# EDGAR Filing Document

**Accession Number:** 0002083945
**File Stem:** 0001213900-26-020208
**Filing Date:** 2026-2
**Character Count:** 56057
**Document Hash:** 0e53d36cf6a05d5d24d0905aa0d16dfd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-020208.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001213900-26-020208

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

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CALM Chain International Ltd
- **CENTRAL INDEX KEY:** 0002083945
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EMPLOYMENT AGENCIES [7361]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293339
- **FILM NUMBER:** 26675552

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT 909 WING ON CENTRE
- **STREET 2:** 211 DES VOEUX ROAD CENTRAL, SHEUNG WAN
- **CITY:** HONG KONG
- **NON US STATE TERRITORY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852-34262496

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT 909 WING ON CENTRE
- **STREET 2:** 211 DES VOEUX ROAD CENTRAL, SHEUNG WAN
- **CITY:** HONG KONG
- **NON US STATE TERRITORY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000

#### As filed with the U.S. Securities and Exchange Commission on February 25 , 2026

#### Registration No. 333 -293339

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

#### AMENDMENT NO. 1<br>TO<br> FORM F-1<br>REGISTRATION STATEMENT<br>UNDER<br>THE SECURITIES ACT OF 1933
**_______________________________________**

#### CALM Chain International Limited

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

---

| | | |
|:---|:---|:---|
|  **British Virgin Islands** | **7361** | **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) |

---

#### Unit 909 Wing On Centre,

#### 211 Des Voeux Road Central<br>Sheung Wan, Hong Kong<br>Tel: +852 3426 2026
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**_______________________________________**

**c/o Cogency Global Inc.**

**122 East 42**<sup>nd</sup> **Street, 18**<sup>th</sup> **Floor**

**New York, NY 10168**

**(212) 947**-7200

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

**_______________________________________**

*Copies to:*

---

| | |
|:---|:---|
|  **William S. Rosenstadt, Esq. <br>Mengyi "Jason" Ye, Esq. <br>Ortoli Rosenstadt LLP <br>366 Madison Avenue, 3**<sup>rd</sup> **Floor <br>New York, NY 10017 <br>Tel: (212) 588-0022** | **David E. Danovitch, Esq.**<br> **Charles E. Chambers, Jr., Esq.**<br> **Sullivan & Worcester LLP**<br> **1251 Avenue of the Americas, 19**<sup>th</sup> **Floor**<br> **New York, NY 10020**<br> **Tel: (212) 660**-3000 |

---

**_______________________________________**

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

If any securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, 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 U.S. Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.**

------

#### Explanatory Note
This Amendment No. 1 to the Registration Statement on Form F-1 (File No. 333-293339) of CALM Chain International Limited is being filed for the purpose of filing Exhibit 5.1, Exhibit 8.2, Exhibit 23.1 and Exhibit 23.2. Accordingly, this Amendment No. 1 consists only of the facing page, this explanatory note, Part II of the Registration Statement, the signature pages to the Registration Statement and the filed exhibits. This Amendment No. 1 does not modify any provision of the prospectus that forms a part of the Registration Statement. Accordingly, a preliminary prospectus has been omitted.

------

#### PART II — INFORMATION NOT REQUIRED IN THE PROSPECTUS

#### Item 6. Exculpation, Insurance, and Indemnification of Office Holders (Including Directors and Officers)
Section 132 of the BVI Companies Act provides that subject to the memorandum or articles of association of a company, the company may indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who (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 (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, provided that the said person had acted honestly and in good faith and in what he believed to be in the best interests of the company and, in the case of criminal proceedings, the person had no reasonable cause to believe that his conduct was unlawful. Any indemnity given in breach of the foregoing proviso is void and of no effect.

Under our Amended and Restated Memorandum and Articles of Association, we 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 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 of, or in any other capacity is or was acting for, another company 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.

The underwriting agreement in connection with this Offering also provides for indemnification of us and our officers, directors or persons controlling us for certain liabilities.

We intend to 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.

We will enter into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our Company.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. We will enter into certain directors' and officers' liability insurance policies upon listing.

#### Item 7. Recent Sales of Unregistered Securities
On June 10, 2025, CALM Chain International Limited was incorporated as a limited liability company on in BVI.

