# EDGAR Filing Document

**Accession Number:** 0002087437
**File Stem:** 0001493152-26-012613
**Filing Date:** 2026-3
**Character Count:** 1214190
**Document Hash:** 0fd56b5b32e121a4db91b14a83159085
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-012613.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001493152-26-012613

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 95

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AsiaPac AdTechinno Group Ltd
- **CENTRAL INDEX KEY:** 0002087437
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-ADVERTISING [7310]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294590
- **FILM NUMBER:** 26790885

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT A2-A6, 9/F., NCB INNOVATION CENTRE
- **STREET 2:** 888 LAI CHI KOK RD, LAI CHI KOK, KOWLOON
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** (852) 2771 7595

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT A2-A6, 9/F., NCB INNOVATION CENTRE
- **STREET 2:** 888 LAI CHI KOK RD, LAI CHI KOK, KOWLOON
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000

**As filed with the Securities and Exchange Commission on March 25, 2026**

**Registration Statement No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM F-1**

**REGISTRATION STATEMENT**

*UNDER*

*THE SECURITIES ACT OF 1933*

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| |
|:---|
| **AsiaPac AdTechinno Group Limited** |
| **(Exact name of Registrant as specified in its charter)** |

---

**Not Applicable**

**(Translation of Registrant's name into English)**

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **7310** | **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 A2-A6, 9/F, NCB Innovation Centre**

**888 Lai Chi Kok Road**

**Lai Chi Kok, Kowloon** 

**Hong Kong**

**Telephone**: **+852-2771-7595**

**(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)**

**Cogency Global Inc.**

122 East 42nd Street, 18th Floor

New York, NY 10168

Telephone: +1 (212) 947-7200

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

*Copies to:*

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| | |
|:---|:---|
| **Yang Ge, Esq.**<br> **DLA Piper UK LLP**<br> **20<sup>th</sup> Floor, South Tower, Kerry Center**<br> **No. 1 Guanghua Road, Chaoyang District**<br> **Beijing, China 100020**<br> **Tel: +86-10-8520-0616** | **Arila Er Zhou, Esq.**<br> **Alex Haipeng Liang, Esq.**<br> **Robinson & Cole LLP**<br> **Chrysler East Building**<br> **666 Third Avenue, 20th floor**<br> **New York, NY 10017**<br> **Tel: (212) 451-2942** |

---

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

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

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, 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.**

**The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

*PRELIMINARY PROSPECTUS (Subject to Completion)*

*Dated March 25, 2026*

 

![](formdrs_013.jpg)

**AsiaPac AdTechinno Group Limited**

***3,125,000***  ***Class A Ordinary Shares***

This is an initial public offering of Class A ordinary shares, par value US$0.0001 each (the "Class A ordinary shares") on a firm commitment basis, by AsiaPac AdTechinno Group Limited. We currently anticipate the initial public offering price of our Class A ordinary shares to be between US$7.00 and US$9.00 per share.

Prior to this offering, there has been no public market for our Class A ordinary shares. This offering is contingent upon the listing of our Class A ordinary shares on The Nasdaq Stock Market (the "Nasdaq"). We have applied for the listing of our Class A ordinary shares on the Nasdaq Global Market under the symbol "APAT." There is no assurance that such application will be approved, and if our application is not approved by Nasdaq, this offering would not be completed.

As of the date of this prospectus, there are 21,600,000 Class A ordinary shares and 3,600,000 Class B ordinary shares issued and outstanding. Upon the completion of this offering, our issued and outstanding share capital will consist of 24,725,000 Class A ordinary shares and 3,600,000 Class B ordinary shares, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share shall entitle the holder thereof to one (1) vote on all matters subject to vote at general meetings of our company, and each Class B ordinary share shall entitle the holder thereof to twenty (20) votes on all matters subject to a vote at general meetings of our company. Each Class B ordinary share is convertible into one Class A ordinary share at any time at the option of the holder thereof. A holder of Class A ordinary shares shall have no rights to convert Class A ordinary shares into Class B ordinary shares under any circumstances.

Additionally, upon the completion of this offering, we will be a "controlled company" as defined under corporate governance rules of the Nasdaq, because our largest shareholder Oriental Brilliance Investment Limited, in which our chairman of the board of directors and chief executive officer, Mr. Chan Chor Koon and our director and chief operating officer, Ms. Chong Siu Nuen, respectively own 50.0% and 50.0% of the equity interests, will beneficially own 58.2% of our then issued and outstanding Class A ordinary shares and 66.7% of our issued and outstanding Class B ordinary shares, which together will constitute 59.3% of our then issued and outstanding total share capital, and will be able to exercise 64.5% of the aggregate voting power of our then issued and outstanding share capital immediately after the consummation of this offering, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. As a result, Oriental Brilliance Investment Limited will have the ability to control or significantly influence the outcome of matters requiring approval by shareholders. For further information, see "Principal Shareholders" and "Risk Factors — Risks Relating to Our Class A Ordinary Shares and This Offering — We will be a "controlled company" within the meaning of the Nasdaq Stock Market listing rules and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies."

We are an "emerging growth company" and a "foreign private issuer" under applicable U.S. federal securities laws, and, as such are eligible for certain reduced public company reporting requirements for this and future filings. See "Prospectus Summary — Implications of Being an Emerging Growth Company" and "Prospectus — Implications of Being a Foreign Private Issuer" for additional information.

AsiaPac AdTechinno Group Limited, or the Parent, is not a Chinese operating company but a Cayman Islands holding company with operations conducted by its subsidiaries. Our business operations are conducted primarily through operating subsidiaries primarily in Hong Kong. Unless otherwise indicated or the context otherwise requires, "we," "us," "our company," and "our" refer to AsiaPac AdTechinno Group Limited, our Cayman Islands holding company and its subsidiaries. Investors purchasing our Class A ordinary shares in this initial public offering are purchasing equity securities of our Cayman Islands holding company and will not directly hold any equity interests of our operating subsidiaries. As a holding company with operations conducted primarily through operating subsidiaries in Hong Kong, such structure involves unique risks to investors, as the PRC government may exercise significant influence and discretion over the conduct of our business and may intervene in or influence our operations at any time. For example, such governmental actions:

● could disallow our corporate structure;

● could result in a material change in our operations;

● could hinder our ability to continue to offer securities to investors; and

● may cause the value of our securities to significantly decline or be worthless.

We are aware that in recent years, the PRC government initiated a series of regulatory actions and statements to regulate business operations in the PRC with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. It is uncertain what potential impact such modified or new laws and regulations will have on our daily business operation, our ability to accept foreign investments and the listing of our Class A ordinary shares on a U.S. or other foreign exchanges. These actions could result in a material change in our operations and/or the value of our Class A ordinary shares and could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors. As of the date of this prospectus, we are not materially affected by PRC government's recent statements indicating an intention to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. Furthermore, pursuant to the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China ("Basic Law"), national laws of mainland China do not apply in Hong Kong unless they are listed in Annex III of the Basic Law and applied locally by promulgation or local legislation. National laws that may be listed in Annex III are currently limited under the Basic Law to those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong Kong. National laws and regulations relating to data protection, cybersecurity and the anti-monopoly have not been listed in Annex III, so they do not apply directly to Hong Kong entities.

Additionally, on February 17, 2023, the China Securities Regulatory Commission (the "CSRC") promulgated the Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies (the "Trial Measures"), and five supporting guidelines, which became effective on March 31, 2023. The Trial Measures, which reformed the existing regulatory regime for overseas offering and listing of securities by PRC domestic companies and both direct and indirect overseas offering and listing of securities by PRC domestic companies, imposes a filing-based regulatory regime. According to the Trial Measures, if an issuer meets both of the following criteria, the overseas securities offering and listing conducted by such issuers shall be deemed as indirect overseas offering and listing, and filings with the CSRC pursuant to the Trial Measures' requirements shall be submitted within three working days following its submission of application for an initial public offering or listing: (i) more than 50% of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent fiscal year are accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in China, or its main places of business are located in China, or the senior managers in charge of its business operations and majority of the issuer's management are Chinese citizens or domiciled in China. As advised by our PRC counsel, Han Kun Law Offices, we are not required to fulfill the filing procedures with the CSRC for this offering or the listing of our Class A ordinary shares on Nasdaq under the Trial Measures, because (i) we are not ultimately controlled by any mainland Chinese company or individual directly or indirectly; (ii) substantially all of our operating revenues, total profits, total assets or net assets documented in the audited consolidated financial statements for the most recent fiscal year is accounted for by subsidiaries outside of mainland China; and (iii) we primarily conduct our business outside mainland China and are headquartered in Hong Kong, and none of the member of our board of directors or our senior management team members in charge of our business operations or management are PRC citizens nor reside in mainland China. However, due to the recent release of Trial Measures, its interpretation and implementation are still evolving and subject to changes. We cannot guarantee that new rules or regulations promulgated in the future will not impose any additional requirement on us, our shareholders or otherwise enhance the regulations on Hong Kong-based issuers seeking overseas offering or listing. As of the date of this prospectus, we have not received any official inquiries, notices, warnings, or investigations from the CSRC regarding this offering.

PRC regulators have been increasingly focused on regulation in areas of data security and data protection and the PRC regulatory requirements regarding cybersecurity are constantly evolving. Various regulatory bodies in China, specifically the Cyberspace Administration of China (the "CAC"), have enforced data privacy and protection laws and regulations with varying and evolving standards and interpretations. On December 28, 2021, the CAC and other 12 PRC regulatory authorities jointly revised and promulgated the Review Measures, which became effective on February 15, 2022. According to the Review Measures, critical information infrastructure operators ("CIIOs") that purchase network products and services, and network platform operators engaging in data processing activities that affect or may affect national security are subject to cybersecurity review. In addition, the relevant regulatory authorities are still entitled to impose security reviews on network products and services that are deemed capable of affecting national security. The network platform operators who possess personal information of more than one million users and intend to be listed at a foreign stock exchange must be subject to the cybersecurity review. CIIOs and network platform operators may voluntarily file for a cybersecurity review with the CAC prior to purchasing network products and services if they deem that their behavior affects or may affect national security based on self-assessment and self-evaluation. Notwithstanding the voluntary filing, the relevant authorities are entitled to initiate cybersecurity reviews accordingly. Failure to comply with the requirements of cybersecurity review would receive the following penalties: (i) order for corrections and warnings by competent authorities; (ii) a fine between RMB100,000 and RMB1,000,000, and a fine between RMB10,000 and RMB100,000 on the person(s) directly in charge and the other person(s) directly responsible; and (iii) when refusing to make corrections or under certain serious circumstances, a fine between RMB1,000,000 and RMB10,000,000, order to suspend relevant business, suspending business to make rectifications, revoking relevant business permits or licenses, and a fine between RMB100,000 and RMB1,000,000 on the person(s) directly in charge and the other person(s) directly responsible.

As of the date of this prospectus, we have not been informed by any relevant PRC governmental authorities that our services are deemed to be provided to any CIIOs, nor have we been identified as a CIIO by any relevant PRC governmental authorities. As of the date of this prospectus, we have not been informed that we are a "data handler" carrying out data processing activities that affect or may affect national security by any governmental authorities, but it is uncertain whether we would be categorized as such under laws of mainland China. As of the date of this prospectus, we have not been involved in any investigations or become subject to a cybersecurity review initiated by any regulatory authorities based on the Review Measures, and we have not received any warning or sanctions in such respect or any regulatory objections to this offering from any regulatory authorities. As advised by our PRC counsel, Han Kun Law Offices, we are not required to file for a cybersecurity review with the CAC given the facts that we possess personal information of less than one million individuals in the PRC.

However, because these regulatory actions are new, it is highly uncertain how soon legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, and the potential impact such modified or new laws and regulations will have on our daily business operation, the ability to accept foreign investments, or the ability to list our Class A ordinary shares on a U.S. or other foreign exchange. In anticipation of the strengthened implementation of cybersecurity laws and regulations and the continued expansion of our business, it remains unclear whether we or other operators we provide services to may be identified as a CIIO under the PRC cybersecurity laws and regulations, and whether we would be required to follow cybersecurity review procedures. There can be no assurance that we would be able to complete the applicable cybersecurity review procedures in a timely manner, or at all, if we are required to follow such procedures in the future. Any failure or delay in the completion of the cybersecurity review procedures or any other non-compliance or perceived non-compliance with the *Cyber Security Law* or related regulations may prevent us from using or providing certain network products and services, and may result in fines or other penalties such as making certain required rectification, suspending our related business, closing our website or taking down our operations and reputational damages or proceedings or actions against us by PRC regulatory authorities, customers or others, which may have a material adverse effect on our business, operation, or financial conditions. See "Risk Factors — Risks Relating to Doing Business in Hong Kong and Mainland China — Our headquarter is in Hong Kong with limited operations in mainland China. However, due to the long arm provisions under the current laws and regulations of mainland China, the government of mainland China may exert substantial influence and discretion over the conduct of our business and may intervene in or influence our operations at any time. If we were to become subject to such direct influence and discretion, it may result in a material change in our operations and/or the value of our Class A ordinary shares, which would materially affect the interest of the investors."

In the future, if we and/or our subsidiaries are required to obtain any permission or approval from or complete any filing procedure with the CSRC, the CAC, or other PRC governmental authorities in connection with this offering under the PRC law, we and/or our subsidiaries may be fined or subject to other sanctions, and our subsidiaries' business and our reputation, financial condition, and results of operations may be materially and adversely affected. Any actions by the PRC government to exert more influence and control over offerings (including businesses whose primary operations are in Hong Kong) that are conducted overseas and/or foreign investments in Hong Kong-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our Class A ordinary shares to significantly decline or be worthless. See "Risk Factors — Risks Relating to Doing Business in Hong Kong and Mainland China — Substantial uncertainties and restrictions with respect to the political and economic policies of the PRC government, as well as PRC laws and regulations, could have a significant impact on the business that we conduct in Hong Kong. Any actions by the PRC government to exert more oversight and control over overseas offerings and/or foreign investment in China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless."

As a holding company, the Parent may rely on dividends from our subsidiaries for our cash requirements, including any payment of dividends to our shareholders. The ability of our subsidiaries to pay dividends to the Parent, however, may be restricted by the debt they incur on their own behalf and/or laws and regulations applicable to them. PRC regulations may restrict the ability of our subsidiaries in mainland China to pay dividends to us. Currently, there are no significant restrictions of transferring funds between the Cayman Islands holding company and its subsidiaries in Hong Kong, Taiwan, Macau, Japan, South Korea, Singapore, Malaysia, Thailand, Vietnam, and Indonesia, and there are no significant restrictions on foreign exchange or our ability to transfer cash between entities within our group, across borders, or to U.S. investors; however, if certain PRC laws and regulations, including existing laws and regulations and those enacted or promulgated in the future, were to become applicable to our operating subsidiary in Hong Kong, and to the extent our cash or assets in the business is in Hong Kong or a Hong Kong entity, such funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations by the PRC government on our and our operating subsidiaries' ability to transfer funds or assets. See "Risk Factors — Risks Relating to Doing Business in Hong Kong and Mainland China — Our Hong Kong subsidiaries may be subject to restrictions on paying dividends or making other payments to us, which may restrict their ability to satisfy liquidity requirements, fund operations or for other use outside of Hong Kong, conduct business and pay dividends to holders of our Class A ordinary shares. Dividends payable to our foreign investors and gains on the sale of our shares of Class A ordinary shares by our foreign investors may become subject to tax by the PRC."

Cash may be transferred among the Parent and its subsidiaries in the following manner: (i) funds and offering proceeds from may be transferred as equity investments and/or intercompany loans from the Parent (a) to our subsidiaries; and (ii) cash may be transferred through our organization by way of intra-group borrowings and/or intra-group transactions, as the case may be. In the fiscal years ended March 31, 2025 and 2024, and the six months ended September 30, 2025 and 2024, and as of the date of this prospectus, we recorded aggregate cash transfers comprising capital injections, intra-group borrowings, and profit remittances, amounting to approximately US$1.6 million, US$0.5 million, US$1.8 million, US$0.4 million and US$2.6 million, respectively.

We have established stringent controls and procedures for cash flows within our organization. Each transfer of cash among the Parent and its subsidiaries is subject to internal approval. Our finance manager manages and supervises the transfers of funds among the Parent and its subsidiaries with the guidance from the Fund Management Policy. Our finance manager closely monitors and manages the cash transfers through our organization by preparing regular reports and annual budget plans. Each transfer of cash between the Parent and a subsidiary is also subject to internal report and approval process by reference to such policy. The Parent has no plans to declare cash dividends in the near term, but as a holding company, it may depend on receipt of funds from one or more of its subsidiaries if it determines to pay cash dividends to holders of its Class A ordinary shares in the future. We do not have a regular dividend policy, and our board of directors has discretion as to whether to declare dividends, subject to certain requirements of Cayman Islands law. As of the date of this prospectus, the Parent has not declared or paid any dividends or distributions on equity to its shareholders. See "Prospectus Summary — Cash Flows through Our Organization" for details.

On December 16, 2021, the Public Company Accounting Oversight Board, or the PCAOB, issued a report notifying the Securities Exchange Commission, or the "SEC", of its determination that it was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. Pursuant to the Holding Foreign Companies Accountable Act, as amended by the Consolidated Appropriations Act, 2023, or the HFCAA, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for two consecutive years, the SEC will prohibit our Class A ordinary shares from being traded on a national securities exchange or in the over-the-counter trading market in the U.S. The delisting of our Class A ordinary shares, or the threat of them being delisted, may materially and adversely affect the value of your investment. These risks could result in a material adverse change in our operations and the value of our Class A ordinary shares, significantly limit or completely hinder our ability to offer or continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless. Our audit firm, MaloneBailey, LLP, or MaloneBailey, an independent registered public accounting firm headquartered in Houston, Texas with offices in Beijing, Shenzhen and Tokyo that issues the audit report included elsewhere in this prospectus, is a public accounting firm registered with the PCAOB and has been subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. MaloneBailey has been inspected by the PCAOB on a regular basis and was not subject to the determination announced by the PCAOB on December 16, 2021. On December 15, 2022, the PCAOB issued a report that vacated its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. Each year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other jurisdictions. If the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting firms in mainland China and Hong Kong, among other jurisdictions, and if we use an accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the filing of the annual report on Form 20-F for the relevant fiscal year. There can be no assurance that we would not be identified as a Commission-Identified Issuer for any future fiscal year, and if we were so identified for two consecutive years, we would become subject to the prohibition on trading under the HFCAA. See "Risk Factors — Risks Relating to Doing Business in Hong Kong and Mainland China — Our Class A ordinary shares may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate our auditors. The delisting of our Class A ordinary shares, or the threat of their being delisted, may materially and adversely affect the value of your investment" for a detailed discussion.

See "Risk Factors" beginning on page 14 to read about factors you should consider before buying our Class A ordinary shares.

**PRICE US$ PER SHARE**

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| | | |
|:---|:---|:---|
|  | **Per** **Share** | **Total** |
| Public offering price | US$ | US$ |
| Underwriting discounts and commissions<sup>(1)(2)</sup> | US$ | US$ |
| Proceeds, before expenses, to us | US$ | US$ |

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(1) We
 have agreed to pay the underwriters a discount equal to 7.5% of the gross proceeds of the offering, provided that for investors
 introduced by us that subscribed for Class A ordinary shares through the underwriters, such discount shall be reduced to 4.5%.
 The table above assumes that the underwriters do not exercise their over-allotment option.

(2) Does
 not include a non-accountable expense allowance of US$ ,
 equal to 1.0% of the gross proceeds of this offering, payable to the underwriters. For a description of other terms of
 compensation payable to the underwriters, see "Underwriting."

The underwriters have a 30-day option to purchase up to an additional 468,750 Class A ordinary shares from us at the initial public offering price less the underwriting discounts and commissions, solely to cover over allotments, if any. If the underwriters exercise the option in full, the total underwriting discounts payable will be US$ and the total proceeds to us, before expenses, will be US$ .

***Neither the Securities and Exchange Commission nor any state securities regulators 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.***

The underwriters expect to deliver the Class A ordinary shares against payment in U.S. dollars in New York, NY on or about , 2026.

**Maxim Group LLC**

The date of this prospectus is , 2026

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [PROSPECTUS SUMMARY](#cr_001) | 1 |
| [THE OFFERING](#cr_002) | 12 |
| [SUMMARY CONSOLIDATED FINANCIAL DATA](#cr_003) | 13 |
| [RISK FACTORS](#cr_004) | 14 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA](#cr_005) | 56 |
| [USE OF PROCEEDS](#cr_006) | 57 |
| [DIVIDEND POLICY](#cr_007) | 58 |
| [CAPITALIZATION](#cr_008) | 59 |
| [DILUTION](#cr_009) | 60 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#cr_010) | 61 |
| [CORPORATE HISTORY AND STRUCTURE](#cr_011) | 63 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#cr_012) | 64 |
| [MARKET OPPORTUNITIES](#cr_014) | 85 |
| [BUSINESS](#cr_015) | 92 |
| [REGULATIONS](#cr_016) | 110 |
| [MANAGEMENT](#me_001) | 114 |
| [PRINCIPAL SHAREHOLDERS](#me_002) | 119 |
| [RELATED PARTY TRANSACTIONS](#me_003) | 120 |
| [DESCRIPTION OF SHARE CAPITAL](#me_004) | 121 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#me_005) | 129 |
| [TAXATION](#me_006) | 130 |
| [UNDERWRITING](#me_007) | 135 |
| [EXPENSES RELATED TO THIS OFFERING](#me_008) | 146 |
| [LEGAL MATTERS](#me_009) | 147 |
| [EXPERTS](#me_010) | 148 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#me_011) | 149 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#vv_001) | F-1 |

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**No dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the Class A ordinary shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the Class A ordinary shares.**

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

Until 2026 (the 25th day after the date of this prospectus), all dealers that buy, sell or trade our Class A ordinary shares, whether or not participating in this offering, may be required to deliver a prospectus. This 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.

**PROSPECTUS SUMMARY**

*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements appearing elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our Class A ordinary shares discussed under "Risk Factors" and information contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations" before deciding whether to buy our Class A ordinary shares. This prospectus contains information from an industry report commissioned by us and prepared by Frost & Sullivan, a third-party market research firm, regarding our industry and market position in China. As used in this prospectus, "we," "us," "our company," and "our," refer to AsiaPac AdTechinno Group Limited and its subsidiaries.*

**Our Mission**

We are committed to empowering brand owners on their digital journey to achieve ambitious business goals and acquiring, retaining and growing clients via online channels, including search engines, social media, websites, mobile applications, connected TV, digital out-of-home and audio, with advanced digital marketing technology solutions and outstanding services. We endeavor to adopt cross-border digital marketing strategy to build global footprints for companies based in Asia-Pacific and help international companies enter Asia-Pacific markets with our data and audience-driven inbound digital marketing strategy.

**Overview** 

Headquartered in Hong Kong, we are an AI-driven omnichannel digital marketing technology company, providing integrated cross-border performance-based digital marketing solutions and services and marketing AI SaaS platforms. Founded in 1996, we have expanded our global footprints through 14 local offices across 11 Asia-Pacific countries and regions, including Hong Kong, Taiwan, Macau, Mainland China, Japan, South Korea, Singapore, Malaysia, Thailand, Vietnam, and Indonesia. In 2018, we started to develop marketing AI SaaS platforms and leverage these intelligent platforms to provide comprehensive digital marketing solutions for global customers' business growth. According to Frost & Sullivan, we are a leading AI-driven omnichannel digital marketing technology company in Asia-Pacific, and were the largest digital marketing solutions provider in Hong Kong in terms of revenue in 2024.

We primarily generate revenues from rendering AI-driven digital marketing solutions and marketing SaaS platforms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Digital marketing solutions*, which
 primarily include marketing solutions for our customers' inbound and outbound marketing activities. Our customers typically
 include global and local brand owners. For our advertisement solution services, we provide a comprehensive range of data-driven,
 tailor-made marketing solutions through the delivery of campaign key performance indicators (e.g., spending, number of clicks,
 impressions, true views, etc.) and charge service fees; while for account top-up services, we facilitate customer account top-ups
 by charging service fees.

(ii) *SaaS platforms*,
which primarily include subscription fees and service charges for using advanced features on our SaaS platforms. Our customers typically
include brand owners, content creators and marketing agents. We have launched (a) OptAdEasy, an AI-powered cross-channel advertising
management platform, (b) KOOLER AI, an AI-driven influencer management platform, and (c) Kolsify, a go-to AI platform for avatar and
content creation, all of which are aimed to enable effective and efficient marketing management for different scenarios.

The success of our solutions and services is evidenced by our strong, diverse and loyal customer base from a broad range of industry verticals, including banking and finance, travel, hospitality and property, fashion and accessories, beauty and skincare, healthcare, retail and food, homeware and household, FMCG, arts and entertainment, education, technology and software, automotive. For the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024, we provided digital marketing solutions to 1,124, 1,170, 1,153 and 993 customers, respectively, with average revenue per advertising customer amounting to US$34,642, US$29,158, US$21,655 and US$18,127, respectively. Among these customers, 37.7%, 35.3%, 23.9% and 20.9% were new customers for the respective period, while 62.3%, 64.7%, 76.1% and 79.1% were renewing customers. As a result, we have achieved steady growth over years of operations. Our revenues amounted to US$38.9 million, US$34.1 million, US$25.0 million and US$18.0 million for the fiscal year ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024, respectively.

**Our Strengths** 

We believe the following strengths have contributed to our success and differentiate us from others:

● A leading AI-driven omnichannel digital marketing technology company in Asia-Pacific and the largest digital marketing solutions provider in Hong Kong in terms of revenue in 2024

● Superior R&D capabilities embedding proprietary technologies in operations

● Strong track record of sustainable growth driven by a diverse, loyal customer base

● Extensive global supplier networks with strong localization capabilities

● Visionary global management team with extensive industry experience and proven track record of excellence

**Our Strategies** 

We intend to further grow our business by pursuing the following strategies:

● Continually invest in R&D and further optimize our AI features

● Further expand in Asia Pacific markets

● Retain and expand customer and user base to enable continuous up-selling and cross-selling

● Selectively pursue strategic investments, acquisitions, and partnership opportunities

**Market Opportunities** 

The Asia-Pacific ("APAC") digital marketing market was in an accelerated evolution phase from 2020 to 2024 characterized by integration-driven growth, diversified innovation and high expansion. Online and offline channels are undergoing deep convergence and digital transformation. According to Frost & Sullivan, the market size reached US$347.2 billion in 2024 with a CAGR of 11.4% from 2020 and it is expected to reach US$564.1 billion in 2029 at a CAGR of 10.2% from 2024.

Across APAC markets, while online marketing continues to develop robustly, offline marketing channels are concurrently undergoing accelerated digital transformation and programmatic evolution, with traditional offline marketing channels such as Out-of-Home Advertising (OOH) and in-store promotions being re-engineered through data-led automation and real-time decision-making, thereby aligning advertisement placement, audience targeting, and effect evaluation more closely with the precision of digital advertising. The online marketing sector in Asia-Pacific region has grown rapidly over the past few years and is now one of the most vibrant markets in the world, with the market size steadily growing from approximately US$172.5 billion in 2020 to approximately US$289.0 billion in 2024, with an impressive CAGR of approximately 13.8% over this period. By 2029, the market is expected to further surge to approximately US$488.0 billion. In addition, the Asia-Pacific region marketing SaaS market is expanding at a rapid pace. From 2020 to 2024, the marketing SaaS market in Asia-Pacific soared from approximately US$5.5 billion to approximately US$11.5 billion, with a robust CAGR of approximately 20.3%. The market size is projected to further increase, reaching approximately US$23.4 billion by 2029.

The increasingly competitive market environment, driven in part by the proliferation of emerging brands, has compelled advertisers to refine their marketing strategies in response to evolving consumer behavior. In response to consumers' heightened sensitivity to value and quality, advertisers are adopting more strategic approaches, ranging from broad-based campaigns to precision marketing strategies that emphasize niche markets, well-defined consumer segments, and context-specific scenarios.

**Corporate History and Structure**

We commenced our business in 1996, through Advance Leader International Limited, which had changed its legal name to AsiaPac Net Magazine Limited in July 1996, and further to AsiaPac Net Media Limited in September 1998. The following is a summary of our key business milestones:

---

| | |
|:---|:---|
| **Year** | **Milestone** |
| 2005 | We started to provide all-arounded digital marketing solutions. |
| 2013 | We started to provide digital marketing solutions in Taiwan. |
| 2018 | We started to develop marketing AI SaaS platforms. |
| 2025 | We launched SaaS platforms, including KOOLER AI in May 2025, OptAdEasy in July 2025, Kolsify in September 2025. |

---

To facilitate our offshore financing, in June 2025, we incorporated AsiaPac AdTechinno Group Limited, or the Parent, under the laws of the Cayman Islands as our offshore holding company. In July 2025, through the Parent, we established AsiaPac AdTechinno Investment Limited ("AsiaPac BVI"), a wholly-owned subsidiary in the British Virgin Islands. In July 2025, AsiaPac Net Media Limited ("AsiaPac HK") allotted and issued 9,700 ordinary shares to AsiaPac BVI, whereby AsiaPac BVI acquired 97% of the equity interests in AsiaPac HK. In October 2025, AsiaPac BVI acquired the remaining 3% equity interests held by the three individual shareholders including Mr. Chan Chor Koon, Ms. Chong Siu Nuen and Mr. Chan Chor Wai in AsiaPac HK, resulting in AsiaPac BVI holding 100% of the equity interests in AsiaPac HK.

For additional information on our corporate history and reorganization, please see Note 1 to our consolidated financial statements included elsewhere in this prospectus.

The following diagram illustrates our corporate structure, including our subsidiaries, as of the date of this prospectus:

![](formdrsa_001.jpg)

Note:

(1) AsiaPac
 Net Media Limited Taiwan Branch is not an independent legal entity but an extension of AsiaPac Net Media Limited in
 Taiwan.

The following diagram illustrates our corporate structure, including our principal subsidiaries, following the completion of this offering:

![](formdrsa_002.jpg)

Note:

(1) AsiaPac Net Media Limited Taiwan Branch is not an independent legal entity but an extension
 of AsiaPac Net Media Limited in Taiwan.

AsiaPac AdTechinno Group Limited, or the Parent, is not a Chinese operating company but a Cayman Islands holding company with operations conducted by its subsidiaries. Our business operations are conducted primarily through the operating subsidiaries in Hong Kong, Taiwan, Macau, Japan, South Korea, Singapore, Malaysia, Thailand, Vietnam, Indonesia and mainland China. Our corporate structure does not involve any variable interest entities in China. Investors purchasing our Class A ordinary shares in this initial public offering are purchasing equity securities of the Cayman Islands holding company and are not purchasing equity securities of our operating subsidiaries. Such structure involves unique risks to investors, as the PRC government may exercise significant influence and discretion over the conduct of our business and may intervene in or influence our operations at any time. If certain PRC laws and regulations, including existing laws and regulations and those enacted or promulgated in the future, were to become applicable to our operating subsidiary in Hong Kong, and to the extent our cash or assets in the business is in Hong Kong or a Hong Kong entity, such funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations by the PRC government on our and our operating subsidiaries' ability to transfer funds or assets. See "Risk Factors — Risks Relating to Doing Business in Hong Kong and Mainland China — Our headquarter is in Hong Kong with limited operations in mainland China. However, due to the long arm provisions under the current laws and regulations of mainland China, the government of mainland China may exert substantial influence and discretion over the conduct of our business and may intervene in or influence our operations at any time. If we were to become subject to such direct influence and discretion, it may result in a material change in our operations and/or the value of our Class A ordinary shares, which would materially affect the interest of the investors."

**Summary of Risk Factors**

Investing in our Class A ordinary shares involves significant risks. You should carefully consider all of the information set forth in this prospectus before making an investment in our Class A ordinary shares. Below is a summary of the principal risks we face, organized under relevant headings. Legal risks associated with being based in and having operations in Hong Kong and Mainland China are discussed in relevant risk factors under "Risk Factors — Risks Relating to Doing Business in Hong Kong and Mainland China." These risks are discussed more fully in the section titled "Risk Factors."

***Risks Relating to Our Business and Industry***

Risks and uncertainties relating to our business and industry include, but are not limited to, the following:

● We have experienced fluctuation in growth in recent periods, and our historical growth rates may not be indicative of our future growth;

● If we do not effectively manage our costs and expenses, we may not be able to sustain our profitability, and our financial results will be materially and adversely affected;

● Failure to retain existing customers or attract new ones could adversely impact our business and results of operations;

● We may be dependent on a limited number of suppliers and any disruption to the relationships with the major suppliers may have material adverse effects on our business;

● The content distribution channel is varied and intricate, loss of any content distribution channel and changes in the contract terms with any content distribution channel may materially and adversely affect our business and results of operations;

● We utilize local partners to provide our solutions and services. If we are unable to develop and maintain successful relationships with our local partners, our business, operating results, and financial condition could be adversely affected. Local partner's misconduct, noncompliance and omissions may also affect our business and reputations;

● The digital marketing industry in Asia-Pacific is highly fragmented and intensely competitive. In addition, independent digital marketing technology companies face competitive pressure from well-established internet companies, marketing agencies and traditional media;

● If digital marketing solutions do not achieve widespread market acceptance, our business, growth prospects and results of operations would be materially and adversely affected;

● Changes in Internet search engine algorithms and dynamics could have a negative impact on traffic for our solutions and ultimately, our business and results of operations;

● Our ability to collect and use data from various sources could be restricted;

● Blocking or deletion of cookies or other modifications to privacy settings on PCs and mobile devices could impair our data collection and effectiveness of our solutions;

● Regulatory, legislative or self-regulatory developments for online businesses, including privacy and data protection regimes, are expansive, not clearly defined and rapidly evolving. These laws and regulations could create unexpected costs, subject us to enforcement actions for compliance failures, or restrict portions of our business or cause us to change our technology platform or business model;

● We are subject to, and may expend significant resources in defending against, government actions and civil claims in connection with false, fraudulent, misleading or otherwise illegal marketing content for which we provide design, production or agency services;

● Failure to maintain the quality of our digital marketing solutions and services may materially and adversely impact our business and financial condition;

● If we fail to maintain the technical competitive edge of our technologies in integrating AI algorithms, machine learning and data analytics, our business may be materially and adversely affected;

● If we fail to introduce new solutions or services or improve and enhance the functionality, performance, reliability, design, security and scalability of our existing solutions, services and platforms to keep up with the changing requirements of customers, or new business models of our industries, our business, financial condition and results of operations could be materially and adversely affected;

● We co-developed our SaaS platforms with a local research institution in Hong Kong, and any disruption to the relationships with such independent third party may have material adverse effects on our business.

● If our SaaS platforms contain serious errors or defects, we may lose our sources of revenue and our customers may lose confidence in our solutions and services. In addition, we may incur significant costs defending or settling claims with our customers as a result of such serious break-down, errors or defects;

● Failures or disruption in any systems, software or hardware infrastructure supporting our solutions and SaaS platforms could significantly disrupt our operation and cause us to lose customers or partners;

● If we are unable to protect our proprietary information or other intellectual property, our business could be adversely affected; and

● Our business may suffer if it is alleged or determined that our technologies or any other aspects of our business infringe on the intellectual property rights of others.

● If sources from which we obtain information limit our access to such information or charge fees for accessing such information, or our information obtaining practices are regarded as unlawful, our business could be materially and adversely harmed.

***Risks Relating to Doing Business in Hong Kong and Mainland China***

Our substantive operations are based in Hong Kong with limited operations in mainland China. We face various legal and operational risks and uncertainties related to our corporate structure and being based in and having the majority of our operations in Hong Kong, and therefore are subject to certain legal and operational risks associated with doing business in China generally. Risks and uncertainties related to doing business in Hong Kong and mainland China could result in a material adverse change in our operations, significantly limit or completely hinder our ability to complete this offering or continue to offer securities to investors, and cause the value of such securities to significantly decline or become worthless. Such risks and uncertainties include, but not limited to, the following:

● The majority of our operations are in Hong Kong, a special administrative region of the PRC. Due to the long-arm application of the current PRC laws and regulations, the PRC government may exercise significant direct oversight and discretion over the conduct of our business and may intervene 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. The market prices of our Class A ordinary shares could be adversely affected as a result of anticipated negative impacts of any such government actions, as well as negative investor sentiment towards Hong Kong-based companies subject to direct PRC government oversight and regulation, regardless of our actual operating performance. There can be no assurance that the PRC government would not exert more oversight over our operations at any time. In addition, the PRC legal system is evolving rapidly and the PRC laws, regulations, and policies may change quickly with little advance notice. See "Our headquarter is in Hong Kong with limited operations in mainland China. However, due to the long arm provisions under the current laws and regulations of mainland China, the government of mainland China may exert substantial influence and discretion over the conduct of our business and may intervene in or influence our operations at any time. If we were to become subject to such direct influence and discretion, it may result in a material change in our operations and/or the value of our Class A ordinary shares, which would materially affect the interest of the investors;"

● Our business operations may be adversely affected by the current and future political environment in the PRC. The interpretations of many laws, regulations and rules may not always be uniform and the enforcement of these laws, regulations and rules may involve uncertainties. Our ability to operate in Hong Kong or conduct overseas offerings may be harmed by these changes in its laws and regulations, including those relating to taxation, import and export tariffs, healthcare regulations, environmental regulations, land use and property ownership rights, and other matters. There are substantial uncertainties regarding the interpretation and application of PRC laws and regulations. Although the PRC government has been pursuing economic reform policies for decades, the PRC government continues to exercise significant control over economic growth in the PRC through the allocation of resources, controlling payments of foreign currency, setting monetary policy and imposing policies that impact particular industries in different ways. See "Substantial uncertainties and restrictions with respect to the political and economic policies of the PRC government, as well as PRC laws and regulations, could have a significant impact on the business that we conduct in Hong Kong. Any actions by the PRC government to exert more oversight and control over overseas offerings and/or foreign investment in China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless;"

● Because some of the laws, rules and regulations in China are evolving, and because of the nonbinding nature of court decisions, we cannot predict how these laws, rules and regulations will be interpreted and enforced, which may affect our judgment on the relevance of legal requirements and our ability to enforce our contractual rights or tort claims. In addition, published laws and regulations may not be able to codify all policies and practices of various governmental agencies in China in a timely manner. As a result, we may also need to adjust our operations from time to time following guidance provided by competent governmental agencies to us, and we may be found in violation and be subject to penalties for any historical or ongoing non-compliances. In addition, administrative and court proceedings in China may be time-consuming, resulting in additional costs and diversion of resources and management attention. See "Changes and developments in the legal system and the interpretation and enforcement of PRC laws, rules and regulations in China may subject us to uncertainties;"

● Currently, Hong Kong has a separate legal system from mainland China, and it has its legislative framework and judiciary independent of that of the PRC government. Nonetheless, the recent regulatory developments in China, in particular with respect to restrictions on China-based companies raising capital offshore, may lead to additional regulatory review in China over our financing and capital raising activities in the United States. See "Adverse regulatory developments in China may subject us to additional regulatory review, and additional disclosure requirements and regulatory scrutiny in response to risks related to recent regulatory developments in China may impose additional compliance requirements for companies like us with Hong Kong-based operations, all of which could increase our compliance costs and subject us to additional disclosure requirements;"

● Recently, the PRC government announced that it would step up supervision of Chinese firms listed offshore. Under the new measures, China will increase regulation of cross-border data flows and security, crack down on illegal activity in the securities market and punish fraudulent securities issuance, market manipulation and insider trading. China will also check sources of funding for securities investment and control leverage ratios. The CAC has also opened a cybersecurity probe into several large U.S.-listed technology companies focusing on anti-monopoly, financial technology regulation and more recently, with the passage of the Data Security Law, how companies collect, store, process and transfer data. Further, given the PRC government's significant oversight and discretion over the conduct of our business operations in Hong Kong, the PRC government may intervene or influence our operations at any time, which could result in a material change in our operations and consequently, the value of our Class A ordinary shares. See "The recent spate of government interference by the PRC government into business activities of U.S. listed Chinese companies may negatively impact our operations, value of our securities and/or significantly limit or completely hinder our ability to offer future securities to investors and cause the value of such securities to significantly decline or be worthless;"

● The PRC government may exercise oversight and regulatory authority over our business operations in China, which could result in a material adverse change in our operations in China and the value of our securities;

● Compliance with Hong Kong's Personal Data (Privacy) Ordinance and any other existing or future data privacy related laws, regulations and governmental orders may entail significant expenses and could materially affect our business. See "We may be subject to laws and regulations regarding data protection in Hong Kong, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations;"

● If certain PRC laws and regulations, including existing laws and regulations and those enacted or promulgated in the future, were to become applicable to our operating subsidiaries in Hong Kong, and to the extent our cash or assets in the business is in Hong Kong or a Hong Kong entity, such funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations by the PRC government on our and our operating subsidiaries' ability to transfer funds or assets. See "Our Hong Kong subsidiaries may be subject to restrictions on paying dividends or making other payments to us, which may restrict their ability to satisfy liquidity requirements, fund operations or for other use outside of Hong Kong, conduct business and pay dividends to holders of our Class A ordinary shares. Dividends payable to our foreign investors and gains on the sale of our shares of Class A ordinary shares by our foreign investors may become subject to tax by the PRC;

● Our Class A ordinary shares may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate our auditors. The delisting of our Class A ordinary shares, or the threat of their being delisted, may materially and adversely affect the value of your investment;

● Because our substantive operations are based in Hong Kong with limited operations in mainland China, we are subject to the laws, regulations and policies of the Hong Kong government as well as the influence of the PRC government. Our ability to operate in Hong Kong and mainland China may be harmed by changes in its laws and regulations, including those relating to taxation, environmental regulations, land use rights, property and other matters. See "If we become directly subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed Chinese companies, we may have to expend significant resources to investigate and resolve the matter, which could harm our business operations 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;" and

● It may be difficult for shareholders to enforce any judgment obtained in the United States against us, which may limit the remedies otherwise available to our shareholders.

For a more detailed discussion, see "RISK FACTORS — *Risks Relating to Doing Business in Hong Kong and Mainland China*" from pages 38 to 47.

***Risks Relating to Our Class A Ordinary Shares and This Offering***

In addition to the risks described above, we are subject to the following risks relating to our Class A ordinary shares and this offering, including, but not limited to, the following:

● We may not be able to satisfy the listing requirements of the Nasdaq Stock Market or obtain or maintain a listing of our Class A ordinary shares on the Nasdaq Stock Market;

● An active trading market for our Class A ordinary shares may not develop and the trading price for our Class A ordinary shares may fluctuate significantly;

● The trading price of our Class A ordinary shares could be subject to rapid and substantial volatility, which could result in substantial losses to investors;

● We are an emerging growth company within the meaning of the Securities Act of 1933 and may take advantage of certain reduced reporting requirements. We cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Class A ordinary shares less attractive to investors;

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

● We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies;

● The sale or availability for sale of substantial amounts of our Class A ordinary shares could adversely affect their market price;

● Techniques employed by short sellers may drive down the market price of our Class A ordinary shares;

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

● Our dual-class voting structure may render our Class A ordinary shares ineligible for inclusion in certain stock market indices, and thus adversely affect the trading price and liquidity of our Class A ordinary shares; and

● We will be a "controlled company" within the meaning of the Nasdaq Stock Market listing rules and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.

**Regulatory Permissions for This Offering**

***Permissions and Licenses Required for Our Operations***

Our operations in China are mainly conducted through our operating subsidiary in Hong Kong, or the Hong Kong subsidiary. We have no substantive business operation in mainland China through our PRC operating subsidiaries, save for AsiaPac Net Technology (Shenzhen) Limited acting as an advertising service provider that places advertisements on third-party platforms for a limited number of clients. As advised by our PRC counsel, Han Kun Law Offices, as of the date of this prospectus, other than the business licenses currently held by our PRC subsidiaries, we are not required to hold any particular licenses, permits and approvals to be issued by the PRC government in connection with our business operation under PRC laws and regulations. As advised by our counsel as to Hong Kong law, DLA Piper Hong Kong, as of the date of this prospectus, (i) we had complied with the requisite regulatory filing with the Hong Kong government authorities for our business operations in Hong Kong, including but not limited to the annual filings and renewal of business registration with the Hong Kong Registrar of Companies and the Inland Revenue Department, in all material respects and (ii) there are no laws or regulations currently effective in Hong Kong necessitating regulatory filings or approvals from the regulators in Hong Kong to complete this offering. However, given the changes of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, and the promulgation of new laws and regulations and amendment to the existing ones, we may be required to obtain additional licenses, permits, registrations, filings or approvals for our business operations in the future. We cannot assure you that we will be able to obtain, in a timely manner or at all, or maintain such licenses, permits or approvals, and we may also inadvertently conclude that such permissions or approvals are not required.

Any lack of or failure to maintain requisite approvals, licenses or permits applicable to us may have a material adverse impact on our business, results of operations, financial condition and prospects and cause the value of any securities we offer to significantly decline or become worthless. For details, see "Risk Factors — Risks Relating to Our Business and Industry — If we fail to comply with legal or regulatory requirements or obtain the requisite approvals, licenses or permits applicable to our business, it may have a material adverse effect on our business and results of operations."

***Permissions Required for This Offering***

On August 30, 2024, the State Council issued the Regulations for the Administration of Network Data Security (the "Network Data Security Regulations"), which became effective on January 1, 2025. The Network Data Security Regulations, specifies the obligations of network platform service providers, third-party product and service providers, intelligent terminals pre-installed with applications and other equipment manufacturers to protect network data security, and requires network platform service providers providing application distribution service to establish application verification rules and carry out relevant verification of network data security. On December 28, 2021, the CAC and other 12 PRC regulatory authorities jointly revised and promulgated the Cybersecurity Review Measures (2022 version) (the "Review Measures"), which became effective on February 15, 2022. According to the Review Measures, critical information infrastructure operators, or CIIOs, that purchase network products and services, and network platform operators engaging in data processing activities that affect or may affect national security are subject to cybersecurity review. In addition, the relevant regulatory authorities are still entitled to impose security reviews on network products and services that are deemed capable of affecting national security. The network platform operators who possess personal information of more than one million users and intend to be listed at a foreign stock exchange must be subject to the cybersecurity review. CIIOs and network platform operators may voluntarily file for a cybersecurity review with the CAC prior to purchasing network products and services if they deem their behavior affects or may affect national security based on self-assessment and self-evaluation. Notwithstanding the voluntary filing, the relevant authorities are entitled to initiate cybersecurity reviews accordingly. Failure to comply with the requirements of cybersecurity review would receive the following penalties: (i) order for corrections and warnings by competent authorities; (ii) a fine between RMB100,000 and RMB1,000,000, and a fine between RMB10,000 and RMB100,000 on the person(s) directly in charge and the other person(s) directly responsible; and (iii) when refusing to make corrections or under certain serious circumstances, a fine between RMB1,000,000 and RMB10,000,000, order to suspend relevant business, suspending business to make rectifications, revoking relevant business permits or licenses, and a fine between RMB100,000 and RMB1,000,000 on the person(s) directly in charge and the other person(s) directly responsible.

As of the date of this prospectus, we have not been informed by any relevant PRC governmental authorities that our services are deemed to be provided to any CIIOs, nor have we been identified as a CIIO by any relevant PRC governmental authorities. As the data of this prospectus, we have not been informed that we are a "data handler" carrying out data processing activities that affect or may affect national security by any governmental authorities, but it is uncertain whether we would be categorized as such under laws of mainland China. As of the date of this prospectus, we have not been involved in any investigations or become subject to a cybersecurity review initiated by any regulatory authorities based on the Review Measures, and we have not received any warning or sanctions in such respect or any regulatory objections to this offering from any regulatory authorities. As advised by our PRC counsel, Han Kun Law Offices, we are not required to file for a cybersecurity review with the CAC given the facts that we possess personal information of less than one million individuals in the PRC.

However, because these regulatory actions are new, it is highly uncertain how soon legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, and the potential impact such modified or new laws and regulations will have on our daily business operation, the ability to accept foreign investments, or the ability to list our Class A ordinary shares on a U.S. or other foreign exchange. In anticipation of the strengthened implementation of cybersecurity laws and regulations and the continued expansion of our business, it remains unclear whether we or other operators we provide services to may be identified as a CIIO under the PRC cybersecurity laws and regulations, and whether we would be required to follow cybersecurity review procedures. There can be no assurance that we would be able to complete the applicable cybersecurity review procedures in a timely manner, or at all, if we are required to follow such procedures in the future. Any failure or delay in the completion of the cybersecurity review procedures or any other non-compliance or perceived non-compliance with the *Cyber Security Law* or related regulations may prevent us from using or providing certain network products and services, and may result in fines or other penalties such as making certain required rectification, suspending our related business, closing our website or taking down our operations and reputational damages or proceedings or actions against us by PRC regulatory authorities, customers or others, which may have a material adverse effect on our business, operation, or financial conditions. See "Risk Factors — Risks Relating to Doing Business in Hong Kong and Mainland China — Our headquarter is in Hong Kong with limited operations in mainland China. However, due to the long arm provisions under the current laws and regulations of mainland China, the government of mainland China may exert substantial influence and discretion over the conduct of our business and may intervene in or influence our operations at any time. If we were to become subject to such direct influence and discretion, it may result in a material change in our operations and/or the value of our Class A ordinary shares, which would materially affect the interest of the investors."

On February 17, 2023, the CSRC promulgated Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises, or the Trial Measures and the related guidelines, which became effective on March 31, 2023. The Trial Measures, which reformed the existing regulatory regime for overseas offering and listing of securities by PRC domestic companies and both direct and indirect overseas offering and listing of securities by PRC domestic companies, imposes a filing-based regulatory regime. According to the Trial Measures, if an issuer meets both of the following criteria, the overseas securities offering and listing conducted by such issuers shall be deemed as indirect overseas offering and listing, and filings with the CSRC pursuant to the Trial Measures' requirements shall be completed within three working days following its submission of application for an initial public offering or listing: (i) more than 50% of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent accounting year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in China, or its main places of business are located in China, or the senior managers in charge of its business operation and majority of the issuer's management are Chinese citizens or domiciled in China. As advised by our PRC counsel, Han Kun Law Offices, we do not meet the criteria for CSRC filing under the Trial Measures, on the basis that (i) we are not ultimately controlled by any mainland Chinese company or individual directly or indirectly; (ii) substantially all of our operating revenues, total profits, total assets or net assets documented in the audited consolidated financial statements for the most recent fiscal year are accounted for by subsidiaries outside of mainland China; and (iii) we primarily conduct our business outside mainland China and are headquartered in Hong Kong, and none of the member of our board of directors or our senior management team members in charge of our business operations or management are PRC citizens nor reside in mainland China.

In the future, if we are required to obtain any permission or approval from or complete any filing procedure with the CSRC, the CAC, or other PRC governmental under the PRC law, we may be fined or subject to other sanctions, and our business and reputation, financial condition, and results of operations may be materially and adversely affected. Any actions by the PRC government to exert more influence and control over offerings that are conducted overseas and/or foreign investments in Hong Kong-based issuers (including businesses whose operations are in Hong Kong) could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of its securities to significantly decline or be worthless. For a detailed description of the risks related to doing business in Hong Kong and our securities, see "Risk Factors — Risks Relating to Doing Business in Hong Kong and Mainland China — Our headquarter is in Hong Kong with limited operations in mainland China. However, due to the long arm provisions under the current laws and regulations of mainland China, the government of mainland China may exert substantial influence and discretion over the conduct of our business and may intervene in or influence our operations at any time. If we were to become subject to such direct influence and discretion, it may result in a material change in our operations and/or the value of our Class A ordinary shares, which would materially affect the interest of the investors."

Except as disclosed above, we have not been requested to obtain or denied any license or permission from any government authority in China in connection with our operations or this offering as of the date of this prospectus. However, the PRC regulatory authorities may adopt new laws, rules and regulations, or detailed implementation and interpretation of the current applicable PRC laws, rules and regulations, and we cannot assure you that the relevant PRC regulatory authorities would reach the same conclusion as us.

**Cash Flows through Our Organization**

As a holding company, the Parent may rely on dividends from its subsidiaries for cash requirements, including any payment of dividends to our shareholders. The ability of our subsidiaries to pay dividends to the Parent, however, may be restricted by the debt they incur on their own behalf and/or laws and regulations applicable to them. PRC regulations may restrict the ability of our subsidiaries in mainland China to pay dividends to us. Currently, there are no significant restrictions of transferring funds between the Parent and its subsidiaries in Hong Kong, Taiwan, Macau, Japan, South Korea, Singapore, Malaysia, Thailand, Vietnam, and Indonesia, and there are no significant restrictions on foreign exchange or our ability to transfer cash between entities within our group, across borders, or to U.S. investors; however, if certain PRC laws and regulations, including existing laws and regulations and those enacted or promulgated in the future, were to become applicable to our operating subsidiaries in Hong Kong, and to the extent our cash or assets in the business is in Hong Kong or a Hong Kong entity, such funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations by the PRC government on our and our operating subsidiaries' ability to transfer funds or assets. See "Risk Factors — Risks Relating to Doing Business in Hong Kong and Mainland China — Our Hong Kong subsidiaries may be subject to restrictions on paying dividends or making other payments to us, which may restrict their ability to satisfy liquidity requirements, fund operations or for other use outside of Hong Kong, conduct business and pay dividends to holders of our Class A ordinary shares. Dividends payable to our foreign investors and gains on the sale of our shares of Class A ordinary shares by our foreign investors may become subject to tax by the PRC."

Cash may be transferred among the Parent and its subsidiaries in the following manner: (i) funds and offering proceeds from may be transferred as equity investments and/or intercompany loans from the Parent to our subsidiaries; and (ii) cash may be transferred through our organization by way of intra-group borrowings and/or intra-group transactions, as the case may be. In the fiscal years ended March 31, 2025 and 2024, the six months ended September 30, 2025 and 2024, and as of the date of this prospectus, we recorded aggregate cash transfers comprising capital injections, intra-group borrowings, and profit remittances, amounting to approximately US$1.6 million, US$0.5 million, US$1.8 million, US$0.4 million, and US$2.6 million, respectively.

We have established stringent controls and procedures for cash flows within our organization. Each transfer of cash among the Parent and its subsidiaries is subject to internal approval. Our finance manager manages and supervises the transfers of funds among the Parent and its subsidiaries with the guidance from our Fund Management Policy. Our finance manager closely monitors and manages the cash transfers through our organization by preparing regular reports. Each transfer of cash between the Parent and a subsidiary is also subject to internal report and approval process by reference to such policy. We have no plans to declare cash dividends in the near term, but as a holding company, the Parent may depend on receipt of funds from one or more of its subsidiaries if it determines to pay cash dividends to holders of its Class A ordinary shares in the future. We do not have a regular dividend policy, and our board of directors has discretion as to whether to declare dividends, subject to certain requirements of Cayman Islands law. As of the date of this prospectus, the Parent has not declared or paid any dividends or distributions on equity to its shareholders.

Currently, there are no significant restrictions of transferring funds between the Parent and its subsidiaries in Hong Kong, Taiwan, Macau, Japan, South Korea, Singapore, Malaysia, Thailand, Vietnam, and Indonesia, and there are no significant restrictions on foreign exchange or our ability to transfer cash between entities within our group, across borders, or to U.S. investors; however, if certain PRC laws and regulations, including existing laws and regulations and those enacted or promulgated in the future, were to become applicable to our operating subsidiaries in Hong Kong, and to the extent our cash or assets in the business is in Hong Kong or a Hong Kong entity, such funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations by the PRC government on our and our operating subsidiaries' ability to transfer funds or assets. See "Risk Factors — Risks Relating to Doing Business in Hong Kong and Mainland China — Our Hong Kong subsidiaries may be subject to restrictions on paying dividends or making other payments to us, which may restrict their ability to satisfy liquidity requirements, fund operations or for other use outside of Hong Kong, conduct business and pay dividends to holders of our Class A ordinary shares. Dividends payable to our foreign investors and gains on the sale of our shares of Class A ordinary shares by our foreign investors may become subject to tax by the PRC."

Other than the cash dividend of approximately US$4.4 million declared by our subsidiary, AsiaPac HK, to its then shareholders in March 2025, we have not previously declared or paid cash dividends in the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and up to the date of this prospectus. We intend to retain most of our available funds and any future earnings after this offering and cash proceeds from overseas financing activities, including this offering, to fund the development and growth of our business. See "Risk Factors — Risks Relating to Our Class A Ordinary Shares and This Offering — Because we do not expect to pay dividends in the foreseeable future after this offering, you must rely on price appreciation of the Class A ordinary shares for return on your investment."

**The Holding Foreign Companies Accountable Act**

Pursuant to the HFCAA, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspections by the PCAOB for two consecutive years, the SEC will prohibit our Class A ordinary shares from being traded on a national securities exchange or in the over-the-counter trading market in the United States. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. The delisting of our Class A ordinary shares, or the threat of them being delisted, may materially and adversely affect the value of your investment. These risks could result in a material adverse change in our operations and the value of our Class A ordinary shares, significantly limit or completely hinder our ability to offer or continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless. Our audit firm, MaloneBailey, LLP, or MaloneBailey, an independent registered public accounting firm headquartered in Houston, Texas with offices in Beijing, Shenzhen and Tokyo that issues the audit report included elsewhere in this prospectus, is a public accounting firm registered with the PCAOB and has been subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess its compliance with the applicable professional standards. MaloneBailey has been inspected by the PCAOB on a regular basis and was not subject to the determination announced by the PCAOB on December 16, 2021. On December 15, 2022, the PCAOB issued a report that vacated its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. Each year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other jurisdictions. If the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting firms in mainland China and Hong Kong, among other jurisdictions, and if we use an accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the filing of the annual report on Form 20-F for the relevant fiscal year. There can be no assurance that we would not be identified as a Commission-Identified Issuer for any future fiscal year, and if we were so identified for two consecutive years, we would become subject to the prohibition on trading under the HFCAA. See "Risk Factors — Risks Relating to Doing Business in Hong Kong and Mainland China — Our Class A ordinary shares may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate our auditors. The delisting of our Class A ordinary shares, or the threat of their being delisted, may materially and adversely affect the value of your investment."

**Implications of Being an Emerging Growth Company**

As a company with less than US$1.235 billion in revenue for our last fiscal year, we qualify as an "emerging growth company" pursuant to the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements compared to those that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002, in the assessment of the emerging growth company's internal control over financial reporting. The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. We have elected to take advantage of such exemptions. As a result, our operating results and financial statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised accounting standards.

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

**Implications of Being a Foreign Private Issuer**

We are a "foreign private issuer" within the meaning of the rules under the Exchange Act. Accordingly, upon consummation of this offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. As such, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

● the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;

● certain rules under Section 16 of the Exchange Act establishing insider liability for profits realized from any "short-swing" trading transaction, and requiring principal shareholders who are not executive officers or directors to file public reports of their share ownership and trading activities under Section 16 of the Exchange Act; and

● the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We will cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of our executive officers or directors are U.S. citizens or residents, (ii) more than 50% of our assets are located in the United States or (iii) our business is administered principally in the United States.

In this prospectus, we have taken advantage of certain of the reduced reporting requirements as a result of being an emerging growth company and a foreign private issuer. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold equity securities.

In addition, as an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the corporate governance standards of the Nasdaq. We currently intend to follow Cayman Islands corporate governance practices in lieu of the corporate governance standards of the Nasdaq that listed companies must: (i) have a majority of independent directors, (ii) obtain shareholders' approval for issuance of securities in certain situations, and (iii) hold annual shareholders' meetings. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the corporate governance standards of the Nasdaq. See "Risk Factors — Risks Relating to Our Class A Ordinary Shares and This Offering — As an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices for corporate governance matters that differ significantly from the Nasdaq Stock Market corporate governance listing standards; these practices may afford less protection to shareholders than they would enjoy if we complied fully with the corporate governance listing standards."

**Implications** **of Being a Controlled Company**

Following the completion of this offering, our largest shareholder, Oriental Brilliance Investment Limited, in which our chairman of the board of directors and chief executive officer, Mr. Chan Chor Koon and our director and chief operating officer, Ms. Chong Siu Nuen, respectively own 50.0% and 50.0% of the equity interests, will beneficially own 58.2% of our then issued and outstanding Class A ordinary shares and 66.7% of our issued and outstanding Class B ordinary shares, which together will constitute 59.3% of our then issued and outstanding total share capital, and will be able to exercise 64.5% of the aggregate voting power of our then issued and outstanding share capital immediately after the consummation of this offering, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. Oriental Brilliance Investment Limited will have the ability to control or significantly influence the outcome of matters requiring approval by shareholders; however, the voting decisions with respect to the securities held by Oriental Brilliance Investment Limited are made by shareholders in accordance with its articles of association, and none of whom individually has the power to direct such decisions. As a result, we will be a "controlled company" as defined under the corporate governance rules of the Nasdaq Stock Market.

As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements, including:

● an exemption from the rule that a majority of our Board must be independent directors;

● an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and

● an exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

We do not currently plan to utilize the exemptions from certain corporate governance rules available for controlled companies after we complete this offering. If we cease to be a foreign private issuer or if we cannot rely on the home country governance practice exemptions for any reason, we may decide to invoke the exemptions available for a controlled company as long as we remain a controlled company. As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. For further information, see "Principal Shareholders" and "Risk Factors — Risks Relating to Our Class A Ordinary Shares and This Offering — We will be a "controlled company" within the meaning of the Nasdaq Stock Market listing rules and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies."

