minerals for product production.

**Emissions** — Shredders help to reduce environmental emissions because old products can be shredded and repurposed instead of burned, which creates gases and emissions*.*

**Public Relations** — We believe that businesses that focus upon environmental protection and maintenance of natural resources are generally held in high regard by consumers. Shredders and the technology contained therein offer businesses the opportunity to fulfill a goal of being properly green and aligned with consumer attitudes.

#### Applications
Industrial shredders increase output and cut costs in many applications, including:

***Biomass power plants and biomass production*** — Biomass is an organic energy source that can be anything from forestry to agricultural residues. It is an attractive fuel for operators of incineration facilities who are trying to reduce their overall carbon emissions. Industrial shredders are commonly used to improve the quality of biomass — to make the organic fuel consistent and optimal in size and shape for maximal energy production. For example, shredders are used in wood recycling to produce boiler fuel, animal bedding, mulch, and material for the production of particleboard or other composite materials such as wood/plastic decking. In today's environmentally conscious world, a shredder can be used to expedite the composting process or to prepare wood and other biomass for conversion to alternative fuels including pellets, cellulosic ethanol, and other second-generation biofuels.

***Refuse***-derived ***fuel production*** — Waste is a potential source of energy for various manufacturing and processing plants. Refuse-derived fuel ("RDF") is a solid fuel that can be combusted to generate energy. RDF is made from mixed waste, and it is a common energy source for example in Waste-to-Energy plants, gasification plants and cement kilns. Industrial shredders are often utilized in RDF production to reduce the mixed waste to a homogenous size and shape that improves combustion and maximizes the energy output from the waste fuel.

***Waste***-to-Energy ***plants*** — Waste-to-Energy plants ("WtE") use waste materials as the main energy source. The waste fuel can be produced from almost any type of waste like bulky waste, municipal solid waste, commercial and industrial waste, wood, construction and demolition waste, biomass, or baled materials like straw or paper. In WtE plants, industrial shredders are used to reduce the mixed waste to an optimal grain size and to generate a consistent flow for maximized energy output by incineration.

***Recycling centers and transfer stations*** — Like most materials, waste material is usually expensive to transport. By nature, residue, garbage and waste material are often awkwardly sized and heavy, which makes it difficult to pack them tightly. Bulky objects require more space and higher transportation costs. Due to this reason, recycling centers and transfer stations are often located as close as waste collection points as possible. Industrial shredders are often used in these facilities to reduce the collected waste to a homogenous and manageable size. Smaller-sized waste can then be transported in larger volumes to other locations which makes relocating easier and reduces transportation costs.

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***Mechanical Biological Treatment*** — A Mechanical Biological Treatment ("MBT") facility processes waste material by combining sorting and biological treatment like digestion and composting. Three most common outputs of a MBT plant are recyclables (plastics and metals), materials used for land reclamation, and waste fuels (refuse-derived fuel). In MBT plants, waste shredders reduce the mixed waste to a homogenous and manageable size that is easier to sort, and assist with anaerobic digestion and compost. With the aid of shredding, both the mechanism and biological processes are more efficient, resulting in increased profitability.

#### Products
We produce customized industrial recycling equipment for customers and offer a diversified line of equipment that can be easily integrated into a customers' waste management and material processing facility. Our line of equipment includes the following:

***Single Shaft Shredder*** — Single shaft shredders are often referred to as grinders and efficiently shred large quantities of materials unattended. Our single shaft shredders are able to reduce a broad-range of materials to small consistent particles in a single pass. Single shaft shredders are common for materials such as plastics, paper, cardboard tubes, drink cartons, and any paperboard.

***Dual Shaft Shredder*** — Our dual shaft industrial shredders have opposite rotating rotors that pull the material between the two rotors. In a dual-shaft shredder, the cutters or knives cut the material when it passes over the cutter and the opposing counter-knife. A dual shaft shredder creates homogenous material output. Dual shaft shredders are common for material that is tensile and therefore are prevalent for applications such as large bulky wood scrap, paper and documents, large plastic items and bulky municipal solid waste.

***Quad Shaft Shredder*** — Quad shaft shredders can shred a wide-range of materials and produce a consistent small material. Quad shaft shredders are able to shred and recirculate material within the machine until it reduced to the proper to pass through a filtering screen. Quad shaft shredders generally operate at a slow speed with high torque. They are able to process tough materials such as metal, tires and carpet. In addition, they have the ability to process materials that are sometimes not suitable for screening materials such as film, textiles and sludges. Applications for quad shaft shredders include electronic scrap, tire recycling, alternative fuel production, and reduction of contaminated materials where uniform, small to medium particle size is desired.

***Primary Shredder*** — Primary shredders allow for the reduction of tough materials and are made with a hydraulic transmission. They can be adjusted to different sizes to obtain the desired size of the shredded product. The field of use of primary shredders includes metals, tires, aluminum waste, copper, armored cables, industrial waste, and municipal solid waste.

***Mobile Shredder*** — Mobile shredders are equipped with the same shredding units as stationary shredders. However, different mobile shredder models are built either on crawlers or a trailer, which makes them easy to move at a production site or transport between sites when needed.

***Granulators*** — Granulators turn materials into flakes or granules, which can be sold as raw material for remanufacturing. They have an electric motor that turns a rotor that has cutting blades attached and enclosed in a chamber. They come in a wide variety of sizes and shapes. In the chamber, the blades on the rotor shred the material into reusable granule.

***Disk Screens*** — Disk screens are used to separate waste according to piece size.

***Air Separators*** — Air separators employ blowers and other mechanisms to separate lighter fractions of recyclable material.

#### Our Competitive Strengths
***Focus on technology and research and development***. We are committed to researching and developing new products to meet our customer needs. We believe scientific and technological innovations will help our Company achieve its long-term strategic objectives. We have developed key techniques and skills in the production of various types of industrial recycling equipment. We believe we employ a strong research and development team. We own 93 patents that we utilize in the production of our products, and we are committed to researching and developing new construction materials, and to the design and manufacturing of the equipment used to produce these materials. In addition, we have applied for an additional 36 patents that are pending approval.

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***Ability to Grow Our Brand Awareness***. Our brand name and image are integral to the growth of our business and to the implementation of our strategies for expanding our business. We believe that the Harden brand is a well-known, respected brand in our industry. We believe our brand sets us apart from our competitors, and is essential to our ability to engage and to stay connected with prospective and existing customers as they discover, evaluate, and purchase our suite of products and services. The continued customer engagement helps to inform and accelerate our culture of innovation and improves how we execute our vision of becoming a leading industrial recycling equipment manufacturer in China. In these ways, our brand directly contributes to and drives our growth. We believe that as brand awareness grows and deepens, we will continue to strengthen our ability to create and capture value across the industrial recycling equipment industry, enhancing our competitive advantages in a category that we believe no other single company understands better. We believe the consistency and quality of our messaging has helped us build our brand into a well-known name and create a large consumer following. We believe our brand strength will enable us to continue to expand across both markets and products, allowing us to access the market in greater depth.

***Strong Cash Flow Management***. We believe that our cash flow management, driven by our low accounts receivable balance as compared to our competitors, allows us to compete effectively in a rapidly changing and increasingly complex PRC market, and withstand economic downturns in the industrial recycling equipment industry. We believe we can continue to maintain a low accounts receivable balance while the demand for our equipment remains high due to our proactive invoicing and collection efforts.

***Effective quality control***. The consistent quality of our products and manufacturing equipment is achievable only through effective management in all aspects of our operations, from purchasing to production and sales. In every step, we have fully trained, experienced and skilled employees that are working in concert to ensure the quality of our industrial recycling equipment. In addition, we have a trained management staff who have adopted our corporate culture and understand our business strategy.

***Experienced Management Team and Personnel with a Demonstrated Track Record***. Our management team, led by our chairman of the board, director and chief executive officer, Mr. Jiawen Miao, has extensive industry experience and a demonstrated track record of managing costs, adapting to changing market conditions, and developing new products. In addition, Mr. Miao has a vast network and understanding of the market. Our workforce is highly skilled with specialized training, designed to address complex and individualized client issues.

***Pricing strategy***. We strive to provide our customers with the best value proposition by offering our industrial recycling equipment at competitive prices on our platform. We use our industry knowledge and research of our competitors' prices to identify the market prices for each product in on our platform. Accordingly, we provide competitive prices for our products, based on our own market research. In addition, we believe our competitive prices naturally fosters a competitive environment that benefits our customers and helps us maintain a loyal customer base.

#### Our Strategies
***We intend to increase our revenue and market share by expanding our business network internationally***. We intend to increase our revenue and market share by expanding our business network to other provinces and internationally. We started with our facility in Guangdong, China. Currently, the majority of our customers are located in China. We intend to expand our business to customers located in Europe and the United States. In order to expand our international market, we plan to participate in targeted international marketing events, such as seminars, workshops, and trade shows, where we can meet potential customers, promote our products and deepen our network to further expand our sales. In addition, we will evaluate adding regional distributors in order to reach international customers.

***Pursue Strategic Acquisitions***. We intend to continue to pursue expansion opportunities in existing and new markets, as well as in core and adjacent categories through strategic acquisitions. We intend to pursue strategic acquisitions and investments in selective technologies and businesses that will enhance our technology capabilities and increase our market penetration. We believe our strategic acquisition and investment strategy will be critical for us to accelerate our growth and strengthen our competitive position.

***Market Opportunity***. China's 14<sup>th</sup> Five Year Plan (2021-2025) promotes the reduction on the reliance on foreign technology and dependence on imported resources, and to increase industrial modernization and technological innovation. This demonstrates a clear focus on charting a sustainable course for the economy in the

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long-term. The 14<sup>th</sup> Five Year Plan offers opportunities for the private sector to support China's goals of becoming more self-sustainable and less dependent upon imported resourced. Presently, we are able to capitalize on these opportunities by assisting in the recycling and reuse of materials along with lowering waste disposal fees through the use of our shredder equipment.

***Continue to develop new products***. We are committed to researching and developing new products according to market trends. We believe scientific and technological innovations will help the Company achieve its long-term strategic objectives.

***Target the solid waste management and recycling industry market***. According to IBISWorld, an international market research company, the solid waste recycling industry in China has developed rapidly over the past five years and industry revenue is expected to increase at an annualized 9.6% over the five years through 2022, to $25.2 billion. In addition to the China market, the global waste management market is also growing at a rapid rate in both developed and developing countries. According to Allied Market Research, a market research company based in the US, global waste management market is expected to grow from approximately $1.6 trillion in 2020 to approximately $2.5 trillion by 2030, growing at a CAGR of 3.4%. As a result of such growth, Allied Market Research also determined that the global waste management equipment market, in which we compete, will increase from $45.75 billion in 2019 to $55.63 billion by 2027, growing at a CAGR of 4.1%.

#### Sales and Marketing
We rely on our established relationships with our existing customers, customer referrals and our reputation in the industrial shredder industry to expand our business. We work closely with system integrators and general contractors in the environmental industry to generate recommendations of our equipment to end users. Aside from obtaining new customers through referrals, we also seek new customers by directly marketing our industrial shredder equipment to them and by attending and participating in environmental trade shows and material recycling trade shows. We believe that this is a proven method to attract new customers and build our brand awareness in the industry as it allows existing and potential customers to learn more about our business, equipment and strengths through direct communication. Our direct marketing efforts, whether through attendance at trade fairs, attendance at trade shows or face-to-face meetings, also give us an opportunity to learn more about our competitors. We also seek to develop strategic partnerships with provincial and local governmental agencies to drive sales by leveraging their strengths, including knowledge of our targeted customer base, influence in provincial and local markets, and extensive government and industry resources.

We have an experienced sales team with approximately 31 employees, many of whom possess several years of sales experience. Currently, our sales are primarily derived from developed regions in China in the southeastern costal area and central inland China. We intend to expand into more diverse regions of China in an effort to increase our market share. We also intend to continue building our internal salesforce. In addition to the efforts of our sales team, for international sales and smaller sales within China, we may utilize the services of independent sales agencies to take advantage of their local knowledge and to streamline the sales process. We do not, however, expect sales from such independent local sales agencies to constitute a significant portion of our sales.

#### Our Customers
In the fiscal year 2021, Harden supplied its products to an aggregate of 212 customers. Among them, 148 customers belong to industrial waste industry (industrial hazardous waste, medical waste and factory dumped waste), accounting for approximately 69.8% of our total customers. 47 customers belong to municipal waste industry (domestic garbage, restaurant waste, bulky waste, organic waste, etc.), accounting for approximately 22.2% of our total customers. The remaining 17 customers are engaged in other solid waste disposal industries, such as used document media, agricultural waste and forestry waste, accounting for approximately 8.0% of our total customers. In the past two years, our biggest customer was Shanghai Canzhou Environmental Engineering Co., Ltd. ("Canzhou"), a privately held company. Canzhou accounted for approximately 3.9% and 11.3% of our total revenues for the year ended December 31, 2021 and 2020. Canzhou is a professional engineering company that focuses its business on solid waste recycling.

For the six months ended June 30, 2022, Harden supplied its products to an aggregate of 146 customers. Among them, 76 customers belong to industrial waste industry (industrial hazardous waste, medical waste and factory dumped waste), accounting for approximately 52.1% of our total customers. 31 customers belong to

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municipal waste industry (domestic garbage, restaurant waste, bulky waste, organic waste, etc.), accounting for approximately 21.2% of our total customers. The remaining 39 customers are engaged in other solid waste disposal industries, such as used document media, agricultural waste and forestry waste, accounting for approximately 26.7% of our total customers.

#### Research and Development
We invest significant resources in research and development — not only to support our existing business and enhance our service and product offerings — but also to incubate new technological breakthroughs and business initiatives. As of the date of this prospectus, our research and development team consisted of 29 employees, which accounted for approximately 12% of our total employees. We have invested significant resources to maintain our technological advantages and intend to continue to extensively invest in our research and development capabilities. For the year ended December 31, 2021 and 2020, our research and development expenses amounted to approximately $1.6 and $1.2 million, respectively.

#### Competition
We face significant competition in the industrial shredder manufacturing market and have both domestic and international competitors. Our domestic competitors include, but are not limited to, SID Machinery (Beijing) Co., Ltd, Genox Recycling Tech Co., Ltd., Huanchang Technology, Zerma Machinery & Recycling Technology, and 3E Machinery have different strengths and specialties, such as focusing on plastic recycling or the biomass industry. We believe our competitive strength in the domestic market is our ability to maintain a low accounts receivable balance, and in turn strong cash flow from operations. In addition, we believe we produce quality machinery at a competitive price point, whereas many smaller manufactures produce lower priced shredders that are of lower quality.

In the international market, our main competition is European equipment manufacturers. Competitors in Europe include Vecoplan AG (Germany), Untha Shredding Technology GmbH (Austria), Metso Denmark A/S (Denmark), Linder Recyclingtech GmbH (Austria) and WEIMA Maschinenbau GmbH (Germany). We believe our competitive strength against these European companies is the lower cost of our equipment — equipment that, despite its lower cost, continues to meet high technical standards. We seek to obtain a local partner in Europe to further increase our market penetration. North America also contains many well-known brands, including, but not limited to SSI Shredding Systems, Inc. (United States) and Shred-tech (Canada). We believe that our disadvantage is that North American companies possess the ability to provide streamlined customer service to customers located in the United States. We, however, have not entered the United States market at this time. Many Canadian companies import machinery from Europe, so we will compete with European companies for business in Canada to the extent we enter that market.

The principal competitive factors in our markets include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product functionalities, quality and performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reputation in the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability to introduce new machinery to the market in a timely manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability to address unique client needs.

#### Intellectual Property Rights
We do not believe that our business, as a whole, is dependent on, or that its profitability would be materially affected by the revocation, termination, expiration or infringement upon any particular patent. However, we protect our business interests and ensure our unique corporate culture and design. We use a combination of trade secret, copyright, trademark, patent and other rights to protect our intellectual property and our brand. We have completed the registration of **93** patents with the Chinese government. Patents in China are principally protected under the Patent Law of China. The duration of patent rights for an invention is 20 years, the duration of patent rights for a utility model is 10 years and the duration of patent rights for a design is 15 years, commencing from the filing date. Our patents will expire at various dates between March 29, 2023 and February 27, 2039.

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We have completed the registration of seven trademarks, with the Trademark Office of the State Administration for Industry and Commerce of the PRC. Our trademarks will expire at various dates between April 27, 2028 and February 2, 2031. These trademarks are renewable.

We have completed registration with the National Copyright Administration of the PRC for three copyrights, which are for computer software related to our business. Our copyright will expire at various dates between December 31, 2068 and December 31, 2070.

#### Facility
We lease approximately 97,680 square feet located at Xingda Street, Torch Development Zone, Zhongshan City, Guangdong Province, 528400**.** Our lease expires on March 31, 2025. On August 28, 2021, we signed a new lease agreement of approximately 20,900 square feet for additional factory space for the period from September 1, 2021 to March 31, 2025. The rent is approximately $3,151 per month. We believe our current facilities are adequate for our current needs, and we do not believe we will encounter any difficulty in extending the terms of the lease.

#### Employees
We currently employ 237 people on a full time basis: 20 people in management positions; 31 in sales and marketing positions; 29 in research and development positions; 35 people in technical engineering positions; 26 in after-sale service positions and 96 in manufacturing and installation positions. None of our employees are represented by a labor union or covered by a collective bargaining agreement. We have never experienced any employment related work stoppages, and we consider our relations with our employees to be good.

#### COVID-19 Update
In December 2019, a novel strain of coronavirus, or COVID-19, surfaced and spread rapidly over the globe, including China and the United States. The epidemic resulted in quarantines, travel restrictions, and the temporary closure of stores and facilities in China and elsewhere. Substantially all of our revenue is concentrated in China. On December 7, 2022, China announced 10 new rules that constitute a relaxation of almost all of its stringent COVID-19 pandemic control measures. Shortly after their announcement, additional mobility restrictions issued by local governments were also scrapped. While such measures effectively reopened business withing China, the COVID-19 pandemic has materially and adversely affected our business operations, financial condition and operating results for the year ended December 31, 2021 and may adversely affect the result of operations for future periods. Current and potential impacts include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We temporarily closed our offices and implemented a work-from-home policy beginning in early 2020, as required by relevant PRC regulatory authorities. We subsequently reopened our offices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our customers could potentially be negatively impacted by COVID-19, which may reduce their budgets for customer services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The situation may worsen if the COVID-19 pandemic continues. We have not yet experienced significant late payments from our customers, but we may if the situation worsens. We will continue to closely monitor our payment collections.

For a detailed description of the risks associated with COVID-19, see "Risk Factors — The novel coronavirus could have a material adverse impact upon our business, results of operations, financial condition, cash flows or liquidity."

#### Legal Proceedings
We are not currently a party to any legal proceedings that in the opinion of our management would have a material adverse effect on our business. However, from time to time we may become involved in legal proceedings or may be subject to claims arising in the ordinary course of our business. Although the results of litigation and claims cannot be predicted with certainty, we believe that the final outcome of ordinary course matters will not have a material adverse effect on our business, operating results, financial condition or cash flows.

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#### REGULATIONS
We are engaged in the design and manufacture of customized industrial recycling equipment and the manufacture and sale of small and medium-sized industrial shredders and data destruction shredders in the PRC. The following sets forth a summary, which do not purport to be complete, of the relevant PRC laws, regulations and government policies that are applicable to our business operations in the PRC.

#### Regulations on Tax
See "*Taxation — People's Republic of China Taxation*."

#### Regulation of Foreign Currency Exchange and Dividend Distribution
***Foreign Currency Exchange***. The principal regulations governing foreign currency exchange in China are the Foreign Exchange Administration Regulations of the PRC, which was promulgated by the State Council on January 29, 1996, became effective on April 1, 1996 and last amended on August 1, 2008 (which became effective on August 5, 2008), and the Administrative Regulations on Foreign Exchange Settlement, Sales and Payment, which was promulgated by the PBOC, on June 20, 1996 and became effective on July 1, 1996. Under these regulations, Renminbi is freely convertible for current account items, including the distribution of dividends, interest payments, trade and service-related foreign exchange transactions, but not for most capital account items, such as direct investment, loans, repatriation of investment and investment in securities outside China, unless the prior approval of SAFE or its local counterparts is obtained.

***Circular 21***. In 2012, SAFE has promulgated several circulars to substantially amend and simplify the current foreign exchange procedure. Pursuant to these circulars, the opening of various special purpose foreign exchange accounts, the reinvestment of RMB proceeds by foreign investors in the PRC and remittance of foreign exchange profits and dividends by a foreign-invested enterprise to its foreign shareholders no longer require the approval or verification of SAFE. In addition, domestic companies are no longer limited to extend cross-border loans to their offshore subsidiaries but are also allowed to provide loans to their offshore parents and affiliates and multiple capital accounts for the same entity may be opened in different provinces. SAFE also promulgated the Circular on Printing and Distributing the Provisions on Foreign Exchange Administration over Domestic Direct Investment by Foreign Investors and the Supporting Documents on May 10, 2013, or Circular 21, which specifies that the administration by SAFE or its local branches over direct investment by foreign investors in the PRC shall be conducted by way of registration and banks shall process foreign exchange business relating to the direct investment in the PRC based on the registration information provided by SAFE and its branches.

***Circular 13***. On June 1, 2015, SAFE issued the Circular of the State Administration of Foreign Exchange on Further Simplifying and Improving the Direct Investment Foreign Exchange Administration Policies, or Circular 13, which delegated the power to enforce the foreign exchange registration in connection with inbound and outbound direct investments under relevant SAFE rules from local branches of SAFE to banks, thereby further simplifying the foreign exchange registration procedures for inbound and outbound direct investments.

***Circular 19 & Circular 16***. On March 30, 2015, SAFE issued the Circular Concerning the Reform of the Administration of the Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, or Circular 19, which was implemented on June 1, 2015. Circular 19 regulates the conversion of foreign currency capital funds into RMB by a foreign-invested enterprise, and limits how the converted RMB may be used.

Furthermore, SAFE promulgated a circular on June 9, 2016, Circular on Reforming and Regulating Policies on the Administration over Foreign Exchange Settlement under Capital Accounts, or Circular 16, which further revises several clauses in Circular 19. Both Circular 19 and Circular 16 regulate that foreign exchange incomes of a domestic enterprise under their capital account shall not be used in the ways stated below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For expenditures that are forbidden by relevant laws and regulations, or for purposes which are not included in the business scope approved by relevant government authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For direct or indirect equity investments within China, or for any other kinds of investments except principal-guaranteed wealth-management products, unless otherwise prescribed by other laws and regulations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For issuing RMB entrusted loans directly or indirectly (except those included in the business scope), or for repaying inter-enterprise loans, or for repaying bank loans which has been refinanced to third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For issuing RMB loans to non-affiliated enterprises, unless expressly permitted in the business scope;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For purchasing or constructing real estate which is not for personal use, in addition to those real estate enterprises.

In addition, SAFE supervises the flow and use of those RMB capital converted from foreign currency capital funds of a foreign-invested company by further focusing on ex post facto supervisions and violations, and the use the net proceeds from this offering to invest in or acquire any other Chinese companies in China is subject to the provisions under both Circular 19 and Circular 16.

***Circular 3***. On January 26, 2017, SAFE issued the Notice of State Administration of Foreign Exchange on Improving the Check of Authenticity and Compliance to Further Promote Foreign Exchange Control, or Circular 3, which stipulated several capital control measures with respect to the outbound remittance of profit from domestic entities to offshore entities, including (i) under the principle of genuine transaction, banks shall check board resolutions regarding profit distribution, the original version of tax filing records and audited financial statements; and (ii) domestic entities shall hold income to account for previous years' losses before remitting the profits. Moreover, pursuant to Circular 3, domestic entities shall make detailed explanations of the sources of capital and utilization arrangements, and provide board resolutions, contracts and other proof when completing the registration procedures in connection with an outbound investment.

On October 23, 2019, the SAFE promulgated the Notice for Further Advancing the Facilitation of Cross-border Trade and Investment or the SAFE Circular 28, which, among other things, allows all FIEs to use Renminbi converted from foreign currency-denominated capital for equity investments in China, as long as the equity investment is genuine, does not violate applicable laws, and complies with the negative list on foreign investment. However, since this circular is newly promulgated, it is unclear how the SAFE and competent banks will carry it out in practice.

According to the Circular of SAFE on Optimizing Foreign Exchange Administration to Support the Development of Foreign-related Business or the SAFE Circular 8 promulgated and effective on April 10, 2020 by the SAFE, the reform of facilitating the payments of incomes under the capital accounts shall be promoted nationwide. Under the prerequisite of ensuring true and compliant use of funds and compliance and complying with the prevailing administrative provisions on use of income from capital projects, enterprises which satisfy the criteria are allowed to use income under the capital account, such as capital funds, foreign debt and overseas listing, etc., for domestic payment, without the need to provide proof materials for veracity to the bank beforehand for each transaction.

***Dividend Distribution***. The principal regulations governing the distribution of dividends by foreign holding companies include the Company Law of the PRC (2018 Revision), under which wholly foreign-owned investment enterprises in China may pay dividends only out of their retained profits, if any, determined in accordance with Chinese accounting standards and regulations. In addition, wholly foreign-owned investment enterprises in China are required to allocate at least 10% of their respective retained profits each year, if any, to fund certain reserve funds unless these reserves have reached 50% of the registered capital of the enterprises. These reserves are not distributable as cash dividends, and a wholly foreign-owned enterprise is not permitted to distribute any profits until losses from prior fiscal years have been offset.

***Circular 37 & Circular 13***. On July 4, 2014, SAFE issued Notice on Relevant Issues concerning Foreign Exchange Administration for Domestic Residents Engaging in Overseas Financing and Investing through Round-Trip Investment via Special Purpose Companies, or Circular 37, which became effective as of July 4, 2014. On February 13, 2015, SAFE issued the Circular of the State Administration of Foreign Exchange on Further Simplifying and Improving the Direct Investment Foreign Exchange Administration Policies, or Circular 13, which delegated the power to enforce the foreign exchange registration in connection with inbound and outbound direct investments under relevant SAFE rules from local branches of SAFE to banks, thereby further simplifying the foreign exchange registration procedures for inbound and outbound direct investments.

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According to Circular 37 and Circular 13, Chinese residents shall apply to the local SAFE branch or a qualified bank for going through the procedures for foreign exchange registration of overseas investments before contributing the domestic assets or interests to a SPV. Following the initial registration, an amendment to registration or filing with the local SAFE branch or the qualified bank by such Chinese resident is also required if the registered overseas SPV's basic information such as domestic individual resident shareholder, name, operating period, or major events such as domestic individual resident capital increase, capital reduction, share transfer or exchange, merger or division has changed. Although the change of overseas funds raised by overseas SPV, overseas investment exercised by overseas SPV and non-cross-border capital flow are not included in Circular 37, we may be required to make foreign exchange registration if required by SAFE and its branches.

Moreover, Circular 37 applies retroactively. As a result, Chinese residents who have contributed domestic assets or interests to a SPV, but failed to complete foreign exchange registration of overseas investments as required prior to implementation of Circular 37, are required to send a letter to SAFE and its branches for explanation. Failure to comply with the registration procedures set forth in the Circular 37 and Circular 13 or making misrepresentation on or failure to disclose controllers of the foreign-invested enterprise that is established through round-trip investment, may result in restrictions being imposed on the foreign exchange activities of our PRC subsidiaries, including payment of dividends and other distributions, such as proceeds from any reduction in capital, share transfer or liquidation, to its offshore parent or affiliate, and the capital inflow from the offshore parent, and may also subject our beneficial owners who are PRC residents and our PRC subsidiaries to penalties under PRC foreign exchange administration regulations. Under the relevant rules, failure to comply with the registration procedures set forth in Circular 37 may result in receiving a warning from SAFE and its branches, and may result in a fine of up to RMB 300,000 (approximately $47,000) for an organization or up to RMB 50,000 (approximately $7,800) for an individual; and if any capital outflow, inflow or exchange settlement has occurred in this circumstances, a fine of not more than 30% of the illegal amount or a fine ranging from 30% of the illegal amount to the equivalent value (where the case is serious) may be imposed.

In addition, based on the Circular 13 and other laws and regulations relating to foreign exchange, if we setting up a new foreign-invested enterprise in the PRC in the future, the foreign invested enterprise shall register with the bank located at its registered place after obtaining the business license, and if there is any change in capital or other changes relating to the basic information of the foreign-invested enterprise, including without limitation any increase in its registered capital or total investment, the foreign invested enterprise shall register such changes with the bank located at its registered place after obtaining the approval from or completing the filing or reporting with competent authorities.

Chinese residents who control our Company are required to register with SAFE in connection with their investments in us. As of the date of this prospectus, all of our beneficial owners who are PRC individuals have completed their initial registration in accordance with Circular 37 and Circular 13.

#### New M&A Regulations and Overseas Listings
On August 8, 2006, six Chinese regulatory agencies, including the Ministry of Commerce, the State Assets Supervision and Administration Commission, the State Administration for Taxation, the State Administration for Industry and Commerce, CSRC and SAFE, jointly issued the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the New M&A Rule, which became effective on September 8, 2006 and was amended on June 22, 2009. This New M&A Rule, among other things, includes provisions that purport to require that an offshore special purpose vehicle formed for purposes of seeking a public listing on an overseas stock exchange through acquisitions of PRC domestic companies and controlled directly or indirectly by Chinese companies or individuals should obtain the approval of CSRC prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange.

On September 21, 2006, CSRC published on its official website procedures regarding its approval of overseas listings by special purpose vehicles. The CSRC approval procedures require the filing of a number of documents with the CSRC and it would take several months to complete the approval process.

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However, the application of the New M&A Rule remains unclear with no consensus currently existing among leading Chinese law firms regarding the scope and applicability of the CSRC approval requirement. Our Chinese counsel, King & Wood Mallesons, has given us the following advice, based on their understanding of current Chinese laws and regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The WFOE was established by means of direct investment and not through a merger or requisition of the equity or assets of a "PRC domestic company" as such term is defined under the New M&A Rule, and at the time of our equity interest acquisition, Harden was a foreign-invested enterprise rather than a "PRC domestic company" before it was acquired by the WFOE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In spite of the lack of clarity on this issue, the CSRC currently has not issued any definitive rule or interpretation regarding whether offerings like the one contemplated by this prospectus are subject to the New M&A Rule.

**In addition, on December 24, 2021, the CSRC issued Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (the "Administration Provisions"), and the Administrative Measures for the Filing of Overseas Issuance and Listing of Securities by Domestic Companies (Draft for Comments) (the "Measures").**

**The Administration Provisions and Measures for overseas listings lay out specific requirements for filing documents and include unified regulation management, strengthening regulatory coordination, and cross**-border **regulatory cooperation. Domestic companies seeking to list abroad must carry out relevant security screening procedures if their businesses involve such supervision. Companies endangering national security are among those off**-limits **for overseas listings.**

**According to Relevant Officials of the CSRC Answered Reporter Questions ("CSRC Answers"), after the Administration Provisions and Measures are implemented upon completion of public consultation and due legislative procedures, the CSRC will formulate and issue guidance for filing procedures to further specify the details of filing administration and ensure that market entities could refer to clear guidelines for filing, which means it will still take time to put the Administration Provisions and Measures into effect. As the Administration Provisions and Measures have not yet come into effect, the Company is currently unaffected by them.**

**However, according to CSRC Answers, only new initial public offerings and refinancing by existing overseas listed Chinese companies will be required to go through the filing process; other existing overseas listed companies will be allowed a sufficient transition period to complete their filing procedure, which means the Company will certainly go through the filing process in the future, perhaps because of refinancing, or after being given a sufficient transition period to complete the filing procedure as an existing overseas listed Chinese company.**

#### Regulations on Offshore Parent Holding Companies' Direct Investment in and Loans to Their Chinese Subsidiaries

#### Regulations Relating to Foreign Investment
Investment activities in the PRC by foreign investors are principally governed by the Catalog of Industries for Encouraging Foreign Investment or the Encouraging Catalog, and the Special Management Measures (Negative List) for the Access of Foreign Investment or the Negative List, which were promulgated and are amended from time to time by the Ministry of Commerce of the PRC or the MOFCOM and the NDRC. The Encouraging Catalog and the Negative List lay out the basic framework for foreign investment in the PRC, classifying businesses into three categories with regard to foreign investment: "encouraged", "restricted" and "prohibited". Industries not listed in the Encouraging Catalog and the Negative List are generally deemed as falling into a fourth category "permitted". The NDRC and MOFCOM promulgated the Catalog of Industries for Encouraging Foreign Investment (2020 Version) or the 2020 Encouraging Catalog, on December 27, 2020, and the Special Management Measures (Negative List) for the Access of Foreign Investment (2021 Version), on December 27, 2021, to replace the previous encouraging catalog and negative list thereunder. According to the 2020 Encouraging Catalog, the manufacturing of solid waste treatment and disposal equipment fall into the "encouraged" category.

On March 15, 2019, the NPC promulgated the Foreign Investment Law of the PRC, which has come into effect on January 1, 2020 and replaced the trio of laws regulating foreign investment in the PRC, namely, the PRC Equity Joint Venture Law, the Wholly Foreign-Owned Enterprise Law and the PRC Cooperative Joint Venture

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Law. Its implementation of regulations promulgated by the State Council in December 2019 also came into effect on January 1, 2020. The Foreign Investment Law, by means of legislation, establishes the basic framework for the access, promotion, protection and administration of foreign investment in view of investment protection and fair competition.

According to the Foreign Investment Law, foreign investment shall enjoy pre-entry national treatment, except for those foreign invested entities that operate in industries deemed to be either "restricted" or "prohibited" in the "negative list". The Foreign Investment Law provides that foreign invested entities operating in foreign "restricted" or "prohibited" industries will require entry clearance and other approvals. In addition, a foreign investment information reporting system shall be established and foreign investors or foreign-funded enterprises shall submit the investment information to competent departments for commerce through the enterprise registration system and the enterprise credit information publicity system.

Furthermore, the Foreign Investment Law provides that foreign invested enterprises established according to the PRC Equity Joint Venture Law, the Wholly Foreign-Owned Enterprise Law and the PRC Cooperative Joint Venture Law may maintain their structure and corporate governance within five years after the implementing of the Foreign Investment Law, which means that foreign invested enterprises may be required to adjust the structure and corporate governance in accordance with the current PRC Company Law and other laws and regulations governing the corporate governance.

On December 26, 2019, the State Council promulgated the Implementation Rules to the PRC Foreign Investment Law, which became effective on January 1, 2020. The implementation rules further clarified that the state encourages and promotes foreign investment, protects the lawful rights and interests of foreign investors, regulates foreign investment administration, continues to optimize foreign investment environment, and advances a higher-level opening.

Under the Foreign Investment Law of the PRC, foreign investors or foreign-invested enterprises shall submit investment information to the competent department for commerce concerned through the enterprise registration system and the enterprise credit information publicity system.

#### Regulations relating to Foreign Debt
Former Foreign Debt Mechanism

Loans made by foreign investors as shareholders in foreign invested enterprises established in China are considered to be foreign debts and are mainly regulated by the Administrative Regulations of the PRC on Foreign Exchange, the Interim Provisions on the Management of Foreign Debts, the Statistical Monitoring of Foreign Debts Tentative Provisions, and the Administrative Measures for Registration of Foreign Debts. Pursuant to these regulations and rules, a shareholder loan in the form of foreign debt made to a PRC entity does not require the prior approval of SAFE, but such foreign debt must be registered with and recorded by SAFE or its local branches within 15 business days after entering into the foreign debt contract. Under these regulations and rules, the balance of the foreign debts of a foreign invested enterprise shall not exceed the difference between the total investment and the registered capital of the foreign invested enterprise, or Total Investment and Registered Capital Balance.

PBOC Circular 9 Foreign Debt Mechanism

The Circular on Matters concerning the Macro-Prudential Management of Full-Covered Cross-Border Financing, or the PBOC Circular 9 issued by the PBOC on January 12, 2017, provides another foreign debt administration mechanism (the "PBOC Circular 9 Foreign Debt Mechanism"). According to the PBOC Circular 9, enterprises may conduct independent cross-border financing in RMB or foreign currencies as required. According to the PBOC Circular 9, the outstanding cross-border financing of an enterprise (the outstanding balance drawn, here and below) shall be calculated using a risk-weighted approach, or Risk-Weighted Approach, and shall not exceed the specified upper limit, namely: risk-weighted outstanding cross-border financing ≤ the upper limit of risk-weighted outstanding cross-border financing. Risk-weighted outstanding cross-border financing = ∑ outstanding amount of RMB and foreign currency denominated cross- border financing x maturity risk conversion factor x type risk conversion factor + ∑ outstanding foreign currency denominated cross-border financing x exchange rate risk conversion factor. Maturity risk conversion factor shall be 1 for medium- and long- term cross-border financing with a term of more than one year and 1.5 for short-term cross-border financing with a term of less than one year. Type risk conversion factor shall be 1 for on-balance-sheet financing and 1 for off-balance-sheet financing

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(contingent liabilities) for the time being. Exchange rate risk conversion factor shall be 0.5. The PBOC Circular 9 further provides that the upper limit of risk- weighted outstanding cross-border financing for enterprises shall be its net assets x the leverage rate of cross-border financing x the macro-prudential adjustment parameters, or Net Asset Limits. The leverage rate of cross-border financing for enterprise is 2, and the macro-prudential adjustment parameters is 1. The People's Bank of China, or PBOC, may adjust the leverage rate for cross-border financing and the macro-prudential adjustment parameters as it deems appropriate. The PBOC adjusted the macro-prudential adjustment parameters up to 1.25 in March 2020 and down to 1 in January 2021. Enterprises shall file with SAFE in its capital item information system after entering into a cross-border financing agreement, but no later than three business days before making a withdrawal. PBOC Circular 9 provides that within a transition period of one year from January 12, 2017, the foreign invested enterprises may choose to adopt either Former Foreign Debt Mechanism or the PBOC Circular 9 Foreign Debt Mechanism, at their own discretion.

Based on the foregoing, if we provide funding to our wholly foreign owned subsidiaries through shareholder loans, the balance of such loans shall not exceed the Total Investment and Registered Capital Balance and we will need to register such loans with SAFE or its local branches in the event that the Former Foreign Debt Mechanism applies, or the balance of such loans shall be subject to the Risk-Weighted Approach and the Net Asset Limits and we will need to file the loans with SAFE in its information system in the event that the PBOC Circular 9 Foreign Debt Mechanism applies. Under the PBOC Notice Circular 9, after a transition period of one year from January 11, 2017, the PBOC and SAFE will determine the cross-border financing administration mechanism for the foreign-invested enterprises after evaluating the overall implementation of PBOC Circular 9. As of the date hereof, neither the PBOC nor SAFE has promulgated and made public any further rules, regulations, notices or circulars in this regard. It is uncertain which mechanism will be adopted by the PBOC and SAFE in the future and what statutory limits will be imposed on us when providing loans to our PRC subsidiaries.

Moreover, according to the Notice on Pushing Forth Administrative Reform for Filing and Registration for Issuance of Foreign Debt by Enterprises issued by the NDRC on September 14, 2015, any foreign debt provided by foreign entities to PRC entities with a term of more than 1 year must be filed and registered with the NDRC.

#### Regulations Relating to Equipment Manufacturing Industry
In accordance with the Circular Economy Promotion Law of the PRC, promulgated by the SCNPC on August 29, 2008 and recently amended on October 26, 2018, the State Council and the people's governments of provinces, districts and municipalities shall set up funds designated for promoting circular economy to support the scientific and technical research and development regarding circular economy, demonstration and promotion of technologies and products regarding circular economy, the implement of major circular economy projects, development of information service for circular economy. The State shall give tax preferences for industrial activities conductive to promoting circular economy such as reduction, recycling and recovery activities conducted in the process of production, circulation and consumption.

In accordance with the Outline of the 13<sup>th</sup> Five-Year Plan for the National Economic and Social Development of the PRC, which was promulgated by the NPC on March 16, 2016, the State shall encourage the development of professional services in respect of technological consultancy, system design, equipment manufacturing, engineering construction and operation management for energy conservation and environmental protection, enhance the capability of manufacturing energy conservation and environmental protection engineering technologies and equipment, and research and develop, demonstrate and promote a batch of advanced technical equipment for energy conservation and environmental protection.

Pursuant to Guiding Opinions of the Ministry of Industry and Information Technology ("MIIT") on Accelerating the Development of the Environmental Equipment Manufacturing Industry promulgated on October 17, 2017, the State will promote the continuous optimization of industrial structure, support a batch of standard enterprises with exemplary and leading effects in nine key fields including solid waste treatment and disposal equipment, cultivate ten leading enterprises with a scale of ten billion yuan, build thousands of "specialized, refined, unique and innovative" small and medium-sized enterprises, and form several industrial clusters with strong driving effects and distinctive characteristics. The State shall actively promote financial products such as green credit, green bonds, financial leasing, intellectual property rights pledge loans and credit insurance policy pledge loans to increase support for the manufacturing of environmental protection equipment, and encourage social capital to set up industrial funds to invest in the environmental protection equipment manufacturing industry.

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#### Regulations Relating to Work Safety
Pursuant to the Work Safety Law of the PRC, which was promulgated by the SCNPC on June 29, 2002, implemented on November 1, 2002, and revised on August 27, 2009, August 31, 2014 and June 10, 2021, entities engaging in production shall implement the national or industry standards for safeguarding work safety developed according to the law and shall satisfy with conditions for production safety required by relevant laws, administrative regulations and national or industry standards. Entities that fail to satisfy those conditions shall not engage in production and business operation activities. In addition, the entities are required to offer education and training programs to the employees regarding production safety, and provide labor protection articles that meet the national standards or industrial standards to the employees, supervise and educate them to wear or use these articles according to the prescribed rules.

#### Regulations Relating to Product Quality
The Product Quality Law of the PRC, which was promulgated by the SCNPC on February 22, 1993 and amended on July 8, 2000, August 27, 2009 and December 29, 2018 respectively, applies to all production and sale activities in China. Pursuant to this law, products offered for sale must satisfy relevant quality and safety standards. Enterprises may not produce or sell counterfeit products in any fashion, including forging brand labels or giving false information regarding a product's manufacturer. Violations of state or industrial standards for health and safety and any other related violations may result in civil liabilities and administrative penalties, such as compensation for damages, fines, suspension or shutdown of business, as well as confiscation of products illegally produced and sold and the proceeds from such sales. Severe violations may subject the responsible individual or enterprise to criminal liabilities. Where a defective product causes physical injury or damage of property, the victim may claim compensation from the manufacturer or from the seller of the product. If the seller pays compensation and it is the manufacturer that should bear the liability, the seller has a right of recourse against the manufacturer. Similarly, if the manufacturer pays compensation and it is the seller that should bear the liability, the manufacturer has a right of recourse against the seller.

#### Regulations Relating to Import and Export Goods
Pursuant to the Foreign Trade Law of the PRC which was promulgated by the SCNPC on May 12, 1994 and most recently amended on November 7, 2016, and Measures for the Archival Filing and Registration of Foreign Trade Business Operators which was promulgated by the MOFCOM on June 25, 2004 and revised on May 10, 2021, the PRC adopted a filing and registration system for foreign trade operators engaged in imports and exports of goods, implemented by the MOFCOM or its entrusted agencies. Foreign trade operators that have not filed for registration in accordance with the provisions will be declined by the Customs to carry out the customs clearance and inspection procedures for import and export of goods.

Pursuant to the Customs Law of the PRC promulgated by the SCNPC on January 22, 1987 and most recently amended on April 29, 2021 and related regulations, the declaration of import and export goods may be made by consignees and consignors themselves, and such formalities may also be completed by their entrusted Customs brokers that have been put on record at the Customs. The consignees and consignors for import or export goods and the Customs brokers engaged in Customs declaration shall file record with the Customs in accordance with the law. Principal regulations on the inspection of import and export commodities are set forth in the Law of the PRC on Import and Export Commodity Inspection promulgated by the SCNPC on February 21, 1989 and most recently amended on April 29, 2021 and its implementation rules. According to the aforesaid relevant laws and regulations, the import and export commodities that are subject to compulsory inspection listed in the catalogue compiled by the State administration shall be inspected by the commodity inspection authorities established according to the laws, and the import and export commodities that are not subject to statutory inspection shall be subject to random inspection. Consignees and consignors themselves or its entrusted agent may apply for inspection to the commodity inspection authorities.

#### Regulations Relating to Environmental Protection
Enterprises conducting manufacturing activities in China are subject to provisions under PRC environmental laws and regulations on noise, wastewater, air emission and other industrial waste. The major governing environmental laws and regulations consist of the Environmental Protection Law of the PRC, which was most

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recently amended on April 24, 2014 and became effective on January 1, 2015, the Law of the PRC on the Prevention and Control of Water Pollution, which was most recently amended on June 27, 2017 and became effective on January 1, 2018, the Law of the PRC on the Prevention and Control of Air Pollution, which was most recently amended and became effective on 26 October 2018, the Law of PRC on the Prevention and Control of Solid Waste Pollution, which was most recently amended on April 29, 2020 and became effective on September 1, 2020, and the Law of the PRC on the Prevention and Control of Noise Pollution, which was most recently amended and became effective on June 5, 2022 and relevant implementation rules (collectively "the Environmental Laws"). Pursuant to the Environmental Laws, PRC enterprises shall build requisite environmental treatment facilities affiliating to the manufacturing facilities, where waste air, wastewater and waste solids generated can be treated properly in accordance with the relevant provisions.

Pursuant to the Law of the PRC on Evaluation of Environment Effects, which was promulgated on October 28, 2002 and amended on July 2, 2016 and on December 29, 2018, Administrative Regulations on Environmental Protection for Construction Projects, which was promulgated on November 29, 1998 and amended on July 16, 2017 and became effective on October 1, 2017, and the Interim Measures for the Acceptance Inspections of Environment Protection Facilities of Construction Projects, which was promulgated by the Ministry of Environmental Protection of the PRC on November 20, 2017, enterprises that are planning construction projects should provide assessment reports, statement or registration form on the environmental impact of such projects. The assessment reports and statements must be approved by the competent environmental protection authorities prior to commencement of any construction work, while the registration forms shall be filed to them. Unless otherwise stipulated by laws and regulations, enterprises which are required to provide assessment reports and statements shall undertake the responsibility of acceptance inspections of the environmental protection facilities by itself upon the completion of the construction project. A construction project may be formally put into production or use only if the corresponding environmental protection facilities have passed the acceptance examination. The competent authorities may carry out spot check and supervision on the implementation of the environmental protection facilities.

#### Regulations Relating to Leasing
Pursuant to the Law on Administration of Urban Real Estate of the PRC, when leasing premises, the lessor and lessee are required to enter into a written lease contract, containing such provisions as the leasing term, use of the premises, price of the lease, repair liabilities, and other rights and obligations of both parties. Both lessor and lessee are also required to register the lease with the real estate administration department for the record. If the lessor and lessee fail to go through the registration procedures, both lessor and lessee may be subject to fines up to RMB 10,000 pursuant to the Administrative Measures on Leasing of Commodity Housing.

According to the Civil Code, the lessee may sublease the leased premises to a third party, subject to the consent of the lessor. Where the lessee subleases the premises, the lease contract between the lessee and the lessor remains valid. The lessor is entitled to terminate the lease contract if the lessee subleases the premises without the consent of the lessor. In addition, if the lessor transfers the premises, the lease contract between the lessee and the lessor will still remain valid.

Pursuant to the Civil Code, where the mortgaged property has been leased and assigned for possession prior to the establishment of the mortgage, the original leasehold relation shall not be affected by such mortgage.

#### Regulations Relating to Intellectual Property Rights
*Patent.* Patents in China are principally protected under the Patent Law of China. The Patent Law of China provides for three types of patents, "invention", "utility model" and "design". The National Intellectual Property Administration is responsible for examining and approving patent applications. The duration of a patent right is 10 years (utility model), 15 years (design) or 20 years (invention) from the date of application, depending on the type of patent right.

*Copyright.* Copyright in China, including copyrighted software, is principally protected under the Copyright Law of China and related rules and regulations. Under the Copyright Law, for a company, the term of protection for copyright is 50 years from the completion of its works (the right of publication) or the first publication of its work. Pursuant to the Computer Software Copyright Protection Regulations promulgated by the State Council on

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December 20, 2001 and amended on January 30, 2013, the software copyright owner may go through the registration formalities with a software registration authority recognized by the State Council's copyright administrative department.

*Trademark.* Registered trademarks are protected under the Trademark Law of China and related rules and regulations. Trademarks are registered with the Trademark Office of the State Administration for Industry and Commerce. The Trademark Law has adopted a first-to-file principle with respect to trademark registration. Where registration is sought for a trademark that is identical or similar to another trademark that has already been registered or given preliminary examination and approval for use in the same or similar category of commodities or services, the application for registration of such trademark could be rejected. Trademark registrations are effective for a renewable ten-year period, unless otherwise revoked.

*Domain names.* Domain names are protected under the Administrative Measures on the Internet Domain Names (2017) promulgated by the MIIT. The MIIT is the major regulatory body responsible for the administration of the Chinese Internet domain names, under supervision of which the China Internet Network Information Center ("CNNIC") is responsible for the daily administration of .cn domain names and Chinese domain names. MIIT adopts the "first to file" principle with respect to the registration of domain names. Applicants for registration of domain names must provide the true, accurate, and complete information of their identities to domain name registration service institutions. The applicants will become the holder of such domain names upon the completion of the registration procedure.

#### Regulations Relating to Labor
Pursuant to the China Labor Law (2018), and the China Labor Contract Law (2012), a written labor contract is required when an employment relationship is established between an employer and an employee. The China Labor Law stipulates the maximum number of working hours per day and per week while other labor-related regulations and rules of China stipulate the minimum wages. An employer is required to set up occupational safety and sanitation systems, implement the national occupational safety and sanitation rules and standards, educate employees on occupational safety and sanitation, prevent accidents at work and reduce occupational hazards.

An employer is obligated to sign an indefinite term labor contract with an employee if the employer continues to employ the employee after two consecutive fixed-term labor contracts, with certain exceptions. The employer also has to pay compensation to the employee if the employer terminates an indefinite term labor contract, with certain exceptions. Except where the employer proposes to renew a labor contract by maintaining or raising the conditions of the labor contract and the employee is not agreeable to the renewal, an employer is required to compensate the employee when a definite term labor contract expires. Furthermore, under the Regulations on Paid Annual Leave for Employees issued by the State Council in December 2007 and effective as of January 2008, an employee who has served an employer for more than one year and less than ten years is entitled to a 5-day paid vacation, those whose service period ranges from 10 to 20 years are entitled to a 10-day paid vacation, and those who have served for more than 20 years are entitled to a 15-day paid vacation. An employee who does not use such vacation time at the request of the employer must be compensated at three times their normal daily salaries for each waived vacation day.

Pursuant to the Regulations on Occupational Injury Insurance which was adopted in 2004 and amended in 2010, and the Interim Measures concerning the Maternity Insurance for Enterprise Employees, which was adopted in 1995, Chinese companies must pay occupational injury insurance premiums and maternity insurance premiums for their employees. Pursuant to the Interim Regulations on the Collection and Payment of Social Insurance Premiums, which was adopted in 1999 and amended in 2019, basic pension insurance, medical insurance and unemployment insurance are collectively referred to as social insurance. Both Chinese companies and their employees are required to contribute to the social insurance plans. The aforesaid measures are reiterated in the Social Insurance Law of China, which was adopted in July 2011 and amended in December 2018, which stipulates the system of social insurance of China, including basic pension insurance, medical insurance, unemployment insurance, occupational injury insurance and maternity insurance. According to the Social Insurance Law of China, an employer that fails to make social insurance contributions may be ordered to pay the required contributions within a stipulated time limit and be subject to a late fee at the rate of 0.05% per day of the outstanding amount from the due date. If the employer still fails to rectify the failure to make social insurance contributions within the stipulated deadline, it may be subject to a fine ranging from one to three times the amount overdue. In July 2018, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the

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Reform Plan of the Taxation and Collection Systems of National Taxes and Local Taxes, which states that, effective from January 1, 2019, the aforesaid social insurance premiums shall be levied by the tax authorities. Under the new system, the social insurance premiums collection is likely to be stringently administrated and enforced. Pursuant to the Regulations on the Administration of Housing Fund, which was adopted in 1999 and amended in 2002 and 2019, Chinese companies must register with applicable housing fund management centers and help each of their employees to establish a special housing fund account in an entrusted bank. Both Chinese companies and their employees are required to contribute to the housing funds. According to the Regulations on the Administration of Housing Fund, an enterprise that fails to make housing fund contributions may be ordered to rectify the noncompliance and pay the required contributions within a stipulated time limit; otherwise, an application may be made to a local court for compulsory enforcement.

#### Regulations Relating to Privacy, Data Security, Cybersecurity and Data Protection
The PRC Criminal Law, as amended by its Amendment 7 (effective on February 28, 2009) and Amendment 9 (effective on November 1, 2015), prohibits institutions, companies and their employees from selling or otherwise illegally disclosing a citizen's personal information obtained during the course of performing duties or providing services or obtaining such information through theft or other illegal ways. The Civil Code of the PRC issued by the NPC on May 28, 2020 and effective from January 1, 2021 provides main legal basis for privacy and personal information infringement claims under the Chinese civil laws.

On November 7, 2016, the Standing Committee of the National People's Congress of the PRC issued the Cyber Security Law of the PRC, or Cyber Security Law, which became effective on June 1, 2017. Pursuant to the Cyber Security Law, network operators must not, without users' consent, collect their personal information, and may only collect users' personal information necessary to provide their services. Providers are also obliged to provide security maintenance for their products and services and shall comply with provisions regarding the protection of personal information as stipulated under the relevant laws and regulations. The Cyber Security Law is the first PRC law that systematically lays out the regulatory requirements on cybersecurity and data protection, subjecting many previously under-regulated or unregulated activities in cyberspace to government scrutiny.

In April 2020, the CAC and certain other PRC regulatory authorities promulgated Cybersecurity Review Measures, which came into effect on June 1, 2020. According to the Cybersecurity Review Measures, operators of critical information infrastructure must pass a cybersecurity review when purchasing network products and services which do or may affect national security.

The PRC Data Security Law, which was promulgated by the SCNPC on June 10, 2021 and took effect on September 1, 2021, requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for the purpose of data protection, data processing activities must be conducted based on data classification and hierarchical protection system for data security. As the Data Security Law was recently promulgated, we may be required to make further adjustments to our business practices to comply with this law. If our data processing activities were found to be not in compliance with this law, we could be ordered to make corrections, and under certain serious circumstances, such as severe data divulgence, we could be subject to penalties, including the revocation of our business licenses or other permits.

Furthermore, the Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law issued on July 6, 2021 require (i) speeding up the revision of the provisions on strengthening the confidentiality and archives management relating to overseas issuance and listing of securities and (ii) improving the laws and regulations relating to data security, cross-border data flow, and management of confidential information.

On July 10, 2021, the Cyberspace Administration of China issued a revised draft of the Measures for Cybersecurity Review for public comments ("Draft Measures"), which required that, in addition to "operator of critical information infrastructure", any "data processor" carrying out data processing activities that affect or may affect national security should also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad. The Cyberspace Administration of China has said that under the proposed rules companies holding data on more than 1,000,000 users must now apply for cybersecurity approval when seeking listings in other nations

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because of the risk that such data and personal information could be "affected, controlled, and maliciously exploited by foreign governments," The cybersecurity review will also investigate the potential national security risks from overseas IPOs.

On December 28, 2021, the CAC, the National Development and Reform Commission ("NDRC"), and several other administrations jointly issued the revised Measures for Cybersecurity Review, or the Revised Review Measures. According to the Revised Review Measures, if an "online platform operator" that is in possession of personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. Given the recency of the issuance of the Revised Review Measures, there is a general lack of guidance and substantial uncertainties exist with respect to their interpretation and implementation.

Furthermore, the CAC released the draft of the Regulations on Network Data Security Management in November 2021 for public consultation, which among other things, stipulates that a data processor listed overseas must conduct an annual data security review by itself or by engaging a data security service provider and submit the annual data security review report for a given year to the municipal cybersecurity department before January 31 of the following year.

As there remain uncertainties regarding the further interpretation and implementation of those laws and regulations, we cannot assure you that we will be compliant such new regulations in all respects, and we may be ordered to rectify and terminate any actions that are deemed illegal by the regulatory authorities and become subject to fines and other sanctions. As a result, we may be required to suspend our relevant businesses or face other penalties, which may materially and adversely affect our business, financial condition, and results of operations.

#### Regulations Relating to Anti-Monopoly in China
The PRC Anti-monopoly Law which took effect on August 1, 2008, prohibits monopolistic conduct such as entering into monopoly agreements, abuse of dominant market position and concentration of undertakings that have the effect of eliminating or restricting competition.

A business operator with a dominant market position may not abuse its dominant market position to conduct acts such as selling commodities at unfairly high prices or buying commodities at unfairly low prices, selling products at prices below cost without any justifiable cause, and refusing to trade with a trading party without any justifiable cause. Sanctions for the violations of the prohibition on the abuse of dominant market position include an order to cease the relevant activities, confiscation of the illegal gains and fines (from 1% to 10% of sales revenue from the previous year). On June 26, 2019, the SAMR issued the Interim Provisions on the Prohibitions of Acts of Abuse of Dominant Market Positions, which took effect on September 1, 2019 to further prevent and prohibit the abuse of dominant market positions.

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#### MANAGEMENT
The following table sets forth our executive officers and directors, their ages and the positions held by them:

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| | | | |
|:---|:---|:---|:---|
|  **Name** | **Age** | **Position** | **Appointed** |
|  Jiawen Miao<sup>(1)</sup> | 61 | Chief Executive Officer and Chairman of the Board | 2021 |
|  Chunmei Lei<sup>(1)</sup> | 45 | Chief Financial Officer | 2022 |
|  Fan Zhang<sup>(1)</sup> | 34 | Vice President of Sales and Director | 2021 |
|  Yabin Su<sup>(1)</sup> | 35 | Chief Operating Officer | 2021 |
|  Rongxing Zhang<sup>(1)(2)(3)(4)</sup> | 58 | Independent Director | 2021 |
|  Cheng Cao<sup>(1)(2)(3)(4)</sup> | 58 | Independent Director | 2021 |
|  Daming Xie<sup>(1)(2)(3)(4)</sup> | 63 | Independent Director | 2021 |

---

____________

(1) The individual's business address is Building 8, No. 6 Jingye Road, Torch Hi-tech Development District, Zhongshan City, Guangdong, PRC.

(2) The individual's business address is Building 8, No. 6 Jingye Road, Torch Hi-tech Development District, Zhongshan City, Guangdong, PRC.

(3) Member of audit committee.

(4) Member of compensation committee.

**Jiawen Miao**. Mr. Miao was appointed as the chairman of the board, chief executive officer and a director of Harden in April 2021. Since May 2010, he has also served as the managing director of Harden Machinery. From January 2001 until December 2010, Mr. Miao served as the senior vice president for K&J, LLC, a management consulting company in California. From July 1998 until December 2000, he served as the China operation manager for SMS Group GmbH, a German machinery manufacturer. From 1996 until June 1998, Mr. Miao served as a product manager for Conair Group, Inc., a machinery manufacturer in Pittsburgh. Mr. Miao received (i) a master's degree in chemical engineering from the University of Southwestern Louisiana (US) in 1994, (ii) a master's degree in international management from the Thunderbird School of Global Management (US) in 1996, (iii) a master's degree in engineering from South China University of Technologies (PRC) in 1988 and (iv) a bachelor's degree in engineering from Southwestern Jiaotong University in the PRC in 1983. Mr. Miao was nominated as a director due to his experience servicing in executive positions at companies operating in the machine manufacturing industry and his extensive knowledge, experience and relationships in China's industrial recycling industry.

**Chunmei Lei**. Ms. Lei was appointed as our Chief Financial Officer in December 2021. From July 2013 until November 2021, she served as a consulting manager for Guangzhou Kenipu Enterprise Management Consulting Co., Ltd., a Guangzhou-based consulting company; and she also served as the legal representative and shareholder such company. From December 2009 until July 2012, Ms. Lei served as a finance manager for Foshan Kohler Co., Ltd., an affiliate of an American company producing sanitary ceramic products. From January 2007 until November 2009, she served a finance manager for Moidecar (Foshan) Display Manufacturing Co., Ltd., an affiliate of a Spanish company producing ceramic displays. From December 2004 until December 2006, Ms. Lei served as a senior accounting manager for Autoliv (Guangzhou) Vehicle Safety Systems Co., Ltd., an affiliate of a Swedish company producing automotive safety equipment. From August 2002 until October 2004, Ms. Lei served as a finance manager for Essel Propack (Guangzhou) Co., Ltd., an affiliate of an Indian company producing toothpaste packaging. From June 1999 until July 2002, she served as an accounting supervisor for Outokumpu Copper Tube (Zhongshan) Co., Ltd., an affiliate of a Finnish company producing copper tube for air conditioner. **Ms. Lei received an associate's degree in accounting from Huazhong University of Science and Technology in 1998.**

**Fan Zhang**. Mr. Zhang was appointed as our vice president of sales and a director of Harden in April 2021. From October 2018 until April 2021, he served as the director of sales in Harden Machinery. From December 2016 until October 2018, Mr. Zhang served as the director of marketing for Harden Machinery. From May 2010 until December 2016, Mr. Zhang served as the director of marketing for Harden Machinery. From August 2008 until May 2010, Mr. Zhang served as the director of marketing Zhongshan Hengdong Machinery Co., Ltd., an industrial recycling company specializing in the development and manufacture of solid waste crushing and tearing systems. Mr. Zhang received a bachelor's degree in engineering from Guangxi University of Science and Technology (PRC) in 2008.

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**Yabin Su**. Mr. Su was appointed as our Chief Operating Officer of Harden in April 2021. Since December 2017, Mr. Su has also served as the chief operating officer of Harden Machinery. From April 2011 to December 2017, Mr. Su served as a workshop manager and operations manager of Harden Machinery. From July 2008 until March 2011, Mr. Su served as the production line team lead of the Nanning Paper Industry Branch of Guangxi Huajin Group Co., Ltd., a joint venture engaging in paper production and sales. He received a bachelor's degree in engineering from Guangxi University of Science and Technology (PRC) in 2008.

**Rongxing Zhang**. Mr. Rongxing Zhang has served as an independent director of Harden since April 2021. Since October 2018, Mr. Zhang has served as the finance and investment director of China Venture Investment Company Limited (Beijing), one of the pioneers of China's venture capital industry. From April 2012 until September 2017, Mr. Zhang served as the vice president of Han's Laser Technology Co., Ltd., a leader in China's laser industry which is traded on the Shenzhen Stock Exchange (stock code 002008). From July 2011 until March 2012, he served as the Company Secretary of Fujian Fengzhu Textile Co., Ltd., a large knitting bleaching and dyeing manufacturer in Fujian Province, PRC that is traded on the Shanghai Stock Exchange (stock code 600439). From June 2007 until June 2011, Mr. Zhang served as the general manager of Tiger Asset Management Co., Ltd., a private asset management company in Shenzhen, PRC. From June 1993 until June 2007, he served as an executive director and a company secretary of Shenzhen Expressway Co., Ltd., a state-owned infrastructure operation company traded on both the Hong Kong Stock Exchange (stock code 0548) and the Shanghai Stock Exchange (stock code 600548). From April 1993 to May 1996, he served as the head of human resources and deputy director of the share reform office of Xingtong Industrial Development (Shenzhen) Co., Ltd. From July 1988 until May 1993, Mr. Zhang served as the chief of the production technology section and the deputy director of the general manager's Office of Shenzhen China Bicycle Co., Ltd., a leading world-wide bicycle manufacturer traded on the Shenzhen Stock Exchange (stock code 000017). Mr. Zhang received a bachelor's degree in engineering from South China University of Technology (PRC) in 1985. Mr. Zhang received a master's degree in engineering from South China University of Technology (PRC) in 1988. In addition, Mr. Zhang received a master's degree in business administration from Cardiff University (United Kingdom) in 2005. Mr. Zhang was nominated as a director due to his extensive experience in public finance and venture capital financing throughout China and with publicly listed companies.

**Cheng Cao**. Mr. Cao has served as an independent director of Harden since April 2021. Since January 2016, Mr. Cao has served as the Director of Accounting of 9 Plus Resource Ltd., a non-ferrous metals trading company based in Hong Kong. From October 2012 until December 2015, Mr. Cao served as a finance manager of Cliveden (Shanghai) AG, a non-ferrous metals trading company. From April 2001 until March 2008, he served as a manager of Vibes Base Enterprises, Inc., a women's clothing manufacturing company headquartered in the US. From April 1996 until December 2000, Mr. Cao served as a certified public accountant for Optiva Corp. (Sonicare), a US-based manufacturer of rechargeable oral hygiene products. Mr. Cao received a bachelor's degree in mechanical engineering from Harbin Engineering University (PRC) in 1985, a master's degree in mechanical engineering from South China University of Technology and Engineering (PRC) in 1988, and a master's degree in business administration in Finance Management from City University, Seattle Washington (US) in 1996. Mr. Cao is qualified as a certified public accountant in the US, and he was nominated as a director as a result of his extensive experience in accounting.