CALM Chain, adopted by resolutions of director on July 4, 2025, and filed on July 9, 2025, the Amended and Restated Memorandum and Articles of Association to effectuate an increase in the maximum number of authorized ordinary shares from 7,000,000 Ordinary Shares divided into 5,000,000 Class A Ordinary Shares and 2,000,000 Class B Ordinary Shares to 500,000,000 Ordinary Shares divided into 450,000,000 Class A Ordinary Shares and 50,000,000 Class B Ordinary Shares, with 1 Class B Ordinary Share issued and outstanding issued to Mr. Andrew Teh Yao, HO. Immediately after the increase in the maximum number of authorized ordinary shares of the Company on July 10, 2025, the Company issued and allotted an aggregate of 9,000,000 Class A Ordinary Shares at a consideration of US$0.9 and 8,999,999 Class B Ordinary Shares at a consideration of US$0.9 to Mr. Andrew Teh Yao, HO. As a result, 9,000,000 Class A Ordinary Shares and 9,000,000 Class B Ordinary Shares issued and outstanding were issued to Mr. Andrew Teh Yao, HO post-Share Restructuring.

On July 4, 2025, the board of directors also resolved to transfer an aggregate of 6,000,000 Class A Ordinary Shares from Mr. Andrew Teh Yao, HO to eight investors, Keen Link Group Limited, Nice Honour International Investment Limited, Good Equity Limited, Lam MAK, Oasis Dragon Holdings Limited, Prime Kingdom Development Limited, MT Shell Limited, Skyline Crest Holdings Limited, where each investor received 750,000 Class A Ordinary Shares, respectively. The transfer was completed on July 10, 2025.

On January 28, 2026, Mr. Andrew Teh Yao, HO elected to convert an aggregate of 6,500,000 Class B Ordinary Shares into Class A Ordinary Shares on a one-for-one basis. Upon such conversion, 6,500,000 Class B Ordinary Shares held by Mr. Andrew Teh Yao, HO were re-designated as 6,500,000 Class A Ordinary Shares on the same day.

Subsequently, as of the date of this prospectus, 15,500,000 Class A Ordinary Shares and 2,500,000 Class B Ordinary Shares are issued and outstanding, of which 9,500,000 Class A Ordinary Shares and 2,500,000 Class B Ordinary Shares are held by Mr. Andrew Teh Yao, HO, and each of the eight shareholders, Keen Link Group Limited, Nice Honour International Investment Limited, Good Equity Limited, Lam MAK, Oasis Dragon Holdings Limited, Prime Kingdom Development Limited, MT Shell Limited, Skyline Crest Holdings Limited, holds 750,000 Class A Ordinary Shares, respectively.

All references to Class A and Class B Ordinary Shares, share data, per share data, and related information have been retroactively adjusted, where applicable, in this prospectus to reflect the Share Restructuring, as if these events had occurred at the beginning of the earliest period presented.

*The transactions were not registered under the Securities Act of 1933, as amended (the "Securities Act") in reliance on an exemption from registration set forth in Section 4(a)(2) and/or Regulation S thereof.*

#### Item 8. Exhibits and Financial Statement Schedules
(a) Exhibits.

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
|  1.1\*\* | Form of Underwriting Agreement |
|  3.1† | [Amended and Restated Memorandum and Articles of Association](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex3-1_calm.htm) |
|  5.1\* | [Opinion of Ogier regarding the validity of the ordinary shares being registered and certain BVI tax matters](ea025436205ex5-1_calm.htm) |
|  8.1† | [Opinion of David Fong & Co., Solicitors regarding certain Hong Kong tax matters (included in Exhibit 99.1)](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex99-1_calm.htm) |
|  8.2\* | [Opinion of Ogier as to BVI tax matters (included in Exhibit 5.1)](ea025436205ex5-1_calm.htm) |
|  10.1† | [Employment Agreement between the Registrant and Andrew Teh Yao, HO, Registrant's director and Chief Executive Officer and Chair of the Board, dated July 4, 2025](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex10-1_calm.htm) |
|  10.2† | [Employment Agreement between the Registrant and Irene Man Yi, HO, Registrant's director, dated July 4, 2025](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex10-2_calm.htm) |
|  10.3† | [Employment Agreement between the Registrant and Man Chi Brenda, LUI, Registrant's Chief Financial Officer, dated August 31, 2025](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex10-3_calm.htm) |
|  10.4† | [License Agreement for Unit 909, 9/F, Wing On Centre, 211 Des Voeux Road Central, dated April 25, 2025, between Harvest Globe Investment Limited and TalentQuest HR Limited.](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex10-4_calm.htm) |
|  10.5† | [Form of Independent Director Offer Letter](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex10-5_calm.htm) |
|  10.6† | [Contract of Employment between TalentQuest HR Limited and Man Chi Brenda, LUI, dated January 3, 2025](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex10-6_calm.htm) |
|  10.7† | [General Terms for the Supply of Products and Services between DBS Bank (Hong Kong) Limited and TalentQuest HR Limited, dated April 1, 2024](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex10-7_calm.htm) |
|  10.8† | [Service Module: Professional Services between DBS Bank (Hong Kong) Limited and TalentQuest HR Limited, dated October 1, 2025](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex10-8_calm.htm) |
|  14.1† | [Code of Business Conduct and Ethics](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex14-1_calm.htm) |
|  14.2† | [Executive Compensation Recovery Policy](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex14-2_calm.htm) |
|  14.3† | [Insider Trading Policy](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex14-3_calm.htm) |
|  21.1† | [List of Subsidiaries](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex21-1_calm.htm) |