**Corporate Information**

AsiaPac AdTechinno Group Limited is an exempted company limited by shares incorporated under the laws of the Cayman Islands on June 30, 2025. Our registered office is located at the offices of Conyers Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1- 1111, Cayman Islands. Our principal executive offices are located at Unit A2-A6, 9/F, NCB Innovation Centre, 888 Lai Chi Kok Road, Lai Chi Kok, Kowloon Hong Kong. Our telephone number at this address is +852 2771 7595.

Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY 10168.

Investors should contact us for any inquiries through the address and telephone number of our principal executive office. Our principal website is *www.asiapacdigital.com*. The information contained on our website is not a part of this prospectus.

**Conventions That Apply to This Prospectus**

Except otherwise indicated or the context otherwise requires:

● "AI" refers to artificial intelligence;

● "CAC" refers to the Cyberspace Administration of China;

● "CAGR" refers to compound annual growth rate;

● "China" or the "PRC," in each case, refers to the People's Republic of China, including Hong Kong, Macau and Taiwan, and only in the context of referencing specific laws and regulations adopted by the PRC, excludes Hong Kong, Macau and Taiwan. The term "Chinese" has a correlative meaning for the purpose of this prospectus . For clarity purposes, legal and operational risks associated with us operating in China also apply to our operations in Hong Kong;

● "Class A ordinary shares" refer to the Class A ordinary shares of AsiaPac AdTechinno Group Limited, par value $0.0001 each;

● "Class B ordinary shares" refer to the Class B ordinary shares of AsiaPac AdTechinno Group Limited, par value $0.0001 each;

● "CSRC" refers to the China Securities Regulatory Commission;

● "FMCG" refers to fast moving consumer goods;

● "Frost & Sullivan" refers to Frost & Sullivan Limited;

● " Group" refers to the Company and its subsidiaries and affiliates;

● "Hong Kong" refers to Hong Kong Special Administrative Region in the PRC;

● "KOL" refers to key opinion leader;

● " KPI" refers to key performance indicator;

● "MOFCOM" refers to the Ministry of Commerce of the PRC;

● "MOP dollar" refers to legal currency of Macau;

● "Nasdaq" refers to The Nasdaq Stock Market LLC;

● "ordinary shares" refers to our Class A ordinary shares and Class B ordinary shares of AsiaPac AdTechinno Group Limited, par value of US$0.0001 each;

● "RMB" and "Renminbi" refers to the legal currency of mainland China;

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

● "SaaS" refers to software-as-a-service, a method of software delivery and licensing in which the software is accessed online via a subscription;

● "SCNPC" refers to the Standing Committee of the National People's Congress of the PRC;

● "SEC" refers to the Securities and Exchange Commission;

● "US$" and "U.S. dollars" refers to the legal currency of the United States;

● "USDC" refers to the stablecoin issued by Circle Internet Financial LLC;

● "USDT" refers to the stablecoin issued by Tether Limited;

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

● "we," "us," "our company," or "our" refers to AsiaPac AdTechinno Group Limited, a Cayman Islands exempted company with limited liability, and/or its subsidiaries.

Unless otherwise indicated, (a) information in this prospectus assumes that the underwriters do not exercise their over-allotment option to purchase additional Class A ordinary shares, and (b) references in this prospectus to this offering are to our offering of Class A ordinary shares pursuant to this prospectus.

Internet site addresses in this prospectus are included for reference only and the information contained in any website, including our website, is not incorporated by reference into, and does not form part of, this prospectus.

**Market and Industry Data**

This prospectus contains information derived from various public sources and certain information from an industry report commissioned by us and prepared by Frost & Sullivan, a third-party industry research firm, to provide information regarding our industry and market position. Such information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and reports. The industry in which we operate is subject to a high degree of uncertainty and risk due to variety of factors, including those described in "Risk Factors." These and other factors could cause results to differ materially from those expressed in these publications and reports.

Industry publications, research, surveys, studies and forecasts generally state that the information they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus. These forecasts and forward-looking information are subject to uncertainty and risk due to a variety of factors, including those described under "Risk Factors." These and other factors could cause results to differ materially from those expressed in the forecasts or estimates from independent third-parties and us.

**THE OFFERING**

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| | |
|:---|:---|
| Offering price per share | We expect the initial public offering price for the Class A ordinary shares will be between US$7.00 to US$9.00 per share. |
| Class A ordinary shares offered by us | 3,125,000 Class A ordinary shares (or 3,593,750 Class A ordinary shares if the underwriters exercise in full their option to purchase additional Class A ordinary shares). |
| Ordinary shares | Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share will be entitled to one (1) vote on all matters subject to a vote at general meetings of our company, and each Class B ordinary share shall be entitled to twenty (20) votes on all matters subject to a vote at general meetings of our Company. Each Class B ordinary share is convertible into one (1) Class A ordinary share at any time at the option of the holder thereof. Class A ordinary shares shall not be convertible into Class B ordinary shares under any circumstances.<br>The right to convert shall be exercisable by the holder of the Class B ordinary share delivering a written notice to us that such holder elects to convert a specified number of Class B ordinary shares into Class A ordinary shares. Any conversion of Class B ordinary shares into Class A ordinary shares may be affected by means of the redesignation and re-classification of each relevant Class B ordinary share as a Class A ordinary share. |
| Ordinary shares issued and outstanding immediately after this offering | 24,725,000 Class A ordinary shares (or 25,193,750 Class A ordinary shares if the underwriters exercise in full their option to purchase additional Class A ordinary shares) and 3,600,000 Class B ordinary shares. |
| Over-allotment Option | We have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase up to an aggregate of additional 468,750 Class A ordinary shares at the initial public offering price, less underwriting discounts and commissions, solely for the purpose of covering over-allotments. See the section headed "Underwriting" in this prospectus. |
| Listing | We have applied to have our Class A ordinary shares listed on the Nasdaq Global Market under the symbol "APAT." Our Class A ordinary shares will not be listed on any other stock exchange or traded on any automated quotation system. No assurance can be given that such a listing will be approved or that a liquid trading market will develop for our Class A ordinary shares. The approval of such a listing on the Nasdaq Global Market is a condition to complete this offering. |
| Proposed trading symbol | APAT. |
| Use of Proceeds | We estimate that we will receive net proceeds of approximately US$21.7 million from this offering, assuming an initial public offering price of US$8.00 per share, the mid-point of the estimated range of the initial public offering price, after deducting estimated underwriter discounts, commissions and estimated offering expenses payable by us.<br>We intend to use the net of proceeds of this offering for (i) investment in R&D and further optimization of our Al capabilities, (ii) retaining and expanding customer and user base, (iii) selectively pursuing strategic investments, acquisitions, and partnership opportunities, although we have not identified any specific investments or acquisition opportunities at this time, (iv) expanding into Asia Pacific and middle east markets, and (v) general corporate and working capital purposes. See "Use of Proceeds" for additional information. |
| Transfer agent | Vstock Transfer, LLC. |
| Lock-up | We and our directors, executive officers and shareholders of 5% or more of our outstanding shares have agreed with the underwriters, subject to certain exceptions, not to offer, pledge, sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any ordinary shares or any other securities convertible into or exercisable or exchangeable for our ordinary shares, or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our ordinary shares for a period of six (6) months after the closing of this offering. See "Shares Eligible for Future Sale" and "Underwriting" for more information. |
| Risk Factors | See "Risk Factors" beginning on page 14 and other information included in this prospectus for a discussion of the risks you should carefully consider before deciding to invest in our Class A ordinary shares. |
| Unless otherwise indicated, all information in this prospectus assumes no exercise by the underwriters of the over-allotment option. | Unless otherwise indicated, all information in this prospectus assumes no exercise by the underwriters of the over-allotment option. |

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**SUMMARY CONSOLIDATED FINANCIAL DATA**

The following summary consolidated statements of operations and comprehensive income for the fiscal years ended March 31, 2025 and 2024, summary consolidated balance sheets data as of March 31, 2025 and 2024 and summary consolidated cash flows data for the fiscal years ended March 31, 2025 and 2024 have been derived from our audited consolidated financial statements included elsewhere in this prospectus. The following summary unaudited consolidated financial statements of operations and comprehensive income for the six months ended September 30, 2025 and 2024, summary unaudited consolidated balance sheet data as of September 30, 2025 and summary unaudited consolidated cash flows data for the six months ended September 30, 2025 and 2024 have been derived from our unaudited consolidated financial statements included elsewhere in this prospectus. Our consolidated financial statements are prepared and presented in accordance with the U.S. GAAP. Our historical results do not necessarily indicate results expected for any future periods. You should read this Summary Consolidated Financial Data section together with our consolidated financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.

The following table presents our summary consolidated statements of operations and comprehensive income data for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended March 31,** | **For the fiscal year ended March 31,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues, net | $38937333 | $34115276 | $24967700 | $17999657 |
| Cost of revenues | (28775430) | (24021301) | (18338511) | (13230219) |
| **Gross profit** | **10161903** | **10093975** | **6629189** | **4769438** |
| **Operating expenses:** |  |  |  |  |
| Selling and marketing expenses | (3888597) | (3129784) | (2150935) | (1754079) |
| General and administrative expenses | (3822158) | (3277061) | (2767540) | (1888507) |
| Research and development expenses | (491319) | (450530) | (374458) | (257994) |
| **Total operating expenses** | **(8202074)** | **(6857375)** | **(5292933)** | **(3900580)** |
| Income from operations | **1959829** | **3236600** | **1336256** | **868858** |
| **Other income (expenses):** |  |  |  |  |
| Interest income | 37696 | 30878 | 14821 | 19844 |
| Government grants | 643833 | 22089 | 164606 | 130234 |
| Other income, net | 128850 | 66996 | 108747 | 102717 |
| **Total other income** | **810379** | **119963** | **288174** | **252795** |
| **Income before income taxes** | **2770208** | **3356563** | **1624430** | **1121653** |
| Income tax expense | (314239) | (278338) | (212412) | (187974) |
| **Net income** | $**2455969** | $**3078225** | $**1412018** | $**933679** |

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The following table presents our summary consolidated balance sheets data as of dates indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** | **As of September 30,** |
|  | **2025** | **2024** | **2025** |
| Total assets | $19092771 | $18204097 | $19979762 |
| Total liabilities | 9872421 | 6985337 | 9108684 |
| Total AsiaPac AdTechinno Group Limited shareholders' equity | 9220518 | 11221957 | 10875145 |
| Non-controlling interests | (168) | (3197) | (4067) |

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The following table presents our summary consolidated cash flows data for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the fiscal year ended March 31,** | **For the fiscal year ended March 31,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net cash provided by operating activities | $2129025 | $3386525 | $396708 | $1110464 |
| Net cash used in investing activities | (1116040) | (753415) | (467017) | (705971) |
| Net cash used in financing activities | (1859618) | (68591) | (2082446) | (1337692) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (98741) | (108052) | 230739 | 123589 |
| **Net change in cash, cash equivalents and restricted cash** | **(945374)** | **2456467** | **(1922016)** | **(809610)** |
| Cash, cash equivalents and restricted cash at beginning of the period | 6511412 | 4054945 | 5566038 | 6511412 |
| **Cash, cash equivalents and restricted cash at end of the period** | $**5566038** | $**6511412** | $**3644022** | $**5701802** |

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**RISK FACTORS**

*An investment in our Class A ordinary shares involves significant risks. You should carefully consider all of the information in this prospectus, including the risks and uncertainties described below, before making an investment in our Class A ordinary shares. Any of the following risks could have a material adverse effect on our business, results of operations and financial condition. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, prospects, results of operations and financial condition, and our ability to pay dividends. In any such case, the market price of our Class A ordinary shares could decline, and you may lose all or part of your investment.*

**Risks Relating to Our Business and Industry**

***We have experienced fluctuation in growth in recent periods, and our historical growth rates may not be indicative of our future growth.***

We have experienced fluctuation in growth in recent periods. We may not be able to sustain our historical growth rates, or at all. You should not consider our historical growth in gross billing and net revenues as indicative of our future performance. Our revenue increased from US$4.1 million for the fiscal year ended March 31, 2024 to US$38.9 million for the fiscal year ended March 31, 2025 and from US$18.0 million the six months ended September 30, 2024 to US$25.0 million for the six months ended September 30, 2025. In future periods, our revenues could decline or grow slowly than we expect and the customer base optimization may not achieve the benefits as we expected. We believe our business, prospects and results of operations depend on a number of factors, some of which are described in more details in this section, including our ability to:

● retain existing customers while continuing to optimize our customer base;

● successfully execute our strategy in the increasingly competitive digital marketing segment;

● attract new customers and further diversify our customer base, including more customers from new industries and geographic regions;

● maintain the breadth and depth of our cooperation with content distribution channels, including publishers, ad exchanges, and ad networks, and attract new ones in order to increase the volume and breadth of content distribution opportunities available to us;

● adapt our solutions and service offerings to meet evolving business needs, including to address market trends such as integrated marketing on multiple publishers;

● maintain the proper functioning of our technology architecture as our business continues to grow;

● maintain and grow our data assets in order to help customers identify, engage and convert their audience;

● maintain a high level of customer satisfaction;

● adapt to a changing regulatory landscape governing privacy matters;

● acquire businesses, products and technologies and to integrate these acquisitions;

● increase awareness of our brand among customers on a global basis in a cost-effective manner; and

● attract and retain employees.

We cannot assure you that we will be able to successfully accomplish any of these objectives.

 **

***We may be exposed to the risk of disintermediation if our customers place online advertisements with media platforms directly.***

 **

As a digital marketing solutions and services provider, we help our customers acquire traffic from media platforms to market their products or services. We also provide our customers with value-added services, such as producing advertisement creatives and continuously optimizing online user profiles and remarketing strategies through data-driven insights, to achieve better marketing results. Our expertise in digital marketing solutions and services provides our customers with time and cost efficiency, alongside superior marketing results. However, the possibility exists that our customers may opt to engage directly with media platforms, bypassing our intermediary services. While we strive to deliver indispensable value, there may be possibility of disintermediation. Should our customers choose to transact directly with media platforms, it could significantly impact our business, operational results, and financial stability.

 ****

***Our SaaS platforms have a limited operating history, making it difficult to predict future operating performance generated through the SaaS platform.***

Since our SaaS platforms were recently launched, including KOOLER AI in May 2025, OptAdEasy in July 2025, Kolsify in September 2025, revenue derived from our SaaS platforms for the six months ended September 30, 2025 only amounted to US$1.2 million. However, we anticipate a slow transition to SaaS business among marketers with heightened data security concerns or general demand for highly customizable application software. Accordingly, our ability to accurately forecast future results of our operations is limited and subject to a number of uncertainties and risks, including our ability to plan for and model future growth. If we face difficulties or delays in implementation of our SaaS platforms or other revenue generating services, our revenue growth could slow in the future, or our revenue could decline or fluctuate for a number of reasons, including limited demand for our solutions and platforms and shrinking of the size of the market for digital marketing solutions. If our assumptions regarding these risks and uncertainties and our future revenue growth related to our SaaS platforms are incorrect or change, or if we do not address these risks successfully or forecast our results accurately, our operating and financial results from our SaaS platforms could differ materially from our expectations, and our business could suffer.

 ****

***If we do not effectively manage our costs and expenses, we may not be able to sustain our profitability, and our financial results will be materially and adversely affected.***

For the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024, our staff cost accounted for a significant portion of our costs and operating expenses. We rely on an experienced team of optimizers, integrated marketing experts, creative designers for business operation and research and development staff for solution development and technical support to deliver cross-border digital marketing services and SaaS platforms for our customers. For the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024, our expenses of staff in aggregate amounted to 68.7%, 70.3%, 69.8% and 71.6% of our total marketing and administrative expenses, respectively. Increase in costs for the recruitment, cultivation and retain of talents may impact our profitability, results of operations and business.

In addition, we have expended significant resources to grow our business in recent years by enhancing our technology capabilities and infrastructure and growing our number of employees. Specifically, our R&D expenses amounted to US$491,319, US$450,530, US$374,458 and US$257,994 for the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024, respectively. As our business continues to grow, we anticipate continued growth that could require substantial financial and other resources to, among others:

● invest in the development of our SaaS platforms, IT infrastructure and improve our technology and data analysis capabilities;

● expand the portfolio for digital marketing solutions and services;

● expand our team of marketing optimization, data analysis, business operation and research and development personnel;

● pursue strategic cooperation, investment, partnership and suitable acquisition opportunities to expand our businesses; and

● cover administrative expenses and expenses relating to data protection and other compliance matters.

Our expenditures may not yield the anticipated returns or benefits to our business, and if we fail to effectively manage our costs and expenses, we may not be able to sustain profitability.

 

***Failure to retain existing customers or attract new ones could adversely impact our business and results of operations.***

We have certain long-term marketing campaign contracts with customers, while a majority of our marketing campaign contracts are for a term of one year or shorter. Our customers are not obligated to use our digital marketing solutions and SaaS platforms on an exclusive basis and they generally use multiple providers to manage their marketing spend. Accordingly, we must convince our customers to use our solutions and SaaS platforms, increase their usage and spend a larger share of their digital marketing budgets with us, and do so on an on-going basis.

Our ability to achieve renewals or marketing campaign contracts and new sales depends on many factors, some of which are out of our control, including:

● customer satisfaction with our digital marketing solutions and services, including any new solutions that we may develop,

● the competitiveness of our pricing and payment terms for our customers, which may, in turn, be constrained by our capital and financial resources,

● customer satisfaction with our SaaS platforms,

● our ability to tailor our solution offerings and delivery and pricing models in accordance with the evolving needs of our customers,

● our ability to expand our data base and solutions to serve customers in a wider range of industries and geographic regions,

● mergers, acquisitions or other consolidation among marketers and marketing agencies, and

● the effects of global economic conditions on spending levels of our customers generally.

Therefore, we cannot assure you that our customers that have generated marketing spend on our solutions in the past will continue to spend at similar levels or that they will continue to use our solutions at all. We may not be able to replace customers which decrease or cease their usage of our solutions with new customers that spend similarly on our solutions.

If our existing customers do not continue to use or increase their use of our platform, or if we are unable to attract sufficient marketing spend on our platform from new customers, our business and results of operations could be materially and adversely affected.

***We may be dependent on a limited number of suppliers and any disruption to the relationships with the major suppliers may have material adverse effects on our business.***

For the fiscal years ended March 31, 2025 and 2024, two suppliers individually accounted for more than 10% of our total purchases, each of which related to media costs. Our largest supplier accounted for 29.9% and 33.9% of our total purchases for the fiscal years ended March 31, 2025 and 2024, respectively. Our second largest supplier accounted for 24.5% and 24.2% of our total purchases for the same periods, respectively. For the six months ended September 30, 2025 and 2024, our largest supplier accounted for 25.5% and 32.2% of our total purchases, respectively. Our second largest supplier accounted for 20.5% and 24.3% of our total purchases for the same period. These two suppliers, both headquartered in the United States, have subsidiaries and offices all over the world, and we generally conduct transactions with their subsidiaries in Ireland, Singapore, Taiwan, mainland China and Indonesia. See "Business — Our Suppliers." If, for any reason, we were to experience any material disruptions in their business relationship with any of their key suppliers or discontinue their collaboration with any of the key suppliers, we may not be able to switch to an alternative supplier within a short period of time or at all. Even if we are able to switch to an alternative supplier, we may not be able to do so on the same or similar terms. As a result, our business and results of operations could be materially and adversely affected.

***The content distribution channel is varied and intricate, loss of any content distribution channel and changes in the contract terms with any content distribution channel may materially and adversely affect our business and results of operations.***

Our consistent access to attractive content distribution opportunities is crucial to our business. Our content distribution channels are concentrated and primarily include online and mobile publishers, major search engines, ad exchanges and social media networks. Media costs for content distribution opportunities on our largest channel partner in each of the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024 accounted for 36.2%, 41.1%, 30.6% and 38.9% of our media costs, respectively, during the relevant periods, and media costs for content distribution opportunities on our second largest channel partner in each of the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024 accounted for 29.7%, 29.3%, 24.6% and 29.4% of our media costs, respectively, during the relevant periods. In addition, our contracts with content distribution channels are generally for a period of one year and do not impose long-term obligations requiring them to make their content distribution opportunities available to us on reasonable terms or at all. The channel operators may decide at any time to curtail or inhibit our ability to use such channels if we breach the terms of use of such channels or for any other reason. Additionally, these channels may increase their fees or make changes to their respective business models, terms of use, policies, or systems, and those changes could impair or restrict our ability to post content. Further, channels and platforms could cease operations unexpectedly due to a number of events, including interruptions in telecommunication services, computer viruses, and security breaches. Any of the above could reduce our ability to post marketing content, drive user traffic, and reach target audiences, and thus impair our ability to serve our customers, any of which could affect our ability to achieve profitability or have a material adverse effect on our business, financial condition and results of operations.

Our ability to source content distribution opportunities from content distribution channels depends in part on our ability to continuously generate sufficient marketing spend from our customers on these channels. Under some of our contracts, content distribution channels may terminate the contracts during their terms if we do not meet the minimum marketing spend requirements in the contracts. In addition, if we are not able to negotiate favorable or acceptable terms once the contracts expire, our financial conditions and results of operations will be materially impacted.

Furthermore, our contracts with content distribution channels generally provide for certain rebates or incentives, generally calculated as a percentage of marketing spend, that we are entitled to should the market spending during the terms exceed the specified thresholds. Under some of our contracts, content distribution channels offer staggered levels of rebates or incentives to us depending on the amount of marketing spend we achieve during the period. If we are unable to meet the anticipated level of marketing spend with any content distribution partner, we may experience a material adverse impact on our financial conditions and results of operations and it may affect our overall relationship with the content distribution partner. If these or any other content distribution channel were to change their rebate or incentive programs or to cease doing business with us for any reason, our financial results would be materially adversely affected.

Our platform is connected with some of our content distribution channels' platforms through application programming interfaces, or API, such as the social media platform API and search engine platform API. We are subject to standard API terms of use of such content distribution channels, which govern the use and distribution of data from them. Our business significantly depends on access to these APIs on commercially reasonable terms. Our business would be harmed if any of these content distribution channels discontinue, limit or place any additional restrictions on our access to their platforms, modify their terms of use or other policies, or charge API license fees for API access. In particular, content distribution channels update their API terms of use from time to time and new versions of these terms could impose additional restrictions on us and require us to modify our software to accommodate these changes. Any of these outcomes could cause demand for our solutions to decrease, our research and development costs to increase, and as a result, our business and results of operations could suffer.

***We utilize local partners to provide our solutions and services. If we are unable to develop and maintain successful relationships with our local partners, our business, operating results, and financial condition could be adversely affected. Local partner's misconduct, noncompliance and omissions may also affect our business and reputations.***

To date, we have engaged our local partners to provide our cross-border digital marketing solutions and service. While we intend to continue dedicating resources to identifying, developing and maintaining stable relationships with our local partners, we cannot assure you that our existing or prospective local partners will strictly comply with the exclusivity or other terms of our agreements with them. They may also cease cooperating with us with limited or no notice. If we fail to maintain current local partners and identify additional local partners in a timely and cost-effective manner, or at all, our business, results of operations, and financial condition could be adversely affected. If our local partners do not effectively provide our solutions and services, or fail to meet the needs of our customers, our reputation among prospective and existing customers and ability to grow our business may also be adversely affected.

Our local partners may be subject to regulatory penalties or punishment because of their regulatory compliance failures, which may, directly or indirectly, affect our business. We cannot be certain whether they have infringed or will infringe any other party's legal rights or violate any regulatory requirements. We cannot rule out the possibility of incurring liabilities or suffering losses due to any noncompliance by local partners. We cannot assure you that we will be able to identify irregularities or noncompliance in the business practices of our local partners, or that such irregularities or noncompliance will be corrected in a prompt and proper manner. The legal liabilities and regulatory actions on our local partners involved in our business may affect our business activities and reputation, which may in turn affect our results of operations.

***The digital marketing industry in Asia-Pacific is highly fragmented and intensely competitive. In addition, independent digital marketing technology companies face competitive pressure from well-established internet companies, marketing agencies and traditional media.***

The digital marketing industry in Asia-Pacific is highly competitive, fragmented and rapidly changing. With the introduction of new technologies and the influx of new entrants, we expect competition to continue and intensify, which could harm our ability to increase revenue and attain or sustain profitability. We believe the principal competitive factors in this industry include:

● ability to deliver return on marketing expenditure at scale;

● customer trust;

● geographic reach;

● breadth and depth of cooperation with publishers, ad exchanges, ad networks and other participants in the digital marketing ecosystem;

● comprehensiveness of solutions and service offerings;

● functions of SaaS platforms;

● pricing structure and competitiveness;

● cross-channel capabilities;

● accessibility and user-friendliness of solutions; and

● brand awareness.

In addition, independent digital marketing companies face competitive pressure from large and well-established internet companies which have established stronger and broader presence across the digital marketing ecosystem and have significantly more financial, technical, marketing and other resources, more extensive customer base, and longer operating histories and greater brand recognition than we do. These companies have access to user information by virtue of their popular consumer-oriented websites and mobile apps, and have the technology designed for use in conjunction with the types of user information collected from their websites and mobile apps. These companies may also leverage their positions to make changes to their systems, platforms, exchanges, networks or other products or services that could be harmful to our business and results of operations. While we believe that we do not directly compete with these large and well-established internet companies as we promote their content distribution opportunities or purchase their content distribution opportunities in the ordinary course of our business in connection with our execution of marketing campaigns, and these companies generally do not provide integrated digital marketing solutions the way we do, they are major players in the digital marketing technology industry as they provide digital marketing technology and offer services and offer solutions that help marketers achieve one or more aspects of their marketing goals in one or more phases of their digital marketing cycle. In addition, these large and well-established companies control content distribution channels and would directly compete with us should we vertically expand our business to own or operate content distribution channels in the future. Further, some of these companies are, or may also become, our content distribution channels and may enter into other types of strategic arrangements with us. For example, we generally enter into annual framework agreements with content distribution channel partners to purchase or promote their content distribution opportunities. Competitive pressure may incentivize them to cease their partnership with us. See "— The content distribution channel is varied and intricate, loss of any content distribution channel and changes in the contract terms with any content distribution channel may materially and adversely affect our business and results of operations." Digital marketing companies also face competition from marketing agencies, who may have their own relationships with content distribution channels and can directly connect marketers with such channels. Furthermore, digital marketing companies continue to compete with traditional media including direct marketing, television, radio, cable and print advertising companies.

New technologies and methods of digital marketing present an evolving competitive challenge, as market participants upgrade or expand their service offerings to capture more marketing spend from marketers. In addition to existing competitors and their existing service offerings, we expect to face competition from new entrants to the digital marketing industry and new solution and service offerings from existing competitors. If existing or new companies develop, market or resell competitive high-value marketing technology solutions, acquire one of our competitors or strategic partners, form a strategic alliance or enter into exclusivity arrangement with one of our competitors or strategic partners, our ability to compete effectively could be significantly compromised and our business, results of operations and prospects could be materially and adversely affected.

***If digital marketing solutions do not achieve widespread market acceptance, our business, growth prospects and results of operations would be materially and adversely affected.***

The market for digital marketing solutions such as ours is evolving in Asia-Pacific and these solutions may not achieve or sustain high levels of demand and market acceptance as we expect. While marketing via search engines or display channels has been established for several years, marketing via new digital channels such as mobile and social media is not as well established. The future growth of our business could be constrained by both the level of acceptance and expansion of emerging digital marketing channels, as well as the continued use and growth of existing channels. Even if these channels become widely adopted, marketers and agencies may not be familiar with and make significant investments in solutions such as ours that help them manage their digital marketing across channels and devices. In addition, we have developed and launch SaaS platforms, including KOOLER AI in May 2025, OptAdEasy in July 2025, Kolsify in September 2025, which are less mature or common in Asia-Pacific, and the pace of transition to SaaS business may be slower among marketers with heightened data security concerns or general demand for highly customizable application software. The acceptance of our solutions delivered as SaaS offerings will depend to a substantial extent on the education of our customers on the SaaS offerings and the widespread adoption of SaaS platforms in general, and we cannot be certain that the trend of adoption of such solutions and SaaS platforms will continue in the future. Therefore, it is difficult to predict the demand for our solutions and platforms or the future growth rate and size of the market for digital marketing solutions.

Expansion of the market for digital marketing solutions depends on a number of factors, including the growth of new digital channels such as mobile and social media and the cost, as well as the performance and perceived value associated with digital marketing solutions. If digital marketing solutions do not achieve widespread acceptance, or there is a reduction in demand for digital marketing caused by weakening economic conditions, decreases in corporate spending, technological challenges, data security or privacy concerns, governmental regulation, competing technologies and solutions or otherwise, our business, growth prospects and results of operations will be materially and adversely affected.

***Changes in Internet search engine algorithms and dynamics could have a negative impact on traffic for our solutions and ultimately, our business and results of operations.***

We rely on Internet search engines to generate traffic to the solutions that we provide, principally through free or organic search. Search engines frequently update and change the logic that determines the placement and display of results of a user's search, such that the algorithmic placement of links to the websites of our customers can be negatively affected. In addition, a search engine could, for competitive or other purposes, alter its search algorithms or results causing our solutions to place lower in organic search query results. If a major search engine changes its algorithms in a manner that negatively affects the search engine ranking of our solutions or those of our partners, the effect of our solutions provided to our customers would be materially affected, and therefore our business and financial performance could be adversely affected. Furthermore, our failure to successfully manage our search engine optimization could result in a substantial decrease in traffic to our solutions, as well as increased costs, if we were to replace free traffic with paid traffic.

***Our ability to collect and use data from various sources could be restricted.***

The optimal performance of our algorithms and data engines including databases, data connector engine, data analysis modules and data models built by machine learning depends on the data that we collect from multiple sources, which we use to build user profiles, develop and refine our algorithms and data engines. Our ability to collect and use these types of data is limited by a number of factors, some of which are described in further details elsewhere in this section, including:

● consumer choices, including the blocking or deletion of cookies or modifications to privacy settings;

● decisions by marketers, content distribution channels, or selected third party that we have data collaboration arrangement with, to restrict our ability to collect data from them, to refuse to implement mechanisms that we request to ensure compliance with our legal obligations;

● changes in browser or device functionality and settings, and other new technologies, which could make it easier for users to prevent the placement of cookies or other tracking technologies;

● new developments in law, regulations and industry standards on privacy and data protection regimes, including increased visibility of consent mechanisms as a result of these legal, regulatory or industry developments;

● the failure of our network or software systems, or the network or software systems of marketers;

● our inability to grow customer base in new industries and geographic markets in order to obtain the critical mass of data necessary for our algorithms and data engines to perform optimally in these new industries and geographies;

● our relationship with our data partners or certain key data sources, including internet companies in China, which may stop providing or be unable to provide us data on terms acceptable to us; and

● interruptions, failures or defects in our data collection, mining, analysis and storage systems.

Any of the above described limitations on our ability to successfully collect and use data could materially impair the optimal performance of our algorithms and data engines as well as the efficiency of our solutions, which could make our solutions less attractive to marketers and result in damages to our reputation, a decline of our market share and adversely affect our business and results of operations.

***Blocking or deletion of cookies or other modifications to privacy settings on PCs and mobile devices could impair our data collection and effectiveness of our solutions.***

Cookies that we place are generally regarded as "third party cookies" because we place them through internet browsers on an internet user when an internet user visit our website or a website owned by our marketers or other party that has given us permission to place cookies. Our cookies generally record non-personally identifiable information, including when a user views or clicks on a marketing message, where a user is located, how many marketing messages a user has seen, and browser or device information. We use data from cookies to help build user profiles that assess audience interest and predict audience potential interaction with a given marketing message. Cookies may easily be deleted or blocked by internet users. Commonly used internet browsers (Chrome, Firefox, Internet Explorer, and Safari) allow internet users to modify their browser settings to prevent cookies from being accepted by their browsers. Most browsers also now support temporary privacy modes that allow the user to suspend, with a single click, the placement of new cookies or reading or updates of existing cookies. Internet users can also delete cookies from their computers at any time. Some internet users also download free or paid "ad blocking" software that prevents certain cookies from being stored on a user's computer. Further, certain web browsers, such as Safari, currently block or are planning to block some or all third-party cookies by default, as do Apple's iPad and iPhones devices. Mobile devices based upon the Android operating system use cookies only in their web browser applications, so that cookies do not track Android users while they are using other applications on the device. If web browsers block, or internet users reject or delete, cookies, fewer of our cookies or our marketers' cookies may be set in browsers or accessible in mobile devices, which could adversely affect our data collection and hence the optimal performance of our algorithms and data engines and effectiveness of our solutions.

Aside from blocking or deleting of cookies, other modifications to privacy settings on the PCs and mobile devices could limit or restrict our ability to collect and analyze data and hence the effectiveness of our solutions may be compromised, which would result in customer departure and reputation damages, and materially and adversely affect our business and results of operations.

***Regulatory, legislative or self-regulatory developments for online businesses, including privacy and data protection regimes, are expansive, not clearly defined and rapidly evolving. These laws and regulations could create unexpected costs, subject us to enforcement actions for compliance failures, or restrict portions of our business or cause us to change our technology platform or business model.***

Governments around the world, including the Hong Kong government, have enacted or are considering legislation related to online businesses. There may be an increase in legislation and regulation related to digital marketing, the use of geo-location data to inform marketing, the collection and use of anonymous internet user data and unique device identifiers, such as IP address or mobile unique device identifiers, and other data protection and privacy regulation. Some of our competitors may have more access to lobbyists or governmental officials and may use that access to effect statutory or regulatory changes in a manner to commercially harm us while favoring their solutions. These laws and regulations could adversely affect the demand for or effectiveness and value of our solutions, force us to incur substantial costs or require us to change our business practices in a manner that could adversely affect our business and results of operations or compromise our ability to effectively pursue our growth strategies.

As we provide integrated cross-border digital marketing solutions and marketing AI SaaS platforms, we may be directly or indirectly subject to the laws and regulations on digital marketing, including data and privacy laws, of multiple jurisdictions. For example, internet information service providers shall inform their users about their service scope and shall not use users' information beyond such scope or collect any other information that is irrelevant to the services they provide. In Hong Kong, the Hong Kong Personal Data Ordinance prohibits an internet company collecting information about its users, analyzing the information for a profile of the user's interests or selling or transmitting the profiles to third parties for direct marketing purposes unless it has obtained the user's consent. The U.S. government has announced that it is reviewing the need for greater regulation of the collection of consumer information, including regulation aimed at restricting some targeted advertising practices.

We strive to comply with all applicable laws and regulations relating to privacy and data collection, processing, use, and disclosure. These laws and regulations are continually evolving, are not always clear, and are not always consistent across the jurisdictions in which we do business, and the measures we take to comply with these laws, regulations and industry standards may not always be effective. We may be subject to litigation or enforcement action or reduced demand for our solutions if we or our marketers fail to abide by applicable privacy laws or to provide adequate notice and/or obtain consent from end users. In addition, some of our content distribution channels require us to indemnify and hold them harmless from the costs or consequences of litigation resulting from using their networks. Any proceeding or perception of concerns relating to our collection, use, disclosure, and retention of data, including our security measures applicable to the data we collect, whether or not valid, could harm our reputation, force us to spend significant amounts on defense of these proceedings, distract our management, increase our costs of doing business and inhibit the use of our solutions, which could materially and adversely affect our business, results of operations and prospects.

***We are subject to, and may expend significant resources in defending against, government actions and civil claims in connection with false, fraudulent, misleading or otherwise illegal marketing content for which we provide design, production or agency services.***

As we provide cross-border digital marketing solutions, we may be required to examine advertising content for which we provide agency services for compliance with applicable laws, notwithstanding the fact that the advertising content may have been previously published, and that the advertisers also bear liabilities for the content in their advertisements. In addition, for advertising content related to certain types of products and services, such as alcohol, cosmetics, pharmaceuticals and medical procedures, we are expected to confirm that the advertisers have obtained requisite government approvals, including operating qualifications, proof of quality inspection for the advertised products, government pre-approval of the content of the advertisements and filings with the local authorities. We depend on search engines and social media networks to review and approve advertising content placed on them, and we cannot ensure that each advertisement for which we provide services complies with all applicable laws and regulations relevant to advertising activities, that supporting documentation provided by our clients is authentic or complete, or that we are able to identify and rectify all non-compliances in a timely manner.

Moreover, civil claims may be filed against us for fraud, defamation, subversion, negligence, copyright or trademark infringement or other violations due to the nature and content of the information for which we provide design, production or agency services. For example, we generally represent and warrant in our contracts with content distribution channels as to the truthfulness of the advertising content that we place on these channels, and agree to indemnify the content distribution channels for any losses resulting from false, fraudulent, misleading or otherwise illegal advertising content that we place on these content distribution channels. On the other hand, not all our marketing campaign contracts contain a back-to-back representation and warranty as to the truthfulness of the advertising content or an indemnity provision where the customers undertake to hold us harmless in case we incur losses arising out of any false, fraudulent, misleading or otherwise illegal advertising content. In the event we are subject to government actions or civil claims in connection with false, fraudulent, misleading or otherwise illegal marketing content for which we provide agency services, our reputation, business and results of operations may be materially and adversely affected.

***Failure to maintain the quality of our digital marketing solutions and services may materially and adversely impact our business and financial condition.***

We provide digital marketing solutions and services where we design and produce marketing ideas, content, and materials catering to target audiences. Our growth will partly depend on our ability to leverage our expertise in content production and our suite of solutions provided to offer effective marketing services. However, there is no assurance that we will maintain our social media, creative and strategy team or that the team will maintain the quality of content production and the effectiveness of our solutions at the same level, given that the market demands are changing rapidly and that the loss of any key personnel in the our social media, creative and strategy team could be detrimental to quality of our solutions and service, financial performance, and business prospects. If we fail to provide appealing and creative marketing content in a timely or cost-effective manner, our solutions and services may become less attractive. As a result, our business, financial condition, and results of operations may be adversely affected.

***If we fail to maintain the technical competitive edge of our technologies in integrating AI algorithms, machine learning and data analytics, our business may be materially and adversely affected.***

We must stay abreast of the constantly evolving industry trends and technical standards, and continue to enhance and improve the functionality of our technologies. In order to remain competitive and to attract and retain customers and media publishers, we must continue to invest significant resources in research and development to enhance our data analytics and AI capabilities. Our success in the future is dependent on our ability to respond to technological advances in the fields including data analytics, data processing, machine learning and algorithms, in a timely and cost-effective manner.

The maintenance and improvement of our technological capabilities through continued refinement of algorithms and analysis of data are subject to a number of factors, many of which are beyond our control, such as changes in user requirements and preferences, emergence of new industry standards and practices, amendment of laws and regulations in relation to access to and processing of data as well as introduction of new technical solutions embodying new technologies. In addition, the availability of AI platforms and open source software and models lowers the barriers to develop data analytics models, and gives developers ability to adapt and shape well-tailored solutions to their particular needs. As a result, we cannot assure you that we will remain successful as our competitors create or adopt technologies similar to ours and develop these technologies to achieve capabilities that are superior to ours. If we are unable to adopt and retain our technological competitive edge in a cost-effective and timely manner, our business, results of operations, financial condition and prospects may be materially and adversely affected.

In addition, as with many developing technologies, AI technologies present risks and challenges that could affect its further development, adoption, and use, and therefore our business. Our application of AI technologies and AI-empowered algorithms may produce biased analysis and discrimination against certain stereotypes, such as racial or cultural background or gender, which may subject us under potential ethical or reputational harm. If our AI-empowered technologies are controversial because of their purported or real impact on human rights, privacy, employment, or other social issues, we may experience ethical or reputational harm or regulatory compliance issues.

***If we fail to introduce new solutions or services or improve and enhance the functionality, performance, reliability, design, security and scalability of our existing solutions, services and platforms to keep up with the changing requirements of customers, or new business models of our industries, our business, financial condition and results of operations could be materially and adversely affected.***

The industries in which we operate are rapidly evolving and are subject to continuous technological developments and changing demands from our customers. We believe our future success depends in part upon our ability to enhance and to introduce new, competitively priced solutions and services with functionality, performance, reliability, design, security and scalability that meet the evolving requirements of customers and the technological developments, all in a timely and cost-effective manner. If we do not adapt our solutions or services to such changes in an effective and timely manner, we may lose existing customers and our competitive position.

We may experience difficulties that could delay or prevent the development, introduction or implementation of new solutions or services and enhancements. Improvement and enhancement of our solutions or services and platforms, new technological development or new business models may require substantial investments in technologies and product development, IT infrastructure and other aspects of our operations. Our investments may not be successful due to a variety of reasons such as technical hurdles, inaccurate predictions of market demand, a lack of necessary resources or a prolonged product development process. Failure to keep up with the changing requirements of customers, technological development or new business models or market trends of our industries may result in our solutions or services being less attractive to existing or potential customers, which in turn, may materially and adversely affect our business, results of operations and prospects.

For instance, we developed and launched KOOLER AI SaaS platform in May 2025, an AI-driven KOL management platform to coordinate and optimize clients' KOL marketing campaign. We also launched our OptAdEasy SaaS platform in July 2025, which we primarily use as an all-in-one advertisement management platform to streamline clients' advertising efforts, such as advanced visual reports, cross channel advertisement optimization, etc. The utilization of SaaS products and platforms in cross-border digital marketing services and solutions is relatively new in Asia-Pacific, and our current and potential customers may not fully recognize the need for, or the benefits of, our SaaS products and platforms, or may not shift quickly enough to SaaS products and platform offerings, which may hinder our growth potential. We intend to educate our existing and prospective customers about the benefits of our three SaaS platforms, namely the OptAdEasy SaaS platform, KOOLER AI SaaS platform, and Kolsify SaaS platform, and continuously enhance and innovate the features of our SaaS based services. For the six months ended September 30, 2025, we generated revenue of US$1.2 million from our SaaS platforms. However, we cannot assure you that these solutions or services will gain market acceptance and generate expected returns at all times. Moreover, development and enhancements of our SaaS platforms may contain errors or defects, have interoperability difficulties, or causing delays or difficulties in integrating or customizing of new services. If our SaaS products and platforms fail to develop in a way that satisfies the growing demands of the markets, or develop at a slower pace than our anticipation, it could materially and adversely affect our business and prospects.

***We co-developed our SaaS platforms with a local research institution in Hong Kong, and any disruption to the relationships with such independent third party may have material adverse effects on our business.***

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We cooperate with a local research institution in Hong Kong ("HK Research Institution") which is an independent third party, to co-develop our SaaS platforms, and the collaboration foreground intellectual properties and collaboration deliverables created are assigned to us by the HK Research Institution under certain conditions. Our SaaS platforms depend on HK Research Institution's schedule and quality of the collaboration foreground intellectual properties and other collaboration deliverables. See "Business — Research and Development." If, for any reason, we were to experience any material disruptions in the relationship with the HK Research Institution or discontinue the collaboration with the HK Research Institution, we may not be able to switch to an alternative company within a short period of time or at all. Even if we are able to switch to an alternative company, we may not be able to do so on the same or similar terms. As a result, our business and results of operations could be materially and adversely affected.

In addition, project specifications and acceptance criteria must be reviewed and approved by the Innovation and Technology Commission of the government of Hong Kong ("ITC") before the commencement of related research and development activities. Any delay in the preparation, submission, or approval of such documentation may postpone the initiation or progress of the development work under the collaboration agreements. As a result, our platform development schedule and the expected launch of platforms may be delayed, which could adversely affect our business and results of operations.

***If our SaaS platforms contain serious errors or defects, we may lose our sources of revenue and our customers may lose confidence in our solutions and services. In addition, we may incur significant costs defending or settling claims with our customers as a result of such serious break-down, errors or defects.***

SaaS platforms within the industry, such as those we develop, often contain errors, defects, security vulnerabilities or software issues that are difficult to detect and correct, particularly when introduced or when new versions or enhancements are released. Despite internal testing, our SaaS platforms may contain serious errors or defects, security vulnerabilities or software issues which we are unable to successfully correct in a timely manner or at all, which could result in revenue loss, significant expenditures of capital, a delay or loss in market acceptance and damage to our reputation and brand, any of which could have an adverse effect on our business, reputation, financial condition, and results of operations.

Further, our cloud-based system allows us to deploy new versions and enhancements of our SaaS platforms to all of our customers simultaneously. To the extent we deploy new versions or enhancements that contain errors, defects, security vulnerabilities or software issues concurrently to all of our customers, the consequences would be more severe than if such versions or enhancements were only deployed to a smaller number of customers.

Given that many of our customers use our SaaS platforms in processes that are critical to their businesses, any error, defect, security vulnerability, service interruption or software issue in our SaaS platforms could result in losses to our customers. Our customers may seek significant compensation from us for any losses they suffer or cease conducting business with us altogether. Further, our customers may share information about their negative experiences on social media, which could damage our reputation and result in a loss of future sales. We cannot assure you that provisions limiting our exposure to claims, which we typically include in agreements with our customers, would be enforceable, adequate or would otherwise protect us from liabilities or damages with respect to any particular claim. Even if unsuccessful, a claim brought against us by any of our users would likely be time-consuming, costly to defend and may have a material adverse impact on our reputation and brand, making it harder for us to sell our solutions and services.

***Failures or disruption in any systems, software or hardware infrastructure supporting our solutions and SaaS platforms could significantly disrupt our operation and cause us to lose customers or partners.***

The optimal performance of our solutions and SaaS platforms relies on the continued and uninterrupted performance of our systems, software and hardware infrastructure, and security and integrity of our data. They are vulnerable to damages from a variety of sources, some of which are out of our control, including telecommunications failures, power outages, cyber-attacks, or other malicious human acts and natural disasters. Any steps we take to increase the reliability and redundancy of our systems, software and hardware infrastructure supporting our solutions and SaaS platforms and to improve the security of our data assets may be expensive and may not be successful in preventing system failures or disruption. For example, techniques used to obtain unauthorized access to or sabotage our data or otherwise hack our systems change frequently and generally are not recognized until launched against a target. As a result, we may be unable to anticipate these techniques or to implement adequate preventative measures. Sustained or repeated failures or disruption in our systems, including security breaches, whether actual or perceived, could significantly reduce the attractiveness of our solutions, harm our reputation, result in our liabilities and have a material adverse effect on our business and results of operations.

In addition, our business may be negatively affected by interruptions or delays in services provided by third-party system or infrastructure providers that we rely upon. We currently lease data centers and utilize related equipment and services from third-party data center providers. All of our data gathering and analytics are conducted on, and the marketing content we deliver are processed through, our servers located in these data centers and their cloud. We also rely on bandwidth providers and internet information service providers to deliver marketing content. While we have disaster recovery arrangements in place, our testing in actual disasters or similar events is limited and any damage to, or failure of, the systems or facilities of our third-party providers, including as a result of any occurrence of a natural disaster, an act of terrorism, vandalism or sabotage, a decision to close any data center or the facilities of any other third-party provider without adequate notice, or other unanticipated problems at these facilities, could adversely impact our ability to deliver our solutions and SaaS platforms to marketers and have a material adverse effect on our business and results of operations.

***If we are unable to protect our proprietary information or other intellectual property, our business could be adversely affected.***

We rely on a combination of trademark and trade secret laws, and contractual restrictions, including through confidentiality, non-disclosure and assignment of invention assignment agreements with our key employees, consultants and third parties with whom we do business, to establish, maintain and protect our proprietary information and other intellectual property. Policing any misappropriation, unauthorized use or reverse engineering our proprietary information and other intellectual property is difficult and costly and the steps we have taken may be inadequate. For example, contractual restrictions may be breached, and we may not succeed in enforcing our rights or have adequate remedies for any breach of laws or contractual restrictions. In addition, we may not be able to enter into agreements or arrangements with everyone who has access to our proprietary information or contributes to the development of our intellectual property. Moreover, our trade secrets may be disclosed to or otherwise become known or be independently developed by competitors, and in these situations we may have no or limited rights to stop others' use of our information. Furthermore, to the extent that our employees, consultants or other third parties with whom we do business use intellectual property owned by others in their work for us, disputes may arise as to the rights to such intellectual property. If, for any of the above reasons, our intellectual property is disclosed or misappropriated, it would have an adverse effect on our business, financial condition and results of operations.

***Our business may suffer if it is alleged or determined that our technologies or any other aspects of our business infringe on the intellectual property rights of others.***

As we continue to expand and as litigation or other similar proceedings become more common in resolving commercial disputes, we face a higher risk of being subject to intellectual property infringement claims. Companies in the internet, technology and media industries are increasingly bringing and becoming subject to suits alleging infringement of proprietary rights. The validity, enforceability and scope of protection of intellectual property rights in internet-related industries are uncertain and evolving. In particular, our registered or unregistered trademarks or trade names may be challenged, infringed, circumvented, declared generic or determined to be infringing on other marks. At times, third parties may adopt trade names or trademarks similar to those of ours, thereby impeding our ability to build brand identity and possibly leading to market confusion. In addition, there could be potential trade name or trademark infringement claims brought by owners of other registered or unregistered trademarks that are similar to our registered or unregistered trademarks or trade names. If a third party has been using in commerce any mark that is confusingly similar to our trade names or trademarks, or has registered any such marks, prior to our use or registration of our trade names or trademarks, such third party could potentially bring infringement claims against us depending on the territory of the use or registration. Any such claim would require us to incur significant costs to defend, and if we are unsuccessful, we may be subject to an injunction and/or required to pay significant damages or spend significant time and resources to rebrand any relevant products or services.

We have never received in the past, and do not expect to receive in the future, notices that claim we have infringed, misappropriated or misused other parties' trademark and other intellectual property rights. Any litigation or other proceedings on intellectual property rights could be costly, time-consuming, divert management resources, and may impede our ability to use existing or develop new technologies or expand into new markets, any of which could have a material adverse effect upon our business and results of operations.

***If sources from which we obtain information limit our access to such information or charge fees for accessing such information, or our information obtaining practices are regarded as unlawful, our business could be materially and adversely harmed.***

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Our solutions and services require certain data that we obtain from sources such as websites and social media sites, some of which are not in direct contractual privity with us. Our access to much of the data we aggregate, reconcile and offer as part of our solutions is facilitated through and reliant upon providers of such data with which we often do not have direct contractual relationships. If the sources from which we obtain information that is important to our solutions and services limit or restrict our ability to access or use such information, we may be unable to obtain similar data from other sources on commercially reasonable terms or at all, or we may be required to attempt to obtain such information by other means that could be more costly and time-consuming, and less effective or efficient.

In the past, a limited number of third parties have either blocked our access to their websites or requested that we cease employing data scraping of their websites to gather information, and we could receive similar, additional requests in the future. Any such limitation or restriction may also preclude us from providing our solutions and services on a timely basis, if at all. In addition, if in the future one or more third parties challenge our right to access information from these or other sources, we may be required to negotiate with such sources for access to their information, which may be more costly, or to discontinue certain of our solutions and services entirely. The legal environment surrounding data scraping and similar means of obtaining access to information contained on third-party websites is evolving, and one or more third parties could assert claims against us seeking damages or to prevent us from accessing information from third-party websites in that manner. In the event sources from which we obtain information begin to charge us fees for accessing such information, or block our access to this information entirely, or in the event that our data scrapping activities are considered unlawful and we are required to pay damage to data sources or fines, our gross margins and other financial results could suffer and our business could be materially and adversely harmed.

***If we fail to implement and maintain an effective system of internal controls, we may be unable to accurately report our results of operations, meet our reporting obligations or prevent fraud.***

Prior to this offering, we have been a private company with limited accounting personnel and other resources with which to address our internal control over financial reporting. In connection with the audits of our consolidated financial statements included in this prospectus, we identified material weaknesses in our internal control over financial reporting. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.

Two material weaknesses have been identified. One of the identified material weaknesses is related to lack of well-established procedures to identify, approve and report related party transactions. Another identified material weakness is related to lack of sufficient financial reporting and accounting personnel to formalize, design, implement and operate key controls over financial reporting process in order to report financial information in accordance with U.S. GAAP and SEC reporting requirements.

Following the identification of the material weaknesses and other deficiencies, we plan to take measures to remediate these control deficiencies, including but not limited to implement formal policies and internal controls for the systematic identification, approval, and disclosure of such transactions, overseen by the audit committee while will recruit additional qualified accounting and reporting staff with expertise in U.S. GAAP and SEC requirements, engaging external consultants to assist in formally designing, implementing, and operating key controls over the financial reporting process. Management, under the supervision of the board of directors, is responsible for executing this plan, with the ultimate objective of establishing and maintaining effective internal control over financial reporting. However, the implementation of these measures may not fully address the material weaknesses and other deficiencies in our internal control over financial reporting, and we cannot conclude that they have been fully remediated. Our failure to correct the material weaknesses and other deficiencies or our failure to discover and address any other deficiencies could result in inaccuracies in our financial statements and impair our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. Moreover, ineffective internal control over financial reporting could significantly hinder our ability to prevent fraud.

We will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") as well as rules and regulations of Nasdaq Stock Exchange after the completion of this offering. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal controls over financial reporting. We are required by Section 404 of the Sarbanes-Oxley Act to perform system and process evaluation and testing of our internal controls over financial reporting to allow management to report on the effectiveness of our internal controls over financial reporting in our Form 20-F beginning with our annual report in our second annual report after becoming a public company. Prior to this offering, we were never required to test our internal controls within a specified period, and, as a result, we may experience difficulty in meeting these reporting requirements in a timely manner.

Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue an adverse report if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us.

If we are not able to comply with the requirements of Section 404 of the Sarbanes-Oxley Act in a timely manner, or if we are unable to maintain the adequacy of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time, we may not be able to produce timely and accurate financial statements and may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404. If that were to happen, we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which could lead to a decline in the market price of our ordinary shares and we could be subject to sanctions or investigations by the SEC or other regulatory authorities. We may also be required to restate our financial statements for prior periods.

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

Upon completion of this offering, we will become subject to certain reporting requirements of the Exchange Act. Our disclosure controls and procedures are designed to reasonably assure that information required to be disclosed by us in reports we file or submit in accordance with U.S. securities laws is accumulated and communicated to management, recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms of the SEC. We believe that any disclosure controls and procedures or internal controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements or insufficient disclosures due to error or fraud may occur and not be detected.

***Our inability to use software licensed from third parties, including open source codes could negatively affect our ability to sell our solutions and subject us to possible litigation.***

Our technology platform incorporates software licensed from third parties, including open source software, which we use without charge. Although we monitor our use of open source software, the terms of many open source licenses to which we are subject have not been interpreted by courts, and there is a risk that such licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to provide our solution to our clients. In addition, the terms of open source software licenses may require us to provide software that we develop using such software to others on unfavorable license terms. For example, certain open source licenses may require us to offer the components of our platform that incorporate the open source software for free, to make available source code for modifications or derivative works we create based upon, incorporating or using the open source software, and to license such modifications or derivative works under the terms of the particular open source license.

In the future, we could be required to seek licenses from third parties in order to continue offering our solution, in which case licenses may not be available on terms that are acceptable to us, or at all. Alternatively, we may need to re-engineer our solutions or discontinue use of portions of the functionality provided by our solutions. Our inability to use third-party software could result in disruptions to our business, or delays in the development of future offerings or enhancements of our existing platform, which could materially and adversely affect our business and results of operations.

***If we fail to detect fraud or serve customers' marketing content on undesirable websites, our reputation will suffer, which would harm our brand and negatively impact our business and results of operations.***

Our business depends in part on providing marketers with solutions that they can trust, and we have contractual commitments to take reasonable measures to prevent marketers' marketing content from appearing on undesirable websites. We use proprietary technologies and third-party services to detect click fraud and block inventory on websites with inappropriate content. However, technologies utilized by bad actors are constantly evolving. Preventing and combating fraud and inappropriate content requires constant vigilance and investment of time and resources. We may not always be successful in our efforts to do so. If we serve marketing content on websites that are objectionable to marketers, or inadvertently purchase content distribution opportunities for marketers that prove to be unacceptable for their marketing campaigns, such as fraudulent bot generated impressions, we may lose business and incur damages to our brand and reputation. In addition, we may be exposed to liabilities or the need to provide credits or refunds to our clients, and our business and results of operations may be harmed.

***Limitations on advertising for certain industries in some countries or regions could impair our ability to effectively distribute advertising, provide our solutions and services, and subject us to possible litigation and other disputes, which would harm our business and results of operations.***

We could face fines, orders restricting or blocking our solutions or services in particular geographies, or other government-imposed sanctions as a result of advertising for certain industries. For example, some countries in Asia-Pacific are considering, or have implemented, legislation imposing penalties, including fines, service throttling, access blocking, or advertising bans, for failure to remove certain types of, or all of, the advertising content for certain industries or to follow certain processes in advertising. Other governments may seek to restrict access to or block our advertisement for certain industries, prohibit or block the hosting of certain industry content available through our services, or impose other restrictions that may affect the accessibility or usability of our services or solutions in that country for a period of time or even indefinitely. It can be challenging to manage the requirements of multiple jurisdictions governing the type and nature of industries being able to be advertised. Even though we have local experts who are familiar with local laws and regulations, our local experts may not know all related local laws and regulations. Additionally, regulatory or legislative actions affecting the manner in which we provide digital marketing solutions and SaaS platforms to our customers or obtain consent for various practices could require services or solutions changes in the customers' interface that could adversely affect clients' engagement. If prohibitions or restrictions are imposed on our services or solutions, or if our competitors are able to successfully penetrate new geographic markets or capture a greater share of existing geographic markets that we cannot access or where we face other restrictions, our customer growth, retention and engagement may be adversely affected, and our business, revenue and financial results could be harmed.

***Any negative publicity with respect to us, the digital marketing industry in general or our partners may materially and adversely affect our reputation, business and results of operations.***

Complaints, litigation, regulatory actions or other negative publicity that arise about the digital marketing industry in general or our company in particular, including on the quality, effectiveness and reliability of digital marketing solutions and our SaaS platforms, privacy and security practices, and digital marketing content, even if inaccurate, could adversely affect our reputation and customer confidence in, and the use of, our solutions. Harm to our reputation and customer confidence can also arise for many other reasons, including employee misconduct, misconduct of our data and content distribution channel partners, data center providers or other counterparties, failure by these persons or entities to meet minimum quality standards or otherwise fulfill their contractual obligations or to comply with applicable laws and regulations. Additionally, negative publicity with respect to our data or content distribution channel partners could also affect our business and results of operation to the extent that we rely on these partners or if marketers or marketing agencies associate our company with such partners.

***If we are unable to conduct marketing activities in a cost-effective manner, our results of operations and financial condition may be materially and adversely affected.***

We utilize a broad mix of marketing programs to promote our solutions and services and our SaaS platforms, including online advertising and other types of advertising activities. There is no assurance that these marketing programs will always be well received or result in the anticipated levels of sales, or that these programs will always be implemented in a cost-effective manner, or that these programs will always keep pace with industry developments and consumer preferences, or that we will be able to recruit or retain experienced marketing employees. Failure to implement the existing marketing programs in a cost-effective manner or to introduce new branding approaches to adapt to the evolving trends could reduce our market share and cause our revenue to decline.

***Misconduct, errors and failure to function by our employees could harm our business and reputation.***

We are exposed to many types of operational risks, including the risk of misconduct and errors by our employees. Our business depends on our employees to process a large number of marketing campaigns orders, which involve the use of audience data and marketers' business information. We could be materially adversely affected if such data or information was disclosed to unintended recipients or if we experience an operational breakdown or failure in the processing of a marketing campaign whether as a result of human error, a purposeful sabotage or a fraudulent manipulation of our operations or systems. We could also be materially adversely affected if our employees absconded with our proprietary data or used our know-how to compete with us. Although employees have left our company in the past and may have violated the non-compete and non-solicitation clauses in their employment agreements with little impact on our business, future violations of these clauses could have a material adverse effect on our business. Any of these occurrences could result in our diminished ability to operate our business, potential liability to our customers, inability to attract future customers, reputational damage, regulatory intervention and financial harm, which could negatively impact our business and results of operations.

***We may not be able to obtain additional capital when desired, on favorable terms or at all.***

We intend to continue to make investments to support our business growth and may require additional funds, beyond those generated by this offering, to respond to business challenges, including to better support and serve our customers and provide better terms for our customers to capture more market share, develop new features or enhance our solutions and SaaS platform, improve our operating and technology infrastructure or acquire complementary businesses and technologies. Accordingly, we may need to engage in public or private equity, equity-linked or debt financings to secure additional funds. If we raise additional funds through future issuances of equity or convertible debt securities, our existing shareholders could suffer significant dilution, and any new equity securities we issue could have rights, preferences and privileges superior to those of holders of our Class A ordinary shares. Any debt financing that we secure in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, including the ability to pay dividends. This may make it more difficult for us to obtain additional capital and to pursue business opportunities, including potential acquisitions. We may not be able to obtain additional financing on terms favorable to us, if at all. If we are unable to obtain adequate financing on terms satisfactory to us when we require it, our ability to continue to support our business growth and respond to business challenges could be significantly impaired, and our business and prospects could be adversely affected.

***If we do not retain our key personnel, including our founders, and key employees, or attract additional technology and sales talents, we may not be able to sustain our growth or achieve our business objectives.***

Our future success is substantially dependent on the continued service of our senior management team, including our founders, Daniel Chan, our chief executive officer, Christine Chong, our chief operating officer, and Michael Chan, our chief technical officer, and other key employees. Our management team is currently spread across multiple physical locations and geographies, which can strain the organization and make coordinated management more challenging. Our future success also depends on our ability to continue to attract, retain and motivate highly skilled employees, particularly employees with technical skills that enable us to deliver effective marketing solutions, and sales and marketing, and publisher development and support personnel with experience in digital marketing. Competition for these employees in our industry is intense. As a result, we may be unable to attract or retain these management, technical, sales and marketing and publisher development and support personnel who are critical to our success, resulting in harm to our key marketer and publisher relationships, loss of key information, expertise or proprietary knowledge and unanticipated recruitment and training costs. The loss of the services of our senior management or other key employees could make it more difficult to successfully operate our business and pursue our business goals.