**Daming Xie**. Mr. Xie has served as an independent director of Harden since April 2021. From April 2018 until July 2020, Mr. Xie served as a special advisor to Merck Holding (China) Co., Ltd., a wholly-owned subsidiary of Merck KGaA, a multi-national company specializing in healthcare, life science and electronics ("Merck"). From April 2015 until March 2018, Mr. Xie served as a director of controlling performance materials for Merck Holding (China) Co., Ltd. From May 2014 until March 2015, Mr. Xie served as the president of Merck Electronic Materials (Suzhou) Limited, a Merck subsidiary. From January 2006 until May 2014, Mr. Xie served as the president, site director and finance director of AZ Electronic Materials (Suzhou) Ltd., a subsidiary of AZ Electronic Materials plc, a global specialty chemicals company. Mr. Xie received a bachelor's degree in economics from Goshen College (US) in 1990. He also received a master's degree in business administration from the Thunderbird School of Global Management (US) in 1996. Mr. Xie was nominated as a director because of his extensive experience in manufacturing and global finance matters.

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#### Executive Compensation
Our Board of Directors has not adopted or established a formal policy or procedure for determining the amount of compensation paid to our executive officers. Currently, our Board of Directors determines the compensation to be paid to our executive officers based on our financial and operating performance and prospects, and contributions made by the officers to our success. Each of our named executive officers is measured by a series of performance criteria by the Board of Directors, or the compensation committee on a yearly basis. Such criteria are set forth based on certain objective parameters such as job characteristics, required professionalism, management skills, interpersonal skills, related experience, personal performance and overall corporate performance. The Board of Directors will make an independent evaluation of appropriate compensation to key employees, with input from management. The Board of Directors has oversight of executive compensation plans, policies and programs

In 2021, we expensed an aggregate of approximately $304,784 as salaries, bonuses and fees to our senior officers named in this prospectus. Other than salaries, fees and share incentives, we do not otherwise provide pension, retirement or similar benefits to our officers and directors.

#### Employment Agreements
The contracts that we have entered into with executive officers include the following:

#### Employment Agreement of Mr. Jiawen Miao
We entered into an employment agreement with Jiawen Miao effective April 8, 2021, providing for Mr. Miao to serve as the Company's chief executive officer. Under the terms of Mr. Miao's employment agreement, Mr. Miao is, among other matters, to take overall responsibility for the operational management and financial management of the Company in compliance with all applicable laws and devote a minimum of forty hours per week to the Company's business and affairs and in return will be entitled to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual compensation of RMB 734,400 (approximately $108,695); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reimbursement of reasonable business expenses.

Mr. Miao's employment agreement does not contain a term and may be terminated by Mr. Miao or the Company upon 30 days' advance notice. Additionally, Mr. Miao has entered into a separate confidentiality and intangible asset use and protection agreement, effective April 8, 2021, by which he agreed to protect the confidentiality of the Company's intellectual property.

#### Employment Agreement of Ms. Chunmei Lei
We entered into an employment agreement with Chunmei Lei effective December 1, 2021, providing for Ms. Lei to serve as the Company's chief finance officer and secretary. Under the terms of Ms. Lei's employment agreement, Ms. Lei is, among other matters, to take overall responsibility for the finance management of the Company in compliance with all applicable laws and devote a minimum of forty hours per week to the Company's business and affairs and in return will be entitled to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual compensation of RMB 240,000 (approximately $35,521); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reimbursement of reasonable business expenses.

Ms. Lei's employment agreement has a term of 1 year and may be terminated by Ms. Lei or the Company upon 30 days' advance notice. Additionally, Ms. Lei has entered into a separate confidentiality and intangible asset use and protection agreement, effective December 1, 2021, by which she agreed to protect the confidentiality of the Company's intellectual property.

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#### Employment Agreement of Mr. Fan Zhang
We entered into an employment agreement with Fan Zhang effective April 8, 2021, providing for Mr. Zhang to serve as the Company's vice president of sales. Under the terms of Mr. Zhang's employment agreement, Mr. Zhang is, among other matters, to take overall responsibility for the sales management of the Company in compliance with all applicable laws and devote a minimum of forty hours per week to the Company's business and affairs and in return will be entitled to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual compensation of RMB 380,400 (approximately $58,299); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reimbursement of reasonable business expenses.

Mr. Zhang's employment agreement does not contain a term and may be terminated by Mr. Zhang or the Company upon 30 days' advance notice. Additionally, Mr. Zhang has entered into a separate confidentiality and intangible asset use and protection agreement, effective April 8, 2021, by which he agreed to protect the confidentiality of the Company's intellectual property.

#### Employment Agreement of Mr. Yabin Su
We entered into an employment agreement with Yabin Su effective April 8, 2021, providing for Mr. Su to serve as the Company's chief operating officer. Under the terms of Mr. Su's employment agreement, Mr. Su is, among other matters, to take overall responsibility for the operation and management of the Company in compliance with all applicable laws and devote a minimum of forty hours per week to the Company's business and affairs and in return will be entitled to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual compensation of RMB 380,400 (approximately $58,299); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reimbursement of reasonable business expenses.

Mr. Su's employment agreement does not contain a term and may be terminated by Mr. Su or the Company upon 30 days' advance notice. Additionally, Mr. Su has entered into a separate confidentiality and intangible asset use and protection agreement, effective April 8, 2021, by which he agreed to protect the confidentiality of the Company's intellectual property.

Under Chinese law, there are some situations where we can terminate employment agreements of employees of our Chinese Operating Companies without paying economic compensation, such as (i) the employer maintains or raises the employment conditions but the employee refuses to accept the new employment agreement; (ii) when the employment agreement is scheduled to expire; (iii) the employee is retired in accordance with laws; or (iv) the employee is dead, declared dead or has disappeared. For termination of employment in absence of legal cause we are obligated to pay the employee two-month's salary for each year we have employed the employee. We are, however, permitted to terminate an employee for cause without paying economic compensation, such as when the employee has committed a crime, being proved unqualified for recruitment during the probation period, seriously violating the rules and regulations of the employer, or the employee's actions or inactions have resulted in a material adverse effect to us.

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#### Board of Directors and Board Committees

#### Composition of Board
Our Board of Directors currently consists of five directors. We expect that all current directors will continue to serve after this offering. There are no family relationships between any of our executive officers and directors.

The directors will be divided into three classes, as nearly equal in number as the then total number of directors permits. All directors hold office until the next annual meeting of shareholders at which their respective class of directors is re-elected and until their successors have been duly elected and qualified. Officers are elected by and serve at the discretion of the Board of Directors. Class A directors faced reelection at our 2021 annual general meeting of shareholders and shall face reelection every three years thereafter. Class B directors faced reelection at our 2022 annual general meeting of shareholders and shall face reelection every three years thereafter. Class C directors shall face re-election at our 2023 annual general meeting of shareholders and every three years thereafter.

If the number of directors changes, any increase or decrease will be apportioned among the classes so as to maintain the number of directors in each class as nearly as possible. Any additional director of a class elected to fill a vacancy resulting from an increase in such class will hold office for a term that coincides with the remaining term of that class. Decreases in the number of directors will not shorten the term of any incumbent director. These board provisions could make it more difficult for third parties to gain control of our Company by making it difficult to replace members of the Board of Directors.

There are no membership qualifications for directors. Further, there are no share ownership qualifications for directors unless so fixed by us in a general meeting.

The Board of Directors maintains a majority of independent directors who are deemed to be independent under the definition of independence provided by Nasdaq Stock Market Rule 4200(a)(15). Mr. RongXing Zhang, Mr. Cao and Mr. Xie are our independent directors.

There are no other arrangements or understandings pursuant to which our directors are selected or nominated. We do not have any service contacts with our directors that provide for benefits upon termination of employment.

Our Board of Directors plays a significant role in our risk oversight. The Board of Directors makes all relevant company decisions. As such, it is important for us to have our chief executive officer serve on the Board as he play key roles in the risk oversight or the Company. As a smaller reporting company with a small Board of Directors, we believe it is appropriate to have the involvement and input of all of our directors in risk oversight matters.

#### Board Committees
Our Board of Directors has established an Audit Committee, a Compensation Committee and a Nomination Committee, which have the responsibilities and authority necessary to comply with applicable Nasdaq and SEC rules. All such committees are comprised of our independent directors: Mr. Rongxing Zhang, Mr. Cao and Mr. Xie.

*Audit Committee*

Mr. Xie serves as the chair of the Audit Committee. The Audit Committee members satisfy the independence requirements of the Nasdaq rules and the independence standards of Rule 10A-3 under the Exchange Act. Our Board of Directors has determined that Mr. Xie possesses accounting or related financial management experience that qualifies him as an "audit committee financial expert" as defined by the rules and regulations of the SEC and Nasdaq. The Audit Committee will oversee our accounting and financial reporting processes and the audits of our financial statements. The Audit Committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with the independent auditors any audit problems or difficulties and management's response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the annual audited financial statements with management and the independent auditors;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all proposed related party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting separately and periodically with management and the independent auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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*

Mr. Rongxing Zhang serves as the chair of the Compensation Committee. The Compensation Committee members satisfy the independence requirements of the Nasdaq rules and the independence standards of Rule 10A-3 under the Exchange Act. The Compensation Committee will assist our board of directors in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer shall not be present during voting or deliberations regarding his or her compensation. The Compensation Committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and making recommendations to our board of directors regarding the salaries and other compensation of our executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and making recommendations to our board of directors regarding compensation of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving, or making recommendations to our board of directors, regarding, equity incentive plans, compensation plans and similar programs or arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting, at its discretion, compensation consultants, legal counsel and other advisors.

*Nomination Committee*

Mr. Cao serves as the chair of the Nomination Committee. The Nomination Committee members satisfy the independence requirements of the Nasdaq rules and the independence standards of Rule 10A-3 under the Exchange Act. The Nomination Committee will assist our board of directors in selecting individuals qualified to become our Directors and in determining the composition of our board of directors and its committees. The Nomination and Committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending nominees to our board of directors for election or reelection to our board of directors and for appointment to fill any vacancy on our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing periodically the composition of our board of directors and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending directors to serve as members of the committees of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending corporate governance principles applicable to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing evaluations of our board of directors, individual directors and the committees of our board of directors.

The composition of these committees meets the criteria for independence under, and the functioning of these committees will comply with the applicable requirements of, the Nasdaq and SEC rules and regulations. We intend to comply with future requirements as they become applicable to us.

#### Code of Business Conduct and Ethics
In connection with this offering, we have adopted a code of business conduct and ethics, which is applicable to all of our directors, executive officers and employees and is publicly available.

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#### Duties of Directors
Under British Virgin Islands law, our directors have a duty to act honestly, in good faith and with a view to our best interests. Our directors also have a duty to exercise the care, diligence and skills that a reasonably prudent person would exercise in comparable circumstances. See "Description of Shares — Differences in Corporate Law" for additional information on our directors' fiduciary duties under British Virgin Islands law. In fulfilling their duty of care to us, our directors must ensure compliance with our Memorandum and Articles of Association. Shareholders shall have the right to seek damages if a duty owed by our directors is breached.

The functions and powers of our board of directors include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• having all the powers necessary for managing and for directing and supervising, the business and affairs for the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing officers and determining the term of office of the officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fixing the emoluments of officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising all powers of the Company to incur indebtedness, liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• designating committees of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executing checks, promissory notes, drafts, bills of exchange and other negotiable instruments on behalf of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining that any sale, transfer, lease, exchange, or other disposition is in the usual or regular course of the business carried on by the Company and such determination is, in the absence of fraud, conclusive.

#### Interested Transactions
A director may vote, attend a board meeting or sign a document on our behalf with respect to any contract or transaction in which he or she is interested. A director must promptly disclose the interest to all other directors after becoming aware of the fact that he or she is interested in a transaction we have entered into or are to enter into. A general notice or disclosure to the board or otherwise contained in the minutes of a meeting or a written resolution of the board or any committee of the board that a director is a shareholder, director, officer or trustee of any specified firm or company and is to be regarded as interested in any transaction with such firm or company will be sufficient disclosure, and, after such general notice, it will not be necessary to give special notice relating to any particular transaction. A director may be counted for a quorum upon a motion in respect of any contract or arrangement which he shall make with our Company, or in which he is so interested and may vote on such motion.

#### Remuneration and Borrowing
The directors may receive such remuneration as our board of directors may determine from time to time. Each director is entitled to be repaid or prepaid for all traveling, hotel and incidental expenses reasonably incurred or expected to be incurred in attending meetings of our board of directors or committees of our board of directors or shareholder meetings or otherwise in connection with the discharge of his or her duties as a director. The compensation committee will assist the directors in reviewing and approving the compensation structure for the directors.

Our board of directors may exercise all the powers of the company to borrow money and to mortgage or charge our undertakings and property or any part thereof, to issue debentures, debenture stock and other securities whenever money is borrowed or as security for any debt, liability or obligation of the company or of any third party.

#### Qualification
A director is not required to hold shares as a qualification to office.

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#### Director Compensation
Officers are elected by and serve at the discretion of the board of directors. Employee directors do not receive any compensation for their services. Non-employee directors are entitled to receive $12,000 per year plus compensation for their actual travel expenses for each board of directors meeting attended. We did not pay our non-employee directors' compensation in 2022, because the directors' compensation will become effective upon completion of this offering.

#### Foreign Private Issuer Exemption
We are a "foreign private issuer," as defined by the SEC. As a result, in accordance with the rules and regulations of Nasdaq, we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, from providing current reports on Form 8-K disclosing significant events within four (4) days of their occurrence, and from the disclosure requirements of Regulation FD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from Section 16 rules regarding sales of ordinary shares by insiders, which will provide less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the Nasdaq rules applicable to domestic issuers requiring disclosure within four (4) business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private issuer exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that our board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirements that director nominees are selected, or recommended for selection by our board of directors, either by (i) independent directors constituting a majority of our board of directors' independent directors in a vote in which only independent directors participate, or (ii) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable, addressing the nominations process is adopted.

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

Although we are permitted to follow certain corporate governance rules that conform to British Virgin Islands requirements in lieu of many of the Nasdaq corporate governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers, including the requirement to hold annual meetings of shareholders.

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#### Other Corporate Governance Matters
The Sarbanes-Oxley Act of 2002, as well as related rules subsequently implemented by the SEC, requires foreign private issuers, including us, to comply with various corporate governance practices. In addition, Nasdaq rules provide that foreign private issuers may follow home country practices in lieu of the Nasdaq corporate governance standards, subject to certain exceptions and except to the extent that such exemptions would be contrary to U.S. federal securities laws.

Because we are a foreign private issuer, our members of our board of directors, executive board members and senior management are not subject to short-swing profit and insider trading reporting obligations under section 16 of the Exchange Act. They will, however, be subject to the obligations to report changes in share ownership under section 13 of the Exchange Act and related SEC rules.

We may also be eligible to utilize the controlled company exemptions under the Nasdaq corporate governance rules if more than 50% of our voting power is held by an individual, a group or another company. Pursuant to the Nasdaq corporate governance rules, in order for a group to exist, such shareholders must have publicly filed a notice that they are acting as a group (i.e., a Schedule 13D). We do not currently expect that more than 50% of our voting power will be held by an individual, a group or another company immediately following the consummation of this offering.

#### Limitation of Director and Officer Liability
Under British Virgin Islands law, each of our directors and officers, in performing his or her functions, is required to act honestly and in good faith with a view to our best interests. Our Memorandum and Articles of Association provide that, to the fullest extent permitted by British Virgin Islands law or any other applicable laws, our directors will not be personally liable to us or our shareholders for any acts or omissions in the performance of their duties. Such limitation of liability does not affect the availability of equitable remedies such as injunctive relief or rescission. These provisions will not limit the liability of directors under United States federal securities laws.

We may indemnify any of our directors or anyone serving at our request as a director of another entity against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings. We may only indemnify a director if he or she acted honestly and in good faith with the view to our best interests and, in the case of criminal proceedings, the director had no reasonable cause to believe that his or her conduct was unlawful. The decision of our board of directors as to whether the director acted honestly and in good faith with a view to our best interests and as to whether the director had no reasonable cause to believe that his or her conduct was unlawful, is in the absence of fraud sufficient for the purposes of indemnification, unless a question of law is involved. The termination of any proceedings by any judgment, order, settlement, conviction or the entry of no plea does not, by itself, create a presumption that a director did not act honestly and in good faith and with a view to our best interests or that the director had reasonable cause to believe that his or her conduct was unlawful. If a director to be indemnified has been successful in defense of any proceedings referred to above, the director is entitled to be indemnified against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by the director or officer in connection with the proceedings.

We may purchase and maintain insurance in relation to any of our directors or officers against any liability asserted against the directors or officers and incurred by the directors or officers in that capacity, whether or not we have or would have had the power to indemnify the directors or officers against the liability as provided in our Memorandum and Articles of Association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted for our directors or officers 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 as a matter of United States law.

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#### RELATED PARTY TRANSACTIONS
Related parties of the Company consist of the following:

---

| | |
|:---|:---|
|  **Name of Related Party** | **Relationship to the Company** |
|  Zhongshan Demark Environmental Technology Co., Ltd. ("Demark") | An entity controlled by the Company's shareholders |
|  Zhongshan Lvduosen Machinery Manufacturing Co., Ltd. ("Lvduosen")\* | An entity partially owned by the Company's shareholders |
|  Zhongshan Xuanrui Cutting Tools Technology Co., Ltd. ("Xuanrui") | An entity partially owned by the Company's shareholders |
|  Shenzhen Zaijiede Solid-Waste Disposal Co., Ltd. ("Zaijiede") | An entity controlled by the Company's shareholders. |
|  Harden Industries Ltd. | An entity controlled by the Company's shareholders. |

---

____________

\* It was previously known as Zhongshan Daosen Machinery Co., Ltd.("Daosen").

#### Accounts receivable from a related party

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>June 30, <br>2022** | **<br>As of December 31,** | **<br>As of December 31,** |
|  | **As of <br>June 30, <br>2022** | **2021** | **2020** |
|  Zaijiede | $476021 | $894918 | $— |
|  Total | $476021 | $894918 | $— |

---

The $476,021 accounts receivable balance is still outstanding as of the date of this prospectus.

#### Sales to related parties

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>June 30,** | **For the six months ended <br>June 30,** |
|  | **2022** | **2021** |
|  Zaijiede | $88314  | $— |
|  Total | $88314  | $— |

---

For the six months ended June 30, 2022, the Company sold certain wood and green cutting shredders and related parts to Zaijiede. The related sales represented less than 1% of the Company's revenue for the six months ended June 30, 2022.

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>December 31,** | **For the years ended <br>December 31,** |
|  | **2021** | **2020** |
|  – Demark | $— | $461 |
|  – Zaijiede | 1130094 |  |
|  Total | $1130094 | $461 |

---

For the years ended December 31, 2021, the Company sold certain wood and green cutting shredders and related parts to Zaijiede. The related sales represented approximately 4% of the Company's revenue for the year ended December 31, 2021. The Company collected $392,250 as of May 31, 2022.

#### Accounts payable to related parties
Accounts payables to related parties consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2022** | **December 31, 2021** | **December 31, 2020** |
|  – Lvduosen | $| $239842 | $95145 |
|  – Xuanrui | 9966 | 183424 | 229044 |
|  – Demark |  |  | 155085 |
|  Total | $9966 | $423266 | $479274 |

---

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#### Advance to related party suppliers
Advance to related party suppliers consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2022** | **December 31, <br>2021** | **December 31, <br>2020** |
|  – Demark | $202218 | $36064 | $— |
|  – Lvduosen | 467428 |  |  |
|  – Xuanrui | 313282  |  |  |
|  | $982928 | $36064 | $— |

---

#### Purchases from related parties
For the six months ended June 30, 2022 and 2021, the Company purchased raw materials from Lvduosen, Xuanrui and Demark.

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>June 30,** | **For the six months ended <br>June 30,** |
|  | **2022** | **2021** |
|  Purchases from related parties |  |  |
| &nbsp;&nbsp;&nbsp; – Lvduosen | $510086  | $599317 |
| &nbsp;&nbsp;&nbsp; – Xuanrui | 534561  | 298805 |
| &nbsp;&nbsp;&nbsp; – Demark | 574681 | 475275 |
| &nbsp;&nbsp;&nbsp; Total | $1619328 | $1373397 |

---

For the years ended December 31, 2021and 2020, the Company purchased raw materials from Lvduosen, Xuanrui and Demark.

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>December 31,** | **For the years ended <br>December 31,** |
|  | **2021** | **2020** |
|  Purchases from related parties |  |  |
| &nbsp;&nbsp;&nbsp; – Lvduosen | $1265837 | $724852 |
| &nbsp;&nbsp;&nbsp; – Xuanrui | 704700 | 224663 |
| &nbsp;&nbsp;&nbsp; – Demark\* | 1208555 | 2208713 |
| &nbsp;&nbsp;&nbsp; Total | $3179092 | $3158228 |

---

____________

\* For the years ended December 31, 2021 and 2020, the Company purchased hydraulic pump and related parts in the amount of $1,208,555 and 2,208,713, respectively, from Demark to manufacture hydraulic-drive shredders. The purchase from Demark accounted for 7% and 12% of the Company's total purchase for the years ended December 31, 2021 and 2020, respectively.

#### Due to related parties

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2022** | **December 31, <br>2021** | **December 31, <br>2020** |
|  Due to related parties |  |  |  |
| &nbsp;&nbsp;&nbsp; – Jiawen Miao | $2523917 | $2552728 | $— |
| &nbsp;&nbsp;&nbsp; – Harden Industries Ltd. | 41811 | 41781 |  |
| &nbsp;&nbsp;&nbsp; – Fan Zhang | 41804  | 43932 |  |
| &nbsp;&nbsp;&nbsp; Total | $2607532 | $2638441 | $— |

---

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In May 2021, Harwell Technologies Ltd. (100% owned subsidiary of the Company) signed a loan agreement with Jiawen Miao to obtain an aggregate of $2,403,730 loan (or RMB 16.1 million) to acquire all the equity interests of Harden Machinery from its existing shareholders. The loan matured in 180 days and was interest-free if repaid upon maturity. An interest rate of 9.6% per annum applied after the maturity date. The Company did not repay the loan as of December 31, 2021. Interest expense amounted to $26,316 for the year ended December 31, 2021 and was accrued. The loan was subsequently extended to December 31, 2022. Unpaid loan and interest amounted to $2,552,728 as of December 31, 2021. Interest expense amounted to $98,014 for the six months ended June 30, 2022 and was accrued. Unpaid loan and interest amounted to $2,523,917 as of June 30, 2022.

As of June 30, 2022, the Company had due to Harden Industries Ltd. and Fan Zhang of $41,811 and $41,804, respectively, which were interest-free working capital loans due on demand. As of December 31, 2021, the Company had due to Harden Industries Ltd. and Fan Zhang of $41,780 and $43,932, respectively, which were interest-free working capital loans due on demand.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth certain information with respect to the beneficial ownership of our ordinary shares as of February 14, 2023, and as adjusted to reflect the sale of the ordinary shares offered by us for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each shareholder known by us to be the beneficial owner of more than 5% of our outstanding ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our named executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our directors and executive officers as a group.

We have determined beneficial ownership in accordance with the rules of the SEC, which generally define beneficial ownership to include any shares over which a person exercises sole or shared voting or investment power. Such determination is not necessarily indicative of beneficial ownership for any other purpose. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons and entities named in the table below have sole voting and investment power or the power to receive the economic benefit with respect to all ordinary shares that they beneficially own, subject to applicable community property laws. None of the shareholders listed in the table are a broker-dealer or an affiliate of a broker dealer.

As of February 14, 2023, the Company had one record holder in the United States, and this shareholder beneficially owned 100,000 of the Company's ordinary shares.

Applicable percentage ownership prior to the offering is based on 10,000,000 ordinary shares outstanding as of the date of this filing. The table also lists the percentage ownership after this offering based on 12,500,000 ordinary shares outstanding immediately after the completion of this offering, assuming no exercise of the underwriters' option to purchase additional ordinary shares from us in this offering. Unless otherwise indicated, the address of each beneficial owner listed in the table below is Harden Technologies Inc., Xingda Street, Torch Development Zone, Zhongshan City, Guangdong Province, 528400, People's Republic of China.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beneficial Ownership <br>Prior to Offering** | **Beneficial Ownership <br>Prior to Offering** | **Beneficial Ownership <br>After Offering** | **Beneficial Ownership <br>After Offering** |
|  **Name of Beneficial Owner** | **Ordinary Shares** | **Percentage<sup>(1)</sup>** | **Ordinary Shares** | **Percentage<sup>(2)</sup>** |
|  *Directors and executive officers:* |  |  |  |  |
|  Jiawen Miao<sup>(3)</sup> | 3856086 | 38.6% | 3856086 | 30.8% |
|  Chunmei Lei | 0 | \* | 0 | \* |
|  Fan Zhang<sup>(4)</sup> | 1265221 | 12.7% | 1265221 | 10.1% |
|  Yabin Su | 0 | \* | 0 | \* |
|  Rongxing Zhang | 0 | \* | 0 | \* |
|  Cheng Cao | 0 | \* | 0 | \* |
|  Daming Xie | 0 | \* | 0 | \* |
|  **All directors and executive officers as a group (7 persons)** | 5121307 | 51.2% | 5121307 | 41.0% |
|  *Other 5% or greater beneficial owners:* |  |  |  |  |
|  8Sections International<sup>(5)</sup> | 3856086 | 38.3% | 3856086 | 30.8% |
|  Lukay International Ltd.<sup>(6)</sup> | 1265221 | 12.6% | 1265221 | 10.1% |
|  Broadsail International Ltd.<sup>(7)</sup> | 764511 | 7.6% | 764511 | 6.1% |
|  Redarmor Ltd.<sup>(8)</sup> | 1680858 | 16.8% | 1680858 | 13.4% |
|  Hinomoto Ltd.<sup>(9)</sup> | 1838324 | 18.4% | 1838324 | 14.7% |
|  **Other 5% or greater beneficial owners as a group (5 persons)** | 9405000 | 94.0% | 9405000 | 75.2% |

---

____________

\* Less than 1%.

(1) Calculated using a total of 10,000,000 ordinary shares outstanding prior to the offering.

(2) Calculated using a total of 12,500,000 ordinary shares outstanding after the closing of the offering.

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(3) Includes 3,856,086 ordinary shares held of record by 8Sections International Inc., a British Virgin Islands company, of which Best World Trust serves as the sole shareholder. Mr. Miao serves as the trustee for Best World Trust.

(4) Includes 1,265,221 ordinary shares held of record by Lukay International Ltd., a British Virgin Islands company. Mr. Zhang is the sole shareholder of Lukay International Ltd.

(5) The address of 8Sections International, Inc. is 3<sup>rd</sup> Floor, J&C Building, Road Town, Tortola, British Virgin Islands VG1110. Mr. Miao holds voting and dispositive power over the ordinary shares beneficially owned by 8Sections International, Inc.

(6) The address of Lukay International Ltd. is 3<sup>rd</sup> Floor, J&C Building, Road Town, Tortola, British Virgin Islands VG1110. Mr. Zhang holds voting and dispositive power over the ordinary shares beneficially owned by Lukay International Ltd.

(7) The address of Broadsail International Ltd. is 3<sup>rd</sup> Floor, J&C Building, Road Town, Tortola, British Virgin Islands VG1110. Weimin Lou, an investor not employed by the Company, holds voting and dispositive power over the ordinary shares beneficially owned by Broadsail International Ltd.

(8) The address of Redarmor Ltd. is 3<sup>rd</sup> Floor, J&C Building, Road Town, Tortola, British Virgin Islands VG1110. Shaozhen He, a financial director of Harden Machinery, holds voting and dispositive power over the ordinary shares beneficially owned by Redarmor Ltd.

(9) The address of Hinomoto Ltd. is 3<sup>rd</sup> Floor, J&C Building, Road Town, Tortola, British Virgin Islands VG1110. Li Hua, an investor not employed by the Company, holds voting and dispositive power over the ordinary shares beneficially owned by Hinomoto Ltd.

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#### DESCRIPTION OF SHARES
We were incorporated as a BVI business company under the Business Companies Act, (as revised) in the British Virgin Islands on April 8, 2021 under the name "Harden Technologies Inc.," company no. 2059501. As of the date of this prospectus, we are authorized to issue a maximum of 100,000,000 ordinary shares, $0.001 par value per share.

The following are summaries of the material provisions of our Memorandum and Articles of Association that will be in force at the time of the closing of this offering and the BVI Act, insofar as they relate to the material terms of our ordinary shares. The forms of our Memorandum and Articles of Association are filed as exhibits to the registration statement of which this prospectus forms a part.

#### Ordinary shares

#### General
All of our issued ordinary shares are fully paid and non-assessable. Certificates representing the ordinary shares are issued in registered form. Our shareholders who are non-residents of the British Virgin Islands may freely hold and vote their ordinary shares. At the completion of this offering, there will be 12,500,000 ordinary shares issued and outstanding.

#### Listing
We have received approval to list our ordinary shares on the Nasdaq Capital Market under the symbol "HARD" provided that we pay the balance of our entry fee and show that we will have 300 round-lot shareholders prior to our first day of trading. We cannot guarantee that we will be successful in listing the ordinary shares; however, we will not complete this offering unless we are so listed.

#### Transfer Agent and Registrar
The transfer agent and registrar for the ordinary shares is Vstock Transfer, LLC, 18 Lafayette Place, Woodmere, New York 11598.

#### Distributions
The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors subject to the BVI Act.

#### Voting rights
Any action required or permitted to be taken by the shareholders must be effected at a duly called meeting of the shareholders entitled to vote on such action and may be effected by a resolution in writing. At each meeting of shareholders, each shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have one vote for each ordinary share which such shareholder holds. Cumulative voting is not a concept that is accepted as a common practice in the British Virgin Islands, and we have made no provisions in our Memorandum and Articles of Association to allow cumulative voting for elections of directors.

#### Directors
Our directors are not required to hold a share as a qualification for office. With regard to conflicts of interest, our directors are entitled to vote a matter relating to an interested transaction.

#### Meetings
We must provide written notice of all meetings of shareholders, stating the time, place and, in the case of a meeting of shareholders, the purpose or purposes thereof, at least seven days before the date of the proposed meeting to those persons whose names appear as shareholders in the register of members on the date of the notice and are entitled to vote at the meeting. Our board of directors shall call a special meeting upon the written request

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of shareholders holding at least 30% of our outstanding voting shares. In addition, our board of directors may call a special meeting of shareholders on its own motion. A meeting of shareholders held in contravention of the requirement to give notice is valid if shareholders holding at least 90 percent of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a shareholder at the meeting shall constitute waiver in relation to all the shares which that shareholder holds.

At any meeting of shareholders, a quorum will be present if there are shareholders present in person or by proxy representing not less than 50% of the issued ordinary shares entitled to vote on the resolutions to be considered at the meeting. Such quorum may be represented by only a single shareholder or proxy. If no quorum is present within two hours of the start time of the meeting, the meeting shall be dissolved if it was requested by shareholders. In any other case, the meeting shall be adjourned to the next business day, and if shareholders representing not less than one-third of the votes of the ordinary shares or each class of shares entitled to vote on the matters to be considered at the meeting are present within one hour of the start time of the adjourned meeting, a quorum will be present. No business may be transacted at any general meeting unless a quorum is present at the commencement of business. If present, the chair of our board of directors shall be the chair presiding at any meeting of the shareholders. If the chair of our board is not present then the shareholders present shall choose a shareholder to chair the meeting of shareholders. If there shareholders are unable to choose a chairman for any reason, then the person representing the greatest number of voting shares present in person or by proxy at the meeting shall preside as chairman.

A corporation that is a shareholder shall be deemed for the purpose of our Memorandum and Articles of Association to be present in person if represented by its duly authorized representative. This duly authorized representative shall be entitled to exercise the same powers on behalf of the corporation which he represents as that corporation could exercise if it were our individual shareholder.

#### Protection of minority shareholders
Under the laws of the British Virgin Islands, there is limited statutory law for the protection of minority shareholders other than the provisions of the BVI Act dealing with shareholder remedies. The principal protection under statutory law is that shareholders may bring an action to enforce the constituent documents of the company and are entitled to have the affairs of the company conducted in accordance with the BVI Act and the memorandum and articles of association of the company. As such, if those who control the company have disregarded the requirements of the BVI Act or the provisions of the company's memorandum and articles of association, or oppose to do so, then the courts will likely grant relief. Generally, the areas in which the courts will intervene are the following: (i) an act complained of which is outside the scope of the authorized business or is illegal or not capable of ratification by the majority; (ii) acts that constitute fraud on the minority where the wrongdoers control the company; (iii) acts that infringe on the personal rights of the shareholders, such as the right to vote or breach of a duty owed to the shareholder by the Company; and (iv) acts where the company has not complied with provisions requiring approval of a special or extraordinary majority of shareholders, which are more limited than the rights afforded minority shareholders under the laws of many states in the United States.

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

#### Transfer of ordinary shares
Subject to the restrictions in our Memorandum and Articles of Association, the lock-up agreements with the representative of the underwriters described in "Shares Eligible for Future Sale — Lock-Up Agreements" and applicable securities laws, any of our shareholders may transfer all or any of his or her ordinary shares by written instrument of transfer signed by the transferor and containing the name and address of the transferee. Our directors may not resolve or refuse or delay the transfer of an ordinary share unless the person transferring the shares has failed to pay any amount due in respect of any of those shares.

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#### Liquidation
As permitted by British Virgin Islands law and our Memorandum and Articles of Association, the Company may be voluntarily liquidated by a resolution of members or, if permitted under section 199(2) of the BVI Act, by a resolution of directors if we have no liabilities or we are able to pay our debts as they fall due and the value of our assets equals or exceeds our liabilities by resolution of directors and resolution of shareholders.

#### Calls on ordinary shares and forfeiture of ordinary shares
Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their ordinary shares in a notice served to such shareholders at least fourteen days prior to the specified time of payment. The ordinary shares that have been called upon and remain unpaid are subject to forfeiture. For the avoidance of doubt, if the issued shares have been fully paid in accordance with the terms of its issuance and subscription, the board of directors shall not have the right to make calls on such fully paid shares and such fully paid shares shall not be subject to forfeiture.

#### Redemption of ordinary shares
Subject to the provisions of the BVI Act, we may issue shares on terms that are subject to redemption, at our option or at the option of the holders, on such terms and in such manner as may be determined by our Memorandum and Articles of Association and subject to any applicable requirements imposed from time to time by, the BVI Act, the SEC, the Nasdaq Capital Market, or by any recognized stock exchange on which our securities are listed.

#### Modifications of rights
All or any of the special rights attached to any class of shares may, subject to the provisions of the BVI Act, be amended only pursuant to a resolution passed at a meeting by the holders of a majority of the issued shares in that class.

#### Changes in the number of shares we are authorized to issue and those in issue
We may from time to time by a resolution of shareholders or resolution of our board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend our Memorandum and Articles of Association to increase or decrease the maximum number of shares we are authorized to issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to our Memorandum and Articles of Association, sub-divide our authorized and issued shares into a larger number of shares than our existing number of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to our Memorandum and Articles of Association, consolidate our authorized and issued shares into a smaller number of shares.

#### Untraceable shareholders
Our Memorandum and Articles of Association do not entitle us to sell the shares of a shareholder who is untraceable.

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

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

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#### Issuance of additional ordinary shares
Our Memorandum and Articles of Association (our charter) authorizes our board of directors to issue additional ordinary shares from authorized but unissued shares, to the extent available, from time to time as our board of directors shall determine.

In order to comply with legislation and regulations aimed at the prevention of money laundering we are required to adopt and maintain anti-money laundering procedures and may require subscribers to provide evidence to verify their identity. Where permitted, and subject to certain conditions, we also may delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person. We reserve the right to request such information as is necessary to verify the identity of a subscriber. In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

If any person resident in the BVI knows or suspects that another person is engaged in money laundering or terrorist financing and the information for that knowledge or suspicion came to his or her attention in the course of his or her business the person will be required to report his belief or suspicion to the Financial Investigation Agency of the BVI, pursuant to the Proceeds of Criminal Conduct Act (as revised). Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

#### Differences in Corporate Law
The BVI Act and the laws of the British Virgin Islands affecting BVI business companies like us and our shareholders differ from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the laws of the British Virgin Islands applicable to us and, for illustrative purposes only, the Delaware General Corporation Law (the "DGCL"), which governs companies incorporated in the state of Delaware.

#### Mergers and similar arrangements
Under the laws of the British Virgin Islands, two or more companies may merge or consolidate in accordance with Part IX of the BVI Act. A merger means the merging of two or more constituent companies into one of the constituent companies and a consolidation means the uniting of two or more constituent companies into a new company. In order to merge or consolidate, the directors of each constituent company must approve a written plan of merger or consolidation, which must be authorized by a resolution of shareholders.

While a director may vote on the plan of merger or consolidation even if he has a financial interest in the plan, the interested director must disclose the interest to all other directors of the company promptly upon becoming aware of the fact that he is interested in a transaction entered into or to be entered into by the company.

A transaction entered into by our Company in respect of which a director is interested (including a merger or consolidation) is voidable by us unless the director's interest was (a) disclosed to the board prior to the transaction or (b) the transaction is (i) between the director and the company and (ii) the transaction is in the ordinary course of the company's business and on usual terms and conditions.

Notwithstanding the above, a transaction entered into by the company is not voidable if the material facts of the interest are known to the shareholders and they approve or ratify it or the company received fair value for the transaction.

Shareholders not otherwise entitled to vote on the merger or consolidation may still acquire the right to vote if the plan of merger or consolidation contains any provision that, if proposed as an amendment to the Memorandum or Articles of Association, would entitle them to vote as a class or series on the proposed amendment. In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective of whether they are entitled to vote at the meeting to approve the plan of merger or consolidation.

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The shareholders of the constituent companies are not required to receive shares of the surviving or consolidated company but may receive debt obligations or other securities of the surviving or consolidated company, other assets, or a combination thereof. Further, some or all of the shares of a class or series may be converted into a kind of asset while the other shares of the same class or series may receive a different kind of asset. As such, not all the shares of a class or series must receive the same kind of consideration.

After the plan of merger or consolidation has been approved by the directors and authorized by a resolution of the shareholders, articles of merger or consolidation are executed by each company and filed with the Registrar of Corporate Affairs in the British Virgin Islands.

A shareholder may dissent from a mandatory redemption of his shares pursuant to an arrangement (if permitted by the court), a merger (unless the shareholder was a shareholder of the surviving company prior to the merger and continues to hold the same or similar shares after the merger) or a consolidation. A shareholder properly exercising his dissent rights is entitled to a cash payment equal to the fair value of his shares.

A shareholder dissenting from a merger or consolidation must object in writing to the merger or consolidation before the vote by the shareholders on the merger or consolidation, unless notice of the meeting was not given to the shareholder. If the merger or consolidation is approved by the shareholders, the company must give notice of this fact to each shareholder who gave written objection within 20 days immediately following the date of the shareholders' approval. These shareholders then have twenty days from the dates of such notice to give to the company their written election in the form specified by the BVI Act to dissent from the merger or consolidation, provided that in the case of a merger, the twenty days starts when the plan of merger is delivered to the shareholder.

Upon giving notice of his election to dissent, a shareholder ceases to have any shareholder rights except the right to be paid the fair value of his shares. As such, the merger or consolidation may proceed in the ordinary course notwithstanding his dissent.

Within seven days of the later of the delivery of the notice of election to dissent and the effective date of the merger or consolidation, the company must make a written offer to each dissenting shareholder to purchase his shares at a specified price per share that the company determines to be the fair value of the shares. The company and the shareholder then have thirty days to agree upon the price. If the company and a shareholder fail to agree on the price within the thirty days, then the company and the shareholder shall, within twenty days immediately following the expiration of the thirty-day period, each designate an appraiser and these two appraisers shall designate a third appraiser. These three appraisers shall fix the fair value of the shares as of the close of business on the day prior to the shareholders' approval of the transaction without taking into account any change in value as a result of the transaction.

Under Delaware law each corporation's board of directors must approve a merger agreement. The merger agreement must state, among other terms, the terms of the merger and method of carrying out the merger. This agreement must then be approved by the majority vote of the outstanding stock entitled to vote at an annual or special meeting of each corporation, and no class vote is required unless provided in the certificate of incorporation. Delaware permits an agreement of merger to contain a provision allowing the agreement to be terminated by the board of directors of either corporation, notwithstanding approval of the agreement by the shareholders of all or any of the corporations (1) at any time prior to the filing of the agreement with the Secretary of State or (2) after filing if the agreement contains a post-filing effective time and an appropriate filing is made with the Secretary of State to terminate the agreement before the effective time. In lieu of filing an agreement of merger, the surviving corporation may file a certificate of merger, executed in accordance with Section 103 of the DGCL. The surviving corporation is also permitted to amend and restate its certification of incorporation in its entirety. The agreement of merger may also provide that it may be amended by the board of directors of either corporation prior to the time that the agreement filed with the Secretary of State becomes effective, even after approval by shareholders, so long as any amendment made after such approval does not adversely affect the rights of the shareholders of either corporation and does not change any term in the certificate of incorporation of the surviving corporation. If the agreement is amended after filing but before becoming effective, an appropriate amendment must be filed with the Secretary of State. If the surviving corporation is not a Delaware corporation, it must consent to service of process for enforcement of any obligation of the corporation arising as a result of the merger; such obligations include any suit by a shareholder of the disappearing Delaware corporation to enforce appraisal rights under Delaware law.

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If a proposed merger or consolidation for which appraisal rights are provided is to be submitted for approval at a shareholder meeting, the subject company must give notice of the availability of appraisal rights to its shareholders at least 20 days prior to the meeting.

A dissenting shareholder who desires to exercise appraisal rights must (a) not vote in favor of the merger or consolidation; and (b) continuously hold the shares of record from the date of making the demand through the effective date of the applicable merger or consolidation. Further, the dissenting shareholder must deliver a written demand for appraisal to the company before the vote is taken. The Delaware Court of Chancery will determine the fair value of the shares exclusive of any element of value arising from the accomplishment or expectation of the merger, together with interest, if any, to be paid upon the amount determined to be the fair value. In determining such fair value, the court will take into account "all relevant factors." Unless the Delaware Court of Chancery in its discretion determines otherwise, interest from the effective date of the merger through the date of payment of the judgment will be compounded quarterly and accrue at 5% over the Federal Reserve discount rate.

#### Shareholders' suits
There are both statutory and common law remedies available to our shareholders as a matter of British Virgin Islands law. These are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Prejudiced members</u>: A shareholder who considers that the affairs of a company have been, are being, or are likely to be, conducted in a manner that is, or any act or acts of the company have been, or are, likely to be oppressive, unfairly discriminatory or unfairly prejudicial to him in that capacity, can apply to the court under Section 184I of the BVI Act, inter alia, for an order that his shares be acquired, that he be provided compensation, that the Court regulate the future conduct of the company, or that any decision of the company which contravenes the BVI Act or our Memorandum and Articles of Association be set aside. There is no similar provision under Delaware law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Derivative actions</u>: Section 184C of the BVI Act provides that a shareholder of a company may, with the leave of the Court, bring an action in the name of the company to redress any wrong done to it. We would normally expect British Virgin Islands courts to follow English case law precedents, which permit a minority shareholder to commence a representative action, or derivative action in our name, to challenge (1) an act which is ultra vires or illegal, (2) an act which constitutes a fraud against the minority by parties in control of us, (3) the act complained of constitutes an infringement of individual rights of shareholders, such as the right to vote and pre-emptive rights and (4) an irregularity in the passing of a resolution which requires a special or extraordinary majority of the shareholders. Under Delaware law, a shareholder is eligible to bring a derivative action if the holder held stock at the time of the challenged wrongdoing and continues from that time to hold stock throughout the course of the litigation.

This is the "continuous ownership" rule, which is a requirement for a shareholder to bring and maintain a derivative action. The law also requires the shareholder first to demand the board of directors of the corporation to assert the claims or the shareholder must state in the derivative action particular reasons why making such a demand would be futile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Just and equitable winding up</u>: In addition to the statutory remedies outlined above, shareholders can also petition for the winding up of a company on the grounds that it is just and equitable for the court to so order. Save in exceptional circumstances, this remedy is only available where the company has been operated as a quasi-partnership and trust and confidence between the partners has broken down. Under Delaware law the court can use its equitable power of dissolution and appoint a receiver when fraud and gross mismanagement by corporate officers cause real imminent danger of great loss, and cannot be otherwise prevented.

#### Indemnification of directors and executive officers and limitation of liability
British Virgin 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 provision providing indemnification may be held by the British Virgin Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

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Under our Memorandum and Articles of Association, we indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings for any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was our director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or was, at our request, serving as a director or officer of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other enterprise.

These indemnities only apply if the person acted honestly and in good faith with a view to our best interests and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful.

This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

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 advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Anti-takeover provisions in our Memorandum and Articles of Association
Some provisions of our Memorandum and Articles of Association may discourage, delay or prevent a change in control of our Company or management that shareholders may consider favorable, including provisions that provide for a staggered board of directors and prevent shareholders from taking an action by written consent in lieu of a meeting. However, under British Virgin Islands law, our directors may only exercise the rights and powers granted to them under our Memorandum and Articles of Association, as amended and restated from time to time, as they believe in good faith to be in the best interests of our Company.

#### Directors' fiduciary duties
Under British Virgin Islands law, our directors owe the company certain statutory and fiduciary duties including, among others, a duty to act honestly, in good faith, for a proper purpose and with a view to what the directors believe to be in the best interests of the company. Our directors are also required, when exercising powers or performing duties as a director, to exercise the care, diligence and skill that a reasonable director would exercise in comparable circumstances, taking into account without limitation, the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities undertaken. In the exercise of their powers, our directors must ensure neither they nor the company acts in a manner that contravenes the BVI Act or our Memorandum and Articles of Association, as amended and re-stated from time to time. A shareholder has the right to seek damages for breaches of duties owed to us by our directors.

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 reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction and that the transaction was of fair value to the corporation.

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#### Shareholder action by written consent
British Virgin Islands law provides that shareholders may approve corporate matters by way of a written resolution without a meeting signed by or on behalf of shareholders sufficient to constitute the requisite majority of shareholders who would have been entitled to vote on such matter at a general meeting; provided that if the consent is less than unanimous, notice must be given to all non-consenting shareholders. Our Memorandum and Articles of Association does permit shareholders to act by written consent. Under the DGCL, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation.

#### Shareholder proposals
British Virgin Islands law and our Memorandum and Articles of Association allow our shareholders holding not less than 30% of the votes of the outstanding voting shares to requisition a shareholders' meeting. We are not obliged by law to call shareholders' annual general meetings, but our Memorandum and Articles of Association do permit the directors to call such a meeting. The location of any shareholders' meeting can be determined by the board of directors and can be held anywhere in the world. Under the DGCL, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

#### Cumulative voting
The British Virgin Islands law does not expressly permit cumulative voting for directors, our Memorandum and Articles of Association do not provide for cumulative voting as well. 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. Under the DGCL, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. 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 our Memorandum and Articles of Association, directors can be removed from office, with or without cause, by a resolution of shareholders passed at a meeting of shareholders called for the purposes of removing the director of for purposes including the removal of the director or by written resolution passed by at least 75 percent of the vote of the shareholders entitled to vote or by a resolution of directors passed at a meeting of directors called for the purpose of removing the director or for purposes including the removal of the director. Under the DGCL, 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.

#### Transactions with interested shareholders
The Delaware General Corporation Law contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or group who or which owns or owned 15% or more of the target's outstanding voting shares 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 public corporation to negotiate the terms of any acquisition transaction with the target's board of directors. British Virgin Islands law has no comparable statute and our Memorandum and Articles of Association do not expressly provide for the same protection afforded by Delaware business combinations statute.

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#### Dissolution; Winding Up
Under the BVI Act and our Memorandum and Articles of Association, we may appoint a voluntary liquidator by a resolution of the shareholders or by resolution of directors. 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.

#### 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 BVI law and our Memorandum and Articles of Association, if at any time our shares are divided into different classes of shares, the rights attached to any class may only be varied, whether or not our company is in liquidation, with the consent in writing of or by a resolution passed at a meeting by the holders of not less than a majority of the issued shares in that class.

#### Amendment of governing documents
As permitted by BVI law, our Memorandum and Articles of Association may be amended by a resolution of shareholders and, subject to certain exceptions, by a resolution of directors. Any amendment is effective from the date it is registered by the Registrar of Corporate Affairs in the British Virgin Islands. Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Before our initial public offering, there has not been a public market for shares of our ordinary shares. Future sales of substantial amounts of shares of our ordinary shares in the public market after our initial public offering, or the possibility of these sales occurring, could cause the prevailing market price for our ordinary shares to fall or impair our ability to raise equity capital in the future.

We have 10,000,000 ordinary shares outstanding prior to this offering and will have 12,500,000 shares outstanding immediately after the closing of this offering. Of these shares, all of the 2,500,000 shares that we are selling in our initial public offering, may be resold in the public market immediately following our initial public offering. The ordinary shares that were not offered and sold in our initial public offering are "restricted securities," as that term is defined in Rule 144 under the Securities Act. Since those restricted securities are not a part of this offering, they are eligible for public sale only if they are registered under the Securities Act or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act, which are summarized below.

As a result of the lock-up agreements and market standoff provisions described below and subject to the provisions of Rules 144 and 701 under the Securities Act, these restricted securities will be available for sale in the public market as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on the date of this prospectus, none of these restricted securities will be available for sale in the public market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 91 days after the date of this prospectus, ordinary shares held by non-officer or director shareholders subject to the terms of the lock-up agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 181 days after the date of this prospectus, an additional ordinary shares held by officer and director shareholders subject to the terms of the lock-up agreements.

#### Rule 144
In general, under Rule 144 as currently in effect, beginning 180 days after the effective date of the registration statement of which this prospectus is a part, a person (or persons whose shares are aggregated) who is deemed to be an affiliate of our Company at the time of sale, or at any time during the preceding three months, and who has beneficially owned restricted shares for at least six months, would be entitled to sell within any three-month period a number of our ordinary shares that does not exceed the greater of 1% of the then outstanding ordinary shares or the average weekly trading volume of ordinary shares during the four calendar weeks preceding such sale. Sales under Rule 144 are subject to certain manner of sale provisions, notice requirements and the availability of current public information about our Company. In addition, sales by our affiliates may be subject to the terms of lock-up agreements. See "Shares Eligible for Future Sale — Lock-Up Agreements."

A person who has not been our affiliate at any time during the three months preceding a sale, and who has beneficially owned his or her ordinary shares for at least six months, would be entitled under Rule 144 to sell such shares without regard to any manner of sale, notice provisions or volume limitations described above. Any such sales must comply with the public information provision of Rule 144 until our ordinary shares have been held for one year.

#### Rule 701
Securities issued in reliance on Rule 701 are also restricted and may be sold by shareholders other than affiliates of our Company subject only to manner of sale provisions of Rule 144 and by affiliates under Rule 144 without compliance with its six-month holding period requirement.

#### Lock-Up Agreements
Our directors, executive officers and shareholders of 5% and more of our outstanding ordinary shares will enter into lock-up agreements with the representative of the underwriters prior to the commencement of this offering pursuant to which each of these persons or entities, for a period of 180 days from the effective date of the registration statement of which this prospectus is a part, agree, subject to certain exceptions, not to: (1) offer, pledge, announce the intention to sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell,

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grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, any ordinary shares or any securities convertible into, exercisable or exchangeable for or that represent the right to receive ordinary shares (including ordinary shares which may be deemed to be beneficially owned by such person in accordance with the rules and regulations of the SEC and securities which may be issued upon exercise of a stock option or warrant) whether now owned or hereafter acquired; (2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the foregoing securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of ordinary shares or such other securities, in cash or otherwise; (3) make any demand for or exercise any right with respect to, the registration of any ordinary shares or any security convertible into or exercisable or exchangeable for ordinary shares; or (4) publicly disclose the intention to do any of the foregoing. See "Underwriting" for a description of the lock-up provisions.

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#### TAX MATTERS APPLICABLE TO U.S. HOLDERS OF OUR ORDINARY SHARES
The following sets forth the material British Virgin Islands, Chinese and U.S. federal income tax matters related to an investment in our ordinary shares. It is directed to U.S. Holders (as defined below) of our ordinary shares and is based on 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 an investment in our ordinary shares, such as the tax consequences under state, local and other tax laws. Unless otherwise noted in the following discussion, this section is the opinion of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Haneberg Hurlbert PLC, our U.S. counsel insofar as it relates to legal conclusions with respect to matters of U.S. federal income tax law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Campbells Legal (BVI) Limited, our British Virgin Islands counsel insofar as it relates to legal conclusions with respect to matters of British Virgin Islands tax law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• King & Wood Mallesons, our China counsel, insofar as it relates to legal conclusions with respect to matters of Chinese tax law.

The following brief description applies only to U.S. Holders (defined below) that hold ordinary shares as capital assets and that have the U.S. dollar as their functional currency. This brief description is based on the 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 shares and you are, for U.S. federal income tax purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate whose income is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**WE URGE POTENTIAL PURCHASERS OF OUR SHARES TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, OWNING AND DISPOSING OF OUR SHARES.**

#### People's Republic of China Taxation

#### China Enterprise Income Tax and Withholding Tax
According to the EIT Law, which was promulgated on March 16, 2007, became effective on January 1, 2008 and last amended on December 29, 2018, an enterprise established outside of China with a "de facto management body" within the PRC is considered a resident enterprise and will be subject to the enterprise income tax at the rate of 25% on its global income. The Regulation on the Implementation of Enterprise Income Tax Law of China (the "EIT Rules"), which was promulgated on December 6, 2007, became effective on January 1, 2008 and last amended on April 23, 2019, defines the term "de facto management body" as the body that exercises full and substantial control over and overall management of the business, production, personnel, accounts and properties of an enterprise.

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Uncertainties exist with respect to how the EIT Law applies to the tax residence status of Harden and our offshore subsidiaries. On April 22, 2009, the State Administration of Taxation ("SAT") issued Circular 82 which provides that a foreign enterprise controlled by a Chinese company or a Chinese company group will be classified as a "resident enterprise" with its "de facto management bodies" located within China if all of the following criteria are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the place where the senior management and core management departments that are in charge of its daily operations perform their duties is mainly located in China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its financial and human resources decisions are made by or are subject to approval by persons or bodies in China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its major assets, accounting books, company seals, and minutes and files of its board and shareholders' meetings are located or kept in China; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1/2 or more than half of the enterprise's directors or senior management with voting rights frequently reside in China.

We do not believe that we meet the conditions outlined in the preceding paragraph since Harden does not have a PRC enterprise or enterprise group as its primary controlling shareholder. Further, Harden is a holding company incorporated outside China and its key assets are its ownership interests in its subsidiaries, and its records (including the resolutions of its board of directors and the resolutions of its shareholders) are maintained outside China. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body". There can be no assurance that the PRC government will ultimately take a view that is consistent with our position.

If we are deemed a China resident enterprise, we may be subject to the EIT at the rate of 25% on our global income, unless it qualifies for certain exceptions. If we are considered a resident enterprise and earn income other than dividends from our Chinese subsidiaries, a 25% EIT on our global income could significantly increase our tax burden and materially and adversely affect our cash flow and profitability. If the PRC tax authorities determine that Harden is a PRC resident enterprise for enterprise income tax purposes, a number of unfavorable PRC tax consequences could follow, for example, we may be required to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises, including the holders of the ordinary shares. In addition, non-resident enterprise shareholders (including the ordinary shares holders) may be subject to a 10% PRC tax on gains realized on the sale or other disposition of ordinary shares, if such income is treated as sourced from within the PRC. It is unclear whether our non-PRC individual shareholders (including the ordinary shares holders) 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 such dividends or gains, it would generally apply at a rate of 20%. Any PRC tax imposed on dividends or gains may be subject to a reduction if a reduced rate is available under an applicable tax treaty. It is also unclear whether non-PRC shareholders of Harden would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that Harden is treated as a PRC resident enterprise.

Provided that Harden is not deemed to be a PRC resident enterprise, holders of the ordinary shares who are not PRC residents will not be subject to EIT on dividends distributed by us or gains realized from the sale or other disposition of our ordinary shares. However, according to the Announcement of the State Administration of Taxation on Several Issues concerning the Enterprise Income Tax on the Indirect Transfer of Properties by Non- resident Enterprises, or SAT Public Notice 7, which was promulgated and became effective on February 3, 2015, if a non-resident enterprise transfers the equity interests of a PRC resident enterprise indirectly by transfer of the equity interests of an offshore holding company (other than a purchase and sale of shares of the same listed foreign enterprise in the public securities market) without a reasonable commercial purpose, PRC tax authorities have the power to reassess the nature of the transaction and the indirect equity transfer may be treated as a direct transfer. As a result, the gain derived from such transfer, which means the equity transfer price less the cost of equity, will be subject to PRC withholding tax at a rate of up to 10%.

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Under the terms of SAT Public Notice 7, a transfer which meets all of the following circumstances shall be directly deemed as having no reasonable commercial purposes if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 75% or more of the value of the equity interests of the offshore holding company are directly or indirectly derived from PRC taxable properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at any time during the year before the indirect transfer, over 90% of the total properties of the offshore holding company are direct or indirect investments within PRC territories, or in the year before the indirect transfer, over 90% of the offshore holding company's revenue is directly or indirectly derived from PRC territories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the function performed and risks assumed by the offshore holding company are insufficient to substantiate its corporate existence; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the foreign income tax imposed on the indirect transfer is lower than the PRC tax imposed on the direct transfer of the PRC taxable properties.

On October 17, 2017, the SAT issued the Announcement of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident Enterprises Income Tax at Source, or SAT Bulletin 37, which took effect on December 1, 2017. SAT Bulletin 37 purports to provide further clarifications by setting forth the definitions of equity transfer income and tax basis, the foreign exchange rate to be used in the calculation of the withholding amount and the date on which the withholding obligation arises. Specifically, SAT Bulletin 37 provides that where the transfer income subject to withholding at source is derived by a non-PRC resident enterprise in instalments, the instalments may first be treated as recovery of costs of previous investments. Upon recovery of all costs, the tax amount to be withheld must then be computed and withheld.

There is uncertainty as to the application of SAT Public Notice 7 and SAT Bulletin 37. SAT Public Notice 7 and SAT Bulletin 37 may be determined by the PRC tax authorities to be applicable to transfers of our shares that involve non-resident investors, if any of such transactions were determined by the tax authorities to lack a reasonable commercial purpose.

As a result, we and our non-resident investors in such transactions may become at risk of being taxed under SAT Public Notice 7 and SAT Bulletin 37, and we may be required to comply with SAT Public Notice 7 and SAT Bulletin 37 or to establish that we should not be taxed under the general anti-avoidance rule of the EIT Law. This process may be costly and have a material adverse effect on our financial condition and results of operations.

In addition, under the EIT law and EIT Rules, the key high-tech enterprises supported by the State shall be levied at the reduced EIT rate of 15%. Harden Machinery, the Company's main operating subsidiary in PRC, was approved as a High- and New-Technology Enterprise (HNTE) and is entitled to a reduced income tax rate of 15% beginning October 2015. The Company further renewed the "high-tech enterprise" tax status in November 2018. The new certificate is valid for three years and expires in December 2024. We are a holding company incorporated in the British Virgin Islands and we gain substantial income by way of dividends from our Chinese subsidiaries. The EIT Law and EIT Rules provide that China-sourced income of foreign enterprises, such as dividends paid by a Chinese subsidiary to its equity holders that are non-resident enterprises, will normally be subject to Chinese withholding tax at a rate of 10%, unless any such foreign investor's jurisdiction of incorporation has tax treaty with China that provides for a different withholding arrangement.

#### China VAT
Pursuant to the Provisional Regulations on Value Added Tax ("VAT") of China effective as of November 19, 2017, the Detailed Rules for the Implementation of the Provisional Regulation of China on VAT last amended on October 28, 2011 and effective as of November 1, 2011, the Notice of Adjustment on VAT Rate and the Notice of Unite the Standard on Small-scale VAT Taxpayer all of which were issued by Ministry of Finance and State Administration of Taxation on April 4, 2018, and effective from May 1, 2018, and the Announcement on Policies for Deepening the VAT Reform effective as of April 1, 2019, all entities or individuals in China engaging in the sale of goods, the provision of processing services, repairs and replacement services, sale of services, intangible assets or real property, and the importation of goods are required to pay VAT. The amount of VAT payable is calculated as "output VAT" minus "input VAT", where a general VAT taxpayer engages in a taxable sales activity for the value-added tax purpose or imports goods, the previous applicable 16% and 10% tax rates are lowered to 13%

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and 9% respectively; the VAT rate for small-scale taxpayers is 3%; and the VAT rate for the sale of services and intangible assets is 6%, other VAT rates could be applicable if they are qualified for certain exceptions. The rate of VAT for the China Operating Companies during the year ended December 31, 2021 is as follows:

---

| | | |
|:---|:---|:---|
|  **Company Name** | **VAT Rate** | **Scope of Application** |
|  Harwell Technologies Ltd. | 3% | Technical Sales |
|  Harden Machinery Ltd. | 13% | Equipment Sales |
|  Dr. Shredder Technologies Ltd. | 13% | Equipment Sales |

---

#### British Virgin Islands Taxation
The Company and all distributions, interest and other amounts paid by the Company in respect of the shares of the Company to persons who are not residents in the British Virgin Islands are exempt from all provisions of the Income Tax Ordinance in the British Virgin Islands.

No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not residents in the British Virgin Islands with respect to any shares, debt obligations or other securities of the Company.

All instruments relating to transactions in respect of the shares, debt obligations or other securities of the company and all instruments relating to other transactions relating to the business of the company are exempt from payment of stamp duty in the British Virgin Islands provided that they do not relate to real estate in the British Virgin Islands.

There are currently no withholding taxes or exchange control regulations in the British Virgin Islands applicable to the Company or its shareholders.

#### United States Federal Income Taxation
The following does not address the tax consequences to any particular investor or to persons in special tax situations such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a dealer in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a person whose "functional currency" is not the United States dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders that elect to mark-to-market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons liable for alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our ordinary shares as part of a straddle, hedging, conversion or integrated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 10% or more of our voting shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who acquired our ordinary shares pursuant to the exercise of any employee share option or otherwise as consideration; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our ordinary shares through partnerships or other pass-through entities.

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Prospective purchasers are urged to consult their tax advisors about the application of the U.S. Federal tax rules to their particular circumstances as well as the state, local, foreign and other tax consequences to them of the purchase, ownership and disposition of our ordinary shares.

#### Taxation of Dividends and Other Distributions on our Ordinary shares
Subject to the passive foreign investment company rules discussed below, the gross amount of distributions made by us to you with respect to the ordinary shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend income on the date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). The dividends will not be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations.

With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that (1) the ordinary shares are readily tradable on an established securities market in the United States, or in the event we are deemed to be a Chinese "resident enterprise" under the China tax law, 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 passive foreign investment company (as discussed below) for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Under U.S. Internal Revenue Service authority, ordinary shares are considered for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on the Nasdaq Capital Market. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our ordinary shares, including the effects of any change in law after the date of this prospectus.

Dividends will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income (as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to our ordinary shares will constitute "passive category income" but could, in the case of certain U.S. Holders, constitute "general category income."

To the extent that the amount of the distribution exceeds our current and accumulated earnings and profits (as determined under U.S. federal income tax principles), it will be treated first as a tax-free return of your tax basis in your ordinary shares, and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain. We do not intend to calculate our earnings and profits under U.S. federal income tax principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above.

#### Taxation of Dispositions of Ordinary shares
Subject to the passive foreign investment company rules discussed 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 ordinary shares. The gain or loss will generally be capital gain or loss. Capital gains are generally subject to United States federal income tax at the same rate as ordinary income, except that non-corporate U.S. Holders who have held ordinary shares for more than one year may be eligible for reduced rates of taxation. 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.

#### Passive Foreign Investment Company
Based on our current and anticipated operations and the composition of our income and assets, we do not expect to be a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for our current taxable year ending December 31, 2023. Our actual PFIC status for the current taxable years ending December 31, 2023 will not be determinable until after the close of such taxable years and, accordingly, there is no guarantee that

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we will not be a PFIC for the current taxable year. PFIC status is a factual determination for each taxable year which cannot be made until the close of the taxable year. A non-U.S. corporation is considered a PFIC for any taxable year if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 75% of its gross income is passive income; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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").

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.