---

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
|  23.1\* | [Consent of SRCO Professional Corporation Chartered Professional Accountants](ea025436205ex23-1_calm.htm) |
|  23.2\* | [Consent of Ogier (included in Exhibit 5.1)](ea025436205ex5-1_calm.htm) |
|  23.3† | [Consent of David Fong & Co., Hong Kong counsel to the Registrant (included in Exhibit 99.1)](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex99-1_calm.htm) |
|  23.4† | [Consent of China Commercial Law Firm, PRC counsel to the Registrant](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex23-4_calm.htm) |
|  99.1† | [Opinion of David Fong & Co., Hong Kong counsel to the Registrant, regarding certain Hong Kong legal and tax matters](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex99-1_calm.htm) |
|  99.2† | [Audit Committee Charter](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex99-2_calm.htm) |
|  99.3† | [Compensation Committee Charter](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex99-3_calm.htm) |
|  99.4† | [Nominating Committee Charter](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex99-4_calm.htm) |
|  99.5† | [Consent of Wai Kong, POON, Independent Director Nominee](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex99-5_calm.htm) |
|  99.6† | [Consent of Fiona, LEE, Independent Director Nominee](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex99-6_calm.htm) |
|  99.7† | [Consent of Kee Yang Julian, MAN, Independent Director Nominee](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex99-7_calm.htm) |
|  99.8† | [Consent of Eddie Shing Cheuk, KAM, Independent Director Nominee](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex99-8_calm.htm) |
|  107† | [Filing Fee Table](http://www.sec.gov/Archives/edgar/data/2083945/000121390026014090/ea025436204ex-fee_calm.htm) |

---

____________

\* Filed herein

\*\* To be filed via amendment

† Previously filed

#### Item 9. Undertakings
(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this 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 firm commitment offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&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 this registration statement or any material change to such information in this registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Registrant is relying on Rule 430B (§230.430B of this chapter):

&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) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) To file a post-effective amendment to the registration statement to include any financial statements required by item 8.A. of Form 20-F 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)(4) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) 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 under 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;(8) For the purpose of determining any liability under the Securities Act of 1933, 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.

(b) 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, 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 such Act and will be governed by the final adjudication of such issue.

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong on February 25, 2026.

---

| | |
|:---|:---|
|  **CALM Chain International Limited** | **CALM Chain International Limited** |
|  By: | */s/ Andrew Teh Yao, HO* |
|  | Andrew Teh Yao, HO |
|  | Chief Executive Officer and the Chair of the Board (Principal Executive Officer) |

---

#### POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Mr. Andrew Teh Yao, HO, acting singly as an attorney-in-fact with full power of substitution, for him in any and all capacities, to do any and all acts and all things and to execute any and all instruments which said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act of 1933, as amended (the "Securities Act"), and any rules, regulations and requirements of the Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of ordinary shares of the registrant (the "Shares"), including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1 (the "Registration Statement") to be filed with the Securities and Exchange Commission with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement; and each of the undersigned hereby ratifies and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Name** | **Title** | **Date** |
|  */s/ Andrew Teh Yao, HO* | Chief Executive Officer and the Chair of the Board | February 25, 2026 |
|  Andrew Teh Yao, HO | (Principal Executive Officer) |  |
|  */s/ Man Chi Brenda, LUI* | Chief Financial Officer | February 25, 2026 |
|  Man Chi Brenda, LUI | (Principal Financial and Accounting Officer) |  |
|  */s/ Irene Man Yi, HO* | Director | February 25, 2026 |
|  Irene Man Yi, HO |  |  |