***We may face increased labor costs, inability to retain suitable employees, or unfavorable labor relations.***

We devote significant resources to recruiting and training employees. Our ability to manage and control labor costs is subject to numerous external factors beyond our control, including market pressures with respect to prevailing wage rates, unemployment levels, health and insurance expenses, as well as the impact of wage and employee benefits legislation and regulations. Any changes in these external factors could significantly increase labor costs, which would reduce our net income and cash flows.

We aim to motivate and retain qualified employees. If the employees are unsatisfied with what we offer, such as remuneration packages or working environment, we may not be able to retain qualified employees or replace them with personnel of appropriate skill sets and personal attributes at comparable costs, and thus we may need to expend additional resources to retain or replace suitable employees.

As of the date of this prospectus, we have not been subject to any employment-related claims. However, from time to time, we may be subject to various employment-related claims, such as individual actions or government enforcement actions relating to wage-hour, labor standards, or healthcare and benefits issues. Such actions, if brought against us and are successful in whole or in part, may materially and adversely affect our financial condition and results of operations.

***Past and future acquisitions, strategic investments, partnership or alliance could be difficult to integrate, divert the attention of key management personnel, disrupt our business, dilute shareholder value and adversely affect our results of operations and financial condition.***

Future acquisitions, strategic investments, partnerships or alliances could be difficult to integrate, divert the attention of key management personnel, disrupt our business, dilute shareholder value and adversely affect our business and results of operations. We have limited experience in acquiring and integrating businesses, products and technologies. If we identify an appropriate acquisition candidate, we may not be successful in negotiating the terms and/or financing of the acquisition, and our due diligence may fail to identify all of the problems, liabilities or other shortcomings or challenges of an acquired business, product or technology, including issues related to intellectual property, product quality or architecture, regulatory compliance practices, revenue recognition or other accounting practices or employee or client issues. Any acquisition or investment may require us to use significant amounts of cash, issue potentially dilutive equity securities or incur debt. In addition, acquisitions involve numerous risks, any of which could harm our business, including:

● difficulties in integrating the operations, technologies, solutions, services and personnel of acquired businesses, especially if those businesses operate outside of our core competency;

● cultural challenges associated with integrating employees from the acquired company into our organization;

● reputation and perception risks associated with the acquired product or technology by the general public;

● ineffectiveness or incompatibility of acquired technologies or solutions;

● potential loss of key employees of acquired businesses;

● inability to maintain the key business relationships and the reputations of acquired businesses;

● diversion of management's attention from other business concerns;

● litigation for activities of the acquired company, including claims from terminated employees, clients, former shareholders or other third parties;

● failure to identify all of the problems, liabilities or other shortcomings or challenges of an acquired company, technology, or solution, including issues related to intellectual property, solution quality or architecture, regulatory compliance practices, revenue recognition or other accounting practices or employee or client issues;

● in the case of foreign acquisitions, the need to integrate operations across different cultures and languages and to address the particular economic, currency, political and regulatory risks associated with specific countries;

● costs necessary to establish and maintain effective internal controls for acquired businesses;

● failure to successfully further develop the acquired technology in order to recoup our investment; and

● increased fixed costs.

If we are unable to successfully fully integrate any future business, solution or technology we acquire, our business, financial conditions and results of operations may suffer.

***We face risks related to natural disasters, health epidemics and other outbreaks, which could significantly disrupt our operations.***

We are vulnerable to natural disasters and other calamities. Fire, floods, typhoons, earthquakes, power loss, telecommunications failures, break-ins, war, riots, terrorist attacks or similar events may give rise to server interruptions, breakdowns, system failures, technology platform failures or internet failures, which could cause the loss or corruption of data or malfunctions of software or hardware as well as adversely affect our ability to provide solutions and services. Our business could also be adversely affected by the effects of Ebola virus disease, Zika virus disease, H1N1 flu, H7N9 flu, avian flu, Severe Acute Respiratory Syndrome, or SARS, or other epidemics. Our business operations could be disrupted if any of our employees is suspected of having Ebola virus disease, Zika virus disease, H1N1 flu, H7N9 flu, avian flu, SARS or other epidemic, since it could require our employees to be quarantined and/or our offices to be disinfected.

Most of our system hardware and back-up systems are hosted in leased facilities in Hong Kong, Taiwan, and other offices, and most of our directors, senior management and employees are based in Hong Kong and Taiwan. Therefore, if any of the above-mentioned natural disasters, health epidemics or other outbreaks were to occur in these regions, our operations may experience material disruptions, such as temporary closure of our offices and suspension of services, which may materially and adversely affect our business and results of operations.

***We may not maintain adequate or sufficient insurance, which could expose us to significant costs and business disruption.***

We maintain certain insurance policies in accordance with local government requirements in the regions where we operate to safeguard against risks and unexpected events. We do not currently maintain business liability insurance, business interruption insurance or key-man insurance. See "Business — Insurance." However, there can be no assurance that such insurance coverage will always be available or will always be sufficient to cover any damages resulting from any kind of claims. In addition, there are certain types of risks that may not be covered by our insurance policies, such as war or force majeure events. In addition, there can be no assurance that when the current insurance policies expire, we will be able to renew them on favorable terms and with sufficient coverage. Claims that are not covered by the policies or a failure to renew the insurance policies may materially and adversely affect our business, financial condition, and results of operations.

***Our business may be subject to chargebacks and other losses for various reasons. These chargebacks and other losses may harm our results of operations.***

We may experience claims from customers that we have not performed our obligations or that events did not match our descriptions in the promotional materials. We are committed to providing services that satisfy customers' requirements and we did not experience any returns, refund and other similar obligations for the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025. See our consolidated financial statements included elsewhere in this prospectus. However, if we become subject to chargebacks and other losses, it could harm our business, and our results of operations and financial condition.

***Our customers, suppliers and other business partners may be subject to extensive government regulations.***

Our customers, suppliers and other business partners may be subject to extensive government regulations and may be required to obtain and maintain a number of statutory and regulatory licenses, permits, certificates and approvals. While we have not encountered any incident in the past involving non-compliance by any of our major customers, suppliers and business partners as of the date of this prospectus, we cannot assure you that all of such customers, suppliers and business partners would have obtained or renewed the relevant permits, certificates and approvals prior to entering into any transaction with us. If any of our major customers, suppliers and business partners do not receive such permits, certificates and approvals or are unable to renew such permits, certificates and approvals in a timely manner, our operations may be adversely affected. Further, the relevant authorities may initiate penal action against them, limit or suspend their operations, impose fines or penalties, or initiate legal proceedings for their inability to renew or obtain permits, certificates and approvals in a timely manner or at all, which will consequently have an adverse impact on our financial condition, results of operations, cash flows and prospects.

***Uncertain economic or social conditions may adversely impact our business.***

Our business could be negatively impacted by reduced demand for our solutions and services and our SaaS platforms related to one or more significant local, regional, or global economic or social disruptions. These disruptions may include: a slow-down, recession or inflationary pressures in the general economy; reduced market growth rates; tighter credit markets for our suppliers, vendors, or customers; a significant shift in government policies; significant social unrest; or the deterioration of economic relations between countries or regions. Additionally, these and other economic conditions may cause our suppliers, distributors, contractors or other third-party partners to suffer financial or operational difficulties that they cannot overcome, resulting in their inability to provide us with the needed materials and services, in which case our results of operations could be adversely affected.

***Fluctuations in interest rates could negatively affect our reported results of operations.***

Our financial performance could be negatively impacted by the fluctuations in interest rates. Elevated interest rates may result in increased borrowing costs, potentially diminishing our profitability. While we strive to maintain competitive pricing for our services, an increase in interest rates may necessitate price adjustments. However, the competitive landscape within our industry may limit our ability to pass on these increased costs to customers. Interest rates have historically shown fluctuations. There is no guarantee that we will be able to fully mitigate the potential adverse effects of interest rate fluctuations. As a result, our financial condition and results of operations could also be materially and adversely affected.

***We are subject to credit risks associated with accounts receivable, and if we are unable to collect accounts receivable from our customers, our results of operations and cash flows could be materially adversely affected.***

As of March 31, 2025 and 2024, we had accounts receivable of US$3.1 million and US$2.3 million, respectively. One customer accounted for 11.9% of our total accounts receivable for the fiscal year ended March 31, 2025, and no other customers accounted for more than 10% of our accounts receivable as of March 31, 2025. No customer accounted for more than 10% of our accounts receivable for the fiscal year ended March 31, 2024. As of September 30, 2025, we had accounts receivable of US$3.5 million. No customer accounted for more than 10% of our accounts receivable as of September 30, 2025. Due to uncertainty of the timing of collection, we maintain an allowance for doubtful accounts which reflects our best estimate of amounts that potentially will not be collected. We determine the allowance for doubtful accounts taking into consideration various factors, including but not limited to, historical collection experience, credit-worthiness of the debtors and the age of the receivables balance. We establish a provision for doubtful receivables when there is objective evidence that we may not be able to collect amounts due. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of operations and comprehensive income. See our consolidated financial statements included elsewhere in this prospectus.

Although we manage credit risk related to our customers by performing periodic evaluations of credit worthiness and applying other credit risk monitoring procedures, if there is an occurrence of circumstances that affect our customers' ability to pay us such as deteriorating conditions in, bankruptcies, or financial difficulties of a customer or within their industries generally, our operating cash flow will be under significant pressure, and we could experience payment delays or default in payment to our suppliers or other creditors, which may result in material and adverse impact on our business, financial condition and results of operations.

***We have historically relied on the leased properties granted by our principal shareholders, and there is no assurance that we will be able to renew the leases or find suitable alternative premises upon the expiration of the relevant lease terms.***

We have leased space for corporate headquarters and offices granted by our principal shareholders. Although we have maintained good relationships with our principal shareholders, there is no assurance that we will be able to renew such leases on commercially reasonable terms, or at all. In the event that we are unable to renew the current leases, we will be forced to relocate and may not be able to find suitable alternative premises. Even if we are able to find desirable alternative locations, we may incur extraordinary relocation costs, hefty rental payments and significant managerial expenses. If any of these events occurs, our financial condition, operating results, and prospects may be materially and adversely affected.

In addition, we have leased office space in the PRC. The relevant PRC laws and regulations stipulate that a written lease contract shall be registered with the Department of Housing Administration for the record. In the case of a failure to comply with the registration requirement above, a fine may be imposed on the lessor and the lessee by the governmental authorities. As of the date of this prospectus, our PRC subsidiaries do not have any lease agreements that have not been registered with the PRC governmental authorities as required by the PRC laws and regulations. There is no guarantee that our PRC subsidiaries will comply with registration requirement in the future. Although the failure to do so does not in itself invalidate the leases, our PRC subsidiaries may be ordered by the PRC government authorities to rectify such noncompliance and, if such noncompliance is not rectified within a given period of time, our PRC subsidiaries may be subject to fines imposed by PRC government authorities ranging from RMB1,000 to RMB10,000 for each lease agreement that has not been registered with the relevant PRC governmental authorities.

***Fluctuation in the exchange rate between the US dollars and foreign currencies may have an adverse effect on our business.***

Some of our customers are located in jurisdictions that use currencies other than US dollar, and our services are delivered using foreign currencies, such as Singapore dollar and MOP dollar. The MOP dollar is pegged to the Hong Kong dollar, which is pegged to the US dollar. The values of foreign currencies such as the Singapore dollar may fluctuate against the U.S. dollars. As a result, we are exposed to risks from the foreign exchange rate fluctuations. Exchange rates between some of these currencies and the US dollar in recent years have fluctuated significantly and may do so in the future, thereby impacting our results of operations and cash flows in US dollar terms. As of the date of this prospectus, we do not hedge our exposure to foreign exchange fluctuations through derivatives or any other means. Any adverse movement in currency exchange rates may result in an increase in our costs, which could have an adverse effect on our financial condition, results of operations, cash flows and prospects.

***We may be involved in legal and other disputes and claims arising out of our operations.***

As of the date of this prospectus, we are not a party to any material lawsuits, and we are not aware of any threats of lawsuits against us that are anticipated to have significant effects on our financial condition or profitability. See "Business — Legal Proceedings." We may, from time to time, be involved in disputes with and be subject to claims by customers or other parties. There can be no assurance that when legal actions arise in the ordinary course of our business, any of the legal actions will be resolved in our favor. We are subject to uncertainties as to the outcome of such legal proceedings and our business operations may be disrupted. Legal or other proceedings involving us may, among others, result in us incurring significant costs, divert management's attention and other resources, negatively affect our operations, cause negative publicity against us, or damage our reputation, regardless of whether we are successful in defending such claims or proceedings. As a result, our financial condition and results of operations may be materially and adversely affected.

***We plan to expand our provision of solutions and services in Asia-Pacific, Middle East and other new markets where we may have limited or no experience, and this may subject us to increased business and economic risks that could affect our financial results.***

As part of our business strategy for cross-border digital marketing solutions and SaaS platforms to expand our global coverage of customer base, we may need to establish local team or office or cooperate with local business partners in overseas jurisdictions, especially in Asia-Pacific and Middle East. We may enter into new international markets where we have limited or no experience. If we fail to deploy, manage, or oversee our operations successfully, our business may suffer. In addition, we are subject to a variety of risks inherent in doing business internationally, including:

● political, social, or economic instability;

● foreign exchange controls and tax and other regulations and orders that might limit our ability to move cash freely, and impede our ability to invest such cash efficiently;

● risks related to legal, regulatory, and other government scrutiny applicable to us with our provision of solutions and services and operations in foreign jurisdictions, including with respect to data privacy, tax, law enforcement, content censorship, trade compliance, intellectual property, and terrestrial infrastructure matters;

● potential damage to our brand and reputation due to compliance with local laws, including potential censorship or requirements to provide user information to local authorities;

● fluctuations in currency exchange rates and compliance with currency controls;

● higher levels of credit risk and payment fraud;

● enhanced difficulties of integrating any foreign acquisitions;

● difficulties in staffing, managing, and overseeing global operations and the increased travel, infrastructure, and legal compliance costs associated with multiple international locations;

● difficulties in gaining an in-depth understanding of local markets and cultures;

● risks related to our ability to establish cooperation relationships with international partners, including local financial institutions who provide us with support for international settlement and credit facilities; and

● compliance with statutory equity requirements and management of tax consequences.

If we are unable to manage the complexity of our international operations and expand our global reach successfully, our financial results could be adversely affected.

***Misappropriation or misuse of privacy information could result in claims, changes to our business practices, monetary penalties, increased cost of operations, or a decline in customers and media publishers, or otherwise harm our business and reputation.***

We face risks inherent in handling and protecting data involved in conducting our cross-border digital marketing solutions and SaaS platforms businesses, including: (i) protecting data received by and analyzed on our system, including against attacks on our system by outside parties or fraudulent behavior or improper use by our employees; (ii) addressing data privacy, security and other concerns; and (iii) complying with applicable laws, rules and regulations relating to any collection, use, disclosure or security of personal information, including any requests from regulatory and government authorities relating to such data. In particular, we may not be able to prevent third parties, such as hackers or other individuals or entities engaging in similar activities, from illegally obtaining any confidential or private information from us. Such individuals or entities obtaining data from us may further engage in various other illegal activities using such information. Such information may also be improperly accessed, tampered with or distributed by our employees due to non-compliance with our internal control policy. In addition, we have limited control or influence over the security policies or measures adopted by third-party providers such as online payment services through which some of our marketers may elect to make payment for our services. For the fiscal years ended March 31, 2025 and 2024 and six months ended September 30, 2025, we had not received any claims related to breach of confidential information nor suffered any material adverse impact arisen therefrom. However, we cannot assure you that in the future, we will not be required to allot significant resources and incur material expenses regarding such claims. Any negative publicity on the safety or privacy protection mechanisms and policies of our services and platforms, and any claims asserted against us or fines imposed upon us as a result of actual or perceived failures, could have a material and adverse effect on our public image, reputation, financial condition and results of operations.

Significant capital and other resources may be required to protect against information security breaches or to alleviate problems caused by such breaches or to comply with our privacy policies or privacy-related legal obligations. The resources required may increase over time as the methods used by hackers and others engaged in online criminal activities are increasingly sophisticated and constantly evolving. Although we endeavor to observe security measures throughout our operations and limit access to such information, we cannot assure you that we will be able to prevent unauthorized individuals from gaining access to such data. Any failure or perceived failure by us to prevent information security breaches or to comply with privacy policies or privacy-related legal obligations, or any compromise of security that results in the unauthorized release or transfer of user data, could cause harm to our reputation and trust with business partners, and may even expose us to legal claims, which may in turn materially and adversely affect our reputation, business, financial condition and results of operations.

***Seasonal fluctuations in our industry could have impact on our revenue, cash flow and operating results.***

For cross-border digital marketing industry, the fourth quarter of the year is typically a peak season for marketers from the e-commerce industry which customarily allocate a significant portion of their marketing budgets around the holiday seasons (such as Christmas and New Year) and on special promotional occasions (such as Black Fridays) when increased consumer spending is expected. See "Business – Seasonality." Our annual results of operations may not be predicted based on a quarter-to-quarter comparison of our results of operations. As we have established a marketer base which comprises marketers from different industries and as we actively approach our marketers with marketing proposals throughout the year, our historical revenue growth had generally masked the impact of seasonality with respect to marketers from different industries and we believe that we did not experience material fluctuations in our operations due to seasonality for the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025. However, if our growth rate declines or seasonal spending becomes more pronounced from certain marketer industries than the others, seasonality could have an adverse impact on our revenue, cash flow and operating results from period to period.

***If we fail to comply with legal or regulatory requirements or obtain the requisite approvals, licenses or permits applicable to our business, it may have a material adverse effect on our business and results of operations.***

The laws and regulations on the internet-related businesses, and the licensing and permit requirements pertaining to, companies engaged in connection with such online businesses and industries, are relatively new and evolving. The interpretation and enforcement of these laws and regulations also involve significant uncertainties. As a result, in certain circumstances it may be difficult to determine what may be deemed to be in violation of applicable laws and regulations. There can be no assurance that we have obtained all the permits or licenses required for conducting our business in the jurisdictions where we operate or will be able to maintain our existing licenses or obtain new ones in the future.

If any government authority considers that we were operating without the proper approvals, licenses or permits or promulgates new laws and regulations that require additional approvals or licenses or imposes additional restrictions on the operation of any part of our business, it has the power, among other things, to levy fines, confiscate our income, revoke our business licenses, and require us to discontinue our relevant business or impose restrictions on the affected portion of our business. Any of these actions by such government authority may have a material adverse effect on our business and results of operations.

***Our variety of accepted payment methods subjects us to third-party payment processing-related risks.***

We accept payments using a variety of methods, including online payments with credit cards, payment through third-party online payment platforms such as PayPal and AsiaPay. As the date of this prospectus, we have not received any payments through third-party online payment platforms. We generally engage payment gateway companies to process transactions between us and counterparties. Our business may be disrupted if the payment gateway companies become unwilling or unable to provide these services to us. For certain payment methods, including credit, we pay interchange and other fees, which may increase over time and raise our operating costs and lower our profitability. We may also be subject to fraud and other illegal activities in connection with the various payment methods we offer, including online payment options. We are also subject to various rules, regulations and requirements, regulatory or otherwise, governing electronic funds transfers, which could change or be reinterpreted to make it difficult or impossible for us to comply. If we fail to comply with these rules or requirements, we may be subject to fines and higher transaction fees and lose our ability to accept credit and debit card payments, process electronic funds transfers or facilitate other types of online payments, and our business, financial condition and results of operations could be materially and adversely affected.

***We accept USDC and USDT as a form of payment, which creates substantial risks.***

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When entering into either digital marketing agreement or the SaaS contract with us, customers have the option to submit the payment electronically in Hong Kong dollars through a variety of methods, or alternatively customers may choose to pay using crypto assets via our designated payment platform. On designated payment platform's payment portal, our customers may submit payment using USDC, USDT and etc. The total price of an order in any cryptocurrency will be calculated automatically by such payment platform based on real-time exchange rate information between USDC or USDT and the chosen cryptocurrency. Our customers are responsible for any transfer costs associated with transferring crypto assets as payment. Once the customer transfers the stablecoin to our corporate account in designated payment platform, we can sell the USDT or USDC in such platform with a service fee of 0.15%-0.25% (which is subject to the platform policy) into USD or HKD, and then we may remit the fiat currency to our bank account. The payment platform stores the crypto assets received as payment for our services and solutions in their own wallets. As the date of this prospectus, we have not received any payments from our customers using USDC, USDT or any other crypto assets.

This practice could expose us to substantial risks. Even though USDC and USDT are regarded by industry participants as "stable coins," there is no guarantee that USDC or USDT will not break its U.S. dollar peg, which could lead to us receiving less value than expected for services and solutions sold. Additionally, the regulatory environment surrounding cryptocurrencies is still evolving in many jurisdictions. We may face uncertainty regarding legal and regulatory compliance, which could lead to potential fines, legal expenses, or operational disruptions. Furthermore, transactions involving cryptocurrencies are irreversible, pseudonymous, and subject to cyber-attacks and fraud. We must implement robust security measures and continuously upgrade them to protect our crypto assets and customer information from theft and cyber-attacks. Also, the perception of accepting cryptocurrencies can vary among different stakeholders, including our customers, investors, and business partners. Any negative publicity or concerns about security and volatility from us accepting USDC or USDT as a form of payment could affect our reputation.

***The redemption risk and regulatory risk associated with stablecoins may adversely affect our business and financial position.***

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Stablecoins are digital assets designed to minimize price volatility. A stablecoin is designed to track the price of an underlying asset such as fiat money or commodity. Although as of the date of this prospectus, we do not hold any stablecoins, we support and may use certain stablecoins in our businesses. Stablecoins have a unique risk associated with redemption of the token for the underlying asset. While the underlying assets are often invested into perceived "safe" investments such as U.S. treasuries, the composition of backing assets may vary considerably across popular stablecoins, with some stablecoins backed entirely by off-chain assets including cash or short-term, highly liquid assets, and others backed by assets significantly less liquid than cash or cash equivalents. For example, Circle, which issues USDC, reports that it holds cash and short-term cash equivalents to back its USDC stablecoins, and Paxos, which issues PYUSD, reports that its reserves are held 100% in U.S. dollar deposits, U.S. treasuries and cash equivalents. The reserves of Tether, which issues USDT, have at various times included a wider variety of assets, and Tether reserves the right to redeem USDT by making in-kind redemptions of any assets held in its reserves. There is a risk that any of these stablecoin asset reports are inaccurate, which may mean that there are not enough assets supporting a full redemption of the outstanding stablecoins, and a risk that even if there are enough assets backing such stablecoin to enable a full redemption, the assets may not be redeemable at the 1:1 redemption ratio (i.e., US$1 for 1 stablecoin) if an issue occurs with the underlying asset or that an issuer may be unable to liquidate enough backing assets if it were to face mass redemptions of its stablecoin, which could cause the price of the stablecoin to deviate from the price of the underlying fiat currency or other asset with which the stablecoin is designed to align in price. In addition, in extreme cases, such as a request to immediately redeem all or substantially all of a particular stablecoin in circulation, even stablecoins backed by reserves comprised primarily of cash and cash equivalents may be subject to instability or an inability of the stablecoin issuer to meet all redemption requests, as the market for short-dated U.S. government obligations might not be sufficiently price stable. Market participants have increasingly shown concern about the actual underlying liquidity and reserves for dollar stablecoins such as USDT and USDC. For example, according to reports, Circle had more than $3 billion of its USDC reserve funds on deposit at Silicon Valley Bank, which became temporarily inaccessible when the bank was placed into FDIC receivership in March 2023. Although these funds were ultimately made available, concerns related to Circle's access to these funds caused USDC to temporarily fall below its $1.00 peg, and the total market capitalization of USDC decreased following this temporary depegging. If a stablecoin issuer were to fail to honor its redemption obligations, this could undermine public confidence in stablecoins and in digital assets more broadly, which could have a widespread impact on the digital assets economy, causing the prices of other stablecoins and digital assets to become more volatile.

The GENIUS Act, which establishes a federal regulatory framework for stablecoins, was signed into law on July 18, 2025. While we believe we are positioned to benefit from increased regulatory clarity, we cannot predict the ultimate impact of such legislation and the regulatory treatment of fiat-backed stablecoins across other jurisdictions remains uncertain. The resale of such stablecoins may implicate a variety of banking, deposit, money transmission, prepaid access and stored value, anti-money laundering, commodities, securities, sanctions, and other laws and regulations in the various jurisdictions relevant to our business. The risks associated with stablecoins may adversely affect interest in and demand for the products and services we seek to offer, and subject us to additional regulatory uncertainties, which may result in enforcement actions, litigation, significant costs being incurred, fines, and other penalties, as well as adversely affect our business, financial condition, results of operations and share price.

***We are subject to anti-bribery, anti-corruption and similar laws and non-compliance with such laws can subject us to criminal penalties or significant fines and harm our business and reputation.***

We are subject to anti-bribery, anti-corruption and anti-money laundering laws in jurisdictions in which we conduct business activities. Anti-bribery and anti-corruption laws have been enforced with great rigor in recent years and are interpreted broadly and prohibit companies and their employees and their agents from making or offering improper payments or other benefits to government officials and others in the private sector. Non-compliance with these laws could subject us to investigations, sanctions, settlements, prosecution, and disgorgement of profits, significant fines, damages, other civil and criminal penalties or injunctions, suspension and/or debarment from contracting with specified persons, reputational harm, negative publicity and other collateral consequences. Any investigations, actions and/or sanctions could have a material negative impact on our business, results of operations and financial condition.

Moreover, we are required to comply with applicable anti-money laundering, anti-terrorism laws and regulations or sanction laws. These laws and regulations require us to establish sound internal control policies and procedures with respect to anti-money laundering monitoring, reporting and other obligations. In the event that we fail to fully comply with applicable laws and regulations, the relevant government agencies may impose fines or other penalties on us. There can be no assurance that there will not be failures in detecting money laundering or other illegal or improper activities which may adversely affect our reputation, financial condition and results of operations.

***A severe or prolonged downturn in the domestic or global economy or the unpredictability of international relations could materially and adversely affect our business, results of operations and financial condition.***

Our business is subject to the domestic, regional and global economic conditions. The global macroeconomic environment is facing challenges. For example, there have been concerns over unrest, military actions and terrorist threats in the Middle East, Europe and Africa, which have resulted in market volatility. There have been concerns on the relationship between China and other countries, including the surrounding Asian countries, which may potentially have economic effects. There have also been concerns on the trade war initiated by the United States against China and other countries. Rising political tensions could reduce levels of trades, investments, technological exchanges and other economic activities amongst the major economies, which would have a material adverse effect on global economic conditions and the stability of global financial markets. It is unclear whether these challenges and uncertainties will be contained or resolved, and what effects they may have on the global political and economic conditions in the long term. There is also potential risk that the new national security legislation could trigger sanctions or other forms of penalties by foreign governments, which may adversely affect the financial market and economic condition of Hong Kong, and in turn may adversely affect our operations in Hong Kong. Economic conditions in markets where we operate are sensitive to global economic conditions, as well as changes in domestic economic and political policies and the expected or perceived overall economic growth rate. Any severe or prolonged slowdown in the global or the markets where we operate may materially and adversely affect our business, results of operations and financial condition. A severe or prolonged downturn in the domestic or global economy could materially and adversely affect our business and financial condition.

***Our business, growth and prospects are significantly affected by the growth of media platforms and use of SaaS platforms and precision marketing services in Asia-Pacific.***

Although SaaS platforms have been well-developed globally in recent years, SaaS platforms remain less common and less mature in terms of development in Asia-Pacific compared with the United States. As a result, the transition to SaaS platforms in Asia-Pacific may be slower among users with concerns over SaaS platforms or demands for highly customizable application software. Whether our customers accept our SaaS platforms depends, to a large extent, on their level of awareness of our SaaS platforms and the widespread global use of SaaS platforms. We cannot assure you that the trend of adopting and utilizing such platforms by businesses will continue to grow in the future.

In addition, precision marketing services, such as digital marketing solutions and services that we provide, remain less established compared with conventional marketing means such as search engines. We may not be able to develop or maintain in-depth cooperative relationships with leading online media platforms, and it may be difficult for us to constantly generate high-quality content that meets changing audience preferences. Even if precision marketing becomes widely adopted, customers may not be familiar with, or be willing to make significant investments in, services such as ours that can assist them with managing their precision marketing across channels and devices. As a result, we cannot predict with certainty the demand for our SaaS platforms or the future growth rate and size of the market for our SaaS platforms and precision marketing.

Market expansion for SaaS platforms and precision marketing in Asia Pacific depends on a number of factors, including the growth of new media platforms and cost, as well as the performance of, and perceived value associated with, SaaS platforms and precision marketing. If SaaS platforms and precision marketing do not achieve widespread acceptance, or there is a reduction in demand for such platforms or services caused by weakening economic conditions, decreases in corporate spending, technical challenges, data security or privacy concerns, governmental regulation, competing technologies and platforms or services or otherwise, our business, growth prospects and results of operations will be materially and adversely affected.

***We face ethical, legal and reputational risks associated with the use of our AI technology and AI-generated marketing content.***

As with many developing technologies, AI technology presents risks and challenges that could affect its further development, adoption, and use, and therefore influences our business. Our application of Al technology, especially the use of AI-generated marketing content for our marketing and SaaS platforms, may produce biased analysis and discrimination against inquiry subjects in certain stereotypes, such as unequal risk scoring based on age, cultural background or gender. In addition, the accuracy of AI-generated marketing content may be subject to error, which could harm our reputation and credibility, and may result in regulatory fines or legal liabilities if the content is misleading or contains material errors and omissions. If AI applications assist in generating flawed or inaccurate content, we may be subject to competitive harm, potential legal liability and ethical or reputational harm.

The use of AI-generated content may further raise issues related to copyright infringement if the AI algorithms are partially trained on copyrighted content, and there is no guarantee that our use of AI-generated content would not infringe on the intellectual property rights of third parties. In addition, the use of AI-generated content may be subject to future regulatory scrutiny and legal challenges. If we fail to ensure our compliance with relevant laws and regulations governing the use of AI-generated content, including intellectual property laws, consumer protection laws, and advertising standards, our reputation, business and results of operations may be materially and adversely affected.

***We may be unable to achieve or maintain adequate data transmission capacity as required by our customers.***

Our customers often have higher demand for marketing and sales activities over short periods of time, including from events such as new product releases, holiday shopping seasons, and flash sales, which significantly increase the traffic on our servers. While we are generally able to maintain adequate data transmission capacity to handle such traffic, we cannot assure you that we shall be able to continue achieving, or maintaining, this in the future, particularly when we encounter an unexpectedly significant increase in traffic. If we are unable to achieve or maintain adequate data transmission capacity, this may significantly reduce customer demand for our solutions and SaaS platforms. In the future, we may have to allocate resources and incur substantial expense to build, purchase or lease additional data centers and equipment, and upgrade our technology and network infrastructure in order to handle the increased load.

Additionally, our ability to deliver our solutions and services and SaaS platforms also depends on the development and maintenance of internet infrastructure by third parties, including the maintenance of reliable networks with the necessary speed, data capacity and bandwidth. If one of these third parties suffers from capacity constraints, our business may be adversely affected. See also "– Any interruptions or delays in services from third parties, including data center hosting facilities and other hardware and software vendors, or from our inability to adequately plan for and manage service interruptions or infrastructure capacity requirements, may impair the delivery of our services, and materially and adversely affect our business and results of operations."

***Any interruptions or delays in services from third parties, including data center hosting facilities and other hardware and software vendors, or from our inability to adequately plan for and manage service interruptions or infrastructure capacity requirements, may impair the delivery of our solutions and services and SaaS platforms, and materially and adversely affect our business and results of operations.***

We use third-party data center hosting facilities located in Hong Kong and other regions in Asia. We also use computer hardware purchased from, and software licensed from, third parties in order to offer our solutions and services and SaaS platforms. Any damage to, or a failure of, our systems generally, including systems of our third-party platform providers, could result in interruptions to our solutions and services. In the past, we have experienced interruptions to our solutions and services and SaaS platforms, and such interruptions may recur in the future. Interruptions to our solutions and services and SaaS platforms may cause us to issue credits or pay penalties to our customers, or cause them to make warranty or other claims against us. Any of these would create a material and adverse effect on both our attrition rates and ability to attract new customers, all of which would reduce our revenue. Our business and reputation may also be harmed if our customers, or potential customers, believe that our solutions and services and SaaS platforms are unreliable.

We do not control the operation of any of these facilities provided by third-party providers, which may be vulnerable to damage or interruption from earthquakes, floods, fires, power loss, telecommunications failures, and similar events. These facilities may also be subject to break-ins, sabotage, intentional acts of vandalism and similar criminal conduct, as well as local administrative actions, changes to legal or regulatory requirements and litigious proceedings to stop, limit or delay operations. Despite precautions taken by our third-party providers at these facilities, such as disaster recovery and business continuity arrangements, the occurrence of an act of terrorism or natural disaster, a decision to close the facilities without adequate notice or other unanticipated problems at these facilities could result in lengthy interruptions to our solutions and services and SaaS platforms.

Additionally, such hardware, software and data may not continue to be available to us at reasonable prices, on commercially reasonable terms, or at all. If we lose our right to use any of such hardware, software or cloud computing platforms, this could significantly increase our expenses or otherwise result in delays in the provisioning of our solutions and services and SaaS platforms until equivalent technology is either developed by us, or, if available, is identified, obtained through purchase or license and integrated into our solutions and services and SaaS platforms. If the performance of such third parties proves unsatisfactory, or if any of them violates its contractual obligations to us, we may need to replace such third party and/or take other remedial action, which could result in additional costs and materially and adversely affect the solutions and services and SaaS platforms we provide to our customers. Further, the financial condition of our third party providers may deteriorate over the course of our contract term with them, which may also impact the ability of such third party to provide the agreed services, and have a material adverse effect on the solutions and services and SaaS platforms we provide to our customers and our results of operations.

***If the pricing models set by our advertisers and publishers are different, our system will not convert the traffic acquisitions costs and actual traffic acquisition costs exceed the maximum traffic acquisition cost set by advertisers, we will incur more costs than expected, which may materially and adversely affect our gross profit, profitability and financial results.***

In a specific campaign, the advertiser will set a maximum traffic acquisition costs requirement based on a specific pricing model for us. We will not exceed the maximum traffic acquisition cost set by the advertiser. If the pricing model set by the advertiser is different than the pricing model used by the relevant publisher, our system is unable to convert the pricing model used by the publisher. We cannot assure that the actual traffic acquisition costs would not exceed the traffic acquisition costs requirement set by the advertiser, as a result, we may incur more costs than expected, which will affect our gross profit, and if we cannot effectively manage such costs, our profitability and financial results will be adversely affected.

***Potential political and economic instability in Taiwan may adversely impact our results of operations.***

We generate a principal portion of our revenues mainly through our operating subsidiary and branch in Taiwan, AdTech Innovation Limited and AsiaPac Net Media Limited Taiwan Branch. Accordingly, our business, financial condition and results of operations and the market price of our securities may be affected by changes in governmental policies, taxation, growth rate, inflation rate or interest rates and by social instability and diplomatic and social developments in or affecting Taiwan. In particular, there is sustained tension between mainland China and Taiwan relating to the unique legal and geopolitical status of Taiwan and its internal political affairs. In the past incidents and political developments related to the interactions between mainland China and Taiwan have on occasion negatively affected the business operations in Taiwan. Future further escalation of the tensions between mainland China and Taiwan could lead to the imposition of sanctions, bans or tariffs on exports or even military conflict. Any conflict which threatens the military, political or economic stability in Taiwan could have a material adverse effect on our current or future business and financial conditions and results of operations.

Since 2018, there have been political and trade tensions among a number of the world's major economies. These tensions have resulted or may result in the implementation of tariff, non-tariff trade barriers, sanctions, export controls and other measures that may be impactful to the Taiwan economy, and further to the digital marketing market and marketing SaaS market in Taiwan. Prolonged or increased use of such measures may negatively affect the growth of the global economy and the Taiwanese economy, which could harm the market for digital marketing and SaaS platforms, and have a material adverse effect on our current or future business and financial conditions and results of operations in Taiwan.

**Risks Relating to Doing Business in Hong Kong and Mainland China**

The operational risks associated with having operations in China also apply to operations in Hong Kong to the extent we conduct operations in that jurisdiction.

***Our headquarter is in Hong Kong with limited operations in mainland China. However, due to the long arm provisions under the current laws and regulations of mainland China, the government of mainland China may exert substantial influence and discretion over the conduct of our business and may intervene in or influence our operations at any time. If we were to become subject to such direct influence and discretion, it may result in a material change in our operations and/or the value of our Class A ordinary shares, which would materially affect the interest of the investors.***

Our headquarter is in Hong Kong with limited operations in mainland China. The PRC government currently does not exert direct influence and discretion over the manner in which we conduct our business activities outside of mainland China, however, there is no guarantee that we will not be subject to such direct influence and discretion in the future due to changes in laws or other unforeseeable reasons or as a result of our expansion or acquisition of operations in mainland China.

The Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China (the "Basic Law") provides that national laws of the PRC do not apply in Hong Kong unless they are listed in Annex III of the Basic Law and applied locally by promulgation or local legislation. National laws that may be listed in Annex III are currently limited under the Basic Law to those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong Kong. National laws relating to data protection, cybersecurity and the anti-monopoly have not been listed in Annex III and so do not apply directly to Hong Kong. While the National People's Congress of the PRC has the power to amend the Basic Law, the Basic Law also expressly provides that no amendment to the Basic Law shall contravene the established basic policies of the PRC regarding Hong Kong.

The PRC legal system is evolving rapidly and the PRC laws, regulations, and policies may change quickly with little advance notice. In particular, because these laws, rules and regulations are relatively new, and because of the limited number of published decisions and the non-precedential nature of these decisions, the interpretation and enforcement of these laws, rules and regulations may involve uncertainties.

If we were to become subject to the direct influence and discretion of the PRC government at any time due to changes in laws or other unforeseeable reasons or as a result of our development, expansion or acquisition of operations in mainland China, it may require material changes in our operations and/or result in increased costs necessary to comply with existing and newly adopted laws and regulations or penalties for any failure to comply. In addition, the market prices of our Class A ordinary shares could be adversely affected as a result of anticipated negative impacts of any such government actions, as well as negative investor sentiment towards Hong Kong-based companies subject to direct PRC government oversight and regulation, regardless of our actual operating performance. There can be no assurance that the PRC government would not exert more oversight over our operations at any time.

We are not currently required to obtain permission from the PRC government for the trading of our Class A ordinary shares on Nasdaq or this offering or for the offering of our Class A ordinary shares to foreign investors outside of mainland China, however, there is no guarantee that this will continue to be the case in the future, or even when such permission is obtained, it will not be subsequently denied or rescinded. Any actions by the PRC government to exert more oversight and control over offerings (including businesses whose primary operations are in Hong Kong) that are conducted overseas and/or foreign investments in Hong Kong-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our Class A ordinary shares to significantly decline or be worthless.

Recently, the PRC government initiated a series of regulatory actions and statements to regulate overseas securities offerings by and foreign investment in mainland China-based companies, and cybersecurity and data privacy. For example, on July 6, 2021, the relevant mainland China government authorities issued Opinions on Strictly Scrutinizing Illegal Securities Activities in Accordance with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by mainland China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and incidents faced by mainland China-based overseas-listed companies and enhancing public opinion guidance. On February 17, 2023, the CSRC, released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies and several ancillary interpretive guidelines, or collectively, the Trial Measures, effective on March 31, 2023. Pursuant to the Trial Measures, if the issuer meets both of the following criteria, the overseas securities offering and listing conducted by such issuer shall be deemed as indirect overseas offering and listing: (i) 50% or more of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent accounting year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in China, or its main places of business are located in China, or the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled in China. We believe that we do not meet both criteria above, and as advised by our PRC counsel, Han Kun Law offices, we are not required to obtain the approval from or complete the filing with the CSRC for this offering, based on the facts (i) we are not ultimately controlled by any mainland Chinese company or individual directly or indirectly; (ii) substantially all of our operating revenues, total profits, total assets or net assets documented in the consolidated financial statements for the most recent fiscal year are accounted for by subsidiaries outside of mainland China; and (iii) we primarily conduct our business outside mainland China and are headquartered in Hong Kong, and none of the member of our board of directors or our senior management team members in charge of our business operations or management are PRC citizens nor reside in mainland China. However, due to the recent release of Trial Measures, its interpretation and implementation are still evolving and subject to change. We cannot guarantee that new rules or regulations promulgated in the future will not impose any additional requirement on us, our shareholders or otherwise enhance the regulations on Hong Kong-based issuers seeking overseas offering or listing. As of the date of this prospectus, we have not received any official inquiries, notices, warnings, or investigations from the CSRC regarding this offering.

On December 28, 2021, the CAC and other 12 PRC regulatory authorities jointly revised and promulgated the Review Measures, which became effective on February 15, 2022. According to the Review Measures, CIIOs that purchase network products and services, and network platform operators engaging in data processing activities that affect or may affect national security are subject to cybersecurity review. In addition, the relevant regulatory authorities are still entitled to impose security reviews on network products and services that are deemed capable of affecting national security. The network platform operators who possess personal information of more than one million users and intend to be listed at a foreign stock exchange must be subject to the cybersecurity review. CIIOs and network platform operators may voluntarily file for a cybersecurity review with the CAC prior to purchasing network products and services if they deem their behavior affects or may affect national security based on self-assessment and self-evaluation. Notwithstanding the voluntary filing, the relevant authorities are entitled to initiate cybersecurity reviews accordingly. Failure to comply with the requirements of cybersecurity review would receive the following penalties: (i) order for corrections and warnings by competent authorities; (ii) a fine between RMB100,000 and RMB1,000,000, and a fine between RMB10,000 and RMB100,000 on the person(s) directly in charge and the other person(s) directly responsible; and (iii) when refusing to make corrections or under certain serious circumstances, a fine between RMB1,000,000 and RMB10,000,000, order to suspend relevant business, suspending business to make rectifications, revoking relevant business permits or licenses, and a fine between RMB100,000 and RMB1,000,000 on the person(s) directly in charge and the other person(s) directly responsible.

As of the date of this prospectus, we have not been informed by any relevant PRC governmental authorities that our services are deemed to be provided to any CIIOs, nor have we been identified as a CIIO by any relevant PRC governmental authorities. As the data of this prospectus, we have not been informed that we are a "data handler" carrying out data processing activities that affect or may affect national security by any governmental authorities, but it is uncertain whether we would be categorized as such under laws of mainland China. As of the date of this prospectus, we have not been involved in any investigations or become subject to a cybersecurity review initiated by any regulatory authorities based on the Review Measures, and we have not received any warning or sanctions in such respect or any regulatory objections to this offering from any regulatory authorities. As advised by our PRC counsel, Han Kun Law Offices, we are not required to file for a cybersecurity review with the CAC given the facts that we possess personal information of less than one million individuals in the PRC.

However, because these regulatory actions are new, it is highly uncertain how soon legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, and the potential impact such modified or new laws and regulations will have on our daily business operation, the ability to accept foreign investments, or the ability to list our Class A ordinary shares on a U.S. or other foreign exchange. In anticipation of the strengthened implementation of cybersecurity laws and regulations and the continued expansion of our business, it remains unclear whether we or other operators we provide services to may be identified as a CIIO under the PRC cybersecurity laws and regulations, and whether we would be required to follow cybersecurity review procedures. There can be no assurance that we would be able to complete the applicable cybersecurity review procedures in a timely manner, or at all, if we are required to follow such procedures in the future. Any failure or delay in the completion of the cybersecurity review procedures or any other non-compliance or perceived non-compliance with the *Cyber Security Law* or related regulations may prevent us from using or providing certain network products and services, and may result in fines or other penalties such as making certain required rectification, suspending our related business, closing our website or taking down our operations and reputational damages or proceedings or actions against us by PRC regulatory authorities, customers or others, which may have a material adverse effect on our business, operation, or financial conditions.

Currently, these statements and regulatory actions have had no impact on our daily business operation, the ability to accept foreign investments, or the ability to list our Class A ordinary shares on a U.S. or other foreign exchange. Since these statements and regulatory actions are new, it is highly uncertain how soon legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, and the potential impact such modified or new laws and regulations will have on our daily business operation, the ability to accept foreign investments, or the ability to list our Class A ordinary shares on a U.S. or other foreign exchange. In the event that (i) we or our subsidiaries do not receive or maintain required permissions or approvals, (ii) we or our subsidiaries inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and we or our subsidiaries are required to obtain such permissions or approvals in the future, we or our subsidiaries may be unable to obtain such permissions or approvals in a timely manner, or at all, and may face regulatory actions or other sanctions from mainland China and Hong Kong regulatory authorities if we or our subsidiaries fail to fully comply with any new regulatory requirements. Consequently, our or our subsidiaries' operations and financial condition could be materially adversely affected and our ability to offer securities to investors could be significantly limited or completely hindered and the ordinary shares currently being offered here may substantially decline in value and become worthless.

***Substantial uncertainties and restrictions with respect to the political and economic policies of the PRC government, as well as PRC laws and regulations, could have a significant impact on the business that we conduct in Hong Kong. Any actions by the PRC government to exert more oversight and control over overseas offerings and/or foreign investment in China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless.***

Our business operations may be adversely affected by the current and future political environment in the PRC. The interpretations of many laws, regulations and rules may not always be uniform and the enforcement of these laws, regulations and rules may involve uncertainties. Our ability to operate in Hong Kong or conduct overseas offerings may be harmed by these changes in its laws and regulations, including those relating to taxation, import and export tariffs, healthcare regulations, environmental regulations, land use and property ownership rights, and other matters. Accordingly, government actions in the future, including any decision not to continue to support recent economic reforms and to return to a more centrally planned economy or regional or local variations in the implementation of economic policies, could have a significant effect on economic conditions in Hong Kong or particular regions thereof, and could limit or completely hinder our ability to offer or continue to offer securities to investors or require us to divest ourselves of any interest we then hold in Hong Kong properties or joint ventures. Any actions by the PRC government to exert more oversight and control over overseas offerings and/or foreign investment in China-based issuers (including divesture or similar actions) could limit or completely hinder our ability to offer or continue to offer securities to investors, resulting in a material adverse effect on us and on your investment in us and could render our Class A ordinary shares and your investment in our Class A ordinary shares to significantly decline or become worthless.

There are substantial uncertainties regarding the interpretation and application of PRC laws and regulations. Also, because these laws and regulations are relatively new, and because of the limited volume of published cases and their lack of force as precedents, interpretation and enforcement of these laws and regulations involve significant uncertainties. In addition, new laws and regulations that affect existing and proposed future businesses may also be applied retroactively.

Although the PRC government has been pursuing economic reform policies for decades, the PRC government continues to exercise significant control over economic growth in the PRC through the allocation of resources, controlling payments of foreign currency, setting monetary policy and imposing policies that impact particular industries in different ways. We cannot assure you that the PRC government will continue to pursue policies favoring a market-oriented economy or that existing policies will not be significantly altered.

***Changes and developments in the legal system and the interpretation and enforcement of PRC laws, rules and regulations in China may subject us to uncertainties.***

The PRC legal system is a civil law system based on written statutes and prior court decisions in a civil law system have limited precedential value and can only be used as a reference. China has made significant progress in the promulgation of laws and regulations dealing with business and commercial affairs of various participants of the economy, involving foreign investment, corporate organization and governance, commercial transactions, taxation and trade. However, China's legal system is still evolving, and recently enacted laws, rules and regulations may be subject to interpretation and implementation by PRC regulatory agencies and new laws, rules and regulations may be promulgated from time to time to sufficiently cover all aspects of economic activities in China, which may take time. The laws and regulations may be subject to future changes and may change rapidly with little advance notice to us and our PRC subsidiary or our shareholders.

Furthermore, because some of the laws, rules and regulations in China are evolving, and because of the nonbinding nature of court decisions, we cannot predict how these laws, rules and regulations will be interpreted and enforced, which may affect our judgment on the relevance of legal requirements and our ability to enforce our contractual rights or tort claims. In addition, published laws and regulations may not be able to codify all policies and practices of various governmental agencies in China in a timely manner. As a result, we may also need to adjust our operations from time to time following guidance provided by competent governmental agencies to us, and we may be found in violation and be subject to penalties for any historical or ongoing non-compliances.

In addition, administrative and court proceedings in China may be time-consuming, resulting in additional costs and diversion of resources and management attention. As administrative and court authorities are bound to interpret and enforce statutory and contractual terms, they will need to exercise certain discretion and it is possible that the administrative and court authorities in China would not interpret and enforce the statutory and contractual terms in a manner favorable to us, and it may be difficult to predict the outcome of any administrative and court proceedings we may face in the future.

***Adverse regulatory developments in China may subject us to additional regulatory review, and additional disclosure requirements and regulatory scrutiny in response to risks related to recent regulatory developments in China may impose additional compliance requirements for companies like us with Hong Kong-based operations, all of which could increase our compliance costs and subject us to additional disclosure requirements.***

Currently, Hong Kong has a separate legal system from mainland China, and it has its legislative framework and judiciary independent of that of the PRC government. Nonetheless, the recent regulatory developments in China, in particular with respect to restrictions on China-based companies raising capital offshore, may lead to additional regulatory review in China over our financing and capital raising activities in the United States. In addition, we may be subject to industry-wide regulations that may be adopted by the relevant PRC authorities, which may have the effect of limiting our service offerings, restricting the scope of our operations in Hong Kong, or causing the suspension or termination of our business operations in Hong Kong entirely. We may have to adjust, modify, or completely change our business operations in response to adverse regulatory changes or policy developments, and we cannot assure you that any remedial action adopted by us can be completed in a timely, cost efficient, or liability-free manner or at all.

On July 30, 2021, in response to the recent regulatory developments in China and actions adopted by the PRC government, the Chairman of the SEC issued a statement asking the SEC staff to seek additional disclosures from offshore issuers associated with China-based operating companies (including Hong Kong) before their registration statements will be declared effective. On August 1, 2021, the CSRC issued a statement saying that it had taken note of the new disclosure requirements announced by the SEC regarding the listings of Chinese companies and the recent regulatory development in China, and that both countries should strengthen communications on regulating China-related issuers. Since we operate in Hong Kong, we cannot guarantee that we will not be subject to tightened regulatory review and we could be exposed to government interference from China.

***The recent spate of government interference by the PRC government into business activities of U.S. listed Chinese companies may negatively impact our operations, value of our securities and/or significantly limit or completely hinder our ability to offer future securities to investors and cause the value of such securities to significantly decline or be worthless.***

Recently, the PRC government announced that it would step up supervision of Chinese firms listed offshore. Under the new measures, China will increase regulation of cross-border data flows and security, crack down on illegal activity in the securities market and punish fraudulent securities issuance, market manipulation and insider trading. China will also check sources of funding for securities investment and control leverage ratios. The CAC has also opened a cybersecurity probe into several large U.S.-listed technology companies focusing on anti-monopoly, financial technology regulation and more recently, with the passage of the Data Security Law, how companies collect, store, process and transfer data. If we are subject to such a probe or if we are required to comply with stepped-up supervisory requirements, valuable time from our management and money may be expended in complying and/or responding to the probe and requirements, thus diverting valuable resources and attention away from our operations. This may, in turn, negatively impact our operations.

Further, given the PRC government's significant oversight and discretion over the conduct of our business operations in Hong Kong and mainland China, the PRC government may intervene or influence our operations at any time, which could result in a material change in our operations and consequently, the value of our Class A ordinary shares. The PRC government could also significantly limit or completely hinder our ability to offer future securities to investors and cause the value of such securities to significantly decline or be worthless.

***The PRC government may exercise oversight and regulatory authority over our business operations in China, which could result in a material adverse change in our operations in China and the value of our securities.***

Our operations in China are governed by PRC laws and regulations. The PRC government exerts substantial influence over the conduct of our business, and may intervene in or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of our Class A ordinary shares.

For example, the PRC government is strengthening oversight over offerings that are conducted overseas and/or foreign investment in China-based issuers. 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 the Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law (the "Illegal Securities Opinions"). The Illegal Securities Opinions emphasized the need to strengthen the administration over illegal securities activities, and the need to strengthen the supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction of relevant regulatory systems, shall be taken to address with the risks and incidents of China-concept overseas listed companies, and cybersecurity and data privacy protection requirements and similar matters. Moreover, on January 4, 2022, 13 PRC regulatory agencies, namely, the CAC, the NDRC, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of State Security, the Ministry of Finance, the MOFCOM, the SAMR, the CSRC, the People's Bank of China, the National Radio and Television Administration, National Administration of State Secrets Protection and the National Cryptography Administration, jointly adopted and published the Measures for Cybersecurity Review (2021), which became effective on February 15, 2022. The Measures for Cybersecurity Review (2021) required that, among others, in addition to "operator of critical information infrastructure that intend to purchase network products and services and online platform operators that conduct data processing activities, in each case that affect or may affect national security", any "operator of online platform" holding personal information of more than one million users who seek to list in a foreign stock exchange should also be subject to cybersecurity review. And on February 17, 2023, the CSRC issued the Trial Measures, which reformed the regulatory regime for overseas offering and listing of securities by PRC domestic companies and both direct and indirect overseas offering and listing of securities by PRC domestic companies, imposes a filing-based regulatory regime. See also "— Greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, could significantly limit or completely hinder our ability in capital raising activities and materially and adversely affect our business and the value of your investment" and "— Complying with evolving laws and regulations regarding cybersecurity, information security, privacy and data protection and other related laws and requirements may entail significant expenses and force us to make adverse changes to our business." As these regulations were recently issued, the application and interpretation of the regulations may be subject to change. Therefore, we cannot assure you that we will remain fully compliant with all new regulatory requirements of these regulations or any future implementation rules on a timely basis, or at all. Any such risk could significantly limit or completely hinder our ability to offer or continue to offer securities to investors or cause the value of our Class A ordinary shares to significantly decline or become worthless.

In addition, we cannot rule out the possibility that the PRC government will in the future release regulations or policies that directly or indirectly affect our industry or require us to seek additional permission to continue our operations, which could result in a material adverse change in our operation and/or the value of our securities. Therefore, investors of our company and our business face potential uncertainty from actions taken by the PRC government affecting our business.

***We may be subject to laws and regulations regarding data protection in Hong Kong, 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 may be subject to a variety of laws and other obligations regarding data protection in Hong Kong. The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong) (the "PDPO") came into force on December 20, 1996. The PDPO states that any person who controls the collection, holding, processing or use of personal data(the "data user") shall not do any act, or engage in a practice, that contravenes any of the data protection principles set out in Schedule 1 to the PDPO (the "Data Protection Principles") unless the act or practice, as the case may be, is required or permitted under the PDPO. Personal data means any data (a) relating directly or indirectly to a living individual; (b) from which it is practicable for the identity of the individual to be directly or indirectly ascertained; and (c) in a form in which access to or processing of the data is practicable.

The Data Protection Principles set out that (1) personal data must be collected in a lawful and fair way, for a purpose directly related to a function or activity of the data user. Data subjects must be notified of the purpose for which the data is to be used and the classes of persons to whom the data may be transferred. Data collected should be adequate but not excessive; (2) personal data must be accurate and should not be kept for a period longer than necessary for the fulfillment of the purpose for which the data is or is to be used; (3) personal data must be used for the purpose for which the data is collected or for a directly related purpose unless voluntary and explicit consent with a new purpose is obtained from the data subject; (4) a data user shall take practicable steps to safeguard any personal data held against unauthorized or accidental access, processing, erasure, loss or use; (5) a data user shall take practicable steps to ensure that its policies and practices in relation to personal data, the kind of personal data it holds and the main purposes for which the personal data is or is to be used for are made known to the public; and (6) a data subject shall be entitled to request access to personal data and must be allowed to correct the personal data if it is inaccurate.

Moreover, the Personal Data (Privacy) (Amendment) Ordinance 2021 (the "PDPAO") came into effect on October 8, 2021. It amends the PDPO, particularly to: (i) criminalize doxing, i.e., unconsented disclosure of personal information of targeted individuals and groups; (ii) introduce a cessation notice regime to tackle doxing with extra-territorial reach; and (iii) substantially expand the investigation and enforcement powers of the Privacy Commissioner for Personal Data, in contexts beyond doxing.

The interpretation and application of laws, regulations and standards on data protection and privacy are still uncertain and evolving. We cannot assure you that the governmental authorities will not interpret or implement the laws or regulations in ways that negatively affect us. We may be subject to investigations and inspections by government authorities regarding our compliance with laws and regulations on data privacy, and we cannot assure you that our practices will always fully comply with all applicable rules and regulatory requirements. In addition, laws, regulations and standards on data protection and privacy continue to develop and may vary from jurisdiction to jurisdiction. Complying with emerging and changing international requirements may cause us to incur substantial costs or require us to change our business practices.

***Our Hong Kong subsidiaries may be subject to restrictions on paying dividends or making other payments to us, which may restrict their ability to satisfy liquidity requirements, fund operations or for other use outside of Hong Kong, conduct business and pay dividends to holders of our Class A ordinary shares. Dividends payable to our foreign investors and gains on the sale of our shares of Class A ordinary shares by our foreign investors may become subject to tax by the PRC.***

AsiaPac AdTechinno Group Limited is a holding company incorporated in Cayman Islands with its operating subsidiaries located across 11 Asia-Pacific markets, including Hong Kong, Taiwan, Macau, Japan, South Korea, Singapore, Malaysia, Thailand, Vietnam, Indonesia and Mainland China. We depend entirely upon our operating subsidiaries' earnings and cash flow. If we decide in the future to pay dividends, as a holding company, our ability to pay dividends and meet other obligations depends upon the receipt of dividends or other payments from our operating subsidiaries. There are currently no significant restrictions on transferring funds between our Cayman Islands holding company and our operating subsidiaries in aforementioned markets or limitations on the ability of our subsidiaries to issue dividends or other distributions to their overseas shareholders. However, we cannot assure you that the oversight of the PRC government will not be extended to companies operating in Hong Kong like our operating subsidiaries in Hong Kong. If certain PRC laws and regulations, including existing laws and regulations and those enacted or promulgated in the future, were to become applicable to our operating subsidiaries in Hong Kong, and to the extent our cash or assets in the business is in Hong Kong or a Hong Kong entity, such funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations by the PRC government on our and our operating subsidiaries' ability to transfer funds or assets. Any such restrictions and limitations may adversely affect our ability to finance our cash requirements, service debt or make dividends or other distributions to our shareholders and could result in a material adverse change to our business operations, our prospects, financial condition, and results of operations, and could cause our Class A ordinary shares to significantly decline in value or become worthless.

***Our Class A ordinary shares may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate our auditors. The delisting of our Class A ordinary shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.***

Pursuant to the Holding Foreign Companies Accountable Act, or the HFCAA, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspections by the PCAOB for two consecutive years, the SEC will prohibit our Class A ordinary shares from being traded on a national securities exchange or in the over-the-counter trading market in the United States.

On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. On December 15, 2022, the PCAOB removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms.

Our audit firm, MaloneBailey, LLP, or MaloneBailey, headquartered in Houston, Texas with offices in Beijing, Shenzhen, and Tokyo, is an independent registered public accounting firm with the PCAOB and is required under the laws of the United States to undergo regular inspections by the PCAOB to assess its compliance with the laws of the United States and professional standards. MaloneBailey is inspected by the PCAOB on a regular basis and was not subject to the determinations announced by the PCAOB on December 16, 2021. Each year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other jurisdictions. If the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting firms in mainland China and Hong Kong, among other jurisdictions, and if we use an accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following the filing of the annual report on Form 20-F for the relevant fiscal year. There can be no assurance that we would not be identified as a Commission-Identified Issuer for any future fiscal year, and if we were so identified for two consecutive years, we would become subject to the prohibition on trading under the HFCAA, which would have a material adverse impact on our business, financial condition, and prospects.

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

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 and reporting, inadequate corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud. As a result of the scrutiny, criticism and negative publicity, the publicly traded securities of many U.S.-listed Chinese companies have sharply decreased in value and, in some cases, have become virtually worthless. Many of these companies are now subject to shareholder lawsuits and SEC enforcement actions and are conducting internal and external investigations into the allegations. It is not clear what effect this sector-wide scrutiny, criticism and negative publicity will have on our company and our business. If we become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we may have to expend significant resources to investigate such allegations and/or defend us. This situation may be a major distraction to our management. If such allegations are not proven to be groundless, our company and business operations will be severely hampered and your investment in our Class A ordinary shares could be rendered worthless. In addition, major issues with other U.S.-listed Chinese companies in the future, could have a negative effect on the value of your investment, even though we are not involved.

Because our substantive operations are based in Hong Kong with limited operations in mainland China, we are subject to the laws, regulations and policies of the Hong Kong government as well as the influence of the PRC government. Our ability to operate in Hong Kong and mainland China may be harmed by changes in its laws and regulations, including those relating to taxation, environmental regulations, land use rights, property and other matters.