We must make a separate determination each year as to whether we are a PFIC. As a result, our PFIC status may change. In particular, because the value of our assets for purposes of the asset test will generally be determined based on the market price of our ordinary shares, our PFIC status will depend in large part on the market price of our ordinary shares. Accordingly, fluctuations in the market price of the ordinary shares may cause us to become a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected by how, and how quickly, we spend the cash we raise in this offering. If we are a PFIC for any year during which you hold ordinary shares, we will continue to be treated as a PFIC for all succeeding years during which you hold ordinary shares. However, if we cease to be a PFIC, you may avoid some of the adverse effects of the PFIC regime by making a "deemed sale" election with respect to the ordinary shares.

If we are a PFIC for any taxable year during which you hold ordinary shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge) of the ordinary shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the ordinary shares will be treated as an excess distribution. Under these special tax rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain will be allocated ratably over your holding period for the ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, will be treated as ordinary income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each other year 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 or other disposition of the ordinary shares cannot be treated as capital, even if you hold the ordinary shares as capital assets.

A U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election for such stock to elect out of the tax treatment discussed above. If you make a mark-to-market election for the ordinary shares, you will include in ordinary income each year an amount equal to the excess, if any, of the fair market value of the ordinary shares as of the close of your taxable year over your adjusted tax basis in such ordinary shares. You are allowed a deduction for the excess, if any, of the adjusted tax basis of the ordinary shares over their fair market value as of the close of the taxable year. However, deductions are allowable only to the extent of any net mark-to-market gains on the ordinary shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the ordinary shares, are treated as ordinary income. Ordinary loss treatment also applies to the deductible portion of any mark-to-market loss on the ordinary shares, as well as to any loss realized on the actual sale or disposition of the ordinary shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such ordinary shares. Your tax basis in the ordinary shares will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us, except that the lower applicable capital gains rate for qualified dividend income discussed 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 the Nasdaq Capital Market. If the ordinary shares are regularly traded on the Nasdaq Capital Market and if you are a holder of 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 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. However, the qualified electing fund election is available only if such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. If you hold ordinary shares in any year in which we are a PFIC, you will generally be required to file U.S. Internal Revenue Service Form 8621 to report your ownership of our ordinary shares as well as distributions received on the ordinary shares, any gain realized on the disposition of the ordinary shares, any PFIC elections you would like to make in regard to the ordinary shares, and any information required to be reported pursuant to such an election.

You are urged to consult your tax advisors regarding the application of the PFIC rules to your investment in our ordinary shares and the elections discussed above.

#### Information Reporting and Backup Withholding
Dividend payments with respect to our ordinary shares and proceeds from the sale, exchange or redemption of our ordinary shares may be subject to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding at a current rate of 28%. 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.

Under the Hiring Incentives to Restore Employment Act of 2010, certain United States Holders are required to report information relating to ordinary shares, subject to certain exceptions (including an exception for 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 shares. U.S. Holders are urged to consult their own tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

A Non-U.S. Holder generally may eliminate the requirement for information reporting and backup withholding by providing certification of its foreign status to the payor, under penalties of perjury, on the applicable IRS Form W-8BEN.

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#### ENFORCEABILITY OF CIVIL LIABILITIES
We are incorporated under the laws of the British Virgin Islands with limited liability. We are incorporated in the British Virgin Islands because of certain benefits associated with being a British Virgin Islands corporation, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of exchange control or currency restrictions and the availability of professional and support services. However, the British Virgin Islands has a less developed body of securities laws as compared to the United States and provides protections for investors to a significantly lesser extent. In addition, British Virgin Islands companies may not have standing to sue before the federal courts of the United States.

Substantially all of our assets are located outside the United States. In addition, all of our directors and officers are nationals and/or residents of countries other than the United States, and all or a substantial portion of such persons' assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or such persons or to enforce against them or against us, 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 thereof.

We have appointed Vcorp Agent Services, 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 of 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.

King & Wood Mallesons, our counsel as to Chinese law, has advised us that there is uncertainty as to whether the courts of China would (1) recognize or enforce judgments of United States courts obtained against us or such persons predicated upon the civil liability provisions of the securities laws of the United States or any state thereof, or (2) be competent to hear original actions brought in each respective jurisdiction, against us or such persons predicated upon the securities laws of the United States or any state thereof.

King & Wood Mallesons has advised us that the recognition and enforcement of foreign judgments are mainly provided for under the Chinese Civil Procedure Law. Chinese courts may recognize and enforce foreign judgments in accordance with the requirements of the Chinese Civil Procedure Law and other applicable laws and regulations based either on treaties between China and the country where the judgment is made or in reciprocity between jurisdictions. Accordingly, there is uncertainty whether China courts will recognize or enforce judgments of United States or British Islands Courts because China does not have any treaties or other agreements with the British Virgin Islands or the United States that provide for the reciprocal recognition and enforcement of foreign judgments as of the date of this prospectus. King & Wood Mallesons has further advised us that under Chinese Civil Procedure Law, Chinese 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 Chinese law or national sovereignty, security or social 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 in the British Islands.

Under the PRC Civil Procedure Law, foreign shareholders may originate actions based on PRC law against a company in China for disputes if they can establish sufficient nexus to the PRC for a PRC court to have jurisdiction, and meet other procedural requirements, including, among others, the plaintiff must have a direct interest in the case, and there must be a concrete claim, a factual basis and a cause for the suit. However, it will be difficult for U.S. shareholders to originate actions against us in the PRC in accordance with PRC laws because we are incorporated under the laws of the British Islands and it will be difficult for U.S. shareholders, by virtue only of holding our ordinary shares, to establish a connection to the PRC for a PRC court to have jurisdiction as required under the PRC Civil Procedure Law.

We have been advised by Campbells Legal (BVI) Limited, our counsel as to British Virgin Islands law, that the United States and the British Virgin Islands do not have a treaty providing for reciprocal recognition and enforcement of judgments of courts of the United States in civil and commercial matters and that a final judgment for the payment of money rendered by any general or state court in the United States based on civil liability, whether or not predicated solely upon the U.S. federal securities laws, is not automatically enforceable in the British Virgin Islands. We have also been advised by Campbells Legal (BVI) Limited that a final and conclusive judgment obtained in U.S. federal or state courts under which a sum of money is payable as compensatory damages (i.e., not being a sum claimed by a revenue authority for taxes or other charges of a similar nature by a governmental authority, or in respect of a fine or penalty or multiple or punitive damages) may be the subject of an action on a debt in the court of the British Virgin Islands under the common law doctrine of obligation.

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#### UNDERWRITING
Under the terms and subject to the conditions of an underwriting agreement dated the date of this prospectus, the underwriter, US Tiger Securities, Inc., has agreed to purchase, and we have agreed to sell to it, the number of ordinary shares indicated below:

---

| | |
|:---|:---|
|  **Underwriter** | **Number of <br>Ordinary <br>Shares** |
|  US Tiger Securities, Inc. |  |
|  Total | 2500000  |

---

The underwriter is offering the ordinary shares subject to its acceptance of the ordinary shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the underwriter to pay for and accept delivery of the ordinary shares offered by this prospectus are subject to the approval of certain legal matters by its counsel and to other conditions. The underwriter is obligated to take and pay for all of the ordinary shares offered by this prospectus if any such ordinary shares are taken. However, the underwriter is not required to take or pay for the ordinary shares covered by the underwriter's option to purchase additional ordinary shares described below.

#### Over-Allotment Option
We have granted to the underwriter an option, exercise for 45 days from the date of this prospectus, to purchase up to 15% additional ordinary shares at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts. The underwriter may exercise this option solely for the purpose of cover over-allotments, if any, made in connection with the offering contemplated by this prospectus. 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 ordinary shares as the number listed next to the underwriter's name in the preceding table bears to the total number of ordinary shares listed next to the name of the underwriter in the preceding table.

#### Discounts and Expenses
The underwriter will offer the ordinary shares to the public at the initial public offering price set forth on the cover of this prospectus and to selected dealers at the initial public offering price less a selling concession not in excess of $ per ordinary share. After this offering, the initial public offering price, concession, and reallowance to dealers may be reduced by the underwriter. No change in those terms will change the amount of proceeds to be received by us as set forth on the cover of this prospectus. The securities are offered by the underwriter as stated herein, subject to its receipt and acceptance and subject to its right to reject any order in whole or in part.

The underwriting discounts are equal to six and a half percent (6.5%) of the initial public offering price set forth on the cover page of this prospectus. However, for any portion of the gross proceeds of this offering that are from investors introduced solely by us without the involvement of the underwriter, the underwriting discounts applicable to and only to such portion will be reduced to a cash fee equal to five and a half percent (5.5%) of the initial public offering price set forth on the cover page of this prospectus. The underwriter may at its discretion apportion such underwriting discounts in whole or in part to any selected dealer engaged by the underwriter in connection with this offering.

The following table shows the per ordinary share and total initial public offering price, underwriting discounts, and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the underwriter's option to purchase up to an additional 375,000 ordinary shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Total Without<br> Exercise of <br>Over-Allotment <br>Option** | **Total With Full <br>Exercise of <br>Over-Allotment <br>Option** |
|  Initial public offering price | $6.00 | $15000000 | $17250000 |
|  Underwriting discounts to be paid by us | $0.39  | $975000 | $1121250 |
|  Proceeds, before expenses, to us | $5.61 | $14025000 | $16128750 |

---

We have agreed to reimburse the underwriter up to a maximum of $150,000 for our-of-pocket accountable expenses (including the legal fees and other disbursements as disclosed below).

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In connection with and upon closing of the offering, we have also agreed to pay to the underwriter a non-accountable expense allowance equal to one percent (1%) of the gross proceeds received by us from the sale of the ordinary shares.

We paid an expense deposit of $50,000 to the underwriter, within days of the execution of the letter of intent between us and the underwriter for the underwriter's anticipated out-of-pocket expenses; any expense deposits will be returned to us to the extent the underwriter's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We intend to apply to list our ordinary shares on Nasdaq Stock Market under the symbol "HARD." There is no assurance that such application will be approved, and if our application is not approved, this offering may not be completed.

Additionally, we have agreed to issue to US Tiger Securities, Inc. warrants to purchase a number of our shares equal to an aggregated of five percent (5%) of the total number of shares issued in the offering (the "Warrants"). The Warrants have an exercise price equal to 125% of the offering price of the ordinary shares sold in this offering, are non-callable and non-cancellable, and may be exercised as to all or a lesser number of shares on a cashless basis. The Warrants are exercisable commencing upon the closing of this offering and will expire in three (3) years and are transferable to the underwriter's permitted assignee(s). Any and all Warrants to be issued to the underwriter will be due and payable upon the closing of this offering and shall be issued to the underwriter in conjunction with the closing. The Warrants provide for immediate demand and/or unlimited piggy-back registration rights at the Company's expense so that they are registered in this registration statement. The Warrants also have customary anti-dilution provisions for stock dividends, splits, mergers, and any future stock issuance, etc., at a price(s) below said exercise price per share and shall provide for automatic exercise immediately prior to expiration. The underwriter (or permitted assignees under the Rule) may not sell, transfer, assign, pledge or hypothecate the Warrants or the securities underlying the Warrants, nor will the underwriter engage in any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the Warrants or the underlying securities for a period of 180 days from the effective date of this offering, except that the Warrants may be transferred to any FINRA member participating in the offering and their bona fide officers or partners if all securities so transferred remain subject to the lock-up restrictions for the remainder of the time period.

#### Escrow Account
We have agreed to maintain an SEC compliant offering deposit or escrow account with the financial institution as designated by the parties, and will deposit an amount of $500,000 to provide source of funding for certain indemnification obligations to the underwriter and other indemnified persons as described in the registration statement and the Underwriting Agreement.

#### Lock-Up Agreements
We have agreed not to, for a period of six months from the date of this prospectus, offer, issue, sell, contract to a) sell, encumber, grant any option for the sale of, or otherwise dispose of, except in this offering, any of our ordinary shares or securities that are substantially similar to our ordinary shares, including but not limited to any options or warrants to purchase our ordinary shares, or any securities that are convertible into or exchangeable for, or that represent the right to receive, our ordinary shares or any such substantially similar securities (other than pursuant to employee stock option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date such lock-up agreement was executed), or b) file or cause to be filed any registration statement with the SEC relating to the offering of any shares of our ordinary shares or any securities convertible into or exercisable or exchangeable for our ordinary shares, without the prior written consent of the underwriter.

Furthermore, each of our directors and executive officers, and our existing beneficial owners of 5% or more of our outstanding ordinary shares will enter into a similar lock-up agreement for a period of six months from the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus forms a part, subject to certain exceptions, with respect to our ordinary shares and securities that are substantially similar to our ordinary shares.

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#### Pricing of the Offering
Prior to the completion of this offering, there has been no public market for our ordinary shares. The initial public offering price of the ordinary shares has been negotiated between us and the underwriter. Among the factors considered in determining the initial public offering price of the ordinary shares, in addition to the prevailing market conditions, are our historical performance, estimates of our business potential and earnings prospects, an assessment of our management, and the consideration of the above factors in relation to market valuation of companies in related businesses.

#### Electronic Offer, Sale, and Distribution of Ordinary Shares
A prospectus in electronic format may be made available on the websites maintained by the underwriter or selling group members, if any, participating in this offering and the underwriter may distribute prospectuses electronically. The underwriter may agree to allocate a number of ordinary shares to selling group members for sale to its online brokerage account holders. The ordinary shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on these websites is not part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us or the underwriter, and should not be relied upon by investors.

#### Price Stabilization, Short Positions, and Penalty Bids
In connection with this offering, the underwriter may engage in transactions that stabilize, maintain, or otherwise affect the price of our ordinary shares. Specifically, the underwriter may sell more ordinary shares than it is obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of ordinary shares available for purchase by the underwriter under option to purchase additional ordinary shares. The underwriter can close out a covered short sale by exercising the option to purchase additional ordinary shares or purchasing ordinary shares in the open market. In determining the source of ordinary shares to close out a covered short sale, the underwriter will consider, among other things, the open market price of ordinary shares compared to the price available under the option to purchase additional ordinary shares. The underwriter may also sell ordinary shares in excess of the option to purchase additional ordinary shares, creating a naked short position. The underwriter must close out any naked short position by purchasing ordinary shares in the open market. A naked short position is more likely to be created if the underwriter is concerned that there may be downward pressure on the price of the ordinary shares in the open market after pricing that could adversely affect investors who purchase in the offering.

The underwriter may also impose a penalty bid. This occurs when an underwriter or dealer repays selling concessions allowed to it for distributing our ordinary shares in this offering because such underwriter repurchases those ordinary shares in stabilizing or short covering transactions.

Finally, the underwriter may bid for, and purchase, our ordinary shares in market making transactions, including "passive" market making transactions as described below.

These activities may stabilize or maintain the market price of our ordinary shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriter is not required to engage in these activities, and may discontinue any of these activities at any time without notice. These transactions may be effected on Nasdaq Stock Market, in the over-the-counter market, or otherwise.

#### Passive Market Making
In connection with this offering, the underwriter may engage in passive market making transactions in our ordinary shares on Nasdaq in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the ordinary shares and extending through the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.

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#### Potential Conflicts of Interest
The underwriter and its affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriter and its affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriter and its affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Selling Restrictions
No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the ordinary shares, or the possession, circulation or distribution of this prospectus or any other material relating to us or the ordinary shares, where action for that purpose is required. Accordingly, the ordinary shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the ordinary shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction.

#### Stamp Taxes
If you purchase ordinary shares offered in this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering price listed on the cover page of this prospectus.

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#### EXPENSES RELATED TO THIS OFFERING
The estimated expenses payable by us in connection with the offering described in this registration statement (other than the underwriting expenses, discounts and commissions) will be as follows. With the exception of the filing fees for the SEC, FINRA and Nasdaq, all amounts are estimates.

---

| | |
|:---|:---|
|  SEC registration fee | $2357 |
|  FINRA filing fee | $3858 |
|  Nasdaq listing fee | $60000 |
|  Legal fees and expenses for Chinese counsel | $270000 |
|  Legal fees and expenses for BVI counsel | $39000 |
|  Legal fees and expenses for U.S. counsel | $250000 |
|  Accounting fees and expenses | $100000 |
|  Pre-audit financial consulting | $220000 |
|  Printing fees and expenses | $30000 |
|  Escrow agent fees | $5000 |
|  Miscellaneous | $120000 |
|  **Total** | $1110215 |

---

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#### LEGAL MATTERS
Certain matters as to U.S. federal law in connection with this offering will be passed upon for us by Haneberg Hurlbert PLC, 1111 E. Main St., Suite 2010, Richmond, VA 23219. The validity of the shares and certain legal matters relating to the offering as to British Virgin Islands law will be passed upon for us by Campbells Legal (BVI) Limited. Certain legal matters relating to the offering as to Chinese law will be passed upon for us by King & Wood Mallesons and for the underwriters by AllBright Law offices. Haneberg Hurlbert PLC may rely upon King & Wood Mallesons with respect to matters governed by Chinese law. VLC Law LLP has acted as counsel for the underwriters with respect to this offering. VCL Law LLP may rely upon AllBright Law Offices with respect to matters governed by PRC law.

#### EXPERTS
Financial statements as of December 31, 2021 and 2020, and for the years then ended appearing in this prospectus, have been included herein and in the registration statement in reliance upon the report of Friedman LLP, an independent registered public accounting firm, appearing elsewhere herein, and upon the authority of that firm as experts in accounting and auditing. Friedman LLP has been our independent auditor from 2019 until 2022. Friedman LLP's address is One Liberty Plaza, 165 Broadway, 21<sup>st</sup> Floor, New York, NY 10006. Marcum Asia CPAs LLP has been our independent auditor since 2022. The change in auditors was made due to the combination of Friedman LLP with Marcum LLP effective September 1, 2022.

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

#### DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION
Insofar as indemnification for liabilities arising under the Securities Act, may be permitted to our directors, officers or persons controlling us, we have been advised that it is the SEC's opinion that such indemnification is against public policy as expressed in such act and is, therefore, unenforceable.

#### WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on Form F-1 under the Securities Act with respect to the ordinary shares offered hereby. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits filed therewith. For further information about us and the ordinary shares offered hereby, reference is made to the registration statement and the exhibits filed therewith. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and in each instance we refer you to the copy of such contract or other document filed as an exhibit to the registration statement. We currently do not file periodic reports with the SEC. Upon closing of our initial public, we will be required to file periodic reports (including an annual report on Form 20-F, which we will be required to file within 120 days from the end of each fiscal year), and other information with the SEC pursuant to the Exchange Act. A copy of the registration statement and the exhibits filed therewith may be inspected without charge at the public reference room maintained by the SEC, located at 100 F Street, NE, Washington, DC 20549, and copies of all or any part of the registration statement may be obtained from that office. Please call the SEC at 1-800-SEC-0330 for further information about the public reference room. The SEC also maintains a website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the website is *www.sec.gov.*

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#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES

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| | |
|:---|:---|
|  | **Page** |
|  [Unaudited Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021](#T701) | F-2 |
|  [Unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2022 and 2021](#T702) | F-3 |
|  [Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the Six Months Ended June 30, 2022 and 2021](#T703) | F-4 |
|  [Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021](#T704) | F-5 – F-6 |
|  [Notes to Unaudited Condensed Consolidated Financial Statements](#T705) | F-7 – F-26 |

---

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm](#T201) | F-27 |
|  [Consolidated Balance Sheets as of December 31, 2021 and 2020](#T202) | F-28 |
|  [Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, 2021 and 2020](#T203) | F-29 |
|  [Consolidated Statements of Changes in Shareholders' Equity for the Years Ended <br>December 31, 2021 and 2020](#T204) | F-30 |
|  [Consolidated Statements of Cash Flows for the Years Ended December 31, 2021 and 2020](#T205) | F-31 – F-32 |
|  [Notes to Consolidated Financial Statements](#T206) | F-33 – F-52 |

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#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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| | | |
|:---|:---|:---|
|  | **June 30, <br>2022** | **December 31, <br>2021** |
|  **ASSETS** |  |  |
|  **Current Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Cash | $2709981 | $2870798 |
| &nbsp;&nbsp;&nbsp; Restricted cash | 113044 | 250438 |
| &nbsp;&nbsp;&nbsp; Notes receivable | 74650 | 512366 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net – third parties | 11053295 | 6618097 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, a related party | 476021 | 894918 |
| &nbsp;&nbsp;&nbsp; Inventories | 10679510 | 8559995 |
| &nbsp;&nbsp;&nbsp; Advance to suppliers, net – third parties | 156320 | 248032 |
| &nbsp;&nbsp;&nbsp; Advance to suppliers, net related parties | 982928 | 36064 |
| &nbsp;&nbsp;&nbsp; Prepayments and other current assets, net | 871912 | 605380 |
|  **Total Current Assets** | **27117661** | **20596088** |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 1295484 | 1288579 |
| &nbsp;&nbsp;&nbsp; Intangible assets, net | 61644 | 80464 |
| &nbsp;&nbsp;&nbsp; Deferred tax assets | 937528 | 879014 |
| &nbsp;&nbsp;&nbsp; Right-of-use assets | 823546 |  |
|  **Total Assets** | $**30235863** | $**22844145** |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
|  **Current Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Short-term bank loan | $447900 | $— |
| &nbsp;&nbsp;&nbsp; Current maturity of long-term bank loans | 559875 | 47070 |
| &nbsp;&nbsp;&nbsp; Accounts payable | 5261045 | 3543772 |
| &nbsp;&nbsp;&nbsp; Accounts payable, related parties | 9966 | 423266 |
| &nbsp;&nbsp;&nbsp; Advance from customers | 8000952 | 4005678 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1072258 | 1488146 |
| &nbsp;&nbsp;&nbsp; Taxes payable | 216556 | 297289 |
| &nbsp;&nbsp;&nbsp; Due to related parties | 2607532 | 2638441 |
| &nbsp;&nbsp;&nbsp; Operating lease liability-current | 284060 |  |
|  **Total Current Liabilities** | **18460144** | **12443662** |
| &nbsp;&nbsp;&nbsp; Long-term bank loans | 1164540 | 376560 |
| &nbsp;&nbsp;&nbsp; Operating lease liability-noncurrent | 540178 |  |
|  **Total Liabilities** | **20164862** | **12820222** |
|  **COMMITMENTS AND CONTINGENCIES** |  |  |
|  **Total Equity:** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares, $0.001 par value, 100,000,000 shares authorized, 10,000,000 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively\* | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 167705 | 167705 |
| &nbsp;&nbsp;&nbsp; Statutory reserves | 1265464 | 1265464 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 8689672 | 8117781 |
| &nbsp;&nbsp;&nbsp; Accumulated comprehensive income (loss) | (11324) | 496381 |
|  **Total Shareholders' Equity** | **10121517** | **10057331** |
| &nbsp;&nbsp;&nbsp; Non-controlling interest | (50516) | (33408) |
|  **Total Equity** | **10071001** | **10023923** |
|  **Total Liabilities and Equity** | $**30235863** | $**22844145** |

---

____________

\* Shares and per share data are presented on a retroactive basis to reflect the reorganization.

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

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF<br>INCOME AND COMPREHENSIVE INCOME

---

| | | |
|:---|:---|:---|
|  | **For the Six months Ended<br> June 30,** | **For the Six months Ended<br> June 30,** |
|  | **2022** | **2021** |
|  **Revenue** |  |  |
| &nbsp;&nbsp;&nbsp; Product sales | $14128366 | $11276398 |
| &nbsp;&nbsp;&nbsp; Warranty service | 419706 | 473578 |
|  **Total revenue** | **14548072** | **11749976** |
|  **Cost of revenues** |  |  |
| &nbsp;&nbsp;&nbsp; Cost of product sales | 9901746 | 7682053 |
| &nbsp;&nbsp;&nbsp; Cost of warranty service | 177918 | 163399 |
|  **Total cost of revenues** | **10079664** | **7845452** |
|  **Gross Profit** | **4468408** | **3904524** |
|  **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Selling | 2423598 | 1728596 |
| &nbsp;&nbsp;&nbsp; General and administrative | 729536 | 819309 |
| &nbsp;&nbsp;&nbsp; Research and development | 873422 | 832008 |
| &nbsp;&nbsp;&nbsp; (Recovery of) provision for doubtful accounts, net | (704) | 216702 |
|  **Total operating expenses** | **4025852** | **3596615** |
|  **Income from operations** | **442556** | **307909** |
|  **Other income (expense):** |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | 3968 | 3044 |
| &nbsp;&nbsp;&nbsp; Interest expense | (117254) | (9968) |
| &nbsp;&nbsp;&nbsp; Other income, net | 192632 | 226625 |
|  **Total other income, net** | **79346** | **219701** |
|  **Income before income taxes** | **521902** | **527610** |
|  **Income tax provision (benefit)** | **(30635)** | **15109** |
|  **Net income** | **552537** | **512501** |
| &nbsp;&nbsp;&nbsp; Less: Net loss attributable to non-controlling interests | (19354) | (67525) |
|  **Net income attributable to the Company** | **571891** | **580026** |
|  **Other comprehensive income (loss)** |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustments | (505459) | 72381 |
|  **Comprehensive income** | **47078** | **584882** |
| &nbsp;&nbsp;&nbsp; Less: Comprehensive loss attributable to non-controlling interests | (17108) | (67652) |
|  **Comprehensive income attributable to the Company** | $**64186** | $**652534** |
|  Earnings Per share – Basic and diluted | $0.06 | $0.06 |
|  Weighted Average Shares Outstanding – Basic and diluted\* | 10000000 | 9977500 |

---

____________

\* Shares and per share data are presented on a retroactive basis to reflect the reorganization

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

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF<br>CHANGES IN SHAREHOLDERS' EQUITY

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<u><br></u><br> Ordinary Shares** | **<u><br></u><br> Ordinary Shares** | **Additional Paid in<br> Capital** | **Statutory Reserves** | **Retained Earnings** | **Accumulated<br> Other Comprehensive<br> Income (Loss)** | **Non-<br> controlling<br> interest** | **Total** |
|  | **Shares\*** | **Amount** | **Additional Paid in<br> Capital** | **Statutory Reserves** | **Retained Earnings** | **Accumulated<br> Other Comprehensive<br> Income (Loss)** | **Non-<br> controlling<br> interest** | **Total** |
|  **Balance at January 1, 2021** | 9950000 | $9950 | $2558888 | $945755 | $6670845 | $297407 | $466 | $10483311 |
|  Repurchase of subsidiary shares |  |  | (2452255) |  |  |  |  | (2452255) |
|  Issuance of shares for a private placement | 50000 | 50 | 61072 |  |  |  |  | 61122 |
|  Net income (loss) |  |  |  |  | 580026 |  | (67525) | 512501 |
|  Foreign currency translation adjustments |  |  |  |  |  | 72508 | (127) | 72381 |
|  **Balance at June 30, 2021** | 10000000 | 10000 | 167705 | 945755 | 7250871 | 369915 | (67186) | 8677060 |
|  **Balance at January 1, 2022** | 10000000 | 10000 | 167705 | 1265464 | 8117781 | 496381 | (33408) | 10023923 |
|  Net income (loss) |  |  |  |  | 571891 |  | (19354) | 552537 |
|  Foreign currency translation adjustments |  |  |  |  |  | (507705) | 2246 | (505459) |
|  **Balance at June 30, 2022** | 10000000 | $10000 | $167705 | $1265464 | $8689672 | $(11324) | $(50516) | $10071001 |

---

____________

\* Shares and per share data are presented on a retroactive basis to reflect the reorganization

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

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
|  | **For The Six Months Ended<br> June 30,** | **For The Six Months Ended<br> June 30,** |
|  | **2022** | **2021** |
|  **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp; Net income | $552537 | $512501 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 146597 | 141578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposition of fixed assets | 1073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for inventory write down |  | 71757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Recovery of) provision for doubtful accounts, net | (704) | 144945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued interests on loan from a related party | 98014 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax benefit | (104478) | (74035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of operating lease right-of-use assets | 119306 |  |
| &nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note receivable | 426726 | 81938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (4912610) | (3357787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, a related party | 388126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | (2619016) | (844329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance to suppliers | 89145 | (26105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance to supplier, related parties | (980380) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments and other assets | (303156) | (433454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 1952188 | (220578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable, related parties | (405952) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance from customers | 4329601 | 4466043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | (355319) | (213337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes payable | (68554) | 343176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | (137486) |  |
|  **Net cash provided by (used in) operating activities** | (1784342) | 592313 |
|  **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions to property and equipment | (203880) | (16203) |
|  **Net cash used in investing activities** | (203880) | (16203) |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term bank loan repayment |  | (23190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from long-term bank loans | 1388700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from a short-term bank loan | 462900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment to long-term bank loans | (23145) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan proceeds from a related party |  | 2489060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase of subsidiary shares |  | (2452255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from private placement |  | 61122 |
|  **Net cash provided by financing activities** | 1828455 | 74737 |
|  **Effect of exchange rate changes on cash** | (138444) | (7247) |
|  **Net increase (decrease) in cash** | (298211) | 643600 |
|  **Cash and restricted cash, beginning of period** | 3121236 | 2383833 |
|  **Cash and restricted cash, end of period** | $2823025 | $3027433 |

---

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
**The following table provides a reconciliation of cash and restricted cash reported within the statements of financial position that sum to the total in the statements of cash flows**

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2022** | **2021** |
|  Cash | $2709981 | $2652796 |
|  Restricted cash | 113044 | 374637 |
|  Total cash and restricted cash | $2823025 | $3027433 |
|  **Supplemental disclosure information:** |  |  |
| &nbsp;&nbsp;&nbsp; Cash paid for income tax | $90098 | $105843 |
| &nbsp;&nbsp;&nbsp; Cash paid for interest | $19240 | $9968 |
|  **Non-cash activities** |  |  |
| &nbsp;&nbsp;&nbsp; Right-of-assets obtained in exchange for operating lease obligations | $970432 | $— |

---

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

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

#### Note 1 — ORGANIZATION AND BUSINESS DESCRIPTION
Harden Technologies Inc. ("Harden" or the "Company"), is a company that was established under the laws of the British Virgin Islands on April 8, 2021 as a holding company. The Company, through its subsidiaries, specializes in the manufacture of customized industrial recycling equipment. Mr. Jiawen Miao ("Mr. Miao"), the Chairman of the Board of Directors and Chief Executive Officer ("CEO"), is the ultimate controlling shareholder ("the controlling shareholder") of the Company.

As of June 30, 2022, the Company's subsidiaries are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Subsidiaries** | **Date of<br>Incorporation** | **Jurisdiction of<br>Formation** | **Percentage of<br>direct/indirect<br>Economic<br>Ownership** | **Principal<br>Activities** |
|  Harden International Limited ("Harden HK") | April 20, 2021 | Hong Kong,<br>PRC | 100% | Investment<br>Holding |
|  Harwell Technologies Ltd. ("WOFE") | May 13, 2021 | Guangdong<br>Province, PRC | 100% | Technical service |
|  Harden Machinery Ltd. ("Harden Machinery") | May 10, 2010 | Guangdong<br>Province, PRC | 100% | Manufacture of<br>recycling<br>equipment |
|  Dr. Shredder Technologies Ltd. ("Dr. Shredder") | September 29, 2017 | Guangdong<br>Province, PRC | 55% owned<br>subsidiary of<br>Harden Machinery | Manufacture of<br>recycling<br>equipment |

---

As described below, the Company, through a series of transactions which are accounted for as a reorganization of entities under common control (the "Reorganization"), became the ultimate parent of its subsidiaries.

#### Reorganization
A reorganization of the legal structure was completed on June 3, 2021. The reorganization involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the formation of the Company's wholly owned subsidiary-Harden HK and Harden HK's wholly owned subsidiary — WOFE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transfer of all the shareholders' equity interest in Harden Machinery to the WOFE on May 27, 2021

Before and after the reorganization, the Company, together with its subsidiaries, is effectively controlled by the same shareholders, and therefore the reorganization is considered as a recapitalization of entities under common control in accordance with Accounting Standards Codification ("ASC") 805-50-25. The consolidation of the Company and its subsidiaries have been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements in accordance with ASC 805-50-45-5.

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

#### Basis of presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities Exchange Commission ("SEC").

#### Principles of consolidation
The unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances are eliminated upon consolidation. All intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation. These

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

**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
interim unaudited financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021, included in the prospectus. The interim unaudited financial statements follow the same accounting policies and methods of computations as the audited financial statements for the year ended December 31, 2021. Interim results are not necessarily indicative of results to be expected for the full year.

Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

Non-controlling interest represents the portion of the net assets of subsidiaries attributable to interests that are not owned by the Company. The non-controlling interest is presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interest's operating result is presented on the face of the consolidated statements of income and comprehensive income as an allocation of the total income for the year between non-controlling shareholders and the shareholders of the Company.

#### Uses of estimates and assumptions
In preparing the unaudited condensed consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the unaudited condensed consolidated financial statements. Significant accounting estimates required to be made by management include, but are not limited to, the valuation of inventories, allowance for inventories obsolescence, useful lives of property and equipment and intangible assets, incremental borrowing rate for leases, the recoverability of long-lived assets, allowance for doubtful accounts, revenue recognition and uncertain tax position, realization of deferred tax assets. The Company evaluates its estimates and assumptions on an ongoing basis and its estimates on historical experience, current and expected future conditions and various other assumptions that management believes are reasonable under the circumstances based on the information available to management at the time these estimates and assumptions are made. Actual results and outcomes may differ significantly from these estimates and assumptions.

#### Cash
The Company considers all highly liquid investment instruments with an original maturity of three months or less from the date of purchase to be cash equivalents. The Company maintains most of its bank accounts in the PRC. Cash balances in bank accounts in PRC are insured by China's bank insurance program.

#### Restricted Cash
Cash that is restricted as to withdrawal or is used or pledged as security is reported separately on the face of the Consolidated Balance Sheets and is included in the total cash in the Unaudited Condensed Consolidated Statements of Cash Flows. The Company's restricted cash mainly represents security deposits held in designated bank accounts for performance of sales contract.

#### Accounts Receivable
Accounts receivable are recognized and carried at original invoiced amount less an estimated allowance for uncollectible accounts. The Company determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trends. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. The allowance is based

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

**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
on management's best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. As of June 30, 2022 and December 31, 2021, the allowance for doubtful accounts represented approximately 3% and 4% of gross account receivable balances, respectively. If the allowance estimates increase (or decrease) by 1%, the related provision for doubtful accounts could increase (decrease) by $2,964 and $4,395 for the six months ended June 30, 2022 and 2021, respectively. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of income and comprehensive income. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. Allowance for uncollectible balances amounted to $296,412 and $313,969 as of June 30, 2022 and December 31, 2021, respectively.

#### Notes receivable
Notes receivable represents trade accounts receivable due from various customers where the customers' banks have guaranteed the payments. The notes are non-interest bearing and normally paid within three to twelve months. The Company has the ability to submit request for payment to the customer's bank earlier than the scheduled payment date, but will incur an interest charge and a processing fee.

#### Inventories
Inventories are stated at the lower of cost or net realizable value. Costs include the cost of raw materials, freight, direct labor and related production overhead. The cost of inventories is calculated using the weighted average method. Any excess of the cost over net realizable value of each item of inventories is recognized in the value of inventories. Net realizable value is estimated using selling price in the normal course of business less any costs to complete and sell products.

#### Advances to Suppliers
Advance to suppliers consists of balances paid to suppliers for services and materials that have not been provided or received. Advance to suppliers are short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the assets to be impaired if the collectability of the advance becomes doubtful. The Company uses the aging method to estimate the allowance for uncollectible balances. In addition, at each reporting date, the Company generally determines the adequacy of allowance for doubtful accounts by evaluating all available information, and then records specific allowances for individual advances based on the specific facts and circumstances. The allowance for doubtful accounts balances amounted to $707,438 and $750,342 as of June 30, 2022 and December 31, 2021, respectively.

#### Prepayments and other assets
Prepayment and other assets primarily consist of refundable tax credits and receivables, security deposits made to customers and advances to employees, which are presented net of allowance for doubtful accounts. These balances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the balances to be impaired if the collectability of the balances becomes doubtful. The Company uses the aging method to estimate the allowance for uncollectible balances. The allowance is also based on management's best estimate of specific losses on individual exposures, as well as a provision on historical trends of collections and utilizations. Actual amounts received or utilized may differ from management's estimate of credit worthiness and the economic environment. Delinquent account balances are written off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. The allowance for doubtful accounts balances amounted to $96,089 and $103,632 as of June 30, 2022 and December 31, 2021, respectively.

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

**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

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

#### Property and equipment
Property and equipment are recorded at cost. Depreciation is provided in amounts sufficient to amortize the cost of the related assets over their useful lives using the straight-line method, as follows:

---

| | |
|:---|:---|
|  | **Useful life** |
|  Machinery equipment | 10 years |
|  Electronic equipment | 3 years |
|  Transportation equipment | 4 years |
|  Other equipment | 5 years |
|  Leasehold improvement | Over the shorter of the lease term or<br>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 income and other comprehensive income in other income or expenses.

#### Intangible Assets
Intangible assets consist primarily of software. Intangible assets are stated at cost less accumulated amortization. Intangible assets are amortized using the straight-line method.

---

| | |
|:---|:---|
|  **Category** | **Estimated useful life** |
|  Software | 5 years |

---

#### Leases
The Company adopted Topic 842 on January 1, 2022 using the modified retrospective transition approach. The Company has lease contracts for factory and office space under operating leases. The Company determines whether an arrangement constitutes a lease and records lease liabilities and right-of-use assets on its consolidated balance sheets at lease commencement. The Company measures its lease liabilities based on the present value of the total lease payments not yet paid discounted based on the more readily determinable of the rate implicit in the lease or its incremental borrowing rate, which is the estimated rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease. The Company estimates its incremental borrowing rate based on an analysis of weighted average interest rate of its own bank loans. The Company measures right-of-use assets based on the corresponding lease liability adjusted for payments made to the lessor at or before the commencement date, and initial direct costs it incurs under the lease. The Company begins recognizing lease expense when the lessor makes the underlying asset available to the Company.

For leases with lease term less than one year (short-term leases), the Company records operating lease expense in its consolidated statements of operations on a straight-line basis over the lease term and record variable lease payments as incurred.

#### Impairment of Long-lived Assets
The Company reviews long-lived assets, including definitive-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition below are the asset's carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets as of June 30, 2022 and December 31, 2021.

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

**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

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

#### Fair Value of Financial Instruments
ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — inputs to the valuation methodology are unobservable.

Unless otherwise disclosed, the fair value of the Company's financial instruments, including cash, advances to suppliers, prepayments and other current assets, accounts payable, advance from customers, accrued expenses, short term bank loans and taxes payable, approximates their recorded values due to their short-term maturities. The Company determined that the carrying value of the long-term bank loans approximated their fair value by comparing the stated loan interest rate to the rate charged by similar financial institutions.

#### Revenue recognition
The Company manufactures and distributes customized industrial recycling equipment. The Company has adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and all subsequent ASUs that modified ASC 606 for the six months ended June 30, 2022 and 2021.

The Company generates revenue primarily through the sale and delivery of promised goods or services to customers and recognizes revenue when control is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the goods or services and is recorded net of value-added tax ("VAT"). Performance obligations typically include the delivery of promised products, such as customized industrial recycling equipment, sometimes, along with service-type warranties. The Company's contracts with customer are primarily on a fixed-price basis and generally do not contain cancellable provisions. Upon delivery of the customized recycling equipment, customer acceptance is generally required.

The Company determines its performance obligations arise from (i) sales of customized industrial recycling equipment ("product component") and (ii) provides warranty service, if applicable, as these deliverables are distinct in that customers can benefit from each service on its own and the Company's promises to deliver the product or services are separately identifiable from each other in the contract.

The Company allocates the contract price to each distinct performance obligations using their relative standalone selling prices consistent with the guidance in ASC 606. The Company does not have observable standalone selling price information for the product component and service-type warranty component because it does not provide service-type warranty component on a standalone basis. There is no direct observable standalone selling price for similar services in the market that is reasonably available to the Company. As a result, the estimation of standalone selling price involves significant judgment. The Company uses an expected cost plus margin approach to estimate the standalone selling prices of product component and service — type warranty component as the basis of revenue allocation. In estimating its standalone selling price for the product component and service-type warranty component, the Company considers the cost incurred to deliver such services, profit margin for similar arrangements, customer demand, effect of competitors on the Company's services, and other market factors.

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**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Revenue from sales of customized industrial recycling equipment is recognized when the products are delivered and accepted by customers, which is the point when title has transferred and risk of ownership has passed. Return allowances is determined by an estimate of expected customer merchandise returns, which is calculated based on historical return patterns, and recorded as a refund liability included in accrued expenses and other liabilities.

Revenues from service-type warranty are recognized over warranty period ends and the consideration is collected. Revenues from service-type warranty amounted to $419,706 and $473,578 for the six months ended June 30, 2022 and 2021, respectively.

For the six months ended June 30, 2022 and 2021, the disaggregation of revenue by the types of customers is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br>June 30,** | **For the six months ended<br>June 30,** |
|  | **2022** | **2021** |
|  Industrial waste industry | $10712841 | $6235795 |
|  Municipal waste industry | 1463052 | 5218586 |
|  Others | 2372179 | 295595 |
|  Total | $14548072 | $11749976 |

---

For the six months ended June 30, 2022 and 2021, the disaggregation of revenue by the types of products and services is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br>June 30,** | **For the six months ended<br>June 30,** |
|  | **2022** | **2021** |
|  Equipment sales | $12768345 | $9377405 |
|  Accessories and supplies sales | 1360021 | 1898993 |
|  Warranty service | 419706 | 473578 |
|  Total | $14548072 | $11749976 |

---

Contract liabilities are reflected as advance from customers on the unaudited condensed consolidated balance sheets. Contract liabilities relate to payments received in advance of completion of performance obligations under a contract. Contract liabilities are recognized as revenue upon the fulfilment of performance obligations. As of June 30, 2022 and December 31, 2021, the advances from customer amounted to $8,000,952 and $4,005,678, respectively, which were expected to be recognized as revenue within 12 months.

#### Shipping and handling costs
Shipping and handling costs, which include costs related to the selection of products and their delivery to customers, are presented in selling expenses. Shipping and handling costs were $262,400 and $173,975 for the six months ended June 30, 2022 and 2021, respectively.

#### Government Subsidies
The Company's PRC subsidiaries received government subsidies according to related policy from local government. The Company receives government subsidies that the Chinese government has not specified its purpose for and are not tied to future trends or performance of the Company; receipt of such subsidy income is not contingent upon any further actions or performance of the Company and the amounts do not have to be refunded under any circumstances. The unspecific purpose subsidies are recognized as other income upon receipt as further performance by the Company is not required. For the six months ended June 30, 2022 and 2021, the government subsidies amounted to $181,898 and $53,678, respectively.

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**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

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

#### Research and development expenses
Research and development expenses include costs directly associated with the Company's research and development projects, including the cost of salaries and other employee benefits, testing expenses, consumable equipment and consulting fees. All costs associated with research and development are expensed as incurred. For the six months ended June 30, 2022 and 2021, research and development expenses were $873,422 and $832,008, respectively.

#### Income taxes
The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the six months ended June 30, 2022 and 2021. As of June 30, 2022, the tax years ended December 31, 2016 through December 31, 2021 for the Company's PRC subsidiaries remain open for statutory examination by PRC tax authorities.

#### Value added tax ("VAT")
Revenue represents the invoiced value of goods, net of VAT. The VAT is based on gross sales price and VAT rates range up to 13%, depending on the type of products sold. The VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products. The Company recorded a VAT payable net of payments in the accompanying consolidated financial statements. All of the VAT returns filed by the Company's subsidiaries in China, have been and remain subject to examination by the tax authorities for five years from the date of filing.

#### Earnings per Share
The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the six months ended June 30, 2022 and 2021, there were no dilutive shares.

#### Foreign currency translation
Since the Company operates primarily in the PRC, the Company's functional currency is the Chinese Yuan ("RMB"). The Company's consolidated financial statements have been translated into the reporting currency U.S. Dollars ("US$"). Assets and liabilities of the Company are translated at the exchange rate at each reporting period end date. Equity is translated at historical rates. Income and expense accounts are translated at the average

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**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income (loss). Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations.

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

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30,<br>2022** | **June 30,<br>2021** | **December 31,<br>2021** |
|  Balance sheet items, except for equity accounts | US$1=RMB 6.6981 | US$1=RMB 6.4566 | US$1=RMB 6.3726 |
|  Items in the statements of income and cash flows | US$1=RMB 6.4791 | US$1=RMB 6.4702 | US$1=RMB 6.4508 |

---

#### Comprehensive income
Comprehensive income consists of two components, net income and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of shareholders' equity but are excluded from net income. Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Company not using US$ as its functional currency.

#### Risks and Uncertainties
In December 2019, a novel strain of coronavirus (COVID-19) surfaced. COVID-19 has spread rapidly to many parts of the PRC and other parts of the world in the first half of 2020, which has caused significant volatility in the PRC and international markets. For the six months ended June 30, 2022, the COVID-19 pandemic did not have a material net impact on the Company's financial positions and operating results. The extent of the impact on the Company's future financial results will be dependent on future developments such as the length and severity of the crisis, the potential resurgence of the crisis, future government actions in response to the crisis and the overall impact of the COVID-19 pandemic on the global economy and capital markets, among many other factors, all of which remain highly uncertain and unpredictable. Given this uncertainty, the Company is currently unable to quantify the expected impact of the COVID-19 pandemic on its future operations, financial condition, liquidity and results of operations if the current situation continues.

#### Segment reporting
The Company follows ASC 280, "*Segment Reporting."* The Company's Chief Executive Officer or chief operating decision-maker reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and hence, the Company has only one reportable segment. The Company operates and manages its business in PRC China as a single segment. As the Company's long-lived assets are substantially all located in the PRC and substantially all the Company's revenues are derived from within the PRC, no geographical segments are presented.

#### Concentrations of risks
a. Concentration of credit risk

Assets that potentially subject the Company to a significant concentration of credit risk primarily consist of cash, accounts receivable and other current assets. The maximum exposure of such assets to credit risk is their carrying amounts at the balance sheet dates. As of June 30, 2022 and December 31, 2021, the aggregate amount

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**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
of cash and restricted cash of $2,820,515 and $3,116,726, respectively, was held at major financial institutions in PRC, where there is a RMB 500,000 deposit insurance limit for a legal entity's aggregated balance at each bank. To limit the exposure to credit risk relating to deposits, the Company primarily places cash deposits with large financial institutions in the PRC. The Company conducts credit evaluations of its customers and suppliers, and generally does not require collateral or other security from them. The Company establishes an accounting policy to provide for allowance for doubtful accounts based on the individual customer's and supplier's financial condition, credit history, and the current economic conditions.

b. Significant customers

For the six months ended June 30, 2022, one customer accounted for approximately 10% of the Company's total revenues. For the six months ended June 30, 2021, one customer accounted for approximately 17% of the Company's total revenues. As of June 30, 2022, no customer accounted for more than 10% of the Company's accounts receivable. As of December 31, 2021, one customer accounted for approximately 11% of the Company's accounts receivable.

c. Significant suppliers

For the six months ended June 30, 2022, no supplier accounted for more than 10% of the Company's total purchases. For the six months ended June 30, 2021, no supplier accounted for more than 10% of the Company's total purchases. As of June 30, 2022 and December 31, 2021, no supplier accounted for more than 10% of the Company's total accounts payable.

d. Foreign currency risk

A majority of the Company's expense transactions are denominated in RMB and a significant portion of the Company and its subsidiaries' assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People's Bank of China ("PBOC"). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.

It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. The change in the value of the RMB relative to the U.S. dollar may affect the Company's financial results reported in the U.S. dollar terms without giving effect to any underlying changes in the Company's business or results of operations. Currently, the Company's assets, liabilities, revenues and costs are denominated in RMB. To the extent that the Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollar for the purpose of making payments for dividends, strategic acquisition or investments or other business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Company.

#### Recent Accounting Pronouncements
The Company considers the applicability and impact of all accounting standards updates ("ASUs"). Management periodically reviews new accounting standards that are issued.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases, including operating leases, with a term in excess of 12 months. The guidance also expands the quantitative and qualitative disclosure requirements. In July 2018, the FASB issued updates to the lease standard making transition requirements less burdensome. The update provides an option to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in the company's financial statements. The new guidance requires the

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**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
lessee to record operating leases on the balance sheet with a right-of-use asset and corresponding liability for future payment obligations. FASB further issued ASU 2018-11 "Target Improvement" and ASU 2018-20 "Narrow-scope Improvements for Lessors." In June 2020, the FASB issued ASU No. 2020-05, "Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) Effective Dates for Certain Entities" ("ASU 2020-05") in response to the ongoing impacts to businesses in response to the coronavirus (COVID-19) pandemic. ASU 2020-05 provides a limited deferral of the effective dates for implementing previously issued ASU 842 to give some relief to businesses and the difficulties they are facing during the pandemic. ASU 2020-05 affects entities in the "all other" category and public Not-For-Profit entities that have not gone into effect yet regarding ASU 2016-02, Leases (Topic 842). Entities in the "all other" category may defer to fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The Company adopted ASU 2016-02, Leases (Topic 842) on January 1, 2022.

In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which requires the Company to measure and recognize expected credit losses for financial assets held and not accounted for at fair value through net income. In November 2018, April 2019 and May 2019, the FASB issued ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments — Credit Losses," "ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments — Credit Losses," "Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments," and "ASU No. 2019-05, Financial Instruments — Credit Losses (Topic 326): Targeted Transition Relief," which provided additional implementation guidance on the previously issued ASU. The ASU is effective for fiscal years beginning after December 15, 2020. The ASU requires a modified retrospective adoption method. The adoption of this guidance did not have a material impact on the Company's unaudited condensed consolidated financial statements.

In October 2021, the FASB issued ASU No. 2021-08, "'Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" ("ASU 2021-08"). This ASU requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. The amendments are effective for the Company beginning after December 15, 2023, and are applied prospectively to business combinations that occur after the effective date. The Company does not expect the adoption of ASU 2021-08 will have a material effect on the unaudited condensed consolidated financial statements.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's unaudited condensed consolidated balance sheets, statements of income and comprehensive income and statements of cash flows.

#### Note 3 — ACCOUNTS RECEIVABLE, NET
Accounts receivable consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Accounts receivable | $11349707 | $6932066 |
|  Less: allowance for doubtful accounts | (296412) | (313969) |
|  Accounts receivable, net | $11053295 | $6618097 |

---

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**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 3 — ACCOUNTS RECEIVABLE, NET (cont.)
For the six months ended June 30, 2022 and 2021, the Company recorded provision for doubtful accounts of $1,355 and $143,128, respectively for accounts receivable. For the six months ended June 30, 2022 and 2021, the Company recorded recovery for doubtful accounts of $3,782 and $nil, respectively.

Allowance for doubtful accounts movement:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Balance as of beginning | $313969 | $317711 |
|  Provision | 1355 | 72688 |
|  Recovery | (3782) |  |
|  Written off |  | (84782) |
|  Foreign exchange translation effect | (15130) | 8352 |
|  Ending balance | $296412 | $313969 |

---

#### Note 4 — INVENTORIES
Inventories consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Raw materials | $3876757 | $3451670 |
|  Finished goods | 1114491 | 441672 |
|  Working in process ("WIP") | 5688262 | 4666653 |
|  Total | $10679510 | $8559995 |

---

#### Note 5 — ADVANCE TO SUPPLIERS, NET
Advance to suppliers, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Advance to suppliers | $863758 | $998374 |
|  Less: allowance for doubtful accounts | (707438) | (750342) |
|  Advance to suppliers, net | $156320 | $248032 |

---

Allowance for doubtful accounts movement:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Balance as of beginning | $750342 | $460 |
|  Provision |  | 740790 |
|  Recovery | (6778) |  |
|  Foreign exchange translation effect | (36126) | 9092 |
|  Ending balance | $707438 | $750342 |

---

For the six months ended June 30, 2022 and 2021, the Company recorded a recovery of allowance for doubtful accounts of $6,778 and $464, respectively.

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**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 6 — PREPAYMENTS AND OTHER CURRENT ASSETS, NET
Prepayments and other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Other receivable | $405546 | $311330 |
|  Deferred IPO cost | 378419 | 397682 |
|  Prepaid VAT | 184036 |  |
|  Less: allowance for doubtful accounts | (96089) | (103632) |
|  Prepayments and other current assets, net | $871912 | $605380 |

---

Allowance for doubtful accounts movement:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Balance as of beginning | $103632 | $89205 |
|  Provision | 8008 | 15283 |
|  Recovery | (10616) |  |
|  Written off |  | (3100) |
|  Foreign exchange translation effect | (4935) | 2244 |
|  Ending balance | $96089 | $103632 |

---

For the six months ended June 30, 2022 and 2021, the Company recorded provision for doubtful accounts of $8,008 and $2,281 for prepayments and other current assets. For the six months ended June 30, 2022 and 2021, the Company recorded recovery for doubtful accounts of $10,616 and $nil for prepayments and other current assets, respectively.

#### Note 7 — PROPERTY AND EQUIPMENT, NET
Property and equipment, net, consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Machinery equipment | $1378431 | $1379424 |
|  Electronic equipment | 254351 | 275334 |
|  Transportation equipment | 218630 | 229371 |
|  Other equipment | 115545 | 117222 |
|  Leasehold improvement | 535873 | 423847 |
|  Subtotal | 2502830 | 2425198 |
|  Less: accumulated depreciation and amortization | (1207346) | (1136619) |
|  Property and equipment, net | $1295484 | $1288579 |

---

Depreciation and amortization expense was $131,175 and $126,460 for the six months ended June 30, 2022 and 2021, respectively.

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**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 8 — INTANGIBLE ASSETS, NET
The Company states intangible assets at cost less accumulated amortization. Amortization expenses were $15,422 and $15,118 for the six months ended June 30, 2022 and 2021, respectively.

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2021** | **December 31,<br>2021** |
|  Software | $165496 | $173921 |
|  Less: accumulated amortization | (103852) | (93457) |
|  Intangible assets, net | $61644 | $80464 |

---

The estimated future amortization expenses are as follows:

---

| | |
|:---|:---|
|  **Twelve months ending June 30,** | **Estimated<br>Amortization<br>Expense** |
| 2023 | $29798 |
| 2024 | 28114 |
| 2025 | 2785 |
| 2026 | 678 |
| 2027 | 269 |
|  Total | $61644 |

---

#### Note 9 — LEASES
The Company signed lease agreements to rent factory and office space from Zhongshan Langhua Property Management Company and Zhongshan Wukong Real Estate Investment Co., Ltd. The lease agreements will expire on March 31, 2025. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Effective January 1, 2022, the Company adopted the new lease accounting standard using a modified retrospective transition method which allowed the Company not to recast comparative periods presented in its consolidated financial statements. In addition, the Company elected the package of practical expedients, which allowed the Company to not reassess whether any existing contracts contain a lease, to not reassess historical lease classification as operating or finance leases, and to not reassess initial direct costs. The Company has not elected the practical expedient to use hindsight to determine the lease term for its leases at transition. The Company combines the lease and non-lease components in determining the ROU assets and related lease obligation. Adoption of this standard resulted in the recording of operating lease ROU assets and corresponding operating lease liabilities as disclosed below and had no impact on accumulated deficit as of January 1, 2022. ROU assets and related lease obligations are recognized at commencement date based on the present value of remaining lease payments over the lease term.

On January 1, 2022, the ROU assets and related operating lease liabilities recognized were both $970,432. Total lease expense for the six months ended June 30, 2022 and 2021 amounted to $138,202 and $154,565, respectively.

Supplemental balance sheet information related to operating leases was as follows:

---

| | |
|:---|:---|
|  | **June 30,<br>2022** |
|  Right-of-use assets, net | $823546 |
|  Operating lease liabilities – current | 284060 |
|  Operating lease liabilities – non-current | 540178 |
|  Total | $824238 |

---

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**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 9 — LEASES (cont.)
The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of June 30, 2022:

---

| | |
|:---|:---|
|  Remaining lease term and discount rate: |  |
|  Weighted average remaining lease term (years) | 2.75 years |
|  Weighted average discount rate | 5.00% |

---

The following is a schedule of maturities of operating lease liabilities as of June 30, 2022:

---

| | |
|:---|:---|
|  Twelve months ending June 30, |  |
| 2023 | $318018 |
| 2024 | 320096 |
| 2025 | 244748 |
|  Total future minimum lease payments | 882862 |
|  Less: imputed interest | 58624 |
|  Present value of operating lease liabilities | $824238 |

---

As of June 30, 2022, the Company's minimum short term lease payments to be due within one year amounted to $12,059.

#### Note 10 — ACCRUED EXPENSES AND OTHER LIABITIES
Accrued expenses and other liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Wages payable | $406320 | $882984 |
|  Other payable to venders | 240411 | 251661 |
|  Sales refund provision | 425527 | 353501 |
|  Total | $1072258 | $1488146 |

---

#### Note 11 — SHORT-TERM BANK LOAN
Short-term bank loan consists of the following loan:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Loan from Bank of China (Effective interest rate at 3.75%, due on March 10, 2023) | $447900 | $— |
|  Total | $447900 | $— |

---

On March 16, 2022, the Company signed a loan agreement with Bank of China (BOC) to obtain a one-year loan of RMB 3 million ($447,900) with the term from March 11, 2022 to March 10, 2023. The loan bears a floating interest rate of the benchmark rate (3.75%). The Controlling Shareholder, Mr. Jiawen Miao, his wife Ms. Qing Lu and Mr. Fan Zhang jointly guaranteed the repayment of the loan. Pursuant to the agreement, Harden Machinery Ltd. is required to maintain a liability to asset ratio below 70% at all times during the loan period. The Company satisfied this financial covenant as of June 30, 2022.

Interest expense amounted to $4,774 for the six months ended June 30, 2022.

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**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 12 — LONG-TERM BANK LOANS
Long-term bank loans consist of the following loans:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Loan from Bank of China (Effective interest rate at 4.45%, due on March 17, 2023)<sup>(1)</sup> | $380715 | $423630 |
|  Loan from Bank of China (Effective interest rate at 4.1%, due on March 23, 2025)<sup>(2)</sup> | 597200 |  |
|  Loan from Industrial Bank (Effective interest rate at 4.8%, due on May 29, 2025)<sup>(3)</sup> | 746500 |  |
|  Less: current maturity of long-term bank loans | (559875) | (47070) |
|  Total | $1164540 | $376560 |

---

____________

(1) On January 7, 2020, the Company signed a loan agreement with Bank of China (BOC) to obtain a three-year loan of RMB 3 million ($459,900). The loan bears a floating interest rate of a benchmark rate plus 0.40% (4.45%). The Controlling Shareholder, Mr. Jiawen Miao, his wife Ms. Qing Lu and Mr. Fan Zhang jointly guaranteed the repayment of the loan. The Company is required to maintain a total liability to total assets ratio lower than 70%. The Company satisfied this financial covenant as of June 30, 2022 and December 31, 2021. The Company repaid RMB 300,000 ($46,500) in fiscal 2021 and RMB 150,000 ($23,145) on April 4, 2022.

(2) On March 16, 2022, the Company signed a loan agreement with Bank of China (BOC) to obtain a three-year loan of RMB 4 million ($597,200). The loan bears a floating interest rate of a benchmark rate (3.70%) plus 0.40% (4.10%). The Controlling Shareholder, Mr. Jiawen Miao, his wife Ms. Qing Lu and Mr. Fan Zhang jointly guaranteed the repayment of the loan. Pursuant to the agreement, Harden Machinery Ltd. is required to maintain a liability to asset ratio below 70% at all times during the loan period. The Company satisfied this financial covenant as of June 30, 2022. The Company is required to make repayment equal to 5% of the original principal amount (RMB 0.2 million) twice a year on April 2 and October 2 after the first 12 months. The remaining principal shall be repaid on March 23, 2025.

(3) On May 30, 2022, the Company signed a loan agreement with Industrial Bank to obtain a three-year loan of RMB 5 million ($746,500). The loan bears a floating interest rate of the benchmark rate plus 1.1%. The loan was guaranteed by Mr. Jiawen Miao. The Company is required to make repayment of RMB 250,000 ($37,325) four times a year on February 21, May 21, August 21 and November 21, starting on August 21, 2022. The remaining principal shall be repaid on May 29, 2025.

Interest expense amounted to $14,466 and $9,968 for the six months ended June 30, 2022 and 2021, respectively.

#### Note 13 — RELATED PARTY TRANSACTIONS
The Company records transactions with various related parties. These related party balances as of June 30, 2022 and December 31, 2021 and transactions for the six months ended June 30, 2022 and 2021 are identified as follows:

**(1) Related parties with transactions and related party relationships**

---

| | |
|:---|:---|
|  **Name of Related Party** | **Relationship to the Company** |
|  Zhongshan Demark Environmental Technology Co., Ltd. ("Demark") | An entity controlled by the Company's shareholders |
|  Zhongshan Lvduosen Machinery Manufacturing Co., Ltd. ("Lvduosen")\* | An entity partially owned by the Company's shareholders |
|  Zhongshan Xuanrui Cutting Tools Technology Co., Ltd. ("Xuanrui") | An entity partially owned by the Company's shareholders |
|  Shenzhen Zaijiede Solid-Waste Disposal Co., Ltd. ("Zaijiede") | An entity controlled by the Company's shareholders. |
|  Harden Industries Ltd. | An entity controlled by the Company's shareholders. |

---

____________

\* It was previously known as Zhongshan Daosen Machinery Co., Ltd. ("Daosen").

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**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 13 — RELATED PARTY TRANSACTIONS (cont.)
**(2) Accounts receivable from a related party**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Zaijiede | $476021 | $894918 |
|  Total | $476021 | $894918 |

---

As of September 30, 2022, the balance as of June 30, 2022 was unpaid.

**(3) Sales to a related party**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br>June 30,** | **For the six months ended<br>June 30,** |
|  | **2022** | **2021** |
|  Zaijiede | $88314 | $— |
|  Total | $88314 | $— |

---

For the six months ended June 30, 2022, the Company sold certain wood and green cutting shredders and related parts to Zaijiede. The related sales represented less than 1% of the Company's revenue for the six months ended June 30, 2022.

**(4) Accounts payable to related parties**

Accounts payable to related parties consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31, 2021** |
|  Lvduosen | $— | $239842 |
|  Xuanrui | 9966 | 183424 |
|  Total | $9966 | $423266 |

---

**(5) Advance to related party suppliers**

Advance to related party suppliers consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Demark | $202218 | $36064 |
|  Lvduosen | 467428 |  |
|  Xuanrui | 313282 |  |
|  Total | $982928 | $36064 |

---

**(6) Purchases from related parties**

For the six months ended June 30, 2022 and 2021, the Company purchased raw materials from Lvduosen, Xuanrui and Demark.

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br>June 30,** | **For the six months ended<br>June 30,** |
|  | **2022** | **2021** |
|  Purchases from related parties |  |  |
| &nbsp;&nbsp;&nbsp; – Lvduosen | $510086 | $599317 |
| &nbsp;&nbsp;&nbsp; – Xuanrui | 534561 | 298805 |
| &nbsp;&nbsp;&nbsp; – Demark | 574681 | 475275 |
| &nbsp;&nbsp;&nbsp; Total | $1619328 | $1373397 |

---

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**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(7) Due to related parties**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Due to related parties |  |  |
| &nbsp;&nbsp;&nbsp; – Jiawen Miao | $2523917 | $2552728 |
| &nbsp;&nbsp;&nbsp; – Harden Industries Ltd. | 41811 | 41781 |
| &nbsp;&nbsp;&nbsp; – Fan Zhang | 41804 | 43932 |
| &nbsp;&nbsp;&nbsp; Total | $2607532 | $2638441 |

---

In May 2021, Harwell Technologies Ltd. (100% owned subsidiary of the Company) signed a loan agreement with Jiawen Miao to obtain an aggregate of $2,403,730 loan (or RMB 16.1 million) to acquire all the equity interests of Harden Machinery from its existing shareholders. The loan matured in 180 days and was interest-free if repaid upon maturity. An interest rate of 9.6% per annum applied after the maturity date. Interest expense amounted to $26,316 for the year ended December 31, 2021 and was accrued. The loan was subsequently extended to December 31, 2022. Unpaid loan and interest amounted to $2,552,728 as of December 31, 2021. Interest expense amounted to $98,014 for the six months ended June 30, 2022 and was accrued. Unpaid loan and interest amounted to $2,523,917 as of June 30, 2022.

As of June 30, 2022, the Company had due to Harden Industries Ltd. and Fan Zhang of $41,811 and $41,804, respectively, which were interest-free working capital loans due on demand.

#### Note 14 — TAXES
**(a) Corporate Income Taxes ("CIT")**

<u><u>BVI</u></u>

Harden is incorporated in the BVI as an offshore holding company and is not subject to tax on income or capital gain under the laws of BVI.

<u><u>Hong Kong</u></u>

Under Hong Kong tax laws, Harden HK is subject to statutory income tax rate at 16.5% if revenue is generated in Hong Kong and there are no withholding taxes in Hong Kong on remittance of dividends.