---

#### SIGNATURE OF AUTHORIZED AGENT IN THE UNITED STATES
Pursuant to the Securities Act of 1933 as amended, the undersigned, the duly authorized agent in the United States of America, has signed this registration statement thereto in New York, NY on February 25, 2026.

---

| | |
|:---|:---|
|  **Cogency Global Inc.** | **Cogency Global Inc.** |
|  By: | */s/ Colleen A. De Vries* |
|  Name: | Colleen A. De Vries |
|  Title: | Senior Vice-President on behalf of Cogency Global Inc. |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | |
|:---|:---|
| **CALM Chain International Limited** | **D** **+852 3656 6054** |
| **CALM Chain International Limited** | **E** **nathan.powell@ogier.com** |
| **CALM Chain International Limited** | **D +852 3656 6023** |
| **CALM Chain International Limited** | **E janice.chu@ogier.com** |
| **CALM Chain International Limited** |  |
| **CALM Chain International Limited** | Reference: NMP/JTC/514205.00001 |

---

23 February 2026

Dear Sirs

**CALM Chain International Limited (the Company)**

We have acted as British Virgin Islands legal counsel to the Company in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the **Registration Statement**), as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended (the **Act**). The Registration Statement relates to the offering (the **Offering**) of 3,000,000 Class A Ordinary Shares (as defined in below), comprising 2,000,000 new Class A Ordinary Shares to be issued and sold directly by the Company (the **Company Public Offering Shares**) and 1,000,000 existing issued and outstanding Class A Ordinary Shares in the Company (the **Underwritten Resale Shares** and together with the Company Public Offering Shares, the **Public Offering Shares**) being offered and sold by the Selling Shareholders (as defined in the Registration Statement); together with an over-allotment option granted to the underwriter of the Company for a period of 45 days after the closing of the Offering for the underwriter of the Company to purchase 300,000 additional Class A Ordinary Shares, representing fifteen percent (15%) of the Company Public Offering Shares sold in the Offering (the **Over-allotment Shares**).

The Public Offering Shares and the Over-allotment Shares are collectively referred to herein as the **IPO Shares**.

We are furnishing this opinion as Exhibit 5.1, Exhibit 8.2 and Exhibit 23.2 to the Registration Statement.

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents. The headings herein are for convenience only and do not affect the construction of this opinion.

---

| | | | |
|:---|:---|:---|:---|
| **Ogier**<br> Providing advice on British Virgin Islands, Cayman Islands and Guernsey laws<br>Floor 11 Central Tower<br> 28 Queen's Road Central<br> Central<br> Hong Kong<br>T +852 3656 6000<br> F +852 3656 6001<br> **ogier.com** | **Partners**<br> Nicholas Plowman<br> Nathan Powell<br> Anthony Oakes<br> Oliver Payne<br> Kate Hodson<br> David Nelson<br> Justin Davis<br> Joanne Collett<br> Dennis Li<br> Cecilia Li | Yuki Yan<br> David Lin<br> Alan Wong<br> Janice Chu<br> Zhao Rong Ooi<br> Rachel Huang\*\*<br> Florence Chan\*<sup>‡</sup><br> Richard Bennett\*\*<sup>‡</sup><br> James Bergstrom<sup>‡</sup><br>| \* admitted in New Zealand<br> \*\* admitted in England and Wales<br> <sup>‡</sup> not ordinarily resident in Hong Kong |