As such, our business may be subject to various government and regulatory interference. We could be subject to regulation by various political and regulatory entities, including various local and municipal agencies and government sub-divisions. We may incur increased costs necessary to comply with existing and newly adopted laws and regulations or penalties for any failure to comply. Our business operations could be adversely affected, directly or indirectly, by existing or future laws and regulations relating to our business or industry. Given that the PRC government may intervene or influence over our operations at any time with little to no advanced notice, it could result in a material change in our operation and the value of our Class A ordinary shares. Given recent statements by the PRC government indicating an intent to exert more oversight and control over offerings that are conducted overseas, any such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our Class A ordinary shares to significantly decline or be worthless.

***It may be difficult for shareholders to enforce any judgment obtained in the United States against us, which may limit the remedies otherwise available to our shareholders.***

Substantially all of our operations are conducted through our subsidiaries, and the majority of our assets are located in Hong Kong. Moreover, all of our directors and executive officers are located in Hong Kong and are nationals or residents of jurisdictions other than the United States, and a substantial portion of their assets are located outside the United States. We also do not expect that following the effectiveness of our registration statement on Form F-1, the majority of our directors and officers will be U.S. citizens or residents or have all or a substantial portion of their assets are located outside the United States. As a result, it would be difficult to impose liabilities on these individuals. Specifically, it may be difficult for our shareholders to effect service of process within the United States upon our subsidiaries or any individuals. In addition, there is uncertainty as to whether the courts of Hong Kong or the PRC would recognize or enforce judgments of U.S. courts obtained against us or our directors and/or officers predicated upon the civil liability provisions of Hong Kong against us or such persons predicated upon the securities laws of the United States or any state thereof. It is unclear if extradition treaties now in effect between the United States and the PRC would permit effective enforcement against us or our directors and/or officers of criminal penalties under the United States federal securities laws or otherwise.

***The market price for our Class A ordinary shares could be adversely affected by increased tensions between the United States and China.***

There have been heightened tensions in the economic and political relations between the United States and China. On June 30, 2020, the SCNPC issued the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region. This law defines the duties and government bodies of Hong Kong for safeguarding national security and four categories of offences: secession, subversion, terrorist activities and collusion with a foreign country or external elements to endanger national security and their corresponding penalties. On July 14, 2020, the Hong Kong Autonomy Act ("HKAA") was signed into law, authorizing the U.S. administration to impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's autonomy. On August 7, 2020, the U.S. government imposed HKAA-authorized sanctions on 11 individuals. The HKAA further authorizes secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions such as those provided in the HKAA is in practice discretionary and highly political, especially in a relationship as extensive and complex as that between the United States and China. It is difficult to predict the full impact of the HKAA on Hong Kong and companies like us. Furthermore, legislative or administrative actions in respect of Sino-U.S. relations could cause investor uncertainty for affected issuers, including us, and the market price of our Class A ordinary shares could be adversely affected.

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

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

Under the Basic Law, Hong Kong is exclusively in charge of its internal affairs and external relations, while the government of the PRC is responsible for its foreign affairs and defense. As a separate customs territory, Hong Kong maintains and develops relations with foreign states and regions. Based on certain recent developments, including the Hong Kong National Security Law issued by the Standing Committee of the PRC National People's Congress in June 2020, the U.S. State Department has indicated that the United States no longer considers Hong Kong to have significant autonomy from China and, at the time, HKAA removed Hong Kong's preferential trade status and authorized the U.S. administration to impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's autonomy. The United States may impose the same tariffs and other trade restrictions on exports from Hong Kong that it places on goods from mainland China. These and other recent actions may represent an escalation in political and trade tensions involving the United States, China, and Hong Kong, which could potentially harm our business.

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

***Changes in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in Hong Kong, where our customers reside.***

Political events, international trade disputes, and other business interruptions could harm or disrupt international commerce and the global economy, and they could have a material adverse effect on us and our customers, our service providers, and our other partners. International trade disputes could result in tariffs and other protectionist measures that may materially and adversely affect our business.

Tariffs could increase the cost of the services and products, which could affect customers' investment decisions. In addition, political uncertainty surrounding international trade disputes and the potential of their escalation to trade war and global recession could have a negative effect on customer confidence, which could materially and adversely affect our business. We also may have 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, as well as the financial condition of our clients, and we cannot provide any assurances as to whether such actions will occur or the form that they may take.

***Our rights to use our leased properties could be challenged by our principal shareholders, who are the property owners, or other third parties, which may disrupt our operations and incur relocation costs.***

There may be risk that our use of the leased properties is inconsistent with the designated purpose of the property use, for example a leased property might be leased to use for an office space only but not for any other purposes, in which case we may not be able to continue to use the leased properties. The above risks might interrupt our business operations. Moreover, if our lease agreements are challenged by third parties, it could result in diversion of management attention and cause us to incur costs associated with defending such actions, even if such challenges are ultimately determined in our favor.

***Potential political and economic instability in Hong Kong may adversely impact our results of operations.***

We generate a substantial portion of our revenues mainly through our operating subsidiaries in Hong Kong, the AsiaPac Net Media Limited. Accordingly, any changes in the economic, social and political conditions in Hong Kong could have a material adverse effect on the business operations of our Hong Kong subsidiaries. In addition, we through our PRC subsidiary, AsiaPac Net Technology (Shenzhen) Limited, acting as an advertising service provider to places advertisements on third-party platforms for a limited number of clients.

Hong Kong is a special administrative region of the PRC and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law, which is a national law of the PRC and the constitutional document for Hong Kong. The Basic Law provides Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication under the principle of "one country, two systems." Nevertheless, we cannot ensure that there will not be any changes in the economic, political and legal environment in Hong Kong in the future. Since we conduct business in Hong Kong, any change of such political arrangements may affect the stability of the economy in Hong Kong, thereby directly affecting our results of operations and financial positions.

In addition, under the Basic Law, Hong Kong is exclusively in charge of its internal affairs and external relations, while the government of the PRC is responsible for its foreign affairs and defense. As a separate customs territory, Hong Kong maintains and develops relations with foreign states and regions. Any escalation in political and trade tensions, including those involving the U.S., China and Hong Kong, could potentially harm our business.

Incidents such as protests, social unrests, strikes, riots, civil disturbances or disobedience in Hong Kong may have a widespread effect on the business operations of our Hong Kong subsidiary, which could in turn materially affect our business, financial condition and results of operations. In addition, policies of the PRC government, which are subject to frequent changes, can have significant effects on economic conditions in Hong Kong.

***The future development of national security laws and regulations in Hong Kong could materially impact our business by possibly triggering sanctions and other measures that can cause economic harm to our business.***

On June 30, 2020, the Standing Committee of China's National People's Congress passed the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region, or the Hong Kong National Security Law, which was promulgated in Hong Kong by Hong Kong's Chief Executive on the same day. Among other things, the Hong Kong National Security Law criminalizes separatism, subversion, terrorism and foreign interference in Hong Kong. On July 14, 2020, former U.S. President Donald Trump signed the HKAA into law, authorizing the U.S. government to impose sanctions against foreign individuals and entities who are determined by the U.S. government to have materially contributed to the failure to preserve Hong Kong's autonomy. The HKAA further authorizes secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a significant transaction with foreign persons sanctioned under this authority. The implementation of the Hong Kong National Security Law may trigger sanctions or other forms of penalties by foreign governments. It is difficult to predict the full impact of the HKAA on Hong Kong and companies located in Hong Kong. If any of our Hong Kong subsidiary or Hong Kong-based business partners is determined to be in violation of the Hong Kong National Security Law or the HKAA, our business operations, financial position and results of operations could be materially and adversely affected.

***Changes in the political and economic policies of the PRC government may materially and adversely affect our business, financial condition and results of operations and may result in our inability to sustain our growth and expansion strategies.***

As of the date of this prospectus, a small portion of our operations are conducted in the PRC. Accordingly, our business, financial condition, results of operations and prospects are influenced by economic, political and legal developments in China. Economic reforms begun in the late 1970s have resulted in significant economic growth. However, any economic reform policies or measures in China may from time to time be modified or revised. While the PRC economy has experienced significant growth in the past 30 years, growth has been uneven across different regions and among different economic sectors.

The PRC government has a significant role in China's economic growth through strategically allocating resources, regulating the payment of foreign currency-denominated obligations, setting monetary policy and providing preferential treatment to particular industries or companies. Some of these measures may benefit the overall PRC economy, but may have a negative effect on us. In addition, in the past, the PRC government has implemented certain measures, including interest rate adjustment, to regulate the pace of economic growth. These measures may cause decreased economic activity in China, which may adversely affect our business and results of operations. Any adverse changes in economic conditions in China, in the policies of the PRC government or in the laws and regulations in China could have a material adverse effect on the overall economic growth of China. Such developments could adversely affect our ability to provide our digital marketing solutions and services and adversely affect our competitive position.

***Greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, could significantly limit or completely hinder our ability in capital raising activities and materially and adversely affect our business and the value of your investment.***

On December 28, 2021, the CAC, together with 12 other governmental departments of the PRC, jointly promulgated the Cybersecurity Review Measures, which became effective on February 15, 2022. The Cybersecurity Review Measures provide that a "network platform operator" that possesses personal information of more than one million users and seeks a listing in a foreign country must apply for a cybersecurity review. Further, the relevant PRC governmental authorities may initiate a cybersecurity review against any company if they determine that certain network products, services, or data processing activities of such company affect or may affect national security, or such company be construed as operators of critical information infrastructure purchasing network products and services. On September 24, 2024, the State Council promulgated the Regulations on Network Data Security Management, which took effect on January 1, 2025. According to the Regulations on Network Data Security Management, data processing operators who affects or may affect national security must be subject to network data security review by the relevant Cyberspace Administration of the PRC, which makes some amendments to the Draft Regulations on Network Data Security Management.

On July 7, 2022, the CAC promulgated the Measures for the Security Assessment of Cross-border Data Transfer, which took effect on September 1, 2022. In accordance with such measures, data processors will be subject to security assessment conducted by the CAC prior to any outbound transfer of data if the transfer involves (i) important data; (ii) personal information transferred overseas by operators of critical information infrastructure or a data processor that has processed personal data of more than one million persons; (iii) personal information transferred overseas by a data processor which has already provided personal data of 100,000 persons or sensitive personal data of 10,000 persons overseas since January 1 of the preceding year; or (iv) other circumstances as required by the CAC. In addition, any cross-border data transfer activities conducted in violation of the Measures for the Security Assessment of Outbound Data Transfer before the effectiveness of such measures are required to be rectified within six months of the effectiveness date thereof.

On February 17, 2023, the CSRC promulgated the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, a domestic enterprise involved in offering securities and listing shall comply with laws, administrative regulations, and relevant national provisions, when it comes to providing personal information and important data to foreign entities.

On March 22, 2024, the CAC promulgated the Provisions on Regulating and Facilitating Cross-Border Data Flow, together with two guideline documents separately named the Second Version of Declaration for Security Assessment of Data Outbound and the Second Version of Filing for Personal Information Outbound Standard Contract. According to the above regulations, data processors who provide important data overseas or have transferred the non-sensitive personal information of over one million individuals overseas or the sensitive personal information of over 10,000 individuals since the beginning of a given year must declare the data for security assessment. Critical information infrastructure operators must declare data when providing personal information or important data overseas. In addition, if a data processor has not been notified by relevant government departments or local authorities, or if data has not been publicly released as important data, the data processor does not need to declare its data for security assessment as important data to exit the country.

However, since many of those regulations or policies are relatively new, there remains significant uncertainty as to their interpretation and implementation. If PRC governmental authorities interpret or implement those regulations or policies in a way different from us and conclude that there are violations by us in the future, or new laws, regulations, rules, or detailed implementation and interpretation are adopted that result in noncompliance by us, we may be subject to fines, penalties or other sanctions, which may have a significant adverse impact on our financial position, operations and the value of our Class A ordinary shares. As of the date of this prospectus, we have not received any notice from any PRC authorities identifying our mainland China subsidiary as an "operator of critical information infrastructure" or requiring us to go through cybersecurity review or network data security review by the CAC.

However, the interpretation and enforcement of the Cybersecurity Review Measures, the Measures for the Security Assessment of Cross-border Data Transfer, the Trial Measures and the Regulations for the Administration of Network Data Security may be subject to adjustments. The PRC regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation related to the Cybersecurity Review Measures and Regulations for the Administration of Network Data Security. If any such new laws, regulations, rules, or implementation and interpretation come into effect, we will take all reasonable measures and actions to comply and to minimize the adverse effect of such laws on us. We cannot guarantee, however, that we will not be subject to cybersecurity review and network data security review in the future. During such reviews, we may be required to suspend our operations or experience other disruptions to our operations. Cybersecurity review and network data security review could also result in negative publicity with respect to our company and diversion of our managerial and financial resources, which could materially and adversely affect our business, financial conditions, and results of operations. We will continue to adopt relevant improvement measures to ensure effective protection and lawful utilization of data and personal information. While the currently effective laws and regulations in China regarding cybersecurity, data, and personal information protection do not have a material adverse impact on our business or offshore listing plan, constantly updated and stricter regulations may increase our compliance costs, alter our compliance obligations, and subject us to certain restrictions or regulatory penalties.

***Complying with evolving laws and regulations regarding cybersecurity, information security, privacy and data protection and other related laws and requirements may entail significant expenses and force us to make adverse changes to our business.***

Laws and regulations governing cybersecurity, information security, privacy and data protection, the use of the Internet as a commercial medium, the use of data in artificial intelligence and machine learning, and data sovereignty requirements are rapidly evolving, extensive, complex, and include inconsistencies and uncertainties in different jurisdictions. Based on our business operations, we are subject to numerous laws and regulations relating to cybersecurity, information security, privacy and data protection. For example, according to the PRC National Security Law, the State shall establish institutions and mechanisms for national security review and regulation, conduct national security review on certain matters which affect or may affect the national security, such as key technologies and IT products and services. In addition, regulatory requirements regarding the protection of personal information are constantly evolving and can be subject to differing interpretations or significant changes, which may increase our responsibilities in that regard. An example of such evolving regulatory requirements is the PRC Cybersecurity Law which became effective in June 2017. The PRC Cybersecurity Law created China's first national-level data protection framework for "network operators", which may potentially include all organizations in China that provide services over the Internet or through other types of information network. Numerous regulations, guidelines and other measures have been and are expected to be adopted under the PRC Cybersecurity Law.

These and other similar legal and regulatory developments could contribute to legal and economic changes, affect how we design, market and sell our solutions and platforms, how our customers process and share data and how we process and use data, which could negatively impact demand for our solutions. We may incur substantial costs to comply with such laws and regulations, to meet the demands of our customers relating to their own compliance with applicable laws and regulations, and to establish and maintain internal compliance policies.

**Risks Relating to Our Class A Ordinary Shares and This Offering**

***We may not be able to satisfy the listing requirements of the Nasdaq Stock Market or obtain or maintain a listing of our Class A ordinary shares on the Nasdaq Stock Market.***

We intend to list our Class A ordinary shares on the Nasdaq Stock Market. In order to have our Class A ordinary shares to be listed on the Nasdaq Stock Market, we must meet certain financial and liquidity criteria to maintain such listing. If we violate the Nasdaq Stock Market's listing requirements, or if we fail to meet any of the Nasdaq Stock Market's listing standards, our Class A ordinary shares may be delisted. In addition, our board of directors may determine that the cost of maintaining our listing on a national securities exchange outweighs the benefits of such listing. The delisting of our Class A ordinary shares from the Nasdaq Stock Market could significantly impair our future ability to raise capital and the value of your investment. There is no assurance that such application will be approved, and if our application is not approved by Nasdaq, this offering would not be completed.

***An active trading market for our Class A ordinary shares may not develop and the trading price for our Class A ordinary shares may fluctuate significantly.***

We intend to list our Class A ordinary shares on the Nasdaq Stock Market. Prior to the completion of this offering, there has been no public market for our Class A ordinary shares, and we cannot assure you that a liquid public market for our Class A ordinary shares will develop. If an active public market for our Class A ordinary shares does not develop following the completion of this offering, the market price and liquidity of Class A ordinary shares may be materially and adversely affected. The initial public offering price for our Class A ordinary shares will be determined by negotiation between us and the underwriters based upon several factors, and we can provide no assurance that the trading price of our Class A ordinary shares after this offering will not decline below the initial public offering price. As a result, investors in our securities may experience a significant decrease in the value of our Class A ordinary shares.

***The trading price of our Class A ordinary shares could be subject to rapid and substantial volatility, which could result in substantial losses to investors.***

The trading price of our Class A ordinary shares could be subject to rapid and substantial volatility and could fluctuate widely due to factors beyond our control, due to a broad range of market and industry factors, such as the performance and fluctuation of the market prices of other companies with business operations located mainly in China that have listed their securities in the United States. A number of Chinese companies have listed or are in the process of listing their securities on U.S. stock markets. The securities of some of these companies have experienced significant volatility, including price declines in connection with their initial public offerings. The trading performances of these Chinese companies' securities after their offerings may affect the attitudes of investors toward Chinese companies listed in the United States in general and consequently may impact the trading performance of our Class A ordinary shares, regardless of our actual operating performance.

In addition to market and industry factors, the price and trading volume for our Class A ordinary shares may be highly volatile for factors specific to our own operations, including the following:

● variations in our income, earnings and cash flow;

● announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors;

● announcements of new solutions and expansions by us or our competitors;

● changes in financial estimates by securities analysts;

● detrimental adverse publicity about us, our services or our industry;

● additions or departures of key personnel;

● release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and

● potential litigation or regulatory investigations.

Any of these factors may result in large and sudden changes in the volume and price at which our Class A ordinary shares will trade. The securities of some China-based companies that have listed their securities in the United States have experienced significant volatility since their initial public offerings in recent years, including, in some cases, substantial declines in the trading prices of their securities. The trading performances of these companies' securities after their offerings may affect the attitudes of investors towards Chinese companies listed in the United States in general, which consequently may impact the trading performance of the Class A ordinary shares, regardless of our actual operating performance. In addition, any negative news or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate structure or other matters of other Chinese companies may also negatively affect the attitudes of investors towards Chinese companies in general, including us, regardless of whether we have engaged in any inappropriate activities. In particular, the global financial crisis, the ensuing economic recessions and deterioration in the credit market in many countries have contributed and may continue to contribute to extreme volatility in the global stock markets.

Moreover, there have been recent instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with a number of recent initial public offerings, particularly among companies with relatively smaller public floats. As we expect to have a relatively small public float after the completion of this offering, we may experience greater stock price volatility, including aggressive price run-ups and declines, lower trading volume and less liquidity, compared with companies with larger public floats. In particular, our Class A ordinary shares may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices. Such volatility, including any stock run-up, may be unrelated to our actual or expected operating performance, financial condition or prospects, and industry, market or economic factors, which makes it difficult for prospective investors to assess such rapidly changing value of our Class A ordinary shares. In addition, if the trading volumes of our Class A ordinary shares are low, persons buying or selling in relatively small quantities may easily influence the price of our Class A ordinary shares. This low volume of trades could also cause the price of our Class A ordinary shares to fluctuate significantly, with large percentage changes in price occurring in any trading day session. Holders of our Class A ordinary shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to such low-volume trading. As a result of such volatility, investors may experience losses on their investment in our Class A ordinary shares. Such volatility could also adversely affect our ability to issue additional Class A ordinary shares or other securities and our ability to obtain additional financing in the future. Furthermore, the potential extreme volatility may confuse the public investors of the value of our Class A ordinary shares, distort the market perception of the price of our Class A ordinary shares, our financial performance and public image, and negatively affect the long-term liquidity of our Class A ordinary shares, regardless of our actual or expected operating performance.

In the past, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

***We are an emerging growth company within the meaning of the Securities Act of 1933 and may take advantage of certain reduced reporting requirements. We cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Class A ordinary shares less attractive to investors.***

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

The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. This election allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies, and as a result of this election our financial statements may not be comparable to those of companies that comply with public company effective dates, including other emerging growth companies that have not made this election.

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

Upon the completion of this offering, we will become a public company and expect to incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and the Nasdaq Stock Market, impose various requirements on the corporate governance practices of public companies. We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costly.

As a result of becoming a public company, we will need to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We also expect that operating as a public company will make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

In the past, shareholders of a public company often brought securities class action suits against companies following periods of instability in the market price of those companies' securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations, which could harm our results of operations and require us to incur significant expenses to defend the suit. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

In addition, after we are no longer an "emerging growth company," we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules and regulations of the SEC.

***We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.***

Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

● the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K;

● the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;

● certain rules under Section 16 of the Exchange Act establishing insider liability for profits realized from any "short-swing" trading transaction, and requiring principal shareholders who are not executive officers or directors to file public reports of their share ownership and trading activities under Section 16 of the Exchange Act;

● the selective disclosure rules by issuers of material nonpublic information under Regulation FD; and

● certain audit committee independence requirements in Rule 10A-3 of the Exchange Act.

We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our results and material events as press releases, distributed pursuant to the rules and regulations of the Nasdaq Stock Market and furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.

***The sale or availability for sale of substantial amounts of our Class A ordinary shares could adversely affect their market price.***

Sales of substantial amounts of our Class A ordinary shares in the public market after the completion of this offering, or the perception that these sales could occur, could adversely affect the market price of our Class A ordinary shares and could materially impair our ability to raise capital through equity offerings in the future. The Class A ordinary shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act of 1933, as amended, or the Securities Act, and shares held by our existing shareholders may also be sold in the public market in the future subject to the restrictions in Rule 144 under the Securities Act and the applicable lock-up agreements. There will be Class A ordinary shares outstanding immediately after this offering, if the underwriters exercise their option to purchase additional Class A ordinary shares in full. In connection with this offering, our directors and officers and holders of more than 5% of our issued and outstanding shares as of the effective date of this registration statement will enter into customary "lock-up" agreements in favor of the underwriters for a period of six (6) months from the closing of this offering. We have agreed with the underwriters that, for a period of six (6) months from the closing of this offering, we, our directors and officers, and certain existing shareholders, subject to certain exceptions, will not offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale, lend or otherwise dispose of, except in this offering, any of our Class A ordinary shares or securities that are substantially similar to our Class A ordinary shares, without the prior written consent of the representative of the underwriters. However, the underwriters may release these securities from these restrictions at any time, subject to applicable regulations of the Financial Industry Regulatory Authority, Inc. We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other shareholder or the availability of these securities for future sale will have on the market price of our Class A ordinary shares. See "Underwriting" and "Shares Eligible for Future Sale" for a more detailed description of the restrictions on selling our securities after this offering.

***Techniques employed by short sellers may drive down the market price of our Class A ordinary shares.***

Short selling is the practice of selling securities that the seller does not own but rather has borrowed from a third party with the intention of buying identical securities back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. As it is in the short seller's interest for the price of the security to decline, many short sellers publish, or arrange for the publication of, negative opinions regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling a security short. These short attacks have, in the past, led to selling of shares in the market.

Public companies listed in the United States that have a substantial majority of their operations in China have been the subject of short selling. Much of the scrutiny and negative publicity has centered on allegations of a lack of effective internal control over financial reporting resulting in financial and accounting irregularities and mistakes, inadequate corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud. As a result, many of these companies are now conducting internal and external investigations into the allegations and, in the interim, are subject to shareholder lawsuits and/or SEC enforcement actions.

We may be the subject of unfavorable allegations made by short sellers in the future. Any such allegations may be followed by periods of instability in the market price of our Class A ordinary shares and negative publicity. If and when we become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we could have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable federal or state law or issues of commercial confidentiality. Such situation could be costly and time-consuming and could distract our management from growing our business. Even if such allegations are ultimately proven to be groundless, allegations against us could severely impact our business and shareholders' equity, and the value of any investment in our Class A ordinary shares could be greatly reduced or rendered worthless.

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

We adopt a dual-class voting structure, and our ordinary shares are divided into Class A ordinary shares of a nominal or par value of US$0.0001 each and Class B ordinary shares of a nominal or par value of US$0.0001 each. Each Class A ordinary share shall entitle the holder thereof to one vote on all matters subject to vote at general meetings of our company, while each Class B ordinary share shall entitle the holder thereof to 20 votes on all matters subject to vote at general meetings of our company. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Under our post-offering articles of association, upon any sale, transfer, assignment or disposition of any Class B ordinary share by a shareholder to any person or entity who or which is not the founder or an affiliate of the founder, or upon a change of control of any Class B ordinary share to any person or entity who or which is not the founder or an affiliate of the founder, such Class B ordinary share shall be automatically and immediately converted into the same number of Class A ordinary share unless the holder of the Class B ordinary shares and the board of directors of the Company consent in writing to the retention of Class B ordinary shares status by the transferee. After this offering, the holder of Class B ordinary shares will have the ability to control matters requiring shareholders' approval, including any amendment of our memorandum and articles of association. Any future issuances of Class B ordinary shares may be dilutive to the voting power of holders of Class A ordinary shares. Any conversions of Class B ordinary shares into Class A ordinary shares may dilute the percentage ownership of the existing holders of Class A ordinary shares within their class of ordinary shares. Such conversions may increase the aggregate voting power of the existing holders of Class A ordinary shares.

Upon the completion of this offering, our shareholder Oriental Brilliance Investment Limited, will beneficially own 58.2% of our then issued and outstanding Class A ordinary shares and 66.7% of our issued and outstanding Class B ordinary shares, which together will constitute 59.3% of our then issued and outstanding total share capital and will be able to exercise 64.5% of the aggregate voting power of our total then issued and outstanding share capital immediately after the completion of this offering due to the disparate voting powers associated with our dual-class voting structure, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. As a result of such dual-class voting structure and the concentration of ownership, the holder of our Class B ordinary shares will have considerable influence over matters such as decisions regarding mergers and consolidations, election of directors and other significant corporate actions. Such holder may take actions that are not in the best interest of us or our other shareholders. This concentration of ownership may discourage, delay or prevent a change in control of our company, which could have the effect of depriving our other shareholders of the opportunity to receive a premium for their shares as part of a sale of our company and may reduce the price of our Class A ordinary shares. This concentrated control will limit your ability to influence corporate matters and could discourage others from pursuing any potential merger, takeover or other change of control transactions that holders of our Class A ordinary shares and Class A ordinary shares may view as beneficial. Our post-offering memorandum and articles of association do not include the sunset provisions to limit the lifespan of the Class B ordinary shares (meaning the high-vote feature of our Class B ordinary shares may persist indefinitely). The death of the ultimate beneficial owner of our Class B ordinary shares or intra-family transfers of Class B ordinary shares would not require conversion of the Class B ordinary shares. Furthermore, should the Company decide to issue additional ordinary shares in the future, the one-to-twenty voting ratio between the two classes of our ordinary shares will result in further dilutive effect on the holders of Class A ordinary shares.

***Our dual-class voting structure may render our Class A ordinary shares ineligible for inclusion in certain stock market indices, and thus adversely affect the trading price and liquidity of our Class A ordinary shares.***

Certain shareholder advisory firms have announced changes to their eligibility criteria for inclusion of shares of public companies on certain indices, including the S&P 500, to exclude companies with multiple classes of shares and companies whose public shareholders hold no more than 5% of total voting power from being added to such indices. In addition, several shareholder advisory firms have announced their opposition to the use of multiple class structures. As a result, the dual class structure of our ordinary shares may prevent the inclusion of our Class A ordinary shares in such indices and may cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure. Any such exclusion from indices could result in a less active trading market for our Class A ordinary shares. Any actions or publications by shareholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the value of our Class A ordinary shares.

***We will be a "controlled company" within the meaning of the Nasdaq Stock Market listing rules and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.***

We will be a "controlled company" as defined under the Nasdaq Stock Market listing rules because our largest shareholder, Oriental Brilliance Investment Limited, in which our chairman of the board of directors and chief executive officer, Mr. Chan Chor Koon and our director and chief operating officer, Ms. Chong Siu Nuen, respectively own 50.0% and 50.0% of the equity interests, will beneficially own 58.2% of our then issued and outstanding Class A ordinary shares and 66.7% of our issued and outstanding Class B ordinary shares, which together will constitute 59.3% of our then issued and outstanding total share capital, and will be able to exercise 64.5% of the aggregate voting power of our then issued and outstanding share capital immediately after the consummation of this offering, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares.

Pursuant to our post-offering memorandum and articles of association, an ordinary resolution to be passed at a shareholders' meeting requires the affirmative vote of a simple majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, in the case of any shareholder being a corporation, by its duly authorized representative or, where proxies are allowed, by proxy at a general meeting of which notice has been duly given, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, in the case of such shareholders as are corporations, by their duly authorized representatives or, where proxies are allowed, by proxy at a general meeting of which notice has been duly given. A special resolution will be required for important matters such as making changes to our memorandum and articles of association. As a result, Oriental Brilliance Investment Limited will have the ability to control or significantly influence the outcome of matters requiring approval by our shareholders; however, the voting decisions with respect to the securities held by Oriental Brilliance Investment Limited are made by shareholders in accordance with its articles of association, and none of whom individually has the power to direct such decision. In addition, for so long as we remain a controlled company under that definition, we are permitted to elect to rely on, and may rely on, certain exemptions from corporate governance rules, including an exemption from the rule that a majority of our board of directors must be independent directors. We do not currently plan to utilize the exemptions available for controlled companies after we complete this offering. If we cease to be a foreign private issuer or if we cannot rely on the home country governance practice exemptions for any reason, we may decide to invoke the exemptions available for a controlled company as long as we remain a controlled company. As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

***We have no prior experience in operating as a public company.***

We have no prior experience in conducting our operations as a public company. Upon the completion of this offering, we will become a public company and may face enhanced administrative and compliance requirements, which may result in substantial costs. The majority of our current directors and executive officers have no experience in operating a U.S. public company, which makes our ability to comply with applicable laws, rules and regulations uncertain. Any failure to comply with all laws, rules and regulations applicable to U.S. public companies could subject us or our management to regulatory scrutiny or sanction, which could harm our reputation and share price.

***Because the initial public offering price is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution.***

If you purchase Class A ordinary shares in this offering, you will pay more for each share than the corresponding amount paid by existing shareholders for their ordinary shares. As a result, you will experience immediate and substantial dilution of approximately US$6.99 per share. This number represents the difference between (i) our net tangible book value per share of US$1.01 as of September 30, 2025, after giving effect to this offering, and (ii) the assumed initial public offering price of US$8.00 per share, the midpoint of the estimated initial public offering price range set forth on the front cover of this prospectus. See "Dilution" for a more complete description of how the value of your investment in our Class A ordinary shares will be diluted upon the completion of this offering.

***Because we do not expect to pay dividends in the foreseeable future after this offering, you must rely on price appreciation of the Class A ordinary shares for return on your investment.***

We currently intend to retain most, if not all, of our available funds and any future earnings after this offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our Class A ordinary shares as a source for any future dividend income.

Our board of directors has complete discretion as to whether to distribute dividends. Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our Class A ordinary shares will likely depend entirely upon any future price appreciation of our Class A ordinary shares. There is no guarantee that our Class A ordinary shares will appreciate in value after this offering or even maintain the price at which you purchased such Class A ordinary shares. You may not realize a return on your investment in our Class A ordinary shares.

***We have not determined a specific use for a portion of the net proceeds from this offering, and we may use these proceeds in ways with which you may not agree.***

We have not determined a specific use for a portion of the net proceeds of this offering, and our management will have considerable discretion in deciding how to apply these proceeds. You will not have the opportunity to assess whether the proceeds are being used appropriately before you make your investment decision. You must rely on the judgment of our management regarding the application of the net proceeds of this offering. We cannot assure you that the net proceeds will be used in a manner that will improve our results of operations or increase the price of our Class A ordinary shares, nor that these net proceeds will be placed only in investments that generate income or appreciate in value.

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.***

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

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than our memorandum and articles of association, our register of mortgages and charges and a list of our directors) or to obtain copies of lists of shareholders of these companies. Our directors will have discretion under our post-offering articles of association, which is expected to be effective immediately prior to completion of this offering, to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.

Certain corporate governance practices in the Cayman Islands, which is our home country, also differ significantly from requirements for companies incorporated in other jurisdictions such as the United States.

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions of the Companies Act (as revised) of the Cayman Islands and the laws applicable to companies incorporated in the United States and their shareholders, see "Description of Share Capital — Differences in Corporate Law."

***As an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices for corporate governance matters that differ significantly from the Nasdaq Stock Market corporate governance listing standards; these practices may afford less protection to shareholders than they would enjoy if we complied fully with the corporate governance listing standards.***

As a Cayman Islands exempted company to be listed on the Nasdaq Stock Market, we will be subject to the Nasdaq Stock Market listing standards, which require listed companies to have, among other things, a majority of their board members to be independent and independent director oversight of executive compensation and nomination of directors. However, the Nasdaq Stock Market rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from the Nasdaq Stock Market listing standards.

We are permitted to elect to rely on home country practice to be exempted from the corporate governance requirements. If we choose to follow home country practice in the future, our shareholders may be afforded less protection than they would otherwise enjoy if we complied fully with the Nasdaq Stock Market listing standards.

***Certain judgments obtained against us by our shareholders may not be enforceable.***

We are a Cayman Islands company, and all of our assets are located outside of the United States. In addition, a majority of our directors and officers are nationals and residents of jurisdictions other than the United States. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind, the PRC laws and the laws of the Cayman Islands may render you unable to enforce a judgment against our assets or the assets of our directors and officers. For more information regarding the relevant laws of the Cayman Islands and China, see "Enforceability of Civil Liabilities."

***There can be no assurance that we will not be a passive foreign investment company in any taxable year, which could result in significant adverse U.S. federal income tax consequences to U.S. investors investing in our Class A ordinary shares.***

A non-U.S. corporation, such as our company, will be classified as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year if either (i) 75% or more of our gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income (the "asset test"). Passive income generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. For this purpose, cash and assets readily convertible into cash are categorized as passive assets and the company's goodwill and other unbooked intangibles are generally taken into account when determining the value of its assets. Based upon our current and expected income and assets, including goodwill and other unbooked intangibles not reflected on our balance sheet (taking into account the expected proceeds from this offering) and projections as to the market price of our Class A ordinary shares immediately following the offering, we do not expect to be classified as a PFIC for the current taxable year or the foreseeable future.

While we do not expect to be classified as a PFIC, because the value of our assets for purposes of the asset test may be determined by reference to the market price of our Class A ordinary shares, fluctuations in the market price of our Class A ordinary shares may cause us to be classified as a PFIC for the current or subsequent taxable years. The determination of whether we will be classified as a PFIC will also depend, in part, on the composition of our income and assets. In addition, the composition of our income and assets will also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. If we determine not to deploy significant amounts of cash for active purposes, our risk of being a PFIC may substantially increase. It is also possible that the U.S. Internal Revenue Service, or the IRS, could challenge our classification of certain income and assets as non-passive, which could result in our company being or becoming a PFIC for the current or future taxable years. Because PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.

If we are a PFIC in any taxable year, a U.S. Holder (as defined in "Taxation — United States Federal Income Tax Considerations") may incur significantly increased U.S. income tax on gain recognized on the sale or other disposition of the Class A ordinary shares and on the receipt of distributions on the ordinary shares to the extent such distribution is treated as an "excess distribution" under the U.S. federal income tax rules, and such U.S. Holder may be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. Holder holds our Class A ordinary shares, we generally will continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds our Class A ordinary shares, unless we were to cease to be a PFIC and the U.S. Holder were to make a "deemed sale" election with respect to the Class A ordinary shares. For more information see "Taxation — U.S. Federal Income Tax Considerations — PFIC Rules."

***Our post-offering memorandum and articles of association contain anti-takeover provisions that could have a material adverse effect on the rights of holders of our Class A ordinary shares.***

We will conditionally adopt a post-offering memorandum and articles of association that will become effective immediately prior to the completion of this offering. Our post-offering memorandum and articles of association contain provisions to limit the ability of others to acquire control of our Company or cause us to engage in change-of-control transactions. These provisions could have the effect of depriving our shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging third parties from seeking to obtain control of our Company in a tender offer or similar transaction. For example, our board of directors has the authority, without further action by our shareholders, to issue preferred shares in one or more classes or series and to fix their designations, powers, preferences, and relative participating, optional and other rights, if any, and the qualifications, limitations or restrictions thereof, if any, including without limitation, the number of shares constituting each such class or series, dividend rights, conversion rights, redemption privileges, voting powers, full or limited or no voting powers and liquidation preferences and to increase or decrease the size of any such class or series (but not below the number of shares of any class or series of preferred shares then outstanding) to the extent permitted by the Companies Act (as revised). Preferred shares could be issued quickly with terms calculated to delay or prevent a change in control of our Company or make removal of management more difficult. If our board of directors decides to issue preferred shares, the price of our Class A ordinary shares may fall and the voting and other rights of the holders of our Class A ordinary shares may be materially and adversely affected.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

**AND INDUSTRY DATA**

This prospectus contains forward-looking statements that reflect our current expectations and views of future events. The forward-looking statements are contained principally in the sections entitled "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business" and "Regulations." Known and unknown risks, uncertainties and other factors, including those listed under "Risk Factors," may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

You can identify some of these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include statements relating to:

● our business and operating strategies and our various measures to implement such strategies;

● our future business development, financial condition and results of operations;

● the expected growth of the industry of digital marketing solutions and SaaS platforms in Asia-Pacific;

● our expectations regarding demand for and market acceptance of our solutions, services and SaaS platforms;

● our expectations regarding our bases of customers;

● changes in political and economic conditions and competition in the area in which we operate, including a downturn in the general economy;

● competition in our industry; and

● relevant government policies and regulations relating to our industry.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results or performance may be materially different from what we expect.

This prospectus contains certain data and information that we obtained from various government and private publications. Statistical data in these publications also include projections based on a number of assumptions. The markets for the digital marketing solutions, marketing AI SaaS platforms and metaverse marketplace services may not grow at the rate projected by such market data, or at all. Failure of this industry to grow at the projected rate may have a material and adverse effect on our business and the market price of our Class A ordinary shares. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.

**USE OF PROCEEDS**

We estimate that we will receive net proceeds from this offering of approximately US$21.7 million, or approximately US$25.2 million if the underwriters exercise their over-allotment option in full, after deducting underwriting discounts and the estimated offering expenses payable by us. These estimates are based upon an assumed initial public offering price of US$8.00 per share, the midpoint of the price range shown on the front cover page of this prospectus. A US$1.00 increase (decrease) in the assumed initial public offering price of US$8.00 per share would increase (decrease) the net proceeds to us from this offering by US$2.9 million, assuming the underwriters do not exercise their over-allotment option to purchase additional Class A ordinary shares and the number of Class A ordinary shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated expenses payable by us.

The primary purposes of this offering are to create a public market for our Class A ordinary shares for the benefit of all shareholders, retain talented employees by providing them with equity incentives, and obtain additional capital. We plan to use the net proceeds of this offering as follows:

● approximately 35%, or approximately US$7.5 million, for investment in R&D and further optimization of our Al capabilities;

● approximately 10%, or approximately US$2.2 million, for retaining and expanding customer and user base to enable continuous up-selling and cross-selling;

● approximately 30%, or approximately US$6.5 million, for selectively pursuing strategic investments, acquisitions, and partnership opportunities, although we have not identified any specific investments or acquisition opportunities at this time;

● approximately 15%, or approximately US$3.3 million, for expanding into Asia Pacific and middle east markets; and

● approximately 10%, or approximately US$2.2 million, for general corporate and working capital purposes.

Based on our current operating plan, we believe that the net proceeds from this offering, together with our existing cash and cash equivalents, will enable us to fund our planned operating expenses and capital expenditures through the next 12 months. The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management, however, will have broad discretion in the application of our net proceeds from this offering, and investors will be relying on the judgment of our management regarding the application of these proceeds. See "Risk Factors — Risks Relating to Our Class A Ordinary Shares and This Offering — We have not determined a specific use for a portion of the net proceeds from this offering, and we may use these proceeds in ways with which you may not agree."

**DIVIDEND POLICY**

Our board of directors has discretion as to whether and when to distribute dividends, subject to certain requirements of Cayman Islands law. Under Cayman Islands law, a Cayman Islands exempted company may pay a dividend out of either profits or share premium account, provided that in no circumstances may a dividend be paid if, immediately following the date on which the dividend is proposed to be paid, it would result in the company being unable to pay its debts as they fall due in the ordinary course of business. Even if our board of directors decides to pay dividends, the form, frequency, and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions, and other factors that the board of directors may deem relevant.

Other than the cash dividend of approximately US$4.4 million declared by our subsidiary, AsiaPac HK, to its then shareholders in March 2025, we have not previously declared or paid cash dividends in the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and up to the date of this prospectus, and we have no plan to declare or pay any dividends in the near future on our shares. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.

AsiaPac AdTechinno Group Limited is a holding company incorporated in the Cayman Islands, and may rely on dividends from our subsidiaries for our cash requirements, including any payment of dividends to our shareholders. The ability of our subsidiaries to pay dividends to us, however, may be restricted by the debt they incur on their own behalf and/or laws and regulations applicable to them. PRC regulations may restrict the ability of our subsidiaries in mainland China to pay dividends to us. Currently, there are no significant restrictions of transferring funds between the Cayman Islands holding company and its subsidiaries in Hong Kong, Taiwan, Macau, Japan, South Korea, Singapore, Malaysia, Thailand, Vietnam, and Indonesia, and there are no significant restrictions on foreign exchange or our ability to transfer cash between entities within our group, across borders, or to U.S. investors; however, if certain PRC laws and regulations, including existing laws and regulations and those enacted or promulgated in the future, were to become applicable to our operating subsidiary in Hong Kong, and to the extent our cash or assets in the business is in Hong Kong or a Hong Kong entity, such funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations by the PRC government on our and our operating subsidiaries' ability to transfer funds or assets.

**CAPITALIZATION**

The following table sets forth our capitalization, as of September 30, 2025 as follows:

● on an actual basis, which has reflected the issuance of 21,600,000 Class A ordinary shares and 3,600,000 Class B ordinary shares by us for the reorganization in October 2025; and

● On a pro forma as adjusted basis to reflect the issuance and sale of 3,125,000 Class A ordinary shares by us in this offering at an assumed initial public offering price of US$8.00 per share, the midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares.

You should read this table together with the consolidated financial statements and related notes, and the sections titled "Summary Consolidated Financial Data" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" that are included in this prospectus.

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| | | |
|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Actual** | **Pro Forma** <br> **As Adjusted<sup>(1)</sup>** |
|  | **US$** | **US$** |
| **Shareholders' Equity:** |  |  |
| Ordinary Shares, par value US$0.0001 per share, 160,000,000 Class A ordinary shares and 40,000,000 Class B ordinary shares authorized; 21,600,000 Class A ordinary shares and 3,600,000 Class B ordinary shares issued and outstanding, actual; 24,725,000 Class A ordinary shares and 3,600,000 Class B ordinary shares issued and outstanding, pro forma as adjusted; | 2520 | 2833 |
| Subscription receivables | (2520) | (2520) |
| Additional paid-in capital | 708699 | 22442866 |
| Statutory reserves | 21480 | 21480 |
| Retained earnings | 10067531 | 10067531 |
| Accumulated other comprehensive income | 77435 | 77435 |
| **Total AsiaPac AdTechinno Group Limited shareholders' equity** | **10875145** | **32609625** |
| **Non-controlling interests** | **(4067)** | **(4067)** |
| **Total shareholders' equity** | **10871078** | **32605558** |

---

(1) Reflects
 the sale of Class A ordinary shares in this offering at an assumed initial public offering price of US$8.00 per share, the
 midpoint of the estimated range of the initial public offering price shown on the front cover of this prospectus and after deducting
 the estimated underwriting discounts and estimated offering expenses payable by us, assuming that the option to purchase additional
 Class A ordinary shares has not been exercised. The pro forma as adjusted information is for illustrative purposes only.

**DILUTION**

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

Our net tangible book value as of September 30, 2025 was approximately US$7.0 million, or US$0.28 per share. Net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities. Dilution is determined by subtracting net tangible book value per share, after giving effect to the additional proceeds we will receive from this offering, from the assumed initial public offering price of US$8.00 per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

Without taking into account any other changes in net tangible book value after September 30, 2025, other than to give effect to the sale of Class A ordinary shares offered in this offering at the assumed initial public offering price of US$8.00 per share, the midpoint of the estimated range of the offering price, after deduction of the underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value as of September 30, 2025 would have been approximately US$28.7 million, or US$1.01 per share. This represents an immediate increase in net tangible book value of US$0.73 per share to the existing shareholders and an immediate dilution in net tangible book value of US$6.99 per share to investors purchasing Class A ordinary shares in this offering. The following table illustrates such dilution:

---

| | |
|:---|:---|
|  | **Per<br>Share** |
|  | **(US$)** |
| Assumed initial public offering price | $8.00 |
| Net tangible book value as of September 30, 2025 | 0.28 |
| Pro forma as adjusted net tangible book value after giving effect to this offering | 1.01 |
| Amount of dilution in net tangible book value to new investors in this offering | 6.99 |

---

A US$1.00 change in the assumed public offering price of US$8.00 per share would increase (decrease), in the case of an increase (decrease), our pro forma as adjusted net tangible book value after giving effect to this offering by approximately US$2.9 million, the pro forma as adjusted net tangible book value per share after giving effect to this offering by US$1.11 per share, and the dilution in pro forma as adjusted net tangible book value per share to new investors in this offering by US$6.89 per share, assuming no change to the number of Class A ordinary shares offered by us as set forth on the cover page of this prospectus, and after deducting underwriting discounts and commissions and other offering expenses.

The following table summarizes, on a pro forma as adjusted basis as of September 30, 2025, the differences between existing shareholders and the new investors with respect to the number of Class A ordinary shares purchased from us in this offering, the total consideration paid and the average price per share paid before deducting the underwriting discounts and commissions and estimated offering expenses. The total number of Class A ordinary shares does not include those shares issuable upon the exercise of the over-allotment option granted to the underwriters.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares<br> Purchased** | **Ordinary Shares<br> Purchased** | **Total Consideration** | **Total Consideration** | **Total Consideration** | **Average**<br> **Price** | **Average**<br> **Price** |
|  | **Number** | **Percent** | **Amount** | **Amount** | **Percent** | **Per** Share** | **Per** Share** |
| Existing shareholders | 25200000 | 89.0 | US$ | 708699 | 2.8 | US$ | 0.03 |
| New investors | 3125000 | 11.0 | US$ | 25000000 | 97.2 | US$ | 8.00 |
| **Total** | **28325000** | **100.0** | **US$** | **25708699** | **100.0** | **US$** | **0.91** |

---

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

**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated in the Cayman Islands to take advantage of certain benefits associated with being a Cayman Islands exempted company, 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, certain disadvantages accompany incorporation in the Cayman Islands. These disadvantages include but are not limited to:

● the Cayman Islands has a less developed body of securities laws as compared to the United States and these securities laws provide significantly less protection to investors as compared to the United States; and

● Cayman Islands companies may not have standing to sue before the federal courts of the United States.

Our constitutional documents do not contain provisions requiring that disputes, including those arising under the securities laws of the United States, between us, our officers, directors and shareholders, be arbitrated.

Substantially all of our operations are conducted through our subsidiaries, and the majority of our assets are located in Hong Kong. All of our directors and executive officers are located in Hong Kong and are nationals or residents of jurisdictions other than the United States, and a substantial portion of their assets are located outside the United States. As a result, it would be difficult to impose liabilities on these individuals. Specifically, it may be difficult for a shareholder to effect service of process within the United States upon these individuals, or to bring an action against us or these individuals in the United States, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors.

We have appointed Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY 10168, as our agent to receive service of process with respect to any action brought against us under the securities laws of the United States.

**Cayman Islands**

We have been advised by Conyers Dill & Pearman, our Cayman Islands legal counsel, that there is uncertainty as to whether the courts of the Cayman Islands would:

● recognize or enforce judgments of courts of the United States against us or our directors or officers predicated upon the civil liability provisions of securities laws of the United States or any state in the United States; and

● entertain original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

We have been advised by Conyers Dill & Pearman that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States, the courts of the Cayman Islands would recognize as a valid judgment, a final and conclusive judgment *in personam* obtained in the federal or state courts of the United States against the Company under which a sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) or, in certain circumstances, an *in personam* judgment for non-monetary relief, and would give a judgment based thereon provided that (a) such courts had proper jurisdiction over the parties subject to such judgment; (b) such courts did not contravene the rules of natural justice of the Cayman Islands; (c) such judgment was not obtained by fraud; (d) the enforcement of the judgment would not be contrary to the public policy of the Cayman Islands; (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (f) there is due compliance with the correct procedures under the laws of the Cayman Islands.

**Hong Kong**

There is uncertainty as to whether the courts of Hong Kong would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

In Hong Kong, there is a statutory registration scheme for foreign judgments under the Foreign Judgments (Reciprocal Enforcement) Ordinance (Chapter 319 of the Laws of Hong Kong) (the "FJREO"). However, the application of the FJREO is limited to judgments entered in designated jurisdictions, which currently include: Australia and Australian external territories, Republic of Austria, Belgium, Bermuda, Brunei, France, Federal Republic of Germany, India, Israel, Republic of Italy, Malaysia, Kingdom of The Netherlands, New Zealand, and Singapore and Sri Lanka. Therefore, judgments of United States courts cannot be directly enforced in Hong Kong in accordance with the FJREO.

With respect to foreign judgments that may not be registered under the FJREO, the common law permits an action to be brought upon a foreign judgment. In other words, a foreign judgment itself may form the basis of a cause of action, but it is subject to various conditions. A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be forced in Hong Kong at common law by bringing an action in a Hong Kong court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is (i) for a debt or a definite sum of money (not being taxes or similar charges to a foreign government taxing authority or a fine or other penalty) and (ii) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary to the public policy of Hong Kong; (d) the court of the United States was not jurisdictionally competent; or (e) the judgment was in conflict with a prior Hong Kong judgment.

Hong Kong has no other arrangement for the reciprocal enforcement of judgments with the United States.

As a result, there is uncertainty as to the enforceability in Hong Kong, in original actions or in actions for enforcement, of judgments of United States courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any State or territory within the United States.

**CORPORATE HISTORY AND STRUCTURE**

**Our Corporate History and Structure**

We commenced our business in January 1996, through Advance Leader International Limited, which had changed its legal name to AsiaPac Net Magazine Limited in July 1996, and further to AsiaPac Net Media Limited ("AsiaPac HK") in September 1998. The following is a summary of our key business milestones:

---

| | |
|:---|:---|
| **Year** | **Milestone** |
| 2005 | We started to provide all-arounded digital marketing solutions. |
| 2013 | We started to provide digital marketing solutions in Taiwan. |
| 2018 | We started to develop marketing AI SaaS platforms. |
| 2025 | We launched SaaS platforms, including KOOLER AI in May 2025, OptAdEasy in July 2025, Kolsify in September 2025. |

---

To facilitate our offshore financing, in June 2025, we incorporated AsiaPac AdTechinno Group Limited, or the Parent, under the laws of the Cayman Islands as our offshore holding company. In July 2025, through the Parent, we established AsiaPac AdTechinno Investment Limited ("AsiaPac BVI"), a wholly-owned subsidiary in the British Virgin Islands. In July 2025, AsiaPac Net Media Limited ("AsiaPac HK") allotted and issued 9,700 ordinary shares to AsiaPac BVI, whereby AsiaPac BVI acquired 97% of the equity interests in AsiaPac HK. In October 2025, AsiaPac BVI acquired the remaining 3% equity interests held by the three individual shareholders including Mr. Chan Chor Koon, Ms. Chong Siu Nuen and Mr. Chan Chor Wai in AsiaPac HK, resulting in AsiaPac BVI holding 100% of the equity interests in AsiaPac HK.

For additional information on our corporate history and reorganization, please see Note 1 to our consolidated financial statements included elsewhere in this prospectus.

The following diagram illustrates our corporate structure, including our subsidiaries, as of the date of this prospectus:

![](formdrsa_003.jpg)

Note:

(1) AsiaPac Net Media Limited Taiwan Branch is not an independent legal entity but an extension
 of AsiaPac Net Media Limited in Taiwan.

The following diagram illustrates our corporate structure, including our principal subsidiaries, following the completion of this offering:

![](formdrsa_004.jpg)

Note:

(1) AsiaPac Net Media Limited Taiwan Branch is not an independent legal entity but an extension
 of AsiaPac Net Media Limited in Taiwan.

AsiaPac AdTechinno Group Limited, or the Parent, is not a Chinese operating company but a Cayman Islands holding company with operations conducted by its subsidiaries. Our corporate structure does not involve any variable interest entities in China. Investors purchasing our Class A ordinary shares in this initial public offering are purchasing equity securities of the Cayman Islands holding company and are not purchasing equity securities of our subsidiaries. As a holding company with no material operations of its own, our operations are primarily conducted through our Hong Kong subsidiaries with our headquarter in Hong Kong, and such structure involves unique risks to investors, as the PRC government may exercise significant influence and discretion over the conduct of our business and may intervene in or influence our operations at any time. If certain PRC laws and regulations, including existing laws and regulations and those enacted or promulgated in the future, were to become applicable to our operating subsidiary in Hong Kong, and to the extent our cash or assets in the business is in Hong Kong or a Hong Kong entity, such funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations by the PRC government on our and our operating subsidiaries' ability to transfer funds or assets. See "Risk Factors — Risks Relating to Doing Business in Hong Kong and Mainland China — Our headquarter is in Hong Kong with limited operations in mainland China. However, due to the long arm provisions under the current laws and regulations of mainland China, the government of mainland China may exert substantial influence and discretion over the conduct of our business and may intervene in or influence our operations at any time. If we were to become subject to such direct influence and discretion, it may result in a material change in our operations and/or the value of our Class A ordinary shares, which would materially affect the interest of the investors."

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL**

**CONDITION AND RESULTS OF OPERATIONS**

*You should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial statements and the notes to those statements included elsewhere in this prospectus. The discussion in this prospectus contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. The cautionary statements made in this prospectus should be read as applying to all related forward-looking* statements *wherever they appear in this prospectus. Our actual results could differ materially from those discussed here. Factors that could cause or contribute to these differences include those discussed in "Risk Factors," as well as those discussed elsewhere. See "Risk Factors" and "Special Note Regarding Forward-Looking Statements and Industry Data."*

 

**Overview**

Headquartered in Hong Kong, we are an AI-driven omnichannel digital marketing technology company, providing integrated cross-border performance-based digital marketing solutions and services and marketing AI SaaS platforms. Founded in 1996, we have expanded our global footprints through 14 local offices across 11 Asia-Pacific countries and regions, including Hong Kong, Taiwan, Macau, Mainland China, Japan, South Korea, Singapore, Malaysia, Thailand, Vietnam, and Indonesia. In 2018, we started to develop marketing AI SaaS platforms and leverage these intelligent platforms to provide comprehensive digital marketing solutions for global customers' business growth. According to Frost & Sullivan, we are a leading AI-driven omnichannel digital marketing technology company in Asia-Pacific, and were the largest digital marketing solutions provider in Hong Kong in terms of revenue in 2024.

We primarily generate revenues from rendering AI-driven digital marketing solutions and marketing SaaS platforms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Digital marketing solutions*, which primarily include marketing solutions for our customers' inbound and outbound marketing
 activities. Our customers typically include global and local brand owners. For our advertisement solution services, we provide a
 comprehensive range of data-driven, tailor-made marketing solutions through the delivery of campaign key performance indicators
 (e.g., spending, number of clicks, impressions, true views, etc.) and
 charge service fees; while for account top-up services, we facilitate customer account top-ups by charging service fees.

(ii) *SaaS platforms*, which primarily include subscription fees and service charges for using advanced features on our SaaS platforms. Our customers
typically include brand owners, content creators and marketing agents. We have launched (a) OptAdEasy, an AI-powered cross-channel advertising
management platform, (b) KOOLER AI, an AI-driven influencer management platform, and (c) Kolsify, a go-to AI platform for avatar and
content creation, all of which are aimed to enable effective and efficient marketing management for different scenarios.

The success of our solutions and services is evidenced by our strong, diverse and loyal customer base from a broad range of industry verticals, including banking and finance, travel, hospitality and property, fashion and accessories, beauty and skincare, healthcare, retail and food, homeware and household, FMCG, arts and entertainment, education, technology and software, automotive. For the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024, we provided digital marketing solutions to 1,124, 1,170, 1,153 and 993 customers, respectively, with average revenue per advertising customer amounting to US$34,642, US$29,158, US$21,655 and US$18,127, respectively. Among these customers, 37.7%, 35.3%, 23.9% and 20.9% were new customers for the respective period, while 62.3%, 64.7%, 76.1% and 79.1% were renewing customers. As a result, we have achieved steady growth over years of operations. Our revenues amounted to US$38.9 million, US$34.1 million, US$25.0 million and US$18.0 million for the fiscal year ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024, respectively.

**Key Factors that Affect Our Results of Operations**

***Growth of the Digital Marketing Market***

 ****

The growth of our business has been driven by the overall growth of digital marketing market and marketing SaaS market in APAC and Hong Kong. The market size of digital marketing in APAC reached US$347.2 billion in 2024 with a CAGR of 11.4% from 2020 and it is expected to reach US$564.1 billion in 2029 at a CAGR of 10.2% from 2024. Across APAC markets, the digital marketing market in Hong Kong increased from approximately US$1.9 billion to approximately US$2.9 billion in 2024 with a CAGR of 10.6% from 2020, and is expected to further reach US$4.3 billion in 2029, growing at a CAGR of 8.4% from 2024. Our revenue from online and offline advertisement solution services, which represented a substantial part of our revenue increased from US$34.1 million in fiscal year 2024 to US$38.9 million in fiscal year 2025. Such revenue growth continued, increasing from US$18.0 million in the six months ended September 30, 2024 to US$23.7 million in the six months ended September 30, 2025.

In addition, the Asia-Pacific region marketing SaaS market is expanding at a rapid pace. From 2020 to 2024, the marketing SaaS market in Asia-Pacific soared from approximately US$5.5 billion to approximately US$11.5 billion, with a robust CAGR of approximately 20.3%. Across APAC markets, Hong Kong's marketing SaaS market marked by its international orientation and market diversity, arrived at approximately US$91.0 million in 2024 with a CAGR of 19.1%, and is projected to hit approximately US$171.0 million in 2029 at a CAGR of 13.5%. Moreover, according to Frost & Sullivan, driven by the incorporation of artificial intelligence, generative algorithms, and blockchain technologies into marketing SaaS platforms, the market size of marketing SaaS market has been increased in the past few years and is also expected to grow in the future with technological innovation.

If the growth rate of the markets in which we operate falls short of expectations, our past performance may not necessarily indicate future results. Furthermore, if we are unable to effectively compete with other market participants, we may lose customers, media publishers, or other business partners, potentially leading to a decline in revenue.

***Our Ability to Optimize Customer Base and Increase Customer Spending***

 ****

Our growth and profitability are dependent upon our ability to optimize customer base and increase customer spending. For the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024, we provided digital marketing solutions to 1,124 and 1,170, 1,153 and 993 customers, respectively, with average revenue per advertising customer amounting to US$34,642 and US$29,158, US$21,655 and US$18,127, respectively. This growth demonstrates the stickiness of our solutions, services and platforms and our capability in addressing customers' needs through tailored solution offerings.

Our ability to further increase customer base depends on whether our services and solutions can effectively address customers' evolving and diverse needs in high quality and cost-efficient manner. We commit to delivering effective solutions and services supported by strong R&D capabilities and proprietary technologies, building a diverse and loyal customer base across multiple industries.

***Our Ability to Strengthen Our R&D Capabilities***

 ****

Our results of operations depend upon our ability to strengthen our R&D capabilities, including applying data analytical technologies extensively throughout our solutions and services and continuously developing market AI SaaS platforms. Leveraging big data analytics, we are able to track and analyze advertising performance of brand owners, as well as the performance of their competitors, enabling brand owners to optimize bids and refine keyword targeting. By continually refining our big data analytics, we are able to capture the latest behavior of the audience set and the latest advertising performance trends, addressing the evolving needs of our customers across different industries. As a result, we successfully improved the customers' cost-per-conversion efficiency and maximized the overall effectiveness of the campaign. Furthermore, we have been developing marketing AI SaaS platforms since 2018 and have launched three AI-SaaS platforms, including KOOLER AI in May 2025, OptAdEasy in July 2025, Kolsify in September 2025, and plan to launch APHub in 2026. Leveraging our AI capabilities, we optimized data-driven campaign management for our customers and achieved marketing optimization.

We plan to continuously invest in cutting-edge technologies and platforms, which are built upon robust proprietary technologies and enhanced big data analytics, enabling high levels of automation, precision and scalability across marketing operations.

***Cost of Talent***

 ****

We believe our future success depends on our ability to continue to attract, retain and motivate highly skilled employees, particularly employees with technical skills that enable us to deliver effective marketing solutions, and sales and marketing, and publisher development and support personnel with experience in digital marketing. Competition for these employees in our industry is intense. As a result, we may be unable to attract or retain these management, technical, sales and marketing and publisher development and support personnel who are critical to our success, resulting in harm to our key marketer and publisher relationships, loss of key information, expertise or proprietary knowledge and unanticipated recruitment and training costs. For the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024, our staff cost accounted for a significant portion of our costs and operating expenses. If we fail to effectively hire and retain high-quality talent, or otherwise manage our staff costs, our business and results of operations will be adversely affected.