<u><u>PRC</u></u>

Under the Enterprise Income Tax ("EIT") Law of PRC, domestic enterprises and Foreign Investment Enterprises (the "FIE") are usually subject to a unified 25% enterprise income tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case basis. EIT grants preferential tax treatment to High and New Technology Enterprises ("HNTEs"). Under this preferential tax treatment, HNTEs are entitled to an income tax rate of 15%, subject to a requirement that they re-apply for HNTE status every three years. Harden Machinery, the Company's main operating subsidiary in PRC, was approved as a HNTE and is entitled to a reduced income tax rate of 15% beginning October 2015. The Company further renewed the "high-tech enterprise" tax status in 2021. The new certificate is valid until December 2024.

EIT is typically governed by the local tax authority in PRC. Each local tax authority at times may grant preferred tax treatment to local enterprises as a way to encourage entrepreneurship and stimulate local economy. The corporate income taxes for six months ended June 30, 2022 and 2021 were reported at a reduced rate of 15% as a result of Harden Machinery being approved as a HNTE. The impact of the tax treatment noted above decreased foreign taxes by $66,615 and $67,585 for the six months ended June 30, 2022 and 2021, respectively. The benefit of the preferred tax treatment on net income per share (basic and diluted) was approximately $0.01 and $0.01 for the six months ended June 30, 2022 and 2021, respectively.

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

**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 14 — TAXES (cont.)
***i) The components of income tax provision are as follows:***

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br>June 30,** | **For the six months ended<br>June 30,** |
|  | **2022** | **2021** |
|  Current | $73843 | $89144 |
|  Deferred | (104478) | (74035) |
|  Total provision(benefit) for income taxes | $(30635) | $15109 |

---

***ii) The following table summarizes deferred tax assets resulting from differences between financial accounting basis and tax basis of assets and liabilities:***

---

| | | |
|:---|:---|:---|
|  | **As of<br>June 30,<br>2022** | **As of<br>December 31,<br>2021** |
|  Deferred tax assets: |  |  |
|  Allowance for doubtful accounts and others | $294662 | $286043 |
|  Deferred revenue | 577308 | 524668 |
|  Sales refund liability | 65200 | 54322 |
|  Deferred expenses | 358 | 13981 |
|  Net operating loss | 23488 | 14884 |
|  Deferred tax assets: | 961016 | 893898 |
|  Valuation allowance: | (23488) | (14884) |
|  Deferred tax assets. net | $937528 | $879014 |

---

The following table reconciles the China statutory rates to the Company's effective tax rate for the six months ended June 30, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br>June 30,** | **For the six months ended<br>June 30,** |
|  | **2022** | **2021** |
|  China Statutory income tax rate | 25% | 25% |
|  Effect of PRC preferential tax rate | (13)% | (13)% |
|  Research & Development ("R&D") tax credit\* | (25)% | (18)% |
|  change in valuation allowance | 2% | 8% |
|  Non-deductible items and others\*\* | 5% | 1% |
|  Effective tax rate | (6)% | 3% |

---

____________

\* According to PRC tax regulations, 200% of current period R&D expense approved by the local tax authority may be deducted from tax income for the six months ended June 30, 2022. 175% of current period R&D expense approved by the local tax authority may be deducted from tax income for the six months ended June 30, 2021.

\*\* Non-deductible items and others represent excess expenses and losses not deductible for PRC tax purpose.

The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of June 30, 2022, the tax years ended December 31, 2016 through December 31, 2021 for the Company's PRC subsidiaries remain open for statutory examination by PRC tax authorities.

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**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(b) Taxes payable**

Taxes payable consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  Income tax payable | $139476 | $163106 |
|  Value added tax payable |  | 44740 |
|  Other taxes payable | 77080 | 89443 |
|  Total | $216556 | $297289 |

---

#### Note 15 — SHAREHOLDERS' EQUITY

#### Common stock
Harden is a company that was established under the laws of the British Virgin Islands on April 8, 2021. Based on the Company's Articles of Association amended on June 3, 2021, the authorized number of common stocks was 100,000,000 shares with par value of $0.001 and 9,950,000 shares were issued. The issuance of these 9,950,000 shares is considered as a part of the reorganization of the Company, which was retroactively applied as if the transaction occurred at the beginning of the period presented.

On May 14, 2021, the Company's WOFE borrowed an unsecured non-interest-bearing loan of $2,403,730 (or RMB 16.1 million) from Mr. Miao, the Chairman of the Board and CEO of the Company. WOFE further acquired all the equity interests of Harden Machinery from its existing shareholders for cash consideration of $2,464,429 (or RMB 16,080,400) (the "Transaction"). The Company settled the cash portion of the reorganization on July 12, 2021. The Transaction was accounted for a common control transaction with no commercial substance, because both WOFE and Harden Machinery are ultimately controlled by the same group of the shareholders before and after the Transaction. As a result, the cash consideration of $2,464,429 paid to the original shareholders of Harden Machinery on July 12, 2021 was considered a deemed distribution back to the shareholders and recorded as a reduction of shareholders' equity.

In connection with the reorganization, an individual investor invested $61,122 (or RMB 398,274) in exchange for 50,000 shares of the Company on March 23, 2021. The share issuance is accounted as a standalone private placement, separate from the reorganization.

As of June 30, 2022 and December 31, 2021, 10,000,000 shares were issued and outstanding with par value $0.001.

#### Statutory reserve
The Company is required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC ("PRC GAAP"). Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity's registered capital. Appropriations to the discretionary surplus reserve are made at the discretion of the Board of Directors. The restricted amounts as determined pursuant to PRC statutory laws totaled $1,265,464 and $1,265,464 as of June 30, 2022 and December 31, 2021, respectively.

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**HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 16 — COMMITMENTS AND CONTINGENCIES
<u>***<u>Contingencies</u>***</u>

The Company may be involved in various legal proceedings, claims and other disputes arising from the commercial operations, projects, employees and other matters which, in general, are subject to uncertainties and in which the outcomes are not predictable. The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. Although the Company can give no assurances about the resolution of pending claims, litigation or other disputes and the effect such outcomes may have on the Company, the Company believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided or covered by insurance, will not have a material adverse effect on the Company's consolidated financial position or results of operations or liquidity.

#### Note 17 — SUBSEQUENT EVENTS
The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to October 11, 2022, the date that the unaudited condensed consolidated financial statements were filed. Based on the review, the Company did not identify any material subsequent event that is required disclosure in the unaudited condensed consolidated financial statements.

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

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and <br>Shareholders of Harden Technologies Inc.

#### Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Harden Technologies Inc. (the "Company") as of December 31, 2021 and 2020, and the related consolidated statements of income and comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two- year period ended December 31, 2021, and the related notes (collectively referred to as the financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Friedman LLP<br>We have served as the Company's auditor since 2019.

New York, New York <br>August 4, 2022, except for Note 11 which is dated October 11, 2022

![](tfriedmanllp_footer.jpg)

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#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>CONSOLITDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2021** | **December 31,<br> 2020** |
|  **<u>ASSETS</u>** |  |  |
|  **Current Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Cash | $2870798 | $1914836 |
| &nbsp;&nbsp;&nbsp; Restricted cash | 250438 | 468997 |
| &nbsp;&nbsp;&nbsp; Notes receivable | 512366 | 107310 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net – third parties | 6618097 | 4904845 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, a related party | 894918 |  |
| &nbsp;&nbsp;&nbsp; Inventories | 8559995 | 9417584 |
| &nbsp;&nbsp;&nbsp; Advance to suppliers | 248032 | 1428702 |
| &nbsp;&nbsp;&nbsp; Advance to suppliers, a related party | 36064 |  |
| &nbsp;&nbsp;&nbsp; Prepayments and other, net | 605380 | 773882 |
|  **Total Current Assets** | **20596088** | **19016156** |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 1288579 | 1265358 |
| &nbsp;&nbsp;&nbsp; Intangible assets, net | 80464 | 105344 |
| &nbsp;&nbsp;&nbsp; Deferred tax assets | 879014 | 552479 |
|  **Total Assets** | $**22844145** | $**20939337** |
|  **<u>LIABILITIES AND SHAREHOLDERS' EQUITY</u>** |  |  |
|  **Current Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Current maturity of long-term bank loan | $47070 | $— |
| &nbsp;&nbsp;&nbsp; Accounts payable | 3543772 | 3351543 |
| &nbsp;&nbsp;&nbsp; Accounts payable – related parties | 423266 | 479274 |
| &nbsp;&nbsp;&nbsp; Advance from customers | 4005678 | 5074432 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1488146 | 1026549 |
| &nbsp;&nbsp;&nbsp; Taxes payable | 297289 | 64328 |
| &nbsp;&nbsp;&nbsp; Due to related parties | 2638441 |  |
|  **Total Current Liabilities** | **12443662** | **9996126** |
| &nbsp;&nbsp;&nbsp; Long-term bank loan | 376560 | 459900 |
|  **Total Liabilities** | **12820222** | **10456026** |
|  **COMMITMENTS AND CONTINGENCIES** |  |  |
|  **Total Equity:** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares, $0.001 par value, 100,000,000 shares authorized, 10,000,000 and 9,950,000 shares issued and outstanding at December 31, 2021 and 2020, respectively\* | 10000 | 9950 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 167705 | 2558888 |
| &nbsp;&nbsp;&nbsp; Statutory reserves | 1265464 | 945755 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 8117781 | 6670845 |
| &nbsp;&nbsp;&nbsp; Accumulated comprehensive income | 496381 | 297407 |
|  **Total Shareholders' Equity** | **10057331** | **10482845** |
| &nbsp;&nbsp;&nbsp; Non-controlling interest | (33408) | 466 |
|  **Total Equity** | **10023923** | **10483311** |
|  **Total Liabilities and Equity** | $**22844145** | $**20939337** |

---

____________

\* Shares and per share data are presented on a retroactive basis to reflect the reorganization.

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

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>CONSOLITDATED STATEMENT OF INCOME AND COMPREHESIVE INCOME

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended<br> December 31,** | **For the Years Ended<br> December 31,** |
|  | **2021** | **2020** |
|  **Revenue** |  |  |
| &nbsp;&nbsp;&nbsp; Product sales | $30369041 | $21533744 |
| &nbsp;&nbsp;&nbsp; Warranty service | 1237026 | 367955 |
|  **Total revenue** | **31606067** | **21901699** |
|  **Cost of revenues** |  |  |
| &nbsp;&nbsp;&nbsp; Cost of product sales | 21521653 | 14426163 |
| &nbsp;&nbsp;&nbsp; Cost of warranty service | 440964 | 249841 |
|  **Total cost of revenues** | **21962617** | **14676004** |
|  **Gross Profit** | **9643450** | **7225695** |
|  **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Selling | 3704183 | 2673873 |
| &nbsp;&nbsp;&nbsp; General and administrative | 2057553 | 1563752 |
| &nbsp;&nbsp;&nbsp; Research and development | 1591754 | 1165032 |
| &nbsp;&nbsp;&nbsp; Provision for doubtful accounts | 828761 | 28876 |
|  **Total operating expenses** | **8182251** | **5431533** |
|  **Income from operations** | 1461199 | 1794162 |
|  **Other income (expense):** |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | 14498 | 7314 |
| &nbsp;&nbsp;&nbsp; Interest expense | (45650) | (14981) |
| &nbsp;&nbsp;&nbsp; Other income, net | 344003 | 916857 |
|  **Total other income, net** | **312851** | **909190** |
|  **Income before income taxes** | 1774050 | 2703352 |
|  **Provision for income taxes** | **40879** | **304611** |
|  **Net income** | **1733171** | **2398741** |
| &nbsp;&nbsp;&nbsp; Less: Net loss attributable to non-controlling interests | (33474) | (31206) |
|  **Net income attributable to the Company** | **1766645** | **2429947** |
|  **Other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustments | 198574 | 643391 |
|  **Comprehensive income** | **1931745** | **3042132** |
| &nbsp;&nbsp;&nbsp; Less: Comprehensive loss attributable to non-controlling interests | (33874) | (30978) |
|  **Comprehensive income attributable to the Company** | $**1965619** | $**3073110** |
|  Earnings Per share – Basic and diluted | $0.18 | $0.24 |
|  Weighted Average Shares Outstanding – Basic and diluted\* | **9986575** | **9950000** |

---

____________

\* Shares and per share data are presented on a retroactive basis to reflect the reorganization

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

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

#### For the years ended December 31, 2021 and 2020

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Ordinary Shares** | **<br>Ordinary Shares** | **Additional<br>Paid in<br>Capital** | **Statutory<br>Reserves** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Non-<br>controlling<br>interest** | **Total** |
|  | **Shares\*** | **Amount** | **Additional<br>Paid in<br>Capital** | **Statutory<br>Reserves** | **Retained<br>Earnings** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Non-<br>controlling<br>interest** | **Total** |
|  **Balance at December 31, 2019** | 9950000 | $9950 | $2558888 | $643812 | $4542841 | $(345756) | $24204 | $7433939 |
|  Net income (loss) |  |  |  |  | 2429947 |  | (31206) | 2398741 |
|  Statutory reserves |  |  |  | 301943 | (301943) |  |  |  |
|  Capital injection by non-controlling interests shareholder |  |  |  |  |  |  | 7240 | 7240 |
|  Foreign currency translation adjustments |  |  |  |  |  | 643163 | 228 | 643391 |
|  **Balance at December 31, 2020** | 9950000 | 9950 | 2558888 | 945755 | 6670845 | 297407 | 466 | 10483311 |
|  Repurchase of subsidiary shares |  |  | (2452255) |  |  |  |  | (2452255) |
|  Issuance of shares for a private placement | 50000 | 50 | 61072 |  |  |  |  | 61122 |
|  Net income (loss) |  |  |  |  | 1766645 |  | (33474) | 1733171 |
|  Statutory reserves |  |  |  | 319709 | (319709) |  |  |  |
|  Foreign currency translation adjustments |  |  |  |  |  | 198974 | (400) | 198574 |
|  **Balance at December 31, 2021** | 10000000 | $10000 | $167705 | $1265464 | $8117781 | $496381 | $(33408) | $10023923 |

---

____________

\* Shares and per share data are presented on a retroactive basis to reflect the reorganization

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

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
|  | **For The Years Ended<br> December 31,** | **For The Years Ended<br> December 31,** |
|  | **2021** | **2020** |
|  **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp; Net income | $1733171 | $2398741 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 277927 | 277300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposition of fixed assets | 5762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for doubtful accounts | 828761 | 28876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax benefit | (309763) | (164449) |
| &nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note receivable | (397662) | 264984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (1651406) | (1231265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, a related party | (884081) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 1065684 | (3046414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance to suppliers | 458727 | (759059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance to supplier, a related party | (35627) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments and other assets | 169132 | (507450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 112149 | 407725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable, related parties | (66449) | 190043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance from customers | (1173533) | 561022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 458508 | 182372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes payable | 228647 | (221009) |
|  **Net cash provided by (used in) operating activities** | 819947 | (1618583) |
|  **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions to property and equipment | (247722) | (490317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions to intangible assets | (3348) | (11148) |
|  **Net cash used in investing activities** | (251070) | (501465) |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term bank loan repayment | (46500) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from long-term bank loans |  | 434400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital injection by a non-controlling shareholder |  | 7240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan proceeds from a related party | 2538900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase of subsidiary shares | (2452255) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from private placement | 61122 |  |
|  **Net cash provided by financing activities** | 101267 | 441640 |
|  **Effect of exchange rate changes on cash** | 67259 | 164747 |
|  **Net increase (decrease) in cash** | 737403 | (1513661) |
|  **Cash and restricted cash, beginning of year** | 2383833 | 3897494 |
|  **Cash and restricted cash, end of year** | $3121236 | $2383833 |

---

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
**The following table provides a reconciliation of cash and restricted cash reported within the statements of financial position that sum to the total in the statements of cash flows**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2021** | **2020** |
|  Cash | $2870798 | $1914836 |
|  Restricted cash | 250438 | 468997 |
|  Total cash and restricted cash | $3121236 | $2383833 |
|  **Supplemental disclosure information:** |  |  |
| &nbsp;&nbsp;&nbsp; Cash paid for income tax | $226842 | $697448 |
| &nbsp;&nbsp;&nbsp; Cash paid for interest | $19334 | $14981 |

---

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

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#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 1 — ORGANIZATION AND BUSINESS DESCRIPTION
Harden Technologies Inc. ("Harden" or the "Company"), is a company that was established under the laws of the British Virgin Islands on April 8, 2021 as a holding company. The Company, through its subsidiaries, specializes in the manufacture of customized industrial recycling equipment. Mr. Jiawen Miao ("Mr. Miao"), the Chairman of the Board of Directors and Chief Executive Officer ("CEO"), is the ultimate controlling shareholder ("the controlling shareholder") of the Company.

As of December 31, 2021, the Company's subsidiaries are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Subsidiaries** | **Date of <br>Incorporation** | **Jurisdiction of <br>Formation** | **Percentage of <br>direct/indirect <br>Economic <br>Ownership** | **Principal <br>Activities** |
|  Harden International Limited ("Harden HK") | April 20, 2021 | Hong Kong, PRC | 100% | Investment <br>Holding |
|  Harwell Technologies Ltd. ("WFOE") | May 13, 2021 | Guangdong Province, PRC | 100% | Technical <br>service |
|  Harden Machinery Ltd. ("Harden Machinery") | May 10, 2010 | Guangdong Province, PRC | 100% | Manufacture of recycling <br>equipment |
|  Dr. Shredder Technologies Ltd. ("Dr. Shredder") | September 29, 2017 | Guangdong Province, PRC | 55% owned subsidiary of Harden Machinery | Manufacture of recycling <br>equipment |

---

As described below, the Company, through a series of transactions which are accounted for as a reorganization of entities under common control (the "Reorganization"), became the ultimate parent of its subsidiaries.

#### Reorganization
A reorganization of the legal structure was completed on June 3, 2021. The reorganization involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the formation of the Company's wholly owned subsidiary-Harden HK and Harden HK's wholly owned subsidiary — WFOE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transfer of all the shareholders' equity interest in Harden Machinery to the WFOE on May 27, 2021

Before and after the reorganization, the Company, together with its subsidiaries, is effectively controlled by the same shareholders, and therefore the reorganization is considered as a recapitalization of entities under common control in accordance with Accounting Standards Codification ("ASC") 805-50-25. The consolidation of the Company and its subsidiaries have been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements in accordance with ASC 805-50-45-5.

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

#### Basis of presentation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities Exchange Commission ("SEC").

#### Principles of consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances are eliminated upon consolidation. All intercompany transactions and balances between the Company and its subsidiaries are eliminated upon consolidation.

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

Non-controlling interest represents the portion of the net assets of subsidiaries attributable to interests that are not owned by the Company. The non-controlling interest is presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interest's operating result is presented on the face of the consolidated statements of income and comprehensive income as an allocation of the total income for the year between non-controlling shareholders and the shareholders of the Company.

#### Uses of estimates and assumptions
In preparing the consolidated financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the consolidated financial statements. Significant accounting estimates required to be made by management include, but are not limited to, the valuation of inventories, allowance for inventories obsolescence, useful lives of property and equipment and intangible assets, the recoverability of long-lived assets, allowance for doubtful accounts, revenue recognition and uncertain tax position, realization of deferred tax assets. The Company evaluates its estimates and assumptions on an ongoing basis and its estimates on historical experience, current and expected future conditions and various other assumptions that management believes are reasonable under the circumstances based on the information available to management at the time these estimates and assumptions are made. Actual results and outcomes may differ significantly from these estimates and assumptions.

#### Cash
The Company considers all highly liquid investment instruments with an original maturity of three months or less from the date of purchase to be cash equivalents. The Company maintains most of its bank accounts in the PRC. Cash balances in bank accounts in PRC are not insured by the Federal Deposit Insurance Corporation or other programs.

#### Restricted Cash
Cash that is restricted as to withdrawal or is used or pledged as security is reported separately on the face of the Consolidated Balance Sheets and is included in the total cash in the Consolidated Statements of Cash Flows. The Company's restricted cash mainly represents security deposits held in designated bank accounts for performance of sales contract.

#### Accounts Receivable
Accounts receivable are recognized and carried at original invoiced amount less an estimated allowance for uncollectible accounts. The Company determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trends. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. The allowance is based on management's best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. As of December 31, 2021 and 2020, the allowance for doubtful accounts represented approximately 4% and 6% of gross account receivable balances, respectively. If the allowance estimates increase (or decrease) by 1%, the related provision for doubtful accounts could increase (decrease) by approximately $78,000 and $52,000 for the years ended December 31, 2021 and 2020, respectively. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of income and comprehensive income. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. Allowance for uncollectible balances amounted to $313,969 and $317,711 as of December 31, 2021 and 2020, respectively.

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

#### Notes receivable
Notes receivable represents trade accounts receivable due from various customers where the customers' banks have guaranteed the payments. The notes are non-interest bearing and normally paid within three to twelve months. The Company has the ability to submit request for payment to the customer's bank earlier than the scheduled payment date, but will incur an interest charge and a processing fee.

#### Inventories
Inventories are stated at the lower of cost or net realizable value. Costs include the cost of raw materials, freight, direct labor and related production overhead. The cost of inventories is calculated using the weighted average method. Any excess of the cost over net realizable value of each item of inventories is recognized in the value of inventories. Net realizable value is estimated using selling price in the normal course of business less any costs to complete and sell products.

#### Advances to Suppliers
Advance to suppliers consists of balances paid to suppliers for services and materials that have not been provided or received. Advance to suppliers are short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the assets to be impaired if the collectability of the advance becomes doubtful. The Company uses the aging method to estimate the allowance for uncollectible balances. In addition, at each reporting date, the Company generally determines the adequacy of allowance for doubtful accounts by evaluating all available information, and then records specific allowances for individual advances based on the specific facts and circumstances. The allowance for doubtful accounts balances amounted to $750,342 and $460 as of December 31, 2021 and 2020, respectively.

#### Prepayments and other assets
Prepayment and other assets primarily consist of loans to third-parties, refundable tax credits and receivables, security deposits made to customers and advances to employees, which are presented net of allowance for doubtful accounts. These balances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the balances to be impaired if the collectability of the balances becomes doubtful. The Company uses the aging method to estimate the allowance for uncollectible balances. The allowance is also based on management's best estimate of specific losses on individual exposures, as well as a provision on historical trends of collections and utilizations. Actual amounts received or utilized may differ from management's estimate of credit worthiness and the economic environment. Delinquent account balances are written off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable. The allowance for doubtful accounts balances amounted to $103,632 and $89,205 as of December 31, 2021 and 2020, respectively.

#### Property and equipment
Property and equipment are recorded at cost. Depreciation is provided in amounts sufficient to amortize the cost of the related assets over their useful lives using the straight line method, as follows:

---

| | |
|:---|:---|
|  | **Useful life** |
|  Machinery equipment | 10 years |
|  Electronic equipment | 3 years |
|  Transportation equipment | 4 years |
|  Other equipment | 5 years |
|  Leasehold improvement | Over the shorter of the lease term or <br>estimated useful lives |

---

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of income and other comprehensive income in other income or expenses.

#### Intangible Assets
Intangible assets consist primarily of software. Intangible assets are stated at cost less accumulated amortization. Intangible assets are amortized using the straight-line method.

---

| | |
|:---|:---|
|  **Category** | **Estimated useful life** |
|  Software | 5 years |

---

#### Impairment of Long-lived Assets
The Company reviews long-lived assets, including definitive-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated cash flows from the use of the asset and its eventual disposition below are the asset's carrying value, then the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets as of December 31, 2021 and 2020.

#### Fair Value of Financial Instruments
ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — inputs to the valuation methodology are unobservable.

Unless otherwise disclosed, the fair value of the Company's financial instruments, including cash, advances to suppliers, prepayments and other current assets, accounts payable, advance from customers, accrued expenses, short term bank loans and taxes payable, approximates their recorded values due to their short-term maturities. The Company determined that the carrying value of the long term bank loans approximated their fair value by comparing the stated loan interest rate to the rate charged by similar financial institutions.

#### Revenue recognition
The Company manufactures and distributes customized industrial recycling equipment. The Company has adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and all subsequent ASUs that modified ASC 606 for the years ended December 31, 2021 and 2020.

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
The Company generates revenue primarily through the sale and delivery of promised goods or services to customers and recognizes revenue when control is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for the goods or services and is recorded net of value-added tax ("VAT"). Performance obligations typically include the delivery of promised products, such as customized industrial recycling equipment, sometimes, along with service-type warranties. The Company's contracts with customer are primarily on a fixed-price basis and generally do not contain cancellable provisions. Upon delivery of the customized recycling equipment, customer acceptance is generally required.

The Company determines its performance obligations arise from (i) sales of customized industrial recycling equipment ("product component") and (ii) provides warranty service, if applicable, as these deliverables are distinct in that customers can benefit from each service on its own and the Company's promises to deliver the product or services are separately identifiable from each other in the contract.

The Company allocates the contract price to each distinct performance obligations using their relative standalone selling prices consistent with the guidance in ASC 606. The Company does not have observable standalone selling price information for the product component and service-type warranty component because it does not provide service-type warranty component on a standalone basis. There is no direct observable standalone selling price for similar services in the market that is reasonably available to the Company. As a result, the estimation of standalone selling price involves significant judgment. The Company uses an expected cost plus margin approach to estimate the standalone selling prices of product component and service — type warranty component as the basis of revenue allocation. In estimating its standalone selling price for the product component and service-type warranty component, the Company considers the cost incurred to deliver such services, profit margin for similar arrangements, customer demand, effect of competitors on The Company's services, and other market factors.

Revenue from sales of customized industrial recycling equipment is recognized when the products are delivered and accepted by customers, which is the point when title has transferred and risk of ownership has passed. Return allowances is determined by an estimate of expected customer merchandise returns, which is calculated based on historical return patterns, and recorded as a refund liability included in accrued expenses and other liabilities.

Revenues from service-type warranty are recognized over warranty period ends and the consideration is collected. Revenues from service-type warranty amounted to $1,237,026 and $367,955 for the years ended December 31, 2021 and 2020, respectively.

For the years ended December 31, 2021 and 2020, the disaggregation of revenue by the type of customers is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> December 31,** | **For the years ended<br> December 31,** |
|  | **2021** | **2020** |
|  Industrial waste industry | $21217538 | $12159290 |
|  Municipal waste industry | 9007617 | 2911674 |
|  Others | 1380912 | 6830735 |
|  Total | $31606067 | $21901699 |

---

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
For the years ended December 31, 2021 and 2020, the disaggregation of revenue by the type of customers is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> December 31,** | **For the years ended<br> December 31,** |
|  | **2021** | **2020** |
|  Equipment sales | $26725849 | $18986319 |
|  Accessories and supplies sales | 3643192 | 2547425 |
|  Warranty service | 1237026 | 367955 |
|  Total | $31606067 | $21901699 |

---

Contract liabilities are reflected as advance from customers on the consolidated balance sheet. Contract liabilities relate to payments received in advance of completion of performance obligations under a contract. Contract liabilities are recognized as revenue upon the fulfilment of performance obligations. As of December 31, 2021 and 2020, the advances from customer amounted to $4,005,678 and $5,074,432, respectively, which were expected to be recognized as revenue within 12 months.

#### Shipping and handling costs
Shipping and handling costs, which include costs related to the selection of products and their delivery to customers, are presented in selling expenses. Shipping and handling costs were $425,121 and $250,427 for the years ended December 31, 2021 and 2020, respectively.

#### Government Subsidies
The Company's PRC subsidiaries received government subsidies according to related policy from local government. The Company receives government subsidies that the Chinese government has not specified its purpose for and are not tied to future trends or performance of the Company; receipt of such subsidy income is not contingent upon any further actions or performance of the Company and the amounts do not have to be refunded under any circumstances. The unspecific purpose subsidies are recognized as other income upon receipt as further performance by the Company is not required. For the years ended December 31, 2021 and 2020, the government subsidies amounted to $57,613 and $113,528, respectively.

#### Research and development expenses
Research and development expenses include costs directly associated with the Company's research and development projects, including the cost of salaries and other employee benefits, testing expenses, consumable equipment and consulting fees. All costs associated with research and development are expensed as incurred. For the years end December 31, 2021 and 2020, research and development expenses were $1,591,754 and $1,165,032, respectively.

#### Income taxes
The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended December 31, 2021 and 2020. As of December 31, 2021, the tax years ended December 31, 2016 through December 31, 2021 for the Company's PRC subsidiaries remain open for statutory examination by PRC tax authorities.

#### Value added tax ("VAT")
Revenue represents the invoiced value of goods, net of VAT. The VAT is based on gross sales price and VAT rates range up to 13%, depending on the type of products sold. The VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products. The Company recorded a VAT payable net of payments in the accompanying consolidated financial statements. All of the VAT returns filed by the Company's subsidiaries in China, have been and remain subject to examination by the tax authorities for five years from the date of filing.

#### Earnings per Share
The Company computes earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary shares outstanding for the period. Diluted presents the dilutive effect on a per share basis of potential ordinary shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended December 31, 2021 and 2020, there were no dilutive shares.

#### Foreign currency translation
Since the Company operates primarily in the PRC, the Company's functional currency is the Chinese Yuan ("RMB"). The Company's consolidated financial statements have been translated into the reporting currency U.S. Dollars ("US$"). Assets and liabilities of the Company are translated at the exchange rate at each reporting period end date. Equity is translated at historical rates. Income and expense accounts are translated at the average rate of exchange during the reporting period. The resulting translation adjustments are reported under other comprehensive income (loss). Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the results of operations.

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

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2021** | **December 31, <br>2020** |
|  Year-end spot rate | US$1=RMB 6.3726 | US$1=RMB 6.5250 |
|  Average rate | US$1=RMB 6.4508 | US$1=RMB 6.9042 |

---

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

#### Comprehensive income
Comprehensive income consists of two components, net income and other comprehensive income (loss). Other comprehensive income refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of shareholders' equity but are excluded from net income. Other comprehensive income consists of a foreign currency translation adjustment resulting from the Company not using US$ as its functional currency.

#### Risks and Uncertainties
In December 2019, a novel strain of coronavirus (COVID-19) surfaced. COVID-19 has spread rapidly to many parts of the PRC and other parts of the world in the first half of 2020, which has caused significant volatility in the PRC and international markets. For the years ended December 31, 2020 and 2021, the COVID-19 pandemic did not have a material net impact on the Company's financial positions and operating results. The extent of the impact on the Company's future financial results will be dependent on future developments such as the length and severity of the crisis, the potential resurgence of the crisis, future government actions in response to the crisis and the overall impact of the COVID-19 pandemic on the global economy and capital markets, among many other factors, all of which remain highly uncertain and unpredictable. Given this uncertainty, the Company is currently unable to quantify the expected impact of the COVID-19 pandemic on its future operations, financial condition, liquidity and results of operations if the current situation continues.

#### Segment reporting
The Company follows ASC 280, "*Segment Reporting."* The Company's Chief Executive Officer or chief operating decision-maker reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and hence, the Company has only one reportable segment. The Company operates and manages its business in PRC China as a single segment. As the Company's long-lived assets are substantially all located in the PRC and substantially all the Company's revenues are derived from within the PRC, no geographical segments are presented.

#### Concentrations of risks
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Concentration of credit risk

Assets that potentially subject the Company to a significant concentration of credit risk primarily consist of cash, accounts receivable and other current assets. The maximum exposure of such assets to credit risk is their carrying amounts at the balance sheet dates. As of December 31, 2021 and 2020, the aggregate amount of cash and restricted cash of $3,116,726 and $2,380,502, respectively, was held at major financial institutions in PRC, where there is a RMB 500,000 deposit insurance limit for a legal entity's aggregated balance at each bank. To limit the exposure to credit risk relating to deposits, the Company primarily places cash deposits with large financial institutions in the PRC. The Company conducts credit evaluations of its customers and suppliers, and generally does not require collateral or other security from them. The Company establishes an accounting policy to provide for allowance for doubtful accounts based on the individual customer's and supplier's financial condition, credit history, and the current economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Significant customers

For the year ended December 31, 2021, no customer accounted for more than 10% of the Company's total revenues. For the year ended December 31, 2020, one customer accounted for approximately 11% of the Company's total revenues. As of December 31, 2021, one customer accounted for approximately 10% of the Company's accounts receivable. As of December 31, 2020, no customer accounted for more than 10% of the Company's accounts receivable.

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Significant suppliers

For the year ended December 31, 2021, no supplier accounted for more than 10% of the Company's total purchases. For the year ended December 31, 2020, one supplier accounted for approximately 12% of the Company's total purchases. As of December 31, 2021 and 2020, no supplier accounted for more than 10% of the Company's total accounts payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Foreign currency risk

A majority of the Company's expense transactions are denominated in RMB and a significant portion of the Company and its subsidiaries' assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People's Bank of China ("PBOC"). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.

It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. The change in the value of the RMB relative to the U.S. dollar may affect the Company's financial results reported in the U.S. dollar terms without giving effect to any underlying changes in the Company's business or results of operations. Currently, the Company's assets, liabilities, revenues and costs are denominated in RMB. To the extent that the Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollar for the purpose of making payments for dividends, strategic acquisition or investments or other business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Company.

#### Recent Accounting Pronouncements
The Company considers the applicability and impact of all accounting standards updates ("ASUs"). Management periodically reviews new accounting standards that are issued.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases, including operating leases, with a term in excess of 12 months. The guidance also expands the quantitative and qualitative disclosure requirements. In July 2018, the FASB issued updates to the lease standard making transition requirements less burdensome. The update provides an option to apply the transition provisions of the new standard at its adoption date instead of at the earliest comparative period presented in the company's financial statements. The new guidance requires the lessee to record operating leases on the balance sheet with a right-of-use asset and corresponding liability for future payment obligations. FASB further issued ASU 2018-11 "Target Improvement" and ASU 2018-20 "Narrow-scope Improvements for Lessors." In June 2020, the FASB issued ASU No. 2020-05, "Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) Effective Dates for Certain Entities" ("ASU 2020-05") in response to the ongoing impacts to businesses in response to the coronavirus (COVID-19) pandemic. ASU 2020-05 provides a limited deferral of the effective dates for implementing previously issued ASU 842 to give some relief to businesses and the difficulties they are facing during the pandemic. ASU 2020-05 affects entities in the "all other" category and public Not-For-Profit entities that have not gone into effect yet regarding ASU 2016-02, Leases (Topic 842). Entities in the "all other" category may defer to fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. As an emerging growth company, the Company will adopt this guidance effective January 1, 2022. The Company is evaluating the impact on its consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which requires the Company to measure and recognize expected credit losses for financial assets held and not accounted for at fair value through net income.

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#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
In November 2018, April 2019 and May 2019, the FASB issued ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments — Credit Losses," "ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments — Credit Losses," "Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments," and "ASU No. 2019-05, Financial Instruments — Credit Losses (Topic 326): Targeted Transition Relief," which provided additional implementation guidance on the previously issued ASU. The ASU is effective for fiscal years beginning after December 15, 2020. The ASU requires a modified retrospective adoption method. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

In August 2018, the FASB Accounting Standards Board issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU 2018-13"). ASU 2018-13 modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted for any removed or modified disclosures. The removed and modified disclosures will be adopted on a retrospective basis and the new disclosures will be adopted on a prospective basis. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)— Simplifying the Accounting for Income Taxes. ASU 2019-12 is intended to simplify accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

In October 2021, the FASB issued ASU No. 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" ("ASU 2021-08"). This ASU requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. The amendments are effective for the Company beginning after December 15, 2023, and are applied prospectively to business combinations that occur after the effective date. The Company does not expect the adoption of ASU 2021-04 will have a material effect on the consolidated financial statements.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company's consolidated balance sheets, statements of income and comprehensive income and statements of cash flows.

#### Note 3 — ACCOUNTS RECEIVABLE, NET
Accounts receivable consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2020** |
|  Accounts receivable | $6932066 | $5222556 |
|  Less: allowance for doubtful accounts | (313969) | (317711) |
|  Accounts receivable, net | $6618097 | $4904845 |

---

For the years ended December 31, 2021 and 2020, the Company recorded a provision for doubtful accounts of $72,688 and $8,242 respectively.

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#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 3 — ACCOUNTS RECEIVABLE, NET (cont.)
Allowance for doubtful accounts movement:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2020** |
|  Balance as of beginning | $317711 | $289434 |
|  Provision | 72688 | 8242 |
|  Written off | (84782) |  |
|  Foreign exchange translation effect | 8352 | 20035 |
|  Ending balance | $313969 | $317711 |

---

#### Note 4 — INVENTORIES
Inventories consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2020** |
|  Raw materials | $3451670 | $3245731 |
|  Finished goods | 441672 | 612203 |
|  Working in process ("WIP") | 4666653 | 5559650 |
|  | $8559995 | $9417584 |

---

#### Note 5 — ADVANCE TO SUPPLIERS
Advance to suppliers consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2020** |
|  Advance to suppliers | $998374 | $1429162 |
|  Less: allowance for doubtful accounts | (750342) | (460) |
|  Advance to suppliers, net | $248032 | $1428702 |

---

Allowance for doubtful accounts movement:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2021** | **December 31, <br>2020** |
|  Balance as of beginning | $460 | $— |
|  Provision | 740790 | 434 |
|  Foreign exchange translation effect | 9092 | 26 |
|  Ending balance | $750342 | $460 |

---

For the years ended December 31, 2021 and 2020, the Company recorded a provision for doubtful accounts of $740,790 and $434, respectively.

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#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 6 — PREPAYMENTS AND OTHER CURRENT ASSETS, NET
Prepayments and other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2020** |
|  Other receivable | $311330 | $290218 |
|  Loan receivable |  | 91980 |
|  Deferred IPO cost | 397682 | 194935 |
|  VAT recoverable |  | 285954 |
|  Less: allowance for doubtful accounts | (103632) | (89205) |
|  Prepayments and other current assets, net | $605380 | $773882 |

---

Allowance for doubtful accounts movement:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2020** |
|  Balance as of beginning | $89205 | $63529 |
|  Provision | 15283 | 20200 |
|  Written off | (3100) |  |
|  Foreign exchange translation effect | 2244 | 5476 |
|  Ending balance | $103632 | $89205 |

---

For the years ended December 31, 2021 and 2020, the Company recorded a bad debt provision of $15,283 and $20,200 for other receivables, respectively.

#### Note 7 — PROPERTY AND EQUIPMENT, NET
Property, plant and equipment, net, consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2020** |
|  Machinery equipment | $1379424 | $1335225 |
|  Electronic equipment | 275334 | 192736 |
|  Transportation equipment | 229371 | 215425 |
|  Leasehold improvement | 423847 | 313805 |
|  Other equipment | 117222 | 88850 |
|  Subtotal | 2425198 | 2146041 |
|  Less: accumulated depreciation and amortization | (1136619) | (880683) |
|  Property and equipment, net | $1288579 | $1265358 |

---

Depreciation and amortization expense was $247,557 and $247,455 for the years ended December 31, 2021 and 2020, respectively.

#### Note 8 — INTANGIBLE ASSETS, NET
The Company states intangible assets at cost less accumulated amortization. Amortization expenses were $30,370 and $29,845 for the years ended December 31, 2021 and 2020, respectively.

---

| | | |
|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2020** |
|  Software | $173921 | $166619 |
|  Less: accumulated amortization | (93457) | (61275) |
|  Intangible assets, net | $80464 | $105344 |

---

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#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 8 — INTANGIBLE ASSETS, NET (cont.)
The estimated future amortization expenses are as follows:

---

| | |
|:---|:---|
|  **Twelve months ending December 31,** | **Estimated Amortization Expense** |
| 2022 | $31341 |
| 2023 | 31310 |
| 2024 | 15437 |
| 2025 | 1754 |
| 2026 | 622 |
|  Total | $80464 |

---

#### Note 9 — ACCRUED EXPENSES AND OTHER LIABITIES
Accrued expenses and other liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2021** | **December 31,<br>2020** |
|  Wages payable | $882984 | $643724 |
|  Other payable to venders | 251661 | 233868 |
|  Sales refund provision | 353501 | 148957 |
|  Accrued expenses and other liabilities | $1488146 | $1026549 |

---

#### Note 10 — BANK LOAN
Bank loan consist of the following loans:

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2021** | **December 31,<br>2020** |
|  Effective interest rate at 4.45%, due on March 17, 2023 | $423630 | $459900 |
|  Less: current maturity of long-term bank loan | 47070 |  |
|  Long-term bank loan | $376560 | $459900 |

---

On January 7, 2020, the Company signed a loan agreement with Bank of China (BOC) to obtain a three-year loan of RMB 3 million ($459,900). The loan bears a floating interest rate of a benchmark rate plus 0.40% (4.45%). The Controlling Shareholder, Mr. Jiawen Miao, his wife Ms. Qing Lu and Mr. Fan Zhang jointly guaranteed the repayment of the loan. The Company is required to maintain a total liabilities to total assets ratio lower than 70%. The Company satisfied this financial covenant as of December 31, 2021 and 2020. The Company repaid RMB 300,000 ($46,500) in fiscal 2021 and RMB 150,000 ($23,538) subsequently.

Interest expense amounted to $19,334 and $14,981 for the years ended December 31, 2021 and 2020, respectively.

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#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 11 — RELATED PARTY TRANSACTIONS
The Company records transactions with various related parties. These related party balances as of December 31, 2021 and 2020 and transactions for the years ended December 31, 2021 and 2020 are identified as follows:

**(1) Related parties with transactions and related party relationships**

---

| | |
|:---|:---|
|  **Name of Related Party** | **Relationship to the Company** |
|  Zhongshan Demark Environmental Technology Co., Ltd. ("Demark") | An entity controlled by the Company's shareholders |
|  Zhongshan Lvduosen Machinery Manufacturing Co., Ltd. ("Lvduosen")\* | An entity partially owned by the Company's shareholders |
|  Zhongshan Xuanrui Cutting Tools Technology Co., Ltd. ("Xuanrui") | An entity partially owned by the Company's shareholders |
|  Shenzhen Zaijiede Solid-Waste Disposal Co., Ltd. ("Zaijiede") | An entity controlled by the Company's shareholders. |
|  Harden Industries Ltd. | An entity controlled by the Company's shareholders. |

---

____________

\* It was previously known as Zhongshan Daosen Machinery Co., Ltd.("Daosen").

**(2) Accounts receivable from a related party**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2021** | **2020** |
|  Zaijiede | $894918 | $— |
|  Total | $894918 | $— |

---

**(3) Sales to related parties**

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> December 31,** | **For the years ended<br> December 31,** |
|  | **2021** | **2020** |
|  – Demark | $— | $461 |
|  – Zaijiede | 1130094 |  |
|  Total | $1130094 | $461 |

---

For the years ended December 31, 2021, the Company sold certain wood and green cutting shredders and related parts to Zaijiede. The related sales represented approximately 4% of the Company's revenue for the year ended December 31, 2021. The Company collected $392,250 as of May 31, 2022.

**(4) Accounts payable to related parties**

Accounts payables to related parties consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2021** | **December 31,<br>2020** |
|  – Lvduosen | $239842 | $95145 |
|  – Xuanrui | 183424 | 229044 |
|  – Demark |  | 155085 |
|  Total | $423266 | $479274 |

---

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#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 11 — RELATED PARTY TRANSACTIONS (cont.)
**(5) Advance to a related party supplier**

Advance to a related party supplier consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2021** | **December 31, <br>2020** |
|  – Demark | $36064 | $— |

---

**(6) Purchases from related parties**

For the years ended December 31, 2021and 2020, the Company purchased raw materials from Lvduosen, Xuanrui and Demark.

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> December 31,** | **For the years ended<br> December 31,** |
|  | **2021** | **2020** |
|  Purchases from related parties |  |  |
| &nbsp;&nbsp;&nbsp; – Lvduosen | $1265837 | $724852 |
| &nbsp;&nbsp;&nbsp; – Xuanrui | 704700 | 224663 |
| &nbsp;&nbsp;&nbsp; – Demark\* | 1208555 | 2208713 |
| &nbsp;&nbsp;&nbsp; Total | $3179092 | $3158228 |

---

____________

\* For the years ended December 31, 2021 and 2020, the Company purchased hydraulic pump and related parts in the amount of $1,208,555 and 2,208,713, respectively, from Demark to manufacture hydraulic-drive shredders. The purchase from Demark accounted for 7% and 12% of the Company's total purchase for the years ended December 31, 2021 and 2020, respectively.

**(7) Due to related parties**

In May 2021, Harwell Technologies Ltd. (100% owned subsidiary of the Company) signed a loan agreement with Jiawen Miao to obtain an aggregate of $2,526,090 loan (or RMB 16.1 million) to acquire all the equity interests of Harden Machinery from its existing shareholders. The loan matured in 180 days and was interest-free if repaid upon maturity. An interest rate of 9.6% per annum applied after the maturity date. The Company did not repay the loan as of December 31, 2021. Interest expense amounted to $26,316 for the year ended December 31, 2021 and was accrued. The loan was subsequently extended to December 31, 2022. Unpaid loan and interest amounted to $2,552,728 as of December 31, 2021.

As of December 31, 2021, the Company had due to Harden Industries Ltd. and Fan Zhang of $41,780 and $43,932, respectively, which were interest-free working capital loans due on demand.

#### Note 12 — TAXES
**(a) Corporate Income Taxes ("CIT")**

<u><u>BVI</u></u>

Harden is incorporated in the BVI as an offshore holding company and is not subject to tax on income or capital gain under the laws of BVI.

<u><u>Hong Kong</u></u>

Under Hong Kong tax laws, Harden HK is subject to statutory income tax rate at 16.5% if revenue is generated in Hong Kong and there are no withholding taxes in Hong Kong on remittance of dividends.

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#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 12 — TAXES (cont.)
<u><u>PRC</u></u>

Under the Enterprise Income Tax ("EIT") Law of PRC, domestic enterprises and Foreign Investment Enterprises (the "FIE") are usually subject to a unified 25% enterprise income tax rate while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case basis. EIT grants preferential tax treatment to High and New Technology Enterprises ("HNTEs"). Under this preferential tax treatment, HNTEs are entitled to an income tax rate of 15%, subject to a requirement that they re-apply for HNTE status every three years. Harden Machinery, the Company's main operating subsidiary in PRC, was approved as a HNTE and is entitled to a reduced income tax rate of 15% beginning October 2015. The Company further renewed the "high-tech enterprise" tax status in 2021. The new certificate is valid until December 2024.

EIT is typically governed by the local tax authority in PRC. Each local tax authority at times may grant preferred tax treatment to local enterprises as a way to encourage entrepreneurship and stimulate local economy. The corporate income taxes for fiscal 2021 and 2020 were reported at a reduced rate of 15% as a result of Harden Machinery being approved as a HNTE. The impact of the tax treatment noted above decreased foreign taxes by $192,491 and $277,077 for the years ended December 31, 2021 and 2020, respectively. The benefit of the preferred tax treatment on net income per share (basic and diluted) was $0.02 and $0.03 for the years ended December 31, 2021 and 2020, respectively.

***i) The components of income tax provision are as follows:***

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> December 31,** | **For the year ended<br> December 31,** |
|  | **2021** | **2020** |
|  Current | $350643 | $469060 |
|  Deferred | (309764) | (164449) |
|  Total provision for income taxes | $40879 | $304611 |

---

***ii) The following table summarizes deferred tax assets resulting from differences between financial accounting basis and tax basis of assets and liabilities:***

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2021** | **2020** |
|  Deferred tax assets: |  |  |
|  Allowance for doubtful accounts and others | $286043 | $121344 |
|  Deferred revenue | 524668 | 410051 |
|  Sales refund liability | 54322 | 21084 |
|  Deferred expenses | 13981 |  |
|  Net operating loss | 14884 |  |
|  Deferred tax assets: | 893898 | 552479 |
|  Valuation allowance: | (14884) |  |
|  Deferred tax assets.net | $879014 | $552479 |

---

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#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 12 — TAXES (cont.)
The following table reconciles the China statutory rates to the Company's effective tax rate for the years ended December 31, 2021 and 2020:

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> December 31,** | **For the year ended<br> December 31,** |
|  | **2021** | **2020** |
|  China Statutory income tax rate | 25% | 25% |
|  Effect of PRC preferential tax rate | (11)% | (10)% |
|  Research & Development ("R&D") tax credit\* | (13)% | (5)% |
|  change in valuation allowance | 1% | —% |
|  Non-deductible items and others\*\* | —% | 1% |
|  Effective tax rate | 2% | 11% |

---

____________

\* According to PRC tax regulations, 200% of current year R&D expense approved by the local tax authority may be deducted from tax income for the year 2021.

\*\* Non-deductible items and others represent excess expenses and losses not deductible for PRC tax purpose.

The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of December 31, 2021, the tax years ended December 31, 2016 through December 31, 2021 for the Company's PRC subsidiaries remain open for statutory examination by PRC tax authorities.

**(b) Taxes payable**

Taxes payable consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2021** | **December 31,<br>2020** |
|  Income tax payable | $163106 | $34878 |
|  Value added tax payable | 44740 | 391 |
|  Other taxes payable | 89443 | 29059 |
|  Total taxes payable | $297289 | $64328 |

---

#### Note 13 — SHAREHOLDERS' EQUITY

#### Ordinary Shares
Harden is a company that was established under the laws of the British Virgin Islands on April 8, 2021. Based on the Company's Memorandum and Articles of Association amended on June 3, 2021, the authorized number of ordinary shares was 100,000,000 ordinary shares with par value of $0.001 and 9,950,000 ordinary shares were issued. The issuance of these 9,950,000 ordinary shares is considered as a part of the reorganization of the Company, which was retroactively applied as if the transaction occurred at the beginning of the period presented.

On May 14, 2021, the Company's WFOE borrowed an unsecured non-interest-bearing loan of $2,467,433 (or RMB 16.1 million) from Mr. Miao, the Chairman of the Board and CEO of the Company. WFOE further acquired all the equity interests of Harden Machinery from its existing shareholders for cash consideration of $2,464,429 (or RMB 16,080,400) (the "Transaction"). The Company settled the cash portion of the reorganization on July 12, 2021. The Transaction was accounted for a common control transaction with no commercial substance, because both WFOE and Harden Machinery are ultimately controlled by the same group of the shareholders before and after the Transaction. As a result, the cash consideration of $2,464,429 paid to the original shareholders of Harden Machinery on July 12, 2021 was considered a deemed distribution back to the shareholders and recorded as a reduction of shareholders' equity.

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#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 13 — SHAREHOLDERS' EQUITY (cont.)
In connection with the reorganization, an individual investor invested $61,820 (or RMB 398,274) in exchange for 50,000 shares of the Company on March 23, 2021. The share issuance is accounted as a standalone private placement, separate from the reorganization.

#### Statutory reserve
The Company is required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC ("PRC GAAP"). Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity's registered capital. Appropriations to the discretionary surplus reserve are made at the discretion of the Board of Directors. The restricted amounts as determined pursuant to PRC statutory laws totaled $1,265,464 and $945,755 as of December 31, 2021 and 2020, respectively.

#### Note 14 — COMMITMENTS AND CONTINGENCIES
<u>***<u>Contingencies</u>***</u>

The Company may be involved in various legal proceedings, claims and other disputes arising from the commercial operations, projects, employees and other matters which, in general, are subject to uncertainties and in which the outcomes are not predictable. The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. Although the Company can give no assurances about the resolution of pending claims, litigation or other disputes and the effect such outcomes may have on the Company, the Company believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided or covered by insurance, will not have a material adverse effect on the Company's consolidated financial position or results of operations or liquidity.

<u>***<u>Operating lease commitments</u>***</u>

The Company signed lease agreements to rent factory and office space from Zhongshan Langhua Property Management Company. The lease agreements will expire on March 31, 2025. Rent expense for the years ended December 31, 2021 and 2020 was $275,231 and $214,099, respectively. As of December 31, 2021, the Company was obligated under operating leases for minimum rentals as follows:

---

| | |
|:---|:---|
|  **Years ending December 31,** | **Minimum<br>lease payment** |
| 2022 | $346645 |
| 2023 | 358714 |
| 2024 | 365926 |
| 2025 | 92083 |
|  Total | $1163368 |

---

#### Note 15 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
The Company's PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. The payment of dividends by entities organized in the PRC is subject to limitations, procedures and formalities. Regulations in the PRC currently permit payment of dividends only out of accumulated profits as determined in accordance with accounting standards and regulations in the PRC. The Company's PRC subsidiaries are also required to set aside at least 10% of its after-tax profit based on PRC accounting standards each year to its statutory reserves account until the accumulative amount of such reserves reaches 50% of its respective registered capital. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends.

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#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 15 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (cont.)
In addition, the Company's operations and revenues are conducted and generated in the PRC, all of the Company's revenues being earned and currency received are denominated in RMB. RMB is subject to the foreign exchange control regulation in China, and, as a result, the Company may be unable to distribute any dividends outside of China due to PRC foreign exchange control regulations that restrict the Company's ability to convert RMB into USD.

Regulation S-X requires the condensed financial information of registrant shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant's proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party. The condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X as the restricted net assets of the Company's PRC subsidiary exceed 25% of the consolidated net assets of the Company.

Certain information and footnote disclosures normally included in financial statements prepared in conformity with generally accepted accounting principles have been condensed or omitted. The Company's investment in subsidiary is stated at cost plus equity in undistributed earnings of subsidiaries.

#### HARDEN TECHNOLOGIES INC.<br>PARENT COMPANY BALANCE SHEETS

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2021** | **December 31,<br>2020** |
|  **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $723 | $**—** |
| &nbsp;&nbsp;&nbsp; Investment in subsidiaries | 10085388 | 10482845 |
|  **Total Assets** | $**10086111** | $**10482845** |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Due to related party | $28780 | $**—** |
|  **Total Liabilities** | **28780** | **—** |
|  **SHAREHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares, $0.001 par value, 100,000,000 shares authorized, 10,000,000 and 9,950,000 shares issued and outstanding at December 31, 2021 and 2020, respectively\* | $10000 | $9950 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 167705 | 2558888 |
| &nbsp;&nbsp;&nbsp; Statutory reserves | 1265464 | 945755 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 8117781 | 6670845 |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive income | 496381 | 297407 |
|  **Total Shareholders' Equity** | **10057331** | **10482845** |
|  **Total Liabilities and Shareholders' Equity** | $**10086111** | $**10482845** |

---

____________

\* Shares and per share data are presented on a retroactive basis to reflect the reorganization.

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

#### HARDEN TECHNOLOGIES INC. AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 15 — CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (cont.)

#### HARDEN TECHNOLOGIES INC.<br>PARENT COMPANY STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended<br> December 30,** | **For the Years Ended<br> December 30,** |
|  | **2021** | **2020** |
|  Equity in earnings of subsidiaries | $1794702 | $2429947 |
|  General and administrative expenses | (28057) |  |
|  **NET INCOME** | 1766645 | 2429947 |
|  **OTHER COMPREHENSIVE INCOME** |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 198974 | 643163 |
|  **COMPREHENSIVE INCOME** | $1965619 | $3073110 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended<br> December 31,** | **For the Years Ended<br> December 31,** |
|  | **2021** | **2020** |
|  **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
|  Net income | $1766645 | $2429947 |
|  Adjustments to reconcile net income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Accrued liabilities and other payable |  |  |
| &nbsp;&nbsp;&nbsp; Equity in earnings of subsidiaries | (1794702) | (2429947) |
|  **NET CASH USED IN OPERATING ACTIVITIES** | (28057) |  |
|  Proceeds from related party | 28780 |  |
|  **NET CASH PROVIDED BY FINANCING ACTIVITIES** | 28780 |  |
|  **CHANGES IN CASH** | 723 |  |
|  **CASH, BEGINNING OF YEAR** |  |  |
|  **CASH, END OF YEAR** | $**723** | $**—** |

---

#### Note 16 — SUBSEQUENT EVENTS
On March 23, 2022, the Company signed a loan agreement with Bank of China (BOC) to obtain a one-year loan of RMB 3 million ($470,700) with the term from March 11, 2022 to March 10, 2023. The loan bears a floating interest rate of the benchmark rate (3.75%). The Controlling Shareholders, Mr. Jiawen Miao, his wife Ms. Qing Lu and Mr. Fan Zhang jointly guaranteed the repayment of the loan. Pursuant to the agreement, Harden Machinery Ltd. is required to maintain a liability to asset ratio below 70% of all time during the loan period.

On March 23, 2022, the Company signed another loan agreement with Bank of China (BOC) to obtain a three-year loan of RMB 4 million ($627,600). The loan bears a floating interest rate of a benchmark rate (3.70%) plus 0.40% (4.10%). The Controlling Shareholder, Mr. Jiawen Miao, his wife Ms. Qing Lu and Mr. Fan Zhang jointly guaranteed the repayment of the loan. Pursuant to the agreement, Harden Machinery Ltd. is required to maintain a liability to asset ratio below 70% of all time during the loan period. The Company is required to make repayment equal to 5% of the original principal amount (RMB 0.2 million) twice a year on April 2 and October 2 after the first 12 months. The remaining principal shall be repaid on March 23, 2025.

The Company evaluated all events and transactions that occurred after December 31, 2021 up through the date the Company issued these consolidated financial statements on August 4, 2022, for disclosure or recognition in the consolidated financial statements of the Company as appropriate.

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

**HARDEN TECHNOLOGIES INC.** 

**Ordinary shares**

**_____________________**

**Prospectus**

**_____________________**

**Until ______, 2023 (25 days after commencement of our initial public offering), 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.**

------

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

#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Indemnification of Directors and Officers
British Virgin 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 British Virgin Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Under our Memorandum and Articles of Association, we may indemnify our directors, officers and liquidators against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with civil, criminal, administrative or investigative proceedings to which they are party or are threatened to be made a party by reason of their acting as our director, officer or liquidator. To be entitled to indemnification, these persons must have acted honestly and in good faith with a view to the best interest of the company and, in the case of criminal proceedings, they must have had no reasonable cause to believe their conduct was unlawful.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Item 7. Recent Sales of Unregistered Securities
In the past three years, we issued 10,000,000 shares issued to pre-IPO investors. These shares were issued in the aggregate to 7 shareholders upon the reorganization of our company in transactions that were not required to be registered under the Securities Act of 1933. All issuances were of ordinary shares to these shareholders and were deemed to be exempt under the Securities Act by virtue of Section 4(a)(2) thereof as transactions not involving any public offering and Regulation S, Rules 901 and 903. In addition, the issuance of 9,950,000 shares were deemed not to fall within Section 5 under the Securities Act and to be further exempt under Rule 901 and 903 of Regulation S by virtue of being issuances of securities by non-U.S. companies to non-U.S. citizens or residents, conducted outside the United States and not using any element of interstate commerce.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Date of Issue** | **No. of <br>Common <br>Shares** | **Consideration** | **Securities <br>Registration <br>Exemption** |
|  Shares issued to Harden Shareholders in connection with the Reorganization | May 20, 2021 | 9950000 | $9950 | Securities Act Section 4(a)(2) and Regulation S, Rules 901 and 903. |
|  Shares issued in Private Placement | March 23, 2021 | 50000 | $61122 | Securities Act Section 4(a)(2) |

---

**Item 8. Exhibits and Financial Statement Schedules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Exhibits***

The following exhibits are filed herewith or incorporated by reference in this prospectus:

---

| | |
|:---|:---|
|  **Exhibit** |  |
| 1.1 | [Form of Underwriting Agreement<sup>(1)</sup>](ff12023ex1-1_hardentech.htm) |
| 3.1 | [Amended and Restated Memorandum of Association<sup>(</sup><sup>1</sup><sup>)</sup>](ff12023ex3-1_hardentech.htm) |
| 3.2 | [Amended and Restated Articles of Association<sup>(</sup><sup>1</sup><sup>)</sup>](ff12023ex3-2_hardentech.htm) |
| 4.1 | [Specimen Ordinary Share Certificate<sup>(</sup><sup>1</sup><sup>)</sup>](ff12023ex4-1_hardentech.htm) |
| 4.2 | [Form of Underwriters' Warrant<sup>(</sup><sup>1</sup><sup>)</sup>](ff12023ex4-2_hardentech.htm) |
| 5.1 | Opinion of Haneberg Hurlbert PLC regarding certain U.S. securities law matters<sup>(</sup>\*<sup>)</sup> |
| 5.2 | Opinion of King & Wood Mallesons regarding PRC legal matters<sup>(</sup>\*<sup>)</sup> |
| 5.3 | Opinion of Campbells Legal (BVI) Limited regarding validity of securities being registered<sup>(</sup>\*<sup>)</sup> |
| 8.1 | Opinion of Haneberg Hurlbert PLC as to U.S. tax matters<sup>(</sup>\*<sup>)</sup> |
| 8.2 | Opinion of Campbells Legal (BVI) Limited regarding certain BVI tax matters (included in Exhibit 5.3) <sup>(</sup>\*<sup>)</sup> |

---

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

---

| | |
|:---|:---|
|  **Exhibit** |  |
| 10.1 | [Employment Agreement of Jiawen Miao<sup>(</sup><sup>1</sup><sup>)</sup>](ff12023ex10-1_hardentech.htm) |
| 10.2 | [Confidentiality Agreement of Jiawen Maio<sup>(</sup><sup>1</sup><sup>)</sup>](ff12023ex10-2_hardentech.htm) |
| 10.3 | Employment Agreement of Chunmei Lei<sup>(</sup>\*<sup>)</sup> |
| 10.4 | Confidentiality Agreement of Chunmei Lei<sup>(</sup>\*<sup>)</sup> |
| 10.5 | [Employment Agreement of Fan Zhang<sup>(</sup><sup>1</sup><sup>)</sup>](ff12023ex10-5_hardentech.htm) |
| 10.6 | [Confidentiality Agreement of Fan Zhang<sup>(</sup><sup>1</sup><sup>)</sup>](ff12023ex10-6_hardentech.htm) |
| 10.7 | [Employment Agreement of Yabin Su<sup>(</sup><sup>1</sup><sup>)</sup>](ff12023ex10-7_hardentech.htm) |
| 10.8 | [Confidentiality Agreement of Yabin Su<sup>(</sup><sup>1</sup><sup>)</sup>](ff12023ex10-8_hardentech.htm) |
| 10.9 | [Lease Agreement, dated November 23, 2020<sup>(</sup><sup>1</sup><sup>)</sup>](ff12023ex10-9_hardentech.htm) |
| 10.10 | [Lease Agreement, dated August 28, 2021<sup>(</sup><sup>1</sup><sup>)</sup>](ff12023ex10-10_hardentech.htm) |
| 10.11 | Form of Escrow Agreement<sup>(</sup>\*<sup>)</sup> |
| 10.12 | [Form of Lock-up Agreement (included in Exhibit 1.1)<sup>(1)</sup>](ff12023ex1-1_hardentech.htm) |
| 21.1 | [List of Subsidiaries of the Registrant<sup>(</sup><sup>1</sup><sup>)</sup>](ff12023ex21-1_hardentech.htm) |
| 23.1 | [<u>Consent of Friedman LLP</u><sup>(1)</sup>](ff12023ex23-1_hardentech.htm) |
| 23.2 | Consent of Haneberg Hurlbert PLC (included in Exhibit 5.1)<sup>(</sup>\*<sup>)</sup> |
| 23.3 | Consent of Haneberg Hurlbert PLC (included in Exhibit 8.1)<sup>(</sup>\*<sup>)</sup> |
| 23.4 | Consent of King & Wood Mallesons (included in Exhibit 5.2)<sup>(</sup>\*<sup>)</sup> |
| 23.5 | Consent of Campbells Legal (BVI) Limited (included in Exhibit 5.3)<sup>(</sup>\*<sup>)</sup> |
| 24.1 | [Power of Attorney (included on signature page to the registration statement)<sup>(</sup><sup>1</sup><sup>)</sup>](#T2501) |
| 99.1 | [Code of Business Conduct and Ethics<sup>(</sup><sup>1</sup><sup>)</sup>](ff12023ex99-1_hardentech.htm) |
| 107 | [Calculation of Filing Fee Tables<sup>(1)</sup>](ff12023ex-fee_hardentech.htm) |

---

____________

\* To be filed by amendment.

(1) Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Financial Statement Schedules***

None.

**Item 9. Undertakings**

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) (§230.424(b) of this chapter) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

*Provided, however*, That:

&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) Paragraphs (a)((i) and (a)(ii) of this section do not apply if the registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement; and

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

&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) Paragraphs (a)(i), (a)(ii) and (a)(iii) of this section do not apply if the registration statement is on Form S-3 or Form F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of 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;(C) Provided further, however, that paragraphs (a)(i) and (a)(ii) do not apply if the registration statement is for an offering of asset-backed securities on Form S-1 or Form S-3, and the information required to be included in a post-effective amendment is provided pursuant to Item 1100(c) of Regulation AB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That, for the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the registrant is a foreign private issuer, to file a post-effective amendment to the registration statement to include any financial statements required by "Item 8.A. of Form 20-F (17 CFR 249.220f)" at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(d) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Act if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424 (§230.424 of this chapter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To provide to the underwriter at the closing specified in the underwriting agreements certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) That, insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, 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 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 Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) That, for purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) That, 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**](#TOC001)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Zhongshan City, PRC, on February 14, 2023.