---

Page **2** of **7**

1 Documents examined

For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents (the **Documents**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the constitutional documents and public records of the Company obtained from the Registry of Corporate
Affairs in the British Virgin Islands (the **Registrar**) on 1 September 2025 (the **Company Registry Records**), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of the certificate of incorporation of the Company dated 10 June 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the memorandum and articles of association of the Company registered with the Registrar of Corporate
Affairs in the British Virgin Islands on 10 June 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the amended and restated memorandum and articles of association of the Company as adopted by
the resolutions of director dated 4 July 2025 and filed on 9 July 2025 (the **Memorandum and Articles**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the public information revealed from a search of the electronic records of the Civil Division and the
Commercial Division of the Registry of the High Court and of the Court of Appeal (Virgin Islands) Register, each from 1 January 2000,
as maintained on the Judicial Enforcement Management System (the **High Court Database**) by the Registry of the High Court of the
Virgin Islands on 1 September 2025 (the **Court Records**,);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company Registry Records and the Court Records each as updated by update searches on 4 February 2026,
9 February 2026 and 23 February 2026 (the Company Registry Records and the Court Records together, and as updated, the **Public Records**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of certificate of incumbency dated 9 February 2026 (the **Certificate of Incumbency**) issued
by the registered agent of the Company in respect of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of the register of directors of the Company provided to us on 1 September 2025 (the **ROD**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a copy of the register of members of the Company provided to us on 4 February 2026 (the **ROM**, and
together with the ROD, the **Registers**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a copy of the written resolutions of the directors of the Company dated 5 September 2025 and 10 February
2026 approving the Company's filing of the Registration Statement and issuance of the IPO Shares (the **Board Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the draft form of underwriting agreement appended as an exhibit to the Registration Statement (the **Underwriting Agreement**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement.

Page **3** of **7**

2 Assumptions

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all original documents examined by us are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all copy documents examined by us (whether in facsimile, electronic or other form) conform to the originals
and those originals are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each of the Certificate of Incumbency and the Register is accurate and complete as at the date of this
opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all copies of the Registration Statement are true and correct copies and the Registration Statement conform
in every material respect to the latest drafts of the same produced to us and, where the Registration Statement has been provided to us
in successive drafts marked-up to indicate changes to such documents, all such changes have been so indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Company has complied with, or will comply with when due, its obligations to file (unless the Company
is within one of the statutory exceptions to the obligations to file) a financial return, its register of directors, its register of members
and its beneficial ownership information pursuant to the BVI Business Companies Act (Revised) (the **BCA**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Board Resolutions remain in full force and effect and each director of the Company has acted in good
faith with a view to the best interests of the Company and has exercised the standard of care, diligence and skill that is required of
him in approving the Offering, and no director has a financial interest in or other relationship to a party of the transactions contemplated
by the Documents which has not been properly disclosed in the Board Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Underwriting Agreement has been, or will be, authorised and duly executed in the form as exhibited
in the Registration Statement and unconditionally delivered by or on behalf of all relevant parties in accordance with all relevant laws
and, in respect of the Company, in the manner authorised in the Board Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon execution, the Underwriting Agreement will be legal, valid, binding and enforceable against all relevant
parties in accordance with its terms under the laws of its governing law and all other relevant laws. If an obligation is to be performed
in a jurisdiction outside the British Virgin Islands, its performance will not be contrary to an official directive, impossible or illegal
under the laws of that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) no invitation has been or will be made by or on behalf of the Company to the public in the British Virgin
Islands to subscribe for any IPO Shares and none of the IPO Shares have been offered or issued to residents of the British Virgin Islands;

Page **4** of **7**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Company is, and after the allotment (where applicable) and issuance of any IPO Shares will be, able
to pay its liabilities as they fall due and the value of its assets exceeds and will exceed its liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the information and each of the documents disclosed by the Public Records was and is accurate, up-to-date
and remains unchanged as at the date hereof and there is no information or document which has been delivered for registration, or which
is required by the laws of the British Virgin Islands to be delivered for registration, which was not included and available for inspection
in the Public Records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) there are no agreements, documents or arrangements (other than the documents expressly referred to in
this opinion as having been examined by us) that materially affect or modify the Underwriting Agreement or the transactions contemplated
by the Underwriting Agreement or restrict the powers and authority of the Company in any way from entering into and performing its obligations
under duly authorised, executed and delivered Underwriting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) there is no provision of the law of any jurisdiction, other than the British Virgin Islands, which would
have any implication in relation to the opinions expressed herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Company is not a land owning company for the purposes of Section 242 of the BCA meaning that neither
it nor any of its subsidiaries has an interest in any land in the British Virgin Islands.

---

| | |
|:---|:---|
| 3 | Opinions |

---

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a company duly incorporated with limited liability under the BCA on 10 June 2025 and is
validly existing and in good standing under the laws of the British Virgin Islands.