**Discussion of Certain Unaudited Balance Sheet Items**

The following table sets forth certain selected unaudited consolidated balance sheet data as of September 30, 2025 and March 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **As of<br> September 30,** | **As of<br> March 31,** |
|  | **2025** | **2025** |
|  | **US$** | **US$** |
| **Selected Unaudited Consolidated Balance Sheet Data** |  |  |
| **Assets** |  |  |
| Cash and cash equivalents | 3192218 | 5147186 |
| Accounts receivable, net | 3469451 | 3135193 |
| Contract assets, net | 3570451 | 2729429 |
| Deferred offering costs | 404307 |  |
| **Total assets** | **19979762** | **19092771** |
| **Liabilities and Shareholders' Equity** |  |  |
| Short-term borrowings |  | 531075 |
| Advance from customers | 2540817 | 2212826 |
| Dividends payable | 1190462 | 2347442 |
| **Total liabilities** | **9108684** | **9872421** |
| **Total shareholders' equity** | **10871078** | **9220350** |
| **Total liabilities and shareholders' equity** | **19979762** | **19092771** |

---

***Cash and cash equivalents***

Cash and cash equivalents decreased by 38.0%, or US$1.9 million, from US$5.1 million as of March 31, 2025 to US$3.2 million as of September 30, 2025, primarily due to dividend payments of US$1.2 million and repayments to bank loans of US$0.5 million during the six months ended September 30, 2025.

***Accounts receivable, net***

Accounts receivable represent amounts due from customers for services delivered and for which we have an unconditional right to receive payment. As of September 30, 2025, accounts receivable, net increased by 10.7%, or US$0.3 million compared to March 31, 2025, primarily driven by revenue growth in our online and offline advertising solution services.

***Contract assets, net***

Contract assets represent revenue recognized for services delivered but not yet invoiced. As of September 30, 2025, contract assets increased by 30.8%, or US$0.8 million compared to March 31, 2025, primarily reflecting a higher volume of services delivered during the six months ended September 30, 2025.

***Deferred offering costs***

 ****

Deferred offering costs consist of underwriting, legal, accounting, and other expenses incurred through the balance sheet date that are directly related to the intended initial public offering ("IPO"). Deferred offering costs will be charged to shareholders' equity upon the completion of the IPO. Should the IPO prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. Deferred offering costs amounted to US$0.4 million and nil as of September 30, 2025 and March 31, 2025, respectively.

***Short-term borrowings***

Short-term borrowings represent borrowings from the Hongkong and Shanghai Banking Corporation Limited. Short-term borrowings amounted to US$0.5 million as of March 31, 2025. These borrowings were fully repaid upon maturity during the six months ended September 30, 2025, and the Group had no outstanding short-term borrowings as of September 30, 2025.

***Advance from customers***

 ****

Advances from customers represent cash received for services in advance of revenue recognition. As of September 30, 2025, advances from customers increased by 14.8%, or US$0.3 million, compared to March 31, 2025, primarily due to the increased prepayments from certain customers for contracts scheduled for delivery in the second half of the fiscal year ended March 31, 2026.

***Dividends payable***

For the six months ended September 30, 2024, AsiaPac HK declared cash dividends of US$1,536,807 to Mr. Chan Chor Wai, Mr. Chan Chor Koon and Ms. Chong Siu Nuen. Of this amount, US$1,198,709 was settled in cash and US$165,566 was offset against amounts due from Ms. Chong Siu Nuen. For the six months ended September 30, 2025, no dividends were declared, and the Group settled US$1,152,088 of outstanding dividends payable from the previous period.

**Key Components of Results of Operations**

***Revenues, net***

Our revenues are derived from (i) digital marketing services, including online and offline advertisement solution services and account top-up services, and (ii) AI-SaaS platforms.

Our total revenues were US$25.0 million and US$18.0 million for the six months ended September 30, 2025 and 2024, respectively, and US$38.9 million and US$34.1 million for the fiscal years ended March 31, 2025 and 2024, respectively. The following table sets forth a breakdown of our revenues, in absolute amounts and as percentages of total revenues, for the periods indicated.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Fiscal Years Ended<br> March 31,** | **For the Fiscal Years Ended<br> March 31,** | **For the Fiscal Years Ended<br> March 31,** | **For the Fiscal Years Ended<br> March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** | **US$** | **%** |
| **Revenues, net** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Revenue from digital marketing services** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online and offline advertisement solution services | 23711175 | 95.0 | 17991210 | 100.0 | 38920187 | 100.0 | 34068310 | 99.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account top-up services | 9514 | 0.0 | 8447 | 0.0 | 17146 | 0.0 | 46966 | 0.1 |
| &nbsp;&nbsp;&nbsp;**Revenue from Software-as-a-Service** | 1247011 | 5.0 | - | - | - | - | - | - |
| **Total revenues, net** | **24967700** | **100.0** | **17999657** | **100.0** | **38937333** | **100.0** | **34115276** | **100.0** |

---

***Cost of revenues***

Our cost of revenues consists of (i) advertising costs, which mainly represent channel fees paid to third-party search engine platforms and social media platforms, expenses for purchasing offline advertising spaces, and payments to KOLs for marketing services, (ii) salaries and related expenses for personnel directly involved in delivery of services to customers, as well as personnel involved in the operation and support of the Group's AI-SaaS platforms, (iii) amortization of capitalized AI-SaaS platforms development costs and (iv) allocation of indirect costs such as corporate overhead. For the six months ended September 30, 2025 and 2024 and for the fiscal years ended March 31, 2025 and 2024, our total cost of revenues was US$18.3 million, US$13.2 million, US$28.8 million and US$24.0 million, respectively. The following table sets forth a breakdown of our cost of revenues presented by cost categories, in absolute amounts and as percentages of total revenues, for the periods indicated.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Fiscal Years Ended<br> March 31,** | **For the Fiscal Years Ended<br> March 31,** | **For the Fiscal Years Ended<br> March 31,** | **For the Fiscal Years Ended<br> March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** | **US$** | **%** |
| **Cost of revenues** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising costs | 15288964 | 61.2 | 10932715 | 60.7 | 23741357 | 61 | 19851926 | 58.2 |
| &nbsp;&nbsp;&nbsp;Staff costs | 2607860 | 10.4 | 2120936 | 11.8 | 4652355 | 11.9 | 3860029 | 11.3 |
| &nbsp;&nbsp;&nbsp;Amortization of AI-SaaS platforms | 206119 | 0.9 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate overhead | 235568 | 0.9 | 176568 | 1 | 381718 | 1 | 309346 | 0.9 |
| **Total cost of revenues** | **18338511** | **73.4** | **13230219** | **73.5** | **28775430** | **73.9** | **24021301** | **70.4** |

---

***Gross profit and gross profit margin***

Gross profit represents revenues less cost of revenues. Gross profit margin represents gross profit as a percentage of our revenues. For the six months ended September 30, 2025 and 2024, our gross profit was US$6.6 million and US$4.8 million, with a gross profit margin of 26.6% and 26.5%, respectively. For the fiscal years ended March 31, 2025 and 2024, our gross profit was US$10.2 million and US$10.1 million, with a gross profit margin of 26.1% and 29.6%, respectively. Our gross profit is primarily affected by our ability to generate revenues and the fluctuation of our cost of revenues.

***Operating expenses***

*Selling and marketing expenses*

Our selling and marketing expenses primarily consist of (i) staff costs for sales personnels, (ii) advertising and marketing expenses, and (iii) rental expenses. Our selling and marketing expenses accounted for 8.6% and 9.7% of our total revenues for the six months ended September 30, 2025 and 2024, respectively, and 10.0% and 9.2% of our total revenues for the fiscal years ended March 31, 2025 and 2024, respectively. We expect our overall selling and marketing expenses to increase in the foreseeable future and facilitate the growth of our business, especially when we continue to expand our business and promote our services to customers located in extended geographic areas.

*General and administrative expenses*

Our general and administrative expenses primarily consist of (i) staff costs for administrative personnels, (ii) rental expenses, (iii) office, utility and other expenses, (iv) consulting and professional service fees, (v) depreciation and amortization expenses, and (vi) other expenses related to daily general activities. General and administrative expenses accounted for 11.1% and 10.5% of our total revenues for the six months ended September 30, 2025 and 2024, respectively, and 9.8% and 9.6% of our total revenues for the fiscal years ended March 31, 2025 and 2024, respectively. We expect our general and administrative expenses, including, but not limited to, salaries and business consulting expenses, to continue to increase in the foreseeable future, as we plan to hire additional personnel and incur additional expenses in connection with the expansion of our business operations. We expect our professional fees for legal, audit, accounting, and other advisory services to increase as we become a public company upon the completion of this offering.

*Research and development ("R&D") expenses*

Our R&D efforts primarily focus on developing and enhancing our AI-SaaS platforms to improve functionality and user experience. We continue to invest in R&D to strengthen our technology infrastructure and maintain competitiveness in the AI-driven software market. For the six months ended September 30, 2025 and 2024 and for the fiscal years ended March 31, 2025 and 2024, we capitalized software development costs of US$0.3 million, US$0.7 million, US$1.2 million and US$1.2 million, respectively, reflecting our ongoing commitment to product innovation. Besides the capitalized portion, R&D expenses were US$0.4 million, US$0.3 million, US$0.5 million and US$0.5 million, respectively, mainly comprising staff costs and outsourced service fees. We expect to continue investing in R&D activities to enhance automation, scalability, and AI integration across our platforms.

***Other income***

Our other income consists of interest income, other income, net and government grants.

**Taxation**

***Cayman Islands***

Under the current laws of the Cayman Islands, we are not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.

***The British Virgin Islands ("BVI")***

Our subsidiary incorporated in the BVI is not subject to tax on income or capital gain. In addition, payments of dividends by the subsidiary to shareholders are not subject to withholding tax in the BVI.

***Hong Kong***

According to Tax Amendment No. 3 Ordinance 2018 published by the Hong Kong government, effective April 1, 2018, under the two-tiered profits tax rates regime, the first HKD2,000,000 of profits of the qualifying group entity is taxed at 8.25%, and profits above HKD2,000,000 are taxed at 16.5%. Dividends paid by the subsidiaries incorporated in HK to their shareholders are not subject to withholding tax in Hong Kong.

***Taiwan***

Our subsidiaries and branch incorporated in Taiwan are subject to corporate income tax at the statutory rate of 20% on their taxable income derived from Taiwan.

***PRC***

Our subsidiaries, which are considered PRC resident enterprises under PRC Enterprise Income Tax Law (the "EIT Law"), are subject to enterprise income tax on their worldwide taxable income as determined under EIT Law and accounting standards at a rate of 25%.

***Singapore***

Our subsidiary, AdTech Innovation Pte. Limited, is incorporated in Singapore and is subject to corporate income tax at the statutory rate of 17% on its assessable profits generated from Singapore.

***Others***

Subsidiaries incorporated in other jurisdictions are subject to the respective applicable corporate income tax rates of the jurisdictions where they are resident.

**Results of Operations**

The following table sets forth a summary of our consolidated results of operations, presented as a percentage of our revenues for the six months ended September 30, 2025 and 2024, and for the fiscal years ended March 31, 2025 and 2024. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus. The results of operations in any period are not necessarily indicative of the results that may be expected for any future periods.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Fiscal Year Ended<br> March 31,** | **For the Fiscal Year Ended<br> March 31,** | **For the Fiscal Year Ended<br> March 31,** | **For the Fiscal Year Ended<br> March 31,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** | **US$** | **%** |
| Revenues, net | 24967700 | 100.0 | 17999657 | 100.0 | 38937333 | 100.0 | 34115276 | 100.0 |
| Cost of revenues | (18338511) | (73.4) | (13230219) | (73.5) | (28775430) | (73.9) | (24021301) | (70.4) |
| **Gross profit** | **6629189** | **26.6** | **4769438** | **26.5** | **10161903** | **26.1** | **10093975** | **29.6** |
| **Operating expenses:** |  |  |  |  |  |  |  |  |
| Selling and marketing expenses | (2150935) | (8.6) | (1754079) | (9.7) | (3888597) | (10.0) | (3129784) | (9.2) |
| General and administrative expenses | (2767540) | (11.1) | (1888507) | (10.5) | (3822158) | (9.8) | (3277061) | (9.6) |
| Research and development expenses | (374458) | (1.5) | (257994) | (1.4) | (491319) | (1.3) | (450530) | (1.3) |
| **Total operating expenses** | **(5292933)** | **(21.2)** | **(3900580)** | **(21.6)** | **(8202074)** | **(21.1)** | **(6857375)** | **(20.1)** |
| **Income from operations** | **1336256** | **5.4** | **868858** | **4.9** | **1959829** | **5.0** | **3236600** | **9.5** |
| **Other income (expenses):** |  |  |  |  |  |  |  |  |
| Interest income | 14821 | 0.1 | 19844 | 0.1 | 37696 | 0.1 | 30878 | 0.1 |
| Government grants | 164606 | 0.7 | 130234 | 0.7 | 643833 | 1.7 | 22089 | 0.1 |
| Other income, net | 108747 | 0.4 | 102717 | 0.6 | 128850 | 0.3 | 66996 | 0.2 |
| **Total other income** | **288174** | **1.2** | **252795** | **1.4** | **810379** | **2.1** | **119963** | **0.4** |
| **Income before income taxes** | **1624430** | **6.6** | **1121653** | **6.3** | **2770208** | **7.1** | **3356563** | **9.9** |
| Income tax expense | (212412) | (0.9) | (187974) | (1.0) | (314239) | (0.8) | (278338) | (0.8) |
| **Net income** | **1412018** | **5.7** | **933679** | **5.3** | **2455969** | **6.3** | **3078225** | **9.1** |

---

**<u>Six Months Ended September 30, 2025 Compared to Six Months Ended September 30, 2024</u>**

***Revenues, net***

Revenues, net generated from different revenue streams consist of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **Variance** | **Variance** |
|  | **2025** | **2025** | **2024** | **2024** | **Amount** | **Percentage** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** |
| **Revenues, net** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Revenue from digital marketing services** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online and offline advertisement solution services | 23711175 | 95.0 | 17991210 | 100.0 | 5719965 | 31.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account top-up services | 9514 | 0.0 | 8447 | 0.0 | 1067 | 12.6 |
| &nbsp;&nbsp;&nbsp;**Revenue from Software-as-a-Service** | 1247011 | 5.0 | - | - | 1247011 | 100.0 |
| **Total revenues, net** | **24967700** | **100.0** | **17999657** | **100.0** | **6968043** | **38.7** |

---

Our total revenues were US$25.0 million and US$18.0 million for the six months ended September 30, 2025 and 2024, respectively. For online and offline advertisement solution services, we recorded revenues of US$23.7 million for the six months ended September 30, 2025, representing an increase of 31.8% from US$18.0 million for the same period in 2024. The increase in revenue was primarily driven by ongoing collaboration with key customers, who demonstrated sustained confidence in our services by placing orders for both online and offline advertising campaigns over extended periods. Strengthening these customer relationships and securing longer-term projects contributed to the overall growth of advertising solution services revenue.

Revenues from account top-up services were US$9,514 and US$8,447 for the six months ended September 30, 2025 and 2024, respectively, representing an immaterial portion of our total revenues.

Revenues from Software-as-a-Service were US$1.2 million for the six months ended September 30, 2025, compared to nil in the same period of 2024, primarily due to the commencement of commercialization of our AI- SaaS platforms during the six months ended September 30, 2025. No SaaS revenue was recorded in the prior period as the platforms were still under development then. The revenue recognized in the six months ended September 30, 2025 reflects initial customer adoption, with further growth expected as more customers subscribe to and utilize the platforms.

In addition, we have continued to expand our footprint in other regions. We provide advertising services in multiple markets across East Asia and Southeast Asia, including Hong Kong, Taiwan, Macau, Japan, South Korea, Singapore, Malaysia, Thailand, Vietnam, Indonesia, and mainland China. Demand for online and offline advertisement solution services in these regions has been steadily increasing, and we ensure timely and effective campaign execution through well-established processes and experienced internal teams. By maintaining long-term relationships with customers in these markets, we deliver high-quality advertising services and strengthen our competitive position regionally. We have also commenced the commercialization of our AI-SaaS platforms, which are being progressively adopted across these markets, supporting the growth of our regional operations. The following table sets forth a breakdown of our revenues by geographic areas, in absolute amounts and as percentages of total revenues, for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **Variance** | **Variance** |
|  | **2025** | **2025** | **2024** | **2024** | **Amount** | **Percentage** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** |
| **Revenue by geographic areas\*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | 15582995 | 62.4 | 9614062 | 53.4 | 5968933 | 62.1 |
| &nbsp;&nbsp;&nbsp;Taiwan | 7136515 | 28.6 | 6399836 | 35.6 | 736679 | 11.5 |
| &nbsp;&nbsp;&nbsp;Others | 2248190 | 9.0 | 1985759 | 11.0 | 262431 | 13.2 |
| **Total revenues, net** | **24967700** | **100.0** | **17999657** | **100.0** | **6968043** | **38.7** |

---

\* The originating geographic areas of our revenues are determined based on where the relevant contracts are negotiated.

Revenues generated from Hong Kong increased by 62.1%, from US$9.6 million for the six months ended September 30, 2024 to US$15.6 million for the six months ended September 30, 2025. Revenues generated from Taiwan increased by 11.5%, from US$6.4 million for the six months ended September 30, 2024 to US$7.1 million for the six months ended September 30, 2025. The growth in Hong Kong and Taiwan was primarily driven by continued engagement from key customers, whose increasing orders across multiple advertising formats contributed to the overall revenue increase. Revenues from other regions increased by 13.2%, from US$2.0 million for the six months ended September 30, 2024 to US$2.2 million for the six months ended September 30, 2025, primarily reflecting increased sales in Singapore.

***Cost of revenues***

Costs of revenues consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **Variance** | **Variance** |
|  | **2025** | **2025** | **2024** | **2024** | **Amount** | **Percentage** |
|  | **US$** | **%\*** | **US$** | **%\*** | **US$** | **%** |
| **Cost of revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising costs | 15288964 | 61.2 | 10932715 | 60.7 | 4356249 | 39.8 |
| &nbsp;&nbsp;&nbsp;Staff costs | 2607860 | 10.4 | 2120936 | 11.8 | 486924 | 23 |
| &nbsp;&nbsp;&nbsp;Amortization of AI-SaaS platforms | 206119 | 0.9 |  |  | 206119 | 100 |
| &nbsp;&nbsp;&nbsp;Corporate overhead | 235568 | 0.9 | 176568 | 1 | 59000 | 33.4 |
| **Total cost of revenues** | **18338511** | **73.4** | **13230219** | **73.5** | **5108292** | **38.6** |

---

\*% means the % of total revenues.

We recorded total cost of revenues of US$18.3 million for the six months ended September 30, 2025, representing an increase of 38.6% from US$13.2 million for the six months ended September 30, 2024. The increase was primarily driven by higher advertising costs, staff costs, amortization of AI-SaaS platforms, and rental expenses.

*Advertising costs.* Our advertising costs, mainly represent channel fees paid to third-party search engine platforms and social media platforms, expenses for purchasing offline advertising spaces, and payments to KOLs for marketing services, increased from US$10.9 million for the six months ended September 30, 2024 to US$15.3 million for the six months ended September 30, 2025, primarily driven by the growth of our advertisement solution services.

*Staff costs.* Staff costs increased from US$2.1 million for the six months ended September 30, 2024 to US$2.6 million for the six months ended September 30, 2025, primarily driven by an increase in average headcount to support continued business growth and the scaling of operational activities.

*Amortization of AI-SaaS platforms.* Amortization of AI-SaaS platforms was US$0.2 million for the six months ended September 30, 2025, compared to nil in the same period of 2024, reflecting the commencement of amortization of capitalized development costs.

 

*Corporate overhead*. Corporate overhead expenses, mainly consisting of rental expenses, remained stable at US$0.2 million for the six months ended September 30, 2025.

***Gross profit and gross profit margin***

Our gross profits were US$6.6 million and US$4.8 million for the six months ended September 30, 2025 and 2024, respectively, representing gross profit margins of 26.6% and 26.5%, respectively. The stable gross profit margin was supported by cost management during the six months ended September 30, 2025, despite increases in advertising costs, staff costs, and amortization of AI-SaaS platforms resulting from business growth and expansion.

***Operating expenses***

Our operating expenses consist of selling and marketing expenses, general and administrative expenses, and R&D expenses.

***Selling and marketing expenses***

Our selling and marketing expenses increased by 22.6%, from US$1.8 million for the six months ended September 30, 2024 to US$2.2 million for the six months ended September 30, 2025. The increase was primarily attributable to: (i) an increase of US$0.2 million in staff costs for sales personnel due to the expansion of the sales team to support our business growth, and (ii) an increase of US$0.1 million in marketing and advertising expenses, due to efforts to enhance brand awareness and support promotional activities.

***General and administrative expenses***

Our general and administrative expenses increased by 46.5%, from US$1.9 million for the six months ended September 30, 2024 to US$2.8 million for the six months ended September 30, 2025, primarily due to: (i) an increase of US$0.6 million in staff costs for administrative personnel, as a result of headcount expansion to support expanded operations, (ii) an increase of US$0.2 million in consulting and professional service fees, primarily related to services incurred in connection with our proposed IPO, including legal, audit, accounting, and financial advisory services, and (iii) an increase of US$0.1 million in office, utility and other expenses.

***R&D expenses***

Our R&D expenses increased by 45.1%, from US$0.3 million for the six months ended September 30, 2024 to US$0.4 million for the six months ended September 30, 2025, primarily due to higher personnel costs to support ongoing R&D initiatives. Our R&D efforts focused on developing and optimizing our AI-SaaS platforms and improving system functionality, scalability, and integration of AI-driven features. We expect to continue investing in R&D to strengthen our technological capabilities and support the sustainable development of our advertising business.

***Other income***

Our other income remained relatively stable at US$0.3 million for each of the six months ended September 30, 2025 and 2024.

***Income tax expense***

Income tax expense remained relatively stable at US$0.2 million for each of the six months ended September 30, 2025 and 2024.

***Net income***

As a result of the foregoing, we recorded a net income of US$1.4 million and US$0.9 million for the six months ended September 30, 2025 and 2024, respectively.

**<u>Fiscal Year Ended March 31, 2025 Compared to Fiscal Year Ended March 31, 2024</u>**

***Revenues, net***

***Digital marketing services***

Revenues, net generated from different revenue streams consist of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended<br> March 31,** | **For the Fiscal Year Ended<br> March 31,** | **For the Fiscal Year Ended<br> March 31,** | **For the Fiscal Year Ended<br> March 31,** | **Variance** | **Variance** |
|  | **2025** | **2025** | **2024** | **2024** | **Amount** | **Percentage** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** |
| **Revenues, net** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Online and offline advertisement solution services | 38920187 | 100.0 | 34068310 | 99.9 | 4851877 | 14.2 |
| &nbsp;&nbsp;&nbsp;Account top-up services | 17146 | 0.0 | 46966 | 0.1 | (29820) | (63.5) |
| **Total revenues, net** | **38937333** | **100.0** | **34115276** | **100.0** | **4822057** | **14.1** |

---

Our total revenues were US$38.9 million and US$34.1 million for the fiscal years ended March 31, 2025 and 2024, respectively. For online and offline advertisement solution services, we recorded revenues of US$38.9 million for the fiscal year ended March 31, 2025, representing an increase of 14.2% from US$34.1 million for the fiscal year ended March 31, 2024. The increase in revenue was primarily driven by our strengthened collaboration with some major key customers, who, reflecting their confidence in us, placed orders for both online and offline advertising services, with campaigns spanning extended periods. The combination of deepened customer relationships and longer-term engagements was a key factor contributing to the overall growth in advertisement solution services revenue.

Revenues from account top-up services were US$0.02 million and US$0.05 million for the fiscal years ended March 31, 2025 and 2024, respectively, representing an immaterial portion of our total revenues.

In addition, we have continued to expand our footprint in other regions. We provide advertising services in multiple markets across East Asia and Southeast Asia, including Hong Kong, Taiwan, Macau, Japan, South Korea, Singapore, Malaysia, Thailand, Vietnam, Indonesia, and mainland China. Demand for online and offline advertisement solution services in these regions has been steadily increasing, and we ensure timely and effective campaign execution through well-established processes and experienced internal teams. By maintaining long-term relationships with customers in these markets, we deliver high-quality advertising services and strengthen our competitive position regionally. The following table sets forth a breakdown of our revenues by geographic areas, in absolute amounts and as percentages of total revenues, for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended<br> March 31,** | **For the Fiscal Year Ended<br> March 31,** | **For the Fiscal Year Ended<br> March 31,** | **For the Fiscal Year Ended<br> March 31,** | **Variance** | **Variance** |
|  | **2025** | **2025** | **2024** | **2024** | **Amount** | **Percentage** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** |
| **Revenue by geographic areas\*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | 23107407 | 59.3 | 20837464 | 61.0 | 2269943 | 10.9 |
| &nbsp;&nbsp;&nbsp;Taiwan | 12949452 | 33.3 | 10219110 | 30.0 | 2730342 | 26.7 |
| &nbsp;&nbsp;&nbsp;Others | 2880474 | 7.4 | 3058702 | 9.0 | (178228) | (5.8) |
| **Total revenues, net** | **38937333** | **100.0** | **34115276** | **100.0** | **4822057** | **14.1** |

---

\* The originating geographic areas of our revenue are determined based on where the relevant contracts are negotiated.

Revenues generated from Hong Kong increased by 10.9%, from US$20.8 million for the fiscal year ended March 31, 2024 to US$23.1 million for the fiscal year ended March 31, 2025. Revenues generated from Taiwan increased by 26.7%, from US$10.2 million for the fiscal year ended March 31, 2024 to US$12.9 million for the fiscal year ended March 31, 2025. The growth in Hong Kong and Taiwan was primarily driven by new contracts with key customers, who placed orders for multiple advertising formats. Revenues from other regions decreased by 5.8%, from US$3.1 million for the fiscal year ended March 31, 2024 to US$2.9 million for the fiscal year ended March 31, 2025, mainly due to a decline in sales in Singapore, which offset the increase from Malaysia, South Korea, and the newly established operations in Indonesia.

***Cost of revenues***

Costs of revenues consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended<br> March 31,** | **For the Fiscal Year Ended<br> March 31,** | **For the Fiscal Year Ended<br> March 31,** | **For the Fiscal Year Ended<br> March 31,** | **Variance** | **Variance** |
|  | **2025** | **2025** | **2024** | **2024** | **Amount** | **Percentage** |
|  | **US$** | **%\*** | **US$** | **%\*** | **US$** | **%** |
| **Cost of revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising costs | 23741357 | 61 | 19851926 | 58.2 | 3889431 | 19.6 |
| &nbsp;&nbsp;&nbsp;Staff costs | 4652355 | 11.9 | 3860029 | 11.3 | 792326 | 20.5 |
| &nbsp;&nbsp;&nbsp;Corporate overhead | 381718 | 1 | 309346 | 0.9 | 72372 | 23.4 |
| **Total cost of revenues** | **28775430** | **73.9** | **24021301** | **70.4** | **4754129** | **19.8** |

---

\*% means the % of total revenues.

We recorded total cost of revenues of US$28.8 million for the fiscal year ended March 31, 2025, representing an increase of 19.8% from US$24.0 million for the fiscal year ended March 31, 2024. The increase was primarily driven by higher advertising costs, staff costs, and rental expenses.

*Advertising costs.* Our advertising costs, mainly represent channel fees paid to third-party search engine platforms and social media platforms, expenses for purchasing offline advertising spaces, and payments to KOLs for marketing services, increased from US$19.9 million for the fiscal year ended March 31, 2024 to US$23.7 million for the fiscal year ended March 31, 2025, which was in line with the increase in sales from advertisement solution services. The increase in costs for the fiscal year ended March 31, 2025 was also driven by a greater proportion of offline advertising, which typically incurs higher costs compared to online channels.

*Staff costs.* Staff costs increased from US$3.9 million for the fiscal year ended March 31, 2024 to US$4.7 million for the fiscal year ended March 31, 2025, primarily due to an increase in average headcount to support business expansion and higher performance-based commission in line with improved operating results.

*Corporate overhead*. Corporate overhead expenses, mainly consisting of rental expenses, increased from US$0.3 million for the fiscal year ended March 31, 2024 to US$0.4 million for the fiscal year ended March 31, 2025, primarily attributable to newly signed office lease contracts.

***Gross profit and gross profit margin***

Our gross profits were US$10.2 million and US$10.1 million for the fiscal years ended March 31, 2025 and 2024, respectively, representing gross profit margins of 26.1% and 29.6%, respectively. The slight decrease in gross profit margin was primarily due to the higher proportion of offline advertising services in the fiscal year ended March 31, 2025, which increased from US$2.7 million (representing 7.9% of revenue) in the fiscal year ended March 31, 2024 to US$4.4 million (representing 11.4% of revenue) in the fiscal year ended March 31, 2025 and generally involves higher media placement and production costs compared to online campaigns, thereby exerting downward pressure on the Company's overall gross profit margin. Our online advertising costs increased from US$17.2 million (representing 50.3% of revenue) in the fiscal year ended March 31, 2024 to US$19.3 million (representing 49.6% of revenue) in the fiscal year ended March 31, 2025 and were generally in line with revenue growth. The rising proportion of offline advertising services reflects a short-term shift in our service mix. We are actively monitoring and optimizing advertising production and placement costs, and accordingly expect new business initiatives—including SaaS-based solutions—to contribute to improving profitability in the future.

***Operating expenses***

Our operating expenses consist of selling and marketing expenses, general and administrative expenses, research and development ("R&D") expenses.

***Selling and marketing expenses***

Our selling and marketing expenses increased by 24.2%, from US$3.1 million for the fiscal year ended March 31, 2024 to US$3.9 million for the fiscal year ended March 31, 2025. The increase was primarily attributable to: (i) higher staff costs for sales personnel, which increased from US$2.3 million for the fiscal year ended March 31, 2024 to US$2.8 million for the fiscal year ended March 31, 2025, mainly due to the expansion of the sales team to support business growth; and (ii) an increase of approximately US$0.2 million in marketing and advertising expenses incurred for brand-building and corporate advertising activities.

***General and administrative expenses***

Our general and administrative expenses increased by 16.6%, from US$3.3 million for the fiscal year ended March 31, 2024 to US$3.8 million for the fiscal year ended March 31, 2025, primarily due to: (i) an increase in staff costs for administrative personnels from US$2.2 million for the fiscal year ended March 31, 2024 to US$2.5 million for the fiscal year ended March 31, 2025, (ii) an increase in office, utility and other expenses of US$0.1 million, and (iii) an increase in consulting and professional service fees and others of US$0.1 million.

***R&D expenses***

Our R&D expenses amounted to US$0.5 million for both years ended March 31, 2025 and 2024. During the years ended March 31, 2025 and 2024, our R&D efforts focused on developing and optimizing our AI-SaaS platforms and improving system functionality, scalability, and integration of AI-driven features. We expect to continue investing in R&D to strengthen our technological capabilities and support the sustainable development of our advertising business.

***Other income***

Our other income increased from US$0.1 million for the fiscal year ended March 31, 2024 to US$0.8 million for the fiscal year ended March 31, 2025, primarily attributable to more government grants received and recognized during the year in support of our technology development and business expansion initiatives.

***Income tax expense***

Income tax expense amounted to US$0.3 million for both years ended March 31, 2025 and 2024.

***Net income***

As a result of the foregoing, we recorded a net income of US$2.5 million and US$3.1 million for the fiscal years ended March 31, 2025 and 2024, respectively.

***Liquidity and Capital Resources***

Our primary sources of liquidity have been cash flows from our operating activities. As of September 30, 2025, and March 31, 2025, we had cash and cash equivalents of US$3.2 million and US$5.1 million, respectively.

We incurred net income of US$1.4 million and US$0.9 million for the six months ended September 30, 2025 and 2024, respectively, and US$2.5 million and US$3.1 million for the fiscal years ended March 31, 2025 and 2024, respectively. Net cash provided by operating activities amounted to US$0.4 million and US$1.1 million for the six months ended September 30, 2025 and 2024, respectively, and US$2.1 million and US$3.4 million for the fiscal years ended March 31, 2025 and 2024, respectively. Retained earnings were US$10.1 million and US$8.7 million as of September 30, 2025 and March 31, 2025, respectively.

As of March 31, 2025, we had short-term borrowings of US$0.5 million. These loans were borrowed from the Hongkong and Shanghai Banking Corporation Limited for working capital purpose. As of September 30, 2025, all these bank borrowings were fully repaid upon maturity.

Our liquidity is based on our ability to generate cash from operating activities, obtain capital financing from equity interest investors and borrow funds from financial institutions. Our future capital requirements depend on many factors including our growth rate, the continuing market acceptance of our offerings, the timing and extent of spending to support our efforts to develop our platforms, the expansion of sales and marketing activities, and the expansion and penetration of our business into different geographies and markets.

As of September 30, 2025, and March 31, 2025, we had positive working capital of US$4.6 million and US$4.0 million, respectively. We believe that our current cash and our anticipated cash flows from operations will be sufficient to meet our anticipated working capital requirements, capital expenditures and debt repayment obligations for at least the next 12 months following the date our unaudited consolidated financial statements were released.

**Cash Flows**

The following table sets forth a summary of our cash flows for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** | **For the Fiscal Years Ended<br> March 31,** | **For the Fiscal Years Ended<br> March 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **US$** | **US$** | **US$** | **US$** |
| Net cash provided by operating activities | 396708 | 1110464 | 2129025 | 3386525 |
| Net cash used in investing activities | (467017) | (705971) | (1116040) | (753415) |
| Net cash used in financing activities | (2082446) | (1337692) | (1859618) | (68591) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 230739 | 123589 | (98741) | (108052) |
| **Net change in cash, cash equivalents and restricted cash** | **(1922016)** | **(809610)** | **(945374)** | **2456467** |
| Cash, cash equivalents and restricted cash at beginning of the period | 5566038 | 6511412 | 6511412 | 4054945 |
| **Cash, cash equivalents and restricted cash at end of the period** | **3644022** | **5701802** | **5566038** | **6511412** |

---

***Operating activities***

Our net cash provided by operating activities was US$0.4 million for the six months ended September 30, 2025, which was primarily attributable to a net income of US$1.4 million, as adjusted for (1) depreciation and amortization of US$0.7 million; and (2) changes in working capital that negatively affected the cash flow from operating activities, primarily including an increase of US$1.0 million in contract assets and accounts receivable due to increasing sales, a decrease of US$0.3 million in accounts payable due to changes in traffic placement arrangements for a major customer, which led to reduced payables to a single third-party platform, and a decrease of US$0.4 million in operating lease liabilities.

Our net cash provided by operating activities was US$1.1 million for the six months ended September 30, 2024, which was primarily attributable to a net income of US$0.9 million, as adjusted for (1) depreciation and amortization of US$0.5 million, deferred income benefits of US$0.2 million; and (2) changes in working capital that positively affected the cash flow from operating activities, primarily including an increase of US$0.5 million in accounts payable mainly due to increased procurement, and a decrease of US$0.1 million in contract assets and accounts receivable; partially offset by (3) changes in working capital that negatively affected the cash flow from operating activities, primarily including a decrease of US$0.7 million in advance from customers.

Our net cash provided by operating activities was US$2.1 million for the fiscal year ended March 31, 2025, which was primarily attributable to a net income of US$2.5 million, as adjusted for (1) depreciation and amortization of US$0.9 million; and (2) changes in working capital that positively affected the cash flow from operating activities, primarily including an increase of US$0.7 million in accounts payable mainly due to the growth in procurement for the fiscal year ended March 31, 2025, which was in line with the sales increased for the corresponding period; partially offset by (3) changes in working capital that negatively affected the cash flow from operating activities, primarily including an increase of US$0.9 million in accounts receivable due to increasing sales, an increase of US$0.5 million in advance to suppliers due to prepaid advertising expenses, and a decrease of US$0.7 million in operating lease liabilities.

Our net cash provided by operating activities was US$3.4 million for the fiscal year ended March 31, 2024, which was primarily attributable to a net income of US$3.1 million, as adjusted for (1) certain non-cash items, primarily including depreciation and amortization of US$0.8 million; and (2) changes in working capital that positively affected the cash flow from operating activities, primarily including an increase of US$0.6 million in advance from customers; partially offset by (3) changes in working capital that negatively affected the cash flow from operating activities, primarily including an increase of US$0.7 million in contract assets due to increasing sales and a decrease of US$0.7 million in operating lease liabilities.

***Investing activities***

Our net cash used in investing activities for the six months ended September 30, 2025 was US$0.5 million primarily attributable to capitalized internal-use software costs of US$0.3 million and prepayments for internal-use software costs of US$0.1 million.

Our net cash used in investing activities for the six months ended September 30, 2024 was US$0.7 million primarily attributable to capitalized internal-use software costs of US$0.7 million.

Our net cash used in investing activities for the fiscal year ended March 31, 2025 was US$1.1 million primarily attributable to capitalized internal-use software costs of US$1.2 million.

Our net cash used in investing activities for the fiscal year ended March 31, 2024 was US$0.8 million primarily attributable to capitalized internal-use software costs of US$1.2 million, advances to a related party of US$0.4 million and partially offset by repayments from a related party of US$1.0 million.

***Financing activities***

Our net cash used in financing activities for the six months ended September 30, 2025 was US$2.1 million, primarily attributable to distribution of dividends of US$1.2 million, repayments of bank loans of US$0.5 million and payments for offering costs of US$0.4 million.

Our net cash used in financing activities for the six months ended September 30, 2024 was US$1.3 million, primarily attributable to distribution of dividends of US$1.2 million and repayments to related parties of US$0.1 million.

Our net cash used in financing activities for the fiscal year ended March 31, 2025 was US$1.9 million, primarily attributable to distribution of dividends of US$1.5 million and repayments to related parties of US$0.3 million.

Our net cash used in financing activities for the fiscal year ended March 31, 2024 was US$0.07 million, primarily attributable to repayments to related parties of US$0.12 million and partially offset by borrowings from related parties of US$0.05 million.

**Capital expenditures**

We incurred capital expenditures of US$0.5 million and US$0.7 million for the six months ended September 30, 2025 and 2024, respectively, and US$1.3 million and US$1.4 million for the fiscal years ended March 31, 2025 and 2024, respectively, mainly for purchase of property and equipment, and intangible assets. We expect that our capital expenditures will increase in the foreseeable future as we expand our business, and that our level of capital expenditures will be significantly affected by user demand for our products and services. Our future capital requirements may be uncertain and actual capital requirements may be different from those we currently anticipate. To the extent cash flows from our business activities are insufficient to fund future capital requirements, we may need to seek equity or debt financing. We will continue to incur capital expenditures to support the expected growth of our business.

**Contractual Obligations**

The following table sets forth our contractual obligations as of September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Payments due by schedule** | **Payments due by schedule** | **Payments due by schedule** |
|  | **Less than 1 <br>year** | **More than 1 <br>year** | **Total** |
| Operating leases liabilities | $439155 | $1337394 | $1776549 |

---

Operating lease agreements represented non-cancellable operating leases for our use of office in Hong Kong, Taiwan, mainland China, Singapore, Vietnam etc. Other than those shown above, we did not have any other significant capital commitments, purchase commitments, long-term obligations or guarantees as of September 30, 2025.

**Off-Balance Sheet Commitments and Arrangements**

There are no off-balance sheet arrangements as of September 30, 2025 and March 31, 2025.

**Holding Company Structure**

AsiaPac AdTechinno Group Limited is not a Chinese operating company but a Cayman Islands holding company with operations conducted by its subsidiaries. It facilitates group treasury activities and international financial transactions such as fund raising but does not have substantive business operations. Our operations are conducted primarily through the operating subsidiaries in Hong Kong, Taiwan, Macau, Japan, South Korea, Singapore, Malaysia, Thailand, Vietnam, Indonesia and mainland China. As a result, our ability to pay dividends depends upon dividends paid by our subsidiaries. If our subsidiaries or any newly formed subsidiaries incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.

In addition, as determined in accordance with local regulations, our subsidiaries may be restricted from paying us dividends offshore or from transferring a portion of their assets to us, either in the form of dividends, loans or advances, unless certain requirements are met and regulatory approvals are obtained. Even though we currently do not require any such dividends, loans or advances from our entities for working capital and other funding purposes, we may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to our shareholders.

**Critical Accounting Estimates and Policies**

We prepare our consolidated financial statements in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. We continually evaluate these judgments and estimates based on our own experience, knowledge and assessment of current business and other conditions, and our expectations regarding the future based on available information and assumptions that we believe to be reasonable. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting estimates require a higher degree of judgment than others in their application.

Critical accounting policy is both material to the presentation of financial statements and requires management to make difficult, subjective, or complex judgments that could have a material effect on financial condition or results of operations. We consider an accounting estimate critical if: (i) it requires us to make assumptions because the information was not available at the time or it includes matters highly uncertain at the time we were making our estimate and (ii) changes in the estimate could have a material impact on our financial condition or results of operations.

While our use of estimates and significant accounting policies are more fully described in Note 2 – Summary of Significant Accounting Policies to our consolidated financial statements, we believe there were currently no critical accounting policies or estimates that affect the preparation of our consolidated financial statements.

**Quantitative and Qualitative Disclosures about Market Risks**

***Interest rate risk***

We are exposed to interest rate risk on our interest-bearing assets and liabilities. As part of our asset and liability risk management, we review and take appropriate steps to manage our interest rate exposures on our interest-bearing assets and liabilities. We have not been exposed to material risks due to changes in market interest rates, and not used any derivative financial instrument to manage the interest risk exposure during the six months ended September 30, 2025 and 2024, and the fiscal years ended March 31, 2025 and 2024.

***Inflation risk***

Inflationary factors, such as increases in advertising costs, personnel and overhead costs, could impair our operating results. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and operating expenses as a percentage of sales revenues if the revenues do not increase with such increased costs.

***Concentration and credit risk***

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, contract assets and other receivables. The maximum exposure of cash and restricted cash to credit risk is the carrying amount as of the balance sheet dates. As of September 30, 2025 and March 31, 2025, US$1,167,817 and US$2,098,761 were deposited in financial institutions in Hong Kong, respectively, and US$1,450,646 and US$2,636,232 were deposited in financial institutions in Taiwan, respectively. The rest were deposited in financial institutions in other regions such as Singapore, Malaysia, Thailand, etc. To limit the exposure to credit risk relating to deposits, we primarily places cash deposits with large financial institutions in such countries which management believes are of high credit quality and we also continually monitor their creditworthiness. We conduct credit evaluations of customers and generally do not require collateral or other security from our customers. We estimate and record allowances for credit losses primarily based on various factors surrounding the credit risk of customers and general economic conditions.

The following table sets forth a summary of each customer that represents 10% or more of the Group's total revenues:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** |
|  | **2025** | **2024** |
| Percentage of the Group's total revenues |  |  |
| Customer A | 16.8% | \* |

---

The following table sets forth a summary of each customer that represents 10% or more of the Group's total accounts receivable:

---

| | | |
|:---|:---|:---|
|  | **As of<br> September 30,** | **As of<br> March 31,** |
|  | **2025** | **2025** |
| Percentage of the Group's accounts receivable |  |  |
| Customer A | \* | 11.9% |

---

The following table sets forth a summary of each supplier that represents 10% or more of the Group's total purchases:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br> September 30,** | **For the Six Months Ended<br> September 30,** |
|  | **2025** | **2024** |
| Percentage of the Group's total purchases |  |  |
| Supplier A | 25.5% | 32.2% |
| Supplier B | 20.5% | 24.3% |

---

The following table sets forth a summary of each supplier that represents 10% or more of the Group's total accounts payable:

---

| | | |
|:---|:---|:---|
|  | **As of<br> September 30,** | **As of<br> March 31,** |
|  | **2025** | **2025** |
| Percentage of the Group's accounts payable |  |  |
| Supplier A | 38.6% | 42.2% |
| Supplier B | 25.7% | 22.8% |
| Supplier C | \* | 15.5% |

---

\* Less than 10%.

**Foreign currency translation and transaction**

Our subsidiaries incorporated in various jurisdictions generally use their respective local currencies as their functional currencies, including Hong Kong Dollars ("HKD"), Renminbi ("RMB"), New Taiwan Dollars ("TWD"), Singapore Dollars ("SGD"), Malaysian Ringgit ("MYR"), Japanese Yen ("JPY"), Korean Won ("KRW"), Thai Baht ("THB"), Vietnamese Dong ("VND"), Macanese Pataca ("MOP") and Indian Rupees ("INR"). As a result, we are exposed to foreign exchange risk as our results of operations may be affected by fluctuations in the exchange rate among above mentioned currency and USD. If such currency depreciates against the USD, the value of our revenues, earnings, and assets as expressed in our USD financial statements will decline. We have not entered into any hedging transactions in an effort to reduce our exposure to foreign exchange risk. Currently, these risks are not material to our financial condition or results of operations. As we expand internationally, our exposure to foreign currency translation and transaction risks may become more significant.

**Recently Adopted or Issued Accounting Pronouncements**

A list of recently issued accounting pronouncements that are relevant to us is stated in Note 2 to our consolidated financial statements included elsewhere in this prospectus.

**MARKET OPPORTUNITIES**

 

*Certain information, including statistics and estimates, set forth in this section and elsewhere in this prospectus has been derived from an industry report commissioned by us and independently prepared by Frost & Sullivan in connection with this offering. All the information and data presented in this section has been derived from Frost & Sullivan's industry report unless otherwise noted. Frost & Sullivan has advised us that the statistical and graphical information contained herein is drawn from its database and other sources. However, neither we nor any other party involved in this offering has independently verified such information, and neither we nor any other party involved in this offering makes any representation as to the accuracy or completeness of such information. Therefore, investors are cautioned not to place any undue reliance on the information, including statistics and estimates, set forth in this section or similar information included elsewhere in this prospectus.*

**Overview of Digital Marketing Market**

***Definition of Digital Marketing***

 ****

The marketing market refers to the overall ecosystem in which businesses promote, communicate and sell their products or services, encompassing all activities and channels used to reach, influence, and motivate consumer purchasing behavior. Broadly, it can be further divided into two categories: online and offline marketing. Online marketing leverages internet-based platforms, such as social media, e-commerce sites and search engines, to enable data-driven targeting and engagement. Offline marketing, on the other hand, involves reaching consumers in physical environments through marketing displays, live events, and point-of-sale experiences.

Offline marketing refers to marketing activities conducted by businesses in physical settings, through non-internet-based channels, to engage directly or indirectly with target consumers. By delivery format, offline marketing can be categorized into non-digital offline marketing and digital offline marketing. Non-digital offline marketing refers to offline marketing formats that rely on traditional physical media such as print media and posters. These formats are characterized by fixed content, lengthy update cycles and a reliance on manual replacement of display materials. In comparison, digital offline marketing denotes offline marketing formats that employ digital technologies to exhibit content, such as connected TV ("CTV") and TV/broadcast marketing and dynamic displays using LED or LCD screens. In the domain of offline marketing, Out-Of-Home media represents a core type and its digital forms include Digital Out-of-Home ("DOOH") and Programmatic Digital Out-of-Home ("PDOOH").

Digital marketing comprises both online marketing and the subcategory of offline marketing, that is, CTV and TV/broadcast marketing and DOOH marketing.

**Market Size of Digital Marketing Market in APAC and Hong Kong**

 ****

***Market Size of Digital Marketing Market in APAC***

The Asia-Pacific ("APAC") digital marketing market was in an accelerated evolution phase from 2020 to 2024 characterized by integration-driven growth, diversified innovation and high expansion. Online and offline channels are undergoing deep convergence and digital transformation. The market size reached US$347.2 billion in 2024 with a CAGR of 11.4% from 2020 and it is expected to reach US$564.1 billion in 2029 at a CAGR of 10.2% from 2024.

The following diagram sets forth the historical and forecasted market size of digital marketing market from 2020 to 2029.

**Digital Marketing Market Size, APAC**

US$ Billion; 2020-2029

![](formdrs_001.jpg)

 

*Source: Frost & Sullivan*

 ****

***Market Size of Digital Marketing Market in Hong Kong***

Across APAC markets, while online marketing continues to develop robustly, offline marketing channels are concurrently undergoing accelerated digital transformation and programmatic evolution. Specifically, the digital marketing market in Hong Kong increased from approximately USD1.9 billion to approximately US$2.9 billion in 2024 with a CAGR of 10.6% from 2020 and it is expected to reach US$4.3 billion in 2029, growing at a CAGR of 8.4% from 2024.

In Hong Kong, leading TV stations such as TVB and cable networks have introduced Dynamic Ad Insertion technology to enable precise ad targeting across different regions and time slots. This is further complemented by QR-code-enabled interactivity and social media referral, thereby constructing a "view – scan – conversion" marketing loop through TV/broadcast marketing. Despite challenges from shifting younger viewership, traditional connected TV and TV/broadcast marketing continues to maintain core influence in Hong Kong through the integration of interactive technologies and content innovation. Meanwhile, Digital Out-of-Home markets in Hong Kong are continuously enhancing targeting precision and interactivity. In Hong Kong, programmatic buying has been implemented for LED screens in key commercial districts, often paired with mobile marketing tools such as AR interaction and QR-codes.

The following diagram sets forth the historical and forecasted market size of the digital marketing market in Hong Kong from 2020 to 2029.

**Digital Marketing Market Size, Hong Kong**

US$ Billion; 2020-2029

![](formdrs_002.jpg)

*Source: Frost & Sullivan*

**Market Size of Marketing SaaS Market in APAC and Hong Kong**

***Market Size of Marketing SaaS Market in APAC***

The APAC region marketing SaaS market is expanding at a rapid pace. From 2020 to 2024, the marketing SaaS market in APAC soared from approximately US$5.5 billion to approximately US$11.5 billion, with a robust CAGR of around 20.3%. Continued digital transformation initiatives in key sectors, such as finance, retail, and manufacturing, are driving wide adoption of marketing automation platforms, customer data platforms, and content management tools. Consumers in the region are highly active on local social networks and apps such as WeChat, LINE, Douyin, and Shopee, compelling marketing SaaS providers to deliver cross-channel content monitoring and data processing capabilities. Concurrently, artificial intelligence, generative algorithms, and blockchain technologies are being rapidly incorporated into functions such as predictive recommendations, materially enhancing product intelligence and flexibility. The market is characterized by a dual structure of mature economies and emerging markets: the former impose strict compliance and integration requirements, while the latter remain price sensitive with incomplete digital infrastructure. Vendors therefore must adopt modular as well as scenario-driven product strategies, offering high adaptability in local deployment, language support, payment integration, and regulatory modules. Cultural and linguistic diversity further intensifies the need for deep localization, making APAC a region of higher complexity and higher growth potential, in product design, market entry, and operational models, establishing it as an indispensable growth engine for the global marketing SaaS sector. The market size is projected to further increase, reaching approximately US$23.4 billion by 2029.

The following diagram sets forth the historical and forecasted market size of digital marketing market from 2020 to 2029.

**Marketing SaaS Market Size, APAC**

US$ Billion; 2020-2029

![](formdrs_003.jpg)

*Source: Frost & Sullivan*

 ****

***Market Size of Marketing SaaS Market in Hong Kong***

Hong Kong's marketing SaaS market is marked by its international orientation and market diversity, as it attracts a large number of multinational corporations. Local marketing practices are characterized by cross-border engagement, a heterogeneous consumer base, and a highly consolidated retail sector. Enterprises in Hong Kong demonstrate a relatively high level of acceptance toward SaaS solutions, particularly in finance and professional services, which has supported the growth of the marketing SaaS segment. Users generally prefer lightweight, user-friendly, and easily deployable marketing SaaS solutions, with a strong emphasis on peer recommendations and post-sales customer analysis services. The marketing SaaS market in Hong Kong arrived at approximately US$91.0 million in 2024 with a CAGR of 19.1%, and is projected to hit approximately US$171.0 million in 2029 at a CAGR of 13.5%.

**Marketing SaaS Market Size, Hong Kong**

US$ Million; 2020-2029

*Source: Frost & Sullivan*

 

**Competitive Landscape of Digital Marketing Solutions Provider Market in Hong Kong**

Leading digital marketing solutions providers in Hong Kong can be broadly categorized into two types: (i) traditional media companies with digital platforms, which monetize their own online media assets, such as digital newspapers and magazines, by selling marketing placements, and (ii) online marketing service-oriented agencies that offer integrated online marketing services, such as our company. Online marketing service-oriented agencies demonstrate clear advantages. For example, their business model is not constrained by owned media, but rather integrates a rich and diverse set of media channels, including online media such as social media, search engine, influencer/KOL, e-commerce and live-streaming platforms, as well as traditional offline formats like Out-of-Home marketing (OOH). This enables them to reach audiences via broader media touchpoints, increasing contact density and delivering greater flexibility in marketing placement. At the same time, such agencies generally deploy professional teams and marketing SaaS tools to monitor campaign outcomes, optimize channel mix and improve conversion efficiency, thereby delivering performance-oriented marketing. This model not only offers integrated channel management and rapid responsiveness, but also allows precise alignment of media resources with client objectives, resulting in markedly higher marketing ROI and stronger client engagement.

The table below sets forth the top five digital marketing solutions providers in Hong Kong in terms of revenue in 2024.

**Top Five Digital Marketing Solutions Providers in Hong Kong, by Revenue, 2024**

---

| | | |
|:---|:---|:---|
|  | | **Revenue <sup>(1)</sup>** |
| **Ranking** | **Company** | *(USD million)* |
| **1** | **Our Group** | **39.8** |
| 2 | Company A **<sup>(2)</sup>** | 31.4 |
| 3 | Company B **<sup>(3)</sup>** | 30.3 |
| 4 | Company C **<sup>(4)</sup>** | 28.0 |
| 5 | Company D **<sup>(5)</sup>** | 25.6 |
| **Total** |  | **155.1** |

---

*Source: Frost & Sullivan*

*Notes:*

 

(1) The revenue of the company refers to
 the total sales revenues from online marketing in Asia-Pacific (APAC) region.

(2) Company A is a publicly-listed multi-media
 company who is the publisher of a leading financial newspaper in Hong Kong. The company also
 engages in recruitment marketing and lifestyle platform businesses, as well as financial
 news.

(3) Company B is a publicly-listed cross-media
 content and service provider, whose main business include newspapers, magazines, recruitment
 media, book distribution, and maternal and infant platforms.

(4) Company C is a private online marketing
 company, providing online marketing solutions on multi-media platforms for advertisers targeting
 China and global markets.

(5) Company D is publicly-listed online media
 company that primarily provides integrated marketing solutions to advertisers through online
 media platforms. Its media brands cover contents related to fashion and lifestyle, beauty
 and travel, entertainment news, finance and investment.

**Market Drivers of Digital Marketing Market**

 ****

*The Rise of Mobile Internet as a Driver of Integrated Marketing.* The mobile internet has revolutionized marketing, fueling the expansion of digital platforms and blurring online-offline boundaries. By integrating offline consumer data into targeting and analytics, platforms enable omnichannel strategies that enhance efficiency, accuracy, and cross-channel optimization.

*Intensified Market Competition as a Catalyst for Strategic Refinement in Marketing.* The increasingly competitive market environment, driven in part by the proliferation of emerging brands, has compelled advertisers to refine their marketing strategies in response to evolving consumer behavior. In response to consumers' heightened sensitivity to value and quality, advertisers are adopting more strategic approaches, ranging from broad-based campaigns to precision marketing strategies that emphasize niche markets, well-defined consumer segments, and context-specific scenarios.

*Heightened Adoption of Digital, Influencer/KOL and Content-Centric Marketing.* The growing concentration of younger consumers on social media, search engines, and video-streaming platforms has elevated online media to a primary conduit for product discovery and peer-to-peer recommendation. In response, advertisers are reallocating budgets to digital publishers, such as influencers and KOLs, where data-driven targeting offers superior reach and measurability. Parallel to this shift, greater consumer trust in endorsements from influencers and KOLs has amplified the strategic value of influencer/KOL collaborations.

*Big Data and Artificial Intelligence as Enablers of Precision Marketing.* The integration of big data and artificial intelligence (AI) technologies has become a cornerstone in the evolution of modern marketing practices, significantly enhancing the ability of marketing service providers to implement data-driven, precision-based strategies.

**Future Trends of Digital Marketing Market**

 ****

*Advanced Technologies as Catalysts for End-to-End Precision Marketing.* The convergence of big-data analytics and artificial intelligence is poised to transform the entire marketing value chain, enabling hyper-personalized, data-driven strategies. Advances in machine learning and predictive analytics automate decision-making, boost competitiveness, and optimize performance across channels. As artificial intelligence evolves, it becomes essential for real-time, consumer-centric marketing, driving growth in a data-rich landscape.

*Data Privacy Regulations as a Growing Constraint on Online Marketing.* The tightening of global data privacy regulations are reshaping online marketing, restricting third-party data and cookies. Companies must now rely on first-party data, build direct consumer relationships, and ensure compliance. To stay competitive, firms need ethical data practices, proprietary assets, and secure partnerships in this regulated landscape.

*Integrated Marketing on Multiple Publishers as a Mainstream Strategy for Advertisers.* Integrated multi-publisher marketing is increasingly adopted by advertisers to broaden audience reach and enhance marketing effectiveness. By leveraging a mix of mainstream and niche platforms, both online and offline, advertisers can target diverse consumer segments and collect more comprehensive behavioral data.

 

*Growing Emphasis on Customer Lifecycle Management and Retention Strategies.* With rising acquisition costs and fierce competition, marketers are pivoting from short-term gains to long-term customer value. The focus now spans the entire customer journey—from awareness to loyalty—using data-driven tools like Customer Data Platforms, Customer Relationship Management systems, and behavioral analytics to enable personalized engagement and lifecycle optimization.

**Competitive Advantages**

*AI-Powered SaaS Platform Empowering Data-Driven Marketing Innovation*. We are a leading AI-driven omnichannel marketing technology company in Asia-Pacific, and have demonstrated a strong and sustained commitment to advancing AI-powered marketing through the development of its proprietary SaaS platforms. Since initiating our AI-powered marketing SaaS development in 2018, we have continuously invested in cutting-edge technologies and platforms, which are built upon robust proprietary technologies and enhanced big data analytics, enabling high levels of automation, precision and scalability across marketing operations. These AI-powered SaaS platforms empower marketers to orchestrate sophisticated omnichannel and online-to-offline ("O2O") marketing campaigns, and further consolidate digital marketing disciplines, such as DOOH marketing, CTV marketing, search engine marketing ("SEM"), social media marketing, influencer/KOL marketing, streaming platform marketing and programmatic display marketing, into an integrated AI-driven engine that streamlines content generation, media optimization, scheduling and analytics, ensuring coherent and personalized customer reach across platforms. Through the continuous refinement of our data infrastructure, we are able to capture and analyze audience behavior with greater accuracy, allowing for more effective customer segmentation, personalized content delivery and optimized planning. This dynamic data-processing capability ensures that the platform remains adaptive to evolving market demands and industry-specific marketing challenges.

*Comprehensive Omnichannel Marketing Capabilities*. We offer a diverse portfolio of marketing solutions, including DOOH marketing, CTV marketing, SEM, search engine optimization ("SEO"), social media marketing, influencer/KOL marketing, streaming platform marketing and programmatic display marketing and other integrated marketing activities. Our digital marketing solutions span more than 32 global and local advertisement platforms, ensuring broad market coverage and effective audience engagement across multiple consumer touchpoints. By leveraging an omnichannel approach, we are able to deliver cohesive, data-driven campaigns that align with consumer behavior across the entire decision-making process. This integrated strategy not only enhances brand consistency and cross-platform synergy, but also enables agile optimization in response to performance metrics. Our ability to operate seamlessly across both traditional and emerging digital channels positions us to stay ahead of industry trends and deliver measurable and performance-enhancing results for our clients.

*Closed-loop Marketing Ecosystem Enhanced through O2O Integrated Marketing*. We have established a distinctive competitive edge through our core capability in O2O integrated marketing. By combining online personalized recommendations with offline experiential engagement, we significantly enhance customer trust and loyalty, thereby improving campaign efficiency and brand influence. Specifically, we leverage online marketing initiatives to deliver precisely targeted advertisements, effectively reaching targeted audiences and driving online traffic to offline physical stores, thereby increasing experiential conversion rates. Conversely, the interactions and engagements from offline marketing activities further reinforce online user retention and social amplification, creating a closed-loop ecosystem of mutual reinforcement. Furthermore, by consolidating data from both online platforms and offline stores, we achieve cross-channel unified analysis of user behavior and preferences. This enables strategy refinement and supports precise push notifications, while continuously optimizing online user profiles and remarketing strategies through data-driven insights. This seamless integration of online and offline marketing not only maximizes operational efficiency but also strengthens long-term brand equity, positioning us as a leader in data-driven O2O marketing solutions.

*Strategic Fusion of Cross-Border Inbound and Outbound Marketing to Maximize Reach and Efficiency*. We excel at extending our marketing model to cross-border contexts. By conducting in-depth market research and localization, we develop and distribute tailored content that aligns with international customers' needs and interests, and proactively reach out to potential clients in foreign markets with adapted marketing strategies, adapting to diverse cultural as well as economic contexts and ensuring compliance with local regulations. This localized content is further disseminated through appropriate digital platforms to establish brand authority and cultivate loyal customer bases worldwide, leading to international reach expansion and international sales growth. Building on this cross-border marketing foundation, we seamlessly integrate inbound and outbound marketing solutions across all markets. On one hand, inbound marketing leverages value-driven content and precise traffic acquisition, establishing a sustainable mechanism for attracting consumers that significantly enhances brand influence and customer loyalty. On the other hand, outbound marketing relies on a data-driven proactive outreach system, enabling precise targeting of targeted customer segments and achieving efficient conversion. The organic integration of these two strategies not only ensures full-funnel coverage but also, through unified analysis via a centralized data platform, optimizes resource allocation and completes the marketing cycle.