---

| | |
|:---|:---|
|  **Harden Technologies Inc.** | **Harden Technologies Inc.** |
|  By: | /s/ Jiawen Miao |
|  Name: | **Jiawen Miao** |
|  Title: | **Chief Executive Officer** <br>**(Principal Executive Officer)** |
|  Dated: | February 14, 2023 |

---

#### POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does hereby constitutes and appoints Jiawen Miao as his or her true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him and in name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement and sign any registration statement for the same offering covered by this Registration Statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act of 1933, as amended and all post-effective amendments thereto and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
|  **Signature** | **Title** | **Date** |
|  /s/ Jiawen Miao | Chief Executive Officer and Director | February 14, 2023 |
|  Jiawen Miao | (Principal Executive Officer) |  |
|  /s/ Chunmei Lei | Chief Financial Officer | February 14, 2023 |
|  Chunmei Lei | (Principal Accounting and Financial Officer) |  |
|  /s/ Fan Zhang | Director | February 14, 2023 |
|  Fan Zhang |  |  |
|  /s/ Daming Xie | Director | February 14, 2023 |
|  Daming Xie |  |  |
|  /s/ Rongxing Zhang | Director | February 14, 2023 |
|  Rongxing Zhang |  |  |
|  /s/ Cheng Cao | Director | February 14, 2023 |
|  Cheng Cao |  |  |

---

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

#### SIGNATURE OF AUTHORIZED PERSON IN THE UNITED STATES OF AMERICA
Pursuant to the Securities Act of 1993, as amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement thereto in Bellevue, Washington on February 14, 2023.

---

| |
|:---|
|  /s/ Cheng Cao |
|  Cheng Cao |

---

## Exhibit 1.1

**Exhibit 1.1**

Harden Technologies Inc.

Ordinary Shares of Par Value US$0.001 Per Share

**<u>UNDERWRITING AGREEMENT</u>**

[●], 2023

US Tiger Securities, Inc. ("**US Tiger**")

437 Madison Ave., 27<sup>th</sup> Floor

New York, NY 10022

As the representative of the several Underwriters named in Schedule I hereto (the "**Representative**")

Ladies and Gentlemen:

Harden Technologies Inc., a BVI business company (the "**Company**"), proposes, subject to the terms and conditions in this agreement (the "**Agreement**"), to issue and sell to the several underwriters listed in Schedule I hereto (collectively, the "**Underwriters**") an aggregate of [●] ordinary shares (the "**Firm Shares**") of par value $0.001 per share of the Company. At the option of the Underwriters, the Company agrees, subject to the terms and conditions herein, to issue and sell to the Underwriters up to an aggregate of [●] additional ordinary shares of the Company (the "**Option Shares**"). The respective number of Shares to be purchased by each Underwriter is set forth opposite its name in Schedule I hereto. The Firm Shares and the Option Shares are herein referred to collectively as the "**Shares.**"

**Definitions**

"**Affiliate**" has the meaning set forth in Rule 405 under the Securities Act.

"**Applicable Time**" means [●] New York State time on the date of this Agreement when the first time that sales of the Shares are made by the Underwriters.

"**Bona Fide Electronic Road Show**" means a "bona fide electronic road show" (as defined in Rule 433(h)(5) under the Securities Act) that the Company has made available without restriction by "graphic means" (as defined in Rule 405 under the Securities Act) to any person.

"**Business day**" means a day on which the Nasdaq (as defined in Section 1(ddd)) is open for trading and on which banks in New York and the People's Republic of China ("PRC") are open for business and not permitted by law or executive order to be closed.

"**Commission**" means the United States Securities and Exchange Commission.

"**Emerging Growth Company**" means an "emerging growth company" (as defined in Section 2(a) of the Securities Act).

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"**Final Prospectus**" means the prospectus in the form first filed with the Commission pursuant to and within the time limits described in Rule 424(b) under the Securities Act.

"**Free Writing Prospectus**" has the meaning set forth in Rule 405 under the Securities Act.

"**Investment Company Act**" means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.

"**Issuer Free Writing Prospectus**" means an "issuer free writing prospectus" (as defined in Rule 433(h)(1) under the Securities Act).

"**Preliminary Prospectus**" means any preliminary prospectus included in the Registration Statement, as originally filed or as part of any amendment or supplement thereto, or filed with the Commission pursuant to Rule 424 under the Securities Act.

"**Pricing Disclosure Package**" means the Pricing Prospectus collectively with the documents and pricing information set forth in Schedule II hereto.

"**Pricing Prospectus**" means the Preliminary Prospectus included in the Registration Statement immediately prior to the Applicable Time.

"**Prospectus Delivery Period**" means such period of time after the first date of the public offering of the Shares as in the opinion of counsel for the Underwriters a prospectus relating to the Shares is required by law to be delivered (or required to be delivered but for Rule 172 under the Securities Act) in connection with sales of the Shares by any Underwriter or dealer.

"**Registration Statement**" means (a) the registration statement on Form F-1 (File No. 333- [-]), including a prospectus, registering the offer and sale of the Shares under the Securities Act as amended at the time the Commission declared it effective, including each of the exhibits, financial statements and schedules thereto, (b) any Rule 430A Information, and (c) any Rule 462(b) Registration Statement.

"**Rule 430A Information**" means the information deemed, pursuant to Rule 430A under the Securities Act, to be part of the Registration Statement at the time the Commission declared the Registration Statement effective.

"**Rule 462(b) Registration Statement**" means an abbreviated registration statement to register the offer and sale of additional ordinary shares pursuant to Rule 462(b) under the Securities Act.

"**Sarbanes-Oxley Act**" means the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated thereunder.

"**Securities Act**" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"**Written Communication**" has the meaning set forth in Rule 405 under the Securities Act.

As used herein, the terms "Registration Statement," "Preliminary Prospectus," "Pricing Prospectus," "Pricing Disclosure Package," and "Prospectus" shall include the documents, if any, incorporated by reference therein as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Representations and Warranties of the Company</u>.

The Company hereby represents and warrants to, and agrees with, each Underwriter that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company has prepared and filed the Registration Statement with the Commission under the Securities Act. The Commission has declared the Registration Statement and any amendment or supplement thereto effective under the Securities Act on [●]. The Commission has not issued any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or any order preventing or suspending the use of the Registration Statement, the Pricing Disclosure Package, the Final Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus, and no proceedings for such purpose or pursuant to Section 8A of the Securities Act against the Company or related to the offering of the Shares have been initiated, are pending before or threatened by the Commission. The Company has complied with each request, if any, from the Commission for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Registration Statement, at the time it became effective, did not contain, and any post-effective amendment thereto, as of the effective date of such amendment, will not contain, any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective and at the date hereof, complied and will comply with the Securities Act and the applicable rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Pricing Disclosure Package</u>. The Pricing Disclosure Package and any post-effective amendment thereto, as of the Applicable Time, did not, and as of the Closing Date (as defined below) and as of any Additional Closing Date (as defined below), as the case may be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Final Prospectus</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Final Prospectus and any amendments or supplements thereto, as of its date, as of the time it was filed with the Commission pursuant to Rule 424(b) under the Securities Act, as of the Closing Date and as of any Additional Closing Date, as the case may be, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to statements or omissions furnished to the Company in writing with respect to the Underwriters by the Representative expressly for use in the Registration Statement, the Pricing Prospectus or the Final Prospectus or any amendment thereof or supplement thereto. The parties hereto acknowledge and agree that such information furnished to the Company by the Representative consists solely of (A) the names of the Representative in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus and (B) the following sub-captions under "Underwriting" in the final Prospectus: "Electronic Offer, Sale, and Distribution of Ordinary Shares," "Price Stabilization, Short Positions, and Penalty Bids," "Passive Market Making," "Potential Conflicts of Interest," and "Selling Restrictions" (collectively, the "**Underwriter Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Each of the Final Prospectus and any amendments or supplements thereto, at the time it was filed with the Commission pursuant to Rule 424(b) under the Securities Act, as of the Closing Date and as of any Additional Closing Date, as the case may be, complied and will comply with the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Preliminary Prospectuses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Preliminary Prospectus, as of the time it was filed with the Commission pursuant to Rule 424(a) under the Securities Act, did not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Company makes no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Each Preliminary Prospectus, at the time it was filed with the Commission pursuant to Rule 424(a) under the Securities Act, complied in all material respects with the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Issuer Free Writing Prospectuses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Issuer Free Writing Prospectus, when considered together with the Registration Statement, Preliminary Prospectus or Pricing Disclosure Package, or delivered prior to the delivery of the Final Prospectus, did not, as of the date of such Issuer Free Writing Prospectus, and will not, as of the Closing Date and as of any Additional Closing Date, as the case may be, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Free Writing Prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each Issuer Free Writing Prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company (A) complies or will comply with the Securities Act and the applicable rules and regulations of the Commission thereunder and (B) does not conflict and will not conflict with the information contained in the Registration Statement, Pricing Disclosure Package or Final Prospectus, including any preliminary or other prospectus deemed to be a part thereof that has not been superseded or modified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company has filed, or will file, with the Commission, if any, within the time period specified in Rule 433(d) under the Securities Act, any Free Writing Prospectus it is required to file pursuant to Rule 433(d) under the Securities Act. The Company has made available any Bona Fide Electronic Road Show used by it in compliance with Rule 433(d)(8)(ii) under the Securities Act such that no filing of any "road show" (as defined in Rule 433(h) under the Securities Act) ("**Road Show**") is required in connection with the offering of the Shares. Each Bona Fide Electronic Road Show, when considered together with the Registration Statement, the Preliminary Prospectus or the Pricing Disclosure Package, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that no representation is made as to the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Except for the Issuer Free Writing Prospectuses, if any, set forth in Schedule II hereto and electronic Road Shows, if any, each furnished to the Representative before first use, the Company has not prepared, used, authorized the use of, referred to or participated in the planning for use of, and will not, without the prior consent of the Representative, prepare, use, authorize the use of, refer to or participate in the planning for use of, any Free Writing Prospectus. The Company has satisfied and agrees that it will satisfy the conditions in Rule 433 to avoid a requirement to file with the Commission any electronic Road Show.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Other Disclosure Materials</u>. Other than the Registration Statement, the Pricing Disclosure Package, the Final Prospectus, each Preliminary Prospectus, and each Issuer Free Writing Prospectus (if any), the Company (including its agents and representatives) has not, directly or indirectly, distributed, prepared, used, authorized, approved or referred to, and will not distribute, prepare, use, authorize, approve or refer to, any offering material in connection with the offering and sale of the 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;(g) <u>Ineligible Issuer and Foreign Private Issuer</u>. The Company is not an "ineligible issuer" in connection with the offering pursuant to Rules 164, 405 and 433 under the Securities Act, without taking into account any determination by the Commission pursuant to Rule 405 under the Securities Act that it is not necessary that the Company be considered an Ineligible Issuer; the Company is (A) a "foreign private issuer" within the meaning of Rule 405 under the Securities Act and (B) eligible to register the offer and sale of the Shares on Form F-1 adopted by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>EGC Status and Testing-the-Waters Communication</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) From the time of the initial confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly or through any person authorized to act on its behalf in any Testing-the-Waters Communication) through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the Securities Act (an "**Emerging Growth Company**"). "Testing-the-Waters Communication" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company (A) has not alone engaged in any Testing-the-Waters Communication other than Testing-the-Waters Communications with the consent of the Representative with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act, and (B) has not authorized anyone other than the Representative to engage in Testing-the-Waters Communications. The Company reconfirms that the Representative have been authorized to act on its behalf in undertaking Testing-the-Waters Communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company has not distributed any Written Testing-the-Waters Communications other than those approved by the Representative with prior written consent. "Written Testing-the-Waters Communication" means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act. As of the Closing Date and each Additional Closing Date in connection with the offering when the Prospectus is not yet available to prospective purchasers, no individual Written Testing-the-Waters Communications, when considered together with the Pricing Disclosure Package, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&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) <u>Due Authorization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company has full right, power and authority to execute and deliver this Agreement and to perform its obligations hereunder; and all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and the consummation by it of the transactions contemplated hereby has been duly and validly taken**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Registration Statement, the Preliminary Prospectus, the Pricing Prospectus, the Pricing Disclosure Package, the Final Prospectus and any Issuer Free Writing Prospectus, and the filing of the Registration Statement, the Preliminary Prospectus, the Pricing Prospectus, the Pricing Disclosure Package, the Final Prospectus and any Issuer Free Writing Prospectus with the Commission have been duly authorized by and on behalf of the Company, and the Registration Statement has been duly executed pursuant to such authorization by and on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Underwriting Agreement</u>. This Agreement has been duly authorized, executed and delivered by the Company and, assuming the due authorization, execution and delivery by the other parties hereto, constitutes a valid and legally binding agreement of the Company, enforceable in accordance with its terms, except as (i) the enforcement hereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles (whether considered in a proceeding at law or in equity) relating to enforceability and (ii) rights to indemnification and contribution hereunder may be limited by applicable law and public policy considerations, which exceptions in subsections (i) and (ii) above are referred to as the "**Enforceability Exceptions**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Reserved</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;(l) <u>No Material Adverse Change</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, since the date of the most recent audited financial statements included in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus: (i) there has been no material adverse change, or any development or event that would result in a material adverse change, in or affecting the condition (financial or otherwise), earnings, business, properties, management, financial position, shareholder's equity, results of operations or prospects, whether or not arising from transactions in the ordinary course of business, of the Company and its Subsidiaries (as defined below), considered as one entity, or adversely affect the performance by the Company of its obligations under this Agreement (a "**Material Adverse Change**"); (ii) there has been no change in the share capital (other than the issuance of ordinary shares upon the exercise or settlement (including any "net" or "cashless" exercises or settlements) of share options, restricted share units or warrants described as outstanding, as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, or material adverse change in the revenue, net current assets, net assets, short-term debt or long-term debt of the Company or any of its Subsidiaries, considered as one entity; (iii) the Company and its Subsidiaries, considered as one entity, have not incurred any material liability or obligation, indirect, direct or contingent (whether or not in the ordinary course of business); nor entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the Company and its Subsidiaries, considered as one entity; (iv) there has been no dividend or distribution of any kind declared, set aside for payment, paid or made by the Company or any of its Subsidiaries on any class of share capital, or no repurchase or redemption by the Company or any of its Subsidiaries of any class of share capital; (v) neither the Company nor any of its Subsidiaries has (A) entered into or assumed any material transaction or agreement, (B) incurred, assumed or acquired any material liability or obligation, direct or contingent, (C) acquired or disposed of or agreed to acquire or dispose of any business or any other asset; or (D) agreed to take any of the foregoing actions; and (vi) neither the Company nor any of its Subsidiaries has sustained any material loss or interference with its business from fire, explosion, flood, typhoon, or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Organization and Good Standing of the Company and its Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company has been duly incorporated and is validly existing and in good standing under the laws of the British Virgin Islands, is duly qualified to do business and is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of its business requires such qualification (to the extent that good standing is recognized by such jurisdiction), and has all power and authority (corporate and other) necessary to own, lease or hold its properties and to conduct the business in which it is engaged as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus. The currently effective memorandum and articles of association or other constitutive or organizational documents of the Company comply with the requirements of applicable British Virgin Islands law and are in full force and effect. The memorandum and articles of association of the Company to be adopted on the Closing Date, filed as Exhibits 3.1and 3.2 to the Registration Statement, comply with the requirements of applicable British Virgin Islands laws and, immediately following closing on the Closing Date of the Shares offered and sold hereunder, will be in full force and effect.] Complete and correct copies of all constitutive documents of the Company and all amendments thereto have been delivered to the Representative; except for the adoption of the second amended and restated memorandum and articles of association of the Company on the Closing Date, no change will be made to any such constitutive documents on or after the date of this Agreement through and including the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of the Company's direct and indirect subsidiaries (as such term is defined in Rule 405 under the Securities Act) (each a "**Subsidiary**" and collectively, the "**Subsidiaries**") has been identified in Exhibit 21.1 to the Registration Statement. Each of the Subsidiaries has been duly incorporated, is validly existing as a corporation in good standing under the laws of the jurisdiction of its incorporation (to the extent that good standing is recognized by the jurisdiction of its incorporation), has the corporate power and authority to own its property and to conduct its business as described in the Registration Statement and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification (to the extent that good standing is recognized by such jurisdiction). All of the currently effective constitutive or organizational documents of each of the Subsidiaries comply with the requirements of applicable laws of its jurisdiction of incorporation or organization and are in full force and effect. Apart from the Subsidiaries, the Company has no direct or indirect subsidiaries or any other company over which it has direct or indirect effective control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Capitalization</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The authorized number of shares of the Company conforms as to legal matters to the description thereof contained in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus. All of the outstanding ordinary shares of the Company have been duly authorized and validly issued and are fully paid and non-assessable. The Shares have been duly authorized and, when issued and paid for as contemplated herein, will be validly issued, fully paid and non-assessable. As of the date hereof, the Company has duly authorized and outstanding shares as set forth in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus under the heading "Capitalization" and "Description of Share Capital" and as of the Closing Date, the Company shall has authorized and outstanding capitalizations as set forth in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus under the heading "Capitalization" and "Description of Shares."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) None of the outstanding ordinary shares or equity interest of the Company or the Subsidiaries was issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company or the Subsidiaries. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, there are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to acquire, or instruments convertible into or exchangeable or exercisable for, or any obligation of the Company to issue, any ordinary shares, or other equity interest in, the Company or any of its Subsidiaries. All of the outstanding ordinary shares of, or other equity interest in, each of the Company's Subsidiaries (A) have been duly authorized and validly issued, (B) are fully paid and non-assessable and (C) are owned by the Company, directly or indirectly, free and clear of any security interest, mortgage, pledge, lien, encumbrance, charge, claim or restriction on voting or transfer (collectively, "**Liens**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>No Violation or Default</u>. Neither the Company nor any of its Subsidiaries is: (i) in breach or violation of its business license, memorandum and articles of associations or similar constitutional or organizational documents, except as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant, condition or other obligation contained in any indenture, mortgage, deed of trust, loan agreement, contract, undertaking or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any property, right or asset of the Company or any of its Subsidiaries is subject; or (iii) in breach or violation of any laws, statutes, rules, regulations, judgments, orders, decrees or writs, guidelines or notices of any court, arbitrator, governmental or regulatory authority, administrative agency or other authority, body or agency having jurisdiction over the Company or any of its Subsidiaries, or any of their respective properties, operations or assets (each a "**Governmental Entity**") (including, but not limited to, any applicable laws or regulations concerning the dissemination of information over the Internet and user privacy protection), except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or in the aggregate, have a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>No Conflicts</u>. None of (i) the execution, delivery and performance of this Agreement by the Company, (ii) the issuance, sale and delivery of the Shares , (iii) the application of the proceeds of the offering as described under "Use of Proceeds" in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, or (iv) the consummation of the transactions contemplated herein will: (A) result in any breach or violation of the terms or provisions of the memorandum and articles of association or similar constitutional or organizational documents of the Company or any of its Subsidiaries; (B) conflict with, result in a breach or violation of any of the terms or provisions of, constitute a default under, result in the termination, modification, or acceleration of, or result in the creation or imposition of any Lien upon any property, right or asset of the Company or any of its Subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement, note agreement, contract, undertaking or other agreement, obligation, condition, covenant, or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any property, right or asset of the Company or any of its Subsidiaries is subject; or (C) result in the breach or violation of any law, statute, judgment, order, rule, decree or writ, regulation, guideline or notice of any Governmental Entity having jurisdiction over the Company or any of its Subsidiaries or any of their respective properties, rights or assets, except, in the case of clauses (B) and (C) above, for any such conflict, breach, violation, default, and Liens that would not, individually or in the aggregate, have a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>No Consents Required</u>. No consent, approval, authorization, order, filing, registration, license or qualification of or with any Governmental Entity is required for (i) the execution, delivery and performance by the Company of this Agreement; (ii) the issuance, sale and delivery of the Shares; or (iii) the consummation of the transactions contemplated herein, except for such consents, approvals, authorizations, orders, filings, registrations or qualifications as (A) have already been obtained or made or will have been obtained or made by the effective date of the Registration Statement and are or will on such effective date be in full force and effect, as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, (B) may be required by FINRA, and (C) may be required under applicable state securities laws in connection with the purchase, distribution and resale of the Shares by the Underwriters**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Independent Accountants</u>. Friedman, LLP, which expressed its unqualified opinion with respect to the consolidated financial statements (which term as used in this Agreement includes the related notes thereto) and supporting schedules included in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, is an independent registered public accounting firm with respect to the Company within the meaning of the rules and regulations of the Commission and the Public Company Accounting Oversight Board and as required by the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Financial Statements and Other Financial Data</u>. The financial statements, together with the related notes and schedules, included in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus comply in all material respects with the applicable requirements of the Securities Act and the related rules and regulations adopted by the Commission and present fairly the consolidated financial position of the Company and the Subsidiaries as of and at the dates indicated and the consolidated results of operations, cash flows and changes in shareholders' equity of the Company for the periods specified. Such financial statements, notes and schedules have been prepared in conformity with the United States generally accepted accounting principles (the "**GAAP**") applied on a consistent basis throughout the periods involved. The historical financial data set forth in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus under the captions "Summary Consolidated Financial Information" "Capitalization" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" to the extent such historical financial data are extracted or derived from the consolidated financial statements and the related schedules and notes thereto have been duly extracted or derived from the consolidated financial statements and present fairly the information set forth therein on a basis consistent with that of the audited consolidated financial statements included in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus. The other financial data contained in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus are accurately and fairly presented and prepared on a basis consistent with the financial statements and books and records of the Company; and the Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations) not described in the Registration Statement, the Pricing Disclosure Package and the Final 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;(t) <u>Critical Accounting Policies</u>. The section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations," together with the notes to consolidated financial statements for the years ended December 31, 2021 and 2020, and the six months ended June 30, 2022, in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus accurately and fairly describes (i) the 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 judgment; (ii) the material judgments and uncertainties affecting the application of critical accounting policies and estimates; (iii) the likelihood that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof; (iv) all material trends, demands, commitments and events known to the Company, and uncertainties, and the potential effects thereof, that the Company believes would materially affect its liquidity and are reasonably likely to occur; and (v) all off-balance sheet commitments and arrangements of the Company and its Subsidiaries, if any. The Company's directors and management have reviewed and agreed with the selection, application and disclosure of the Company's critical accounting policies as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus and have consulted with its independent accountants with regards to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Statistical and Market-Related Data</u>. The statistical, industry-related and market-related data included in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus are based on or derived from sources that the Company in good faith believes to be accurate and reliable, and such data agree with the sources from which they are derived, and the Company has obtained the written consent for the use of such data from such sources to the extent required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Forward-Looking Statements</u>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) included in the Registration Statement, the Pricing Disclosure Package or the Final Prospectus (including all amendments and supplements thereto) has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Legal Proceedings</u>. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, (i) there are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings (collectively, "**Actions**") pending, threatened or to the knowledge of the Company, contemplated by the Governmental Entity to which the Company or any of its Subsidiaries is or may be a party or to which any property, right or asset of the Company or any of its Subsidiaries is or may be the subject; and (ii) there are no such Actions that are required to be described in the Registration Statement or the Pricing Disclosure Package or the Final Prospectus and are not so described; and there are no contracts, agreements, or other documents that are required to be described in the Registration Statement or the Pricing Disclosure Package or the Final the Prospectus or to be filed as exhibits to the Registration Statement that are not described or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Labor Disputes</u>. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, no labor disturbance by or dispute with the employees or third-party contractors of the Company or any of its Subsidiaries exists or is threatened or contemplated; and the Company is not aware of any existing, threatened or contemplated labor disturbance by the employees of any of the principal customers and suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Intellectual Property Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company and its Subsidiaries own, possess, have the full right to use all patents, patent applications, trademarks, service marks, trade names, trademark and service mark applications, domain names and other source indicators, copyrights and copyrightable works, technology and know-how, trade secrets, inventions, licenses, approvals, proprietary or confidential information and all other intellectual property and related proprietary rights, interests and protection (collectively, the "**Intellectual Property Rights**") necessary to conduct their respective businesses in all applicable jurisdictions, or can acquire sufficient Intellectual Property Rights on reasonable terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) There are no rights of third parties to any of the Intellectual Property Rights owned by the Company or its Subsidiaries; (B) there is no infringement, misappropriation, breach, default or other violation, or the occurrence of any event that with notice or the passage of time would constitute any of the foregoing, by the Company or its Subsidiaries or third parties of any of the Intellectual Property Rights of the Company or its Subsidiaries (and neither the Company nor any of its Subsidiaries is otherwise aware of any such infringement, misappropriation, breach, default or other violation), except for such infringement, misappropriation or other conflict as, if the subject of an unfavorable decision, would not have a Material Adverse Change; (C) there are no pending or threatened Actions by others challenging the Company's or the Subsidiaries' rights in or to, or the violation of any of the terms of, any of their Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such Actions; (D) there are no pending or threatened Actions by others challenging the validity, enforceability or scope of any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such Actions; (E) there are no pending or threatened Actions by others that the Company or any Subsidiary infringes, misappropriates or otherwise violates or conflicts with any Intellectual Property Rights or other proprietary rights of others and the Company is unaware of any other fact which would form a reasonable basis for any such Actions; and (F) none of the Intellectual Property Rights used by the Company or its Subsidiaries in their businesses has been obtained or is being used by the Company or its Subsidiaries in violation of any contractual obligation binding on the Company or its Subsidiaries in violation of the rights of any persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Licenses and Permits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company and its Subsidiaries possess all valid and current certificates, authorizations, approvals, licenses, permits, consents, and declarations (collectively, the "**Authorizations**") issued by, and have made all declarations, amendments, supplements, reports and filings with, the appropriate local, provincial or state, national or federal or foreign regulatory agencies or bodies having jurisdiction over the Company and each of its Subsidiaries and their respective assets, rights and properties that are necessary to own, lease and operate their respective properties and to conduct their respective businesses as set forth in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all such Authorizations are valid and in full force and effect and the Company and its Subsidiaries are in compliance with the terms and conditions of all such Authorizations, and contain no burdensome restrictions or conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither the Company nor any of its Subsidiaries has received notice of any revocation, termination or modification of, or non-compliance with, any such Authorization or has any reason to believe that any such Authorization will not be renewed in the ordinary course.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Title to Property</u>. The Company and its Subsidiaries have good and marketable title to all personal property, free and clear of all Liens, defects and imperfections of title; and any real property and buildings held under lease by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases, except such Liens, defects and imperfections as (i) are disclosed in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, or (ii) do not materially affect the value of such property and do not materially interfere with the use made or proposed to be made of such property by the Company and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Taxes</u>. The Company and each of its Subsidiaries have filed all national or federal, provincial or state, local and foreign tax returns required to be filed through the date hereof or have timely requested extensions thereof and have paid all taxes required to be paid thereon, except where the failure to make such payment or filing will not have Material Adverse Change, and no tax deficiency has been determined adversely to the Company or any of its Subsidiaries (nor does the Company nor any of its Subsidiaries has any notice or knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its Subsidiaries). The charges, accruals and reserves on the books of the Company in respect of any income and other tax liability are adequate to meet any assessments for any taxes of the Company accruing through the end of the last period specified in such consolidated financial statements. Any unpaid income and other tax liability of the Company for any years not finally determined have been accrued on the Company's consolidated financial statements in accordance with U.S. GAAP. All local and national PRC governmental tax holidays, exemptions, waivers, financial subsidies, and other local and national PRC tax relief, concessions and preferential treatment enjoyed by the Company or any of the Subsidiaries as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus are valid, binding and enforceable and do not violate any laws, regulations, rules, orders, decrees, guidelines, judicial interpretations, notices or other legislation of the PRC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>No Stamp or Transaction Taxes</u>. Except as described in the Registration Statement, no transaction, stamp, documentary, registration, issuance, transfer, or other similar taxes or duties and no capital gains, income, withholding or other taxes are payable by or on behalf of the Underwriters to the government of the PRC, Hong Kong, the United States or the British Virgin Islands or any political subdivision or taxing authority thereof in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the creation, allotment, and issuance of the Shares by the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sale, transfer or delivery by the Company of the Shares to or for the respective accounts of the several Underwriters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the purchase from the Company and the sale, transfer or delivery by the Underwriters of the Shares to the initial purchasers thereof in the manner contemplated by this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the execution and delivery of and performance under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Passive Foreign Investment Company</u>. The Company was not a passive foreign investment company ("**PFIC**," as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended, the "**Code**") for its most recent taxable year, and the Company does not expect to be a PFIC for its current taxable year or in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Investment Company Act</u>. Neither the Company nor any of its Subsidiaries is, after giving effect to the offer and sale of the Shares and the application of the proceeds therefrom as described under "Use of Proceeds" in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus will be, required to register as an "investment company" (as defined in the Investment Company Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Insurance</u>. The Company and its Subsidiaries are insured by recognized, financially sound institutions in such amounts, with such deductibles and covering such losses and risks as is adequate for the conduct of their respective businesses and the value of their respective assets, rights and properties. All insurance policies and fidelity or surety bonds, if applicable, insuring the Company and its Subsidiaries or their respective businesses, assets, employees, officers and directors are in full force and effect; the Company and its Subsidiaries are in compliance with the terms and conditions of such policies; neither the Company nor any of its Subsidiaries has received notice from any insurer or agent of such insurer that capital improvements or other expenditures are required to be made in order to continue such insurance; and neither the Company nor any of its Subsidiaries has been refused any insurance coverage sought or applied for. There are no claims by the Company or any of its Subsidiaries under any such policy as to which any insurer is denying liability or defending under a reservation of rights clause; and neither the Company nor any of its Subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a reasonable cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>No Stabilization or Manipulation</u>. None of the Company, its Subsidiaries, or any of their directors, officers, Affiliates, controlling persons or any person acting on its or any of their behalf (other than the Underwriters, as to which no representation or warranty is given) has taken, directly or indirectly, any action designed to or that has constituted or that could reasonably be expected to cause or result in the stabilization or manipulation of the price of any securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>No Sale, Issuance and Distribution of Shares</u>. Except as described in the Registration Statement, the Company has not sold, issued or distributed any shares during the six-month period preceding the date hereof, including any sales pursuant to Rule 144A under, or Regulation D or Regulation S of, the Securities Act, other than shares issued pursuant to employee benefit plans, qualified stock option plans or other employee compensation plans or pursuant to outstanding options, rights or warrants.

&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) <u>Compliance with the Sarbanes-Oxley Act</u>. The Company and its Subsidiaries, officers and directors, in their capacities as such, are and have been in compliance with the Sarbanes-Oxley Act of 2002, as amended and the rules and regulations promulgated in connection therewith (the "**Sarbanes-Oxley Act**"), including but not limited to, Section 402 related to loans and Section 302 and Section 906 related to certifications and all applicable rules of the Nasdaq, to the extent that such compliance is required prior to the effectiveness of 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;(jj) <u>Internal Controls</u>. Except as disclosed in the Registration Statement, Pricing Disclosure Package and the Final Prospectus. the Company and its Subsidiaries maintain a system of internal controls, including but not limited to, disclosure controls and procedures, "internal control over financial reporting" (as defined in Rule 13a-15(f) of the Exchange Act), an internal audit function and legal and regulatory compliance controls (collectively, the "**Internal Controls**") that comply with all the applicable laws and regulations, including without limitation the Securities Act, the Exchange Act, the Sarbanes-Oxley Act, the rules and regulations of the Commission and the rules of the Nasdaq and are sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (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 the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, the Company's Internal Controls are effective and the Company is not aware of any deficiency or material weaknesses in its Internal Controls. The Internal Controls upon the effectiveness of the Registration Statement will be overseen by the audit committee of the board of Directors of the Company (the "**Audit Committee**") in accordance with the rules of the Nasdaq. Since the date of the most recent balance sheet included in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, (v) the Company's auditors and the Audit Committee of the Company have not been advised of (A) any significant deficiencies or material weaknesses in the design or operation of the Internal Controls of the Company and its Subsidiaries; or (B) any fraud, whether or not material, that involves management or other employees who have a role in the Internal Controls of the Company or its Subsidiaries; and (vi) there have been no significant changes in the Internal Controls of the Company or its Subsidiaries or in other factors that could adversely affect such Internal Controls. Each of the deficiency, material weakness and other adverse events of the Internal Controls as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus has been duly and completely corrected and rectified. Each of the Company's independent directors meets the criterial for "independence" under the Sarbanes-Oxley Act, the rules and regulations of the Commission and the rules of the Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Disclosure Controls and Procedures</u>. Except as disclosed in the Registration Statement, Pricing Disclosure Package and the Final Prospectus, the Company and its Subsidiaries have established and maintain an effective system of "disclosure controls and procedures" (as defined in Rule 13a-15(e) of the Exchange Act) that are designed to comply and complies with the requirements of the Exchange Act and that have been 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, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company's management as appropriate to allow timely decisions regarding required disclosure. The Company and its Subsidiaries have carried out evaluations of the effectiveness of their disclosure controls and procedures from time to time as required by Rule 13a-15(e) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Margin Rules</u>. Neither the issuance, sale and delivery of the Shares nor the application of the proceeds thereof by the Company, in each case, as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Related Party Transactions</u>. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, no relationship or transaction, direct or indirect, exists between or among the Company or any of its Subsidiaries, on the one hand, and their respective directors, officers, shareholders, sponsors, other Affiliates, customers or suppliers, or affiliates or family members of the foregoing persons, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Compliance with Anti-Corruption Laws</u>. Neither the Company nor any of its Subsidiaries nor any director, officer, agent, employee, Affiliate or other person associated with or acting on behalf of the Company or any of its Subsidiaries has (i) used any funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made, or taken any action in furtherance of, an offer, payment, promise to pay or authorization or approval of any direct or indirect unlawful payment, giving of money, property, gifts, benefit or anything else of value to any foreign or domestic government or regulatory official (including any officer or employee of a government or a government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office); (iii) made, offered, agreed, requested or take an act in furtherance of any unlawful payment, including without limitation, any bribe, rebate, payoff, influence payment, kickback or other unlawful payment; or (iv) violated or taken any action, directly or indirectly, that would result in a violation by such person of any provision of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "**FCPA**"), or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption laws, statute or regulation. The Company and its Subsidiaries have conducted their businesses in compliance with applicable anti-corruption laws, and have instituted and maintained and will continue to maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws as well as the representations and warranties contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Compliance with Anti-Money Laundering Laws</u>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with all applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the Organized and Serious Crimes Ordinance (Chapter 455 of the Laws of Hong Kong), the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Chapter 615 of the Laws of Hong Kong), the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), any other applicable anti-money laundering statutes of all jurisdictions where the Company or any of its Subsidiaries and conduct business or their respective properties, rights and assets are subject to, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any Governmental Entity (collectively, the "**Anti-Money Laundering Laws**"); and no action, suit or proceeding by or before any Governmental Entity involving the Company or any of its Subsidiaries with respect to the Anti-Money Laundering Laws is pending or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>Compliance with OFAC</u>. Neither the Company nor any of its Subsidiaries nor any director, officer, agent, employee, affiliate or representative of the Company or any of its Subsidiaries, is or undertakes any business with an individual or entity (an "**OFAC Person**") or is owned or controlled by an OFAC Person, (i) that is the subject or target of any sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**"), the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person"), the United Nations Security Council, the European Union, Her Majesty's Treasury, the Swiss State Secretariat for Economic Affairs or the Swiss Directorate of International Law, the Monetary Authority of Singapore, the Hong Kong Monetary Authority, or other relevant sanctions authority (collectively, "**Sanctions**"), and (ii) located, organized or resident in a country, region or territory that is, or whose government is, the subject or the target of Sanctions, including, without limitation, Crimea, Cuba, Iran, North Korea, Sudan and Syria (each, a "**Sanctioned Country**"); and the Company and its Subsidiaries and their respective directors and officers, employees, agents, affiliates or representative will not 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 OFAC Person (iii) to fund or facilitate any activities of or business with any OFAC Person that, at the time of such funding or facilitation, is the subject or the target of Sanctions, (iv) to fund or facilitate any activities or business in any Sanctioned Country or (v) in any other manner that will result in a violation by any OFAC Person (including any OFAC Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. Since their respective inception, the Company and its Subsidiaries have not engaged in and are not now engaged in any dealings or transactions with any OFAC Person that at the time of the dealing or transaction is or was, or whose government is or was, the subject or the target of Sanctions or with any Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Environmental Laws</u>. (i) The Company and its Subsidiaries (A) are in compliance with any and all applicable national, provincial, local and foreign laws and regulations (including, for the avoidance of doubt, all applicable laws and regulations of the PRC) relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (the "**Environmental Laws**"), (B) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (C) are in compliance with all terms and conditions of any such permit, license or approval. (ii) There are no costs or liabilities associated with Environmental Laws (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties), except where the failure of any of the foregoing will not have a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) <u>Cybersecurity; Data Protection</u>. To the best knowledge of the Company after due inquiry, the Company's and its Subsidiaries' information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, "**IT Systems**") are adequate for, and operate and perform as required in connection with the operation of the business of the Company and its Subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants. The Company and its Subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data ("**Personal Data**")) used in connection with their businesses, and there have been no breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same. The Company and its Subsidiaries are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any Governmental Entity, internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>Rated Securities</u>. Neither the Company nor any of the Subsidiaries has any outstanding securities rated by any "nationally recognized statistical rating organization," as such term is defined in Section 3(a)(62) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) <u>Registration Statement Exhibits</u>. There are no legal or governmental proceedings or contracts or other documents of a character required to be described in the Registration Statement, the Pricing Disclosure Package or the Final Prospectus or, in the case of documents, to be filed as exhibits to the Registration Statement, the Pricing Disclosure Package or the Final Prospectus, that are not described and filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) <u>No Unapproved Marketing Documents</u>. The Company has not distributed and, prior to the later to occur of any delivery date and completion of the distribution of the Shares, will not distribute any offering material in connection with the offering and sale of the Shares other than the Preliminary Prospectus filed as part of the Registration Statement as originally confidentially submitted or as part of any amendment thereto, the Pricing Disclosure Package and the Final Prospectus and any Issuer Free Writing Prospectus to which the Representative has consented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) <u>No Registration Rights</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, there are no contracts, agreements or understandings between the Company or any of its Subsidiaries, on the one hand, and any person, on the other hand, granting such person any rights to require the Company or any of its Subsidiaries to file a registration statement under the Securities Act with respect to any securities of the Company or any of its Subsidiaries owned or to be owned by such person or to require the Company or any of its Subsidiaries to include such securities in the securities registered pursuant to the Registration Statement or in any securities being or to be registered pursuant to any registration statement files or to be filed by the Company or any of its subsidiaries under the Securities Act, and any person to whom the Company has granted registration rights has agreed not to exercise such rights until after the expiration of the Lock-Up Period referred to in Section 3(k) hereof. Each of the individuals and entities listed on Schedule III has furnished to the Representative on or prior to the date hereof a letter or letters relating to sales and certain other dispositions of the Shares or certain other securities, in the form of Exhibit A hereto (the "**Lock-Up Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) <u>Disclosure; Accurate Summaries</u>. The statements set forth in each of the Registration Statement, the Pricing Disclosure Package and the Final Prospectus under the captions "Prospectus Summary," "Risk Factors," "Forward-Looking Statements," "Dividend Policy," "Exchange Rate Information," "Capitalization," "Dilution," "Post-Offering Ownership," " "Management's Discussion and Analysis of Financial Condition and Results of Operations," Corporate History and Structure," "Our Business," "Regulations," "Management," "Related Party Transactions," "Principal Shareholders," "Shares Eligible for Future Sale," "Description of Shares," "Tax Matters Applicable to U.S. Holders of Our Ordinary Shares" "Enforceability of Civil Liabilities," "Underwriting," "Expenses Related to this Offering," and "Disclosure of Commission Position on Indemnification" insofar as they purport to summarize legal matters, agreements, documents or proceedings referred to therein, are accurate, complete and fair summaries of such laws, agreements, documents or proceedings. The share capital (including the Shares) conforms to the description thereof contained in the Registration Statement, the Pricing Disclosure Package and the Final 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;(xx) <u>Merger or Consolidation</u>. Neither the Company nor any of its Subsidiaries is a party to any memorandum of understanding, letter of intent, definitive agreement or any similar agreements with respect to a merger or consolidation or an acquisition or disposition of assets, technologies, business units or businesses which is required to be described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus and which is not so described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) <u>Termination of Contracts</u>. Neither the Company nor any of its Subsidiaries has sent or received any communication regarding termination of, or intent not to renew, any material contract or agreement referred to or described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus or filed as an exhibit to the Registration Statement, and no such termination or non-renewal has been threatened by the Company or any of its Subsidiaries or by any other party to any such contract or agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) <u>Ownership Structure</u>. The description of the corporate structure of the Company, as set forth in the Pricing Disclosure Package, the Registration Statement and the Final Prospectus under the captions "Corporate History and Structure" and "Related Party Transactions," is true and accurate in all material respects and nothing has been omitted from such description which would make it misleading. There is no other material agreement, contract or other document relating to the corporate structure or the operation of the Company together with its Subsidiaries taken as a whole, which has not been previously disclosed or made available to the Underwriters and disclosed in the Pricing Disclosure Package, Registration Statement and the Final 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;(aaa) <u>Payments of Dividends</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, none of the Company nor any of its Subsidiaries is prohibited, directly or indirectly, from paying any dividends or making any other distribution on their respective share capital or similar ownership interest, from making or repaying any loans or advances to the Company or any of its Subsidiaries, or from transferring any of their respective properties or assets to the Company or any Subsidiaries. Except as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, all dividends and other distributions declared and payable upon the share capital of the Company or any of its Subsidiaries that are wholly foreign-owned enterprises in the PRC may be converted into United States dollars that may be freely transferred out of such entity's jurisdiction of incorporation, without the consent, approval, authorization or order of, or qualification with, any Governmental Entity in such entity's jurisdiction of incorporation or tax residence, and are not and will not be subject to withholding, value added or other taxes under the currently effective laws and regulations of such entity's jurisdiction of incorporation, without the necessity of obtaining any consents, approvals, authorizations, orders, registrations, clearances or qualifications of or with any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) <u>No Broker's Fees</u>. Neither the Company nor any of its Subsidiaries is a party to, or subject to, any contract, agreement or understanding (other than this Agreement) with any person that would give rise to a valid claim against the Company or any of its Subsidiaries or any Underwriter for a brokerage commission, finder's fee or like payment in connection with the offer and sale of the Shares; there are no any other arrangements, agreements, understandings, payments or issuance with respect to the Company and its Subsidiaries or any of their respective officers, directors, shareholders, partners, employees, affiliates, agents or representative that may affect the Underwriters' compensation as determined by the Financial Industry Regulatory Authority ("**FINRA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) <u>No Broker-Dealer Affiliation</u>. There are no affiliations or associations between (i) any member of FINRA and (ii) the Company or any of its Subsidiaries or any of their respective officers, directors or 5% or greater security holders or any beneficial owner of the Company's unregistered equity securities that were acquired at any time on or after the 180 day immediately preceding the date that the Registration Statement was initially filed with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) <u>Listing on Nasdaq.</u> The Shares have been approved for listing on the Nasdaq Capital Market ("**Nasdaq**"), 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 Shares on Nasdaq nor has the Company received any notification that Nasdaq is contemplating revoking or withdrawing approval for listing of the 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;(eee) <u>Immunity; Choice of Law; Enforceability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None of the Company, the Subsidiaries or any of their respective properties, assets or revenues has any right of immunity, under the laws of the British Virgin Islands, Hong Kong, the PRC or the State of New York, from any legal action, suit or proceeding, the giving of any relief in any such legal action, suit or proceeding, set-off or counterclaim, the jurisdiction of any British Virgin Islands, Hong Kong, the PRC, New York or United States federal court, service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement; and, to the extent that the Company, any of the 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 the Subsidiaries waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement as provided in Section 18 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The choice of the laws of the State of New York as the governing law of this Agreement is a valid choice of law under the laws of the British Virgin Islands, Hong Kong and the PRC and will be honored by courts in the British Virgin Islands, Hong Kong and the PRC. The Company has the power to submit, and pursuant to Section 17 of this Agreement, has legally, validly, effectively and irrevocably submitted, to the personal jurisdiction of each Specified Court (as defined in Section 17) and has validly and irrevocably waived any objection to the laying of venue of any suit, action or proceeding brought in any such court; and the Company has the power to designate, appoint and empower, and pursuant to Section 17 of this Agreement, has legally, validly, effectively and irrevocably designated, appointed and empowered, an authorized agent for service of process in any action arising out of or relating to this Agreement, any Preliminary Prospectus, the Pricing Disclosure Package, the Final Prospectus, the Registration Statement, or the offering of the Shares in any Specified Court, and service of process effected on such authorized agent will be effective to confer valid personal jurisdiction over the Company as provided in Section 17 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, any final judgment for a fixed or readily calculable sum of money rendered by a Specified Court having jurisdiction under its own domestic laws in respect of any suit, action or proceeding against the Company based upon this Agreement and any instruments or agreements entered into for the consummation of the transactions contemplated herein and therein would be declared enforceable against the Company, without re-examination or review of the merits of the cause of action in respect of which the original judgment was given or re-litigation of the matters adjudicated upon, by the courts of the British Virgin Islands, Hong Kong and the PRC. The Company is not aware of any reason why the enforcement in the British Virgin Islands or the PRC of such a Specified Court judgment would be, as of the date hereof, contrary to public policy of the British Virgin Islands or the PRC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) <u>Representation of Officers</u>. Any certificate signed by any officer of the Company and delivered to the Underwriters or to counsel for the Underwriters shall be deemed to be a representation and warranty by the Company to the Underwriters as to the matters set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) PRC Representations and Warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Harwell Technologies Ltd. is a wholly foreign-owned enterprise ("**WFOE**") of the Company and, together with WFOE's subsidiaries listed in the Prospectus, have been duly organized and are validly existing as companies under the laws of the PRC, and their business licenses are in full force and effect; the WFOE have been duly qualified as foreign invested enterprises with the following approvals and certificates: (A) Certificate of Filing and (B) Business License. 100% of the equity interests of the WFOE and its subsidiaries, or in the case of Dr. Shredder Technologies Ltd., 55% of equity interests, are owned by the Company as described in the Registration Statement, Pricing Disclosure Package and the Final Prospectus, and such equity interests are free and clear of all Liens; the articles of associations, the business licenses and other constituent documents of the WFOE and its subsidiaries comply with the requirements of the applicable laws and regulations of the PRC and are in full force and effect; the WFOE and its subsidiaries have full power and authority (corporate and other) and all consents, approvals, authorizations, permits, licenses, orders, registrations, clearances and qualifications of or with any Governmental Entity having jurisdiction over the WFOE and its subsidiaries or any of their properties required for the ownership or lease of property or asset by them and the conduct of their business in accordance with their registered business scopes and have the legal right and authority to own, use, lease and operate their properties and assets and to conduct their business in the manner presently conducted and as described in the Registration Statement, Pricing Disclosure Package and the Final Prospectus; and the required registered capital of the WFOE and its subsidiaries have been fully paid in accordance with their articles of association and the applicable PRC laws and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each of the WFOE and its subsidiaries has legal and valid title to all of its properties and assets, free and clear of all Liens; each lease agreement to which it is a party is duly executed and delivered, and is valid, legally binding and enforceable; none of the WFOE or its subsidiaries owns, operates, manages or has any other right or interest in any other material real property of any kind, which would, or could reasonably be expected, result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>PRC Taxes</u>. Except as disclosed in the Registration Statement, the Disclosure Materials and Prospectus, including the risk factor set forth in "Risk Factors— Under the Enterprise Income Tax Law, we may be classified as a "Resident Enterprise" of China. Such classification will likely result in unfavorable tax consequences to us and our non-PRC shareholders," no transaction, stamp, capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in China, Hong Kong or the British Virgin Islands to any Chinese, Hong Kong or British Virgin Islands taxing authority in connection with (A) the issuance, sale and delivery of the Shares to or for the account of the purchasers, and (B) the purchase from the Company and the sale and delivery of the Shares to purchasers thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [*Reserved*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Compliance with Overseas Investment and Listing Regulations</u>. Each of the Company and its Subsidiaries has complied with, and has taken all reasonable steps to ensure each of its shareholders, option holders, directors, officers, and employees that is, or is directly or indirectly owned or controlled by, a PRC resident or PRC citizen to comply with any applicable rules and regulations of the relevant PRC Governmental Entity (including but not limited to the Ministry of Commerce, the National Development and Reform Commission and the State Administration of Foreign Exchange (the "**SAFE**")) relating to overseas investment by PRC residents and citizens or the repatriation of the proceeds from overseas offering and listing by offshore special purpose vehicles controlled directly or indirectly by PRC companies and individuals, such as the Company (the "**PRC Overseas Investment and Listing Regulations**"), including without limitation, requesting each shareholder, option holder, director, officer and employee that is, or is directly or indirectly owned or controlled by, a PRC resident or citizen to complete any registration and other procedures required under applicable PRC Overseas Investment and Listing 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>M&A and CSRC Rules</u>. The Company is aware of and has been advised as to the content of the Rules on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors and any official clarifications, guidance, interpretations, or implementation rules in connection with or related thereto jointly promulgated by the Ministry of Commerce, the State Assets Supervision and Administration Commission, the State Tax Administration, the State Administration of Industry and Commerce, the China Securities Regulatory Commission (the "**CSRC**") and the SAFE on August 8, 2006 and as amended on June 22, 2009 (the "**M&A Rules**"), in particular the relevant provisions thereof that purport to require offshore special purpose vehicles formed for the purpose of obtaining a stock exchange listing outside of the PRC and controlled directly or indirectly by companies or natural persons of the PRC, to obtain the approval of the CSRC prior to the listing and trading of their securities on a stock exchange located outside of the PRC; the Company has received legal advice specifically with respect to the M&A Rules from its PRC counsel and understands such legal advice. In addition, the Company has communicated such legal advice in full to each of its directors that signed the Registration Statement and each such director has confirmed that he or she understands such legal advice. Except as described in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, the Company confirms with the Underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The issuance and sale of the Shares, the listing and trading of the Shares on Nasdaq and the consummation of the transactions contemplated by this Agreement are not and will not be, as of the date hereof or on the Closing Date or any Additional Closing Date, affected by the M&A Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) As of the date hereof or on the Closing Date or any Additional Closing Date, the M&A Rules did not, do not, and will not require the Company to obtain the approval of the CSRC prior to the issuance and sale of the Shares, the listing and trading of the Shares on Nasdaq, or the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Purchase</u><u>; Payment</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;(a) <u>Agreements to Sell and Purchase</u>. On the basis of the representations, warranties and covenants herein and subject to the conditions herein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company agrees to issue and sell the Firm Shares to the several Underwriters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Underwriters agree, severally and not jointly, to purchase from the Company the number of Firm Shares set forth opposite such Underwriter's name in Schedule I hereto, subject to such adjustments among the Underwriters as the Representative in its sole discretion shall make to eliminate any sales or purchases of fractional 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The purchase price per Firm Share to be paid by the several Underwriters to the Company shall be US$[●] per share (the "**Purchase Price**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Payment for the Firm Shares (the "**Firm Shares Payment**") shall be made, against delivery of the Firm Shares to be purchased with any transfer taxes, stamp duties and other similar taxes payable in connection with the sale of the Firm Shares duly paid by the Company, by wire transfer in immediately available funds to the account(s) specified by the Company to the Representative at least two (2) business days in advance of such payment at the office of VCL Law LLP at [●], Eastern Time, on [●], or at such other place on the same or such other date and time, as shall be designated in writing by the Representative (the "**Closing Date**"). Delivery of the Firm Shares shall be made through the facilities of The Depository Trust Company ("DTC"), unless the Representative shall otherwise instruct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Over-Allotment Option</u>. On the basis of the representations, warranties and covenants herein and subject to the conditions herein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company hereby agrees to issue and sell to the Underwriters the Option Shares, and the Underwriters shall have the option to purchase, severally and not jointly, in whole or in part, the Option Shares from the Company (the "**Over-Allotment Option**"), in each case, at a price per share equal to the Purchase Price less an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Option Shares (the "**Over-Allotment Option Purchase Price**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the parties agree that the Underwriters may only exercise the Over-Allotment Option for the purpose of covering over-allotments made in connection with the offering of the Firm 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Representative may exercise the Over-Allotment Option on behalf of the Underwriters at any time in whole, or from time to time in part, on or before the forty-fifth (45<sup>th</sup>) day after effective date of the Registration Statement, by giving written notice to the Company (the "**Over-Allotment Exercise Notice**"). Each exercise date must be at least one (1) business day after the written notice is given and may not be earlier than the Closing Date nor later than ten (10) business days after the date of such notice. On each day, if any, that the Option Shares are to be purchased, each Underwriter agrees, severally and not jointly, to purchase the number of the Option Shares (subject to such adjustments to eliminate fractional shares as the Representative may determine) that bears the same proportion to the total number of the Option Shares to be purchased on such Additional Closing Date as the number of Firm Shares set forth in Schedule I hereto opposite the name of such Underwriter bears to the total number of the Firm Shares. The Representative may cancel any exercise of the Over-Allotment Option at any time prior to the Closing Date or the applicable Additional Closing Date, as the case may be, by giving written notice of such cancellation to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Over-Allotment Exercise Notice shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the aggregate number of Option Shares as to which the Over-Allotment Option is being exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Over-Allotment Option Purchase Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the names and denominations in which the Option Shares are to be registered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the applicable Additional Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Payment for the Option Shares (the "**Option Shares Payment**") shall be made, against delivery of the Option Shares to be purchased, by wire transfer in immediately available funds to the account(s) specified by the Company to the Representative at least two (2) business day in advance of such payment at the office of VCL Law LLP at [●], Eastern Time, on [●], or at such other place on the same or such other date and time, as shall be designated in writing by the Representative (an "**Additional Closing Date**"). Delivery of the Firm Shares shall be made through the facilities of The Depository Trust Company ("DTC"), unless the Representative shall otherwise instruct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Public Offering</u>. The Company understands that the Underwriters intend to make a public offering of their respective portion of the Shares as soon after the effectiveness of the Registration Statement and this Agreement as in the judgment of the Representative is advisable, and initially to offer the Shares on the terms set forth in the Final Prospectus. The Company acknowledges and agrees that the Underwriters may offer and sell the Shares to or through any Affiliate of an Underwriter. The Company is further advised by the Representative that the Shares are to be offered to the public initially at US$ [●] per Share (the "**Public Offering Price**") and to certain dealers selected by the Representative at a price that represents a concession not in excess of US$ [●] per Share under the Public Offering Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Covenants of the Company</u>. The Company, in addition to its other agreements and obligations hereunder, hereby covenants and agrees with each Underwriter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Filings with the Commission</u>. The Company will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepare and file the Final Prospectus (in a form approved by the Representative and containing the Rule 430A Information) with the Commission in accordance with and within the time periods specified by Rules 424(b) and 430A under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) file any Issuer Free Writing Prospectus with the Commission to the extent required by Rule 433 under the Securities Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) file with the Commission such reports as may be required by Rule 463 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice to the Representative</u>. The Company will advise the Representative promptly, and confirm such advice in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) when the Registration Statement has become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) when the Final Prospectus has been filed with the Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) when any amendment to the Registration Statement has been filed or becomes effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) when any Rule 462(b) Registration Statement has been filed with the Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) when any supplement to the Final Prospectus, any Issuer Free Writing Prospectus, or any amendment to the Final Prospectus has been filed with the Commission or distributed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) of (A) any request by the Commission for any amendment or supplement to the Registration Statement, the Pricing Disclosure Package, the Final Prospectus, or any Issuer Free Writing Prospectus, (B) the receipt of any comments from the Commission relating to the Registration Statement or (C) any other request by the Commission for any additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) of (A) the issuance by any Governmental Entity (including the Commission) of any order suspending the effectiveness of the Registration Statement or preventing or suspending the use of the Registration Statement, the Pricing Disclosure Package, the Final Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus or (B) the initiation or threatening of any proceeding for that purpose or (C) the notice of proceedings pursuant to Section 8A of the Securities Act against the Company or related to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) of the occurrence of any event or development within the Prospectus Delivery Period as a result of which, the Final Prospectus, the Pricing Disclosure Package, any Issuer Free Writing Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Final Prospectus, the Pricing Disclosure Package, any such Issuer Free Writing Prospectus is delivered to a purchaser, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) of the issuance by any governmental or regulatory authority or any order preventing of suspending the use of any of the Registration Statement, the Pricing Disclosure Package, the Final Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus or the initiation or threatening for that purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) of the receipt by the Company of any notice with respect to any suspension of the qualification of the Shares for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Orders and Notices</u>. The Company will use its best efforts to prevent the issuance of any order or notice described in Sections 3(b)(vii) or 3(b) (x); and, if any such order or notice is issued, will use its best efforts to obtain the lifting or removal of such order or notice as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Ongoing Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If during the Prospectus Delivery Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any event or development shall occur or condition shall exist as a result of which it is necessary to amend or supplement the Final Prospectus so as not to include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Final Prospectus (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) is delivered to a purchaser, not misleading, the Company will immediately notify the Underwriters thereof and forthwith prepare and, subject to Section 3(e) hereof, file with the Commission and furnish, at its own expense, to the Underwriters and to such dealers as the Representative may designate such amendments or supplements to the Final Prospectus so that the statements in the Final Prospectus as so amended or supplemented will not, in the light of the circumstances existing when the Final Prospectus is delivered (or in lieu thereof the notice referred to in Rule 173(a) of the Securities Act) to a purchaser, be misleading; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Final Prospectus to comply with applicable law, the Company will immediately notify the Underwriters thereof and forthwith prepare and, subject to Section 3(e) hereof, file with the Commission and furnish, at its own expense, to the Underwriters and to such dealers as the Representative may designate such amendments or supplements to the Final Prospectus so that the Final Prospectus as amended or supplemented will comply with applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if at any time prior to the Closing Date or any Additional Closing Date, as the case may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) any event or development shall occur or condition shall exist as a result of which it is necessary to amend or supplement the Pricing Disclosure Package so as to not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Pricing Disclosure Package is delivered to a prospective purchaser, not misleading, the Company will immediately notify the Underwriters thereof and forthwith prepare and, subject to Section 3(e) hereof, file with the Commission and furnish, at its own expense, to the Underwriters and to such dealers as the Representative may designate such amendments or supplements to the Pricing Disclosure Package so that the statements in the Pricing Disclosure Package as so amended or supplemented will not, in the light of the circumstances existing when the Pricing Disclosure Package is delivered to a prospective purchaser, be misleading; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if any event shall occur or condition shall exist as a result of which the Pricing Disclosure Package conflicts with the information contained in the Registration Statement then on file, or if in the opinion of counsel for the Underwriter, it is necessary to amend or supplement the Pricing Disclosure Package to comply with applicable law, and such conflict or discrepancy is not updated and corrected in the Final Prospectus, the Company will immediately notify the Underwriters thereof and forthwith prepare and, subject to Section 3(e) hereof, file with the Commission and furnish, at its own expense, to the Underwriters and to such dealers as the Representative may designate such amendments or supplements to the Pricing Disclosure Package so that the Pricing Disclosure Package as amended or supplemented will no longer conflict with the Registration Statement, or will comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Following the consummation of the offering, the Company shall use its best efforts to obtain and maintain all approvals required in the British Virgin Islands to pay and remit outside the British Virgin Islands all dividends declared by the Company and payable on the Shares, if any; and use its best efforts to obtain and maintain all approvals, if any, required in the British Virgin Islands for the Company to acquire sufficient foreign exchange for the payment of dividends and all other relevant purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company shall comply with the PRC Overseas Investment and Listing Regulations, and to use its best efforts to cause its securityholders that, to the best knowledge of the Company after due inquiry, are, or that are directly or indirectly owned or controlled by, Chinese residents or Chinese citizens, to comply with the PRC Overseas Investment and Listing Regulations applicable to them, including, without limitation, requesting each such shareholder to complete any registration and other procedures required under applicable PRC Overseas Investment and Listing Regulations (including any applicable rules and regulations of the SAFE).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The Company shall use its best efforts to rectify or cure any non-compliance, and implement and maintain content control and other measures in continuing compliance with PRC laws and regulations concerning information dissemination on the Internet and user privacy protection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Amendments, Supplements and Issuer Free Writing Prospectuses</u>. Before (i) using, authorizing, approving, referring to, distributing or filing any Issuer Free Writing Prospectus, (ii) filing (A) any Rule 462(b) Registration Statement or (B) any amendment or supplement to the Registration Statement, the Pricing Disclosure Package or the Final Prospectus, or (iii) distributing any amendment or supplement to the Registration Statement, the Pricing Disclosure Package or the Final Prospectus, the Company will furnish to the Representative and counsel for the Underwriters a copy of the proposed Issuer Free Writing Prospectus, Rule 462(b) Registration Statement or other amendment or supplement thereto for review and will not use, authorize, approve, refer to, distribute or file any such Issuer Free Writing Prospectus or Rule 462(b) Registration Statement, or file or distribute any such proposed amendment or supplement thereto (C) to which the Representative reasonably objects in a timely manner and (D) which is not in compliance with the Securities Act. The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Securities Act. The Company will file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any such supplements or amendments or prospectus as approved by the Representative required to be filed pursuant to such Rule; <u>provided that,</u> the Company will not take any action that would result in an Underwriter or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a Free Writing Prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required to file thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Delivery of Copies</u>. The Company will deliver, without charge, (i) to the Representative, three signed copies of the Registration Statement as originally filed and each supplement and amendment thereto, in each case, including all exhibits and consents filed therewith; and (ii) to each Underwriter (A) a conformed copy of the Registration Statement as originally filed and each supplement and amendment thereto (without exhibits and consents) and (B) during the Prospectus Delivery Period, as many copies of the Pricing Disclosure Package and the Final Prospectus (including all amendments and supplements thereto or to the Registration Statement and each Issuer Free Writing Prospectus) as the Representative may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Emerging Growth Company Status</u>. The Company will promptly notify the Representative if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion of the distribution of the Shares within the meaning of the Securities Act and (ii) completion of the Lock-Up Period (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Escrow Agreement</u>. Concurrently with the execution and delivery of this Agreement, the Company will set up an escrow account with a third-party escrow agent approved by the Representative in the United States and will fund such account with US$500,000 from this offering that may be utilized by the Underwriters to fund any indemnification claims of the Underwriters or other Indemnified Persons pursuant to Section 7 arising during the six (6) month period following the closing of the offering. The escrow account will be interest bearing, and the Company may, with prior written notice to the Representative, invest the assets in low risk investments such as bonds, mutual funds and money market funds. All funds that are not subject to an indemnification claim will be returned to the Company after the applicable period expires. The Company will pay the reasonable fees and expenses of the escrow agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Blue Sky Compliance.</u> The Company will use its best efforts, with the Underwriters' cooperation, if necessary, to qualify or register (or to obtain exemptions from qualifying or registering) the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representative shall reasonably request and will use its reasonable best efforts, with the Underwriters' cooperation, if necessary, to continue such qualifications, registrations and exemptions in effect so long as required for the distribution of the Shares; provided that the Company shall not be required to (A) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (B) file any general consent to service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction if it is not otherwise so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Earning Statement</u>. The Company will make generally available to its security holders and the Representative as soon as practicable an earning statement that satisfies the provisions of Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder (including, but not limited to, Rule 158 under the Securities Act) covering a period of at least 12 months beginning with the first fiscal quarter of the Company occurring after the "effective date" (as defined in Rule 158 under the Securities Act) of 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;(k) <u>Use of Proceeds</u>. The Company shall apply the net proceeds from the sale of the Shares in the manner described under the caption "Use of Proceeds" in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, unless otherwise permitted by applicable laws and regulations, and file such reports with the Commission with respect to the sale of the Shares and the application of the proceeds therefrom as may be required by Rule 463 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Clear Market</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For a period of six (6) months after the effective date of the Registration Statement, the Company will cause its officers, directors and 5% greater securityholders not to, and for a period of three (3) months after the Closing Date (each, a "**Lock-Up Period**"), the Company and any successor will not, without the prior written consent of the Representative, (A) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares or any securities convertible into or exercisable or exchangeable for shares, or (B) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the shares , whether any such transaction described in clause (A) or (B) above is to be settled by delivery of shares or such other securities, in cash or otherwise, or (C) file or submit with the Commission any registration statement under the Securities Act relating to the offering of any shares, or any securities convertible into or exercisable or exchangeable for shares, or (D) publicly disclose the intention to do any of the foregoing without the prior written consent of the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The restrictions contained in Section 3(l)(i) hereof shall not apply to the offer and sale of the Shares hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) If the Representative, in its sole discretion, agree to release or waive the restrictions set forth in any Lock-Up Agreement (as defined below) for an officer or director of the Company and provide the Company with notice of the impending release or waiver in the form of Exhibit B hereto at least three business days before the effective date of the release or waiver, then the Company agrees to announce the impending release or waiver by a press release in the form of Exhibit C hereto through a major news service at least two business days before the effective date of the release or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>No Stabilization or Manipulation</u>. None of the Company, its subsidiaries, other Affiliates or any person acting on behalf of any foregoing persons (other than the Underwriters, as to which no covenant is given) will take, directly or indirectly, any action designed to or that would constitute or that could reasonably be expected to cause or result in the stabilization or manipulation of the price of any securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Investment Company Act</u>. The Company shall not invest, or otherwise use the proceeds received by the Company from the sale of the Shares in such a manner as would require the Company or any of its Subsidiaries to register as an "investment company" (as defined in the Investment Company Act) under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <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;&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, the Pricing Disclosure Package and the Prospectus, the Company confirms that 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 directors, officers and 5% shareholders of the Company with respect to the sale of the Shares or any other arrangements, agreements or understandings of the Company or, to the Company's knowledge, any of its stockholders that may affect the Representative's 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Payments Within 180 Days.</u> Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus or as approved by the Representatives in writing, the Company confirms that it has not made any direct or indirect payments (in cash, securities or otherwise) that are unreasonably higher than the prevailing market rate to: (A) any person, as a finder's fee, consulting fee, investor relations' fee, advisory fees 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; (B) any FINRA member; or (C) any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the 180-day period immediately preceding the original filing date of the Registration Statement, other than the payment to the Representative as provided herein 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>FINRA Affiliation.</u> There is no (A) officer or director of the Company, (B) to the Company's knowledge, the beneficial owner of 5% or more of any class of the Company's securities or (C) to the Company's knowledge, the beneficial owner of the Company's unregistered equity securities which were acquired during the 180-day period immediately preceding the original filing of the Registration Statement that, in each case, is an affiliate or associated person of a FINRA member participating in the Offering (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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Information.</u> All information provided by the Company in its FINRA Questionnaire to Representative's Counsel specifically for use by Representative's 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Transfer Agent</u>. The Company shall engage and maintain, at its expense, a transfer agent and registrar for its ordinary 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;(q) <u>Reports</u>. During the period when the Final Prospectus is required to be delivered under the Securities Act, the Company shall file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and the rules and regulations of the Commission thereunder. For the period of three years from the date of this Agreement, the Company will furnish to the Representative and, upon request, to each of the other Underwriters, as soon as practicable after the end of each fiscal year, copies of all reports or other communications (financial or other) furnished to holders of the Shares, and copies of any reports, financial statements, and definitive proxy statements furnished to or filed with the Commission or any national securities exchange or automatic quotation system, and from time to time as the Representative may reasonably request, such other information concerning the Company; <u>provided</u> that the Company will be deemed to have furnished such reports and financial statements to the Representative to the extent they are filed on EDGAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Company agrees to instruct its transfer agent and registrar not to give effect to any share transfers directly or indirectly by any shareholder during the Lock-up Period, unless with the prior written consent of the Representative on behalf of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Company agrees to indemnify and hold harmless the Underwriters against any stamp, issuance, registration, transaction, transfer, or other similar taxes or duties, including any interest and penalties, on the creation, issuance and sale of the Shares to the Underwriters and on the execution and delivery of, and the performance of the obligations (including the initial resale of the Shares by the Underwriters) under, this Agreement. All payments to be made hereunder by the Company shall be paid free and clear of and without withholding or deduction for or on account of any present or future taxes, duties or governmental charges whatsoever unless the Company is compelled by law to deduct or withhold such taxes, duties or charges. In that event, the Company shall pay such additional amounts as may be necessary in order that the net amounts received after such withholding or deduction shall equal the amounts that would have been received if no withholding or deduction had been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>[*Reserved*]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Consideration; Expenses</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;(a) In consideration of the services to be provided for hereunder, the Company shall pay to the Representative on behalf of the Underwriters of the following compensation with respect to the Shares that they are 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a commission equal to six and half percent (6.5%) of the aggregate gross proceeds received by the Company from the sale of the Shares to investors introduced by the Representative or five and half percent (5.5%) of the aggregate gross proceeds received by the Company from the sale of the Shares to investors introduced solely by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a non-accountable expense allowance equal to one percent (1%) of the gross proceeds received by the Company from the sale of the ordinary 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) warrants to purchase a number of the Company's ordinary shares equal to an aggregated of five percent (5%) of the total number of shares issued in the offering (the "Representative's Warrants"). The Representative's Warrants have an exercise price equal to 125% of the offering price of the ordinary shares sold in this offering, are non-callable and non-cancellable, and may be exercised as to all or a lesser number of shares on a cashless basis. The Representative's Warrants are exercisable commencing upon the closing of this offering and will expire in three (3) years and are transferable to the Representative's permitted assignee(s). Any and all Representative's Warrants to be issued to the Representative will be due and payable upon the closing of this offering and shall be issued to the Representative in conjunction with the closing. The Representative's Warrants provide for immediate demand and/or unlimited piggy-back registration rights at the Company's expense so that they are registered in this registration statement. The Representative's Warrants also have customary anti-dilution provisions for stock dividends, splits, mergers, and any future stock issuance, etc., at a price(s) below said exercise price per share and shall provide for automatic exercise immediately prior to expiration. The Representative (or permitted assignees) may not sell, transfer, assign, pledge or hypothecate the Representative's Warrants or the securities underlying the Representative's Warrants, nor will the Representative engage in any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the Representative's Warrants or the underlying securities for a period of 180 days from the effective date of this offering, except that the Representative's Warrants may be transferred to any FINRA member participating in the offering and their bona fide officers or partners if all securities so transferred remain subject to the lock-up restrictions for the remainder of the time period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an accountable expense allowance of US$150,000 of which US$50,000 has been paid to the Representative. The Company will pay the Representative US$50,000 upon the first public filing of the draft registration statement, and the remaining US$50,000 shall be paid to the Representative once the registration statement is declared effective by the Commission; provided, that the Company shall pay the accountable expense allowance regardless of whether the transactions contemplated by this Agreement are consummated or this Agreement is terminated. Notwithstanding the foregoing, any advance received by the Representative will be returned to the Company to the extent not actually incurred in compliance with FINRA Rule 5110(f)(2)(C).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Expenses</u>. Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company agrees to pay or cause to be paid all costs and expenses incident to the performance of its obligations hereunder, including, without limitation, (i) all expenses incident to the authorization, issuance, sale, preparation, transfer and delivery of the Shares (including all printing and engraving costs), (ii) all costs and expenses, including any issue, transfer, stamp and other taxes in connection with the authorization, issuance, sale, preparation, transfer and delivery of the Shares to the Underwriters, (iii) all fees, disbursements and expenses of the Company's counsel (including local, overseas and special counsel), independent public or certified public accountants and other advisors, (iv) all costs and expenses incurred in connection with the preparation, printing or reproduction, and filing with the Commission of the Registration Statement, the Pricing Disclosure Package, the Final Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus, including, in each case, financial statements, schedules, exhibits, consents, amendments and supplements thereto, (v) all costs and expenses incurred in connection with the shipping and distribution (including postage, air freight charges and charges for packaging) of the Registration Statement, the Pricing Disclosure Package, the Final Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus, including, in each case, financial statements, schedules, exhibits, consents, amendments and supplements thereto, as may, in each case, be reasonably requested by the Underwriters or dealers for use in connection with the offer and sale of the Shares, (vi) all fees and expenses incurred in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) the Shares for offer and sale under the securities laws of the several states of the United States or other jurisdictions as the Representative may request and the preparation, printing, producing and distribution of a Blue Sky or legal investment memorandum, including but not limited to, filing fees, fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky or legal investment memorandum, (vii) all fees and expenses (including fees and expenses of counsel) of the Company in connection with approval of the Shares by DTC for "book-entry" transfer, (viii) all costs and expenses and application fees related to the registration of the shares of the Company under the Exchange Act and the listing of the shares of the Company, including the Shares, on Nasdaq, (ix) all costs and expenses incurred by the Company in connection with any Road Show presentation to potential investors, including, without limitation, expenses associated with the preparation or dissemination of any electronic Road Show, expenses associated with the production of Road Show slides and graphics, expenses associated with hosting investor meetings or luncheons, fees and expenses of any consultants engaged in connection with the Road Show presentations, and travel, meals and lodging expenses of any such consultants and the Company's representative, and the cost of any aircraft chartered in connection with the Road Show, (x) the costs and charges of the transfer agent and the registrar for the share of the Company, (xi) all application fees, and fees, disbursements and expenses of counsel for the Underwriters incurred in connection with any filing with, and clearance of the offering by FINRA; (xii) the cost of printing certificates representing the Shares, the document production charges and expenses associated with printing this Agreement, and (xiii) all other expenses incident to the performance by the Company of its other obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Conditions of the Obligations of the Underwriters</u>. The obligations of the several Underwriters to purchase the Firm Shares as provided herein on the Closing Date or the Option Shares as provided herein on any Additional Closing Date, as the case may be, shall be subject to the timely performance by the Company of its covenants and other obligations hereunder, and to each of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Registration Compliance; No Stop Order</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Registration Statement and any post-effective amendment thereto shall have become effective, no stop order suspending the effectiveness of the Registration Statement, any Rule 462 Registration Statement or any post-effective amendment thereto shall be in effect, and no proceeding for such purpose or pursuant to Section 8A of the Securities Act shall be pending before or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company shall have filed the Final Prospectus, any post-effective amendment and each Issuer Free Writing Prospectus with the Commission in accordance with and within the time periods prescribed by Section 3(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company shall have (A) disclosed to the Representative all requests by the Commission for additional information relating to the offer and sale of the Shares and (B) complied with such requests to the satisfaction of the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Representations and Warranties</u>. The representations and warranties of the Company contained herein shall be true and correct on the date hereof and on and as of the Closing Date or any Additional Closing Date, as the case may be; and the statements of the Company and its officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date or any Additional Closing Date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Accountants' Comfort Letters; CFO Certificates</u>. On the date of this Agreement and on the Closing Date or any Additional Closing Date, as the case may be, Friedman, LLP, independent public accountants, shall have furnished to the Representative, letters dated the respective dates of delivery thereof and addressed to the Underwriters, in form and substance satisfactory to the Representative, containing statements and information of the type customarily included in accountants' "comfort letters" to Underwriters with respect to the financial statements and certain financial information contained in each of the Registration Statement, the Pricing Disclosure Package and the Final Prospectus.