**Maximum Number of Shares Authorised to Issue**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Based solely on the Memorandum and Articles, the Company is authorised to issue a maximum of 500,000,000
shares of no par value divided into (1) 450,000,000 class A ordinary shares of no par value (the **Class A Ordinary Shares**) and (ii)
50,000,000 class B ordinary shares of no par value (the **Class B Ordinary Shares**).

**Corporate authorisation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has taken all requisite corporate action to authorise the issuance of the IPO Shares under
the Registration Statement.

**Valid issuance of IPO Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwritten Resale Shares to be offered and issued by the Selling Shareholders as contemplated by
the Registration Statement have been validly issued, fully paid and are non-assessable.

Page **5** of **7**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company Public Offering Shares and the Over-allotment Shares to be offered and issued by the Company
as contemplated by the Registration Statement have been duly authorised for issue and when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issued and allotted by the Company against payment in full of the consideration therefor in accordance
with the terms set out in the Registration Statement, the terms in the Underwriting Agreement and the Memorandum and Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such issuance of the Company Public Offering Shares and the Over-allotment Shares have been duly registered
in the Company's register of members as fully paid shares,

will be validly issued, fully paid and non-assessable.

**Taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No taxes, stamp duties, other duties, fees or charges are payable (by assessment, withholding, deduction
or otherwise) to the government of the British Virgin Islands in respect of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There is no withholding tax, capital gains tax, capital transfer tax, estate duty, inheritance tax, succession
tax or gift tax in the British Virgin Islands and any dividends, interest, rents, royalties, compensations and other amounts paid by the
Company are exempt from any taxation in the British Virgin Islands imposed under the British Virgin Islands Income Tax Ordinance (Cap
206). In particular, section 242 of the BCA provides the Company with a statutory exemption from all forms of taxation in the British
Virgin Islands.

4 Limitations and Qualifications

4.1 We offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to any laws other than the laws of the British Virgin Islands, and we have not, for the purposes of
this opinion, made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or
effect of references in the Documents to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the
British Virgin Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or
the validity, enforceability or effect of the Registration Statement, the accuracy of representations, the fulfilment of warranties or
conditions, the occurrence of events of default or terminating events or the existence of any conflicts or inconsistencies among the Registration
Statement and any other agreements into which the Company may have entered or any other documents.

4.2 Under the BCA an annual fee must be paid in respect of the Company to the Registry of Corporate Affairs.
Failure to pay the annual fees by the relevant due date will render the Company liable to a penalty fee in addition to the amount of the
outstanding fees. If the license fee and/or any penalty fee remains unpaid from the due date, the Company will be liable to be struck
off and dissolved from the Register of Companies in the British Virgin Islands.

Page **6** of **7**

4.3 Under the BCA, a copy of the Company's register of directors which is complete must be filed by the Company
at the Registry of Corporate Affairs. Failure to make this filing will render the Company liable to a penalty fee and if the filing is
not made within the requisite time period or any penalty fee remains unpaid from the due date, the Company will be liable to be struck
off and dissolved from the Register of Companies.

4.4 Under the BCA, an annual financial return, in the prescribed form, must be filed by the Company with its
Registered Agent in respect of each year for which one is due within the timeframe prescribed by the BCA for that year (unless the Company
is within one of the statutory exceptions to the obligation to file). Failure to make this filing when due will render the Company liable
to a penalty fee and where the Company is liable to the maximum penalty and has not filed its annual return, the Company will be liable
to be struck off and dissolved from the Register of Companies.

4.5 Under the BCA, unless the Company is within one of the statutory exceptions to the obligation to file
and is compliant with any conditions for the relevant exception(s) to apply, a copy of the Company's register of members which is complete
and certain prescribed beneficial ownership information for the Company must be filed by the Company at the Registry of Corporate Affairs.
Failure to make these filings will render the Company liable to penalty fees and if the filings are not made within the requisite time
period or any penalty fee remains unpaid from the due date, the Company will be liable to be struck off and dissolved from the Register
of Companies.

4.6 For the purposes of this opinion "in good standing" means only that as of the date of this opinion
it appears from our searches of the Public Records and on the basis of certain of the assumptions made herein being correct the Company
is in good standing. We have made no enquiries into the Company's good standing with respect to any other filings or payment of fees,
or both, that it may be required to make under the laws of the British Virgin Islands other than the BCA. We have made no enquiries into
whether the copy of the register of directors, the copy of the register of members or the Company's beneficial ownership information filed
at the Registry of Corporate Affairs matches the details set out on the Certificate of Incumbency or whether the annual return filed by
the Company with its registered agent is in the prescribed form as required pursuant to the BCA.