 

*Customer Loyalty Through Data-Driven Innovation and Tailored Solutions*. Our commitment to delivering effective solutions and services, supported by strong R&D capabilities and proprietary technologies, has enabled us to build a diverse and loyal customer base across multiple industries. This long-term customer engagement reflects not only our ability to meet evolving market needs, but also its role as a trusted partner in delivering sustained value. Drawing on insights derived from its extensive customer network, we are able to collect valuable industry data and operational feedback, which directly inform its innovation process. This data-driven approach allows us to continuously refine our offerings, further ensuring them remain high-performing, and aligned with real-world market trends and customer expectations. The resulting cycle, where customer engagement drives product optimization and optimized products reinforce customer satisfaction, creates a self-reinforcing advantage that strengthens our competitive position.

**Business**

**Vision**

We aspire to innovate the digital technology world and bring long-term values to brands and individuals through AI-enabled performance-driven digital marketing solutions.

**Mission**

We are committed to empowering brand owners on their digital journey to achieve ambitious business goals and acquiring, retaining and growing clients via online channels, including search engines, social media, websites, mobile applications, connected TV, digital out-of-home and audio, with advanced digital marketing technology solutions and outstanding services. We endeavor to adopt cross-border digital marketing strategy to build global footprints for companies based in Asia-Pacific and help international companies enter Asia-Pacific markets with our data and audience-driven inbound digital marketing strategy.

**Overview**

Headquartered in Hong Kong, we are an AI-driven omnichannel digital marketing technology company, providing integrated cross-border performance-based digital marketing solutions and services and marketing AI SaaS platforms. Founded in January 1996, we have expanded our global footprints through 14 local offices across 11 Asia-Pacific countries and regions, including Hong Kong, Taiwan, Macau, Mainland China, Japan, South Korea, Singapore, Malaysia, Thailand, Vietnam, and Indonesia. In 2018, we started to develop marketing AI SaaS platforms and leverage these intelligent platforms to provide comprehensive digital marketing solutions for global customers' business growth. According to Frost & Sullivan, we are a leading AI-driven omnichannel digital marketing technology company in Asia-Pacific, and were the largest digital marketing solutions provider in Hong Kong in terms of revenue in 2024.

We primarily generate revenues from rendering AI-driven digital marketing solutions and marketing SaaS platforms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Digital marketing solutions*, which primarily include marketing solutions for our customers' inbound and outbound marketing activities.
Our customers typically include global and local brand owners. For our advertisement solution services, we provide a comprehensive
range of data-driven, tailor-made marketing solutions through the delivery of campaign key performance indicators (e.g., spending, number
of clicks, impressions, true views, etc.) and charge service fees; while for account top-up services, we facilitate customer account
top-ups by charging service fees.

(ii) *SaaS platforms*, which primarily include subscription fees and service charges for using advanced features on our SaaS platforms. Our customers
typically include brand owners, content creators and marketing agents. We have launched (a) OptAdEasy, an AI-powered cross-channel advertising
management platform, (b) KOOLER AI, an AI-driven influencer management platform, and (c) Kolsify, a go-to AI platform for avatar and
content creation, all of which are aimed to enable effective and efficient marketing management for different scenarios.

The success of our solutions and services is evidenced by our strong, diverse and loyal customer base from a broad range of industry verticals, including banking and finance, travel, hospitality and property, fashion and accessories, beauty and skincare, healthcare, retail and food, homeware and household, FMCG, arts and entertainment, education, technology and software, automotive. For the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024, we provided digital marketing solutions to 1,124, 1,170, 1,153 and 993 customers, respectively, with average revenue per advertising customer amounting to US$34,642, US$29,158, US$21,655 and US$18,127, respectively. Among these customers, 37.7%, 35.3%, 23.9% and 20.9% were new customers for the respective period, while 62.3%, 64.7%, 76.1% and 79.1% were renewing customers. As a result, we have achieved steady growth over years of operations. Our revenues amounted to US$38.9 million, US$34.1 million, US$25.0 million and US$18.0 million for the fiscal year ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024, respectively.

**Competitive Strengths**

We believe the following competitive strengths have contributed to our success and differentiate us from others:

***A leading AI-driven omnichannel digital marketing technology company in Asia-Pacific and the largest digital marketing solutions provider in Hong Kong in terms of revenue in 2024***

We were a leading AI-driven omnichannel digital marketing technology company in Asia-Pacific, and were the largest digital marketing solutions provider in Hong Kong in terms of revenue in 2024, according to Frost & Sullivan. Our revenues amounted to US$38.9 million, US$34.1 million, US$25.0 million and US$18.0 million in the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024, respectively.

The online marketing sector in Asia-Pacific region has grown rapidly over the past few years and is now one of the most vibrant markets in the world, with the market size steadily growing from approximately US$172.5 billion in 2020 to approximately US$289.0 billion in 2024, with an impressive CAGR of approximately 13.8% over this period. By 2029, the market is expected to further surge to approximately US$488.0 billion. In addition, the Asia-Pacific region marketing SaaS market is expanding at a rapid pace. From 2020 to 2024, the marketing SaaS market in Asia-Pacific soared from approximately US$5.5 billion to approximately US$11.5 billion, with a robust CAGR of approximately 20.3%. The market size is projected to further increase, reaching approximately US$23.4 billion by 2029.

To deliver highly integrated experience to customers through their marketing activities cycle, we provide customized solutions and services to our customers catering to their specific needs. We have developed and provided marketing solutions including display, SEM, SEO, online video, social media marketing, influencer/KOL marketing, connected TV, digital out-of-home, audio and other marketing activities.

As of September 30, 2025, we had established our global footprint through 14 local offices across 11 Asia-Pacific markets, capable of serving worldwide customers in nine languages. As of September 30, 2025, we had 86 employees in Hong Kong office, 71 employees in Taiwan office and 150 employees in other offices around Asia-Pacific. Our digital performance team and social media team with local market insight and abundant knowledge and experience of programmatic advertising space inventory trading provide solutions and services in more than nine languages caters and maximizes marketing goals of our customers. In addition, our digital marketing solutions cover more than 32 global and local advertisement platforms. We have developed a set of end-to-end procedures to determine the best-suited advertisement platforms for reaching the desired advertisement objectives of our customers.

Leveraging our market-leading position, we are well-positioned to attract and retain customers and gain access to target audience engagement opportunities, creating a virtuous cycle which we expect to continue to fuel our growth. As we attract more marketing spending from our customers, we are able to gain access to extensive data, reinforce our content distribution networks and enhance our access to audience engagement opportunities to reach more audience, which in turn attracts more customers to our solutions and services.

***Superior R&D capabilities embedding proprietary technologies in operations***

We have focused on leveraging cutting-edge and proprietary technologies to propel highly sophisticated and AI SaaS platforms, and we strive to remain sensitive to the evolvement of customers' needs and help them adapt to fast-changing marketing and sales practices. We have been committed to investing in enhancing our R&D capabilities. Our R&D expenses amounted to US$491,319, US$450,530, US$374,458 and US$257,994 for the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, we had an R&D team of 15 experts with an average of five years of experience led by Mr. Chan Chor Wai, our chief technical officer. As of September 30, 2025, we owned one patent and 33 trademarks.

We apply data analytical technologies extensively throughout our solutions and services. Leveraging big data analytics, we are able to track and analyze advertising performance of brand owners, as well as the activities of their competitors, enabling brand owners to optimize bids and refine keyword targeting. We also continually refine our big data analytics to capture the latest behavior of the audience set and the latest advertising performance trends and address the evolving needs of our customers across different industries. For example, in the education industry, with the objective of driving conversions, we analyzed historical search volume data from search engine platforms for the customers' education category and compared these trends with data from social media platforms over previous months. We also utilized our internal tool to analyze such data in depth and generate actionable insights. Leveraging these insights and analysis, we strategically allocated the budget and optimized keyword bidding to achieve better conversion outcomes. Furthermore, during the campaign period, with the help of our internal tool, we continuously monitored performance metrics such as click-through rates and conversion rates. By employing big data analytics, we identified patterns and refined our strategies. As a result, we successfully improved the customers' cost-per-conversion efficiency and maximized the overall effectiveness of the campaign. Our refined big data analytical capability enables us to offer more effective marketing solutions, and increase our operational efficiency and reduce our costs while ensuring the stability of our data and platform as we scale up our operations.

In 2018, we started to develop marketing AI SaaS platforms, and engaged a local research institution in Hong Kong to co-develop AI SaaS platforms. We leverage these intelligent platforms to provide comprehensive marketing solutions. Through several years of development, we have launched three AI-SaaS platforms, including KOOLER AI in May 2025, OptAdEasy in July 2025, Kolsify in September 2025, and plan to launch APHub in 2026. KOOLER AI provides a platform for users to effortlessly identify relevant influencers in their niche areas and track influencer strategies of their competitors, empowering and streamlining their overall influencer marketing efforts by harnessing our AI-powered influencer management and optimization capabilities. OptAdEasy provides tools of analytics and competitor stalk function to better manage and optimize cross-channel advertising and maximize users' ROI. Kolsify helps create an avatar that aligns with the user's persona and aesthetic, which could be incorporated into image or video content. These SaaS platforms are designed to optimize data-driven campaign management for our customers.

***Strong track record of sustainable growth driven by a diverse, loyal customer base***

Our effective and flexible solutions, services and platforms, strong R&D capabilities and leading proprietary technologies have brought us a diverse and loyal customer base. We had collaborated with 1,124, 1,170 and 1,153 customers in various countries and areas in Asia Pacific for the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025, across various sectors including banking and finance, travel, hospitality and property, fashion and accessories, beauty and skincare, healthcare, retail and food, homeware and household, FMCG, arts and entertainment, education, technology and software, automotive. As of September 30, 2025, 62.4% of our customers had collaborated with us for more than one year, 31.7% of our customers had collaborated with us for more than three years, 17.6% of our customers had collaborated with us for more than five years, and 5.5% of our customers had collaborated with us for more than 10 years. This demonstrates the stickiness of our solutions, services and platforms and our capability in addressing customers' needs through tailored solution offerings.

Leveraging our diverse customer base, we have collected industrial information, which in turn help us to better understand the needs of customers and provide better solutions, services and platforms to our customers. We believe that we have gained valuable marketing data and industry know-how over the years, which set us apart from our competitors. We collect data from a variety of sources, including (i) data such as device information and tracked data through the advertisement delivery process, and (ii) data voluntarily provided by the customers such as post-ad interaction events (including registrations and account actions). We cleanse raw data into more valid, meaningful and structured data to train our AI models, which allows us to combine multiple data dimensions and apply various machine learning algorithms. By processing and analyzing such data, we help customers improve decision making, optimize strategies and enhance efficiency.

Given our extensive marketing and sales network, as well as our rising brand awareness, we are in a unique position to explore the great potentials of Asia-Pacific markets. As our customer base grows larger, we believe our successful penetration in one industry or area can be replicated in another.

***Extensive global supplier networks with strong localization capabilities***

As we endeavor to build global footprints for companies based in Asia-Pacific and help international companies enter Asia-Pacific markets, we utilize an operating model that combines strong local service capabilities with expansive footprints in Asia-Pacific. As of September 30, 2025, we had established 14 local offices with solutions, services and platforms coverage in 11 countries and regions, collaborating with over 32 regional and local suppliers across 11 Asia-Pacific markets. We have established an extensive, long-standing supplier network consisting of major search engine platforms, major social media platforms, digital marketing channels, KOLs, publishers, DOOH and etc..

We are committed to satisfying the diverse needs of our customers, across regions and locales, by leveraging the cross-jurisdictional know-how embedded in our operating model to deliver localized solutions and strengthen our local market presence. Our customers face local support challenges, such adapting to different business practices and complying with local regulations and difficulty in selecting reliable partners in each country and region. Our in-depth understanding of how to provide omnichannel digital marketing solutions and services across different regions creates efficiencies across settlement, foreign exchange, regulations and compliance matters, both within individual local markets and collectively across multiple markets and jurisdictions, reduces operating risks of our customers, thus making our operations in Asia-Pacific more agile and smarter and strengthening our value to participants in our ecosystem. Our digital marketing solutions cover more than 32 global and local advertisement platforms to provide direct reach to potential targets for our customers. We also have strategic cooperation relationships with a number of international partners. For example, we are global and regional channel partner of major search engine platforms in eight countries and regions.

***Visionary global management team with extensive industry experience and proven track record of excellence***

Our success is attributable to the extensive industry experience and proven track record of excellence of our senior management team. Our business is led by Chan Chor Koon, our chief executive officer, Chong Siu Nuen, our chief operating officer, and Chan Chor Wai, our chief technical officer, who are co-founders and experts with approximately 20 years of experience in digital marketing industry on average.

Committed to providing premium digital marketing solutions and services, we value the diverse backgrounds and skill sets of our management team. Our management team's long-term and cohesive cooperation has guided us through the development of digital marketing industry in recent years, to ensure our solutions, services and platforms continue to be attractive to customers in the rapidly changing and competitive business environment. For example, we have obtained the International Growth Award (HK & TW Region) in 2022 and Lead Generation Award (HK & TW Region) in 2021 by Google.

We always believe in the power of teamwork and have been actively attracting and retaining young talents, whose diversified backgrounds, energy and ideals fuel our future growth. By offering them a transparent promotion scheme, we encourage young employees to take on more responsibilities. We employ an efficient and scientific management model to assign responsibilities and manage progress among team members to maximize efficiency and delineate clear reporting line and accountability.

**Growth Strategies**

We are focused on the following strategies to achieve our mission and drive our revenue and business growth.

***Continually invest in R&D and further optimize our AI capabilities***

We place high value on technological innovation and intend to continue devoting substantial resources to that end. We plan to continue to invest in our research and development capabilities by retaining and recruiting talented and experienced specialists to expand the research and development team. We plan to further develop our AI and machine learning digital marketing solution by (i) expanding the dimensions and varieties of our data by connecting with more data sources, and (ii) adopting more advanced algorithm-based computation technologies to improve data analysis capability. We will also focus on applying our R&D achievements to enhance the performance of our SaaS platforms, bringing customers a better user experience, and increasing customers' ROI.

We plan to develop new solutions, services and platforms, and also develop new functions on our SaaS platforms to satisfy the evolving needs of the market and our customers and improve our customers' marketing performance. For example, we plan to launch APHub in June 2026, which will operate across multiple advertisement exchanges in multiple markets to enable advanced targeting, and multi-tier data integration. APHub will offer comprehensive functionality for seamless campaign execution, including centralized user management, premium SSP connections, intuitive campaign management, and actionable insights updated hourly. With advanced tools like automated smart bidding and an advanced audience suite, APHub will enable hyper-targeted campaigns and high-performing placements at optimal efficiency. Additionally, it will seamlessly integrate online and offline channels, driving data-driven, personalized campaigns that resonate across all touchpoints.

***Further expand in Asia Pacific markets***

To incessantly meet the unmet and changing marketing needs of our customers and users, we plan to further expand into Asia-Pacific region and establish local offices in countries and regions such as Australia and middle east, to provide our customers and users with new marketing channels and options uncovered from our existing markets. According to Frost & Sullivan, Asia-Pacific region leads the world in terms of internet users in 2024, with the number of internet users and the internet penetration rate reaching approximately 2,808.3 million and 64.6%, respectively. The number of internet users in the Asia-Pacific region is projected to arriving at approximately 3,233.5 million in 2029 with a CAGR of around 2.9% from 2024 to 2029, and the internet penetration rate will reach approximately 72.7% correspondingly. In addition, in 2024, the number of mobile internet users and the mobile internet penetration rate in Asia-Pacific region was approximately 2,729.6 million and 97.2%, respectively. The number of mobile internet users in the Asia-Pacific region is projected to arriving at approximately 3,156.0 million in 2029 with a CAGR of around 2.9% from 2024 to 2029, and the mobile internet penetration rate will reach approximately 97.6% correspondingly. Expanding into more regions in Asia-Pacific and establishing local offices will enable us to better seize opportunities for (i) developing our omnichannel digital marketing solutions and services for our customers with localized support and connections, (ii) expanding our local customer base for our customized solutions and services, and (iii) promoting our SaaS platforms to local customers.

In addition, we plan to recruit excellent and experienced specialists for our local offices so that we could leverage on their local knowledge to provide localized solutions, services and platforms to our customers. We believe we will be able to meet the needs of customers in more regions in Asia-Pacific by replicating our established digital marketing solutions and services model, extending our technological infrastructure and applying our successful experiences with our current customers.

***Retain and expand customer and user base to enable continuous up-selling and cross-selling***

Being customer-oriented, we aim to serve customers and users throughout the marketing cycle by addressing a variety of their needs. We intend to maintain stable and long-term relationships with our customers and users. Through providing quality solutions, services and SaaS platforms, we intend to increase existing customers' and users' expenditure with us, which we believe is cost-effective in promoting revenue growth. We intend to further provide new solutions and services including cross-border e-commerce solutions, and develop new solutions and new functions of SaaS platforms to retain existing customers. In addition, we plan to constantly expand the business scale and scope of our digital marketing solutions and SaaS platforms. We plan to replicate our success in serving customers in certain areas to other markets that we have not entered into.

We value the sustainable growth of our customers and users and endeavor to exploit opportunities from our existing extensive customer and use base by promoting up-selling and cross-selling opportunities. For example, we plan to expand our regional hub customer services and expand our business development and digital performance manager team to further support our AI SaaS platform customers.

In order to attract new customers and users, we plan to conduct various marketing promotion activities and campaigns. We also intend to hold industrial seminars and exhibitions to present our solutions, services and platforms to more potential customers.

***Selectively pursue strategic investments, acquisitions, and partnership opportunities***

We believe that strategic investment, acquisitions and partnership opportunities will be the pillar of our growth strategy in the future. We expect to realize further vertical extension of our value chain, expand our solutions, service and platforms offerings, and enhance our competitiveness through acquisitions, strategic investments or strategic partnerships when appropriate opportunity arises. For example, we may pursue potential acquisitions of digital marketing companies in Japan, South Korea and certain Southeastern Asia countries that have realized profits that are in line with our growth strategy and are complementary to our existing operations. We may also look for companies in e-commerce in Japan, South Korea and certain Southeastern Asia countries to supplement our existing solutions and services to our customers.

**Our Business Model**

We primarily generate revenues from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Digital marketing solutions*, which primarily include marketing solutions for our customers' inbound and outbound marketing activities.
Our customers typically include global and local brand owners. For our advertisement solution services, we provide a comprehensive
range of data-driven, tailor-made marketing solutions through the delivery of campaign key performance indicators (e.g., spending, number
of clicks, impressions, true views, etc.) and charge service fees; while for account top-up services, we facilitate customer account
top-ups by charging service fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *SaaS platforms*, which primarily include subscription fees and service charges for using advanced
 features on our SaaS platforms. Our customers typically include brand owners, content creators
 and marketing agents. We have launched (a) OptAdEasy, an AI-powered cross-channel advertising
 management platform, (b) KOOLER AI, an AI-driven influencer management platform, and (c)
 Kolsify, a go-to AI platform for avatar and content creation, all of which are aimed to enable
 effective and efficient marketing management for different scenarios.

**Our Solutions**

Through our suite of solutions, enabled and supported by our local teams, sophisticated data analytics capabilities and cutting-edge technologies, we deliver highly integrated cross-border digital marketing solutions to our customers which address our customers' needs throughout their marketing cycle and across different online channels to:

● identify their targeted audience;

● engage and activate potential clients;

● monitor and measure the results of online marketing campaigns; and

● create content catering to their potential clients.

***Our Suite of Solutions***

Our integrated marketing solutions typically involve marketing activities that use digital technology for advertisement placement and marketing communications on various digital platforms, identifying, engaging and activating audience through display, SEM, SEO, online video, social media marketing, influencer/KOL marketing, connected TV, digital out-of-home, audio and other marketing activities. Below is a detailed description of the major digital marketing solutions we offer.

*Programmatic Display Advertising*

Leveraging substantial big data and AI algorithms, our SaaS platform, APHub, dynamically optimizes dynamic context, creativity and ad relevance to elevate campaign efficiency. Our machine learning architectures continuously calibrate cross-channel bid strategies and creative variations, serving ads at engagement-critical moments while generating predictive performance intelligence. This end-to-end automation of media buying, from traditional display to PDOOH digital signage and CTV environments, embodies programmatic advertising's core promise to transform ad transactions into precisely targeted, AI-optimized audience conversations at a global scale.

![](formdrs_005.jpg)

![](formdrs_006.jpg)

![](formdrs_007.jpg)

*Search Engine Marketing*

We leverage search engines' dominance as primary information gateways to position clients' advertisements through strategic keyword bidding. In general, when users enter queries, results are ranked by relevance, with paid advertisements (marked as "Sponsored") positioned above organic listings. Our OptAdEasy Optimization model transforms search queries into targeted engagement opportunities, capturing prospects at the critical moment of discovery. The flowchart below illustrates the general workflow for placing advertisements on search engines:

![](formdrs_008.jpg)

Leveraging our proprietary AI tools, we are able to analyze over billions of data points from search engine, tracking brand and competitor advertising performance alongside keywords. By assessing metrics like impressions, clicks, conversions and engagement, combined with competitive bids and cross-device behaviors, we are able to automate keyword optimization, bid adjustments and advertising relevance scoring. As a result, we maximize placement quality and conversion rates while minimize cost per acquisition. The image below captures the difference between paid results, i.e. advertisements on search results pages, and unpaid results, i.e. non-advertising search results which are found to match searched keywords by search engines.

![](formdrs_009.jpg)

 

*Social Media Marketing*

We engineer social media success by combining human expertise with AI. Our local teams craft culturally nuanced strategies. In addition, we leverage our SaaS platforms, KOOLER AI for intelligent influencer sourcing and management, as well as Kolsify to generate unique avatar-driven content. Leveraging on algorithms to analyze audience psychology, our creative and strategy team also develops dynamic visuals, videos, and content.

We maintain partnerships with global social media platforms, obtaining access to partner tools and insights for enhanced targeting and credibility from these platforms. Beyond our digital performance team's expertise in global platforms and strategy optimization, we utilize OptAdEasy for targeted advertising across social media platforms, enabling AI-driven audience segmentation, bidding, automated creative rotation, and competitive benchmarking.

![](formdrs_010.jpg)

*Influencer/KOL Marketing*

![](formdrs_011.jpg)

***Our Solution Delivery Model***

The following diagram illustrates the typical operating procedure of our digital marketing solutions offering:

![](formdrs_012.jpg)

We provide customized marketing solutions for our customers and manage marketing campaigns based on the specified marketing objectives requested by our customers. We transform customers' marketing objectives into measurable results through customized campaign management, combining strategic expertise with AI-driven technology. After entering into a framework agreement with our customers, we will further discuss with our customers to identify their targeted audience, targeted media channels and time and duration of campaign, to decide on cross-channel marketing budget allocation and the timing, frequency, number and format of audience engagement based on their specified marketing objectives and budgets. After launching campaigns on appropriate types of media channels, we continuously monitor and analyze the marketing objective metrics and optimize campaign performance through data analysis.

**Our SaaS Platforms**

We have launched three SaaS platforms, including (a) OptAdEasy, an AI-powered cross-channel advertising management platform, (b) KOOLER AI, an AI-driven influencer management platform, and (c) Kolsify, a go-to AI platform for avatar and content creation, all of which are aimed to enable effective and efficient marketing management for different use cases. Our cloud-based system allows us to deploy new versions and enhancements of our SaaS platforms to all of our customers simultaneously.

***OptAdEasy***

OptAdEasy is an AI-powered, all-in-one advertising management platform that centralises cross-channel campaign optimization for advertisement on search engine platforms and social media platforms to streamline our customers' advertising efforts. Leveraging sophisticated AI technologies, including natural language processing, machine learning and deep learning, OptAdEasy is able to deliver actionable insights and optimize automated solutions. OptAdEasy processes diverse data types, including text, images, historical behavior, and spatial-temporal information, such as location and time data, to provide performance analytics, including CPA, conversions, clicks, and spend data, alongside a performance grader that benchmarks against industry standards (including KPI highlights, diagnostic analysis, and best practice fulfillment). The platform offers optimization tools for budget allocation, bidding strategies, and underperforming keyword management.

Advanced features of OptAdEasy include Competitor Stalk for analyzing rivals' creatives across social and display ads, and AI Banner for ad creative generation. Comprehensive performance reporting also delivers weekly diagnostics with visual metrics and improvement recommendations. Designed for marketers, the platform specializes in data-driven optimizations for streamlined cross-channel advertising efforts.

![](chart_001.jpg)

![](chart_002.jpg)

***KOOLER AI***

Coordinating and optimizing customers' KOL marketing campaign is critical in digital marketing services and solutions. KOOLER AI is an influencer/KOL marketing platform that aggregates and analyzes data from over 200,000 influencers across major social platforms. The platform provides cross-region analytics for 11 markets, including Hong Kong, Taiwan, Mainland China, Macau, Japan, South Korea, Singapore, Malaysia, Thailand, Vietnam, and Indonesia. With KOOLER AI, our customers analyze competitor's KOL marketing strategy, acquire overview and insight data from KOLs across social platforms. KOOLER AI is able to help customers discover and identify their ideal KOL, by taking channel, gender, location, social platforms, language, and industry into consideration.

In addition, KOOLER AI utilizes sophisticated image recognition technology to detect brand elements in KOL content, ensuring collaborations align with customers' strategic objectives and maintain brand consistency. Further, the sentiment analysis function decodes emotional nuances in KOL and follower content, enhancing campaign authenticity and resonance. KOOLER AI's KOL performance prediction feature utilizes big data analytics technology to score KOLs based on historical engagement and growth metrics, benchmarked against regional peers, ensuring customers partner with influencers who deliver measurable results.

We will further improve and enhance the functions of KOOLER AI. Leveraging advanced data pipelines and neural networks to collect data from various social platforms and transform into data usable for analysis, KOOLER AI will track KOLs' campaign performance, extracting dynamic traits like engagement trends to enable predictive campaign optimization, ensuring campaigns remain effective throughout their lifecycle.

![](chart_003.jpg)

***Kolsify***

Kolsify is an AI-powered avatar creation platform that enables customers to generate realistic and cartoon-style digital avatars, perform face swaps in media, and customize creations. Kolsify enables the generation of instant realistic and cartoon avatars for videos and images in campaigns. Everyone can be a content creator and craft images and videos using personalized avatar. Customers may create avatars, swap face, and cartoonize with simple clicks and manage all of the avatar content with sophisticated campaign management dashboard. Kolsify provides unlimited avatar creation capabilities for both personal and commercial use. It enables brands and marketers to optimize their content management strategies through image and video content creation. The platform streamlines content production while enhancing audience engagement through customizable AI-generated assets.

![](chart_004.jpg)

**Our Data and Data Analysis Capabilities and Technologies**

***Our Data Collection***

We collect data from various channels from our marketers, publishers and ad exchanges when managing marketing campaigns, and to a lesser extent, from third-party strategic partners through our data collaboration arrangement with them. We track data with tracking tools and software development kits installed on websites and third-party SaaS platforms. Our data assets primarily include users' intent, users' interest, online transactional, offline purchase behavioral data, social data and demographic data, as well as campaign performance data.

● *Users* ' *intent* – Users' intent, also known as query intent or search intent, is the identification and categorization of what a user online intended or wanted to find.

● *Users' interest* – Interest targeting allows advertisers to reach users based on their past online behaviors, inferred interests, and interactions with various content across ad network and affiliated websites. This method builds on the assumption that past behavior is a predictor of future interest, thus serving ads to users who have shown a propensity toward certain topics, such as fitness, technology, or cooking.

● *Online transactional data* – Online transactional data refers to a user's behavior on online commerce platforms, including the items he or she is browsing or has added to his or her shopping cart. Online transactional data directly identifies the purchasing intent and immediate needs of a specific user. An example of online transactional data would be a particular user browsing for high-end skin care products and adding a specific brand of eye serum into the shopping cart in preparation of a purchase. We obtain online transactional data from branded E-commerce platforms and the re-marketing campaigns for our E-commerce customers.

● *Offline purchase behavioral data* – Offline purchase behavioral data refers to information about how customers interact with a business in a physical, in-store environment during a purchase. This data provides insights into customer preferences, buying frequency and the factors influencing their decisions.

● *Social data* – Social data refers to information collected from users' public activity on social media platforms. This includes user-generated content, metadata, and interactions like posts, comments, likes, shares, and location data. Essentially, it's the data that reflects how people interact and behave within social media environments.

● *Demographic data* – Demographic data refers to statistical information about the characteristics of a population. It includes basic descriptive information about individuals or groups, such as age, gender, income, education level, and location. This data is used to understand the composition and structure of a population and to analyze trends and patterns within it.

We distill structured variables from large volume of unstructured data to construct context-rich user profiles. We "pre-package" our user profiles into audience groups that can be utilized by specific industry verticals for precise targeting. Data involving our user profiles and audience groups are continuously fed into our content distribution opportunity matching process, enabling marketers to make cost-efficient decisions on audience engagement opportunities and continuously optimize these decisions to access and activate their target audience through different channels.

In addition, we take various measures to ensure our data collection comply with privacy and data protection regulations in various jurisdictions. We generally collect publicly available information. When we collect data from websites of large and well-established internet companies, we rely on and comply with their well-established privacy and data protection policies. The data that we collect will be anonymized before we conduct analysis.

***Our Data Analysis Capabilities and Technologies***

We apply data analysis technologies extensively throughout the online marketing cycle to execute cost-efficient decisions on audience engagement. We use tools from open source AI libraries to build models and analysis. Our data analytics capabilities and technologies include:

*Artificial Intelligence and Machine Learning*

We use artificial intelligence and machine learning to leverage big data analytics, tracking and analyzing the performance of brand advertisements, as well as those of competitors and relevant key words, enabling brand owners to optimize their advertising campaigns effectively.

● *Comprehensive data acquisition for timely campaign optimization* – After gathering data from social media platform and advertising channels, we are able to analyze performance metrics including impressions, clicks, conversions and engagement metrics across campaigns, and thus, brand owners can dynamically optimize bids and refine keyword targeting.

● *Automated insights and actional reporting* – Our tools can automatically process complex campaign data and compare against industry benchmark (e.g., CTR, CPA, CPC, etc.), followed by a performance scoring for brand campaigns and visual dashboards plus one-click reports, with auto-generated personalized optimization suggestions. Brand owners can easily compare their performance against industry benchmarks, allowing faster, data-driven decisions in optimization.

 *Matching Technologies*

Our matching technologies signify our data analysis capabilities by being able to ensemble machine learning models for KOL and brand insights through KOL search and brand comparison with over 1000 global and local brands.

● *KOL search* – Our matching technologies ensemble machine learning models for KOL by evaluating KOLs based on historical engagement performance (e.g. likes, shares, comments) and growth metrics (e.g. follower growth rate). Such evaluation indicators ensure accurate and reliable scoring of KOLs, helping brands identify the most effective KOLs for their campaigns.

● *Brand comparison with over 1000 global and local brands* – After evaluating KOL's content, our matching technologies summarize data of different brands and competitors to provide insights on estimated campaign value, number of KOLs and posts, KOL tier distribution, hashtags, top post analysis, and hot KOL comparison. These empower our customers to conduct detailed brand and competitor analysis to make informed decisions on optimizing KOL strategies.

**Research and Development**

We have been committed to research and development and expect to invest significantly in continued research and development efforts to expand the capabilities of our technology and enhance the quality of our services and solutions.

Our IT infrastructure blends on-premise and cloud hosting. We utilize both on-premise and cloud environments for our internal systems and official web servers. Our SaaS platforms, including KOOLER AI, Kolsify, OptAdEasy and the upcoming APHub, are hosted on Google Cloud and Microsoft Azure, with Kolsify's AI avatar creator servers on-premise.

Our senior management team heads our R&D efforts and sets out strategic directions for the advancement of our offerings. Mr. Chan Chor Wai, our chief technology officer, has approximately 30 years of experience in the internet technology industry, of which 20 years of experience is in the online advertising industry. As of September 30, 2025, we have an R&D team composed of 15 members who work with our professional digital performance experts across countries in the Asia Pacific region on research and development activities. Our R&D expenses amounted to US$491,319, US$450,530, US$374,458 and US$257,994 for the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024, respectively.

We cooperate with a local research institution in Hong Kong ("HK Research Institution"), which is an independent third-party, to co-develop our SaaS platforms including the design, development and delivery of SaaS platforms, under a series of agreements covering multiple projects. Although these collaboration agreements are entered into between us and the HK Research Institution, the fees are paid by us and the Innovation and Technology Commission of the government of Hong Kong ("ITC"). The ITC is not a party to the agreements but provides funding to encourage innovation.

Typically, following the execution of the collaboration agreements, we discuss and explain the project specifications and acceptance criteria which are specified in the collaboration agreements, with the HK Research Institution. Depending on specific requirements, the HK Research Institution prepares and submits the relevant documentation regarding such specifications to the ITC for review. After obtaining the ITC's final approval, the HK Research Institution proceeds with research and development of the specified modules and functions based on the agreed specifications. We work with the HK Research Institution for continuous improvement and testing of the deliverables. The key terms of collaboration agreements with the HK Research Institution generally include:

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| | |
|:---|:---|
| **Key Terms** | **Description** |
| *Term* | The collaboration agreements typically have a term commencing on the effective date and continue in full force and effect until five years from the project completion.<br>|
| *Contribution and Payment* | The funds for use in the project are generally (i) from us and the Innovation and Technology Fund of the government of Hong Kong, or (ii) borne by us.<br>|
| *Intellectual Property* | As for licensed technology owned by the HK Research Institution, the HK Research Institution grants to us a non-exclusive, non-transferable and non-sublicensable license during agreed period. The cooperation foreground intellectual property generated from the project will be assigned to us by the HK Research Institution under certain conditions, and the HK Research Institution will be granted a royalty-free, fully-paid-up, perpetual, irrevocable, non-exclusive, worldwide, non-transferable and non-sublicensable license to use such intellectual property only for internal research and development purpose and also is entitled to the right of first refusal.<br>|
| *Collaboration Revenue Share* | Following the completion of the projects, we shall make annual payments to the HK Research Institution over an agreed period of three to five years. Each year, the payment will be the greater of (i) a fixed amount payment, ranging from HKD50,000 (approximately US$6,400) to HKD378,000 (approximately US$48,000) or (ii) an agreed percentage of revenue generated from our SaaS platforms, ranging from 3.0% to 6.5%. |

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We co-developed three SaaS platforms with the HK Research Institution for our business, including KOOLER AI, OptAdEasy and Kolsify. In addition, we plan to launch APHub, a one-stop programmatic advertising platform which is also co-developed with the HK Research Institution, in 2026. APHub will operate across multiple advertisement exchanges in over 50 markets in Asia-Pacific regions and offer advanced technology to enable super-targeting, real-time personalized bidding, omnichannel marketing campaigns and bilingual AI banner content. It will boast high-quality global advertisement placements, third-party audience data, wide array of creative formats and post-campaign reports. With advanced tools like automated smart bidding and an advanced audience suite, APHub will enable hyper-targeted campaigns and high-performing placements at optimal efficiency. Additionally, it will seamlessly integrate online and offline channels, driving data-driven and personalized campaigns that resonate across all touchpoints.

**Our Suppliers**

Our major suppliers include search engines and social media platforms. We primarily establish partnerships with powerful online advertising platforms including search engine platforms and social media platforms, to facilitate our digital marketing solutions and SaaS platforms and keep us ahead of the global competition on both inbound and outbound digital marketing. In addition, we purchased offline advertising spaces from other channel suppliers, and services from KOLs.

The two largest suppliers accounted for 54.4% and 58.1% of our total purchases for the fiscal year ended March 31, 2025 and 2024, respectively. For the six months ended September 30, 2025 and 2024, the two largest supplier accounted for 46.0% and 56.5% of our total purchases, respectively. These two largest suppliers, both headquartered in the United States, have subsidiaries and offices all over the world, and we generally conduct transactions with their subsidiaries in Singapore, Taiwan, mainland China, Indonesia and Ireland. No other suppliers accounted for more than 10% of our total purchases for the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025 and 2024. The three largest suppliers accounted for 80.5% and 62.0% of our accounts payable as of March 31, 2025 and 2024, respectively. As of September 30, 2025, the two largest suppliers accounted for 64.3% of our accounts payable. No other suppliers accounted for more than 10% of our accounts payable as of March 31, 2025 and 2024 and as of September 30, 2025.

**Our Customers**

Our customers include individual and brand owners. Since our inception to September 30, 2025, we served over 5,000 customers across Asia-Pacific region. Our services and solutions cover almost every industry including banking and finance, travel, hospitality and property, fashion and accessories, beauty and skincare, healthcare, retail and food, homeware and household, FMCG, arts and entertainment, education, technology and software, automotive.

We typically enter into digital marketing agreement with each of our customers. The key terms of such agreements generally include: (i) the customers set KPI such as spending, number of clicks, impressions, true views or other relevant metrics for each type of digital marketing service; (ii) we generally provide digital marketing solution package for a period of one month to twelve months, depending on the achievement of customers' KPI. Our services and solutions will cease once the KPI is reached. However, if the KPI is not reached within the initial term, the agreements will be extended until the KPI is met; (iii) the total performance based digital marketing solution package payable is calculated by aggregating the costs of each digital marketing solution. The cost of each digital marketing solution is subject to several factors, including the selected digital marketing platforms, advertising or service type (such as display, search engine marketing, search engine optimization, online video, social media marketing, and influencer/KOL marketing), and pricing model (such KPIs including but not limited to spending, number of clicks, impressions, and true views); (iv) the customers shall settle the total amount payable no later than 45 days from the invoice date. Late payment may result in service suspension. Depending Total fees under a digital marketing agreement typically vary depending on the scope, historically ranging from approximately US$6 to US$2,601,955, with an average of approximately US$17,316.

For the fiscal years ended March 31, 2025 and 2024, and the six months ended September 30, 2025 and 2024, we engaged with 1,124, 1,170, 1,153 and 993 customers, respectively. No customers accounted for more than 10% of our total revenues for the fiscal years ended March 31, 2025 and 2024, and the six months ended September 30, 2024, while one customer accounted for approximately 16.8% of total revenues for the six months ended September 30, 2025. During the same periods, 1.8%, 1.7%, 1.8% and 3.2% of our revenues were derived from mainland China, respectively, and 2.7%, 2.9%, 3.6% and 3.0% of our customers were located in mainland China, respectively.

**Intellectual Property**

We regard our trademarks, copyrights, patents, domain names, know-how, proprietary technologies, and similar intellectual property as critical to our success. We rely on a combination of trademark and trade secret laws, and contractual restrictions, including through non-compete agreements with our key employees, confidentiality procedures and contractual provisions with our employees, customers and others to protect our proprietary rights.

We have established and implemented internal policies and protocols in relation to the creation, management, implementation and protection of their intellectual property and trade secrets. As of September 30, 2025, we had one registered patent on user recommendation methods and related equipment in live streaming platforms, 33 registered trademarks, 20 registered software copyrights and 83 domain names globally. Below is a list of our patents and key registered software copyrights as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **No.** | **Patents** | **Type** | **Patentee/Owner** | **Expiration Date** | **Registered Area** |
| 1 | User recommendation methods and related devices in live streaming platforms | Invention patent | AsiaPac Net Technology (Shenzhen) Limited (PRC) | September 29, 2038 | PRC |

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| | | | | |
|:---|:---|:---|:---|:---|
| **No.** | **Key Software Copyrights** | **Type** | **Owner** | **Registered Area** |
| 1 | OptAdEasy Search Advertising Intelligent Optimization System | Registered software copyright | AsiaPac Net Technology (Shenzhen) Limited | PRC |
| 2 | AP Big Data Advertising Audience Targeting and Strategy System | Registered software copyright | AsiaPac Net Technology (Shenzhen) Limited | PRC |

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Our continued success depends upon our ability to protect our core technology and intellectual property. We rely on a combination of confidentiality clauses, contractual commitments, trade secret protections, copyrights, trademarks, patents, and other legal rights to protect our intellectual property and know-how. We enter into confidentiality and proprietary rights agreements with our employees, and we control access to and distribution of our proprietary information.

**Competition**

The industry of digital marketing solutions in Asia-Pacific is highly competitive, fragmented and rapidly changing. According to Frost & Sullivan, we are a leading AI-driven omnichannel digital marketing technology company in Asia-Pacific and were the largest digital marketing solutions provider in Hong Kong in terms of revenue in 2024. We face competition principally from other omnichannel digital marketing technology companies.

We compete for digital marketing revenue based on many factors, including geographic reach, customer trust, breadth and depth of relationships with search engines and social media platforms, advertisement exchanges, cross-channel capabilities, accessibility and user-friendliness of services and solutions. We compete for campaign distribution opportunities based on our ability to form long-standing partnerships with various superior search engines and social media platforms. While our industry is evolving rapidly and is becoming increasingly competitive, we believe that our large Asia-Pacific consumer data set, AI-driven omnichannel digital marketing technologies, competitor monitoring, targeted audience reach, cutting-edge technologies, strong and diverse customer base, deep knowledge and familiarity with Asia-Pacific digital marketing solutions industry, and visionary leadership enable us to remain competitive.

For a discussion of risks relating to competition, see "Risk Factors – Risk Relating to Our Business and Industry — The digital marketing industry in Asia-Pacific is highly fragmented and intensely competitive. In addition, independent digital marketing technology companies face competitive pressure from well-established internet companies, marketing agencies and traditional media" and "Risk Factors – Risk Relating to Our Business and Industry – If digital marketing solutions do not achieve widespread market acceptance, our business, growth prospects and results of operations would be materially and adversely affected."

**Employees**

As of September 30, 2025, we had 307 full-time employees. The following table sets forth the numbers of our full-time employees categorized by function as of September 30, 2025.

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| | | |
|:---|:---|:---|
| **Function** | **Number of Employees** | **Percentage** |
| Research and Development | 15 | 4.9% |
| Business Development | 66 | 21.5% |
| Digital Performance | 82 | 26.7% |
| Social Media | 71 | 23.1% |
| Creative and Strategy | 28 | 9.1% |
| General Administration | 45 | 14.7% |
| **Total** | **307** | **100.0%** |

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Our success depends on our ability to attract, retain, and motivate qualified employees. As part of our human resources strategy, we provide our employees with competitive salaries and performance-based cash bonuses. In addition, we provide regular training and development programs on topics critical to our business operations. We have generally been able to attract and retain qualified personnel and maintain a stable core management team.

We consider our insurance coverage to be customary for businesses of our size and type and in line with the standard commercial practice in the jurisdiction(s) where we operate. We believe that our current insurance policies provide sufficient coverage of the risks to which we may be exposed to and are in line with the industry norm.

We enter into standard employment contracts and confidentiality agreements with our full-time employees. We believe that we maintain a good working relationship with our employees. To date, we have not experienced any material labor disputes. None of our employees are represented by labor unions.

**Facilities**

We are headquartered in Hong Kong, in an approximately 873 square-meter facility, under certain lease agreements expiring on May 31, 2028. We currently lease approximately 2,468 square-meter office space outside of Hong Kong, including offices located in Taiwan, Indonesia, South Korea, Thailand, Japan, Singapore, Malaysia, etc., under certain lease agreements expiring from March 2026 to February 2031.

We believe that our current facilities are suitable and adequate to meet our current needs. If we require additional space, we expect to be able to obtain additional facilities on commercially reasonable terms.

**Insurance**

We consider our insurance coverage to be customary for businesses of our size and type and in line with the standard commercial practice in the jurisdiction(s) where we operate. We participate in various insurance policies to cover our risks in respect of our business operations and our employees. We do not currently maintain business liability insurance, business interruption insurance or key employee insurance. We believe that our current insurance policies provide sufficient coverage of the risks to which we may be exposed to and are in line with the industry norm. See "Risks Factors — Risks Relating to Our Business and Industry — We may not maintain adequate or sufficient insurance, which could expose us to significant costs and business disruption."

**Legal Proceedings**

We are currently not a party to any material legal or administrative proceedings. We may from time to time become a party to various legal, arbitral or administrative proceedings or claims arising in the ordinary course of our business. See "Risk Factors — Risks Relating to Our Business and Industry — We may be involved in legal and other disputes and claims arising out of our operations."

**Seasonality**

For cross-border digital marketing industry, the fourth quarter of the year is typically a peak season for marketers from the e-commerce industry which customarily allocate a significant portion of their marketing budgets around the holiday seasons (such as Christmas and New Year) and on special promotional occasions (such as Black Fridays) when increased consumer spending is expected. As we have established a marketer base which comprises marketers from different industries and as we actively approach our marketers with marketing proposals throughout the year, our historical revenue growth had generally masked the impact of seasonality with respect to marketers from different industries and we believe that we did not experience material fluctuations in our operations due to seasonality for the fiscal years ended March 31, 2025 and 2024 and the six months ended September 30, 2025. See "Risk Factors – Risks Relating to Our Business and Industry – Seasonal fluctuations in our industry could have impact on our revenue, cash flow and operating results."

**REGULATIONS**

**Hong Kong**

***Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong)***

The Business Registration Ordinance requires every person (an individual or a company) carrying on any business in Hong Kong to make an application to the Commissioner of Inland Revenue for the registration of that business within one month of the commencement of that business. The Commissioner of Inland Revenue must register the business for which the business registration application is made and issue a business registration certificate as soon as practicable after the prescribed business registration fee and levy are paid.

***Sale of Goods Ordinance (Chapter 26 of the Laws of Hong Kong)***

The Sale of Goods Ordinance governs contracts for the sale of goods in Hong Kong. The Sale of Goods Ordinance codifies certain implied terms or conditions and warranties generally relating to the goods supplied under a contract. Warranties relating to the goods supplied include that the goods:

&nbsp;&nbsp;&nbsp;&nbsp;(a) can
 be enjoyed by the buyer in quiet possession;

(b) where
 sold by description, shall correspond with the description;

(c) are
 of merchantable quality and fit for the buyer's purpose for acquiring the goods, as made known to the seller; and

(d) where
 sold by sample, shall correspond with the sample in quality.

The Sale of Goods Ordinance applies only to sellers of goods in Hong Kong. A breach of warranty by the seller under the Sale of Goods Ordinance may entitle the buyer to reject the goods, set up against the seller a diminution or extinction of the price or maintain an action against the seller for damages.

***Supply of Services (Implied Terms) Ordinance (Chapter 457 of the Laws of Hong Kong)***

The Supply of Services (Implied Terms) Ordinance aims to consolidate and amend the law with respect to the terms to be implied in contracts for the supply of services (including a contract for the supply of a service whether or not goods are also transferred or to be transferred, or bailed or to be bailed by way of hire under the contract) and provides that:

(a) where the supplier is acting in the course of a business, there is an implied term that the supplier will carry out the service with reasonable care and skill; and

(b) where the supplier is acting in the course of a business, the time for service to be carried out is not fixed by the contract, is not left to be fixed in a manner agreed by the contract or is not determined by the course of dealing between the parties, there is an implied term that the supplier will carry out the service within a reasonable time.

Where a supplier is dealing with a party to a contract for supply of service who deals as a consumer, the supplier cannot, by reference to any contract term, exclude or restrict any liability of his arising under the contract by virtue of the Supply of Services (Implied Terms) Ordinance. Otherwise, where any right, duty or liability would arise under a contract for the supply of a service by virtue of the Supply of Services (Implied Terms) Ordinance, it may (subject to the Control of Exemption Clauses Ordinance) be negatived or varied by express agreement, or by the course of dealing between the parties, or by such usage as binds both parties to the contract.

***Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong)***

The collection and processing of personal data in Hong Kong are governed by the PDPO.

The PDPO provides the principles that a data user must follow in any acts concerning personal data (the "Data Protection Principles"). Personal data refers to any data (a) relating directly or indirectly to a living individual; (b) from which it is possible and practical for the identity of the individual to be directly or indirectly ascertained; and (c) in a form in which access to or processing of the data is practicable.

The Data Protection Principles are summarized as follows:

(a) Principle 1 — Purpose and manner of collection of personal data. This provides for the lawful and fair collection of personal data and sets out the information a data user must give to a data subject when collecting personal data from that subject.

(b) Principle 2 — Accuracy and duration of retention of personal data. This provides that personal data should be accurate, up-to-date and kept no longer than necessary.

(c) Principle 3 — Use of personal data. This provides that unless the data subject gives consent otherwise, personal data should be used for the purposes for which they were collected or a directly related purpose.

(e) Principle 4 — Security of personal data. This requires appropriate security measures to be applied to personal data.

(e) Principle 5 — Information to be generally available. This provides for openness by data users about their personal data policies and practices, the kinds of personal data they hold and the main purposes for which personal data are used.

(f) Principle 6 — Access to and correction of personal data. This provides for data subjects to have rights of access to and correction of their personal data.

Contravention with the Data Protection Principles may entitle the Privacy Commissioner for Personal Data to issue an enforcement notice directing the data user to remedy and/or prevent recurrence of contravention. Contravention with the above notice is an offence and the offender is liable on (i) first conviction to a maximum fine of HK$50,000 and to imprisonment for two years, and if the offence continues after the conviction, to a daily penalty of HK$1,000; and (ii) subsequent conviction to a maximum fine of HK$100,000 and to imprisonment for two years, and if the offence continues after the conviction, to a daily penalty of HK$2,000. It is a defense to the above offence if the data user shows that he exercised all due diligence to comply with the enforcement notice.

***Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong)***

Pursuant to the Inland Revenue Ordinance ("IRO"), profits tax shall be charged for each year of assessment at the standard rate on every person carrying on a trade, profession or business in Hong Kong in respect of his assessable profits arising in or derived from Hong Kong for that year from such trade, profession or business.

The IRO Amendment Bill was signed into law on 28 March 2018. Under the two-tiered profits tax rates regime set out in Schedule 8B to the IRO, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entity not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%. Accordingly, starting from the year of assessment 2018/19, the Hong Kong profits tax is calculated at 8.25% on the first HK$2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million for the qualifying group entity.

***Employment Ordinance (Chapter 57 of the Laws of Hong Kong)***

The Employment Ordinance (the "EO") provides for the protection of the wages of employees and regulates the general conditions of employment and employment agencies. Under the EO, an employee is generally entitled to, amongst other things, notice of termination of his or her employment contract; payment in lieu of notice; maternity protection in the case of a pregnant employee; not less than one rest day in every period of seven days; severance payments or long service payments; sickness allowance; statutory holidays or alternative holidays; and paid annual leave of up to 14 days depending on the period of employment.

***Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong)***

The Employees' Compensation Ordinance (the "ECO") provides for the payment of compensation to employees injured in the course of employment. As stipulated by the ECO, an employer is required to take out an insurance policy to insure against the injury risk of his or her employees. Any employer who contravenes this requirement commits a criminal offence and is liable on conviction to a fine and imprisonment. An employer who has taken out an insurance policy under the ECO is required to display a prescribed notice of insurance in a conspicuous place on each of its premises where any employee is employed.

***Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong)***

The Minimum Wage Ordinance provides for a prescribed minimum hourly wage rate (set at HK$42.1 per hour with effect from May 1, 2025) during the wage period for every employee engaged under a contract of employment under the Employment Ordinance. Any provision of the employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employee by the Minimum Wage Ordinance is void.

***Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong)***

Employers are required to enroll their regular employees (except for certain exempt persons) aged between at least 18 but under 65 years of age and employed for 60 days or more in a Mandatory Provident Fund ("MPF") scheme within the first 60 days of employment.

For both employees and employers, it is mandatory to make regular contributions into a MPF scheme. For an employee, subject to the maximum and minimum levels of income (set at HK$30,000 and HK$7,100 per month, respectively, as of the date of this prospectus), an employer will deduct 5% of the relevant income on behalf of an employee as mandatory contributions to a registered MPF scheme with a ceiling (set at HK$1,500 as of the date of this prospectus). Employer will also be required to contribute an amount equivalent to 5% of an employee's relevant income to the MPF scheme, subject only to the maximum level of income (set at HK$30,000 as of the date of this prospectus).

***Trade Descriptions Ordinance (Chapter 362 of the Laws of Hong Kong)***

The Trade Descriptions Ordinance aims to protect customers against unfair trade practices by regulating businesses to sell products and services in a truthful manner. It prohibits false trade descriptions in respect of services supplied in the course of trade.

"Trade description", as defined under the Trade Descriptions Ordinance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to services means an indication, direct or indirect, and by whatever means given, with respect to the service or any part of the service including an indication of any of the matters – nature, scope, quantity (including the number of occasions on which, and the length of time for which, the service is supplied or to be supplied), standard, quality, value or grade; fitness for purpose, strength, performance, effectiveness, benefits or risks; method and procedure by which, manner in which, and location at which, the service is supplied or to be supplied; availability; testing by any person and the results of the testing; approval by any person or conformity with a type approved by any person; a person by whom it has been acquired; or who has agreed to acquire it; the person by whom the service is supplied or to be supplied; after-sale service assistance concerning the service; price, how price is calculated or the existence of any price advantage or discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to goods, means an indication, direct or indirect, and by whatever means given, with respect to the goods or any part of the goods including an indication of any of the matters – quantity (which includes length, width, height, area, volume, capacity, weight and number), size or gauge; method of manufacture, production, processing or reconditioning; composition; fitness for purpose, strength, performance, behaviour or accuracy; availability; compliance with a standard specified or recognized by any person; price, how price is calculated or the existence of any price advantage or discount; liability to pay duty on them under the laws of Hong Kong, generally or in specified circumstances; testing by any person and results thereof; approval by any person or conformity with a type approved by any person; a person by whom they have been acquired, or who has agreed to acquire them; their being of the same kind as goods supplied to a person; place or date of manufacture, production, processing or reconditioning; person by whom manufactured, produced, processed or reconditioned; other history, including previous ownership or use; availability in a particular place of (i) a service for the inspection, repair or maintenance of the goods; or (ii) spare parts for the goods; warranty given in respect of the service or spare parts; the person by whom the service or spare parts are provided; the scope of service; the period for which the service or spare parts are available; and the charge or cost at which the service or spare parts are available.

The Trade Descriptions Ordinance provides that, among other requirements, no person shall in the course of trade or business apply a false trade description to any goods or services or supply or offer for supply any goods or services with false trade descriptions applied thereto. A trader who applies a false trade description to a good or service supplied or offered to be supplied to a consumer, or supplies or offers to supply to a consumer a good or service to which a false trade description is applied, commits an offence. Any person also must not import or export any goods to which a false trade description or forged trade mark is applied.

It is also an offence for any trader to engage in relation to a consumer in a commercial practice that (a) is a misleading omission; (b) is aggressive; (c) constitutes bait advertising; (d) constitutes a bait and switch; or (e) constitutes wrongly accepting payment for a product. A person who commits the offences outlined above shall be subject, on conviction on indictment, to a fine of HK$500,000 and to imprisonment for five years, and on summary conviction, to a fine at HK$100,000 and to imprisonment for two years.

**MANAGEMENT**

**Directors and Executive Officers**

The following table sets forth information regarding our executive officers and directors as of the date of this prospectus. Unless otherwise stated, the business address for our directors and executive officers is that of our principal executive offices at Unit A2-A6, 9/F, NCB Innovation Centre, 888 Lai Chi Kok Road, Lai Chi Kok, Kowloon, Hong Kong.

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| | | |
|:---|:---|:---|
| **Directors and Executive Officers** | **Age** | **Position** |
| Chan Chor Koon | 53 | Chairman of the Board of Directors and Chief Executive Officer |
| Chong Siu Nuen | 53 | Director and Chief Operating Officer |
| Chan Chor Wai | 58 | Director and Chief Technical Officer |
| Cheung Ka Yue | 53 | Chief Financial Officer Nominee\* |
| Chow Shiu Wing Joseph | 54 | Independent Director Nominee\* |
| Kam Chi Sing | 55 | Independent Director Nominee\* |
| Lee Shu Yan | 54 | Independent Director Nominee\* |

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\* Has accepted appointment effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus forms a part.

***Mr. Chan Chor Koon*** has served as our chief executive officer since our inception in January 1996, and our director and chairman of the board of directors since June 2025. Mr. Chan Chor Koon is the spouse of Ms. Chong Siu Nuen and brother of Mr. Chan Chor Wai. As one of our founders, Mr. Chan is primarily responsible for the overall management, strategic planning and development of the Group Mr. Chan Chor Koon has approximately 30 years of experience in the internet technology industry, of which 20 years of experience is in the digital marketing industry and has deep understanding of and passion for the digital marketing industry. In addition, Mr. Chan serves as the founding chairman of Hong Kong General Chamber of Cross-border E-commerce, a committee member of The Chinese General Chamber of Commerce, a managing director of Hong Kong Chiu Chow Chamber of Commerce and a managing director of Council for the Promotion of Guangdong-Hong Kong-Macao Cooperation. Mr. Chan received an executive master's degree in Advanced Management from the HEC Liege School of Management at the University of Liege, Belgium in August 2019.

 ****

***Ms. Chong Siu Nuen*** has served as our chief operating officer since our inception in January 1996, and our director since June 2025. Ms. Chong Siu Nuen is the spouse of Mr. Chan Chor Koon. As one of our founders, Ms. Chong is primarily responsible for the operational management and the strategic planning and development of our Group. Ms. Chong has approximately 30 years of experience in the internet technology industry, of which 20 years of experience is in the digital marketing industry and has deep understanding of and passion for the digital marketing industry. In addition, Ms. Chong serves as the vice chairwoman and secretary of the Hong Kong General Chamber of Cross-border E-commerce. Ms. Chong received an executive master's degree in Advanced Management from the HEC Liege School of Management at the University of Liege, Belgium in August 2019.

***Mr. Chan Chor Wai*** has served as our chief technical officer since our inception in January 1996, and our director since June 2025. Mr. Chan Chor Wai is the brother of Mr. Chan Chor Koon. As one of our founders, Mr. Chan is primarily responsible for the research management and development and the day-to-day information technology operations of our Group. Mr. Chan has approximately 30 years of experience in the internet technology industry, of which 20 years of experience is in the digital marketing industry and has deep understanding of and passion for the digital marketing industry. Mr. Chan received a bachelor of science degree in biochemistry from the University of Hong Kong in December 1990 and a master's degree in Computer Science from the Ball State University in the United States in December 1994.

***Mr. Cheung Ka Yue*** will serve as our chief financial officer upon the effectiveness of our registration statement on Form F-1, of which this prospectus forms a part. Mr. Cheung has over three decades of business and professional experience in public accounting firms and across different industries in the commercial sector. He is a seasoned executive with international experience. He serves on the boards of various local and overseas business entities. Mr. Cheung is currently an executive director of Huiyuan Cowins Technology Group Limited (HKEX: 1116) and Guangzhou Debao 3D Technology Limited, and an independent non-executive director of Peking University Resources (Holdings) Company Limited (HKEX: 618), Success Dragon International Holdings Limited (HKEX: 1182), China Hongbao Holdings Limited (HKEX: 8316), and MaxWin International Holdings Limited (HKEX: 8513). From June 2025 to October 2025, he served as an independent non-executive director of Ganglong China Property Group Limited (HKEX: 6968). From September 2024 to April 2025, he was an independent director of Primega Group Holdings Limited (Nasdaq: PGHL). From December 2022 to July 2023, he served as an independent non-executive director of Crown International Corporation Limited (HKEX: 727). Mr. Cheung obtained a degree of Doctor of Business Administration from William Howard Taft University in September 2020, a degree of Master of Education from University of The People in November 2022, a degree of Master of Science in Professional Accountancy from University of London in December 2018, a degree of Master of Laws in International Corporate and Financial Law from University of Wolverhampton in November 2014, and a degree of Bachelor of Arts in Accounting from Edinburgh Napier University in November 1999. Mr. Cheung is a practicing accountant in Hong Kong.

 ****

 ****

***Mr. Chow Shiu Wing Joseph*** will serve as our independent director upon the effectiveness of our registration statement on Form F-1, of which this prospectus forms a part. Mr. Chow has over 20 years of experience in investment and legal practice and has advised on a series of mergers and acquisitions, commercial transactions and intellectual property rights protection. Mr. Chow is also a seasoned investor with a portfolio that covers media, entertainment, and technology industries. Since 2013, Mr. Chow has served as an independent non-executive director of Integrated Waste Solutions Group Holdings Limited, an integrated waste solutions provider listed on the Hong Kong stock exchange (HKEX: 0923). Since 2017, Mr. Chow has been a co-founder and partner at Wellington Legal LLP, a full-service law firm in Hong Kong, where he is responsible for capital market transactions including cross-border M&A, corporate structuring, regulatory compliance, intellectual property rights and cross-border litigations. From April 2021 until the consummation of the business combination with Bitdeer Technologies Group in April 2023, Mr. Chow served as a director of Blue Safari Group Acquisition Corp. From March 2024 to December 2024, Mr. Chow served as an independent director of Intelligent Group Limited (NADQ: INTJ). Since 2025, Mr. Chow has served as an independent director of Eastern International Ltd., a professional logistic services provider listed on Nasdaq (NADQ: ELOG) and concurrently serving as a director of Pallas Trust Group Limited, Maven Corporate Service Limited and DSL Investments Limited. Mr. Chow received a bachelor's degree from the City University of Hong Kong and a post-graduate certificate in Laws from the University of Hong Kong and was admitted as a solicitor in Hong Kong in 1999.