On the Closing Date or any Additional Closing Date, as the case may be, the Company shall have furnished to the Representative a certificate of the Company's chief financial officer, dated the respective dates of their delivery and signed by the chief financial officer and addressed to the Underwriters, with respect to certain operating and financial data contained in each of the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, providing "management comfort" with respect to such information, in form and substance satisfactory to the Representative (attached as Exhibit D hereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>FINRA Clearance.</u> On or before the Closing Date, the Underwriters shall have received clearance from FINRA as to the amount of compensation allowable or payable to the Underwriters as described in the Registration Statement. FINRA shall not have raised any objection with respect to the fairness or reasonableness of the underwriting, or other arrangements of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Material Adverse Change</u>. No event or condition of a type described in Section 1(l) hereof shall have occurred or shall exist, the effect of which in the judgment of the Representative makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares prior to or on the Closing Date or any Additional Closing Date, as the case may be, in the manner and on the terms contemplated by this Agreement, the Pricing Disclosure Package and the Final 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;(f) <u>Opinion and Negative Assurance Letter of U.S. Counsel to the Company</u>. Haneberg Hurlbert PLC, U.S. counsel to the Company, shall have furnished to the Representative its (i) written opinion, addressed to the Underwriters and dated the Closing Date or any Additional Closing Date, as the case may be, and (ii) negative assurance letter, addressed to the Underwriters and dated the Closing Date or any Additional Closing Date, as the case may be, in each case, in form and substance satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Opinion of British Virgin Islands Counsel to the Company</u>. Campbells, British Virgin Islands counsel to the Company, shall have furnished to the Representative its written opinion, addressed to the Underwriters and dated the Closing Date or any Additional Closing Date, as the case may be, in form and substance satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Opinion of PRC Counsel to the Company</u>. King & Wood Mallesons, PRC counsel to the Company, shall have furnished to the Representative its written opinion, addressed to the Company and dated the Closing Date or any Additional Closing Date, as the case may be, a copy of which shall have been provided to the Underwriters, in form and substance satisfactory to the Representative (together with a consent letter, in form and substance satisfactory to the Representative, permitting the Company to provide a copy of such opinion to the Representative).

&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) [*Reserved*.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Opinion and Negative Assurance Letter of Counsel to the Underwriters</u>. VCL Law LLP, counsel to the Underwriters, shall have furnished to the Representative its (i) written opinion, addressed to the Underwriters and dated the Closing Date or any Additional Closing Date, as the case may be, and (ii) negative assurance letter, addressed to the Underwriters and dated the Closing Date or any Additional Closing Date, as the case may be, and the Company shall have furnished to such counsel such documents and information as such counsel may reasonably request to enable them to pass on such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Opinion of PRC Counsel to the Underwriters</u>. AllBright Law Offices, PRC counsel to the Underwriters, shall have furnished to the Representative its written opinion, addressed to the Underwriters and dated the Closing Date or any Additional Closing Date, as the case may be, in form and substance satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Officer's Certificate</u>. The Representative shall have received on and as of the Closing Date or any Additional Closing Date, as the case may be, a certificate (as Exhibit E hereto), dated such date, signed by a duly authorized executive officer of the Company who has specific knowledge of the Company's operating and financial matters and in form and substance satisfactory to the Representative, in each case (i) confirming that such officer has carefully reviewed the Registration Statement, the Pricing Disclosure Package, the Final Prospectus, any post-effective amendment, and each Issuer Free Writing Prospectus and, the representations set forth in Sections 1(a)(ii), 1 (b), 1(c) (i), 1(e) (i), 1(e)(ii), and 1 (h) hereof are true and correct on and as of the Closing Date or any Additional Closing Date, as the case may be; (ii) to the effect set forth in Section 1(l) and Section 6(e); and (iii) confirming that all of the other representations and warranties of the Company contained in this Agreement are true and correct on and as of the Closing Date or any Additional Closing Date, as the case may be, and that the Company has complied with all agreements and covenants and satisfied all other conditions on its part to be performed or satisfied hereunder on or prior to the Closing Date or any Additional Closing Date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>No Legal Impediment to Issuance and Sale</u>. 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 Entity that would, as of the Closing Date or any Additional Closing Date, as the case may be, prevent the issuance, sale or delivery of the Shares by the Company; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date or any Additional Closing Date, as the case may be, prevent the issuance, sale or delivery of the 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;(n) <u>Good Standing</u>. The Representative shall have received on and as of the Closing Date and any Additional Closing Date, as the case may be, satisfactory evidence of the good standing (or the applicable equivalent thereof in British Virgin Islands) of the Company and each of the Company's Subsidiaries in their respective jurisdictions of organization and their good standing in such other jurisdictions as the Representative may reasonably request, in each case, in writing from the appropriate governmental authorities of such jurisdictions or, for any such jurisdiction in which evidence of good standing may not be obtained from appropriate governmental authorities, in the form of an opinion of counsel licensed in the applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Lock-Up Agreements</u>. The Lock-Up Agreements, in the form of Exhibit A hereto, executed by the individuals and entities listed on Schedule III relating to sales and certain other dispositions of the Shares or certain other securities, delivered to the Representative on or before the date hereof, shall be in full force and effect on the Closing Date or any Additional Closing Date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Exchange Listing</u>. On the Closing Date or any Additional Closing Date, as the case may be, the Shares shall have been approved for listing on Nasdaq, subject to only official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) If the Company elects to rely upon Rule 462(b) under the Securities Act, the Company shall have filed a Rule 462 Registration Statement with the Commission in compliance with Rule 462(b) promptly after 4:00 p.m., Eastern Time, on the date of this Agreement, and the Company shall have at the time of filing either paid to the Commission the filing fee for the Rule 462 Registration Statement or given irrevocable instructions for the payment of such fee pursuant to Rule 111(b) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Additional Documents</u>. On or prior to the Closing Date or any Additional Closing Date, as the case may be, the Representative shall have received such information, opinions, certificates and other additional documents from the Company as they may reasonably require for the purpose of enabling them to pass upon the accuracy and completeness of any statement in the Registration Statement, the Pricing Disclosure Package and the Final Prospectus, the issuance and sale of the Shares as contemplated herein or in order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the covenants, closing conditions or other obligations, contained in this Agreement.

All opinions, letters, certificates and other documents delivered pursuant to this Agreement will be deemed to be in compliance with the provisions hereof only if they are satisfactory in form and substance to counsel for the Underwriters.

If any condition specified in this Section 6 is not satisfied when and as required to be satisfied, this Agreement and all obligations of the Underwriters hereunder may be terminated by the Representative by notice to the Company at any time on or prior to the Closing Date or any Additional Closing Date, as the case may be, which termination shall be without liability on the part of any party to any other party, except that the Company shall continue to be liable for the payment of expenses under Section 5 and Section 10 hereof and except that the provisions of Section 7 and Section 8 hereof shall at all times be effective and shall survive any such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Indemnification</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;(a) <u>Indemnification</u>. The Company agrees to indemnify and hold harmless each Underwriter, its Affiliates, each person, if any, who controls any Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and each director, officer, employee and agent of any of the foregoing (each an "**Underwriter Indemnified Party,**" collectively the "**Underwriter Indemnified Parties**"), from and against any and all losses, claims, damages and liabilities (including, without limitation, any and all legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment or supplement thereto), the Pricing Disclosure Package or any amendment or supplement thereto, any Issuer Free Writing Prospectus, any Company information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, any Road Show, or the Final Prospectus or any amendment or supplement thereto, or any Written Testing-the-Waters Communication or (ii) any omission or alleged omission therefrom of a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and reimburse each such Underwriter Indemnified Party for any legal or other out-of-pocket expenses incurred by such person in connection with any suit, action or proceeding or any claim asserted, whether or not such foregoing person is a party to any action or proceeding. The indemnity agreement set forth in this Section 7(a) shall be in addition to any liabilities that the Company may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification of the Company by the Underwriters</u>. Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, each officer who has signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any and all legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, to the same extent as the indemnity set forth in Section 7(a) hereof; <u>provided</u>, <u>however</u>, that each Underwriter shall be liable only to the extent that any untrue statement or omission or alleged untrue statement or omission was made in the Registration Statement (or any amendment or supplement thereto), any Pricing Disclosure Package (including any Pricing Disclosure Package that has subsequently been amended), the Final Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus or any Road Show in reliance upon, and in conformity with, the Underwriter Information relating to such Underwriter; it being understood and agreed that the only information furnished by the Underwriters to the Company in connection with the offering are the Underwriter Information defined below. The indemnity agreement set forth in this Section 7(b) shall be in addition to any liabilities that each Underwriter may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notifications and Other Indemnification Procedures</u>. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to this Section 7, such person (the "**Indemnified Person**") shall promptly notify the person against whom such indemnification may be sought (the "**Indemnifying Person**") in writing; <u>provided</u> that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under this Section 7 except to the extent that it has been materially prejudiced by such failure; and <u>provided</u>, <u>further</u>, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under this Section 7. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall notify the Indemnifying Person thereof, the Indemnifying Person shall retain counsel satisfactory to the Indemnified Person (which counsel shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person in such proceeding and shall pay all the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the retention of such counsel; (ii) the Indemnifying Person has failed within a reasonable time to assume the defense or retain counsel satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interest between them; or (v) the Indemnified Person has incurred such fees and expenses of the counsel retained by it in connection with any regulatory investigation or inquiry. Any firm for (i) any Underwriter Indemnified Party shall be designated in writing by the Representative; and (ii) the Company, its directors, its officers who have signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall be designated in writing by the Company. For the avoidance of doubt, the Indemnifying Person shall be liable for all the fees and expenses of one firm (in addition to local counsel, if any) representing all Indemnified Persons designated as provided in the preceding sentence, except as prohibited by applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Settlements</u>. The Indemnifying Person under this Section 7 shall not be liable for any settlement of any proceeding effected without its written consent, which consent may not be unreasonably withheld, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify the Indemnified Person from and against any loss, claim, damage, liability or expense by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested an Indemnifying Person to reimburse the Indemnified Person for any fees and expenses of counsel as contemplated by this Section 7, the Indemnifying Person agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by such Indemnifying Person of the aforesaid request, (ii) such Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement and (iii) such Indemnified Person shall have given the Indemnifying Person 30 days' prior notice of its intention to settle. No Indemnifying Person shall, without the prior written consent of the Indemnified Person, which consent may not be unreasonably withheld, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any Indemnified Person is or could have been a party and indemnity was or could have been sought hereunder by such Indemnified Person, unless such settlement, compromise or consent (iv) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from and against all liability on claims that are the subject matter of such action, suit or proceeding and (v) does not include any statements as to or any admission of fault, culpability or failure to act by or on behalf of any Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Contribution</u>. To the extent the indemnification provided for in Section 7 is unavailable to or insufficient to hold harmless an Indemnified Person in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each Indemnifying Person, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the aggregate amount paid or payable by such Indemnified Person, as incurred, as a result of any losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion as is appropriate to reflect the relative benefits received by the Indemnifying Person, on the one hand, and the Indemnified Person, on the other hand, from the offering of the Shares pursuant to this Agreement or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Indemnifying Person, on the one hand, and the Indemnified Person, on the other hand, in connection with the statements or omissions that resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Underwriters, on the other hand, in connection with the offering of the Shares pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Shares pursuant to this Agreement (before deducting expenses) received by the Company, on the one hand, and the total underwriting discounts and commissions received by the Underwriters, on the other hand, in each case as set forth in the table on the cover of the Final Prospectus bear to the aggregate initial offering price of the Shares. The relative fault of the Company, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Underwriters, on the other hand, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in Section 7 hereof, any and all legal or other fees or expenses incurred by such party in connection with investigating or defending any action or claim. The provisions set forth in Section 7 hereof with respect to notice of commencement of any action shall apply if a claim for contribution is to be made under this Section 8; <u>provided</u>, <u>however</u>, that no additional notice shall be required with respect to any action for which notice has been given under Section 8 hereof for purposes of indemnification.

The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 8 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 in this Section 8.

Notwithstanding the provisions of this Section 8, no Underwriter shall be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such Underwriter in connection with the Shares distributed by it exceeds the amount of any damages that such Underwriter has otherwise paid or been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11 of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters' respective obligations to contribute pursuant to this Section 8 are several, and not joint, in proportion to their respective commitments as set forth opposite their names in Schedule I hereto.

For purposes of this Section 8, each Affiliate, director, officer, employee and agent of an Underwriter and each person, if any, who controls an Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Underwriter, and each director, and each officer of the Company who has signed the Registration Statement, and each person, if any, who controls the Company with the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, shall have the same rights to contribution as the Company.

The remedies provided for in Section 7 and Section 8 hereof are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.

The indemnity and contribution provisions contained in this Section 8 and Section 3(q) and the representations, warranties and other statements of the Company contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of (A) any Underwriter, its directors, officers, employees, any person controlling any Underwriter or any affiliate of any Underwriter, or (B) the Company, its officers or directors or any person controlling the Company, and (iii) acceptance of and payment for any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Termination</u>. Prior to the delivery of and payment for the Shares on the Closing Date or any Additional Closing Date, as the case may be, this Agreement may be terminated by the Underwriters by notice given to the Company if after the execution and delivery of this Agreement: (i) trading or quotation of any securities issued by the Company shall have been suspended or materially limited on any securities exchange, quotation system or in any over-the-counter market; (ii) trading generally on any of the New York Stock Exchange, the NYSE American, the Nasdaq Stock Market, The Hong Kong Stock Exchange or other relevant exchanges or the over-the-counter market shall have been suspended or materially limited, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of the Commission, FINRA or any other government authority; (iii) a general banking moratorium on commercial banking activities shall have been declared by federal, New York state, PRC or British Virgin Islands authorities; (iv) there shall have occurred a material disruption in commercial banking or securities settlement, payment or clearance services in the United States, the Europe, the PRC or the British Virgin Islands; (v) there shall have occurred any outbreak or escalation of hostilities, or any change in the financial markets, currency exchange rates, or controls or any calamity or crisis or any change or development involving a prospective change in general economic, financial or political conditions that, as in the reasonable judgment of the Representative is material and adverse and which, singly or together with any other event specified in this clause (v) makes it impracticable or inadvisable to proceed with the offer, sale or delivery of the Shares on the Closing Date or any Additional Closing Date, as the case may be, in the manner and on the terms described in the Pricing Disclosure Package or Final Prospectus to enforce contracts for the sale of the Shares; (vi) the Company or any of its Subsidiaries shall have sustained a loss by strike, fire, flood, earthquake, accident or other calamity of such character as in the reasonable judgment of the Representative may interfere materially with the conduct of the business and operations of the Company and its Subsidiaries, considered as one entity, regardless of whether or not such loss shall have been insured; (vii) there has been, in the judgment of the Representative, since the time of execution of this Agreement or since the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package or the Final Prospectus, any Material Adverse Change of the Company and the Subsidiaries considered as one enterprise, whether or not in the ordinary course of business.

Any termination pursuant to this Section 9 shall be without liability on the part of: (viii) the Company to the Underwriters, except that the Company shall continue to be liable for the payment of expenses under Section 5 hereof; (ix) any Underwriter to the Company; or (x) any party hereto to any other party except that the provisions of Section 7 and Section 8 hereof shall at all times be effective and shall survive any such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Reimbursement of the Underwriters' Expenses</u>. If (i) the Company fails to deliver the Shares to the Underwriters for any reason at the Closing Date or any Additional Closing Date, as the case may be, in accordance with this Agreement or (ii) the Underwriters decline to purchase the Shares for any reason permitted under this Agreement, then the Company agrees to reimburse the Underwriters for all reasonable out-of-pocket costs and expenses (including the fees and expenses of counsel to the Underwriters) incurred by the Underwriters in connection with this Agreement and the applicable offering contemplated hereby in accordance with Section 5 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Representations and Indemnities to Survive Delivery</u>. The respective indemnities, rights of contribution, agreements, representations, warranties, covenants and other statements of the Company and the several Underwriters set forth in or made pursuant to this Agreement or made by or on behalf of the Company or the Underwriters pursuant to this Agreement or any certificate delivered pursuant hereto shall remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter, the Company or any of their respective officers or directors or any controlling person, as the case may be, and shall survive delivery of and payment for the Shares sold hereunder and any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>. All notices, requests, consents, claims, demands, waivers and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) when delivered by hand (with written confirmation of receipt), (ii) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested), (iii) on the date sent by facsimile (with confirmation of transmission) or email of a PDF document if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient, or (iv) on the third day after the date mailed, by certified or registered mail (in each case, return receipt requested, postage pre-paid). Such communications must be sent to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 12):

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| | |
|:---|:---|
| If to the Underwriters: | &nbsp;&nbsp; US Tiger Securities, Inc.<br> 437 Madison Ave., 27<sup>th</sup> Floor<br>New York, NY 10022<br> Email: lei.huang@ustigersecurities.com<br>Attention: Lei Huang<br>|
| with a copy to: | &nbsp;&nbsp; VCL Law LLP<br>1945 Old Gallows Road, Suite 630<br>Vienna, VA 22182<br>Email: fliu@vcllegal.com<br>Attention: Fang Liu, Esq.<br>|
| If to the Company: | &nbsp;&nbsp; Harden Technologies Inc.<br> Building 8, No. 6 Jingye Road<br>Torch Development Zone<br>Zhongshan City<br>People's Republic of China<br>Email: miaoj@hardenmachinery.com<br>Attention: Mr. Jiawen Miao<br>|
| with a copy to: | &nbsp;&nbsp; Haneberg Hurlbert PLC<br>1111 East Main Street, Suite 2010<br>Richmond, VA 23220<br>Email: brad@hbhblaw.com<br>Attention: Bradley A. Haneberg, Esq.<br>|

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Any party hereto may change the address or facsimile number for receipt of communications by giving written notice to the others in accordance with this Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Parties at Interest; Successors</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;(a) The Agreement set forth has been and is made solely for the benefit of the Underwriters, the Company and to the extent provided in Section 7 and Section 8 hereof the controlling persons, partners, affiliates, directors, officers and employees referred to in such Sections and their respective successors, assignees, heirs, personal representative and executors and administrators. No other person, partnership, association or corporation (including a purchaser, as such purchaser, from any of the Underwriters) shall acquire or have any rights under or by virtue of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall be binding upon the Underwriters, the Company and their successors and assignees and any successor or assignee of any substantial portion of the Company's and any of the Underwriters' respective business and/or assets. This Agreement and the terms and provisions hereof are for the sole benefit of only those persons, except that the representations, warranties, indemnities and agreements of the Company contained in this Agreement shall also be deemed to be for the benefit of the directors, officers, employees and affiliates of the Underwriters and each person or persons, if any, who control any Underwriter within the meaning of Section 15 of the Securities Act. Nothing in this Agreement is intended, or shall be construed, to give any other person or entity any legal or equitable right, benefit, remedy or claim under, or in respect of or by virtue of, this Agreement or any provision contained herein. The term "successors," as used herein, shall not include any purchaser of the Shares from any Underwriter merely by reason of such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Authority of the Representative</u>. Any action by the Underwriters hereunder may be taken by the Representative on behalf of the Underwriters, and any such action taken by the Representative shall be binding upon the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Partial Unenforceability</u>. The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section, subsection, paragraph or provision hereof. If any Section, subsection, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law</u>. This Agreement and any claim, controversy or dispute arising under or related to this Agreement, whether sounding in contract, tort or statute, shall be governed by and construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in such state (including its statute of limitations), without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Consent to Jurisdiction</u>. No legal suit, action or proceeding arising out of or relating to this Agreement, the Registration Statement, the Pricing Disclosure Package, the Final Prospectus, the offering of the Shares or the transactions contemplated hereby (each, a "**Related Proceeding**") may be commenced, prosecuted or continued in any court other than 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 "**Specified Courts**") shall have jurisdiction over the adjudication of any Related Proceeding, and the parties to this Agreement hereby irrevocably consent to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any Specified Court (a "**Related Judgment**"), as to which such jurisdiction is non-exclusive) of the Specified Courts and personal service of process with respect thereto. The parties to this Agreement hereby irrevocably and unconditionally waive any objection to the laying of venue of any Related Proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any Specified Court that any Related Proceeding brought in any Specified Court has been brought in an inconvenient forum. The Company irrevocably appoints Vcorp Agent Services, Inc. as its agent to receive service of process or other legal summons for purposes of any Related Proceeding that may be instituted in any Specified Court in the City and County of New York, 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 Related Proceeding. The Company further agrees to take any and all action as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of seven years from the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Waiver of Immunity</u>. To the extent that the Company or any of its properties, assets or revenues is or may hereafter become entitled to, or have attributed to them, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement or the Shares, the Company hereby irrevocably and unconditionally, to the extent permitted by applicable law, waives and agrees not to plead or claim any such immunity and consent to such relief and enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Judgment Currency.</u> The Company agrees to indemnify the Underwriters against any loss incurred by the Underwriters as a result of any judgment or order being given or made against the Company for any amount due hereunder and such judgment or order being expressed and paid in a currency (the "**Judgment Currency**") other than United States dollars and as a result of any variation as between (i) the rate of exchange at which the United States dollar amount is converted into the Judgment Currency for the purpose of each judgment or order, and (ii) the rate of exchange in The City of New York at which an Underwriter on the date of receipt of payment of such judgment or order is able to purchase United States dollars with the amount of the Judgment Currency actually received by such Underwriter if such Underwriter had utilized such amount of Judgment Currency to purchase United States dollars within two business days following such Underwriter's receipt thereof. The foregoing indemnity shall constitute a separate and independent obligation of the Company and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. If the United States dollars so purchased are less than the sum originally due to such Underwriter, the Company agrees as a separate obligation and notwithstanding any such judgment, to indemnify such Underwriter against such loss. If the United States dollars so purchased are greater than the sum originally due to the Underwriters hereunder, the Underwriters agree to pay to the Company an amount equal to the excess of the dollars so purchased over the sum originally due to the Underwriters hereunder. The term "rate of exchange" shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Waiver of Jury Trial</u>. The parties to this Agreement hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any Related Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>No Fiduciary Relationship</u>. The Company acknowledges and agrees that: (i) the purchase and sale of the Shares pursuant to this Agreement, including the determination of the offering price of the Shares and any related discounts and commissions, is an arm's-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other hand; the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement; (ii) in connection with each transaction contemplated hereby and the process leading to such transaction each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of the Company or its Affiliates, shareholders, members, partners, creditors or employees or any other party; (iii) no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor of the Company with respect to any of the transactions contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) or any other obligation to the Company except the obligations expressly set forth in this Agreement; (iv) the several Underwriters and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company, and the several Underwriters have no obligation to disclose any of such interests or transactions to the Company by virtue of any agency, fiduciary or advisory relationship; and (v) the Underwriters have not provided any legal, accounting, regulatory or tax advice in any jurisdiction with respect to the offering contemplated hereby and the transactions contemplated under this Agreement, and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent they deemed appropriate. The Company waives and releases, to the fullest extent permitted by applicable law, any claims it may have against the Underwriters arising from breach of fiduciary duty or an alleged breach of fiduciary duty, and agrees that none of the Underwriters shall have any liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company in connection with the offering of the Shares or any matters leading up to the offering of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Compliance with the USA Patriot Act</u>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of its clients, as well as other information that will allow the Underwriters to properly identify their respective clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Effectiveness; Defaulting Underwriters</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;(a) This Agreement shall become effective upon the execution and delivery hereof by the parties hereto<u>;</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;(b) If, on the Closing Date or any Additional Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase the Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth (10%) of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in Schedule I bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representative may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that<u>,</u> in no event shall the number of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 23 by an amount in excess of one-ninth (1/9) of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory to the Representative and the Company for the purchase of such Firm Shares are not made within thirty six (36) hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case, either the Representative or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Pricing Disclosure Package, in the Final Prospectus or in any other documents or arrangements may be effected. If, on an Additional Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Option Shares and the aggregate number of Option Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Option Shares to be purchased on such Additional Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Option Shares to be sold on such Additional Closing Date or (ii) purchase not less than the number of Option Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If this Agreement shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company shall be unable to perform its obligations under this Agreement, the Company will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of their counsel) incurred by such Underwriters in connection with this Agreement or the offering contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Entire Agreement</u>. This Agreement, together with any contemporaneous written agreements and any prior written agreements (to the extent not superseded by this Agreement) that relate to the offer, sale and purchase of the Shares, represents the entire agreement among the Company and the Underwriters with respect to the preparation of the Registration Statement, the Pricing Disclosure Package, the Final Prospectus, each Preliminary Prospectus, each Issuer Free Writing Prospectus and each road show, the purchase and sale of the Shares and the offering of the Shares, and the conduct of the offering contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Amendments or Waivers</u>. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by all the parties hereto. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after the waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise of any other right, remedy power or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Section Headings</u>. The headings of the Sections herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>Counterparts</u>. This Agreement may be executed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be deemed an original and all of which together shall constitute one and the same agreement.

[signature page follows]

If the foregoing is in accordance with your understanding, please indicate your acceptance of this Agreement by signing in the space provided below.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| Harden Technologies Inc. | Harden Technologies Inc. |
| By: |  |
| Name: | Jiawen Miao |
| Title: | Chairman and Chief Executive Officer |

---

Confirmed and accepted as of the date first above written:

US Tiger Securities, Inc.

*Acting on behalf of itself and as the Representative of the several Underwriters*

By:   <br> Name: <br> Title:

**SCHEDULE I**

**Underwriters**

---

| | | |
|:---|:---|:---|
| **Underwriter** | &nbsp;&nbsp;**Number of Firm Shares to Be Purchased** | &nbsp;&nbsp;**Number of Option Shares to Be Purchased if the Maximum Over-Allotment Option Is Exercised** |
| US Tiger Securities, Inc. | &nbsp;&nbsp;[NUMBER] | &nbsp;&nbsp;[NUMBER] |
|  | &nbsp;&nbsp;[NUMBER] | &nbsp;&nbsp;[NUMBER] |
| **Total:** | &nbsp;&nbsp;[NUMBER] | &nbsp;&nbsp;[NUMBER] |

---

**Schedule II**

**Pricing Disclosure Package**

**Schedule III**

**List of Lock-Up Parties**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Lock-Up Party**<br>| &nbsp;&nbsp; **Jurisdiction and Identification No.** <br>|
| Harden Technologies Inc. | |

---

**Exhibit A**

**Form of Lock-Up Agreement**

US Tiger Securities, Inc.

437 Madison Ave., 27<sup>th</sup> Floor

New York, NY 10022

[As the Representative of the several underwriters]

Ladies and Gentlemen:

The undersigned understands that US Tiger Securities, Inc. (the "Representative") propose to enter into an underwriting agreement dated [●], 2023 (the "Underwriting Agreement") with Harden Technologies Inc., a British Virgin Islands company (the "Company"), providing for the initial public offering by the several underwriters (the "Underwriters") in the United States (the "Initial Public Offering") of a certain number of ordinary shares, par value $0.001 per share, of the Company (the "Securities"). For purposes of this letter agreement, "Shares" shall mean the Company's ordinary shares.

To induce the Underwriters to continue their efforts in connection with the Initial Public Offering, the undersigned hereby agrees that, without the prior written consent of the Representative on behalf of the Underwriters, he or she (with respect to the directors, officers and greater than 5% securityholders) during the period commencing on the date hereof and ending six (6) months after the effective date of the Registration Statement, and the Company and its any successor during the period commencing on the date hereof and ending six (6) months after the Closing Date (each a "Lock-Up Period"), will not (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, lend, 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 beneficially owned (as such term is used in Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) or hereafter acquired by the undersigned (collectively, the "Lock-Up Securities"); (2) enter into a transaction which would have the same effect, or any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) 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 Underwriters in connection with, as the case may be, (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Initial Public Offering, <u>provided</u> that no filing under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made in connection with subsequent sales of the Lock-up Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities as a bona fide gift, by will or intestacy upon the death of the directors, officers or greater than 5% securityholders or to an immediate 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 share options or Shares of the Company underlying share options in order to pay the exercise price or taxes associated with the exercise of share options pursuant to the Company's equity incentive plans which are outstanding as of the date of the Registration Statement, <u>provided</u> that such lock-up restrictions shall apply to any of the undersigned's Shares issued upon such exercise; or (f) 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, <u>provided</u> 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 Underwriters a lock-up agreement in the form of this lock-up agreement and (iii) no filing under Section 16(a) of the Exchange Act of 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. In addition, the undersigned agrees that, without the prior written consent of the Representative on behalf of the Underwriters, the undersigned will not, during the Lock-up Period, make any demand for or exercise any right with respect to, the registration of any Shares or any securities convertible into or exercisable or exchangeable for the Shares. 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 (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 of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Underwriters will notify the Company of the impending release or waiver. Any release or waiver granted by the Underwriters hereunder to the Company or any of its officers or directors shall only be effective two (2) business days after the publication date of such press release. 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 in the form of this lock-up agreement and for the duration such terms of this agreement remain in effect at the time of the transfer.

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). Nothing in this Agreement shall be construed to prohibit or restrict the Company from filing a registration statement on Form S-8 covering ordinary shares issuable pursuant to an equity incentive plan.

The undersigned understands that the Company and the Underwriters 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, legal Underwriters, successors and assigns.

The undersigned understands that, if 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, 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 Underwriters.

This lock-up agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof. The undersigned hereby submits to the exclusive jurisdiction of any court 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 over any suit, action or proceeding arising out of or relating to this agreement (each, a "Related Proceeding"). The undersigned irrevocably waives, to the fullest extent permitted by law, any objection which he or she or it may now or hereafter have to the laying of venue of any Related Proceeding brought in such a court and any claim that any such Related Proceeding brought in such a court has been brought in an inconvenient forum. 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.

Terms used herein but not defined shall have the same meaning assigned to them as in the Underwriting Agreement.

[SIGNATURE PAGE TO FOLLOW]

---

| |
|:---|
| Very truly yours, |
| (Signature) |
| Address: |

---

[SIGNATURE PAGE OF LOCK-UP AGREEMENT]

**Exhibit B**

**Form of Lock-Up Waiver**

**Harden Technologies Inc.**

[Name and Address of

The Company or Officer or Director

Requesting Waiver]

Dear [Name]:

This letter is being delivered to you in connection with the offering by Harden Technologies Inc. (the "**Company**") of [●] ordinary shares of the Company, par value US$0.001 per share, and the lock-up agreement dated [date], 2023 (the "**Lock-Up Agreement**"), executed by you in connection with such offering, and your request for a [waiver]/[release] dated [date], with respect to [number] 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 [date]; 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 two 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.

---

| |
|:---|
| Yours very truly, |
| US Tiger Securities, Inc. |
| By: |
| Name: |
| Title: |

---

**Exhibit C**

**Form of Lock-Up Waiver Press Release**

Harden Technologies Inc.

[●]

Harden Technologies Inc. (the "**Company**") announced today that US Tigers Securities, Inc. the lead book-running manager in the Company's recent public sale of [●] ordinary shares, are [waiving]/[releasing] a lock-up restriction with respect to [number] ordinary shares held by the [Company/certain officers/directors of the Company] (the "**Shares**"). The [waiver]/[release] will take effect on [date], and the Shares may be sold on or after such date.

This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.

**Exhibit D**

**Certificate of the Company's Chief Financial Officer**

**Exhibit E**

**Certificate of the Company's Chief Executive Officer**

**59**

## Exhibit 3.1

**Exhibit 3.1**

TERRITORY OF THE BRITISH VIRGIN ISLANDS

BVI BUSINESS COMPANIES ACT, 2004

**MEMORANDUM OF ASSOCIATION**

**OF**

**Harden Technologies Inc.**

**1.** **NAME** 

The name of the Company is **Harden Technologies Inc.**

**2.** **STATUS** 

The Company is a company limited by shares.

**3.** **REGISTERED OFFICE AND REGISTERED AGENT** 

3.1 The first registered office of the Company is 3<sup>rd</sup>Floor,
J & C Building, Road Town, Tortola, British Virgin Islands, VG1110.

3.2 The first registered agent of the Company is Newhaven Corporate
Services (B.V.I.) Limited of 3<sup>rd</sup> Floor, J & C Building, Road Town, Tortola, British Virgin Islands, VG1110.

3.3 The Company may, by Resolution of Directors, change the location
of its registered office or change its registered agent.

3.4 If at any time the Company does not have a registered agent it
may, by Resolution of Shareholders or Resolution of Directors, appoint a registered agent.

**4.** **CAPACITY AND POWERS** 

4.1 Subject to he Act and any other British Virgin Islands legislation,
the Company has, irrespective of corporate benefit:

&nbsp;&nbsp;&nbsp;&nbsp;(a) full capacity to carry on or undertake any business or activity,
do any act or enter into any transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purposes of paragraph (a), full rights, powers and
privileges.

4.2 For the purposes of section 9(4) of the Act, there are no limitations
on the business that the Company may carry on.

**5.** **NUMBER AND CLASSES OF SHARES** 

5.1 The Company is authorised to issue a maximum of 100,000,000 Shares
of US$0.001 par value of a single class.

5.2 The Company may issue fractional Shares and a fractional Share
shall have the corresponding fractional rights, obligations and liabilities of a whole Share of the same class or series of Shares.

5.3 The Company may issue a class of Shares in one or more series.
The division of a class of Shares into one or more series and the designation to be made to each series shall be determined by the directors
from time to time.

**6.** **RIGHTS OF SHARES** 

Each Share in the Company upon the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to one vote on any Resolution of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the right to an equal share in any dividend paid by the Company;
and

&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in the distribution for the surplus
assets of the Company.

**7.** **REGISTERED SHARES** 

The Company shall issue registered Shares only. The Company is not authorised to issue bearer Shares, <br> convert registered Shares or exchange registered Shared for bearer Shares.

**8.** **AMENDMENT OF THE MEMORANDUM AND THE ARTICLES** 

8.1 The Company may amend this Memorandum or the Articles by Resolution
of Directors, save that no amendment may be made by Resolution of Directors, save that no amendment may be made by Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to restrict the rights or powers of the Shareholders to amend
this Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;(b) to change the percentage of Shareholders required to pass
a Resolution of Shareholders to amend this Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) in circumstances where this Memorandum or the Articles cannot
be amended by the Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;(d) to this Clause 8.

8.2 Any amendment of this Memorandum or the Articles will take effect
from the date that the notice of amendment, or restated Memorandum and Articles incorporating the amendment, is registered
by the Registrar or from such other date as determined pursuant to the Act.

8.3 The rights conferred upon the holders of the Shares of any class
may only be varied, whether or not the Company is in liquidation, with the consent in writing of the holders of a majority of the issued
Shares of that class or by a resolution approved at a duty convened and constituted and constituted meeting of the Shares of that class
by the affirmative vote of a majority of the votes of the Shares of that class which were present at the meeting and were voted.

8.4 The rights conferred upon the holders of the Shares of any class
shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be deemed to be varied by the creation
or issue of further Shares ranking equally with such existing Shares.

**9.** **DEFINITIONS AND INTERPRETATION** 

9.1 In this Memorandum of Association and the attached Articles of
Association, if not inconsistent with the subject or context;

"**Act**" means the BVI Business Companies Act, 2004, as amended from time to time, and includes the BVI Business Companies Regulations, 2012 and any other regulations made under the Act;

"**Articles**" means the attached Articles of Association of the Company;

"**business relationship**" means a continuing arrangement between the Company and one or more persons with whom the Company engages in business, whether on a one off, regular or habitual basis;

"**Memorandum**" means this Memorandum of Association of the Company;

"**person**" includes individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations of persons;

"**Proscribed Powers**" means the powers to: (a) amend this Memorandum or the Articles; (b) designate committees of directors; (c) delegate powers to a committee of directors; (d) appoint or remove directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) appoint or remove an agent; (f) approve a plan of merger, consolidation or arrangement; (g) make a declaration of solvency or to approve a liquidation plan; or (h) make a determination that immediately after a proposed distribution the value of the Company's assets Will exceed its liabilities and the Company will be able to pay its debts as they fall due;

"**Resolution of Directors**" means either:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a
resolution approved at a duly convened and constituted meeting of directors of the Company or of a committee of directors of the Company
by the affirmative vote of a majority of the directors present at the meeting who voted; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) a
resolution consented to in writing by all directors or by all members of a committee of directors of the Company, as the case may be;

and each director shall have one vote.

"**Resolution of Shareholders**" means either:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a
resolution approved at a duly convened and constituted meeting of the Shareholders by the affirmative vote of a majority of the votes
of the Shares entitled to vote thereon which were present at the meeting and were voted; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) a
resolution consented to in writing by a majority of the votes of the Shares entitled to vote on such resolution;

"**records and underlying documentation**" includes accounts and records (such as invoices, contracts and similar documents) in relation to

&nbsp;&nbsp;&nbsp;&nbsp;(a) all
sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place;

&nbsp;&nbsp;&nbsp;&nbsp;(b) all
sales and purchases of goods by the company; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) the
assets and liabilities of the Company;

"**Seal**" means any seal which has been duly adopted as the common seal of the Company;

"**Share**" means a share issued on to be issued by the Company;

"**Shareholders**" means a person whose name is entered in the register of members of the Company as the holder of one or more Shares or fractional Share; and

"**written**" or any term of like import includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram, telex or telecopy, and "**in writing**" shall be construed accordingly.

9.2 In
this Memorandum and the Articles, unless the context otherwise requires, a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a
" **Regulation**" or "**Sub-Regulation**" is a reference to a regulation or sub-regulation of the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;(b) a
" **Clause**" is a reference to a clause of this Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;(c) voting
by Shareholders is a reference to the casting of the votes attached to the Shares held by the Shareholders voting;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the
Act, this Memorandum or the Articles is a reference to the Act or those documents as amended or, in the case of the Act any re-enactment
thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) the
singular includes the plural and vice versa.

9.3 Where
a period of time is expressed as a number of days, the days on which the period begins and ends are not included in the computation of
the number of days.

9.4 Any reference to a "**month** "
 shall be construed as a reference to a period starting on one day in a calendar month and
 ending on the numerically corresponding day in the next calendar month and a reference to
 a period of several months shall be construed accordingly.

9.5 Any words or expressions defined in the Act bear the same meaning
in this Memorandum and the Articles unless the context otherwise requires or they are otherwise defined in this Memorandum or the Articles.

9.6 Headings are inserted for convenience only and shall be disregarded
in interpreting this Memorandum and the Articles.

Signed for Newhaven Corporate Services (B.V.I.) Limited of 3rd Floor, J & C Building, Road Town, Tortola, British Virgin Islands, VG 1110 for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands on the 8th day of April, 2021:

Incorporator

---

| |
|:---|
| /s/ Diana Todman |
| Diana Todman |
| Authorised Signatory |
| Newhaven Corporate Services (B.V.I) Limited |

---

## Exhibit 3.2

**Exhibit 3.2**

TERRITORY OF THE BRITISH VIRGIN ISLANDS

BVI BUSINESS COMPANIES ACT, 2004

**ARTICLES OF ASSOCIATION**

 **OF**

**Harden Technologies Inc**

**1.** **DISAPPLICATION OF THE ACT** 

The following sections of the Act shall not apply to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) section 46 (Pre-emptive rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) section 60 (Process for acquisition of own shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) section 61 (Offer to one or more shareholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) section 62 (Shares redeemed otherwise than at the option of company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) section 175 (Disposition of assets).

---

| | |
|:---|:---|
| **2** | **SHARES** |

---

2.1 Every Shareholder is entitled to a certificate signed by a director or officer of the Company, or any other person authorised by Resolution
of Directors, or under the Seal specifying the number of Shares held by him and the signature of the director, officer or authorised person
and the Seal may be facsimiles.

2.2 Any Shareholder receiving a certificate shall indemnify and hold the Company and its directors and officers harmless from any loss
or liability which it or they may incur by reason of any wrongful or fraudulent use or representation made by any person by virtue of
the possession thereof. If a certificate for Shares is worn out or lost it may be renewed on production of the worn out certificate or
on satisfactory proof of its loss together with such indemnity as may be required by Resolution of Directors.

2.3 If several persons are registered as joint holders of any Shares, any one of such persons may give an effectual receipt for any distribution.

2.4 Shares and other securities may be issued at such times, to such persons, for such consideration and on such terms as the directors
may by Resolution of Directors determine. Bonus shares issued by the Company shall require no consideration and shall be registered as
fully paid.

2.5 A Share may be issued for consideration in any form, including money, a promissory note, or other written obligation to contribute
money or property, real property, personal property (including goodwill and know-how), services rendered or a contract for future services.

2.6 No Shares may be issued for a consideration other than money, unless a Resolution of Directors has been passed stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount to be credited for the issue of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the determination of the directors of the reasonable present cash value of the non-money consideration for the issue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that, in the opinion of the directors, the present cash value of the non-money consideration for the
 issue is not less than the amount to be credited for the issue of the Shares.

2.7 The Company shall keep a register of members containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the persons who hold Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of each class and series of Shares held by each
Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the name of each Shareholder was entered
in the register of members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which any person ceased to be a Shareholder;

provided that if the Company becomes listed on a recognised stock exchange then the Company shall keep such other information as may be approved by a Resolution of Shareholders.

2.8 The register of members may be in any such form as the directors
may approve, but if it is in magnetic, electronic or other data storage form, the Company must be able to produce legible evidence of
its contents. Until the directors otherwise determine, the magnetic, electronic or other data storage form shall be the original register
of members.

2.9 A Share is deemed to be issued when the name of the Shareholder is entered in the register of members.

---

| | |
|:---|:---|
| **3** | **REDEMPTION AND SURRENDER OF SHARES AND TREASURY SHARES** |

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3.1 The Company may purchase, redeem or otherwise acquire and hold its own Shares save that the Company may not purchase, redeem or otherwise
acquire its own Shares without the consent of Shareholders whose Shares are to be purchased, redeemed or otherwise acquired unless the
Company is permitted by the Act or any other provision in the Memorandum or Articles to purchase, redeem or otherwise acquire the Shares
without their consent.

3.2 The Company may acquire and hold its own fully paid Shares for no consideration if a shareholder surrenders the Shares to the Company.
The Shares by a Shareholder shall be in writing and signed by the Shareholder.

3.3 The Company may only offer to purchase, redeem or otherwise acquire Shares if the Resolution of Directors
authorising the purchase, redemption or other acquisition contains a statement that the directors are satisfied, on reasonable grounds,
that immediately after the acquisition the value of the Company's assets will exceed its liabilities and the Company will be able to pay
its debts as they fall due.

3.4 Shares that the Company purchases, redeems or otherwise acquires may be cancelled
or held as treasury shares provided that the number of Shares purchased, redeemed or otherwise acquired and held as treasury shares, when
aggregated with shares of the same class already held by the company as treasury shares, may not exceed 50% of the Shares of that class
previously issued by the Company, excluding Shares that have been cancelled. Shares which have been cancelled shall be available for reissue.

3.5 All rights and obligations attaching to a treasury share are suspended and shall not
be exercised by the Company while it holds the Share as a treasury share.

3.6 Treasury shares may be transferred by the Company on such terms and conditions (not
otherwise inconsistent with the Memorandum and the Articles) as the Company may by Resolution of Directors determine.

**4.** **MORTGAGES AND CHARGES OF SHARES** 

4.1 Shareholders may mortgage or charge their Shares.

4.2 There shall be entered in the register of members at the written request of the Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that the Shares held by him are mortgaged or charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the name of the mortgagee or chargee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the particulars specified in subparagraphs (a) and (b) are entered in the register of members.

4.3 Where particulars of a mortgage or charge are entered in the register of members, such particulars may
be cancelled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the written consent of the named mortgagee or chargee or anyone authorised to act on his behalf; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon evidence satisfactory to the directors of the discharge of the liability secured
by the mortgage or charge and the issue of such indemnities as the directors shall consider necessary or desirable.

4.4 Whilst particulars of a mortgage or charge over Shares are entered in the register of members pursuant
to this Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no transfer of any Share the subject of those particulars shall be effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company may not purchase, redeem or otherwise acquire any such Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no replacement certificate shall be issued in respect of such Shares;

without the written consent of the named mortgagee or chargee.

4.5 The directors may not resolve to refuse or delay the transfer of a Share pursuant to the enforcement of a valid security interest
created over the Share.

**5.** **FORFEITURE** 

5.1 Shares that are not fully paid on issue are subject to the forfeiture provisions set forth in this Regulation and for this purpose
Shares issued for a promissory note, other written obligation to contribute money or property or a contract for future services are deemed
to be not fully paid.

5.2 A written notice of call specifying the date for payment to be made shall be served on the Shareholder who defaults in making payment
in respect of the Shares.

5.3 The written notice of call referred to in Sub-Regulation 5.2 shall name a further date not earlier than the expiration of 14 days
from the date of service of the notice on or before which the payment required by the notice is to be made and shall contain a statement
that in the event of non-payment at or before the time named in the notice the Shares, or any of them, in respect of which payment is
not made will be liable to be forfeited.

5.4 Where a written notice of call has been issued pursuant to Sub-Regulation 5.2 and the requirements of the notice have not been complied
with, the directors may, at any time before tender of payment, forfeit and cancel the Shares to which the notice relates.

5.5 The Company is under no obligation to refund any moneys to the Shareholder whose Shares have been cancelled pursuant to Sub-Regulation
5.4 and that Shareholder shall be discharged from any further obligation to the Company.

**6.** **TRANSFER OF SHARES** 

6.1 The transfer of Shares shall be effected by a written instrument of transfer signed by the transferor and containing the name and
address of the transferee, which shall be sent to the Company for registration provided that if the Company becomes listed on a recognised
stock exchange and then the transfer of Shares shall be effected in accordance with the procedures and requirements of shares listed
on tliat stock exchange and the Listed Companies and Funds Regulations.

6.2 The transfer of a Share is effective when the name of the transferee is entered on the register of members.

6.3 If the directors of the Company are satisfied that an instrument of transfer relating to Shares has been signed but that the instrument
has been lost or destroyed, they may resolve by Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to accept such evidence of the transfer of Shares as they consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the transferee's name should be entered in the register of members notwithstanding the absence of
the instrument of transfer.

6.4 The personal representative of a deceased Shareholder may transfer a Share even though the personal representative
is not a Shareholder at the time of the transfer.

6.5 The directors may not resolve to refuse or delay the transfer of a Share unless the Shareholder has failed
to pay an amount due in respect of the Share.

**7.** **MEETINGS AND CONSENTS OF SHAREHOLDERS** 

7.1 Any director of the Company may convene meetings of the Shareholders at such times and in such manner and places within or outside
the British Virgin Islands as the director considers necessary or desirable.

7.2 Upon the written request of Shareholders entitled to exercise 30% or more of the voting rights in respect of the matter for which
the meeting is requested the directors shall convene a meeting of Shareholders.

7.3 The director convening a meeting shall give not less than 7 days' notice of a meeting of Shareholders to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those Shareholders whose names on the date the notice is given appear as Shareholders in the register of members of the Company and
are entitled to vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other directors.

7.4 The director convening a meeting of Shareholder may fix as the record date for determining those Shareholders
that are entitled to vote at the meeting the date notice is given of the meeting, or such other date as may be specified in the notice,
being a date not earlier than the date of the notice.

7.5 A meeting of Shareholders held in contravention of the requirement to give notice is valid if Shareholders
holding at least 90% of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and,
for this purpose, the presence of a Shareholder at the meeting shall constitute waiver in relation to all the Shares which that Shareholder
holds.

7.6 The inadvertent failure of a director who convenes a meeting to give notice of a meeting to a Shareholder
or another director, or the fact that a Shareholder or another director has not received notice, does not invalidate the meeting.

7.7 A Shareholder may be represented at a meeting of Shareholders by a proxy who may speak and vote on behalf
of the Shareholder.

7.8 The instrument appointing a proxy shall be produced at the place designated for the meeting before the
time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting may specify an alternative
or additional place or time at which the proxy shall be presented.

7.9 The instrument appointing a proxy shall be in substantially the following form or such other form as approved
by the directors or as the chairman of the meeting shall accept as properly evidencing the wishes of the Shareholder appointing the proxy.

[ **COMPANY NAME** ]

I/We being a Shareholder of the above Company HEREBY APPOINT __________ of __________ or failing him _______________ of ________________ to be my/our proxy to vote for me/us at the meeting of Shareholders to be held on the ____ day of ______________, 20___ and at any adjournment thereof.

(Any restrictions on voting to be inserted here.)

Signed this ____ day of _______________, 20___

_________________________________

Shareholder

7.10 The
following applies where Shares are jointly owned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if two or more persons hold Shares jointly each
of them may be present in person or by proxy at a meeting of Shareholders and may speak as a Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if only one of the joint owners is present in person or
by proxy he may vote on behalf of all joint owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if two or more of the joint owners are present in person or by proxy they must vote as one.

7.11 A Shareholder shall be deemed to be present at a meeting of Shareholders if he participates by
 telephone or other electronic means and all Shareholders or their authorised representatives participating in the meeting are able
 to hear each other.

7.12 A meeting of Shareholders is duly constituted if, at the commencement of the meeting, there are
 present in person or by proxy not less than 50% of the votes of the Shares entitled to vote on Resolutions of Shareholders to be
 considered at the meeting. A quorum may comprise a single Shareholder or proxy and then such person may pass a Resolution of
 Shareholders and a certificate signed by such person accompanied where such person be a proxy by a copy of the proxy instrument
 shall consitute a valid Resolution of Shareholders.

7.13 If within two hours 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 next business day in the jurisdiction
in which the meeting was to have been held at the same time and place or to such other time and place as the directors may determine,
and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in person or by proxy not less
than one third of the votes of the Shares or each class or series of Shares entitled to vote on the matters to be considered by the meeting,
those present shall constitute a quorum but otherwise the meeting shall be dissolved.

7.14 At every meeting of Shareholders, the chairman of the board of directors shall preside as chairman of
the meeting. If there is no chairman of the board of directors or if that chairman is not present at the meeting, the Shareholders present
shall choose one of their number to be the chairman. If the Shareholders are unable to choose a chairman for any reason, then the person
representing the greatest number of voting Shares present in person or by proxy at the meeting shall preside as chairman failing which
the oldest individual Shareholder or representative of a Shareholder present shall take the chair.

7.15 The chairman may, with the consent of the meeting, adjourn any meeting from time to time, and from place
to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which
the adjournment took place.

7.16 At any
 meeting of the Shareholders the chairman is responsible for deciding in such manner as he considers appropriate
 whether any resolution proposed has been carried or not and the result of his decision shall be announced to the meeting and
 recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution, he
 shall cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll then any Shareholder
 present in person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such
 announcement demand that a poll be taken and the chairman shall cause a poll to be taken. If a poll is taken at any meeting, the
 result shall be announced to the meeting and recorded in the minutes of the meeting.

7.17 Subject
 to the specific provisions contained in this Regulation for the appointment of representatives of persons other than individuals the
 right of any individual to speak for or represent a Shareholder shall be determined by the law of the jurisdiction where, and by the
 documents by which, the person is constituted or derives its existence. In case of doubt, the directors may in good faith seek legal
 advice from any qualified person and unless and until a court of competent jurisdiction shall otherwise rule, the directors may rely
 and act upon such advice without incurring any liability to any Shareholder or the Company.

7.18 Any person other than an individual which is a Shareholder may by resolution of its directors or other governing body authorise such individual as it thinks fit to act as its representative at any meeting of Shareholders or of any class of Shareholders, and the individual so authorised shall be entitled to exercise the same rights on behalf of the Shareholder which he represents as that Shareholder could exercise if it were an individual.

7.19 The chairman of any meeting at which a vote is cast by proxy or on behalf of any person other than an individual may call for a notarial certified copy of such proxy or authority which shall be produced within 7 days of being so requested or the votes cast by such proxy or on behalf of such person shall be disregarded.

7.20 Directors of the Company may attend and speak at any meeting of Shareholders and at any separate meeting of the holders of any class or series of Shares.

7.21 An action
 that may be taken by the Shareholders at a meeting may also be taken by a resolution consented to in writing, without the need for
 any notice, but if any Resolution of Shareholders is adopted otherwise than by the unanimous written consent of all Shareholders,
 a copy of such resolution shall forthwith be sent to all shareholders not consenting to such resolution. The consent may
 be in the form of counterparts, each counterpart being signed by one or more Shareholders. If the consent is in one or more
 counterparts, and the counterparts bear different dates, then the resolution shall take effect on the earliest date upon which
 Shareholders holding a sufficient number of votes of Shares to constitute a Resolution of Shareholders have consented to the
 resolution by signed counterparts.

**8.** **DIRECTORS** 

8.1 The
first directors of the Company shall be appointed by the first registered agent within 6 months of the date of incorporation of the Company;
and thereafter, the directors shall be elected by Resolution of Shareholders or by Resolution of Directors. If, before the Company has
any members, all of the directors appointed by the registered agent resign or die or otherwise cease to exist, the registered agent may
appoint one or more further persons as directors of the Company.

8.2 No
person shall be appointed as a director or alternate director, or nominated as a reserve director, of the Company unless he has consented
in writing to be a director or alternate director, or to be nominated as a reserve director.

8.3 Subject
to Sub-Regulation 8.1, the minimum number of directors shall be one and there shall be no maximum number.

8.4 Each
director holds office for the term, if any, fixed by the Resolution of Shareholders or the Resolution of Directors appointing him, or
until his earlier death, resignation or removal. If no term is fixed on the appointment
of a director, the director serves indefinitely until his earlier death, resignation or removal.

8.5 A
director may be removed from office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with or without cause, by Resolution of Shareholders passed
at a meeting of Shareholders called for the purpose of removing the director or for purposes including the removal of the director or
by a written resolution passed by at least 75% of the votes of the Shares of the Company entitled to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with cause, by Resolution of Directors passed at a meeting of directors called
for the purpose of removing the director or for purposes including the removal of the director.

8.6 A director may resign his office by giving
 written notice of his resignation to the Company and the resignation has effect from the date the notice is received by the Company
 or from such later date as may be specified in the notice. A
 director shall resign forthwith as a director if he is, or becomes, disqualified from acting as a director under the
 Act.

8.7 The
directors may at any time appoint any person to be a director either to fill a vacancy or as an addition to the existing directors. Where
the directors appoint a person as director to fill a vacancy, the term shall not exceed the term that remained when the person who has
ceased to be a director ceased to hold office.

8.8 A
vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office prior to the expiration of his term of
office.

8.9 Where
the Company only has one Shareholder who is an individual and that Shareholder is also the sole director of the Company, the sole Shareholder/director
may, by instrument in writing, nominate a person who
is not disqualified from being a director of the Company as a reserve director of the Company to act in the place of the sole director in the
event of his death.