4.7 The Public Records and our searches thereof may not reveal the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Company Registry Records, details of matters which have not been lodged for registration
or have been lodged for registration but not actually registered at the time of our search or notifications made to the Registrar of Corporate
Affairs by the Registered Agent of any failure by any Company to file its register of directors, register of members, beneficial ownership
information and/or annual return as required and within the time frame prescribed by the BCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the Court Records, details of proceedings which have been filed but not actually entered
in the High Court Database at the time of our search;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether an application for the appointment of a liquidator or a receiver has been presented to the High
Court of the British Virgin Islands or whether a liquidator or a receiver has been appointed out of court, or whether any out of court
dissolution, reconstruction or reorganisation of the Company has been commenced; or

Page **7** of **7**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any originating process (including an application to appoint a liquidator) in respect of the Company in
circumstances where the High Court of the British Virgin Islands has prior to the issuance of such process ordered that such process upon
issuance be anonymised (whether on a temporary basis or otherwise),

and the following points should also be noted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Court Records reflect the information accessible remotely on the High Court Database, we have not
conducted a separate search of the underlying Civil Cause Book (the **Civil Cause Book**) or the Commercial Cause Book (the **Commercial Cause Book**) at the Registry of the High Court of the British Virgin Islands. Although the High Court Database should reflect the content
of the Civil Cause Book and the Commercial Cause Book, neither the High Court Database nor the Civil Cause Book or Commercial Cause Book
is updated every day, and for that reason neither facility can be relied upon to reveal whether or not a particular entity is a party
to litigation in the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the High Court Database is not updated if third parties or noticed parties are added to or removed from
the proceedings after their commencement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) while it is a requirement under Section 118 of the Insolvency Act that notice of the appointment of a
receiver be registered with the Registry of Corporate Affairs, however, it should be noted that failure to file a notice of appointment
of a receiver does not invalidate the receivership but gives rise to penalties on the part of the receiver.

5 Governing law of this opinion

5.1 This opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed by, and shall be construed in accordance with, the laws of the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited to the matters expressly stated in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined to, and given on the basis of, the laws and practice in the British Virgin Islands at the date
of this opinion.

5.2 Unless otherwise indicated, a reference to any specific British Virgin Islands legislation is a reference
to that legislation as amended to, and as in force at, the date of this opinion.

---

| | |
|:---|:---|
| 6 | Reliance |

---

6.1 We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the
reference to our firm under the headings "*Risk Factors* ", "*Enforceability of Civil Liabilities*" and
" *Legal Matters*" of the Registration Statement.

6.2 This opinion may be used only in connection with the Offering, the IPO Shares while the Registration Statement
is effective.

Yours faithfully

**/s/ Ogier**

**Ogier**

## Exhibit 23.1

**Exhibit 23.1**

---

| | |
|:---|:---|
| ![](ex23-1_001.jpg) | **SRCO Professional Corporation**<br> **Chartered Professional Accountants** <br> **Licensed Public Accountants**<br> Park Place Corporate Centre<br> 15 Wertheim Court, Suite 409<br> Richmond Hill, ON Canada L4B 3H7<br> Tel: 905 882 9500 & 416 671 7292<br> Fax: 905 882 9580<br> Email: sohail.raza@srco.ca<br> www.srco.ca  |

---

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the use in this Amendment No. 1 to the Registration Statement on Form F-1 of our report dated September 8, 2025, except for Notes 1, 15 and 16, as to which the date is February 10, 2026, relating to the combined financial statements of CALM Chain International Limited and its subsidiaries comprising the combined balance sheets as of May 31, 2025 and 2024, and the related combined statements of operations and comprehensive income (loss), changes in shareholders' equity (deficit), and cash flows for each of the years in the two-year period ended May 31, 2025 and related notes.

We also consent to the reference to our Firm under the caption "Experts" in the Registration Statement.

*/s/ SRCO Professional Corporation* 

CHARTERED PROFESSIONAL ACCOUNTANTS

Authorized to practice public accounting by the

Chartered Professional Accountants of Ontario

Richmond Hill, Ontario, Canada

February 25, 2026