***Mr. Kam Chi Sing*** will serve as our independent director upon the effectiveness of our registration statement on Form F-1, of which this prospectus forms a part. Mr. Kam has nearly 25 years of experience in accounting, auditing and assurance, taxation, corporate services, management consulting and cross-border merger and acquisition consultation in Hong Kong and mainland China. Mr. Kam established Roger Kam & Co., a certified public accounting firm in Hong Kong, in May 2000, and R&T Consulting Group Limited ("R&T Consulting"), a business consulting firm in Hong Kong, in July 2009. Mr. Kam is currently serving as the managing partner at Roger Kam & Co, the managing director at R&T Consulting and the chief representative of the representative offices of Roger Kam & Co in Shanghai, Guangzhou and Beijing. From September 2022 to November 2024, Mr. Kam served as an independent non-executive director of LC Technology Group Limited (HKEX: 2436). Mr. Kam has been acting as an independent non-executive director of Excellence Commercial Property & Facilities Management Group Limited (HKEX: 6989) since September 2020 and Maxnerva Technology Services Limited (HKEX: 1037) since September 2023, and the company secretary of Xinji Shaxi Group Co., Limited (HKEX: 3603) since March 2019, all of which are listed on the Main Board of the Stock Exchange of Hong Kong Limited. Mr. Kam has been registered as a certified tax adviser and a chartered tax adviser by the Taxation Institute of Hong Kong since 2011 and 2020, respectively. He was admitted as a fellow member of the Association of Chartered Certified Accountants in November 2003, a fellow member of the Hong Kong Institute of Certified Public Accountants in April 2006, a fellow member of the Institute of Financial Accountants in March 2011, a fellow member of the Taxation Institute of Hong Kong in January 2010, a member of the Society of Trust and Estate Practitioners in April 2012 and a member of the Hong Kong Securities and Investment Institute in June 2013, respectively. He is a committee member of the taxation committee, a committee member of the financial and treasury services committee and a committee member of the China committee of Hong Kong General Chamber of Commerce. He has also served as a committee member of the Chinese General Chamber of Commerce, Hong Kong since November 2016. Mr. Kam received a bachelor of science degree from the University of Hong Kong in November 1993.

 ****

***Mr. Lee Shu Yan*** will serve as our independent director upon the effectiveness of our registration statement on Form F-1, of which this prospectus forms a part. Mr. Lee is a seasoned asset management professional with over 20 years of experience spanning traditional and virtual assets. Mr. Lee has held senior management roles in leading international asset management firms, demonstrating expertise in investment strategy, portfolio construction, and risk management. Mr. Lee has been serving as a director and overall management oversight at Sinohope Asset Management Limited since August 2024, overseeing multi-asset investment activities and regulatory compliance. From July 2023 to June 2024, Mr. Lee served as a managing director at HC Securities (HK) Limited. From May 2014 to June 2022, Mr. Lee served as an executive director and the Head of Investments at Eurizon Capital Asia Ltd. From June 2013 to May 2014, Mr. Lee served as a director at Agricultural Bank of China International Limited. From September 2011 to June 2013, Mr. Lee served as an executive director and head of Asia Investments at Guosen Securities (HK) Limited. Mr. Lee received a bachelor of science degree in Computer Science from McMaster University in September 2001 and his master's degree of Business Administration from The Hong Kong University of Science and Technology in November 2005. Mr. Lee also holds certifications of Chartered Financial Analyst, Certificate in Quantitative Finance Financial Risk Manager, and Certified Environmental, Social and Governance Analyst.

**Board of Directors**

Our board of directors will consist of six directors, including three directors and three independent directors, upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus is a part. The directors may from time to time at their discretion exercise all the powers of our Company to raise or borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof, to issue debentures, bonds and other securities, whether outright or as collateral security for any debt, liability or obligation of our Company or of any third party. Subject to the rules of Nasdaq Stock Market and disqualification by the chairman of the relevant board meeting, a director may vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for consideration. A director who is in any way, whether directly or indirectly, interested in a contract or transaction or proposed contract or transaction with us is required to declare the nature of his interest at a meeting of our directors. A general notice given to the directors by any director to the effect that he is a member of any specified company or firm and is to be regarded as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration of interest in regard to any contract so made or transaction so consummated. None of our non-executive directors has a service contract with us that provides for benefits upon termination of service.

**Committees of the Board of Directors**

Prior to the completion of this offering, we intend to establish an audit committee, a compensation committee and a nominating and corporate governance committee under the board of directors. We intend to adopt a charter for each of the three committees prior to the completion of this offering. Each committee's members and functions are described below.

***Audit Committee.*** Our audit committee will consist Chow Shiu Wing Joseph, Kam Chi Sing and Lee Shu Yan, and will be chaired by Kam Chi Sing. Chow Shiu Wing Joseph, Kam Chi Sing and Lee Shu Yan satisfy the "independence" requirements of Rule 5605(c)(2) of the Listing Rules of the Nasdaq and meet the independence standards under Rule 10A-3 under the Exchange Act of 1934. We have determined that Kam Chi Sing qualifies as an "audit committee financial expert." The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our Company. The audit committee will be responsible for, among other things:

● selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;

● reviewing with the independent registered public accounting firm any audit problems or difficulties and management's response;

● reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;

● discussing the annual audited financial statements with management and the independent registered public accounting firm;

● reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies;

● annually reviewing and reassessing the adequacy of our audit committee charter;

● meeting separately and periodically with management and the independent registered public accounting firm; and

● reporting regularly to the board of directors.

***Compensation Committee.*** Our compensation committee will consist of Chow Shiu Wing Joseph, Kam Chi Sing and Lee Shu Yan, and will be chaired by Lee Shu Yan. Chow Shiu Wing Joseph, Kam Chi Sing and Lee Shu Yan satisfy the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq. The compensation committee will assist the board of directors in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our executive officers may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee will be responsible for, among other things:

● reviewing the total compensation package for our executive officers and making recommendations to the board of directors with respect to it;

● approving and overseeing the total compensation package for our executives other than the most senior executives;

● reviewing the compensation of our directors and making recommendations to the board of directors with respect to it; and

● periodically reviewing and approving any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, and employee pension and welfare benefit plans.

**Nominating and Corporate Governance Committee.** Our nominating and corporate governance committee will consist of Chow Shiu Wing Joseph, Kam Chi Sing and Lee Shu Yan, and will be chaired by Chow Shiu Wing Joseph. Chow Shiu Wing Joseph, Kam Chi Sing and Lee Shu Yan satisfy the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board of directors and its committees. The nominating and corporate governance committee will be responsible for, among other things:

● recommending nominees to the board of directors for election or re-election to the board of directors, or for appointment to fill any vacancy on the board of directors;

● reviewing annually with the board of directors the current composition of the board of directors with regards to characteristics such as independence, age, skills, experience and availability of service to us;

● selecting and recommending to the board of directors the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself; and

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

**Duties of Directors**

Under Cayman Islands law, our directors owe fiduciary duties to our Company, including a duty of loyalty, a duty to act honestly, and a duty to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also owe to our Company a duty to act with skill and care. In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association, as amended and restated from time to time, and the class rights vested thereunder in the holders of the shares. Our Company has the right to seek damages if a duty owed by our directors is breached. A shareholder may in certain circumstances have the right to seek damages in our name if a duty owed by our directors is breached.

Our board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among others:

● convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

● declaring dividends (including interim dividends) and distributions;

● appointing officers and determining the term of office of the officers and remuneration; and

● exercising the borrowing powers of our Company and mortgaging the property of our Company.

**Terms of Directors and Officers**

We may by an ordinary resolution or by the board of directors appoint any person to be a director. Any appointment may be to fill a vacancy or as an additional director.

An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between us and the director, if any; but no such term shall be implied in the absence of express provision. Each director whose term of office expires shall be eligible for re-election at a meeting of the shareholders or re-appointment by the board of directors.

A director may be removed from office by an ordinary resolution.

A director's office shall be terminated forthwith if, among other things, the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from the board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; (v) is prohibited by law from being a director or; (vi) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of the post offering memorandum and articles of association.

Our officers are elected by and serve at the discretion of our board of directors.

**Employment Agreements and Indemnification Agreements**

We have entered into employment agreements with each of our executive officers. Under these agreements, each of our executive officers is employed for a specified period of time. We may terminate employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties. We may also terminate an executive officer's employment without cause upon advance written notice. In such case of termination by us, we will provide severance payments to the executive officer as expressly required by applicable law of the jurisdiction where the executive officer is based. The executive officer may resign at any time with an advance written notice. The executive officer may resign at any time with a ☑-day advance written notice.

Each executive officer has agreed to hold, both during and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information or trade secrets, any confidential information or trade secrets of our clients or prospective clients, or the confidential or proprietary information of any third party received by us and for which we have confidential obligations. The executive officers have also agreed to disclose in confidence to us all inventions, designs and trade secrets which they conceive, develop or reduce to practice during the executive officer's employment with us and to assign all right, title and interest in them to us, and assist us in obtaining and enforcing patents, copyrights and other legal rights for these inventions, designs and trade secrets.

In addition, each executive officer has agreed to be bound by non-competition and non-solicitation restrictions during the term of his or her employment and typically for two years following the last date of employment. Specifically, each executive officer has agreed not to (i) approach our suppliers, clients, customers or contacts or other persons or entities introduced to the executive officer in his or her capacity as a representative of us for the purpose of doing business with such persons or entities that will harm our business relationships with these persons or entities; (ii) assume employment with or provide services to any of our competitors, or engage, whether as principal, partner, licensor or otherwise, any of our competitors, without our express consent; or (iii) seek directly or indirectly, to solicit the services of any of our employees who is employed by us on or after the date of the executive officer's termination, or in the year preceding such termination, without our express consent.

We have also entered 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 our director or officer.

**Compensation of Directors and Executive Officers**

For the fiscal year ended March 31, 2025, we paid an aggregate of approximately US$1.0 million in cash to our executive officers and directors. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth information concerning the beneficial ownership of our ordinary shares as of the date of this prospectus by:

● each of our directors and executive officers; and

● each shareholder known by us to be the beneficial owner of more than 5% of our outstanding ordinary shares.

Beneficial ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of ordinary shares beneficially owned by a person and the percentage ownership of that person, we have included ordinary shares that the person has the right to acquire within 60 days, including through the exercise of any option, warrant, or other right or the conversion of any other security. These ordinary shares, however, are not included in the computation of the percentage ownership of any other person. The percentage of beneficial ownership of our ordinary shares immediately after the completion of this offering is based on ordinary shares that will be issued and outstanding which includes (i) 25,200,000 ordinary shares, comprising 21,600,000 Class A ordinary shares and 3,600,000 Class B ordinary shares issued and outstanding as of the date of this prospectus; and (ii) 3,125,000 Class A ordinary shares to be issued in connection with this offering, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Ordinary shares beneficially owned prior to this offering\*\*** | **Ordinary shares beneficially owned prior to this offering\*\*** | **Ordinary shares beneficially owned prior to this offering\*\*** | **Ordinary shares beneficially owned prior to this offering\*\*** | **Ordinary shares beneficially owned after this offering\*\*** | **Ordinary shares beneficially owned after this offering\*\*** | **Ordinary shares beneficially owned after this offering\*\*** | **Ordinary shares beneficially owned after this offering\*\*** |
| <br>**Directors and Executive Officers\*** | **Class A ordinary shares** | **Class B ordinary shares** | **Percentage of beneficial ownership (of total Class A and Class B ordinary shares)** | **Percentage of total voting power prior to this offering** | **Class A ordinary shares** | **Class B ordinary shares** | **Percentage of beneficial ownership (of total Class A and Class B ordinary shares)** | **Percentage of total voting power after this offering†** |
| Chan Chor Koon<sup>(1)</sup> | 7200000 | 1200000 | 33.3% | 33.3% | 7200000 | 1200000 | 29.7% | 32.3% |
| Chong Siu Nuen<sup>(1)</sup> | 7200000 | 1200000 | 33.3% | 33.3% | 7200000 | 1200000 | 29.7% | 32.3% |
| Chan Chor Wai<sup>(2)</sup> | 7200000 | 1200000 | 33.3% | 33.3% | 7200000 | 1200000 | 29.7% | 32.3% |
| Cheung Ka Yue\*\*\* |  |  |  |  |  |  |  |  |
| Chow Shiu Wing Joseph\*\*\*\* |  |  |  |  |  |  |  |  |
| Kam Chi Sing\*\*\*\* | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Lee Shu Yan\*\*\*\* | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| **All Directors and Executive Officers as a Group** | **21600000** | **3600000** | **100.0%** | **100.0%** | **21600000** | **3600000** | **89.0%** | **96.8%** |
| **Principal Shareholders:** |  |  |  |  |  |  |  |  |
| Oriental Brilliance Investment Limited<sup>(1)</sup> | 14400000 | 2400000 | 66.7% | 66.7% | 14400000 | 2400000 | 59.3% | 64.5% |
| Greennine Limited<sup>(2)</sup> | 7200000 | 1200000 | 33.3% | 33.3% | 7200000 | 1200000 | 29.7% | 32.3% |

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Notes:

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| | |
|:---|:---|
| \* | Except as otherwise indicated, the business address of our directors and executive officers is Unit A2-A6, 9/F, NCB Innovation Centre, 888 Lai Chi Kok Road, Lai Chi Kok, Kowloon Hong Kong. For our independent director nominees, the business address of each independent director nominee is the same as the Company's principal business address, Unit A2-A6, 9/F, NCB Innovation Centre, 888 Lai Chi Kok Road, Lai Chi Kok, Kowloon Hong Kong. |
| \*\* | Beneficial ownership information disclosed herein represents direct and indirect holdings of entities owned, controlled or otherwise affiliated with the applicable holder as determined in accordance with the rules and regulations of the SEC. |
| \*\*\* | Cheung Ka Yue has accepted the appointment as our chief financial officer effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus forms a part. |
| \*\*\*\* | Each of Chow Shiu Wing Joseph, Kam Chi Sing and Lee Shu Yan has accepted the appointment as our director effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus forms a part. |
| †<br>| For each person or group included in this column, percentage of total voting power represents voting power based on both Class A and Class B ordinary shares held by such person or group with respect to all outstanding shares of our Class A and Class B ordinary shares as a single class. Each holder of our Class A ordinary shares is entitled to one (1) vote per share. Each holder of our Class B ordinary shares is entitled to twenty (20) votes per share. Our Class B ordinary shares are convertible at any time by the holder into Class A ordinary shares on a one-for-one basis, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. |
| <sup>(1)</sup> | Represents 14,400,000 Class A ordinary shares and 2,400,000 Class B ordinary shares held of record by Oriental Brilliance Investment Limited, a British Virgin Islands company, of which Mr. Chan Chor Koon (our chairman of board of directors and chief executive officer) and Ms. Chong Siu Nuen (our director, chief operating officer and Mr. Chan Chor Koon's spouse) own 50.0% and 50.0% of the equity interests, respectively. With respect to the securities held by Oriental Brilliance Investment Limited, no natural person is the beneficial owner of such securities for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, and Rule 13d-3 promulgated thereunder. The voting decisions with respect to the securities held by Oriental Brilliance Investment Limited are made by shareholders in accordance with its articles of association, and none of whom individually has the power to direct such decisions. The registered address of Oriental Brilliance Investment Limited is Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, British Virgin Islands VG1110. |
| <sup>(2)</sup> | Represents 7,200,000 Class A ordinary shares and 1,200,000 Class B ordinary shares held of record by Greennine Limited, a British Virgin Islands company wholly owned by Mr. Chan Chor Wai (our director, chief technology officer and Mr. Chan Chor Koon's brother). Mr. Chan Chor Wai is the beneficial owner of such securities held by Greennine Limited for the purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, and Rule 13d-3 promulgated thereunder. Mr. Chan Chor Wai has the voting and dispositive control of the securities held by Greennine Limited. The registered address of Greennine Limited is Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town, Tortola, British Virgin Islands VG1110. |

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As of the date of this prospectus, none of our ordinary shares is held by record holders in the United States. None of our shareholders has informed us that it is affiliated with a registered broker-dealer or is in the business of underwriting securities. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company. See "Description of Share Capital — History of Securities Issuances" for historical issuances of our ordinary shares.

**RELATED PARTY TRANSACTIONS**

**Private Placements**

See "Description of Share Capital — History of Securities Issuances."

**Employment Agreements and Indemnification Agreements**

See "Management — Employment Agreements and Indemnification Agreements."

**Other Related Party Transactions**

Set forth below are our other material related party transactions in the fiscal years ended March 31, 2025 and 2024, the six months ended September 30, 2025, and as of the date of this prospectus. For additional information on material related party transactions, please see Note 11 to our consolidated financial statements and Note 10 to our unaudited consolidated financial statements included elsewhere in this prospectus.

***Transactions with Mr. Chan Chor Koon***

*Amounts due to Mr. Chan Chor Koon*. Mr. Chan Chor Koon provided loans that were non-secured, interest-free and due on demand to us. As of March 31, 2025 and 2024 and September 30, 2025, we had nil, US$146,494 and US$415 due to Mr. Chan Chor Koon, respectively.

*Dividend payable to Mr. Chan Chor Koon*. As of March 31, 2025 and 2024 and September 30, 2025, we recorded dividends of US$899,754, nil and US$514,080 payable to Mr. Chan Chor Koon, respectively.

***Transactions with Mr. Chan Chor Wai***

*Amounts due to Mr. Chan Chor Wai*. Mr. Chan Chor Wai provided loans that were non-secured, interest-free and due on demand to us. As of March 31, 2025 and 2024 and September 30, 2025, we had nil, nil and US$415 due to Mr. Chan Chor Wai, respectively.

*Dividend payable to Mr. Chan Chor Wai*. As of March 31, 2025 and 2024 and September 30, 2025, we recorded dividends of US$648,150, nil and US$262,507 payable to Mr. Chan Chor Wai, respectively.

***Transactions with Ms. Chong Siu Nuen***

*Amounts due to Ms. Chong Siu Nuen*. Ms. Chong Siu Nuen provided loans that were non-secured, interest-free and due on demand to us. As of March 31, 2025 and 2024, September 30, 2025 and as of the date of this prospectus, we had nil, nil, US$414 and US$897,850 due to Ms. Chong Siu Nuen, respectively.

*Amounts due from Ms. Chong Siu Nuen*. We provided loans that were non-secured, interest-free and due on demand to Ms. Chong Siu Nuen. As of March 31, 2025 and 2024 and September 30, 2025, we had nil, US$164,870 and nil due from Ms. Chong Siu Nuen, respectively.

*Dividend payable to Ms. Chong Siu Nuen.* As of March 31, 2025 and 2024 and September 30, 2025, we recorded dividends of US$799,538, nil and US$413,875 payable to Ms. Chong Siu Nuen, respectively.

***Transactions with Ishopclick Limited***

*Amounts due to Ishopclick Limited.* Ishopclick Limited provided loans that were non-secured, interest-free and due on demand to us. As of March 31, 2025 and 2024 and September 30, 2025, we had nil, US$184,004 and nil due to Ishopclick Limited, respectively.

*Guarantee provided to Ishopclick Limited*. AsiaPac HK historically provided an unlimited guarantee with joint liability to The Hongkong and Shanghai Banking Corporation Limited ("HSBC Bank") for Ishopclick Limited's repayment obligations of a working capital loan agreement. The guaranteed liability of AsiaPac HK was fully released by HSBC Bank on September 10, 2025, subject to a retention period of approximately six months. As of March 31, 2025 and 2024 and September 30, 2025, we did not record a liability in the consolidated balance sheets for the guarantee because, based on management's assessment, it was not probable that we would be required to make payments under the guarantee.

**DESCRIPTION OF SHARE CAPITAL**

We are a Cayman Islands exempted company, and our affairs are governed by our memorandum and articles of association, as amended from time to time, and the Companies Act (As Revised) of the Cayman Islands, which we refer to as the Companies Act below, and the common law of the Cayman Islands.

As of the date of this prospectus, our authorized share capital is US$20,000 divided into 200,000,000 shares of a nominal or par value of US$0.0001 each, consisting of two share classes as follows: (i) 160,000,000 Class A ordinary shares of a nominal or par value of US$0.0001 each ("Class A ordinary shares") and (ii) 40,000,000 class B ordinary shares of a nominal or par value of US$0.0001 each ("Class B ordinary shares"). As of the date of this prospectus, 21,600,000 Class A ordinary shares and 3,600,000 Class B ordinary shares are issued and outstanding. All Class A ordinary shares and Class B ordinary shares are together hereinafter referred to as "ordinary shares".

Following the completion of this offering, we will have 24,725,000 Class A ordinary shares issued and outstanding. All of our Class A ordinary shares issued and outstanding prior to the completion of the offering are and will be fully paid, and all of our shares to be issued in the offering will be issued as fully paid.

Holders of our Class A ordinary shares and Class B ordinary shares will vote together as a single class, unless otherwise required by law or our post-offering memorandum and articles of association. Assuming Oriental Brilliance Investment Limited continues to hold all of its respective issued and outstanding Class A ordinary shares and Class B ordinary shares, it will have to maintain at least 50% of the total voting power to continue to control the outcome of ordinary resolution matters and at least two-thirds of the total voting power to continue to control the outcome of special resolution matters submitted to shareholders for approval immediately after the consummation of this offering, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. Accordingly, assuming Oriental Brilliance Investment Limited continues to hold all of its existing issued and outstanding Class A ordinary shares, it will have to maintain at least (i) 47.2% of the issued Class B ordinary shares in order to continue to control ordinary resolution matters; and (ii) 69.6% of the issued Class B ordinary shares in order to control special resolution matters, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. As of the date of this prospectus, Oriental Brilliance Investment Limited owns 66.7% of the issued and outstanding Class B ordinary shares.

**Our Post-Offering Memorandum and Articles of Association**

We have adopted the amended and restated memorandum and articles of association, which will become effective and replace our current memorandum and articles of association in its entirety immediately prior to the completion of this offering. The following are summaries of certain material provisions of the post-offering memorandum and articles of association and of the Companies Act, insofar as they relate to the material terms of our Class A ordinary shares.

***Objects of Our Company*.** Under our post-offering memorandum and articles of association, the objects of our Company are unrestricted, and we are capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by section 27(2) of the Companies Act.

***Ordinary Shares***.

Our share capital is divided into two classes of shares: Class A ordinary shares and Class B ordinary shares. The Class A ordinary shares and Class B ordinary shares generally rank *pari passu* with each other, except as expressly provided in our post-offering memorandum and articles of association.

Holders of Class A ordinary shares are entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one
 (1) vote per share at general meetings of the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such
 dividends as may be declared by our board of directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) participate
 in the distribution of the surplus assets of the Company in the event of a winding up or
 dissolution of the Company.

Holders of Class A ordinary shares generally enjoy all other rights attaching to shares under our post-offering memorandum and articles of association.

Holders of Class B ordinary shares have the following rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Holders
 of Class B ordinary shares are entitled to twenty (20) votes per share at general meetings
 of the Company. Class A ordinary shares and Class B ordinary shares vote together as a single
 class except where required otherwise by applicable law or our post-offering memorandum and
 articles of association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Class
 B ordinary shares may be converted into Class A ordinary shares at the option of the holder
 at any time and without the payment of any additional sum, on a one-for-one basis. Class
 A ordinary shares cannot be converted into Class B ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 (i) any sale, transfer, assignment, or disposition of Class B ordinary shares to any person
 or entity who or which is neither a Founder nor an Affiliate of the Founder (each as defined
 in our post-offering articles of association) or (ii) change of Control (as defined in our
 post-offering articles of association) of Class B ordinary shares to any person or entity
 who or which is neither a Founder nor an Affiliate of the Founder, such shares will automatically
 and immediately convert into an equal number of Class A ordinary shares unless the Board
 of Directors and the holder consent in writing to the retention of Class B ordinary shares
 by the transferee.

Class A ordinary shares and Class B ordinary shares rank equally in all other respects, including rights to dividends, liquidation proceeds, and other financial or economic entitlements unless explicitly stated otherwise in our post-offering memorandum and articles of association.

Any amendments to the rights of either class of shares are subject to the provisions of our post-offering memorandum and articles of association, including the requirement for approval by special resolution. Our post-offering memorandum and articles of association do not include the sunset provisions to limit the lifespan of the Class B ordinary shares (meaning the high-vote feature of our Class B ordinary shares may persist indefinitely). However, conversion of Class B ordinary shares into Class A ordinary shares is mandatory if such shares are transferred to a person or entity who is neither a Founder nor an Affiliate of the Founder, or if there is a change of Control to such a person or entity. The death of the ultimate beneficial owner of our Class B ordinary shares or intra-family transfers of Class B ordinary shares would not require conversion of the Class B ordinary shares.

***Dividends*.** The holders of our Class A ordinary shares are entitled to such dividends as may be declared by our board of directors. Our post-offering memorandum and articles of association provide that dividends may be declared and paid out of the funds of our Company lawfully available therefor. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.

***Voting Rights*.** Voting at any meeting of shareholders is by show of hands unless a poll is demanded. A poll may be demanded by:

● the chairperson of such meeting;

● by at least three shareholders present in person or by proxy for the time being entitled to vote at the meeting;

● by shareholder(s) present in person or by proxy representing not less than one-tenth of the total voting rights of all shareholders having the right to vote at the meeting; and

● by shareholder(s) present in person or by proxy and holding shares in us conferring a right to vote at the meeting being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all shares conferring that right.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding ordinary shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our post-offering memorandum and articles of association, a reduction of our share capital and the winding up of our company. Our shareholders may, among other things, divide or combine their shares by ordinary resolution. Accordingly, assuming Oriental Brilliance Investment Limited continues to hold all of its respective issued and outstanding Class A ordinary shares and Class B ordinary shares, it will have to maintain at least 50% of the total voting power in order to continue to control the outcome of ordinary resolution matters and at least two-thirds of the total voting power to continue to control the outcome of special resolution matters submitted to shareholders for approval after the consummation of this offering, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. Assuming Oriental Brilliance Investment Limited continues to hold all of its existing issued and outstanding Class A ordinary shares, it will have to maintain at least (i) 47.2% of the issued Class B ordinary shares in order to continue to control ordinary resolution matters; and (ii) 69.6% of the issued Class B ordinary shares in order to control special resolution matters, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. As of the date of this prospectus, Oriental Brilliance Investment Limited owns 66.7% of the issued and outstanding Class B ordinary shares.

***General Meetings of Shareholders*.** As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our post-offering articles of association provide that we may but shall not (unless required by the Statute (as defined in the post-offering articles of association) be obliged to, in each year hold a general meeting as our annual general meeting, and shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors. General meetings, including annual general meetings, may be held at such times and in any location in the world as may be determined by the Board. A general meeting or any class meeting may also be held physically, as a hybrid meeting (partially physical and partially electronic) or wholly by electronic means, using such telephone, electronic or other communication facilities as to permit all persons participating in the meeting to communicate with each other, and participation in such a meeting constitutes presence at such meeting.

Shareholders' general meetings may be convened by the chairperson of our board of directors or by a majority of our board of directors. Advance notice of at least seven clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the meeting proceeds to business, two shareholders holding shares which carry in aggregate (or representing by proxy) not less than one-third of all votes attaching to issued and outstanding shares in our company entitled to vote at such general meeting.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our post-offering memorandum and articles of association provide that upon the requisition of any one or more of our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and paid up share capital of our company at the date of the deposit of the requisition, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. However, our post-offering 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.

 ****

***Transfer of Class A Ordinary Shares*.** Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her Class A ordinary shares by an instrument of transfer in the usual or common form or in a form prescribed by Nasdaq or any other form approved by our board of directors. Notwithstanding the foregoing, Class A ordinary shares may also be transferred in accordance with the applicable rules and regulations of Nasdaq.

Our board of directors may, in its absolute discretion, decline to register any transfer of any Class A Ordinary Share which is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any Class A Ordinary Share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the Class A ordinary shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

● the instrument of transfer is in respect of only one class of shares;

● the instrument of transfer is properly stamped, if required;

● in the case of a transfer to joint holders, the number of joint holders to whom the Class A Ordinary Share is to be transferred does not exceed four; and

● a fee of such maximum sum as the Nasdaq may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within two months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required in accordance with the rules of the Nasdaq, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any year as our board may determine.

***Liquidation*.** On the winding up of our company, if the assets available for distribution amongst our shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect of which there are monies due, of all monies payable to our company for unpaid calls or otherwise. If our assets available for distribution are insufficient to repay all of the paid-up capital, such assets will be distributed so that, as nearly as may be, the losses are borne by our shareholders in proportion to the par value of the shares held by them.

***Calls on Shares and Forfeiture of Shares*.** Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

***Redemption, Repurchase and Surrender of Shares*.** We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors. Our company may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors. Under the Companies Act, the redemption or repurchase of any share may be paid out of our company's profits, share premium or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if our company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our company may accept the surrender of any fully paid share for no consideration.

***Variations of Rights of Shares.*** Whenever the capital of our company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights 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, allotment or issue of further shares ranking pari passu with such existing class of shares.

***Issuance of Additional Shares.*** Our post-offering memorandum and articles of association authorizes our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

Our post-offering memorandum and articles of association also authorizes our board of directors to establish from time to time one or more series of preference shares and to determine, with respect to any series of preference shares, the terms and rights of that series, including, among other things:

● the designation of the series;

● the number of shares of the series;

● the dividend rights, dividend rates, conversion rights and voting rights; and

● the rights and terms of redemption and liquidation preferences.

Our board of directors may issue preference shares without action by our shareholders to the extent of available authorized but unissued shares. Issuance of these shares may dilute the voting power of holders of Class A ordinary shares.

***Inspection of Books and Records*.** Holders of our Class A ordinary shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records (except for our memorandum and articles of association, register of mortgages and charges and a list of directors). However, our post-offering memorandum and articles of association have provisions that provide our shareholders the right to inspect our register of shareholders without charge, and to receive our annual audited financial statements. See "Where You Can Find Additional Information."

***Anti-Takeover Provisions.*** Some provisions of our post-offering memorandum and articles of association may discourage, delay or prevent a change of control of our company or management that shareholders may consider favorable, including provisions that:

● authorize our board of directors to issue preference shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by our shareholders; and

● limit the ability of shareholders to requisition and convene general meetings of shareholders.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our post-offering memorandum and articles of association for a proper purpose and for what they believe in good faith to be in the best interests of our company.

***Exempted Company.*** We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

● does not have to file an annual return of its shareholders with the Registrar of Companies;

● is not required to open its register of members for inspection;

● does not have to hold an annual general meeting;

● may issue shares with no par value;

● may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

● may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

● may register as an exempted limited duration company; and

● may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

**Differences in Corporate Law**

The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments and accordingly there are significant differences between the Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware in the United States and their shareholders.

***Mergers and Similar Arrangements.*** The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by seventy-five per cent in value of the members or class of members, as the case may be, with whom the arrangement is to be made and a majority in number of each class of creditors with whom the arrangement is to be made, and who must in addition represent seventy-five per cent in value of each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

● the statutory provisions as to the required majority vote have been met;

● the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

● the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

● the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

The Companies Act also contains statutory provisions which provide that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the grounds that the company (a) is or is likely to become unable to pay its debts within the meaning of section 93 of the Companies Act; and (b) intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act, the law of a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors, without a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands court may, among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit.

***Shareholders' Suits.*** In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

● a company acts or proposes to act illegally or ultra vires;

● the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

● those who control the company are perpetrating a "fraud on the minority."

Our post-offering articles of association contains a provision by which our shareholders waive any claim or right of action that they may have, both individually and on our behalf, against any director in relation to any action or failure to take action by such director in the performance of his or her duties with or for our Company, except in respect of any fraud, willful default or dishonesty of such director.

***Indemnification of Directors and Executive Officers and Limitation of Liability.*** Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our post-offering memorandum and articles of association provide that that we shall indemnify our directors and officers (but not including auditors), and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons, other than by reason of such person's dishonesty, wilful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our post-offering memorandum and articles of association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

***Directors' Fiduciary Duties.*** Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act in good faith in the best interests of the company, a duty not to make a personal profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

***Shareholder Action by Written Consent.*** Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Cayman Islands law permits us to eliminate the right of shareholders to act by written consent and our post-offering amended and restated articles of association provide that any action required or permitted to be taken at any general meetings may be taken upon the vote of shareholders at a general meeting duly noticed and convened in accordance with our post-offering amended and restated articles of association and may not be taken by written consent of the shareholders without a meeting.

***Shareholder Proposals.*** Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our post-offering amended and restated articles of association allow our shareholders holding shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our company entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our post-offering amended and restated articles of association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

***Cumulative Voting.*** Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our post-offering amended and restated articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

***Removal of Directors.*** Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our post-offering amended and restated articles of association, subject to certain restrictions as contained therein, directors may be removed with or without cause, by an ordinary resolution of our shareholders. An appointment of a director may be on terms that the director shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in the absence of express provision. Under our post-offering amended and restated articles of association, a director's office shall be vacated if the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; (v) is prohibited by law from being a director or; (vi) is removed from office pursuant to the laws of the Cayman Islands or any other provisions of our post-offering memorandum and articles of association.

 ****

***Transactions with Interested Shareholders.*** The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

***Dissolution; Winding up.*** Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

***Variation of Rights of Shares.*** Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our post-offering amended and restated articles of association, if our share capital is divided into more than one class of shares, the rights attached to any such class may only be varied with the sanction of a resolution passed by a majority of two-thirds of the votes cast at a separate meeting of the holders of the shares of that class.

***Amendment of Governing Documents.*** Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under Cayman Islands law, our post-offering memorandum and articles of association may only be amended with a special resolution of our shareholders.

***Rights of Non-resident or Foreign Shareholders.*** There are no limitations imposed by our post-offering memorandum and articles of association 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 post-offering memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

**History of Securities Issuances**

The following is a summary of our securities issuances in the past three years.

***Ordinary Shares***

On June 30, 2025, we issued 3,000,000 Class A ordinary shares to Greennine Limited for a consideration of US$300. On the same day, we issued 6,000,000 Class A ordinary shares to Oriental Brilliance Investment Limited for a consideration of US$600.

On June 30, 2025, we issued 500,000 Class B ordinary shares to Greennine Limited for a consideration of US$50. On the same day, we issued 1,000,000 Class B ordinary shares to Oriental Brilliance Investment Limited for a consideration of US$100.

On October 29, 2025, we issued 4,200,000 Class A ordinary shares to Greennine Limited for a consideration of US$420. On the same day, we issued 8,400,000 Class A ordinary shares to Oriental Brilliance Investment Limited for a consideration of US$840.

On October 29, 2025, we issued 700,000 Class B ordinary shares to Greennine Limited for a consideration of US$70. On the same day, we issued 1,400,000 Class B ordinary shares to Oriental Brilliance Investment Limited for a consideration of US$140.

**SHARES ELIGIBLE FOR FUTURE SALE**

Upon completion of this offering, we will have 3,125,000 Class A ordinary shares offered in this offering, or approximately 12.6% of our then issued and outstanding Class A ordinary shares, or 11.0% of our then issued and outstanding total share capital, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. All of the Class A ordinary shares sold in this offering will be freely transferable by persons other than by our "affiliates" without restriction or further registration under the Securities Act. Sales of substantial amounts of our Class A ordinary shares in the public market could adversely affect prevailing market prices of our Class A ordinary shares. Prior to this offering, there has been no public market for our Class A ordinary shares and we cannot assure you that a regular trading market will develop even if our Class A ordinary shares are approved for listing on the Nasdaq Global Market.

**Lock-up Agreements**

Our directors, executive officers and shareholders of 5% or more of our outstanding shares have agreed or are otherwise contractually restricted for a period of six (6) months after the closing of this offering, without the prior written consent of the Representative not to directly or indirectly, offer, sell, or otherwise transfer or dispose of, directly or indirectly, any of our ordinary shares or any securities convertible into or exercisable or exchangeable for our ordinary shares.

In addition, the Company has agreed for a period of six (6) months after the closing of this offering, not to, except in connection with this offering, offer, sell or otherwise transfer or dispose of, directly or indirectly, any ordinary shares or any securities convertible into or exercisable or exchangeable for ordinary shares, or file or cause to be filed any registration statement with the SEC relating to the offering of any ordinary shares or any securities convertible into or exercisable or exchangeable for ordinary shares, other than post-effective amendments to the registration statement on Form F-1 of which this prospectus forms a part. See "Underwriting — Lock-Up Agreements."

Other than this offering, we are not aware of any plans by any significant shareholders to dispose of significant numbers of our ordinary shares. However, one or more existing shareholders or owners of securities convertible or exchangeable into or exercisable for our ordinary shares may dispose of significant numbers of our ordinary shares in the future. We cannot predict what effect, if any, future sales of our ordinary shares, or the availability of ordinary shares for future sale, will have on the trading price of our Class A ordinary shares from time to time. Sales of substantial amounts of our Class A ordinary shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Class A ordinary shares.

**Rule 144**

All of our Class A ordinary shares outstanding prior to this offering upon the completion of this offering are "restricted shares" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 promulgated under the Securities Act. In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus a person (or persons whose shares are aggregated) who has beneficially owned our restricted shares for at least six months, is entitled to sell the restricted securities without registration under the Securities Act, subject to certain restrictions. Persons who are our affiliates may sell within any three months period a number of restricted shares that does not exceed the greater of the following:

● 1% of our then total issued and outstanding Class A ordinary shares, in the form of Class A ordinary shares or otherwise, which will equal 247,250 Class A ordinary shares immediately after this offering, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares (or approximately 251,937 Class A ordinary shares if the underwriters in full their option to purchase additional Class A ordinary shares); or

● the average weekly trading volume of our Class A ordinary shares in the form of the same class on Nasdaq or otherwise, during the four calendar weeks preceding the date on which notice of the sale is filed with the Securities and Exchange Commission.

Sales under Rule 144 must be made through unsolicited transactions. They are also subject to other manner of sale provisions, notice requirements and the availability of current public information about us. Persons who are not our affiliates and have beneficially owned our restricted shares for more than six months but not more than one year may sell the restricted shares without registration under the Securities Act, subject to the availability of current public information about us. Persons who are not our affiliates and have beneficially owned our restricted shares for more than one year may freely sell the restricted shares without registration under the Securities Act. However, these shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

**TAXATION**

*The following summary of the material Cayman Islands, Hong Kong and U.S. federal income tax consequences of an investment in our Class A ordinary shares is based upon laws and relevant interpretations thereof in effect as of the date of this registration statement, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in our Class A ordinary shares, such as the tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands, Hong Kong and the United States. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Conyers Dill & Pearman, our Cayman Islands legal counsel.*

**Cayman Islands Taxation**

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or after execution brought within, the jurisdiction of the Cayman Islands. The Cayman Islands are a party to a double tax treaty entered into with the United Kingdom in 2010 but otherwise is not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of ordinary shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of ordinary shares, nor will gains derived from the disposal of ordinary shares be subject to Cayman Islands income or corporation tax.

**Hong Kong Taxation**

The following discussion is a summary of the various tax considerations under Hong Kong law relevant to the acquisition, ownership and disposition of our Class A ordinary shares. The statements made herein regarding taxation are general in nature and based upon certain aspects of the current tax laws of Hong Kong and administrative guidelines issued by the relevant authorities in force as of the date hereof and are subject to any changes in such laws or administrative guidelines or the interpretation of such laws or guidelines occurring after such date, which changes could be made on a retrospective basis. The statements made herein do not purport to be a comprehensive or exhaustive description of all of the tax considerations that may be relevant to a decision to acquire, own or dispose of our Class A ordinary shares and do not purport to deal with the tax consequences applicable to all categories of investors. The statements below are based on the assumptions that our company is not a tax resident in Hong Kong. Prospective shareholders are advised to consult their own tax advisers as to the tax consequences of the acquisition, ownership of or disposal of our Class A ordinary shares, taking into account their own particular circumstances. It is emphasized that neither we nor any other persons involved in this prospectus accept responsibility for any tax effects or liabilities resulting from the acquisition, holding or disposal of our Class A ordinary shares.

***Profits tax***

Revenues gains from the sale of the shares of the company by persons carrying on a trade, profession or business in Hong Kong where the gains are derived from or arise in Hong Kong from the trade, profession or business will be chargeable to Hong Kong profits tax, which is currently imposed at the rate of up to 16.5% on corporations and at a maximum rate of 15% on individuals and unincorporated businesses.

Otherwise,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. in
 respect of a Hong Kong MNE entity (as defined under the Inland Revenue Ordinance (Cap. 112)
 of the laws of Hong Kong)), gains arising from the sale of the shares in the company and
 received in Hong Kong maybe subject to Hong Kong profits tax, unless the MNE entity is qualified
 for one of the exemptions under the Foreign-sourced Income Exemption (FSIE) Regime; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. for
 other Hong Kong entities where the purchases and sales of the shares in the company are negotiated,
 concluded and effected outside of Hong Kong, gains arising from such sale should not be subject
 to Hong Kong profits tax.

In respect of a Hong Kong MNE entity (as defined under the Inland Revenue Ordinance (Cap. 112) of the laws of Hong Kong)), dividends paid on the shares of the company and received in Hong Kong maybe subject to Hong Kong profits tax, unless the MNE entity is qualified for one of the exemptions under the Foreign-sourced Income Exemption (FSIE) Regime. In other cases, this would not be subject to Hong Kong profits tax.

***Capital Gain Tax***

No tax is imposed in Hong Kong in respect of capital gains from the sale of shares.

***Stamp Duty***

Under the Stamp Duty Ordinance (Chapter 117 of the Laws of Hong Kong), with effect from November 17, 2023, the Hong Kong ad valorem stamp duty currently charged at the rate of 0.10% on the higher of the amount of the consideration for or the value of the shares will be payable by the purchaser on every purchase and by the seller on every sale of Hong Kong shares (in other words, a total of 0.20% is currently payable on a typical sale and purchase transaction of Hong Kong shares). In addition, a fixed duty of HK$5 is currently payable on each instrument of transfer of Hong Kong shares. Where one of the parties is a resident outside Hong Kong and does not pay the ad valorem duty due by it, the duty not paid will be assessed on the instrument of transfer (if any) and will be payable by the transferee. If no stamp duty is paid on or before the due date, a penalty of up to ten times the stamp duty payable may be imposed.

On the basis that the register of members / shareholders of the Company will be maintained outside of Hong Kong, no Hong Kong stamp duty is payable on the purchase and sale of the shares in the Company.

**U.S. Federal Income Tax Considerations**

The following is a discussion of the material U.S. Federal income tax considerations relevant to the acquisition, ownership, and disposition of our Class A ordinary shares by U.S. Holders (as defined below) that will hold our Class A ordinary shares as "capital assets" (generally, property held for investment) under the U.S. Internal Revenue Code of 1986, as amended, or the "Code"). This discussion is based upon applicable provisions of the Code, U.S. Treasury regulations promulgated thereunder, pertinent judicial decisions, interpretive rulings of the U.S. Internal Revenue Service, or the IRS, and such other authorities as we have considered relevant, all of which are subject to change, possibly with retroactive effect. This discussion does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual investment circumstances, including investors subject to special tax and/or reporting rules (for example, certain financial institutions; insurance companies; broker-dealers; pension plans; regulated investment companies; real estate investment trusts; tax-exempt organizations (including private foundations); holders who are not U.S. Holders (as defined below); holders who own (directly, indirectly, or constructively) 10% or more of the voting power or value of our stock; investors that will hold their Class A ordinary shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for U.S. federal income tax purposes; investors that are traders in securities that have elected the mark-to-market method of accounting; investors that have a functional currency other than the U.S. dollar), or holders that acquire Class A ordinary shares through the exercise of options or other convertible instruments or in connection with the provision of services, all of whom may be subject to tax rules that differ significantly from those discussed below.

In addition, this discussion does not address tax considerations relevant to U.S. Holders under any non-U.S., state or local tax laws, the Medicare tax on net investment income, the one-percent excise tax on stock repurchases, estate or gift tax, or the alternative minimum tax. Each U.S. Holder is urged to consult its tax advisors regarding the U.S. federal, state, local, and non-U.S. income and other tax considerations of an investment in the Class A ordinary shares.

The discussion below of U.S. federal income tax consequences applies to you if you are a "U.S. Holder." You are a U.S. Holder if you are a beneficial owner of our Class A ordinary shares and you are: (i) an individual who is a citizen or resident of the United States for U.S. Federal income tax purposes; (ii) a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created in, or organized under the law of any state of the United States, or the District of Columbia; (iii) an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or (iv) a trust (A) the administration of which is subject to the primary supervision of a U.S. federal or state court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a U.S. person under the Code.

If you are a partner in a partnership (including any entity or arrangement treated or elects to be treated as a partnership for U.S. federal income tax purposes) that holds our Class A ordinary shares, your tax treatment generally will depend on your status and the activities of the partnership (or any such entity or arrangement treated as or elects to be treated as a partnership for U.S. federal income tax purposes). Partners in a partnership (or any such entity or arrangement treated as or elects to be treated as a partnership for U.S. federal income tax purposes) holding our Class A ordinary shares should consult their tax advisors regarding the tax consequences of an investment in the Class A ordinary shares.

***Dividends***

Subject to the PFIC rules discussed below, any cash distributions (including the amount of any PRC or other tax withheld) paid on our Class A ordinary shares out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in your gross income as dividend income on the day actually or constructively received by you. Because we do not intend to determine our earnings and profits under U.S. federal income tax principles, any distribution paid will generally be treated as a dividend for U.S. federal income tax purposes by us. Dividends received by corporations on our Class A ordinary shares may be eligible for the dividends received deduction allowed to U.S. corporations under the Code.

A non-corporate U.S. Holder generally may be subject to tax at preferential tax rates applicable to "qualified dividend income," provided that certain conditions are satisfied, including that (1) our stock is readily tradable on an established securities market in the United States, or, in the event that we are deemed to be a PRC tax resident enterprise under the PRC tax law, we are eligible for the benefit of the comprehensive United States-PRC income tax treaty, or the "Treaty", (2) we are neither a PFIC nor treated as such with respect to a U.S. Holder (as discussed below) for the taxable year in which the dividend was paid and the preceding taxable year, and (3) certain holding period requirements are met. U.S. holders are urged to consult their own tax advisors regarding the availability of the preferential rate for any dividends paid with respect to our Class A ordinary shares.

In the event that we are deemed to be a PRC tax resident enterprise under PRC tax law, you may be subject to PRC withholding taxes on dividends paid on our Class A ordinary shares. If we are deemed to be a PRC tax resident enterprise, you may, however, be eligible for the benefits of the Treaty. If we are eligible for such benefits, dividends we pay on our Class A ordinary shares may be eligible for the reduced rates of taxation applicable to qualified dividend income, as discussed above.

For U.S. foreign tax credit purposes, dividends generally will be treated as income from foreign sources and generally will constitute "passive" category income. Depending on your particular circumstances, you may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed on dividends received on our Class A ordinary shares. If you do not elect to claim a foreign tax credit for foreign tax withheld, you may instead claim a deduction, for U.S. federal income tax purposes, for the foreign tax withheld, but only for a year in which you elect to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. You are urged to consult your tax advisor regarding the availability of the foreign tax credit under your particular circumstances.

***Sale or Other Disposition of Class A Ordinary Shares***

Subject to the PFIC rules discussed below, you generally will recognize capital gain or loss upon the sale or other disposition of our Class A ordinary shares in an amount equal to the difference, if any, between the amount realized upon the disposition and your adjusted tax basis in such Class A ordinary shares. Any capital gain or loss will be long-term capital gain or loss if you have held the Class A ordinary shares for more than one year, and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. In the event that we are deemed to be a PRC tax resident enterprise under PRC tax law, gain from the disposition of the Class A ordinary shares may be subject to tax in the PRC. If such income were treated as U.S.-source income for foreign tax credit purposes, you might not be able to use the foreign tax credit arising from any tax imposed on the sale, exchange, or other taxable disposition of our Class A ordinary shares unless such credit could be applied (subject to applicable limitations) against tax due on other income derived from foreign sources. However, if PRC tax were to be imposed on any gain from the disposition of our Class A ordinary shares, if you are eligible for the benefits of the Treaty, you generally may be able to treat such gain as foreign-source income. The deductibility of a capital loss may be subject to limitations. You are urged to consult your tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A ordinary shares, including the availability of the foreign tax credit under your particular circumstances.

***PFIC Rules***

A non-U.S. corporation, such as our company, will be classified as a PFIC for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Passive income generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. For this purpose, cash is categorized as a passive asset and the company's goodwill associated with active business activity is taken into account as an active asset. We will be treated as owning our proportionate share of the assets and income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

Based on the projected composition of our assets and income, we do not anticipate being classified as a PFIC for our current taxable year or the foreseeable future. While we do not anticipate being classified as a PFIC, because the value of our assets for purposes of the PFIC asset test will generally be determined by reference to the market price of our Class A ordinary shares, fluctuations in the market price of our Class A ordinary shares may cause us to become a PFIC for the current or any subsequent taxable year. The determination of whether we will become a PFIC will also depend, in part, on the composition of our income and assets, which will be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. Whether we are a PFIC is a factual determination and we must make a separate determination each taxable year as to whether we are a PFIC (after the close of each taxable year). Accordingly, we cannot assure you that we will not be classified as a PFIC for our current taxable year or any future taxable year. If we are classified as a PFIC for any taxable year during which you hold our Class A ordinary shares, we generally will continue to be treated as a PFIC, unless you make certain elections, for all succeeding years during which you hold our Class A ordinary shares even if we cease to qualify as a PFIC under the rules set forth above.

If we are a PFIC for any taxable year during which you hold our Class A ordinary shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge) of our Class A ordinary shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the Class A ordinary shares will be treated as an excess distribution. Under these special tax rules:

● the excess distribution or gain will be allocated ratably over your holding period for the Class A ordinary shares;

● amounts allocated to the current taxable year and any taxable years in your holding period prior to the first taxable year in which we are classified as a PFIC (a "pre-PFIC year") will be taxable as ordinary income; and

● amounts allocated to each prior taxable year, other than the current taxable year or a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to you for that year, and such amounts will be increased by an additional tax equal to interest on the resulting tax deemed deferred with respect to such years.

If we are classified as a PFIC for any taxable year during which you hold our Class A ordinary shares and any of our non-U.S. subsidiaries is also a PFIC, you will be treated as owning a proportionate amount (by value) of the shares of each such non-U.S. subsidiary classified as a PFIC for purposes of the application of these rules.

Alternatively, a U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election for such stock of a PFIC to elect out of the tax treatment discussed in the two preceding paragraphs. If you make a valid mark-to-market election for the Class A ordinary shares, you will include in income each year an amount equal to the excess, if any, of the fair market value of the Class A ordinary shares as of the close of your taxable year over your adjusted basis in such Class A ordinary shares. You will be allowed a deduction for the excess, if any, of the adjusted basis of the Class A ordinary shares over their fair market value as of the close of the taxable year. However, deductions will be allowable only to the extent of any net mark-to-market gains on the Class A ordinary shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the Class A ordinary shares, will be treated as ordinary income. Ordinary loss treatment will also apply to the deductible portion of any mark-to-market loss on the Class A ordinary shares, as well as to any loss realized on the actual sale or disposition of the Class A ordinary shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Class A ordinary shares. Your basis in the Class A ordinary shares will be adjusted to reflect any such income or loss amounts. If you make a mark-to-market election, tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us (except that the preferential rates for qualified dividend income would not apply).

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. We expect that the Class A ordinary shares will be listed on the Nasdaq Global Market, which is a qualified exchange for these purposes. If the Class A ordinary shares are regularly traded, and the Class A ordinary shares qualify as "marketable stock" for purposes of the mark-to-market rules, then the mark-to-market election might be available to you if we were to become a PFIC.

Because, as a technical matter, a mark-to-market election cannot be made for any lower-tier PFICs that we may own, you may continue to be subject to the PFIC rules with respect to your indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

We do not currently intend to provide information necessary for U.S. Holders to make qualified electing fund elections, which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If you own our Class A ordinary shares during any taxable year that we are a PFIC, you must file an annual report with the IRS, subject to certain exceptions based on the value of the Class A ordinary shares held. You are urged to consult your tax advisor concerning the U.S. federal income tax consequences of purchasing, holding, and disposing of our Class A ordinary shares if we are or become a PFIC, including the possibility of making a mark-to-market election.

***Information Reporting and Backup Withholding***

You may be required to submit to the IRS certain information with respect to your beneficial ownership of our Class A ordinary shares, if such Class A ordinary shares are not held on your behalf by certain financial institutions. Penalties also may be imposed if you are required to submit such information to the IRS and fail to do so.

Dividend payments with respect to Class A ordinary shares and proceeds from the sale, exchange or redemption of Class A ordinary shares may be subject to information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9 or by otherwise establishing an exemption.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. Federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. You are urged to consult your tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

The U.S. federal income tax discussion set forth above is included for general information only and may not be applicable depending upon a holder's particular situation. Holders are urged to consult their tax advisors with respect to the tax consequences to them of the acquisition, ownership and disposition of our Class A ordinary shares, including the tax consequences under state, local, estate, foreign and other tax laws and tax treaties and the possible effects of changes in U.S. or other tax laws.

**PROSPECTIVE INVESTORS IN THE CLASS A ORDINARY SHARES SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES RESULTING FROM OWNING OR DISPOSING THE CLASS A ORDINARY SHARES, INCLUDING THE APPLICABILITY AND EFFECT OF THE TAX LAWS OF ANY STATE, LOCAL, NON-US JURISDICTION, OR ANY INCOME TAX TREATY, AND ESTATE, GIFT AND INHERITANCE LAWS.**

**UNDERWRITING**

We expect to enter into an underwriting agreement dated on the date of this prospectus with the underwriters named below, for whom Maxim Group LLC is acting as the representative with respect to the Class A ordinary shares in this offering (the "Underwriting Agreement"). The underwriters may retain other brokers or dealers to act as sub-agents on its behalf in connection with this offering and may pay any sub-agent a solicitation fee with respect to any securities placed by it. Under the terms and subject to the conditions contained in the Underwriting Agreement, we have agreed to issue and sell to the Underwriter the number of shares indicated below:

---

| | |
|:---|:---|
| **Name** | **Number of Shares** |
| Maxim Group LLC |  |
| **Total** |  |

---

The underwriters and the representative are collectively referred to as the "underwriters" and the "representative", respectively. The underwriters are offering the shares subject to its acceptance of the shares from us and subject to prior sale. The Underwriting Agreement provides that the obligations of the underwriters to pay for and accept delivery of the shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the shares offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the shares covered by the Underwriter's over-allotment option described below.

**Over-Allotment Option**

We have agreed to grant to the Underwriter an over-allotment option, exercisable within 30 days after the date of this prospectus, to purchase up to an additional 468,750 Class A ordinary shares (15% of the Class A ordinary shares offered to the public) at the public offering price listed on the cover page of this prospectus, less underwriting discounts. The option may be exercised in whole or in part, and may be exercised more than once, during the 30-day option period. The Underwriter may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering contemplated by this prospectus.

**Discounts and Expenses**

The Underwriter has advised us that it proposes to offer Class A ordinary shares to the public at the public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession. The Underwriter may allow, and certain dealers may reallow, a discount from the concession to certain brokers and dealers. 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 receipt and acceptance by them and subject to their right to reject any order in whole or in part.

The underwriting discount is equal to 7.5% of the public offering price on each of the Class A ordinary shares being offered, provided that for investors introduced by the Company that subscribed for Class A ordinary shares through the underwriters, such discount shall be reduced to 4.5%.

The table below shows the initial public offering price per Class A ordinary shares, underwriting discounts to be paid by us, and the 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 468,750 Class A ordinary shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** |
|  | **Per Share** | **Without Over-allotment** | **Full Exercise of Over-allotment** |
|  | US$ | US$ | US$ |
| Public offering price<sup>(1)</sup> |  |  |  |
| Underwriting discounts to be paid by us: |  |  |  |
| Proceeds, before expenses, to us |  |  |  |

---

(1) Initial
 public offering price per share is assumed as 
 per Class A ordinary share, the mid-point of the estimated public offering price range shown
 on the cover page of this prospectus.

We have agreed to reimburse the Underwriter up to a maximum of $175,000 for out-of-pocket accountable expenses in the event of a closing of this offering, and shall not exceed $87,500 in the event that there is not a closing of this offering, including, but not limited to travel, due diligence expenses, reasonable fees and expenses of its legal counsel, roadshow, and background check of the Company's principals. In addition, the Underwriter will receive a non-accountable expense allowance equal to 1.0% of the gross proceeds of this offering.

We paid an advanced expense deposit of $50,000 to the Underwriter upon the execution of the engagement letter between us and the Underwriter dated September 24, 2025 (the "Engagement Letter") 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).

Except as disclosed in this prospectus, the Underwriter has not received and will not receive from us any other item of compensation or expense in connection with this offering considered by FINRA to be underwriting compensation under FINRA Rule 5110.

We have applied to list our Class A ordinary shares on the Nasdaq Global Market under the symbol "APAT." There is no assurance that such application will be approved, and if our application is not approved, this offering may not be completed.

**Right of First Refusal**

In addition, for a period of twelve (12) months from the closing of this offering, the Company agrees to grant the Underwriter the right of first refusal to act as sole managing underwriter and sole book runner, sole placement agent, or sole sales agent, for any and all future public or private equity, equity-linked or debt (excluding commercial bank debt) offerings for which the Company retains the service of an underwriter, agent, advisor, finder or other person or entity in connection with such offering during such twelve (12) month period of the Company, or any successor to or any subsidiary of the Company. The Company shall not offer to retain any entity or person in connection with any such offering on terms more favorable than terms on which it offers to retain the Underwriter.

**Lock-up Agreements**

We have agreed that, subject to certain exceptions, we will not without the prior written consent of the underwriters, during the period ending six (6) months after the closing of the offering (the "restricted period"):

● sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of our Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of our Company, except for the shares or options issued under the Company's incentive plan;

● file or cause to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of our Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of our Company; or

● enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of our Company whether any such transaction described above is to be settled by delivery of Class A ordinary shares or such other securities, in cash or otherwise.

Each of our directors and officers named in the section "Management", and all of our existing shareholders that own 5% or more of our total outstanding shares have agreed that, subject to certain exceptions, such director, executive officer or shareholder will not, without the prior written consent of the underwriters, for a period of six (6) months after the closing of the offering:

● offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Class A ordinary shares or capital stock of our Company including any securities convertible into or exercisable or exchangeable for such Class A ordinary shares or capital stock, or

● enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such Class A ordinary shares or capital stock whether any such transaction described above is to be settled by delivery of Class A ordinary shares or such other securities, in cash or otherwise.

**Pricing of the Offering**

Prior to this offering, there has been no public market for the Class A ordinary shares. The initial public offering price will be determined by negotiations between us and the underwriters. In determining the initial public offering price, the underwriter and we expect to consider a number of factors, including:

● the information set forth in this prospectus and otherwise available to the underwriters;

● our prospects and the history and prospects for the industry in which we compete;

● an assessment of our management;

● our prospects for future earnings;

● the general condition of the securities markets at the time of this offering;

● the recent market prices of, and demand for, publicly traded securities of generally comparable companies; and

● other factors deemed relevant by the underwriters and us.

The estimated initial public offering price range set forth on the cover page of this preliminary prospectus is subject to change due to market conditions and other factors. Neither the underwriters nor we can assure investors that an active trading market will develop for our Class A ordinary shares or that the shares will trade in the public market at or above the initial public offering price.

**Indemnification**

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act. If we are unable to provide this indemnification, we will contribute to payments that the underwriters may be required to make for these liabilities.

**Listing**

We have applied to have our Class A ordinary shares approved for listing on the Nasdaq under the symbol "APAT." We make no representation that such application will be approved or that our Class A ordinary shares will trade on such market either now or at any time in the future; notwithstanding the foregoing, we will not close this offering unless such Class A ordinary shares will be so listed at completion of this offering.

**Electronic Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by Underwriter or by its affiliates. Other than the prospectus in electronic format, the information on the Underwriter's website and any information contained in any other website maintained by it is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the Underwriter in its capacity as an underwriter, and should not be relied upon by investors. The Class A ordinary shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations.

**No Prior Public Market**

Prior to this offering, there has been no public market for our securities and the public offering price for our Class A ordinary shares will be determined through negotiations between us and the Underwriter. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the Underwriter believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant. The offering price for our Class A ordinary shares in this offering has been arbitrarily determined by the Company in its negotiations with the underwriters and does not necessarily bear any direct relationship to the assets, operations, book or other established criteria of value of the Company.

**Offers Outside the United States**

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the Class A ordinary shares offered by this prospectus in any jurisdiction where action for that purpose is required. The Class A ordinary shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such Shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Class A ordinary shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**Price Stabilization, Short Positions**

In connection with this offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of our Class A ordinary shares. Specifically, the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of shares available for purchase by the underwriters under option to purchase additional shares. The underwriters can close out a covered short sale by exercising the option to purchase additional shares or purchasing shares in the open market. In determining the source of shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of shares compared to the price available under the option to purchase additional shares. The underwriters may also sell shares in excess of the option to purchase additional shares, creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors who purchase in the offering.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing our Class A ordinary shares in this offering because such underwriter repurchases those shares in stabilizing or short covering transactions.

Finally, the underwriters may bid for, and purchase, our Class A ordinary shares in market making transactions, including "passive" market making transactions as described below.

These activities may stabilize or maintain the market price of our Class A ordinary shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice. These transactions may be effected on the Nasdaq, in the over-the-counter market, or otherwise.