8.10 The
nomination of a person as a reserve director of the Company ceases to have effect if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before
the death of the sole Shareholder/director who nominated him,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) he
resigns as reserve director, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sole Shareholder/director revoke the nomination in
writing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sole Shareholder/director who nominated him ceases to be able
to be the sole Shareholder/director of the Company for any reason other than his death.

8.11 The Company shall keep a register of directors containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the full names and former name, if any, of the persons who
are directors of the Company or who have been nominated as a reserve directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which each person whose name is entered in the register was appointed as a director, or
 nominated as a reserve director, of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) date and place of birth, nationality(ies) and occupation
of each person whose name is entered in the register was appointed as a director, or nominated as a reserve director, of the
Company;

(d) usual residential address of each person whose name is entered in the register was appointed as a director, or nominated as a reserve director, of the Company unless that address is the same as the individuals address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) address for service of documents of each person
whose name is entered in the register was appointed as a director, or nominated as a reserve director, of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the date on which each person named as a director ceased to be a director
of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the date on which the nomination of any person
nominated as a reserve director ceased to have effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) where the director is a corporation,
its name, registration number, registered office or principal office address, and place and date of registration provided that if the
corporate director is registered in the Virgin Islands the registered and principal office details shall not be mandatory; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such other information as may be prescribed by the Act.

8.12 The
Company shall file with the Registrar of Corporate Affairs a copy of its register of directors within 21 days
of the appointment of the first directors and shall file within 30 days of any change occurring to the register of directors a copy of
the updated register of directors of the Company containing the changes.

8.13 The register of directors may be kept in any such form as the directors may approve, but if it is in magnetic,
electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until a Resolution of Directors
determining otherwise is passed, the magnetic, electronic or other data storage shall be the original register of directors.

8.14 The directors may, by Resolution of Directors, fix the emoluments of directors with respect to services
to be rendered in any capacity to the Company.

8.15 A director is not required to hold a Share as a qualification to office.

**9.** **POWERS OF DIRECTORS** 

9.1 The business and affairs of the Company shall be managed by, or under the direction or supervision of,
the directors of the Company. The directors of the Company have all the powers necessary for managing, and for directing and supervising,
the business and affairs of the Company. The directors may pay all expenses incurred preliminary to and in connection with the incorporation
of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum or the Articles required to
be exercised by the Shareholders.

9.2 Each director shall exercise his powers for a proper purpose and shall not act or agree to the Company
acting in a manner that contravenes the Memorandum, the Articles or the Act. Each director, in exercising his powers or performing his
duties, shall act honestly and in good faith in what the director believes to be the best interests of the Company.

9.3 If the Company is the wholly owned subsidiary of a parent, a director of the Company may, when exercising
powers or performing duties as a director, act in a manner which he believes is in the best interests of the parent even though it may
not be in the best interests of the Company.

9.4 Any director which is a body corporate may appoint any individual as its duly authorised representative
for the purpose of representing it at meetings of the directors, with respect to the signing of consents or otherwise.

9.5 The continuing directors may act notwithstanding any vacancy in their body.

9.6 The directors may by Resolution of Directors exercise all the powers of the Company to incur indebtedness,
liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party.

9.7 All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts
for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as
shall from time to time be determined by Resolution of Directors.

**10.** **PROCEEDINGS OF DIRECTORS** 

10.1 Any one director of the Company may call a meeting of the directors by sending a written notice to each
other director.

10.2 The directors of the Company or any committee thereof may meet at such times and in such manner and places
within or outside the British Virgin Islands as the directors may determine to be necessary or desirable.

10.3 A director is deemed to be present at a meeting of directors if he participates by telephone or other
electronic means and all directors participating in the meeting are able to hear each other.

10.4 A director shall be given not less than 3 days' notice of meetings of directors, but a meeting of
directors held without 3 days' notice having been given to all directors shall be valid if all the directors entitled to vote at
the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a director at a meeting shall constitute
waiver by that director. The inadvertent failure to give notice of a meeting to a director, or the fact that a director has not received
the notice, does not invalidate the meeting.

10.5 A
 director of the company (the "**appointing director** "**)** may appoint
 any other director or any other eligible person as his alternate to exercise the appointing
 director's powers and carry out the appointing director's responsibilities in
 relation to the taking of decisions by the directors in the absence of the appointing director.

10.6 The appointment and termination of an alternate director must be in writing, and written notice of the
appointment and termination must be given by the appointing director to the Company as soon as reasonably practicable.

10.7 An alternate director has the same rights as the appointing director in relation to any directors'
meeting and any written resolution circulated for written consent. An alternate director has no power to appoint a further alternate,
whether of the appointing director or of the alternate director, and the alternate does not act as an agent of or for the appointing director.

10.8 The appointing director may, at any time, voluntarily terminate the alternate director's appointment.
The voluntary termination of the appointment of an alternate shall take effect from the time when written notice of the termination is
given to the Company. The rights of an alternate shall automatically terminate if the appointing director dies or otherwise ceases to
hold office.

10.9 A meeting of directors is duly constituted for all purposes if at the commencement of the meeting there
are present in person or by alternate not less than one-half of the total number of directors, subject to a minimum of 2.

10.10 If the Company has only one director the provisions herein contained for meetings of directors do not
apply and such sole director has full power to represent and act for the Company in all matters as are not by the Act, the Memorandum
or the Articles required to be exercised by the Shareholders. In lieu of minutes of a meeting the sole director shall record in writing
and sign a note or memorandum of all matters requiring a Resolution of Directors. Such a note or memorandum constitutes sufficient evidence
of such resolution for all purposes.

10.11 The directors may appoint a director as chairman of the board of directors. At meetings of directors at
which the chairman of the board of directors is present, he shall preside as chairman of the meeting. If there is no chairman of the board
of directors or if the chairman of the board is not present, the directors present shall choose one of their number to be chairman of
the meeting.

10.12 An action that may be taken by the directors or a committee of directors at a meeting may also be
 taken by a Resolution of Directors or a resolution of a committee of directors consented to in writing by all directors or by all
 members of the committee, as the case may be, without the need for any notice. The consent may be in the form of counterparts each
 counterpart being signed by one or more directors. If the consent is in one or more counterparts, and the counterparts bear
 different dates, then the resolution shall take effect on the date upon which the last director has consented to the resolution by
 signed counterparts.

**11.** **COMMITTEES** 

11.1 The directors may, by Resolution of Directors, designate one or more committees, each consisting of one
or more directors, and delegate one or more of their powers, including the power to affix the Seal, to the committee.

11.2 The directors have no power to delegate to a committee of directors any of the Proscribed Powers.

11.3 A committee of directors, where authorised by the Resolution of Directors appointing such committee or
by a subsequent Resolution of Directors, may appoint a sub-committee and delegate powers exercisable by the committee to the sub-committee.

11.4 The meetings and proceedings of each committee of directors consisting of 2 or more directors shall be
governed *mutatis mutandis* by the provisions of the Articles regulating the proceedings of directors so far as the same are not
superseded by any provisions in the Resolution of Directors establishing the committee.

11.5 Where the directors delegate their powers to a committee of directors they remain responsible for the
exercise of that power by the committee, unless they believed on reasonable grounds at all times before the exercise of the power that
the committee would exercise the power in conformity with the duties imposed on directors of the Company under the Act.

**12.** **OFFICERS AND AGENTS** 

12.1 The Company may by Resolution of Directors appoint officers of the Company at such times as may be considered necessary or expedient. The officers shall perform such duties as are prescribed at the time of their appointment subject to any modification in such duties as may be prescribed thereafter by Resolution of Directors.

12.2 The emoluments of all officers shall be fixed by Resolution of Directors.

12.3 The officers of the Company shall hold office until their successors are duly appointed, but any officer elected or appointed by the directors may be removed at any time, with or without cause, by Resolution of Directors. Any vacancy occurring in any office of the Company may be filled by Resolution of Directors.

12.4 The directors may, by Resolution of Directors, appoint any person, including a person who is a director, to be an agent of the Company.

12.5 An agent of the Company shall have such powers and authority of the directors, including the power and authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the agent, except that no agent has any power or authority with respect to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Proscribed Powers;

(b) to change the registered office or agent;

(c) to fix emoluments of directors; or

(d) to authorise the Company to continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands.

12.6 The Resolution of Directors appointing an agent may authorise the agent to appoint one or more substitutes or delegates to exercise some or all of the powers conferred on the agent by the Company.

12.7 The directors may remove an agent appointed by the Company and may revoke or vary a power conferred on him.

**13.** **CONFLICT OF INTERESTS** 

13.1 A director of the Company shall, forthwith after becoming aware of the fact that he is interested in a transaction entered into or to be entered into by the Company, disclose the interest to all other directors of the Company.

13.2 For the purposes of Sub-Regulation 13.1, a disclosure to all other directors to the effect that a director is a member, director or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual and is to be regarded as interested in any transaction which may, after the date of the entry into the transaction or disclosure of the interest, be entered into with that entity or individual, is a sufficient disclosure of interest in relation to that transaction.

13.3 A director of the Company who is interested in a transaction entered into or to be entered into by the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote on a matter relating to the transaction;

(b) attend a meeting of directors at which a matter relating to the transaction arises and be included among the directors present at the meeting for the purposes of a quorum; and

(c) sign a document on behalf of the Company, or do any other thing in his capacity as a director, that relates to the transaction;

and, subject to compliance with the Act shall not, by reason of his office be accountable to the Company for any benefit which he derives from such transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit.

**14.** **INDEMNIFICATION** 

14.1 Subject to the limitations hereinafter provided the Company shall indemnify against
all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection
with legal, administrative or investigative proceedings any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was a party or is threatened to be made a party to any threatened, pending or
completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a director
of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was, at the request of the Company, serving as a director of, or in any other capacity is or was
acting for, another body corporate or a partnership, joint venture, trust or other enterprise.

14.2 The indemnity in Sub-Regulation 14.1 only applies if the person acted honestly and
in good faith with a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable
cause to believe that their conduct was unlawful.

14.3 For the purposes of Sub-Regulation 14.2 and without limitation, a director acts
 in the best interests of the Company if he acts in the best interests of the Company's parent in the circumstances specified in
 Sub-Regulation 9.3.

14.4 The decision of the directors as to whether the person acted
honestly and in good faith and with a view to the best interests of the Company and as to whether the person
had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud, sufficient for the purpose of the Articles,
unless a question of law is involved.

14.5 The termination of any proceedings
by any judgment, order, settlement, conviction or the entering of a *nolle prosequi* does not, by itself, create a presumption
that the person did not act honestly and in good faith and with a view to the best interests of the Company or that the person
had reasonable cause to believe that his conduct was unlawful.

14.6 Expenses, including legal fees, incurred by a director in
defending any legal, administrative or investigative proceedings may be paid by the Company in advance of the final disposition of such
proceedings upon receipt of an undertaking by or on behalf of the director to repay the amount if it shall ultimately be determined that
the director is not entitled to be indemnified by the Company in accordance with Sub-Regulation 14.1.

14.7 Expenses, including legal fees,
incurred by a former director in defending any legal, administrative or investigative proceedings may be paid by the Company in
advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of the former director to repay the
amount if it shall ultimately be determined that the former director is not entitled to be indemnified by the Company in accordance with
Sub-Regulation 14.1 and upon such terms and conditions, if any, as the Company deems appropriate.

14.8 The indemnification and advancement of expenses provided
by, or granted pursuant to, this section is not exclusive of any other rights to which the person seeking indemnification or advancement
of expenses may be entitled under any agreement, Resolution of Shareholders, resolution of disinterested directors or otherwise, both
as to acting in the person's official capacity and as to acting in another capacity while serving as a director of the Company.

14.9 If a person referred to in Sub-Regulation 14.1 has been successful in defence of any
proceedings referred to in Sub-Regulation 14.1, the person is entitled to be indemnified against all expenses, including legal fees,
and against all judgments, fines and amounts paid in settlement and reasonably incurred by the person in connection with the proceedings,

14.10 The Company may purchase and maintain insurance in relation to any person who is
 or was a director, officer or liquidator of the Company, or who at the request of the Company is or was serving as a director,
 officer or liquidator of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture,
 trust or other enterprise, against any liability asserted against the person and incurred by the person in that capacity, whether or
 not the Company has or would have had the power to indemnify the person against the liability as provided in the Articles.

**15.** **RECORDS** 

15.1 The Company shall keep the following documents at the office of its registered agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Memorandum and the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the register of members, or a copy of the register of members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the register of directors, or a copy of the register of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) copies of all notices and other documents filed by the Company with the Registrar
in the previous 10 years.

15.2 Until the directors determine otherwise by Resolution of Directors the Company shall
keep the original register of members and original register of directors at the office of its registered agent.

15.3 If the Company maintains only a copy of the register of members or a copy of the register
of directors at the office of its registered agent, it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 15 days ofany change in either register, notify the registered agent in writing
of the change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide the registered agent with a written record of the physical address of the
place or places at which the original register of members or the original register of directors is kept.

15.4 The Company shall keep the follwing records at the office of its registered agent
or at such other place or places,with in or outside thr British Virgin Islands, as the directors may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) minutes of meetings and Resolution of Shareholders and;classes of Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) minutes of meetings and Resolution of Directors and committees of directors.

15.5 Where any original referred to in this Regulation are maintained other than at the office of the registered
agent of the Company, and the place at which the original records is changed, the Company shall provide the registered agent with the
physical addsress of the new location of the records of the sCompany within 14days of the change of location.

15.6 The records kept by the Company under this Regulation shall be in written
form or ethir wholly or partly as electronic records complying with the requirements of the Electronic Transactions Act, 2001 as from time to time amended or re~enacted.

**16.** **SEAL** 

The Company shall have a Seal an impression of which shall be kept at the office of the registered agent of the Company. The Company may have more than one Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided herein the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one director or other person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or specific and may refer to any number of sealing. The directors may provide for a facsimile of the Seal and of the signature of any director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.

**17.** **DISTRIBUTIONS BYWAY OF DIVIDEND** 

17.1 The directors of the Company may, by Resolution of Directors, authorise a distribution
by way of dividend at a time and of an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the
distribution, the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall
due.

17.2 Dividends may be paid in money, shares, or other property.

17.3 Notice of any dividend that may have been declared shall be given to each Shareholder
as specified in Regulation 19 and all dividends unclaimed for 3 years after having been declared may be forfeited by Resolution of Directors
for the benefit of the Company.

17.4 No dividend shall bear interest as against the Company and
no dividend shall be paid on treasury shares.

**18.** **ACCOUNTS AND AUDIT** 

18.1 The Company shall keep records and underlying documentation that are sufficient
 to show and explain the Company's transactions and that will, at any time, enable the financial position of the Company to be determined with reasonable accuracy in such form at the registered
 office of the Company or such other place or places within or outside the Virgin Islands as the directors may determine.

18.2 The records and underlying documentation referred to in Sub-Regulation 17.1 shall
be maintained by the Company for a period of not less than 5 years from
the date of completion of the transaction to which the records or underlying documentation relate or from the date that the Company terminates
the business relationship to which the records and underlying documentation relate.

18.3 Where the Company maintains the records and underlying documentation at a place or
places other than the registered office of the Company the Company shall provide in writing to the registered agent of the Company the
physical address of the place that the records and underlying documentation are kept and the name of the person who maintains the said
records.

18.4 Where the location and/or the name of the person responsible for maintaining the records and underlying
documents change the Company shall notify the registered agent of the same in writing within 14 days of the change.

18.5 The Company may by Resolution of Shareholders call for the
directors to prepare periodically and make available a profit and loss account and a balance sheet. The profit and loss account
and balance sheet shall be drawn up so as to give respectively a true and fair view of the profit and loss of the Company for a financial
period and a true and fair view of the assets and liabilities of the Company as at the end of a financial period.

18.6 The Company may by Resolution of Shareholders call for the accounts to be examined by
 auditors.

18.7 The first auditors shall be appointed by Resolution of Directors; subsequent auditors
shall be appointed by Resolution of Shareholders or by Resolution of Directors.

18.8 The auditors may be Shareholders, but no director or other officer shall be
 eligible to be an auditor of the Company during their continuance in office.

18.9 The remuneration of the auditors of the Company may be fixed
by Resolution of Directors.

18.10 The auditors shall examine each profit and loss account and balance sheet required
to be laid before a meeting of the Shareholders or otherwise given to Shareholders and shall state in a written report whether or not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in their opinion the profit and loss account and balance sheet give a true and fair
view respectively of the profit and loss for the period covered by the accounts, and of the assets and liabilities of the Company at the
end of that period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the information and explanations required by the auditors have been obtained.

18.11 The report of the auditors shall be annexed to the accounts and shall be read at the
meeting of Shareholders at which the accounts are laid before the Company or shall be otherwise given to the Shareholders.

18.12 Every auditor of the Company shall have a right of access at all times to the
 books of account and vouchers of the Company, and shall be entitled to require from the directors and officers of the Company such
 information and explanations as he thinks necessary for the performance of the duties of the auditors.

18.13 The auditors of the Company shall be entitled to receive notice of, and to attend any meetings of Shareholders
at which the Company's profit and loss account and balance sheet are to be presented.

**19.** **NOTICES** 

19.1 Any notice, information or written statement to be given by the Company to Shareholders
shall be in writing and may be given by personal service, mail, courier, email, or fax to such Shareholder's address as shown in the register
of members or to such Shareholder's email address or fax number as notified by the Shareholder to the Company in writing from time to
time.

19.2 Any summons, notice, order, document, process, information or written statement to
be served on the Company may be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered
office, or by leaving it with, or by sending it by registered mail addressed to the Company at the offices of the registered agent of
the Company.

19.3 Where
a notice is sent by post, service of the notice shall be deemed to be effected by properly addressing, prepaying and posting a letter
containing notice, and shall be deemed to be received on the fifth business day following the day on which the notice was posted. Where
a notice is sent by fax or email, notice shall be deemed to be effected by transmitting the email or fax to the address or number provided
by the intended recipient and service of the notice shall be deemed to have been received on the same day that it was transmitted.

**20.** **VOLUNTARY LIQUIDATION** 

Subject to the Act, the Company may by Resolution of Shareholders or by Resolution of Directors appoint an eligible individual as voluntary liquidator alone or jointly with one or more other voluntary liquidators.

**21.** **CONTINUATION** 

The Company may be Resolution of Shareholders or by a resolution passed unanimously by all directors of the Company continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provide under those laws.

Signed for Newhaven Corporate Services (B.V.I.) Limited of 3<sup>rd</sup> Floor, J & C Building, Road Town, Tortola, British Virgin Islands, VG1110 for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands on the 8<sup>th</sup> day of April, 2021:

---

| |
|:---|
| Incorporator |
| /s/ Diana Todman |
| Diana Todman |
| Authorised Signatory |
| Newhaven Corporate Services (B.V.I.) Limited |

---

## Exhibit 4.1

**Exhibit 4.1**

**BC No.: 2059501**

**Harden Technologies Inc.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| NAME AND ADDRESS OF SHAREHOLDER | CERTIFICATE NUMBER | DISTINCTIVE NUMBERS | DISTINCTIVE NUMBERS | PAR VALUE PER SHARE |
| NAME AND ADDRESS OF SHAREHOLDER |  | FROM | TO | US$0.001 |
|  |  |  |  | US$0.001 |
|  | DATE OF ISSUE | NO. OF SHARE(S) | NO. OF SHARE(S) | CONSIDERATION PAID |

---

**SHARE CERTIFICATE**

**OF**

**Harden Technologies Inc.**

**BC No.: 2059501**

INCORPORATED IN THE BRITISH VIRGIN ISLANDS

Authorised Shares: a maximum of 10,000,000 shares of US$0.001 par value each

THIS IS TO CERTIFY THAT THE UNDERMENTIONED PERSON IS THE REGISTERED HOLDER OF THE SHARES SPECIFIED HEREUNDER SUBJECT TO THE RULES AND LAWS GOVERNING THE ADMINISTRATION OF THE COMPANY

SHAREHOLDER <u>NO. OF SHARE(S)</u> <u>DISTINCTIVE NUMBERS</u> <u>CERTIFICATE NUMBER</u> <u>DATE OF<br> ISSUE</u> <br> <u>FROM</u> <u>TO</u> <br>            

GIVEN UNDER THE COMMON SEAL OF THE COMPANY ON THE DATE STATED ABOVE AND IN THE PRESENCE OF

    <br> *DIRECTOR* *OFFICER*

## Exhibit 4.2

**Exhibit 4.2**

**Form of Representative's Warrant**

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES BY HIS, HER OR ITS ACCEPTANCE HEREOF, THAT SUCH HOLDER WILL NOT FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS BEGINNING ON THE DATE OF COMMENCEMENT OF SALES OF THE OFFERING: (A) SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT OR THE SECURITIES ISSUABLE HEREUNDER TO ANYONE OTHER THAN OFFICERS OR PARTNERS OF US Tiger Securities, Inc. EACH OF WHOM SHALL HAVE AGREED TO THE RESTRICTIONS CONTAINED HEREIN, IN ACCORDANCE WITH FINRA CONDUCT RULE 5110(E), OR (B) CAUSE THIS PURCHASE WARRANT OR THE SECURITIES ISSUABLE HEREUNDER TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS PURCHASE WARRANT OR THE SECURITIES HEREUNDER, EXCEPT AS PROVIDED FOR IN FINRA RULE 5110(E)(2).

THIS PURCHASE WARRANT IS EXERCISABLE AFTER THE CLOSING DATE, VOID AFTER 5:00 P.M., EASTERN TIME, [●], 2026*.*

ORDINARY SHARES PURCHASE WARRANT

For the Purchase of 125,000 Ordinary Shares

of

Harden Technologies Inc.

1. <u>Purchase Warrant</u>. THIS ORDINARY SHARES PURCHASE WARRANT (this "**Purchase Warrant**") certifies that, pursuant to that certain Underwriting Agreement by and between Harden Technologies Inc., a British Virgin Islands business company (the "**Company**") and US Tiger Securities, Inc., a New Jersey company ("**Tiger**"), dated [●], 2023 (the "**Underwriting Agreement**"), Tiger (in such capacity with its permitted successors or assigns, the "**Holder**"), as registered owner of this Purchase Warrant, is entitled, at any time or from time to time from [●], 2023 (the "**Exercise Date**") , and at or before 5:00 p.m., Eastern time, [●], 2026 (the "**Expiration Date**"), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [●] shares of the Company's ordinary shares, par value $0.001 per share (the "**Shares**"), subject to adjustment as provided in <u>Section 5</u> hereof. If the Expiration Date is a day on which banking institutions are authorized by law or executive order to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein, provided, however, for clarification, that banking institutions shall not be deemed to be authorized or required by law or executive order to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of banking institutions in The City of New York generally are open for use by customers on such day. During the period commencing on the date hereof and ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at $[●] per Share (125% of the price of the Shares sold in the Company's initial public offering (the "Offering")); provided, however, that upon the occurrence of any of the events specified in <u>Section 5</u> hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. The term "**Exercise Price**" shall mean the initial exercise price or the adjusted exercise price, depending on the context. Any term not defined herein shall have the meaning ascribed thereto in the Underwriting Agreement.

2. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Exercise Form</u>. In order to exercise this Purchase Warrant, the exercise form attached hereto as <u>Exhibit</u> A (the "**Exercise Form**") must be duly executed and completed and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official bank check to the order of the Company. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Cashless Exercise</u>. In lieu of exercising this Purchase Warrant by payment of cash or check payable to the order of the Company pursuant to <u>Section 2.1</u> above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the Exercise Form, in which event the Company shall issue to Holder, Shares in accordance with the following formula:

X = <u>Y(A – B)</u> <br> A

Where, X = The number of Shares to be issued to Holder;

Y = The number of Shares that would be issuable upon exercise of this Purchase Warrant in accordance with the terms of this Purchase Warrant if such exercise were by means of a cash exercise rather than a cashless exercise;

A = The fair market value of one Share; and

B = The Exercise Price of this Purchase Warrant, as adjusted hereunder.

For purposes of this <u>Section 2.2</u>, the fair market value of a Share is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Company's ordinary shares are traded on a securities exchange, the value shall be deemed to be the closing price on such exchange on the trading day immediately prior to the Exercise Form being submitted to the Company in connection with the exercise of this Purchase Warrant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Company's ordinary shares are actively traded over-the-counter, the value shall be deemed to be the closing bid price on the trading day immediately prior to the Exercise Form being submitted to the Company in connection with the exercise of the Purchase Warrant; if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company's Board of Directors.

&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) if there is no market for the ordinary shares, the value shall be the fair market value thereof, as determined in good faith by the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Legend</u>. Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities have been registered under the Securities Act of 1933, as amended (the "**Act**"):

"The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the "Act"), or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable state law which, in the opinion of counsel to the Company, is available."

3. <u>Transfer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>General Restrictions</u>. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not for a period of six (6) months beginning on the date of commencement of sales of the Offering: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant or the securities hereunder to anyone other than: (i) Tiger or a selected dealer participating in the Offering contemplated by the Underwriting Agreement, or (ii) officers or partners of Tiger, each of whom shall have agreed to the restrictions contained herein, in accordance with FINRA Rule 5110(e), or (b) cause this Purchase Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2). The registered Holder of this Purchase Warrant will have the option to exercise their warrants at any time, provided that such shares are not transferred during the lock-up period; the six-month lock period will remain on these underlying shares. The registered Holder of this Purchase Warrant shall have the option to exercise, transferred or assign their warrants at any time from issuance but the six-month lock period shall remain in effect for the underlying shares. On and after that date that is six months after the date of commencement of sales of the Offering, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto as <u>Exhibit</u> B duly executed and completed, together with this Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall, within five (5) Business Days, transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Restrictions Imposed by the Act</u>. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company, or (ii) a Registration Statement relating to the offer and sale of such securities that includes a current prospectus has been filed and declared effective by the Securities and Exchange Commission (the "**Commission**") and compliance with applicable state securities law has been established.

4. <u>New Purchase Warrants to be Issued</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Partial Exercise or Transfer</u>. Subject to the restrictions in <u>Section 3</u> hereof, this Purchase Warrant may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised pursuant to <u>Section 2.1</u> hereof, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Lost</u> **Purchase Warrant**. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

5. <u>Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Adjustments to Exercise Price and Number of Shares</u>. The Exercise Price and the number of Shares underlying this Purchase Warrant shall be subject to adjustment from time to time as hereinafter set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 <u>Share Dividends; Split Ups</u>. If, after the date hereof, and subject to the provisions of <u>Section 5.3</u> below, the number of outstanding Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding shares, and the Exercise Price shall be proportionately decreased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 <u>Aggregation of Shares</u>. If, after the date hereof, and subject to the provisions of <u>Section 5.3</u> below, the number of outstanding Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares, and the Exercise Price shall be proportionately increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 <u>Replacement of Shares upon Reorganization, etc</u>. In case of any reclassification or reorganization of the outstanding Shares other than a change covered by <u>Section 5.1.1</u> or <u>Section 5.1.2</u> hereof or that solely affects the par value of such Shares, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares covered by <u>Section 5.1.1</u> or <u>Section 5.1.2</u>, then such adjustment shall be made pursuant to <u>Section 5.1.1</u>, <u>Section 5.1.2</u> and this <u>Section 5.1.3</u>. The provisions of this <u>Section 5.1.3</u> shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.4 <u>Changes in Form of Purchase Warrant</u>. This form of Purchase Warrant need not be changed because of any change pursuant to this <u>Section 5.1</u>, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the date hereof or the computation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Substitute Purchase Warrant</u>. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such Purchase Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this <u>Section 5</u>. The above provision of this <u>Section 5</u> shall similarly apply to successive consolidations or share reconstructions or amalgamations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Elimination of Fractional Interests</u>. The Company shall not be required to issue certificates representing fractions of Shares upon the exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole number of Shares or other securities, properties or rights.

6. <u>Registration Rights</u>. The Company has filed the Registration Statement with the Commission, which has been declared effective on Form F-1 (File No. 333- [●]), and registers the underlying shares of the Purchase Warrant(s) granted to the Holder(s) in connection to the Offering, under the terms of the Underwriting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Demand Registration</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;6.1.1 <u>Grant of Right</u>. Unless all of the Registrable Securities (defined as below) are included in an effective registration statement with a current prospectus, the Company, upon written demand ("**Demand Notice**") of the Holder(s) of at least 51% of the Representative's Warrants and/or the underlying securities ("**Majority Holder(s)**"), agrees to register on one occasion, all or any portion of the remaining Shares (collectively, the "**Registrable Securities**") as requested by the Majority Holder(s) in the Demand Notice, provided that no such registration will be required unless the Holders request registration of an aggregate of at least 51% of the outstanding Registrable Securities. On such occasion, the Company will file a new registration statement or a post-effective amendment to the Registration Statement covering the Registrable Securities within sixty (60) days after receipt of the Demand Notice and use its best efforts to have such registration statement or post-effective amendment declared effective as soon as possible thereafter. The demand for registration may be made at any time after one (1) year from the date of effectiveness of the Registration Statement, but no later than five (5) years from the effective date of the Registration Statement. The Company covenants and agrees to give written notice of its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Representative's Warrants and/or the Registrable Securities within ten (10) days from the date of the receipt of any such Demand Notice, who shall have five days from the receipt of such Notice in which to notify the Company of their desire to have their Registrable Securities included in 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;6.1.2 <u>Terms</u>. The Company shall bear all fees and expenses attendant to registering the Registrable Securities upon the Demand Notice. The Company agrees to use its commercially reasonable efforts to qualify or register the Registrable Securities in such States as are reasonably requested by the Majority Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a state in which such registration would cause (i) the Company to be obligated to qualify to do business in such state or execute a general consent to service of process, or would subject the Company to taxation as a foreign corporation doing business in such jurisdiction or (ii) the principal shareholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration statement or post-effective amendment filed pursuant to the demand rights granted under <u>Section 6.1.1</u> to remain effective for a period of twelve (12) consecutive months from the effective date of such registration statement or post-effective amendment or until the Holders have completed the distribution of the Registrable Securities included in the Registration Statement, whichever occurs first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3. <u>Deferred Filing</u>. If (i) in the good faith judgment of the Board of Directors, filing a registration statement pursuant to <u>Section 6.1</u> would be seriously detrimental to the Company and the Board of Directors concludes, as a result, that it is essential to defer the filing of such registration statement at such time, and (ii) the Company shall furnish to such Holders a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board of Directors it would be seriously detrimental to the Company for such registration statement to be filed in the near future and that it is, therefore, essential to defer the filing of such registration statement, then the Company shall have the right to defer such filing on two occasions for an aggregate of not more than one hundred and twenty (120) days in any twelve-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4. <u>No Cash Settlement Option</u>. The Company is only required to use its best efforts to cause a registration statement covering issuance of the Registrable Securities underlying the Representative's Warrant to be declared effective, and once effective, only to use its best efforts to maintain the effectiveness of the registration statement. The Company will not be obligated to deliver securities, and there are no contractual penalties for failure to deliver securities, if a registration statement is not effective at the time of exercise. Additionally, in no event is the Company obligated to settle any The Representative's Warrant, in whole or in part, for cash in the event it is unable to register the Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 "<u>Piggy-Back" Registration</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;6.2.1 <u>Grant of Right</u>. Unless all of the Registrable Securities are included in an effective registration statement with a current prospectus, the Holders of the Representative's Warrants shall have the right for a period of not more than five (5) years from the date of effectiveness of the Registration Statement, to include the remaining Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Act or pursuant to Form S-8 or any successor or equivalent form); provided, however, that if, in the written opinion of the Company's managing underwriter or underwriters, if any, for such offering, the inclusion of the Registrable Securities, when added to the securities being registered by the Company or the selling shareholder(s), will exceed the maximum amount of the Company's securities which can be marketed (i) at a price reasonably related to their then current market value, and (ii) without materially and adversely affecting the entire offering, then the Company will still be required to include the Registrable Securities, but may require the Holders to agree, in writing, to delay the sale of all or any portion of the Registrable Securities for a period of ninety (90) days from the effective date of the offering, provided, further, that if the sale of any Registrable Securities is so delayed, then the number of securities to be sold by all shareholders in such public offering shall be apportioned pro rata among all such selling shareholders, including all holders of the Registrable Securities, according to the total amount of securities of the Company owned by said selling shareholders, including all holders of the Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 <u>Terms</u>. The Company shall bear all fees and expenses attendant to registering the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen (15) days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each applicable registration statement filed (during the period in which the Representative's Warrant is exercisable) by the Company until such time as all of the Registrable Securities have been registered and sold. The holders of the Registrable Securities shall exercise the "piggy-back" rights provided for herein by giving written notice, within ten (10) business days of the receipt of the Company's notice of its intention to file a registration statement. The Company shall use its best efforts to cause any registration statement filed pursuant to the above "piggy-back" rights that does not relate to a firm commitment underwritten offering to remain effective for at least nine (9) consecutive months from the effective date of such registration statement or until the Holders have completed the distribution of the Registrable Securities in the registration statement, whichever occurs first.

7. <u>Reservation and Listing</u>. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon exercise of this Purchase Warrant, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of this Purchase Warrant and payment of the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. As long as this Purchase Warrant shall be outstanding, the Company shall use its commercially reasonable efforts to cause all Shares issuable upon exercise of this Purchase Warrant to be listed (subject to official notice of issuance) on all national securities exchanges (or, if applicable, on the OTC Bulletin Board or any successor trading market) on which the Shares issued to the public in the Offering may then be listed and/or quoted.

8. <u>Certain Notice Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Holder's Right to Receive Notice</u>. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in <u>Section 8.2</u> shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books (the "**Notice Date**") for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Events Requiring Notice</u>. The Company shall be required to give the notice described in this <u>Section 8</u> upon one or more of the following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Notice of Change in Exercise Price</u>. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to <u>Section 5</u> hereof, send notice to the Holders of such event and change ("**Price Notice**"). The Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company's Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Transmittal of Notices</u>. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be deemed to have been duly made (1) when hand delivered, (2) when mailed by express mail or private courier service, (3) if sent by electronic mail, on the day the notice was sent if during regular business hours and, if sent outside of regular business hours, on the following business day, or (4) when the event requiring notice is disclosed in all material respects and filed in a Current Report on Form 6-K prior to the Notice Date: (i) if to the registered Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following address or to such other address as the Company may designate by notice to the Holders:

If to the Holder:

US Tiger Securities, Inc.

437 Madison Ave., 27th Floor

New York, NY 10022

Attention: Lei Huang

Email: lei.huang@ustigersecurities.com

*with a copy (which shall not constitute notice) to:*

VCL Law LLP

1945 Old Gallows Rd., Suite 630

Vienna, VA 22182

Attention: Fang Liu, Partner

Email: fliu@vcllegal.com

If sent to the Company, shall be mailed, delivered, or emailed, to the Company with a copy to its counsel (which shall not constitute notice), at the addresses set forth in the Registration Statement.

9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Amendments</u>. The Company and Tiger may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and Tiger may deem necessary or desirable and that the Company and Tiger deem shall not adversely affect the interest of the Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Headings</u>. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Entire Agreement</u>. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Binding Effect</u>. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees and respective successors 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 Purchase Warrant or any provisions herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Governing Law; Submission to Jurisdiction</u>. This Purchase Warrant shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof. Each of the Company and Holder hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced in the Borough of Manhattan in The City of New York (each, a "**New York Court**"), and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the Company and Holder hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company or the Holder may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in <u>Section 8.4</u> hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Waiver, etc</u>. The failure of the Company or the Holder to at any time enforce any of the provisions of the Purchase Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Exchange Agreement</u>. As a condition of the Holder's receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and Tiger enter into an agreement ("**Exchange Agreement**") pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Execution in Counterparts</u>. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Restrictions</u>. The Holder acknowledges that the Shares acquired upon the exercise of this Purchase Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 <u>Severability</u>. Wherever possible, each provision of this Purchase Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Purchase Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Purchase Warrant.

**[Remainder of page intentionally left blank]**

**IN WITNESS WHEREOF**, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the [●] day of [●], 2023.

---

| | |
|:---|:---|
| HARDEN TECHNOLOGIES INC. | HARDEN TECHNOLOGIES INC. |
| By: |  |
|  | Name: Jiawen Miao |
|  | Title: Chief Executive Officer and Chairman of the Board |

---

**EXHIBIT A**

**EXERCISE FORM**

Form to be used to exercise Purchase Warrant:

Date: __________, 20___

The undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ Shares of Harden Technologies Inc., a British Virgin Islands business company (the "**Company**") and hereby makes payment of $____ (at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

or

The undersigned hereby elects irrevocably to convert its right to purchase ___ Shares under the Purchase Warrant for ______ Shares, as determined in accordance with the following formula:

---

| | | |
|:---|:---|:---|
| X | = | Y(A-B) |
|  |  | A |

---

Where,

X = The number of Shares to be issued to Holder;

Y = The number of Shares that would be issuable upon exercise of this Purchase Warrant in accordance with the terms of this Purchase Warrant if such exercise were by means of a cash exercise rather than a cashless exercise;

A = The fair market value of one Share; and

B = The Exercise Price of this Purchase Warrant, as adjusted hereunder

The undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation shall be resolved by the Company in its sole discretion.

Signature

Signature Guaranteed

**INSTRUCTIONS FOR REGISTRATION OF SECURITIES**

Name:

(Print in Block Letters)

Address:

NOTICE: The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.

**EXHIBIT B**

**ASSIGNMENT FORM**

Form to be used to assign Purchase Warrant:

(To be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

FOR VALUE RECEIVED, does hereby sell, assign and transfer unto the right to purchase shares of Harden Technologies Inc., a British Virgin Islands business company (the "**Company**"), evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company to

_______________________________________________ whose address is

_______________________________________________________________.

_______________________________________________________________

Dated: ____________, 20__

Holder's Signature: _____________________________

Holder's Address: _____________________________

_____________________________

Signature Guaranteed: ___________________________________________

NOTICE: The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Purchase Warrant.

## Exhibit 10.1

**Exhibit 10.1**

Employment Agreement

---

| | |
|:---|:---|
| &nbsp;&nbsp;Party A: Harden Technologies Inc. | &nbsp;&nbsp;Party B: Miao Jiawen |
|  | &nbsp;&nbsp;Sex: Male |
|  | &nbsp;&nbsp;Address on ID: Room 301, No. 8, Longkou Middle Road, Tianhe District, Guangzhou |
| &nbsp;&nbsp;Address: 3<sup>rd</sup> Floor, J&C Building, Road Town, Tortola, British Virgin Islands, VG1110 | &nbsp;&nbsp;Mailing Address: Room 301, No. 8, Longkou Middle Road, Tianhe District, Guangzhou |
| &nbsp;&nbsp;Company Number: 2059501 | &nbsp;&nbsp;ID name: ID card |
|  | &nbsp;&nbsp;ID Number: 440106196012151918 |
|  | &nbsp;&nbsp; Personal Phone: 13600085824<br> Email: miao@siruide.com |

---

*For and on behalf on* 

Harden Technologies

*Authorized*

 

 

This agreement is signed on a mutuality voluntary basis by and between Party A and Party B in accordance with relevant national and local laws and regulations.

**Term of the Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;1. Both parties agree to determine the term of this agreement according to the first method below.

1) Fixed term：From_____(yyyy)____(mm)____(dd) until _____(yyyy)____(mm)____(dd).

2) No Fixed Term: From 8<sup>th</sup> April 2021 onwards

3) To complete a certain task as the term of agreement：From____(yyyy)___(mm)____(dd) until the task is completed.

The sign of completing this work is______________________________________________.

&nbsp;&nbsp;&nbsp;&nbsp;2. The probationary period is __months, from___(yyyy)__(mm)__(dd) until ___(yyyy)__(mm)__(dd).

&nbsp;&nbsp;&nbsp;&nbsp;3. Within 30 days before the expiration of the agreement, the agreement can be renewed after mutual agreement between the two parties,
or the agreement can be terminated in accordance with the relevant provisions of this agreement.

**Job Location and Description**

&nbsp;&nbsp;&nbsp;&nbsp;4. Party A agrees to employ Party B as CEO and Chairman of the Board, for details of job responsibilities, kindly refer to Party A's
rules and regulations and job responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;5. Both parties confirm that: The job location for Party B is Zhong San. However, Party B agrees that Party A can send Party B to other
places for business trips or regular stationing upon work request.

&nbsp;&nbsp;&nbsp;&nbsp;6. Both parties confirm that due to work requests or other reasons, Party A may adjust Party B's job location, job description,
and job position based on Party A's work requests and Party B's work ability and performance. However, the foregoing adjustments
shall comply with the relevant provisions of the employment law and the rules and regulations of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;7. During the agreement period, Party B must complete the tasks on time, quality, and quantity in accordance with Party A's rules
and regulations and job responsibilities.

**Working Hours, Rest and Vacation**

&nbsp;&nbsp;&nbsp;&nbsp;8. Party A implements a system of 8 working hours a day and 40 working hours a week. Both Party A and Party B have jointly confirmed
that Party A can apply to the labor and social security department where Party A is located for examination and approval according to
the requirements of its production and business and implement a comprehensive calculation of working hours or irregular working hours.

&nbsp;&nbsp;&nbsp;&nbsp;9. Party A should strictly abide by the country's regulations on overtime work. Indeed, due to the requirement of its production
and business, Party A should negotiate with Party B to determine overtime matters in accordance with Party A's rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;10. Party B is entitled to all legal holidays and other paid leave of absence in accordance with the laws and regulation of the country
and the rules and regulation of Party A.

**Working Protection and Working Conditions**

&nbsp;&nbsp;&nbsp;&nbsp;11. Party A should provide Party B with occupational safety and health conditions conforming to the provision of the country and necessary
articles of labor protection to guarantee the safety and health during the working process.

&nbsp;&nbsp;&nbsp;&nbsp;12. Party A should provide Party B with necessary labor protection supplies, dietary supplements and other occupational hazard protection
conditions in accordance with the requirements of work and health.

**Remuneration of Labor, Insurance and Welfare**

&nbsp;&nbsp;&nbsp;&nbsp;13. The pre-tax salary for Party B's employment is RMB ￥ 61200
(RMB SIXTY-ONE THOUSAND AND TWO HUNDRED), and the pre-tax salary for 12 months of income in a natural year is RMB ￥ 734400
(RMB SEVEN HUNDRED THIRTY-FOUR THOUSAND AND FOUR HUNDRED). P arty A will adjust Party B's pre-tax wages in a timely manner based
on Party B's work performance and ability, and Party B will be notified of relevant adjustments in writing. However, the adjustments
should comply with the relevant provisions of employment law and the rules and regulations of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;14. Party A will pay for the social insurance of Party B in accordance with laws and relevant regulations.

&nbsp;&nbsp;&nbsp;&nbsp;15. During the period of Agreement, Party B shall enjoy other benefits in accordance with the personnel regulations of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;16. Both parties confirm that, salary of Party B shall be borne and paid by the subsidiary of Party A. The salary payment date is every
20<sup>th</sup> of the month and, in case of holidays, shall refer to the written notice of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;17. Both parties confirm that, Party A can alter the job position, salary and related benefits of Party B according to work requests or
the work performance of Party B.

&nbsp;&nbsp;&nbsp;&nbsp;18. Party A will deduct the portion of personal income tax and social insurance costs borne by Party B as required by applicable laws
and regulations, which contributions will be paid on behalf of Party B in accordance with the law.

**Labor Discipline and Reward**

&nbsp;&nbsp;&nbsp;&nbsp;19. Party B must comply with national laws and regulations and all rules and regulations of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;20. Party A may, in accordance with the company's rules and regulations, take disciplinary actions to Party B upon violation of Party
A's rules and regulations, until he is held accountable for civil or criminal law.

&nbsp;&nbsp;&nbsp;&nbsp;21. Party B shall be committed to his duties and work actively. If there is a special contribution, Party A shall have the right to give
rewards to Party B in accordance with the rules and regulations of the company.

**Confidentiality and Service Invention**

&nbsp;&nbsp;&nbsp;&nbsp;22. If Party B works in a department involving trade secrets of Party A or engages in a position involving trade secrets if Party A (including
but not limited to technology development, product formulation, production technology, operation management, etc.), Party A will sign
a separate confidentiality agreement with Party B. The confidentiality agreement as an annex to this agreement has the same legal effect
as this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;23. Before the termination or cancellation of this agreement, Party B must return all equipment and materials received and actually controlled
by Party B which are related to Party A (including but not limited to computers and related electronic materials, experimental records,
research and development materials, technical documents, business information, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;24. From the date of resignation, Party B shall keep the trade secrets of Party A forever and shall not disclose trade secrets of Party
A to any third party or use it for its own purposes for any reason or in any way. Otherwise, Party A has the right to pursue legal liability
against Party B in accordance with the law.

&nbsp;&nbsp;&nbsp;&nbsp;25. During the period of this agreement, the ownership and use right of the service invention made by Party B belongs to Party A; if it
is necessary to apply for a patent, the right to apply belongs to Party A.

&nbsp;&nbsp;&nbsp;&nbsp;26. The trade secrets in this agreement refer to technical information and business information that are (i) not known to the public,
(ii) can bring economic benefits to Party A, and (iii) are practical and have been protected by Party A. These include, but are not limited
to, financial information, financial data, various databases, any personnel file information of employees of Party A, emails, contact
information, computer programs, product formulas, product prices, process know-how, process flow, production process, production method,
management know-how, customer lists, supply information, production and marketing strategy, customer information, supplier information,
employee information, business plans, etc. The above confidentiality clauses will not be affected by the termination or cancellation of
this agreement and shall remain valid until the relevant trade secrets legally enter the public domain.

**Conditions for Revocation and Termination of the Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;27. Upon the occurrence of the following circumstances, Party A may notify Party B in writing at any time to terminate the employment
agreement:

1) Party B is proved during the probation period to be unqualified for employment;

2) The relevant documents and application forms related to Party B provided at the time of employment are false;

3) Party B seriously violates the rules or regulation of the company or the employees' handbook.

4) Party B causes great loss to the company due to serious dereliction of duties or engages in malpractice for selfish ends;

5) Party B is held to have criminal responsibilities in accordance with law;

6) Party B has established labor relations with other employers at the same time, which has a serious impact on the completion of the work of Party A, or refuses to make corrections upon the request of the Party A;

7) Party B uses fraud, threat or taking advantage of the perilous state to make Party A conclude or change the employment agreement in violation of its true meaning;

8) Party B proposes to terminate the employment agreement, with agreement reached between both parties through consultation; or

9) Other cases stipulated by applicable law and administrative decrees.

&nbsp;&nbsp;&nbsp;&nbsp;28. Party A can terminate this employment agreement should any one of the following cases occur, with Party B notified in written form
in 30 days advance or an additional one month's salary shall be paid to Party B in lieu of the advance notice period:

1) Party B can neither complete his original job nor any other kind of new job assigned by Party A after completion of medical treatment for his illness or injuries not suffered during work;

2) Party B is incompetent at their jobs and remains as so following training or after readjusting the work position;

3) No agreements on an alteration of this agreement can be reached through negotiation between and by both parties when major changes taking place in the objective conditions serving as the basis of the conclusion of these agreements prevent them being implemented; or

4) Party A conducts economic layoffs in accordance with applicable law, regulations and related regulations.

&nbsp;&nbsp;&nbsp;&nbsp;29. Party A shall not terminate this agreement in accordance with stipulations in Article 27 of this agreement should any one of the following
cases occur with Party B:

1) Party B complies with the pre-departure occupational health inspection requirements without inspection (except for Party B's own reasons);

2) Party B is confirmed to have totally or partially lost their labor ability due to occupational diseases or work-related injuries;

3) Party B is receiving treatment for his diseases or injuries during prescribed period of time;

4) Party B is a woman who is in pregnancy, puerperium, or a nursing period;

5) Party B has worked for Party A for 15 consecutive years and is less than five years away from the legal retirement age; or

6) Other cases stipulated by applicable law and administrative decrees.

&nbsp;&nbsp;&nbsp;&nbsp;30. Except for the circumstances stipulated in Article 31 of this agreement, if Party B plans to terminate this agreement, Party B shall
give a written notice to Party A 30 days in advance. During the probation period, Party B must notify Party A in writing three days in
advance before the employment agreement can be terminated.

&nbsp;&nbsp;&nbsp;&nbsp;31. Party B can notify, at any time, Party A of their decision to terminate this agreement in any one of the following cases occur:

1) Party A fails to pay labor remuneration or to provide labor conditions as agreed upon in this agreement;

2) Party A fails to pay labor remuneration in full and on time;

3) The rules and regulations of Party A violate laws and regulations and damage the rights and interests of employees;

4) Party A forces Party B to work by means of violence, threats or illegal restrictions on personal freedom;

5) Party A uses fraud, threat or taking advantage of the perilous state to make Party B conclude or change this agreement in violation of the true meaning;

6) Party A's operations illegally endanger the personal safety of Party B;

7) Party A proposes to terminate the employment agreement, with agreement reached between both parties through consultation; or

8) The laws and administrative regulations stipulate that Party B can terminate the employment agreement at any time.

&nbsp;&nbsp;&nbsp;&nbsp;32. This agreement shall be terminated in any one of the following cases occur:

1) The expiration of this employment agreement;

2) Party B begins to enjoy basic pension insurance benefits in accordance with the law;

3) The death of Party B, or Party B is declared dead or missing by a relevant court;

4) Party A is legally determined to be bankrupt, dismissed, or cancelled; or

5) Other cases stipulated by applicable laws and administrative decrees.

&nbsp;&nbsp;&nbsp;&nbsp;33. When the employment agreement expires and one of the circumstances stipulated in Article 29 of this agreement exists, the employment
agreement shall be extended until the corresponding situation disappears. However, if the employment agreement for which Party B has lost
or partially lost the ability to work is terminated, Party A will follow national regulations on work-related injury.

**Breach Liabilities**

&nbsp;&nbsp;&nbsp;&nbsp;34. If either Party A or Party B violates the relevant provisions of this agreement and causes economic losses to the other party, each
party may claim to the other party to bear the corresponding economic compensation liability based on the actual loss.

&nbsp;&nbsp;&nbsp;&nbsp;35. If Party A terminates or revokes this agreement in accordance with the law, Party A shall pay compensation in accordance with the
law according to the number of years Party B has worked with Party A.

&nbsp;&nbsp;&nbsp;&nbsp;36. If Party B violates the confidentiality provisions of this agreement and Article 27 of this agreement and other relevant provisions,
and causes actual losses to Party A, Party B shall be liable for compensation for all actual losses of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;37. When Party B resigns, Party B shall go through various resignation procedures in accordance with relevant regulations of Party A on
the day of resignation. Otherwise, Party A has the right not to pay wages and compensation. When Party B resigns and arbitrarily takes
the important information belonging to Party A (including but not limited to account book credentials, company documents, technical information,
business information, management information, etc.) or other tools, supplies, vehicles and other property belonging to Party A, Party
A has the right to claim the relevant information and property from Party B and has the right to pursue all actual losses caused by Party
B to Party A. Party B will also bear related civil or criminal liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;38. For training expenses borne by Party A or special treatment (including domestic and overseas), Party A and Party B will sign a separate
agreement, which acts as an annex to this agreement and has the same legal effect as this agreement. If Party B resigns within the service
period stipulated in the agreement (for whatever reason), he shall pay compensation to Party A in accordance with the relevant agreement.

&nbsp;&nbsp;&nbsp;&nbsp;39. If Party B violates the provisions of Article 23 and Article 24 of this agreement, Party A shall have the right to claim all relevant
documents and materials from Party B, and shall pursue economic and legal liabilities against Party B for the damage or loss caused to
Party A.

**Labor Disputes**

&nbsp;&nbsp;&nbsp;&nbsp;40. In case of labor disputes between Party A and Party B due to the performance of this agreement, the labor dispute settlement procedures
shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;41. The labor dispute settlement process is as follows:

1) Both parties shall settle disputes through consultation. If such disputes fail to settle, either party can apply for mediation to the enterprise trade union of Party A (if any). If the mediation fails, either party shall apply to the labor dispute arbitration committee where Party A is located.

2) Either party can also directly apply to the local labor arbitration committee for arbitration within 60 days from the date of the labor dispute.

3) If either party objects to an arbitration ruling, it can raise a lawsuit with a court where Party A is located within 15 days after received the ruling.

**Others**

&nbsp;&nbsp;&nbsp;&nbsp;42. Other matters agreed by both parties:

1) Party B has been assigned to work for Party A from a predecessor company for reasons other than his own reasons, and Party B's working years in the original employer are combined and calculated as Party A's working years [/] (if any).

2) The terms of this agreement itself: remuneration, rank, reimbursement of Party B and other relevant agreements are all trade secrets of Party A. This is a personal agreement between Party A and Party B. Party B shall not discuss with other colleagues in the company.

3) For trade secrets of Party A, Party B shall not disclose to any third party, and Party B is also obliged to strictly abide by confidentiality system of Party A. Regardless of whether deliberate or negligent actions by Party B result in the disclosure, loss of confidentiality, or theft of the aforementioned trade secrets, Party B shall bear the relevant legal liabilities to Party A. The development of new products and new technologies is provided by Party A on the basis of material conditions provided by multiple departments and personnel, and its ownership belongs to Party A. Party B shall not use, transfer or apply for a patent under his own name. If Party B violates business, technical secrets of Party A or intellectual property rights, Party A has the right to impose fines, disciplinary sanctions, compensation for losses, dismissal without any financial compensation, or even pursue legal liabilities against Party B based on the severity of the circumstances.

4) Party B may need to transfer to another group company or work in another province in future. Party B agrees and is aware of the transfer arrangement. At that time, Party B needs to negotiate with the relevant group company to sign a new employment agreement. The working life of Party B in the group will continue, and the company will not provide financial compensation before the transfer.

5) Party B agrees that the laws and regulations of Party A (including, but not limited to, company rules and regulations, employee handbook, etc.) can restrict work behavior of Party B. The rules and regulations formulated by Party A in accordance with the law have the same legal effect as this agreement. If Party B violates the relevant provisions of laws and regulations of Party A, Party A can take corresponding action against Party B in accordance with relevant regulations (including, but not limited to, written warnings, deductions, termination of employment, payment of liquidated damages, compensation for actual losses, etc.)

6) Both parties confirm that, if there is any change in personal information of Party B (such as contact information, etc.) on the first page of this agreement, Party B shall notify the Human Resources Department of Party A in written form with a signature. Otherwise, all legal liabilities arising therefrom (including, but not limited to, inability of Party B to receive notice from Party A ,etc.) shall be borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;43. Party B confirms that Party B has studied the Personnel Management System of Party A and other relevant materials on the day of employment.
Party A has provided Party B with a complete and systematic training on the "Personnel Management System" and all the contents
of relevant rules and regulations formulated by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;44. This agreement is in duplicate, each party holding one copy, and it will take effect after both parties sign or seal it.

&nbsp;&nbsp;&nbsp;&nbsp;45. If a clause of this agreement contradicts national laws and regulations or is deemed invalid, the relevant clauses shall be subject
to national laws and regulations. However, the other terms of this agreement are still valid.

(No text below)

Party A (Seal): Party B (Signature): <br>*For and on behalf of* Harden Technologies Inc. Miao Jiawen

 

*Authorized Signature(s)*

This agreement is signed on 8 April 2021.

## Exhibit 10.2

**Exhibit 10.2**

**Confidentiality and Intangible Asset Use and Protection Agreement**

Name: Miao Jiawen

Employment Unit: Harden Technologies Inc.

Date of filing: 8 April 2021

**Confidentiality and Intangible Asset Use and Protection Agreement**

Company：Harden Technologies Inc.

Party B：Miao Jiawen

In order to protect the trade secrets of the Company, upon discussion and decision by the Company's Employee Congress, the Company, as the right holder, must take certain confidentiality measures and formulate a confidentiality system. In accordance with relevant laws, regulations and relevant rules and regulations of the Company, after full consultation by both parties, the following agreements have been reached, and both parties shall comply and implement together.

&nbsp;&nbsp;&nbsp;&nbsp;1. Scope of Confidentiality

Party B has the obligation to strictly maintain confidentiality relating to following:

1) Trade secrets of the Company, including all external relations and development of the market and goodwill, technical information and business information of the Company;

2) Secret matters in the Company's major decision-making;

3) The business strategy, business direction, business planning, investment plan, business projects and business decisions, trademarks (unregistered trademarks and other intangible assets) and all intellectual property rights of the Company;

4) The Company's contracts, agreements, customer list, letters of intent, feasibility reports, and major meeting minutes;

5) The budget and final accounts report and various financial statements and statistical reports of the Company;

6) The Company's undisclosed commodity prices;

7) The operational paths, original records of scientific research and production, production formulas, drawings, product technical requirements, technical methods of production and operation, test methods, tips, inspection rules, inspection reports, corporate standards, operating procedures, typical process, raw material standards and consumption quota of the products of the Company and related information;

8) Personnel files, salary and labor income and information of employees of the Company;

9) The patented achievements and non-patented technologies of the Company;

10) Work logs and records of all personnel in the Company;

11) All tangible information of the Company's intangible assets, including important documents and archives;

12) Other matters determined by the Company to be kept confidential (including job technical achievements completed or participated in by employees).

&nbsp;&nbsp;&nbsp;&nbsp;2. The rights and obligations of the Company

1) The production, sending and receiving, transmission, use, copying, excerpting, preservation and destruction of secret documents, materials and other items belonging the Company shall be executed by the Company's office entrusted by a special person. The secrets of the Company that are accessed, processed, and transmitted using computer technology are handled by IT Department is responsible for confidentiality.

2) For confidential documents, materials and other items, the following confidentiality measures must be taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Copying or extracting without the approval of the general manager or deputy general manager is prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Receiving, sending, and carrying out appropriate measures shall be carried out by designated personnel, and necessary safety measures
shall be taken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Such information shall be stored in a manner to maintain security.

3) The development, production, transportation, use, preservation, maintenance and destruction of equipment or products constituting secrets of the Company shall be carried out by the designated special department of the Company, and corresponding confidentiality measures shall be adopted.

4) If it is necessary to provide Company secrets during external relation and cooperation with third parties, it shall be approved by the general manager in advance. The specific staff shall agree upon confidential matters with the other party or a third party.

5) For meetings and other activities related with Company secret content, the corresponding department shall take the following confidentiality measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Select a meeting place that maintains confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. According to the requirements of work, limit the scope of participants in the meeting, and designate those who participate in meetings
involving confidential matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Use conference equipment and manage conference documents in accordance with confidentiality regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Determine whether the content of the meeting is to be delivered and the scope of delivery.

&nbsp;&nbsp;&nbsp;&nbsp;3. The rights and obligations of Party B:

1) Party B shall not (i) disclose Company secrets to any party without the consent of the Company, (ii) disclose and Company secrets in private communication and correspondence, (iii) discuss Company secrets in public places, (iv) transmit Company secrets by other means, (v) take action that would damage the Company's interests, (vi) speak detrimentally in a manner that would damage the reputation of the Company. In the event of such a violation, the Company shall double the fine for the loss caused or affecting the predicted value. If it is difficult to determine the value of the loss, a fine of 100 to 10,000 Yuan shall apply, and other sanctions shall be given depending on the circumstances.

2) Party B shall not privately engage in and participate in business activities or second occupations related to the products, accessories, technologies, and markets of the Company. The Company will impose fines for violations of this policy according to the importance of the leak, the scope of the leak, the consequences and the size of the loss. Such fines shall range between 10,000 to 5,000,000 Yuan. If it is difficult to determine the amount of loss, the Company shall impose a fine of 10,000 to 300,000 Yuan for breach of contract. Individuals with significant technical knowledge shall be receive fines equal to two times the technical value and shall bear the legal responsibility.

3) Regardless of the reason for leaving the company, from the date of termination of employment, Party B shall remain subject to these confidentiality obligations and shall bear corresponding legal responsibilities.

4) Following termination of employment, for a two-year period, Party B shall not accept employment with companies that produce similar products or operate similar businesses and have competitive or other interests.

5) Party B has the right and obligation to report and expose confidentiality violations by other Company employees. The Company will reward Party B for such actions.

6) If Party B fails to perform any provisions of the labor contract or service agreement and resigns, Party B shall follow the "Training Agreement" regarding the professional skills and knowledge that has been obtained by Party B after entering the Company (including the dispatched training provided by the Company and skills learned in practice).

7) Party B is not allowed to take advantage of position and work, use Company relations, goodwill and technology to provide paid sales, technical guidance and other services for units or individuals other than the Company (except for external aid arranged by the Company). Violations of this requirement will result in a fine equal to 10 times the actual or predicted value and other sanctions or legal liabilities shall be imposed depending on the circumstances. If it is difficult to calculate the value, Party B shall pay a liquidated damages of 30,000 to 100,000 Yuan to the Company.

8) Party B shall strictly implement all confidentiality systems and relevant laws and regulations established by the company and its related institutions.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Company will reward the Party B with outstanding achievements in keeping secrets.

&nbsp;&nbsp;&nbsp;&nbsp;5. One party shall bear the corresponding legal responsibility for breach of contract, and the damages suffered by the other party shall
be compensated.

&nbsp;&nbsp;&nbsp;&nbsp;6. In the event of matters not covered in this contract, based on the principles of laws and regulations and the fundamental spirit and
purpose of this contract, the Company's Employee Congress will review it to determine whether one party has breached the contract
and should bear the responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;7. This contract takes effect from the date of signing by both parties. This contract is in duplicate, each party holding one copy with
the same effect.

&nbsp;&nbsp;&nbsp;&nbsp;8. For matters not covered in this contract, the relevant confidentiality system of the Company and the provisions of relevant laws and
regulations shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;9. Before signing this agreement, both parties should read the content of this contract and know their rights and obligations in detail.

&nbsp;&nbsp;&nbsp;&nbsp;10. The confidentiality system of the Company, the employment agreement signed by both parties, and other documents specifying the rights
and obligations of the parties are all regarded as annexes to this contract.

---

| | |
|:---|:---|
| Company (Seal): | Party B (Signature): |
| *For and on behalf of* Harden Technologies Inc. | Miao Jiawen |
| *Authorized Signature(s)* |  |
| 8 April 2021 | 8 Jun 2021 |

---

## Exhibit 10.5

**Exhibit 10.5**

Employment Agreement

---

| | |
|:---|:---|
| &nbsp;&nbsp;Party A: Harden Technologies Inc. | &nbsp;&nbsp;Party B: Zhang Fan |
|  | &nbsp;&nbsp;Sex: Male |
|  | &nbsp;&nbsp;Address on ID: Room 410, No.31, Kangle Avenue, Torch Development Zone, ZhongShan City |
| &nbsp;&nbsp;Address: 3<sup>rd</sup> Floor, J&C Building, Road Town, Tortola, British Virgin Islands, VG1110 | &nbsp;&nbsp;Mailing Address: Room 410, No.31, Kangle Avenue, Torch Development Zone, ZhongShan City |
| &nbsp;&nbsp;Company Number: 2059501 | &nbsp;&nbsp;ID name: ID card |
|  | &nbsp;&nbsp;ID Number: 61062119870807619 |
|  | &nbsp;&nbsp; Personal Phone:<br> Email: zhangf@siruide.com |

---

*For and on behalf on* 

Harden Technologies

*Authorized*

 

This agreement is signed on a mutuality voluntary basis by and between Party A and Party B in accordance with relevant national and local laws and regulations.

**Term of the Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;1. Both parties agree to determine the term of this agreement according to the first method below.

1) Fixed term：From_____(yyyy)____(mm)____(dd) until _____(yyyy)____(mm)____(dd).

2) No Fixed Term: From 8<sup>th</sup> April 2021 onwards

3) To complete a certain task as the term of agreement：From____(yyyy)___(mm)____(dd) until the task is completed.

The sign of completing this work is______________________________________________.

&nbsp;&nbsp;&nbsp;&nbsp;2. The probationary period is __months, from___(yyyy)__(mm)__(dd) until ___(yyyy)__(mm)__(dd).

&nbsp;&nbsp;&nbsp;&nbsp;3. Within 30 days before the expiration of the agreement, the agreement can be renewed after mutual agreement between the two parties,
or the agreement can be terminated in accordance with the relevant provisions of this agreement.

**Job Location and Description**

&nbsp;&nbsp;&nbsp;&nbsp;4. Party A agrees to employ Party B as <u>Vice President of Sales</u>, for details of job responsibilities, kindly refer to Party A's
rules and regulations and job responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;5. Both parties confirm that: The job location for Party B is Zhong San. However, Party B agrees that Party A can send Party B to other
places for business trips or regular stationing upon work request.

&nbsp;&nbsp;&nbsp;&nbsp;6. Both parties confirm that due to work requests or other reasons, Party A may adjust Party B's job location, job description,
and job position based on Party A's work requests and Party B's work ability and performance. However, the foregoing adjustments
shall comply with the relevant provisions of the employment law and the rules and regulations of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;7. During the agreement period, Party B must complete the tasks on time, quality, and quantity in accordance with Party A's rules
and regulations and job responsibilities.

**Working Hours, Rest and Vacation**

&nbsp;&nbsp;&nbsp;&nbsp;8. Party A implements a system of 8 working hours a day and 40 working hours a week. Both Party A and Party B have jointly confirmed
that Party A can apply to the labor and social security department where Party A is located for examination and approval according to
the requirements of its production and business and implement a comprehensive calculation of working hours or irregular working hours.

&nbsp;&nbsp;&nbsp;&nbsp;9. Party A should strictly abide by the country's regulations on overtime work. Indeed, due to the requirement of its production
and business, Party A should negotiate with Party B to determine overtime matters in accordance with Party A's rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;10. Party B is entitled to all legal holidays and other paid leave of absence in accordance with the laws and regulation of the country
and the rules and regulation of Party A.

**Working Protection and Working Conditions**

&nbsp;&nbsp;&nbsp;&nbsp;11. Party A should provide Party B with occupational safety and health conditions conforming to the provision of the country and necessary
articles of labor protection to guarantee the safety and health during the working process.

&nbsp;&nbsp;&nbsp;&nbsp;12. Party A should provide Party B with necessary labor protection supplies, dietary supplements and other occupational hazard protection
conditions in accordance with the requirements of work and health.

**Remuneration of Labor, Insurance and Welfare**

&nbsp;&nbsp;&nbsp;&nbsp;13. The pre-tax salary for Party B ' s employment is RMB [ <u>￥</u> <u>31700</u> ]
(in capital: <u>RMB THIRTY-ONE THOUSAND AND ONE HUNDRED</u>), and the pre-tax salary for 12 months of income in a natural year is RMB
[ <u>￥</u> <u>380400</u> ] (in capital: RMB THREE HUNDRED EIGHTY THOUSAND
FOUR HUNDRED). Party A will adjust Party B's pre-tax wages in a timely manner based on Party B's work performance and ability,
and Party B will be notified of relevant adjustments in writing. However, the aforementioned adjustments should comply with the relevant
provisions of the Employment agreement Law and the rules and regulations of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;14. Party A will pay for the social insurance of Party B in accordance with laws and relevant regulations.

&nbsp;&nbsp;&nbsp;&nbsp;15. During the period of Agreement, Party B shall enjoy other benefits in accordance with the personnel regulations of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;16. Both parties confirm that, salary of Party B shall be borne and paid by the subsidiary of Party A. The salary payment date is every
20<sup>th</sup> of the month and, in case of holidays, shall refer to the written notice of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;17. Both parties confirm that, Party A can alter the job position, salary and related benefits of Party B according to work requests or
the work performance of Party B.

&nbsp;&nbsp;&nbsp;&nbsp;18. Party A will deduct the portion of personal income tax and social insurance costs borne by Party B as required by applicable laws
and regulations, which contributions will be paid on behalf of Party B in accordance with the law.

**Labor Discipline and Reward**

&nbsp;&nbsp;&nbsp;&nbsp;19. Party B must comply with national laws and regulations and all rules and regulations of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;20. Party A may, in accordance with the company's rules and regulations, take disciplinary actions to Party B upon violation of Party
A's rules and regulations, until he is held accountable for civil or criminal law.

&nbsp;&nbsp;&nbsp;&nbsp;21. Party B shall be committed to his duties and work actively. If there is a special contribution, Party A shall have the right to give
rewards to Party B in accordance with the rules and regulations of the company.

**Confidentiality and Service Invention**

&nbsp;&nbsp;&nbsp;&nbsp;22. If Party B works in a department involving trade secrets of Party A or engages in a position involving trade secrets if Party A (including
but not limited to technology development, product formulation, production technology, operation management, etc.), Party A will sign
a separate confidentiality agreement with Party B. The confidentiality agreement as an annex to this agreement has the same legal effect
as this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;23. Before the termination or cancellation of this agreement, Party B must return all equipment and materials received and actually controlled
by Party B which are related to Party A (including but not limited to computers and related electronic materials, experimental records,
research and development materials, technical documents, business information, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;24. From the date of resignation, Party B shall keep the trade secrets of Party A forever and shall not disclose trade secrets of Party
A to any third party or use it for its own purposes for any reason or in any way. Otherwise, Party A has the right to pursue legal liability
against Party B in accordance with the law.

&nbsp;&nbsp;&nbsp;&nbsp;25. During the period of this agreement, the ownership and use right of the service invention made by Party B belongs to Party A; if it
is necessary to apply for a patent, the right to apply belongs to Party A.

&nbsp;&nbsp;&nbsp;&nbsp;26. The trade secrets in this agreement refer to technical information and business information that are (i) not known to the public,
(ii) can bring economic benefits to Party A, and (iii) are practical and have been protected by Party A. These include, but are not limited
to, financial information, financial data, various databases, any personnel file information of employees of Party A, emails, contact
information, computer programs, product formulas, product prices, process know-how, process flow, production process, production method,
management know-how, customer lists, supply information, production and marketing strategy, customer information, supplier information,
employee information, business plans, etc. The above confidentiality clauses will not be affected by the termination or cancellation of
this agreement and shall remain valid until the relevant trade secrets legally enter the public domain.

**Conditions for Revocation and Termination of the Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;27. Upon the occurrence of the following circumstances, Party A may notify Party B in writing at any time to terminate the employment
agreement:

1) Party B is proved during the probation period to be unqualified for employment;

2) The relevant documents and application forms related to Party B provided at the time of employment are false;

3) Party B seriously violates the rules or regulation of the company or the employees' handbook.

4) Party B causes great loss to the company due to serious dereliction of duties or engages in malpractice for selfish ends;

5) Party B is held to have criminal responsibilities in accordance with law;

6) Party B has established labor relations with other employers at the same time, which has a serious impact on the completion of the work of Party A, or refuses to make corrections upon the request of the Party A;

7) Party B uses fraud, threat or taking advantage of the perilous state to make Party A conclude or change the employment agreement in violation of its true meaning;

8) Party B proposes to terminate the employment agreement, with agreement reached between both parties through consultation; or

9) Other cases stipulated by applicable law and administrative decrees.

&nbsp;&nbsp;&nbsp;&nbsp;28. Party A can terminate this employment agreement should any one of the following cases occur, with Party B notified in written form
in 30 days advance or an additional one month's salary shall be paid to Party B in lieu of the advance notice period:

1) Party B can neither complete his original job nor any other kind of new job assigned by Party A after completion of medical treatment for his illness or injuries not suffered during work;

2) Party B is incompetent at their jobs and remains as so following training or after readjusting the work position;

3) No agreements on an alteration of this agreement can be reached through negotiation between and by both parties when major changes taking place in the objective conditions serving as the basis of the conclusion of these agreements prevent them being implemented; or

4) Party A conducts economic layoffs in accordance with applicable law, regulations and related regulations.

&nbsp;&nbsp;&nbsp;&nbsp;29. Party A shall not terminate this agreement in accordance with stipulations in Article 27 of this agreement should any one of the following
cases occur with Party B:

1) Party B complies with the pre-departure occupational health inspection requirements without inspection (except for Party B's own reasons);

2) Party B is confirmed to have totally or partially lost their labor ability due to occupational diseases or work-related injuries;

3) Party B is receiving treatment for his diseases or injuries during prescribed period of time;

4) Party B is a woman who is in pregnancy, puerperium, or a nursing period;

5) Party B has worked for Party A for 15 consecutive years and is less than five years away from the legal retirement age; or

6) Other cases stipulated by applicable law and administrative decrees.

&nbsp;&nbsp;&nbsp;&nbsp;30. Except for the circumstances stipulated in Article 31 of this agreement, if Party B plans to terminate this agreement, Party B shall
give a written notice to Party A 30 days in advance. During the probation period, Party B must notify Party A in writing three days in
advance before the employment agreement can be terminated.

&nbsp;&nbsp;&nbsp;&nbsp;31. Party B can notify, at any time, Party A of their decision to terminate this agreement in any one of the following cases occur:

1) Party A fails to pay labor remuneration or to provide labor conditions as agreed upon in this agreement;

2) Party A fails to pay labor remuneration in full and on time;

3) The rules and regulations of Party A violate laws and regulations and damage the rights and interests of employees;

4) Party A forces Party B to work by means of violence, threats or illegal restrictions on personal freedom;

5) Party A uses fraud, threat or taking advantage of the perilous state to make Party B conclude or change this agreement in violation of the true meaning;

6) Party A's operations illegally endanger the personal safety of Party B;

7) Party A proposes to terminate the employment agreement, with agreement reached between both parties through consultation; or

8) The laws and administrative regulations stipulate that Party B can terminate the employment agreement at any time.

&nbsp;&nbsp;&nbsp;&nbsp;32. This agreement shall be terminated in any one of the following cases occur:

1) The expiration of this employment agreement;

2) Party B begins to enjoy basic pension insurance benefits in accordance with the law;

3) The death of Party B, or Party B is declared dead or missing by a relevant court;

4) Party A is legally determined to be bankrupt, dismissed, or cancelled; or

5) Other cases stipulated by applicable laws and administrative decrees.

&nbsp;&nbsp;&nbsp;&nbsp;33. When the employment agreement expires and one of the circumstances stipulated in Article 29 of this agreement exists, the employment
agreement shall be extended until the corresponding situation disappears. However, if the employment agreement for which Party B has lost
or partially lost the ability to work is terminated, Party A will follow national regulations on work-related injury.

**Breach Liabilities**

&nbsp;&nbsp;&nbsp;&nbsp;34. If either Party A or Party B violates the relevant provisions of this agreement and causes economic losses to the other party, each
party may claim to the other party to bear the corresponding economic compensation liability based on the actual loss.

&nbsp;&nbsp;&nbsp;&nbsp;35. If Party A terminates or revokes this agreement in accordance with the law, Party A shall pay compensation in accordance with the
law according to the number of years Party B has worked with Party A.

&nbsp;&nbsp;&nbsp;&nbsp;36. If Party B violates the confidentiality provisions of this agreement and Article 27 of this agreement and other relevant provisions,
and causes actual losses to Party A, Party B shall be liable for compensation for all actual losses of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;37. When Party B resigns, Party B shall go through various resignation procedures in accordance with relevant regulations of Party A on
the day of resignation. Otherwise, Party A has the right not to pay wages and compensation. When Party B resigns and arbitrarily takes
the important information belonging to Party A (including but not limited to account book credentials, company documents, technical information,
business information, management information, etc.) or other tools, supplies, vehicles and other property belonging to Party A, Party
A has the right to claim the relevant information and property from Party B and has the right to pursue all actual losses caused by Party
B to Party A. Party B will also bear related civil or criminal liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;38. For training expenses borne by Party A or special treatment (including domestic and overseas), Party A and Party B will sign a separate
agreement, which acts as an annex to this agreement and has the same legal effect as this agreement. If Party B resigns within the service
period stipulated in the agreement (for whatever reason), he shall pay compensation to Party A in accordance with the relevant agreement.

&nbsp;&nbsp;&nbsp;&nbsp;39. If Party B violates the provisions of Article 23 and Article 24 of this agreement, Party A shall have the right to claim all relevant
documents and materials from Party B, and shall pursue economic and legal liabilities against Party B for the damage or loss caused to
Party A.

**Labor Disputes**

&nbsp;&nbsp;&nbsp;&nbsp;40. In case of labor disputes between Party A and Party B due to the performance of this agreement, the labor dispute settlement procedures
shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;41. The labor dispute settlement process is as follows:

1) Both parties shall settle disputes through consultation. If such disputes fail to settle, either party can apply for mediation to the enterprise trade union of Party A (if any). If the mediation fails, either party shall apply to the labor dispute arbitration committee where Party A is located.

2) Either party can also directly apply to the local labor arbitration committee for arbitration within 60 days from the date of the labor dispute.

3) If either party objects to an arbitration ruling, it can raise a lawsuit with a court where Party A is located within 15 days after received the ruling.

**Others**

&nbsp;&nbsp;&nbsp;&nbsp;42. Other matters agreed by both parties:

1) Party B has been assigned to work for Party A from a predecessor company for reasons other than his own reasons, and Party B's working years in the original employer are combined and calculated as Party A's working years [/] (if any).

2) The terms of this agreement itself: remuneration, rank, reimbursement of Party B and other relevant agreements are all trade secrets of Party A. This is a personal agreement between Party A and Party B. Party B shall not discuss with other colleagues in the company.

3) For trade secrets of Party A, Party B shall not disclose to any third party, and Party B is also obliged to strictly abide by confidentiality system of Party A. Regardless of whether deliberate or negligent actions by Party B result in the disclosure, loss of confidentiality, or theft of the aforementioned trade secrets, Party B shall bear the relevant legal liabilities to Party A. The development of new products and new technologies is provided by Party A on the basis of material conditions provided by multiple departments and personnel, and its ownership belongs to Party A. Party B shall not use, transfer or apply for a patent under his own name. If Party B violates business, technical secrets of Party A or intellectual property rights, Party A has the right to impose fines, disciplinary sanctions, compensation for losses, dismissal without any financial compensation, or even pursue legal liabilities against Party B based on the severity of the circumstances.

4) Party B may need to transfer to another group company or work in another province in future. Party B agrees and is aware of the transfer arrangement. At that time, Party B needs to negotiate with the relevant group company to sign a new employment agreement. The working life of Party B in the group will continue, and the company will not provide financial compensation before the transfer.

5) Party B agrees that the laws and regulations of Party A (including, but not limited to, company rules and regulations, employee handbook, etc.) can restrict work behavior of Party B. The rules and regulations formulated by Party A in accordance with the law have the same legal effect as this agreement. If Party B violates the relevant provisions of laws and regulations of Party A, Party A can take corresponding action against Party B in accordance with relevant regulations (including, but not limited to, written warnings, deductions, termination of employment, payment of liquidated damages, compensation for actual losses, etc.)

6) Both parties confirm that, if there is any change in personal information of Party B (such as contact information, etc.) on the first page of this agreement, Party B shall notify the Human Resources Department of Party A in written form with a signature. Otherwise, all legal liabilities arising therefrom (including, but not limited to, inability of Party B to receive notice from Party A ,etc.) shall be borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;43. Party B confirms that Party B has studied the Personnel Management System of Party A and other relevant materials on the day of employment.
Party A has provided Party B with a complete and systematic training on the "Personnel Management System" and all the contents
of relevant rules and regulations formulated by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;44. This agreement is in duplicate, each party holding one copy, and it will take effect after both parties sign or seal it.

&nbsp;&nbsp;&nbsp;&nbsp;45. If a clause of this agreement contradicts national laws and regulations or is deemed invalid, the relevant clauses shall be subject
to national laws and regulations. However, the other terms of this agreement are still valid.

(No text below)

---

| | |
|:---|:---|
| Party A (Seal): | Party B (Signature): |
| *For and on behalf of* Harden Technologies Inc. | Zhang Fan |
| *Authorized Signature(s)* |  |
| This agreement is signed on 8 April 2021. |  |

---

## Exhibit 10.6

**Exhibit 10.6**

**Confidentiality and Intangible Asset Use and Protection Agreement**

Name: Zhang Fan

Employment Unit: Harden Technologies Inc.

Date of filing: 8 April 2021

**Confidentiality and Intangible Asset Use and Protection Agreement**

Company：Harden Technologies Inc.

Party B：Zhang Fan

In order to protect the trade secrets of the Company, upon discussion and decision by the Company's Employee Congress, the Company, as the right holder, must take certain confidentiality measures and formulate a confidentiality system. In accordance with relevant laws, regulations and relevant rules and regulations of the Company, after full consultation by both parties, the following agreements have been reached, and both parties shall comply and implement together.

&nbsp;&nbsp;&nbsp;&nbsp;1. Scope of Confidentiality

Party B has the obligation to strictly maintain confidentiality relating to following:

1) Trade secrets of the Company, including all external relations and development of the market and goodwill, technical information and business information of the Company;

2) Secret matters in the Company's major decision-making;

3) The business strategy, business direction, business planning, investment plan, business projects and business decisions, trademarks (unregistered trademarks and other intangible assets) and all intellectual property rights of the Company;

4) The Company's contracts, agreements, customer list, letters of intent, feasibility reports, and major meeting minutes;

5) The budget and final accounts report and various financial statements and statistical reports of the Company;

6) The Company's undisclosed commodity prices;

7) The operational paths, original records of scientific research and production, production formulas, drawings, product technical requirements, technical methods of production and operation, test methods, tips, inspection rules, inspection reports, corporate standards, operating procedures, typical process, raw material standards and consumption quota of the products of the Company and related information;

8) Personnel files, salary and labor income and information of employees of the Company;

9) The patented achievements and non-patented technologies of the Company;

10) Work logs and records of all personnel in the Company;

11) All tangible information of the Company's intangible assets, including important documents and archives;

12) Other matters determined by the Company to be kept confidential (including job technical achievements completed or participated in by employees).

&nbsp;&nbsp;&nbsp;&nbsp;2. The rights and obligations of the Company

1) The production, sending and receiving, transmission, use, copying, excerpting, preservation and destruction of secret documents, materials and other items belonging the Company shall be executed by the Company's office entrusted by a special person. The secrets of the Company that are accessed, processed, and transmitted using computer technology are handled by IT Department is responsible for confidentiality.

2) For confidential documents, materials and other items, the following confidentiality measures must be taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Copying or extracting without the approval of the general manager or deputy general manager is prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Receiving, sending, and carrying out appropriate measures shall be carried out by designated personnel, and necessary safety measures
shall be taken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Such information shall be stored in a manner to maintain security.

3) The development, production, transportation, use, preservation, maintenance and destruction of equipment or products constituting secrets of the Company shall be carried out by the designated special department of the Company, and corresponding confidentiality measures shall be adopted.

4) If it is necessary to provide Company secrets during external relation and cooperation with third parties, it shall be approved by the general manager in advance. The specific staff shall agree upon confidential matters with the other party or a third party.

5) For meetings and other activities related with Company secret content, the corresponding department shall take the following confidentiality measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Select a meeting place that maintains confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. According to the requirements of work, limit the scope of participants in the meeting, and designate those who participate in meetings
involving confidential matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Use conference equipment and manage conference documents in accordance with confidentiality regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Determine whether the content of the meeting is to be delivered and the scope of delivery.

&nbsp;&nbsp;&nbsp;&nbsp;3. The rights and obligations of Party B:

1) Party B shall not (i) disclose Company secrets to any party without the consent of the Company, (ii) disclose and Company secrets in private communication and correspondence, (iii) discuss Company secrets in public places, (iv) transmit Company secrets by other means, (v) take action that would damage the Company's interests, (vi) speak detrimentally in a manner that would damage the reputation of the Company. In the event of such a violation, the Company shall double the fine for the loss caused or affecting the predicted value. If it is difficult to determine the value of the loss, a fine of 100 to 10,000 Yuan shall apply, and other sanctions shall be given depending on the circumstances.

2) Party B shall not privately engage in and participate in business activities or second occupations related to the products, accessories, technologies, and markets of the Company. The Company will impose fines for violations of this policy according to the importance of the leak, the scope of the leak, the consequences and the size of the loss. Such fines shall range between 10,000 to 5,000,000 Yuan. If it is difficult to determine the amount of loss, the Company shall impose a fine of 10,000 to 300,000 Yuan for breach of contract. Individuals with significant technical knowledge shall be receive fines equal to two times the technical value and shall bear the legal responsibility.

3) Regardless of the reason for leaving the company, from the date of termination of employment, Party B shall remain subject to these confidentiality obligations and shall bear corresponding legal responsibilities.

4) Following termination of employment, for a two-year period, Party B shall not accept employment with companies that produce similar products or operate similar businesses and have competitive or other interests.

5) Party B has the right and obligation to report and expose confidentiality violations by other Company employees. The Company will reward Party B for such actions.

6) If Party B fails to perform any provisions of the labor contract or service agreement and resigns, Party B shall follow the "Training Agreement" regarding the professional skills and knowledge that has been obtained by Party B after entering the Company (including the dispatched training provided by the Company and skills learned in practice).

7) Party B is not allowed to take advantage of position and work, use Company relations, goodwill and technology to provide paid sales, technical guidance and other services for units or individuals other than the Company (except for external aid arranged by the Company). Violations of this requirement will result in a fine equal to 10 times the actual or predicted value and other sanctions or legal liabilities shall be imposed depending on the circumstances. If it is difficult to calculate the value, Party B shall pay a liquidated damages of 30,000 to 100,000 Yuan to the Company.

8) Party B shall strictly implement all confidentiality systems and relevant laws and regulations established by the company and its related institutions.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Company will reward the Party B with outstanding achievements in keeping secrets.

&nbsp;&nbsp;&nbsp;&nbsp;5. One party shall bear the corresponding legal responsibility for breach of contract, and the damages suffered by the other party shall
be compensated.

&nbsp;&nbsp;&nbsp;&nbsp;6. In the event of matters not covered in this contract, based on the principles of laws and regulations and the fundamental spirit and
purpose of this contract, the Company's Employee Congress will review it to determine whether one party has breached the contract
and should bear the responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;7. This contract takes effect from the date of signing by both parties. This contract is in duplicate, each party holding one copy with
the same effect.

&nbsp;&nbsp;&nbsp;&nbsp;8. For matters not covered in this contract, the relevant confidentiality system of the Company and the provisions of relevant laws and
regulations shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;9. Before signing this agreement, both parties should read the content of this contract and know their rights and obligations in detail.

&nbsp;&nbsp;&nbsp;&nbsp;10. The confidentiality system of the Company, the employment agreement signed by both parties, and other documents specifying the rights
and obligations of the parties are all regarded as annexes to this contract.

---

| | |
|:---|:---|
| Company (Seal): | Party B (Signature): |
| *For and on behalf of* Harden Technologies Inc. | Zhang Fan |
| *Authorized Signature(s)* |  |
| 8 April 2021 | 8 April 2021 |

---

## Exhibit 10.7

**Exhibit 10.7**

Employment Agreement

---

| | |
|:---|:---|
| &nbsp;&nbsp;Party A: Harden Technologies Inc. | &nbsp;&nbsp;Party B: Su Yabin |
|  | &nbsp;&nbsp;Sex: Male |
|  | &nbsp;&nbsp;Address on ID: Collective Registered Permanent Residence No. 268 Donghuan Avenu, ChengZhong District, Liuzhou City, Guangxi |
| &nbsp;&nbsp;Address: 3<sup>rd</sup> Floor, J&C Building, Road Town, Tortola, British Virgin Islands, VG1110 | &nbsp;&nbsp;Mailing Address: Collective Registered Permanent Residence No. 268 Donghuan Avenu, ChengZhong District, Liuzhou City, Guangxi |
| &nbsp;&nbsp;Company Number: 2059501 | &nbsp;&nbsp;ID name: ID card |
|  | &nbsp;&nbsp;ID Number: 450421198607106156 |
|  | &nbsp;&nbsp; Personal Phone: 15918269345<br> Email: suyabin@siruide.com |

---

*For and on behalf on* 

Harden Technologies

*Authorized*

 

 

This agreement is signed on a mutuality voluntary basis by and between Party A and Party B in accordance with relevant national and local laws and regulations.

**Term of the Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;1. Both parties agree to determine the term of this agreement according to the first method below.

1) Fixed term：From_____(yyyy)____(mm)____(dd) until _____(yyyy)____(mm)____(dd).

2) No Fixed Term: From 8<sup>th</sup> April 2021 onwards

3) To complete a certain task as the term of agreement：From____(yyyy)___(mm)____(dd) until the task is completed.

The sign of completing this work is______________________________________________.

&nbsp;&nbsp;&nbsp;&nbsp;2. The probationary period is __months, from___(yyyy)__(mm)__(dd) until ___(yyyy)__(mm)__(dd).

&nbsp;&nbsp;&nbsp;&nbsp;3. Within 30 days before the expiration of the agreement, the agreement can be renewed after mutual agreement between the two parties,
or the agreement can be terminated in accordance with the relevant provisions of this agreement.

**Job Location and Description**

&nbsp;&nbsp;&nbsp;&nbsp;4. Party A agrees to employ Party B as <u>Chief Operating Officer</u>, for details of job responsibilities, kindly refer to Party A's
rules and regulations and job responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;5. Both parties confirm that the job location for Party B is Zhong San. However, Party B agrees that Party A can send Party B to other
places for business trips or regular stationing upon work request.

&nbsp;&nbsp;&nbsp;&nbsp;6. Both parties confirm that due to work requests or other reasons, Party A may adjust Party B's job location, job description,
and job position based on Party A's work requests and Party B's work ability and performance. However, the foregoing adjustments
shall comply with the relevant provisions of the employment law and the rules and regulations of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;7. During the agreement period, Party B must complete the tasks on time, quality, and quantity in accordance with Party A's rules
and regulations and job responsibilities.

**Working Hours, Rest and Vacation**

&nbsp;&nbsp;&nbsp;&nbsp;8. Party A implements a system of 8 working hours a day and 40 working hours a week. Both Party A and Party B have jointly confirmed
that Party A can apply to the labor and social security department where Party A is located for examination and approval according to
the requirements of its production and business and implement a comprehensive calculation of working hours or irregular working hours.

&nbsp;&nbsp;&nbsp;&nbsp;9. Party A should strictly abide by the country's regulations on overtime work. Indeed, due to the requirement of its production
and business, Party A should negotiate with Party B to determine overtime matters in accordance with Party A's rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;10. Party B is entitled to all legal holidays and other paid leave of absence in accordance with the laws and regulation of the country
and the rules and regulation of Party A.

**Working Protection and Working Conditions**

&nbsp;&nbsp;&nbsp;&nbsp;11. Party A should provide Party B with occupational safety and health conditions conforming to the provision of the country and necessary
articles of labor protection to guarantee the safety and health during the working process.

&nbsp;&nbsp;&nbsp;&nbsp;12. Party A should provide Party B with necessary labor protection supplies, dietary supplements and other occupational hazard protection
conditions in accordance with the requirements of work and health.

**Remuneration of Labor, Insurance and Welfare**

&nbsp;&nbsp;&nbsp;&nbsp;13. The pre-tax salary for Party B's employment is RMB [ <u>￥</u> <u>31700</u> ]
(in capital: <u>RMB THIRTY-ONE THOUSAND AND ONE HUNDRED</u>), and the pre-tax salary for 12 months of income in a natural year is RMB
[ <u>￥</u> <u>380400</u> ] (in capital: RMB THREE HUNDRED AND TEN
THOUSAND AND FOUR HUNDRED). Party A will adjust Party B's pre-tax wages in a timely manner based on Party B's work performance
and ability, and Party B will be notified of relevant adjustments in writing. However, the aforementioned adjustments should comply with
the relevant provisions of the Employment agreement Law and the rules and regulations of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;14. Party A will pay for the social insurance of Party B in accordance with laws and relevant regulations.

&nbsp;&nbsp;&nbsp;&nbsp;15. During the period of Agreement, Party B shall enjoy other benefits in accordance with the personnel regulations of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;16. Both parties confirm that, salary of Party B shall be borne and paid by the subsidiary of Party A. The salary payment date is every
20<sup>th</sup> of the month and, in case of holidays, shall refer to the written notice of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;17. Both parties confirm that, Party A can alter the job position, salary and related benefits of Party B according to work requests or
the work performance of Party B.

&nbsp;&nbsp;&nbsp;&nbsp;18. Party A will deduct the portion of personal income tax and social insurance costs borne by Party B as required by applicable laws
and regulations, which contributions will be paid on behalf of Party B in accordance with the law.

**Labor Discipline and Reward**

&nbsp;&nbsp;&nbsp;&nbsp;19. Party B must comply with national laws and regulations and all rules and regulations of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;20. Party A may, in accordance with the company's rules and regulations, take disciplinary actions to Party B upon violation of Party
A's rules and regulations, until he is held accountable for civil or criminal law.

&nbsp;&nbsp;&nbsp;&nbsp;21. Party B shall be committed to his duties and work actively. If there is a special contribution, Party A shall have the right to give
rewards to Party B in accordance with the rules and regulations of the company.

**Confidentiality and Service Invention**

&nbsp;&nbsp;&nbsp;&nbsp;22. If Party B works in a department involving trade secrets of Party A or engages in a position involving trade secrets if Party A (including
but not limited to technology development, product formulation, production technology, operation management, etc.), Party A will sign
a separate confidentiality agreement with Party B. The confidentiality agreement as an annex to this agreement has the same legal effect
as this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;23. Before the termination or cancellation of this agreement, Party B must return all equipment and materials received and actually controlled
by Party B which are related to Party A (including but not limited to computers and related electronic materials, experimental records,
research and development materials, technical documents, business information, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;24. From the date of resignation, Party B shall keep the trade secrets of Party A forever and shall not disclose trade secrets of Party
A to any third party or use it for its own purposes for any reason or in any way. Otherwise, Party A has the right to pursue legal liability
against Party B in accordance with the law.

&nbsp;&nbsp;&nbsp;&nbsp;25. During the period of this agreement, the ownership and use right of the service invention made by Party B belongs to Party A; if it
is necessary to apply for a patent, the right to apply belongs to Party A.

&nbsp;&nbsp;&nbsp;&nbsp;26. The trade secrets in this agreement refer to technical information and business information that are (i) not known to the public,
(ii) can bring economic benefits to Party A, and (iii) are practical and have been protected by Party A. These include, but are not limited
to, financial information, financial data, various databases, any personnel file information of employees of Party A, emails, contact
information, computer programs, product formulas, product prices, process know-how, process flow, production process, production method,
management know-how, customer lists, supply information, production and marketing strategy, customer information, supplier information,
employee information, business plans, etc. The above confidentiality clauses will not be affected by the termination or cancellation of
this agreement and shall remain valid until the relevant trade secrets legally enter the public domain.

**Conditions for Revocation and Termination of the Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;27. Upon the occurrence of the following circumstances, Party A may notify Party B in writing at any time to terminate the employment
agreement:

1) Party B is proved during the probation period to be unqualified for employment;

2) The relevant documents and application forms related to Party B provided at the time of employment are false;

3) Party B seriously violates the rules or regulation of the company or the employees' handbook.

4) Party B causes great loss to the company due to serious dereliction of duties or engages in malpractice for selfish ends;

5) Party B is held to have criminal responsibilities in accordance with law;

6) Party B has established labor relations with other employers at the same time, which has a serious impact on the completion of the work of Party A, or refuses to make corrections upon the request of the Party A;

7) Party B uses fraud, threat or taking advantage of the perilous state to make Party A conclude or change the employment agreement in violation of its true meaning;

8) Party B proposes to terminate the employment agreement, with agreement reached between both parties through consultation; or

9) Other cases stipulated by applicable law and administrative decrees.

&nbsp;&nbsp;&nbsp;&nbsp;28. Party A can terminate this employment agreement should any one of the following cases occur, with Party B notified in written form
in 30 days advance or an additional one month's salary shall be paid to Party B in lieu of the advance notice period:

1) Party B can neither complete his original job nor any other kind of new job assigned by Party A after completion of medical treatment for his illness or injuries not suffered during work;

2) Party B is incompetent at their jobs and remains as so following training or after readjusting the work position;

3) No agreements on an alteration of this agreement can be reached through negotiation between and by both parties when major changes taking place in the objective conditions serving as the basis of the conclusion of these agreements prevent them being implemented; or

4) Party A conducts economic layoffs in accordance with applicable law, regulations and related regulations.

&nbsp;&nbsp;&nbsp;&nbsp;29. Party A shall not terminate this agreement in accordance with stipulations in Article 27 of this agreement should any one of the following
cases occur with Party B:

1) Party B complies with the pre-departure occupational health inspection requirements without inspection (except for Party B's own reasons);

2) Party B is confirmed to have totally or partially lost their labor ability due to occupational diseases or work-related injuries;

3) Party B is receiving treatment for his diseases or injuries during prescribed period of time;

4) Party B is a woman who is in pregnancy, puerperium, or a nursing period;

5) Party B has worked for Party A for 15 consecutive years and is less than five years away from the legal retirement age; or

6) Other cases stipulated by applicable law and administrative decrees.

&nbsp;&nbsp;&nbsp;&nbsp;30. Except for the circumstances stipulated in Article 31 of this agreement, if Party B plans to terminate this agreement, Party B shall
give a written notice to Party A 30 days in advance. During the probation period, Party B must notify Party A in writing three days in
advance before the employment agreement can be terminated.

&nbsp;&nbsp;&nbsp;&nbsp;28. Party B can notify, at any time, Party A of their decision to terminate this agreement in any one of the following cases occur:

1) Party A fails to pay labor remuneration or to provide labor conditions as agreed upon in this agreement;

2) Party A fails to pay labor remuneration in full and on time;

3) The rules and regulations of Party A violate laws and regulations and damage the rights and interests of employees;

4) Party A forces Party B to work by means of violence, threats or illegal restrictions on personal freedom;

5) Party A uses fraud, threat or taking advantage of the perilous state to make Party B conclude or change this agreement in violation of the true meaning;

6) Party A's operations illegally endanger the personal safety of Party B;

7) Party A proposes to terminate the employment agreement, with agreement reached between both parties through consultation; or

8) The laws and administrative regulations stipulate that Party B can terminate the employment agreement at any time.

&nbsp;&nbsp;&nbsp;&nbsp;32. This agreement shall be terminated in any one of the following cases occur:

1) The expiration of this employment agreement;

2) Party B begins to enjoy basic pension insurance benefits in accordance with the law;

3) The death of Party B, or Party B is declared dead or missing by a relevant court;

4) Party A is legally determined to be bankrupt, dismissed, or cancelled; or

5) Other cases stipulated by applicable laws and administrative decrees.

&nbsp;&nbsp;&nbsp;&nbsp;33. When the employment agreement expires and one of the circumstances stipulated in Article 29 of this agreement exists, the employment
agreement shall be extended until the corresponding situation disappears. However, if the employment agreement for which Party B has lost
or partially lost the ability to work is terminated, Party A will follow national regulations on work-related injury.

**Breach Liabilities**

&nbsp;&nbsp;&nbsp;&nbsp;34. If either Party A or Party B violates the relevant provisions of this agreement and causes economic losses to the other party, each
party may claim to the other party to bear the corresponding economic compensation liability based on the actual loss.

&nbsp;&nbsp;&nbsp;&nbsp;35. If Party A terminates or revokes this agreement in accordance with the law, Party A shall pay compensation in accordance with the
law according to the number of years Party B has worked with Party A.

&nbsp;&nbsp;&nbsp;&nbsp;36. If Party B violates the confidentiality provisions of this agreement and Article 27 of this agreement and other relevant provisions,
and causes actual losses to Party A, Party B shall be liable for compensation for all actual losses of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;37. When Party B resigns, Party B shall go through various resignation procedures in accordance with relevant regulations of Party A on
the day of resignation. Otherwise, Party A has the right not to pay wages and compensation. When Party B resigns and arbitrarily takes
the important information belonging to Party A (including but not limited to account book credentials, company documents, technical information,
business information, management information, etc.) or other tools, supplies, vehicles and other property belonging to Party A, Party
A has the right to claim the relevant information and property from Party B and has the right to pursue all actual losses caused by Party
B to Party A. Party B will also bear related civil or criminal liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;38. For training expenses borne by Party A or special treatment (including domestic and overseas), Party A and Party B will sign a separate
agreement, which acts as an annex to this agreement and has the same legal effect as this agreement. If Party B resigns within the service
period stipulated in the agreement (for whatever reason), he shall pay compensation to Party A in accordance with the relevant agreement.

&nbsp;&nbsp;&nbsp;&nbsp;39. If Party B violates the provisions of Article 23 and Article 24 of this agreement, Party A shall have the right to claim all relevant
documents and materials from Party B, and shall pursue economic and legal liabilities against Party B for the damage or loss caused to
Party A.

**Labor Disputes**

&nbsp;&nbsp;&nbsp;&nbsp;40. In case of labor disputes between Party A and Party B due to the performance of this agreement, the labor dispute settlement procedures
shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;41. The labor dispute settlement process is as follows:

1) Both parties shall settle disputes through consultation. If such disputes fail to settle, either party can apply for mediation to the enterprise trade union of Party A (if any). If the mediation fails, either party shall apply to the labor dispute arbitration committee where Party A is located.

2) Either party can also directly apply to the local labor arbitration committee for arbitration within 60 days from the date of the labor dispute.

3) If either party objects to an arbitration ruling, it can raise a lawsuit with a court where Party A is located within 15 days after received the ruling.

**Others**

&nbsp;&nbsp;&nbsp;&nbsp;42. Other matters agreed by both parties:

1) Party B has been assigned to work for Party A from a predecessor company for reasons other than his own reasons, and Party B's working years in the original employer are combined and calculated as Party A's working years [/] (if any).

2) The terms of this agreement itself: remuneration, rank, reimbursement of Party B and other relevant agreements are all trade secrets of Party A. This is a personal agreement between Party A and Party B. Party B shall not discuss with other colleagues in the company.

3) For trade secrets of Party A, Party B shall not disclose to any third party, and Party B is also obliged to strictly abide by confidentiality system of Party A. Regardless of whether deliberate or negligent actions by Party B result in the disclosure, loss of confidentiality, or theft of the aforementioned trade secrets, Party B shall bear the relevant legal liabilities to Party A. The development of new products and new technologies is provided by Party A on the basis of material conditions provided by multiple departments and personnel, and its ownership belongs to Party A. Party B shall not use, transfer or apply for a patent under his own name. If Party B violates business, technical secrets of Party A or intellectual property rights, Party A has the right to impose fines, disciplinary sanctions, compensation for losses, dismissal without any financial compensation, or even pursue legal liabilities against Party B based on the severity of the circumstances.

4) Party B may need to transfer to another group company or work in another province in future. Party B agrees and is aware of the transfer arrangement. At that time, Party B needs to negotiate with the relevant group company to sign a new employment agreement. The working life of Party B in the group will continue, and the company will not provide financial compensation before the transfer.

5) Party B agrees that the laws and regulations of Party A (including, but not limited to, company rules and regulations, employee handbook, etc.) can restrict work behavior of Party B. The rules and regulations formulated by Party A in accordance with the law have the same legal effect as this agreement. If Party B violates the relevant provisions of laws and regulations of Party A, Party A can take corresponding action against Party B in accordance with relevant regulations (including, but not limited to, written warnings, deductions, termination of employment, payment of liquidated damages, compensation for actual losses, etc.)

6) Both parties confirm that, if there is any change in personal information of Party B (such as contact information, etc.) on the first page of this agreement, Party B shall notify the Human Resources Department of Party A in written form with a signature. Otherwise, all legal liabilities arising therefrom (including, but not limited to, inability of Party B to receive notice from Party A ,etc.) shall be borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;43. Party B confirms that Party B has studied the Personnel Management System of Party A and other relevant materials on the day of employment.
Party A has provided Party B with a complete and systematic training on the "Personnel Management System" and all the contents
of relevant rules and regulations formulated by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;44. This agreement is in duplicate, each party holding one copy, and it will take effect after both parties sign or seal it.

&nbsp;&nbsp;&nbsp;&nbsp;45. If a clause of this agreement contradicts national laws and regulations or is deemed invalid, the relevant clauses shall be subject
to national laws and regulations. However, the other terms of this agreement are still valid.

(No text below)

Party A (Seal): Party B (Signature): <br>*For and on behalf of* Harden Technologies Inc. Su Yabin

 

*Authorized Signature(s)*

This agreement is signed on 8 April 2021.

## Exhibit 10.8

**Exhibit 10.8**

**Confidentiality and Intangible Asset Use and Protection Agreement**

Name: Su Yabin

Employment Unit: Harden Technologies Inc.

Date of filing: 8 April 2021

**Confidentiality and Intangible Asset Use and Protection Agreement**

Party A: Harden Technologies Inc. (the "Company")

Party B: Su Yabin ("Party B")

In order to protect the trade secrets of the Company, upon discussion and decision by the Company's Employee Congress, the Company, as the right holder, must take certain confidentiality measures and formulate a confidentiality system. In accordance with relevant laws, regulations and relevant rules and regulations of the Company, after full consultation by both parties, the following agreements have been reached, and both parties shall comply and implement together.

&nbsp;&nbsp;&nbsp;&nbsp;1. Scope of Confidentiality

Party B has the obligation to strictly maintain confidentiality relating to following:

1) Trade secrets of the Company, including all external relations and development of the market and goodwill, technical information and business information of the Company;

2) Secret matters in the Company's major decision-making;

3) The business strategy, business direction, business planning, investment plan, business projects and business decisions, trademarks (unregistered trademarks and other intangible assets) and all intellectual property rights of the Company;

4) The Company's contracts, agreements, customer list, letters of intent, feasibility reports, and major meeting minutes;

5) The budget and final accounts report and various financial statements and statistical reports of the Company;

6) The Company's undisclosed commodity prices;

7) The operational paths, original records of scientific research and production, production formulas, drawings, product technical requirements, technical methods of production and operation, test methods, tips, inspection rules, inspection reports, corporate standards, operating procedures, typical process, raw material standards and consumption quota of the products of the Company and related information;

8) Personnel files, salary and labor income and information of employees of the Company;

9) The patented achievements and non-patented technologies of the Company;

10) Work logs and records of all personnel in the Company;

11) All tangible information of the Company's intangible assets, including important documents and archives;

12) Other matters determined by the Company to be kept confidential (including job technical achievements completed or participated in by employees).

&nbsp;&nbsp;&nbsp;&nbsp;2. The rights and obligations of the Company

1) The production, sending and receiving, transmission, use, copying, excerpting, preservation and destruction of secret documents, materials and other items belonging the Company shall be executed by the Company's office entrusted by a special person. The secrets of the Company that are accessed, processed, and transmitted using computer technology are handled by IT Department is responsible for confidentiality.

2) For confidential documents, materials and other items, the following confidentiality measures must be taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Copying or extracting without the approval of the general manager or deputy general manager is prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Receiving, sending, and carrying out appropriate measures shall be carried out by designated personnel, and necessary safety measures
shall be taken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Such information shall be stored in a manner to maintain security.

3) The development, production, transportation, use, preservation, maintenance and destruction of equipment or products constituting secrets of the Company shall be carried out by the designated special department of the Company, and corresponding confidentiality measures shall be adopted.

4) If it is necessary to provide Company secrets during external relation and cooperation with third parties, it shall be approved by the general manager in advance. The specific staff shall agree upon confidential matters with the other party or a third party.

5) For meetings and other activities related with Company secret content, the corresponding department shall take the following confidentiality measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Select a meeting place that maintains confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. According to the requirements of work, limit the scope of participants in the meeting, and designate those who participate in meetings
involving confidential matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Use conference equipment and manage conference documents in accordance with confidentiality regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Determine whether the content of the meeting is to be delivered and the scope of delivery.

&nbsp;&nbsp;&nbsp;&nbsp;3. The rights and obligations of Party B:

1) Party B shall not (i) disclose Company secrets to any party without the consent of the Company, (ii) disclose and Company secrets in private communication and correspondence, (iii) discuss Company secrets in public places, (iv) transmit Company secrets by other means, (v) take action that would damage the Company's interests, (vi) speak detrimentally in a manner that would damage the reputation of the Company. In the event of such a violation, the Company shall double the fine for the loss caused or affecting the predicted value. If it is difficult to determine the value of the loss, a fine of 100 to 10,000 Yuan shall apply, and other sanctions shall be given depending on the circumstances.

2) Party B shall not privately engage in and participate in business activities or second occupations related to the products, accessories, technologies, and markets of the Company. The Company will impose fines for violations of this policy according to the importance of the leak, the scope of the leak, the consequences and the size of the loss. Such fines shall range between 10,000 to 5,000,000 Yuan. If it is difficult to determine the amount of loss, the Company shall impose a fine of 10,000 to 300,000 Yuan for breach of contract. Individuals with significant technical knowledge shall be receive fines equal to two times the technical value and shall bear the legal responsibility.

3) Regardless of the reason for leaving the company, from the date of termination of employment, Party B shall remain subject to these confidentiality obligations and shall bear corresponding legal responsibilities.

4) Following termination of employment, for a two-year period, Party B shall not accept employment with companies that produce similar products or operate similar businesses and have competitive or other interests.

5) Party B has the right and obligation to report and expose confidentiality violations by other Company employees. The Company will reward Party B for such actions.

6) If Party B fails to perform any provisions of the labor contract or service agreement and resigns, Party B shall follow the "Training Agreement" regarding the professional skills and knowledge that has been obtained by Party B after entering the Company (including the dispatched training provided by the Company and skills learned in practice).

7) Party B is not allowed to take advantage of position and work, use Company relations, goodwill and technology to provide paid sales, technical guidance and other services for units or individuals other than the Company (except for external aid arranged by the Company). Violations of this requirement will result in a fine equal to 10 times the actual or predicted value and other sanctions or legal liabilities shall be imposed depending on the circumstances. If it is difficult to calculate the value, Party B shall pay a liquidated damages of 30,000 to 100,000 Yuan to the Company.

8) Party B shall strictly implement all confidentiality systems and relevant laws and regulations established by the company and its related institutions.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Company will reward the Party B with outstanding achievements in keeping secrets.

&nbsp;&nbsp;&nbsp;&nbsp;5. One party shall bear the corresponding legal responsibility for breach of contract, and the damages suffered by the other party shall
be compensated.

&nbsp;&nbsp;&nbsp;&nbsp;6. In the event of matters not covered in this contract, based on the principles of laws and regulations and the fundamental spirit and
purpose of this contract, the Company's Employee Congress will review it to determine whether one party has breached the contract
and should bear the responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;7. This contract takes effect from the date of signing by both parties. This contract is in duplicate, each party holding one copy with
the same effect.

&nbsp;&nbsp;&nbsp;&nbsp;8. For matters not covered in this contract, the relevant confidentiality system of the Company and the provisions of relevant laws and
regulations shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;9. Before signing this agreement, both parties should read the content of this contract and know their rights and obligations in detail.

&nbsp;&nbsp;&nbsp;&nbsp;10. The confidentiality system of the Company, the employment agreement signed by both parties, and other documents specifying the rights
and obligations of the parties are all regarded as annexes to this contract.

---

| | |
|:---|:---|
| Party A (Seal): | Party B (Signature): |
| *For and on behalf of* Harden Technologies Inc. | Su Ya-bin |
| *Authorized Signature(s)* |  |
| 8 April 2021 | 8 April 2021 |

---

## Exhibit 10.9

**Exhibit 10.9**

**Lease Agreement for Plant**

**Agreement no. LW20201123A**

Lessor (party A): Zhongshan Langhua Property Management Co., Ltd.

Lessee (party B): Zhongshan Siruide Environmental Technology Co., Ltd

Based on the relevant law and regulations, both party A and party B have carried out a discussion and agree to comply with the terms below.

**Clause 1 The Location, Dimensions and Use of the Leased Property**

1. Party
A will rent the plant (mentioned as the leased property below) located in Jingye Road no. 6, Torch Development Zone, Zhongshan to Party
B for his use. The total dimensions of the building are 9080.25 square meters.

2. Real
estate's certification of title:

Guangdong Zhongfu real estate's certification of title

0213034865<sup>th</sup> building dimensions 2078.46 square meters;

0213035343<sup>rd</sup> building dimensions 1109.60 square meters;

0213034844<sup>th</sup> building dimensions 2571.01 square meters;

0213036240<sup>th</sup> building dimensions 1007.94 square meters;

0213035019<sup>th</sup> building dimensions 1809.52 square meters;

0213035086<sup>th</sup> building dimensions 503.72 square meters.

3. The
leased property works as an industrial plant and a hostel. Party B uses it as/ for office, store, industrial production and staffs'
accommodation. Party A rents the leased property to Party B in its current condition.

**Clause 2 Term of Lease**

2.1 The term of lease is 4 years and 3 months, effective from 1<sup>st</sup> Jan 2021 to 31<sup>st</sup> Mar 2025.

2.2 Party B may request for lease renewal within the last 3 months of the lease term, and both party A and party B may carry out re-discussion and signing of a new lease agreement. Under the condition of same lease, party B will have priority.

**Clause 3 Fee of Lease**

3.1 Based on the building dimensions of the leased property 9080.25 square meters, the monthly rent is 8 CNY (taxes included) per square meter; additionally, 2 CNY (taxes included) per square feet to be paid to party A monthly as property management fee.

3.2 The property's use tax, land's use tax, building's insurance fee and etc. of the leased property is within party A's responsibilities.

3.3 Party A will issue party B a receipt when rent is received.

**Clause 4 Maintenance of the Leased Property**

4.1 Party B has the responsibility of carrying out proper use and maintenance on the leased property by providing resolutions to any possible malfunction and danger in order to prevent any hidden troubles.

4.2 During the term of lease, party B should take care of the leased property. If there's any damage caused by party B's improper use, party B will be responsible for the repair and its costs.

4.3 During the term of lease, if any repairs needed by the leased property due to its old age, party B should submit a maintenance proposal to party A beforehand. If it's agreed by party A, the fees will be borne by party A.

4.4 During the term of lease, if party B needs to carry out any rebuilding or addition onto the leased property, he is required to communicate with party A beforehand, and the fees will be further discussed by both parties.

**Clause 5 Fire Safety**

5.1 During the term of lease, party B has to follow Fire Protection Law of the People's Republic of China and the relevant system strictly. Cooperate with the competent authority and take good care of fire protection actively or party B will bear all the related responsibilities and damages.

5.2 Party B should install fire extinguisher in the leased property based on the relevant provisions. Fire protection equipment being used for other purposes is strictly banned.

5.3 Party B should be responsible for the fire safety in the leased property comprehensively based on the relevant provisions set by the fire department. Party A has the right to check the fire safety in the leased property during the reasonable time agreed by both parties.

**Clause 6 Responsibility for Insurance**

During the term of lease, Party A is responsible for the purchase of the leased property's insurance, and party B is responsible for the purchase of his belongings' insurance and other required insurances (including liability) in the leased property. If the mentioned insurances haven't been purchased by both party A and party B, all compensations and responsibilities caused will be borne by both parties respectively.

**Clause 7 Breach of Contract**

7.1 During the term of lease, if there are rent arrears which exceed 10 days, party A has the right to stop party B from using the relevant facilities in the leased property, and the loss caused will all be borne by party B. If there are rent arrears which exceed 1 month, party A has the right to terminate this agreement in advance with no faults, and will recover all the missing rents from party B. The deposit of lease will be confiscated without being refundable. If party A itself terminates this agreement in advance, it will have to double refund the deposit to party B; if party B itself terminates this agreement in advance, the deposit will be owned by party A and there will be no refund of it.

7.2 Without the agreement in black and white, neither party A nor party B can terminate this agreement in advance. If termination of this agreement is really needed, both parties must be informed by each other through black and white within 3 months in advance. Any loss caused on either party by this case, the other party which terminates this agreement in advance will provide the financial compensation.

**Clause 8 Disclaimers**

8.1 If there are law and regulation amendments and acts taken by the government about the lease which discontinue this agreement, 8.2 will comply.

8.2 If there are occurrences like natural disasters like severe earthquake, wars or other unforeseen and unpreventable force majeure that cause either party unable to continue this agreement, facing one of those mentioned, that party should immediately inform the other party through post or fax and provide the details of the force majeure and the documents proving the reasons why this agreement can't be fully fulfilled, will be partially fulfilled or delayed, within 30 days. This document of proof should be issued by the notary office in the area receiving the force majeure. Other strong proof to be provided in case a document of proof can't be issued by the notary office. In this way, the party receiving the force majeure is exempt.

**Clause 9 Termination of Agreement**

When this agreement is terminated in advance under the acceptance of both parties or expires, if both party A and party B haven't come to a decision of renewing the lease, party B should leave the leased property before the termination or expiration day of the lease. Party B should clean the leased property before returning it to party A. If party B doesn't move out or doesn't return the leased property to party A on time, he will pay party A the rent in double. However, party A has the right to inform party B that he won't accept double rent and even has the right to take back the leased property and remove the items in it forcefully without having to take care of them.

**Clause 10 Relevant Taxes**

Complying with the relevant provisions set by the country, the relevant taxes to be paid according to this agreement should be borne by party A as the lessor and party B as the lessee. The related registration procedures will be taken care by party A.

**Clause 11 Notifications**

For all notifications required in this agreement, the documents from/ to each party and notifications/ requests related to this agreement, should be carried out in black and white. Every telex of fax sent from party A to party B or vice versa is considered done.

**Clause 12 Applicable Law**

12.1 If there is dispute while fulfilling this agreement, it should be discussed and resolved by both parties. If the discussion fails, the dispute will be resolved through arbitration.

12.2 This agreement is administered and explained by Law of People's Republic of China.

**Clause 13 Other Regulations**

13.1 Having acceptance from both parties, a supplementary agreement can be signed upon unsettled affairs in this agreement.

13.2 There are 2 copies of this agreement, party A and party B have one respectively.

**Clause 14 Validity of Agreement**

This agreement takes effect once stamped by both parties.

![](ex10-9_001.jpg)

Party A (stamp) Party B (stamp) <br>Signing date: 23<sup>rd</sup> Nov 2020 Signing date: 23<sup>rd</sup> Nov 2020

## Exhibit 10.10

**Exhibit 10.10**

**Factory Lease Agreement**

Contract No: LW-20210803A

Lessor (Party A)： Zhongshan Langhua Electronic Plastic Co., Ltd.

Lessee (Party B)： Zhongshan Harden Environmental Technology Co., Ltd.

In accordance with relevant laws, decrees and pertinent rules and regulation, Party A and Party B have reached an agreement through consultation to conclude the following agreement.

**Article 1 Location, Area and Purpose of Leased Property**

1.1 Party A leases the factory building (hereinafter referred to as the leased property) located at No. 6 Jingye Road, Torch Development Zone, Zhongshan City for use by Party B, with a total construction area of 1941.57 square meters

1.2 Real estate title certificates as below:

Guangdong Property Ownership Certificate No. 0213035019, Construction area of 1941.57 square meters

1.3 The function of the leased property is industrial plant and dormitory. Party B shall use the leased property for office, warehouse, industrial production, and staff accommodation. Party A will deliver the leased property to Party B as its current status.

**Article 2 Lease Term**

2.1 The lease term is 3 years and 7 months, which is, from September 1, 2021 to March 31, 2025.

2.2 If Party B proposes to renew the lease three months before the expiration of the lease term, both parties can renegotiate and sign a new lease agreement. Under the same lease conditions, Party B has priority.

**Article 3 Lease Payment**

3.1 Based on the construction area of the leased property of 1941.57 square meters, the unit rent of the unit is 8.35 yuan per square meter per month (tax included) and the property management fee is 2.15 yuan per square meter per month (tax included). The payment shall be paid to Party A.

3.2 Party A shall bear the real estate use tax, land use tax, and building insurance premiums of this leased property.

3.3 Party A shall issue a corresponding invoice to Party B when rental payment is received.

**Article 4 Maintenance of Leased Property**

4.1 Party B is responsible for the proper use and maintenance of the leased property and shall promptly eliminate all possible malfunctions and dangers to avoid all possible hidden dangers.

4.2 Party B shall take good care of the leased property within the lease term, in the case if the leased property is damaged due to improper use by Party B, Party B shall be responsible for the repair and the cost shall be borne by Party B.

4.3 If the leased property needs to be repaired due to aging within the lease term, the repair plan must be submitted to Party A in advance, and the repair cost shall be borne by Party A with the consent of Party A.

4.4 If Party B needs to reconstruct or add to the leased property within the lease term, Party B must communicate with Party A in advance, and the cost will be negotiated by both parties separately.

**Article 5 Fire Safety**

5.1 Party B shall strictly abide by "The Fire Protection Regulation of the People's Republic of China" and relevant rules and regulations within the lease term. Party B shall actively cooperate with the competent authorities to implement good fire protection work, otherwise, all responsibilities and losses arising therefrom shall be borne by Party B.

5.2 Party B shall configure fire extinguishers in the leased property in accordance with relevant regulations, and it is strictly forbidden to use fire-fighting facilities for other purposes.

5.3 Party B shall be fully responsible for the fire safety of the leased property in accordance with the relevant regulations of the fire department. Party A has the right to inspect the fire safety of the leased property within a reasonable time agreed by both parties.

**Article 6 Insurance Liability**

During the lease term, Party A is responsible for purchasing insurance for the leased property, and Party B is responsible for purchasing insurance for Party B's properties in the leased property and other necessary insurance (including liability insurance). If Party A and Party B do not purchase the above-mentioned insurance, all compensation and liabilities arising therefrom shall be borne by Party A and Party B, respectively.

**Article 7 Breach of Contract**

7.1 During the lease term, if Party B owes rent for more than ten days, Party A has the right to stop Party B from using the relevant facilities in the leased property, and Party B shall bear all losses caused thereby. In the event that Party B owes rent for more than one month, Party A has the right to cancel this contract in advance and recover the rent owed from Party B. The lease deposit is confiscated and does not need to be refunded. If Party A unilaterally terminates this contract in advance, it must return the deposit twice to Party B. If Party B unilaterally terminates this contract in advance, the lease deposit shall belong to Party A free of charge.

7.2 Without the written consent of the other party, neither Party A nor Party B shall terminate this contract in advance. If it is really necessary to terminate the contract in advance, the other party must be notified in written form three months in advance, and the party who terminates the contract in advance must give the other party economic compensation if the party suffers losses as a result.

**Article 8 Exemption Clause**

8.1 If Party A is unable to continue to perform this contract due to changes in the government's laws and regulations on leasing activities or government actions, actions will be implemented in accordance with 8.2.

8.2 When any party cannot perform this contract due to natural disasters such as severe earthquakes, wars or other unforeseen force majeure whose occurrence and consequences cannot be prevented or avoided, the party that encounters the above force majeure shall immediately notify the other party by mail or fax , and within 30 days, provide the details of the force majeure and the supporting documents that the contract cannot be performed, or cannot be partially performed, or the reason for the delay in performance. The certification document should be issued by the notary office in the area where the force majeure occurred. If the certification document issued by the notarization cannot be obtained, other strong evidence shall be provided. The party subject to force majeure is therefore exempt from liability.

**Article 9 Termination of Contract**

If both parties A and B fail to reach a lease renewal agreement, Party B shall move out of the leased property on the day of advance termination or the date of expiry of the lease term, clean the leased property and return it to Party A. If Party B does not move out or return the leased property within the time limit, it shall pay Party A a double rental payment, but Party A has the right to notify Party B in written notice that it does not accept the double rental payment, and Party A has the right to take back the leased property and forcibly remove the items in the leased site and not responsible for custody.

**Article 10 Relevant Taxes and Fees**

According to relevant national regulations, the relevant taxes and fees to be paid on this contract shall be borne by Party A as the lessor and Party B as the undertaker according to the relevant regulations. The relevant registration procedures shall be handled by Party A.

**Article 11 Notification**

All notices required to be issued in accordance with this contract, document between Party A and Party B, and notices and requirements related to this contract shall be made in written form; once the telefax or fax given by Party A to Party B or Party B to Party A has been sent, are deemed to be delivered successfully.

**Article 12 Applicable Laws**

12.1 Disputes arising from the performance of this contract shall be resolved by both parties through negotiation. If the negotiation fails, it shall be resolved through arbitration procedures.

12.2 This contract is governed by the laws of the People's Republic of China and interpreted in accordance with the laws of the People's Republic of China.

**Article 13 Other Provisions**

13.1 For matters not covered in this contract, a supplementary agreement may be signed after the two parties have reached an agreement through consultation.

13.2 This contract is made in two copies, with each party holding one copy.

**Article 14 Effect of Contract**

This contract will be effective after being sealed by both parties.

Party A (Stamp): <u>Zhongshan Langhua Electronic Plastic Co., Ltd.</u>

Date: <u>28 August 2021</u>

Party B (Stamp): <u>Zhongshan Harden Environmental Technology Co., Ltd.</u>

Date: <u>28 August 2021</u>

## Exhibit 21.1

**Exhibit 21.1**

**Harden Technologies Inc.**

**Subsidiaries**

Harden International Limited – Hong Kong

Harwell Technologies Ltd. – People's Republic of China

Harden Machinery Ltd. – People's Republic of China

Dr. Shredder Technologies Ltd. – People's Republic of China

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the inclusion in this Registration Statement on Form F-1 of our report dated August 4, 2022, with respect to our audits of the consolidated financial statements of Harden Technologies Inc. for the years ended December 31, 2021 and 2020, which report appears in the Prospectus, and part of this Registration Statement. We also consent to the reference to our firm under the heading "Experts" in such Registration Statement.

/s/ Friedman LLP

New York, New York

February 14, 2023

## Exhibit 99.1

**Exhibit 99.1**

**CODE OF BUSINESS CONDUCT AND ETHICS OF**

**HARDEN TECHNOLOGIES INC.**

**INTRODUCTION**

**Purpose**

This Code of Business Conduct and Ethics contains general guidelines for conducting the business of Harden Technologies Inc., a British Virgin Islands company (the "<u>Company</u>"), consistent with the highest standards of business ethics. To the extent this Code requires a higher standard than required by commercial practice or applicable laws, rules or regulations, we 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 have any doubts about whether it is consistent with the Company's ethical standards, seek help. We encourage you to contact your supervisor for help first. If your supervisor cannot answer your question or if you do not feel comfortable contacting your supervisor, contact the Compliance Officer of the Company, who shall be a person appointed by the Board of Directors of the Company. The [ ] of the Company, who is currently [ ], has been appointed by the Board of Directors of the Company as the Compliance Officer for the Company. [ ] can be reached at [ ] and [ ]. The Company will notify you if the Board of Directors appoints a different 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 Company 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 the 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 made 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 made 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 can 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 with 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 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 reasonably would be expected to 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 making decisions on behalf of the Company. For 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 purposes of this Code, a company is 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 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 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 that employees disclose any situations that reasonably would 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 using corporate property, information, or because of your position with 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 with the Company for personal gain or should compete with the Company.

You should disclose to your supervisor the terms and conditions of each business opportunity covered by 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 Property**

Employees have access to a variety of confidential information while 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. Every 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 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 property are critical to the Company.

Any questions or concerns regarding whether disclosure of Company information is legally mandated should be promptly referred to the Compliance Officer.

**Safeguarding Confidential Information and Company Property**

Care must be taken to safeguard and protect confidential information and Company 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 secretly stored. Also, review of confidential documents or discussion of confidential subjects in public places (e.g., airplanes, trains, taxis, buses, etc.) should be conducted to prevent overhearing or other access by unauthorized persons.

● Within 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 employee.

● The Company's employees are only to access, use, and disclose confidential information that is necessary for them to have while performing 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 property is not tolerated.

**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 reasonable and customary business practice. Employees should not provide entertainment or other benefits that could be viewed as an inducement to or a reward for customer 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 responsible and customary business practice. 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 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 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 property;

● report the actual or suspected theft, damage or misuse of Company 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 property only for legitimate business purposes, as authorized in connection with your job responsibilities.

Employees should be aware that Company property includes all data and communications transmitted or received to or by, or contained in, the Company's electronic or telephonic systems. Company property also includes all written communications. Employees and other users of Company 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 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. Generally, 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 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 regarding 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 about 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 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 in this Code, the principal financial officers and other senior financial officers must take special care to always exhibit integrity and to instill this value within their organizations. 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 specific policy.

Company employees are prohibited from trading in shares or other securities of the Company while in possession of material, nonpublic 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 based on material, nonpublic information. Company employees who obtain material nonpublic 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 based on 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 " <u>Media Contacts</u> ").

● 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 (the "<u>FCPA</u>") 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 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 to avoiding adverse impact and injury to the environment and the communities in which we do business. Company employees must comply with all applicable environmental, health and safety laws, regulations and Company 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 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 our 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 based on 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.*

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

<u>F-1</u>

(Form Type)

**HARDEN TECHNOLOGIES INC.**

(Exact name of registrant as specified in its charter)

<u>Table 1: Newly Registered and Carry Forward Securities</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security<br> Type** | **Security Class Title** | **Fee Calculation<br> or Carry<br> Forward<br> Rule** | **Amount<br> Registered** | **Proposed<br> Maximum<br> Offering Price<br> Per Unit** | **Maximum<br> Aggregate<br> Offering<br> Price<sup>(1)</sup>** | **Fee Rate** | **Amount of<br> 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** |
| Fees to Be Paid | Equity | Ordinary Shares | 457(a) | 2875000 | $7.00 | $21125000<sup>(2)</sup> | $110.20 per $1,000,000 | $2328 |
| Fees to Be Paid | Equity | Warrants to purchase Ordinary Shares | 457(i) | 143750 |  |  |  | —<sup>(4)</sup> |
| Fees to Be Paid | Equity | Ordinary Shares | 457(a) | 143750 | $8.75 | $1257813<sup>(3)</sup> | $110.20 per $1,000,000 | $139 |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | $22382813 |  | $— |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  | $-- |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  | -- |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  | $2467 |

---

(1) Estimated
solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(a) under the Securities Act of
1933, as amended.

(2) Includes
375,000 Ordinary Shares which the underwriters have the option to purchase to cover over-allotments.

(3) Includes
up to 143,750 Ordinary Shares issuable upon the exercise of warrants to purchase ordinary shares.

(4) In
accordance with Rule 457(i), the entire registration fee for the warrants is allocated to the Ordinary Shares underlying the warrants,
and no separate fee is payable for the warrants.