**Selling Restrictions**

No action may be taken in any jurisdiction (except in the United States) that would permit a public offering of the Class A ordinary shares, or the possession, circulation or distribution of this prospectus in any jurisdiction where action for that purpose is required. Accordingly, the Class A ordinary shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the Class A ordinary shares may be distributed or published, in or from any country or jurisdiction except under circumstances that will result in compliance with any applicable laws, rules and regulations of any such country or jurisdiction.

In addition to the public offering of the Class A ordinary shares in the United States, the underwriters may, subject to applicable foreign laws, also offer the Class A ordinary shares in certain countries and regions.

***Cayman Islands*.** This prospectus does not constitute an invitation or offer to the public in the Cayman Islands of the Class A ordinary shares, whether by way of sale or subscription. The underwriter has not offered or sold, and will not offer or sell, directly or indirectly, any Class A ordinary shares in the Cayman Islands.

***Hong Kong***. This prospectus may not be circulated or distributed in Hong Kong. Please note that the Class A ordinary shares have not been offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong), or (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the Class A ordinary shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to Class A ordinary shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder.

***People's Republic of China***. This prospectus has not been and will not be circulated or distributed in the PRC, and Class A ordinary shares may not be offered or sold, and will not be offered or sold to any person for re-offering or resale, directly or indirectly, to any resident of the PRC except pursuant to applicable laws and regulations of the PRC.

***Taiwan***. The Class A ordinary shares have not been and will not be registered or filed with, or approved by, the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be offered or sold in Taiwan through a public offering or in circumstances which constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or relevant laws and regulations that require a registration, filing or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer or sell the Class A ordinary shares in Taiwan.

***Notice to prospective investors in the European Economic Area***

In relation to each Member State of the European Economic Area (each a "Relevant Member State"), an offer to the public of our common stock may not be made in that Relevant Member State, except that an offer to the public in that Relevant Member State of our ordinary shares may be made at any time:

● To any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

● To fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

● In any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer or shares of our common stock shall result in a requirement for the publication by us or any placement agent of a prospectus pursuant to Article 3 of the Prospectus Regulation.

For the purposes of this provision, the expression an "offer to public" in relation to our ordinary shares in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and our common stock to be offered so as to enable an investor to decide to purchase our common stock, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

This European Economic Area selling restriction is in addition to any other selling restrictions set out below.

***Notice to prospective investors in France***

Neither this prospectus nor any other offering material relating to the shares described in this prospectus has been submitted to the clearance procedures of the Autorité des Marchés Financiers or of the competent authority of another member state of the European Economic Area and notified to the Autorité des Marchés Financiers. The shares have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France. Neither this prospectus nor any other offering material relating to the shares has been or will be (1) released, issued, distributed or caused to be released, issued or distributed to the public in France; or (2) used in connection with any offer for subscription or sale of the shares to the public in France.

Such offers, sales and distributions will be made in France only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 qualified investors (investisseurs estraint) and/or to a restricted circle of investors (cercle
 estraint d'investisseurs), in each case investing for their own account, all as defined
 in, and in accordance with, articles L.411-2, D.411-1, D.411-2, D.734-1, D.744-1, D.754-1
 and D.764-1 of the French Code monétaire et financier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 investment services providers authorized to engage in portfolio management on behalf of third
 parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 a transaction that, in accordance with article L.411-2-II-1° -or-2° -or 3° of
 the French Code monétaire et financier and article 211-2 of the General Regulations
 (Réglement Général) of the Autorité des Marchés Financiers,
 does not constitute a public offer (appel public á l'épargne).

The shares may be resold directly or indirectly, only in compliance with articles L.411-1, L.411-2, L412-1 and L.621-8 through L.621-8-3 of the French Code monétaire et financier.

***Notice to prospective investors in Japan***

The securities have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with all applicable laws, regulations and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in effect at the relevant time. For the purposes of this paragraph, "Japanese Person" shall mean any person resident in Japan, including any corporation or other entity organized under the laws of Japan.

***Notice to prospective investors in Korea***

The shares have not been and will not be registered under the Financial Investments Services and Capital Markets Act of Korea and the decrees and regulations thereunder (the "FSCMA"), and the shares have been and will be offered in Korea as a private placement under the FSCMA. None of the shares may be offered, sold or delivered directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to the applicable laws and regulations of Korea, including the FSCMA and the Foreign Exchange Transaction Law of Korea and the decrees and regulations thereunder (the "FETL"). Furthermore, the purchaser of the shares shall comply with all applicable regulatory requirements (including but not limited to requirements under the FETL) in connection with the purchase of the shares. By the purchase of the shares, the relevant holder thereof will be deemed to represent and warrant that if it is in Korea or is a resident of Korea, it purchased the shares pursuant to the applicable laws and regulations of Korea.

***Notice to prospective investors in Malaysia***

No prospectus or other offering material or document in connection with the offer and sale of the shares has been or will be registered with the Securities Commission of Malaysia ("Commission") for the Commission's approval pursuant to the Capital Markets and Services Act 2007. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Malaysia other than (i) a closed end fund approved by the Commission; (ii) a holder of a Capital Markets Services License; (iii) a person who acquires the shares, as principal, if the offer is on terms that the shares may only be acquired at a consideration of not less than RM250,000 (or its equivalent in foreign currencies) for each transaction; (iv) an individual whose total net personal assets or total net joint assets with his or her spouse exceeds RM3 million (or its equivalent in foreign currencies), excluding the value of the primary residence of the individual; (v) an individual who has a gross annual income exceeding RM300,000 (or its equivalent in foreign currencies) per annum in the preceding 12 months; (vi) an individual who, jointly with his or her spouse, has a gross annual income of RM400,000 (or its equivalent in foreign currencies), per annum in the preceding 12 months; (vii) a corporation with total net assets exceeding RM10 million (or its equivalent in a foreign currencies) based on the last audited accounts; (viii) a partnership with total net assets exceeding RM10 million (or its equivalent in foreign currencies); (ix) a bank licensee or insurance licensee as defined in the Labuan Financial Services and Securities Act 2010; (x) an Islamic bank licensee or takaful licensee as defined in the Labuan Financial Services and Securities Act 2010; and (xi) any other person as may be specified by the Commission; provided that, in the each of the preceding categories (i) to (xi), the distribution of the shares is made by a holder of a Capital Markets Services License who carries on the business of dealing in securities. The distribution in Malaysia of this prospectus is subject to Malaysian laws. This prospectus does not constitute and may not be used for the purpose of public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase any securities requiring the registration of a prospectus with the Commission under the Capital Markets and Services Act 2007.

***Notice to prospective investors in Singapore***

The securities represented may not be offered or sold, nor may any document or other material in connection with such securities be distributed, either directly or indirectly, (i) to persons in Singapore other than under circumstances in which such offer or sale does not constitute an offer or sale of such securities to the public in Singapore or (ii) to the public or any member of the public in Singapore other than pursuant to, and in accordance with the conditions of, an exemption invoked under division 5a or part iv of the companies act, chapter 50 of Singapore and to persons to whom the securities may be offered or sold under such exemption.

***Notice to prospective investors in United Kingdom***

None of our common stock have been offered or will be offered to the public in the United Kingdom except that our common stock may be offered to the public in the United Kingdom at any time:

● To any legal entity which is a qualified investor as defined in as defined under Article 2 of the UK Prospectus Regulation;

● To fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

● In any other circumstances falling within Section 86 of the FSMA,

provided that no such offer or shares of our common stock shall result in a requirement for the publication by us or any placement agent of a prospectus pursuant to Section 85 of the FSMA.

For the purposes of this provision, the expression an "offer to public" in relation to our common stock in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and our common stock to be offered so as to enable an investor to decide to purchase our common stock, and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, and the expression "FSMA" means the Financial Services and Markets Act 2000.

In addition, in the United Kingdom, this prospectus is only addressed to and directed as qualified investors who are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, or the Order or (ii) high net worth entities and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order, with all such persons together being referred to as relevant persons. Any investment or investment activity to which this prospectus relates is available only to relevant persons and will only be engaged with relevant persons. Any person who is not a relevant person should not act or rely on this prospectus or any of its contents.

***Notice to prospective investors in the Russian Federation***

This prospectus or information contained therein is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities in the Russian Federation to or for the benefit of any Russian person or entity, and does not constitute an advertisement or offering of any securities in the Russian Federation within the meaning of Russian securities laws. Information contained in this prospectus is not intended for any persons in the Russian Federation who are not "qualified investors" within the meaning of Article 51.2 of the Federal Law no. 39-FZ dated 22 April 1996 "On the securities market" (as amended) ("Russian QIs") and must not be distributed or circulated into the Russian Federation or made available in the Russian Federation to any persons who are not Russian QIs, unless and to the extent they are otherwise permitted to access such information under Russian law.

***Notice to prospective investors in Kazakhstan***

This prospectus does not constitute an offer, or an invitation to make offers, to sell, purchase, exchange or otherwise transfer shares in Kazakhstan to or for the benefit of any Kazakhstan person or entity, except for those persons or entities that are capable to do so under the legislation of the Republic of Kazakhstan and any other laws applicable to such capacity of such persons or entities. This prospectus shall not be construed as an advertisement (i.e., information intended for an unlimited group of persons which is distributed and placed in any form and aimed to create or maintain interest in the Company and its merchandise, trademarks, works, services and/or its securities and promote their sales) in, and for the purpose of the laws of, Kazakhstan, unless such advertisement is in full compliance with Kazakhstan laws.

***Notice to prospective investors in Israel***

In the State of Israel this prospectus shall not be regarded as an offer to the public to purchase shares under the Israeli Securities Law, 5728—1968, which requires a prospectus to be published and authorized by the Israel Securities Authority, if it complies with certain provisions of Section 15 of the Israeli Securities Law, 5728—1968, including, inter alia, if: (i) the offer is made, distributed or directed to not more than 35 investors, subject to certain conditions (the "Addressed Investors") or (ii) the offer is made, distributed or directed to certain qualified investors defined in the First Addendum of the Israeli Securities Law, 5728—1968, subject to certain conditions (the "Qualified Investors"). The Qualified Investors shall not be taken into account in the count of the Addressed Investors and may be offered to purchase securities in addition to the 35 Addressed Investors. The Company has not and will not take any action that would require it to publish a prospectus in accordance with and subject to the Israeli Securities Law, 5728—1968. We have not and will not distribute this prospectus or make, distribute or direct an offer to subscribe for our shares to any person within the State of Israel, other than to Qualified Investors and up to 35 Addressed Investors.

Qualified Investors may have to submit written evidence that they meet the definitions set out in of the First Addendum to the Israeli Securities Law, 5728—1968. In particular, we may request, as a condition to be offered shares, that each Qualified Investor will represent, warrant and certify to us and/or to anyone acting on our behalf: (i) that it is an investor falling within one of the categories listed in the First Addendum to the Israeli Securities Law, 5728—1968; (ii) which of the categories listed in the First Addendum to the Israeli Securities Law, 5728—1968 regarding Qualified Investors is applicable to it; (iii) that it will abide by all provisions set forth in the Israeli Securities Law, 5728—1968 and the regulations promulgated thereunder in connection with the offer to be issued shares; (iv) that the shares that it will be issued are, subject to exemptions available under the Israeli Securities Law, 5728—1968: (a) for its own account; (b) for investment purposes only; and (c) not issued with a view to resale within the State of Israel, other than in accordance with the provisions of the Israeli Securities Law, 5728—1968; and (v) that it is willing to provide further evidence of its Qualified Investor status. Addressed Investors may have to submit written evidence in respect of their identity and may have to sign and submit a declaration containing, inter alia, the Addressed Investor's name, address and passport number or Israeli identification number.

***Notice to prospective investors in the United Arab Emirates***

This prospectus has not been reviewed, approved or licensed by the Central Bank of the United Arab Emirates (the ''UAE''), the Securities and Commodities Authority (the ''SCA'') or any other relevant licensing authority in the UAE (including any licensing authority incorporated under the laws and regulations of any of the free zones established and operating in the UAE including, without limitation, the DFSA, a regulatory authority of the Dubai International Financial Centre and the Financial Services Marketing Authority of the Abu Dhabi Global Market), and does not constitute a public offer of securities in the UAE in accordance with the Commercial Companies Law, Federal Law No. 1 of 2015 (as amended) or otherwise, does not constitute an offer in the UAE in accordance with the SCA Chairman Resolution No. 3/R.M. of 2017 Concerning the Regulation of Promotion and Introduction, and further does not constitute the brokerage of securities in the UAE in accordance with the Board Decision No. 27 of 2014 Concerning Brokerage in Securities.

This prospectus is not intended to, and does not, constitute an offer, sale or delivery of shares or other securities under the laws of the UAE. Each underwriter has represented and agreed that the shares have not been and will not be registered with the SCA or the UAE Central Bank, the Dubai Financial Market, the Abu Dhabi Securities Market or any other UAE regulatory authority or exchange. The issue and/or sale and/or marketing of the shares has not been approved or licensed by the SCA, the UAE Central Bank or any other relevant licensing authority in the UAE. The SCA accepts no liability in relation to the marketing, issuance and/or sale of the shares and is not making any recommendation with respect to any investment. Nothing contained in this prospectus is intended to constitute UAE investment, legal, tax, accounting or other professional advice. This prospectus is for the information of prospective investors only and nothing in this prospectus is intended to endorse or recommend a particular course of action. Prospective investors should consult with an appropriate professional for specific advice rendered on the basis of their situation.

***Notice to prospective investors in the Dubai International Financial Centre ("DIFC")***

This prospectus relates to an Exempt Offer as that term is defined in Article 14(3)(a) of the DIFC Markets Law 2012 (as amended) and Rule 2.3 of the Markets Rulebook of the Dubai Financial Services Authority ("DFSA"). This prospectus Supplement is intended for distribution only to persons of a type specified in Rules 2.3.1(a) and 2.3.1(b) of the DFSA Markets Rulebook. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents relating to Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The securities to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. If you do not understand the contents of this prospectus, you should consult an authorized financial advisor.

***Notice to prospective investors in United Arab Emirates Outside of the DIFC and the ADGM***

This prospectus has not been reviewed, approved, or licensed by the Securities and Commodities Authority ("SCA") and does not constitute a public offering of securities in the UAE as that term is defined in SCA Chairman Resolution No. 13/R.M. of 2021 Concerning the Regulations Manual of the Financial Activities and Status Regularization Mechanisms Rulebook ("SCA Rulebook"). This Prospectus Supplement will only be made available on an exempt Private Offering basis pursuant to Article 6, Chapter 5, of Section 3 of the SCA Rulebook to Professional Investors or Counterparties, as each of the terms is defined in the SCA Rulebook, respectively, or on a reverse solicitation basis. Nothing in this Prospectus Supplement constitutes the provision of any type of financial service engagement in any of the financial activities set out in Article 1, Chapter 2 of the SCA Rulebook.

The SCA accepts no liability in relation to the marketing, issuance and/or sale of the shares and is not making any recommendation with respect to any investment. Nothing contained in this prospectus is intended to constitute UAE investment, legal, tax, accounting or other professional advice. This prospectus is for the information of prospective investors only and nothing in this prospectus is intended to endorse or recommend a particular course of action. Prospective investors should consult with an appropriate professional for specific advice rendered on the basis of their situation.

***Notice to prospective investors in Abu Dhabi Global Market ("ADGM")***

This Prospectus Supplement relates to an Exempt Offer as that term is defined in Rule 4.3.1 of the Markets Rulebook of the Financial Services Regulatory Authority ("FSRA"). This Prospectus Supplement is intended for distribution only to persons of a type specified in 4.3.1 of the FSRA Markets Rulebook. It must not be delivered to, or relied on by, any other person. The FSRA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The FSRA has not approved this Prospectus Supplement nor taken steps to verify the information set forth herein and has no responsibility for the Prospectus Supplement. The Common Shares to which this Prospectus Supplement relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the Common Shares offered should conduct their own due diligence on the Common Shares. If you do not understand the contents of this Prospectus Supplement you should consult an authorized financial advisor.

 ****

***Notice to prospective investors in Switzerland***

The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the securities or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering or marketing material relating to the offering, or the securities have been or will be filed with or approved by any Swiss regulatory authority. This document will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, and the offer of securities has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes, or CISA. The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of securities.

***Notice to prospective investors in Canada***

The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

***Notice to prospective investors in Australia***

No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001, or the Corporations Act, and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

Any offer in Australia of the securities may only be made to persons, or the Exempt Investors, who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the securities without disclosure to investors under Chapter 6D of the Corporations Act.

The securities applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring securities must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances and, if necessary, seek expert advice on those matters.

**EXPENSES RELATED TO THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding underwriting discounts and commissions, expected to be incurred in connection with the offer and sale of the Class A ordinary shares by us. With the exception of the SEC registration fee, Nasdaq listing fee and the Financial Industry Regulatory Authority Inc. filing fee, all amounts are estimates.

---

| | | |
|:---|:---|:---|
| SEC registration fee | US$ | 4467 |
| Nasdaq entry and listing fee |  | 325000 |
| Financial Industry Regulatory Authority Inc. filing fee |  | 5675 |
| Printing and engraving expenses |  | 25000 |
| Legal fees and expenses |  | 649233 |
| Accounting fees and expenses |  | 40000 |
| Transfer agent expenses |  | 3145 |
| Miscellaneous |  | 88000 |
| **Total** | **US$** | **1140520**  |

---

We will bear these expenses and the underwriting discounts and commissions incurred in connection with the offer and sale of the Class A ordinary shares by us.

**LEGAL MATTERS**

We are being represented by DLA Piper UK LLP with respect to certain legal matters as to United States federal securities and New York State law. The underwriters are represented by Robinson & Cole LLP with respect to certain legal matters as to United States federal securities law and New York State law. The validity of the Class A ordinary shares and certain legal matters relating to the offering as to Cayman Islands law will be passed upon for us by Conyers Dills & Pearman. DLA Piper UK LLP may rely upon Conyers Dills & Pearman with respect to matters governed by Cayman Islands law. Certain legal matters as to Hong Kong law will be passed upon for us by DLA Piper Hong Kong.

**EXPERTS**

The consolidated financial statements of AsiaPac AdTechinno Group Limited, as of March 31, 2025 and 2024, and for the fiscal years ended March 31, 2025 and 2024, included in this prospectus have been so included in reliance on the report of MaloneBailey, LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The office of MaloneBailey, LLP is located at 10370 Richmond Avenue, Suite 600, Houston, Texas 77042.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules under the Securities Act with respect to underlying Class A ordinary shares represented by the Class A ordinary shares, to be sold in this offering. This prospectus, which constitutes a part of the registration statement, does not contain all of the information contained in the registration statement. You should read the registration statements on Form F-1 and their exhibits and schedules for further information with respect to us and our Class A ordinary shares.

Immediately upon completion of this offering, we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. You may also obtain additional information over the Internet at the SEC's website at *www.sec.gov*.

As a foreign private issuer, (i) we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders, (ii) our executive officers and directors are exempt from the short-swing rules contained in Section 16 of the Exchange Act, and (iii) our principal shareholders are exempt from the reporting and short-swing rules contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Contents** | **Page** |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#f_001) | F-2 |
| [CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2025 AND 2024](#f_002) | F-3 |
| [CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEARS ENDED MARCH 31, 2025 AND 2024](#f_003) | F-4 |
| [CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEARS ENDED MARCH 31, 2025 AND 2024](#f_004) | F-5 |
| [CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2025 AND 2024](#f_005) | F-6 |
| [NOTES TO CONSOLIDATED FINANCIAL STATEMENTS](#f_006) | F-7 |
| [CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2025 AND MARCH 31, 2025 (UNAUDITED)](#F_001) | F-27 |
| [CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)](#F_002) | F-28 |
| [CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)](#F_003) | F-29 |
| [CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)](#F_004) | F-30 |
| [NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS](#F_005) | F-31 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of

AsiaPac AdTechinno Group Limited

***Opinion on the Financial Statements***

We have audited the accompanying consolidated balance sheets of AsiaPac AdTechinno Group Limited and its subsidiaries (the "Company") as of March 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive income, shareholders' equity, and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

 ****

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

*/s/ MaloneBailey, LLP*

www.malonebailey.com

We have served as the Company's auditor since 2025.

Houston, Texas

November 7, 2025

**ASIAPAC ADTECHINNO GROUP LIMITED**

**CONSOLIDATED BALANCE SHEETS**

**(In U.S. Dollar, except for share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| **Current assets:** |  |  |
| Cash and cash equivalents | $5147186 | $6084381 |
| Restricted cash | 418852 | 427031 |
| Accounts receivable, net | 3135193 | 2295950 |
| Contract assets, net | 2729429 | 2915530 |
| Advance to suppliers | 811961 | 33280 |
| Prepaid expenses and other current assets | 469629 | 443170 |
| Amounts due from a related party | - | 164870 |
| **Total current assets** | **12712250** | **12364212** |
| **Non-current assets:** |  |  |
| Property and equipment, net | 392574 | 1034068 |
| Intangible assets, net | 3797891 | 2584498 |
| Operating lease right-of-use assets | 297025 | 249871 |
| Operating lease right-of-use assets - related parties | 516470 | 546833 |
| Deferred tax assets, net | 1044854 | 995394 |
| Other non-current assets | 331707 | 429221 |
| **Total non-current assets** | **6380521** | **5839885** |
| **TOTAL ASSETS** | $19092771 | $18204097 |
| **Liabilities and Shareholders' Equity** |  |  |
| **Current liabilities:** |  |  |
| Accounts payable | $1657121 | $1162185 |
| Short-term borrowings | 531075 |  |
| Advance from customers | 2212826 | 2419069 |
| Amounts due to related parties |  | 330498 |
| Accrued expenses and other current liabilities | 1200455 | 1212612 |
| Dividends payable | 2347442 |  |
| Income tax payable | 307740 | 308375 |
| Operating lease liabilities, current | 221861 | 222985 |
| Operating lease liabilities, current - related parties | 207250 | 355745 |
| **Total current liabilities** | **8685770** | **6011469** |
| **Non-current liabilities:** |  |  |
| Operating lease liabilities, non-current | 72802 | 34626 |
| Operating lease liabilities, non-current - related parties | 297653 | 151987 |
| Other non-current liabilities | 57841 | 99413 |
| Deferred tax liabilities, net | 758355 | 687842 |
| **Total non-current liabilities** | **1186651** | **973868** |
| **TOTAL LIABILITIES** | **9872421** | **6985337** |
| **Shareholders' equity** |  |  |
| Class A ordinary shares ($0.0001 par value, 160,000,000 shares authorized; 21,600,000 shares issued and outstanding as of March 31, 2025 and 2024)\* | 2160 | 2160 |
| Class B ordinary shares ($0.0001 par value, 40,000,000 shares authorized; 3,600,000 shares issued and outstanding as of March 31, 2025 and 2024)\* | 360 | 360 |
| Subscription receivables\* | (2520) | (2520) |
| Additional paid-in capital\* | 708699 | 636685 |
| Statutory reserves | 21457 | 8075 |
| Retained earnings | 8651169 | 10700699 |
| Accumulated other comprehensive loss | (160807) | (123502) |
| **Total AsiaPac AdTechinno Group Limited shareholders' equity** | **9220518** | **11221957** |
| Non-controlling interests | (168) | (3197) |
| **Total shareholders' equity** | **9220350** | **11218760** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $19092771 | $18204097 |

---

\* Retrospectively restated for effect of Reorganization completed in October 2025 (see Note 1).

The accompanying notes are an integral part of these consolidated financial statements.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**(In U.S. Dollar, except for share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| **Revenues, net** | $38937333 | $34115276 |
| Cost of revenues | (28775430) | (24021301) |
| **Gross profit** | **10161903** | **10093975** |
| **Operating expenses:** |  |  |
| Selling and marketing expenses | (3888597) | (3129784) |
| General and administrative expenses | (3822158) | (3277061) |
| Research and development expenses | (491319) | (450530) |
| **Total operating expenses** | **(8202074)** | **(6857375)** |
| **Income from operations** | **1959829** | **3236600** |
| **Other income (expenses):** |  |  |
| Interest income | 37696 | 30878 |
| Government grants | 643833 | 22089 |
| Other income, net | 128850 | 66996 |
| **Total other income** | **810379** | **119963** |
| **Income before income taxes** | **2770208** | **3356563** |
| Income tax expense | (314239) | (278338) |
| **Net income** | **2455969** | **3078225** |
| Less: net income (loss) attributable to non-controlling interests | 2469 | (281) |
| **Net income attributable to AsiaPac AdTechinno Group Limited** | $**2453500** | $**3078506** |
| **Net income** | $**2455969** | $**3078225** |
| **Other comprehensive loss:** |  |  |
| Foreign currency translation adjustment | (36745) | (102977) |
| **Total comprehensive income** | **2419224** | **2975248** |
| Less: total comprehensive income (loss) attributable to non-controlling interests | 3029 | (531) |
| **Comprehensive income attributable to AsiaPac AdTechinno Group Limited** | $**2416195** | $**2975779** |
| **Earnings per share attributable to AsiaPac AdTechinno Group Limited** |  |  |
| Basic and Diluted\* | $0.10 | $0.12 |
| **Weighted average number of ordinary shares outstanding** |  |  |
| Basic and Diluted\* | 25200000 | 25200000 |

---

\* Retrospectively restated for effect of Reorganization completed in October 2025 (see Note 1).

The accompanying notes are an integral part of these consolidated financial statements.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

**(In U.S. Dollar, except for share data, or otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A**<br> **Ordinary**<br> **Shares\*** | **Class A**<br> **Ordinary**<br> **Shares\*** | **Class B**<br> **Ordinary**<br> **Shares\*** | **Class B**<br> **Ordinary**<br> **Shares\*** | **Subscription** | **Additional**<br> **Paid-in** | **Statutory** | **Retained** | **Accumulated Other**<br> **Comprehensive** | **Total AdTechinno Group Limited**<br> **Shareholders'** | **Non-controlling** | **Total**<br> **Shareholders'** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Receivables\*** | **Capital\*** | **Reserves** | **Earnings** | **Loss** | **Equity** | **Interests** | **Equity** |
| **Balance as of March 31, 2023** | 21600000 | $2160 | 3600000 | $360 | $(2520) | $38 | $8075 | $8258840 | $(20775) | $8246178 | $(2666) | $8243512 |
| Net income |  |  |  |  |  |  |  | 3078506 |  | 3078506 | (281) | 3078225 |
| Capital increase from retained earnings |  |  |  |  |  | 636647 |  | (636647) |  |  |  |  |
| Foreign currency translation adjustment | - | - | - | - | - | - | - | - | (102727) | (102727) | (250) | (102977) |
| **Balance as of March 31, 2024** | **21600000** | **2160** | **3600000** | **360** | **(2520)** | **636685** | **8075** | **10700699** | **(123502)** | **11221957** | **(3197)** | **11218760** |
| Net income |  |  |  |  |  |  |  | 2453500 |  | 2453500 | 2469 | 2455969 |
| Appropriation of statutory reserves |  |  |  |  |  |  | 13382 | (13382) |  |  |  |  |
| Capital increase from retained earnings |  |  |  |  |  | 92416 |  | (92416) |  |  |  |  |
| Deemed distribution in connection with disposal of property and equipment |  |  |  |  |  | (20402) |  |  |  | (20402) |  | (20402) |
| Cash dividends declared |  |  |  |  |  |  |  | (4397232) |  | (4397232) |  | (4397232) |
| Foreign currency translation adjustment | - | - | - | - | - | - | - | - | (37305) | (37305) | 560 | (36745) |
| **Balance as of March 31, 2025** | **21600000** | $**2160** | **3600000** | $**360** | $**(2520)** | $**708699** | $**21457** | $**8651169** | $**(160807)** | $**9220518** | $**(168)** | $**9220350** |

---

\* Retrospectively restated for effect of Reorganization completed in October 2025 (see Note 1).

The accompanying notes are an integral part of these consolidated financial statements.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In U.S. Dollar, except for share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| Net income | $2455969 | $3078225 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| Depreciation of property and equipment | 168808 | 178459 |
| Amortization of intangible assets | 1310 | 776 |
| Amortization of operating lease right-of-use assets | 751006 | 652771 |
| Allowance for credit losses | 35848 | 12273 |
| Deferred income taxes | 4579 | (106567) |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable, net | (877516) | (36555) |
| Contract assets, net | 187669 | (656539) |
| Advance to suppliers | (465186) | 113345 |
| Prepaid expenses and other current assets | (61882) | (37909) |
| Other non-current assets | 96527 | 7973 |
| Accounts payable | 744008 | (30553) |
| Advance from customers | (173550) | 608447 |
| Accrued expenses and other current liabilities | (12157) | 201673 |
| Income tax payable | 9943 | 79910 |
| Operating lease liabilities | (694779) | (696968) |
| Other non-current liabilities | (41572) | 17764 |
| **Net cash provided by operating activities** | **2129025** | **3386525** |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| Purchase of property and equipment | (125615) | (108649) |
| Capitalized internal-use software costs | (1214917) | (1242880) |
| Advances to a related party |  | (378805) |
| Repayments from a related party |  | 976919 |
| Proceeds from disposal of property and equipment | 224492 | - |
| **Net cash used in investing activities** | **(1116040)** | **(753415)** |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| Distribution of dividends | (1528261) |  |
| Repayments to related parties | (331357) | (119712) |
| Borrowings from a related party | - | 51121 |
| **Net cash used in financing activities** | **(1859618)** | **(68591)** |
| Effect of exchange rate changes on cash and cash equivalents, and restricted cash | (98741) | (108052) |
| Net change in cash and cash equivalents, and restricted cash | (945374) | 2456467 |
| Cash and cash equivalents, and restricted cash at beginning of the year | 6511412 | 4054945 |
| **Cash and cash equivalents, and restricted cash at end of the year** | $**5566038** | $**6511412** |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |  |
| Cash paid for interest expense | $3136 | $- |
| Cash paid for income taxes | $262198 | $343864 |
| **SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:** |  |  |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $555684 | $175716 |
| Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications | $218540 | $30810 |
| Deemed distribution in connection with disposal of property and equipment | $20402 | $- |
| Dividends declared | $4397232 | $- |
| Receivables from related parties settled with dividends payable | $519816 | $- |
| Bank loans assumed with vendor payments | $531075 | $- |
| **Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets** |  |  |
| Cash and cash equivalents | $5147186 | $6084381 |
| Restricted cash | 418852 | 427031 |
| **Total cash, cash equivalents and restricted cash** | $**5566038** | $**6511412** |

---

The accompanying notes are an integral part of these consolidated financial statements.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**1.** **ORGANIZATION AND PRINCIPAL ACTIVITIES** 

***(a)***  ***Principal activities*** 

AsiaPac AdTechinno Group Limited (the "Company" or "AsiaPac Cayman") was incorporated under the laws of the Cayman Islands on June 30, 2025 as an exempted company with limited liability. The Company, through its operating subsidiaries located in Hong Kong, Taiwan, Mainland China, Singapore, Malaysia, Thailand, and other jurisdictions (collectively referred to as the "Group"), is primarily engaged in the provision of online and offline integrated digital marketing services. The Group delivers a comprehensive range of data-driven marketing solutions, including programmatic advertising, search engine marketing ("SEM"), influencer ("KOL") campaigns, social media marketing, Out-of-Home ("OOH") and programmatic digital Out-of-Home ("PDOOH") advertising, supporting cross-border and localized digital strategies for customers across the Asia-Pacific region.

***(b)***  ***Reorganization*** 

In anticipation of an initial public offering ("IPO") of its equity securities, the Group undertook a reorganization (the "Reorganization") of its corporate structure, which was completed in October 2025, in the following steps:

● As part of the Reorganization, AsiaPac Cayman was incorporated on June 30, 2025 by Oriental Brilliance Investment Limited, controlled by Mr. Chan Chor Koon and Ms. Chong Siu Nuen, together with Greennine Limited, controlled by Mr. Chan Chor Wai;

● AsiaPac AdTechinno Investment Limited ("AsiaPac BVI") was incorporated as a wholly-owned subsidiary of AsiaPac Cayman on July 16, 2025, with all of its shares subscribed and fully paid by AsiaPac Cayman upon incorporation;

● On July 27, 2025, AsiaPac Net Media Limited ("AsiaPac HK") allotted and issued 9,700 ordinary shares to AsiaPac BVI, whereby AsiaPac BVI acquired 97% of the equity interests in AsiaPac HK, resulting in the 300 ordinary shares held by the original three individual shareholders (Mr. Chan Chor Koon, Ms. Chong Siu Nuen and Mr. Chan Chor Wai, 100 ordinary shares each) being diluted to 3%. Subsequently, on October 16, 2025, the remaining 3% equity interests held by the three individual shareholders in AsiaPac HK were transferred to AsiaPac BVI, resulting in AsiaPac BVI holding 100% of the equity interests in AsiaPac HK. As a result, AsiaPac Cayman became the sole shareholder of AsiaPac HK through AsiaPac BVI, thereby consolidating 100% ownership of AsiaPac HK.

● On October 29, 2025, the Group issued 12,600,000 Class A ordinary shares and 2,100,000 Class B ordinary shares at US$0.0001 per share to Oriental Brilliance Investment Limited and Greennine Limited, for a total consideration of US$1,470.

Upon the completion of the above Reorganization, the Company became the ultimate holding company of all entities mentioned above. The Group is effectively controlled by the same group of controlling shareholders before and after the Reorganization; therefore, the Reorganization is considered as a recapitalization of these entities under common control. The consolidation of the Company and its subsidiaries has been accounted for at historical amount 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.

As of March 31, 2025, the principal subsidiaries and branch of the Group are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Date of <br> Incorporation** | **Place of <br> Incorporation** | **Percentage of <br> Effective <br> Ownership** | **Principal <br> Activities** |
| AsiaPac AdTechinno Investment Limited | July 16, 2025 | The British Virgin Islands ("BVI") | 100% | Investment holding |
| AsiaPac Net Media Limited | January 9, 1996 | Hong Kong | 100% | Digital marketing services |
| AsiaPac Net Media Limited Taiwan Branch ("AsiaPac TW") | June 26, 2013 | Taiwan | 100% | Digital marketing services |
| AsiaPac Net Technology (Shenzhen) Limited | February 26, 2001 | PRC | 100% | Digital marketing services |
| AdTech Innovation Pte. Limited ("AdTech SG") | October 14, 2019 | Singapore | 100% | Digital marketing services |

---

 ****

 ****

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

 ****

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

***(a)***  ***Basis of presentation*** 

 ****

The accompanying consolidated financial statements are 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").

***(b)***  ***Basis of consolidation*** 

 ****

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

***(c)***  ***Use of estimates*** 

 ****

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods in the consolidated financial statements and accompanying notes. These estimates are based on information available as of the date of the consolidated financial statements. Significant accounting estimates include, but not limited to, allowance for credit losses, useful lives and impairment of long-lived assets, implicit interest rate of operating leases, uncertain tax positions and valuation allowance for deferred tax assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates.

***(d)***  ***Foreign currency*** 

 ****

The Group's reporting currency is United States dollars ("US$" or "$"). The Group's subsidiaries incorporated in various jurisdictions generally use their respective local currencies as their functional currencies, including Hong Kong Dollars ("HKD"), Renminbi ("RMB"), New Taiwan Dollars ("TWD"), Singapore Dollars ("SGD"), Malaysian Ringgit ("MYR"), Japanese Yen ("JPY"), Korean Won ("KRW"), Thai Baht ("THB"), Vietnamese Dong ("VND"), Macanese Pataca ("MOP") and Indian Rupees ("INR"). Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in other income (expenses) in the consolidated statements of operations and comprehensive income (loss). The accompanying consolidated financial statements have been expressed in US$.

In accordance with Accounting Standards Codification ("ASC") Topic 830-30, "Translations of Financial Statements", assets and liabilities of the Group's subsidiaries whose functional currency are not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues, cost of revenues and expenses are translated at average rates prevailing during the reporting period. The gains and losses resulting from the translation of financial statements are recorded as a separate component of accumulated other comprehensive income (loss) within the statements of changes in shareholders' equity.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(e)***  ***Cash and cash equivalents*** 

 ****

Cash and cash equivalents consist of cash on hand and deposits in banks and other financial institutions that are unrestricted as to withdrawal or use, and which have original maturities of three months or less. As of March 31, 2025 and 2024, substantially all of the Group's cash was held in banks or other reputable financial institutions located in Hong Kong, Taiwan, mainland China, etc.

***(f)***  ***Restricted cash*** 

 ****

Restricted cash mainly consists of credit card deposits or bank deposits pledged for credit card limits, which are not available for general use by the Group.

***(g)***  ***Allowance for Credit Losses*** 

 ****

On April 1, 2022, the Group adopted Accounting Standard Updates ("ASU") No. 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement on Credit Losses on Financial Instruments".

The Group's accounts receivable, contract assets, rebates receivable, lease security deposits, and other receivables are within the scope of ASU No. 2016-13. The Group has identified the relevant risk characteristics of its customers and the above-mentioned accounts, which include size, types of services the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit losses experience, and current economic conditions in assessing the lifetime expected credit losses. Additionally, external data and macroeconomic factors are considered. The Group provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected. The balance of these financial assets is written off after all collection efforts have been exhausted.

For the years ended March 31, 2025 and 2024, the Group recorded expected credit losses on accounts receivable of US$37,416 and US$5,805, respectively; and the Group reversed expected credit losses on contract assets of US$1,568 and recorded expected credit losses on contract assets of US$6,468, respectively.

***(h)***  ***Accounts receivable, net*** 

 ****

Accounts receivable, net are stated at the original amount less allowances for expected credit losses. Accounts receivable are recognized in the period when the Group has provided services to its customers and when its right to consideration is unconditional. The Group's accounts receivable balances are unsecured, non-interest bearing and are generally due within a year from the date of the sale.

***(i)***  ***Advance to suppliers*** 

Advance to suppliers represents prepayments made to suppliers for media placement services to be received in the future. These prepayments are amortized to expense on a ratable basis over the future period to be benefitted, which is generally within a year from the date of payment.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(j)***  ***Property and equipment, net*** 

 ****

Property and equipment, net are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis over the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Depreciation expenses are included in general and administrative expenses. Estimated useful lives are as follows:

---

| | |
|:---|:---|
| **Category** | **Estimated useful lives** |
| Electronics and office equipment | 3 - 5 years |
| Leasehold improvements | Shorter of lease term or<br> estimated useful life of the asset |
| Building | 20 years |

---

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income.

***(k)***  ***Intangible assets, net*** 

 ****

Intangible assets, net with finite useful lives are carried at cost less accumulated amortization and any recorded impairment.

Intangible assets mainly include capitalized software development costs. The Group capitalizes certain software development costs related to the internally used AI-SaaS platforms during the application development stage. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.

As of March 31, 2025, the AI-SaaS platforms were not yet ready for their intended use. Subsequently, the Group launched three SaaS platforms in May, July and September 2025, respectively, with one platform still in development. The estimated useful life for these completed platforms is 5 years, which will be periodically reassessed based on considerations for obsolescence, technology, competition, and other economic factors.

Other intangible assets are amortized on a straight-line basis over the estimated economic useful lives of the respective assets. Estimated useful lives are as follows:

---

| | |
|:---|:---|
| **Category** | **Estimated useful lives** |
| Completed platforms | 5 years |
| Software | 3 years |
| Trademark license rights | 10 years |

---

***(l)***  ***Impairment of long-lived assets*** 

 ****

The Group reviews its long-lived assets, include property and equipment, intangible assets and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets. For the years ended March 31, 2025 and 2024, no impairment of long-lived assets was recognized.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(m)***  ***Fair value measurement*** 

 ****

The Group performs fair value measurements in accordance with ASC Topic 820. 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.

ASC Topic 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are:

● Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets;

● Level 2—Include other inputs other than quoted prices in active market included within Level 1 that are directly or indirectly observable; and

● Level 3—Unobservable inputs which are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.

As of March 31, 2025 and 2024, the carrying values of current assets and current liabilities approximated their fair values reported in the consolidated balance sheets due to the short-term maturities of these instruments.

 

***(n)***  ***Leases - Lessee*** 

 ****

At inception or modification of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Group assesses whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all of the economic benefits from the use of the asset and whether it has the right to control the use of the asset.

The Group classifies its leases as either finance or operating leases. If a lease meets any of the following criteria, the Group accounts for it as a finance lease; otherwise, the Group accounts for it as an operating lease.

&nbsp;&nbsp;&nbsp;&nbsp;(i) ownership
 is transferred from lessor to lessee by the end of the lease term;

(ii) an
 option to purchase is reasonably certain to be exercised;

(iii) the
 lease term is for the major part of the underlying asset's remaining economic life;

(iv) the
 present value of lease payments equals or exceeds substantially all of the fair value of
 the underlying assets; or

(v) the
 underlying asset is specialized and is expected to have no alternative use at the end of
 the lease term.

The Group recognizes right-of-use assets and lease liabilities for all leases other than those with a term of twelve months or less as the Group has elected to apply the short-term lease recognition exemption. Right-of-use assets represent the Group's right to use an underlying asset for the lease term. Lease liabilities represent the Group's obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are classified and recognized at the commencement date of a lease. Lease liabilities are measured based on the present value of fixed lease payments over the lease term. Right-of-use assets consist of (i) initial measurement of the lease liability; (ii) lease payments made to the lessor at or before the commencement date less any lease incentives received; and (iii) initial direct costs incurred by the Group. Lease term includes rent holidays and options to extend or terminate the lease when the Group is reasonably certain that the Group will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term by adding interest expense determined using the effective interest method to the amortization of the operating lease right-of-use assets.

As the rates implicit on the Group's leases for which it is the lessee are not readily determinable, the Group uses its incremental borrowing rate based on information available at the commencement date in determining the present value of lease payments. When determining the incremental borrowing rate, the Group assesses multiple variables such as lease term, collateral, economic conditions, and its creditworthiness.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(o)***  ***Revenue recognition*** 

 ****

The Group recognizes revenues pursuant to ASC 606, "Revenue from Contracts with Customers" ("ASC 606"). In accordance with ASC 606, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Group's customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services, reduced by consumption tax. To achieve the core principle of this standard, the Group applied the following five steps:

---

| | |
|:---|:---|
| Step 1: | Identification of the contract, or contracts, with the customer; |
| Step 2: | Identification of the performance obligations in the contract; |
| Step 3: | Determination of the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur; |
| Step 4: | Allocation of the transaction price to the performance obligations in the contract; |
| Step 5: | Recognition of the revenue when, or as, a performance obligation is satisfied. |

---

The Group currently generates its revenues from the following main sources:

***<u>Revenue from digital marketing services</u>***

 ****

The Group generates revenues from the provision of digital marketing services including (i) online and offline advertisement solution services and (ii) account top-up services.

*<u>Online and offline advertisement solution services</u>*

 

For online and offline advertisement solution services, the Group provides services through the placement and delivery of digital advertisements on behalf of its customers on third-party social media platforms or via OOH channels such as billboards and transit advertisements, as well as PDOOH media including large-format digital screens in shopping malls, office buildings, and elevators. Online campaigns are executed through third-party search engine platforms and social media platforms. The advertisements take various forms, including articles, videos, media page management, posts, etc. As customers simultaneously receive and consume the benefits provided by the marketing services, revenues are recognized over time as performance obligations are satisfied, using the output method based on the delivery of campaign key performance indicators ("KPIs") (e.g., spending, number of clicks, impressions, true views, etc.).

While none of the factors individually are considered presumptive or determinative, the Group considers itself a principal and recognizes revenues on a gross basis for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Group is primarily responsible for fulfilling the contracted services, including strategy formulation, media placement, and performance delivery against the agreed-upon KPIs, and customers do not have a direct contractual relationship with third-party media publishers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Group has discretion in establishing pricing for its services, which is determined based on the campaign scope, complexity, and customer-specific requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For certain offline advertising services, the Group assumes inventory risk by reserving media placements in advance without direct attribution to a specific customer. For the online advertising services, the Group assumes the risk of cost fluctuations.

The transaction price is fixed with no variable consideration, and the Group receives payments from customers at the time specified in the payment schedule, usually after the delivery of services or through installment payments based on services rendered to date. Depending on the customers' credit, a retainer payment may be required upon contract execution. No significant financing component is identified in the arrangements with customers.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(o)***  ***Revenue recognition (cont.)*** 

 ****

*<u>Account top-up services</u>*

 

The Group facilitates account top-up services by assisting customers in adding funds to their accounts with third-party search engine platforms and social media platforms based on customers' instructions. The Group does not control the advertising services prior to their transfer to the customers, does not bear inventory risk, and has no discretion in setting the price of media spend, the Group concludes that it acts as an agent.

Accordingly, revenues are recognized at the point in time on a net basis when the top-up is completed and funds are credited to the customers' designated advertising accounts, reflecting the service fee retained by the Group.

The transaction price is fixed with no variable consideration, and customers are required to make payments in advance. Upon receipt of payments, the Group facilitates the top-up based on customers' instructions, typically within a short time period. No significant financing component is identified in the arrangements with customers.

Such revenues constitute an immaterial portion to the Group's total revenues.

The following table provides information about disaggregated revenues based on revenue types:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Online and offline advertisement solution services | $38920187 | $34068310 |
| Account top-up services | 17146 | 46966 |
| **Total** | $**38937333** | $**34115276** |

---

*<u>Contract balances</u>*

 

The Group classifies its right to consideration in exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset, which is a right to consideration that is conditional upon factors other than the passage of time. The Group recognizes accounts receivable in its consolidated balance sheets when it performs a service in advance of receiving consideration and has the unconditional right to receive consideration. The Group records a contract asset when revenue is recognized prior to invoicing. As of March 31, 2025 and 2024, the Group' contract assets amounted to US$2,729,429 and US$2,915,530, respectively.

The contract liabilities are advance from customers, which represent cash received for services in advance of revenue recognition and are recognized as revenues when the Group fulfills its performance obligations. The Group's advance from customers amounted to US$2,212,826 and US$2,419,069 as of March 31, 2025 and 2024, respectively. During the years ended March 31, 2025 and 2024, the Group recognized revenues of US$2,419,069 and US$1,854,658 from the opening balance of advance from customers balance, respectively.

***(p)***  ***Cost of revenues*** 

 ****

Cost of revenues primarily consists of expenses directly attributable to the Group's revenue-generating activities, including (i) advertising costs, which mainly represent channel fees paid to third-party search engine platforms and social media platforms, expenses for purchasing offline advertising spaces, and payments to KOLs for marketing services, (ii) salaries and related expenses for personnel directly involved in delivery of services to customers and (iii) allocation of indirect costs such as corporate overhead.

***(q)***  ***Advertising***  ***expenses*** 

 ****

The Group expenses advertising costs as incurred. Advertising expenses incurred amounted to US$853,075 and US$620,634 for the years ended March 31, 2025 and 2024, respectively, and were included in selling and marketing expenses in the consolidated statements of operations and comprehensive income.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(r)***  ***Research and development ("R&D") expenses*** 

 ****

The Group's R&D activities primarily relate to the development and implementation of its AI-SaaS platforms. R&D costs are expensed as incurred unless such costs qualify for capitalization as software development costs. R&D expenses amounted to US$491,319 and US$450,530 for the years ended March 31, 2025 and 2024, respectively.

***(s)***  ***Government grants*** 

 ****

Government grants primarily consist of cash subsidies received from the Hong Kong government. Cash subsidies that have no defined rules and regulations to govern the criteria necessary for companies to enjoy the benefits are recognized when received and recorded as other income in the consolidated statements of operations and comprehensive income. Such subsidies are generally provided by the government as rebates for expenditures related to R&D projects under the Innovation and Technology Fund of the Hong Kong government. Total recognized government grants amounted to US$643,833 and US$22,089 for the years ended March 31, 2025 and 2024, respectively.

***(t)***  ***Income taxes*** 

 ****

The Group accounts for income taxes under ASC 740, "Income Taxes". The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Provision for income taxes consists of taxes currently due plus deferred taxes. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets also include the prior years' net operating losses carried forward. 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.

The provisions of ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

Under the provisions of ASC Topic 740, when tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in general and administrative expenses in the consolidated statements of operations and comprehensive income.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(u)***  ***Non-controlling interests*** 

 ****

For the Group's majority-owned subsidiaries, non-controlling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Group. The portion of the income or loss applicable to the non-controlling interests in subsidiaries is separately reflected in the consolidated statements of operation and comprehensive income. The cumulative results of operations attributable to the non-controlling interests are recorded as non-controlling interests in the consolidated balance sheets.

***(v)***  ***Related party transaction*** 

 ****

The Group identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, "Related Party Disclosures," and other relevant ASC standards.

Parties, which can be an entity or individual, are considered to be related if they have the ability, directly or indirectly, to control the Group or exercise significant influence over the Group in making financial and operational decisions. Entities are also considered to be related if they are subject to common control or common significant influence.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

***(w)***  ***Comprehensive income or loss*** 

 ****

The Group applies ASC 220, "Comprehensive Income," with respect to reporting and presentation of comprehensive income or loss in a full set of financial statements. Comprehensive income is defined to include all changes in equity of the Group during a period arising from transactions and other events and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the years presented, the Group's comprehensive income includes net income and other comprehensive income (loss), which consists of the foreign currency translation adjustment that has been excluded from the determination of net income.

***(x)***  ***Earnings per share*** 

 ****

Basic earnings per share is computed by dividing net income attributable to ordinary shareholders, taking into consideration the deemed dividends to preferred shareholders (if any), by the weighted average number of ordinary shares outstanding during the reporting period.

Diluted earnings per share is calculated by dividing net income attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the reporting period. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such share would be anti-dilutive.

***(y)***  ***Segment reporting*** 

 ****

ASC Topic 280, "Segment Reporting," requires use of the "management approach" model for segment reporting. The management approach model is based on the way a company's chief operating decision maker ("CODM") organizes segments within the company for making operating decisions assessing performance and allocating resources. Reportable segments are based on services, geography, legal structure, management structure, or any other manner in which management disaggregates a company.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(z)***  ***Commitments and contingencies*** 

 ****

In the normal course of business, the Group is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Group recognizes liability for any such contingencies if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Group may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter. For the years ended March 31, 2025 and 2024, the Group did not have any material legal claims or litigation that, individually or in aggregate, could have a material adverse impact on the Group's consolidated financial position, results of operations, and cash flows.

***(aa)***  ***Concentration and credit risk*** 

 ****

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, contract assets and other receivables. The Group places the cash and cash equivalents with financial institutions with high credit ratings and quality. The Group does not require collateral or other security to support financial instruments subject to credit risk. The Group evaluates its collection experience and long outstanding balances to determine the need for an allowance for credit losses. The Group conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable and contract assets.

There was no single customer that accounted for over 10% of the Group's total revenues for the years ended March 31, 2025 and 2024.

The following table sets forth a summary of each customer that represents 10% or more of the Group's total accounts receivable:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Percentage of the Group's accounts receivable |  |  |
| Customer A | 11.9% | \* |

---

\* Less than 10%.

The following table sets forth a summary of each supplier that represents 10% or more of the Group's total purchases:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Percentage of the Group's total purchases |  |  |
| Supplier A | 29.9% | 33.9% |
| Supplier B | 24.5% | 24.2% |

---

The following table sets forth a summary of each supplier that represents 10% or more of the Group's total accounts payable:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Percentage of the Group's accounts payable |  |  |
| Supplier A | 42.2% | 29.3% |
| Supplier B | 22.8% | 20.4% |
| Supplier C | 15.5% | 12.3% |

---

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(bb)***  ***Recently issued accounting pronouncements*** 

 ****

The Group is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU No. 2023-09 is effective for public entities for annual reporting periods beginning after December 15, 2023, on a retrospective basis. Early adoption is permitted. The Group adopted this standard on March 31, 2025. See Note 13 for relevant segment disclosures.

In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosures. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted. The Group is currently evaluating the impact of adopting this ASU on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, on either a prospective or retrospective basis. Early adoption is permitted. The Group is currently evaluating the impact of adopting these ASU on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in ASU 2025-05 provide entities with a practical expedient to simplify the estimation of expected credit losses on current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606 by allowing the assumption that current conditions as of the balance sheet date will not change during the remaining life of the asset. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Group is currently evaluating the impact of adopting this ASU on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and early adoption is permitted. The Group is currently evaluating the impact of adopting this ASU on its consolidated financial statements and related disclosures.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**3.** **ACCOUNTS RECEIVABLE, NET** 

Accounts receivable, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Accounts receivable | $3204261 | $2327603 |
| Allowance for expected credit losses | (69068) | (31653) |
| **Accounts receivable, net** | $**3135193** | $**2295950** |

---

The movement of the allowance for expected credit losses is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| **Balance at the beginning of the year** | $31653 | $26119 |
| Additions | 37416 | 5805 |
| Foreign currency translation adjustment | (1) | (271) |
| **Balance at the end of the year** | $**69068** | $**31653** |

---

**4.** **PREPAID EXPENSES AND OTHER CURRENT ASSETS** 

Prepaid expenses and other current assets, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Notes and other receivables | $175848 | $33736 |
| Refundable lease security and other deposits | 100143 | 48996 |
| Income tax recoverable | 95802 | 140930 |
| Prepaid expenses | 59920 | 55635 |
| Rebates receivable | 23571 | 147873 |
| Value-added tax ("VAT") recoverable | 14345 | 16000 |
| **Prepaid expenses and other current assets** | $**469629** | $**443170** |

---

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**5.** **PROPERTY AND EQUIPMENT, NET** 

Property and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Electronics and office equipment | $823239 | $752730 |
| Leasehold improvements | 408791 | 410010 |
| Building | - | 960988 |
| **Subtotal** | 1232030 | 2123728 |
| Less: accumulated depreciation | (839456) | (1089660) |
| **Property and equipment, net** | $**392574** | $**1034068** |

---

In August 2024, the Group disposed of a property to Mr. Chan Chor Koon, Mr. Chan Chor Wai and Ms. Chong Siu Nuen, the three individuals who collectively control 100% of the equity interest of the Group, for a cash consideration of US$578,742. The net book value in excess of the consideration received of US$20,402 was included as a deemed distribution in connection with the disposal of property and equipment in the Group's consolidated statements of changes in shareholders' equity.

Depreciation expenses were US$168,808 and US$178,459 for the years ended March 31, 2025 and 2024, respectively.

**6.** **INTANGIBLE ASSETS, NET** 

Intangible assets, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Capitalized internal-use software (AI-SaaS platforms) | $3794915 | $2582089 |
| Software | 5013 | 3067 |
| Trademark license rights | 2244 | 2099 |
| **Subtotal** | 3802172 | 2587255 |
| Less: accumulated amortization | (4281) | (2757) |
| **Intangible assets, net** | $**3797891** | $**2584498** |

---

Amortization expenses were US$1,310 and US$776 for the years ended March 31, 2025 and 2024, respectively.

Estimated future amortization expenses, including those related to the AI-SaaS platforms that were launched subsequent to the year-end of March 31, 2025, were shown below:

---

| | |
|:---|:---|
| **For the years ended March 31,** | **Estimated Amortization Expenses** |
| 2026 | $532909 |
| 2027 | 668110 |
| 2028 | 667736 |
| 2029 | 667423 |
| 2030 | 667254 |
| Thereafter | 135563 |
| **Total** | $**3338995** |

---

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**7.** **SHORT-TERM BORROWINGS** 

Short-term borrowings consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **As of March 31,** | **As of March 31,** |
| <br>**Lender** | <br>**Annual Interest Rate** | <br>**Maturity** | **2025** | **2024** |
| HSBC Bank | 5.81% | 4/29/2025 | $402077 | $- |
| HSBC Bank | 5.37% | 4/14/2025 | 128998 | - |
| **Total** |  |  | $**531075** | $**-** |

---

During the year ended March 31, 2025, the Group borrowed bank loans for working capital purposes, with funds directly transferred from The Hongkong and Shanghai Banking Corporation Limited ("HSBC Bank") to suppliers.

Interest expenses were US$3,136 for the year ended March 31, 2025. As of March 31, 2025, the weighted average interest rate was 5.71% per annum.

**8.** **ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES** 

Accrued expenses and other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| Credit card payables | $572909 | $782413 |
| Accrued payroll and welfare expenses | 314011 | 241930 |
| Accrued expenses | 231460 | 99463 |
| VAT payables | 28541 | 51917 |
| Others | 53534 | 36889 |
| **Accrued expenses and other current liabilities** | $**1200455** | $**1212612** |

---

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**9.** **OPERATING LEASES — AS A LESSEE** 

The Group has entered into operating leases mainly for offices in different regions with lease terms ranging from 2 to 7 years.

The Group leases certain offices from Ishopclick Limited, a related party, under a lease effective from August 2022 until August 2025. The Group also leases an office from Mr. Chan Chor Koon, Mr. Chan Chor Wai and Ms. Chong Siu Nuen, related parties, under a lease effective from August 9, 2024 until February 28, 2031.

A summary of lease expenses was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Operating leases expenses | $340567 | $320136 |
| Operating leases expenses - related parties | 441624 | 374971 |
| **Total operating lease expenses** | 782191 | 695107 |
| Short-term lease expenses | 97553 | 37871 |
| **Total lease expenses** | $**879744** | $**732978** |

---

Remaining lease terms and discount rate were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Weighted-average remaining lease term (in years) | 3.11 | 1.28 |
| Weighted-average discount rate (per annum) | 3.50% | 3.85% |

---

Supplemental cash flow information related to operating leases was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| **Cash paid for amounts included in the measurement of lease liabilities** |  |  |
| Operating cash flows for operating leases | $694779 | $696968 |
| **Supplemental lease cash flow disclosure** |  |  |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 555684 | 175716 |
| Remeasurement of lease liabilities and right-of-use-assets due to lease modifications | 218540 | 30810 |

---

As of March 31, 2025, the future maturity of lease liabilities was as follows:

---

| | |
|:---|:---|
| **For the years ending March 31,** | **Amount** |
| 2026 | $448186 |
| 2027 | 139842 |
| 2028 | 66146 |
| 2029 | 66146 |
| 2030 | 66146 |
| Thereafter | 60634 |
| Total undiscounted lease payments | 847100 |
| Less: imputed interest | (47534) |
| Present value of lease liabilities | 799566 |
| Less: lease liabilities, current | (429111) |
| **Lease liabilities, non-current** | $**370455** |

---

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**10.** **INCOME TAXES** 

***Cayman Islands***

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. Additionally, no Cayman Islands withholding tax will be imposed on dividends paid to shareholders.

***The***  ***British Virgin Islands ("BVI")***

 ****

The Group's subsidiary incorporated in the BVI are not subject to tax on income or capital gains. In addition, payments of dividends by the subsidiary to its shareholders are not subject to withholding tax in the BVI.

***Hong Kong***

 ****

According to the Tax Amendment No. 3 Ordinance 2018 published by the Hong Kong government, effective April 1, 2018, under the two-tiered profits tax rates regime, the first HKD2,000,000 of profits of a qualifying group entity is taxed at 8.25%, and profits above HKD2,000,000 are taxed at 16.5%. Dividends paid by the subsidiaries incorporated in HK to their shareholders are not subject to withholding tax in Hong Kong.

***Taiwan***

 ****

The Group's subsidiaries and branch incorporated in Taiwan are subject to corporate income tax at the statutory rate of 20% on their taxable income derived from Taiwan.

***PRC***

 ****

The Group's subsidiaries, which are considered PRC resident enterprises under PRC Enterprise Income Tax Law (the "EIT Law"), are subject to enterprise income tax on their worldwide taxable income as determined under EIT Law and accounting standards at a rate of 25%.

***Singapore***

 ****

The Group's subsidiary, AdTech SG, is incorporated in Singapore and is subject to corporate income tax at the statutory rate of 17% on its assessable profits generated from Singapore.

***Others***

 ****

Subsidiaries incorporated in other jurisdictions are subject to the respective applicable corporate income tax rates of the jurisdictions where they are resident.

For the years ended March 31, 2025 and 2024, income (loss) before income tax expense attributable to the following geographic locations was set forth below:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Hong Kong | $1861383 | $2465514 |
| Taiwan | 1342832 | 1057964 |
| Others | (434007) | (166915) |
| **Total income before tax expense** | $**2770208** | $**3356563** |

---

For the years ended March 31, 2025 and 2024, the details of income tax expense were set forth below:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Current | $309660 | $384905 |
| Deferred | 4579 | (106567) |
| **Total income tax expense** | $**314239** | $**278338** |

---

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

A reconciliation of the Hong Kong statutory tax rate to the effective income tax rates reflected in the accompanying consolidated statements of operations and comprehensive income for the years ended March 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Statutory tax rate | 16.50% | 16.50% |
| Effect of tax rates difference in other jurisdictions | 1.81% | 0.82% |
| Effect of additional deduction allowed | (7.50)% | (6.94)% |
| Effect of non-deductible expenses | 0.54% | 0.04% |
| Effect of changes in valuation allowance | 1.61% | (0.41)% |
| Other adjustments | (1.62)% | (1.72)% |
| **Effective tax rate** | **11.34%** | **8.29%** |

---

As of March 31, 2025 and 2024, the significant components of the deferred tax assets and liabilities were summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| **Deferred tax assets:** |  |  |
| Net operating losses carried forward | $1194061 | $945695 |
| Lease liabilities | 172016 | 135356 |
| Provision for credit losses | 18079 | 10801 |
| Revenue and expense adjustments | 219769 | 227335 |
| **Total deferred tax assets** | **1603925** | **1319187** |
| Less: valuation allowance | (109391) | (66348) |
| **Total deferred tax assets, net of valuation allowance** | $**1494534** | $**1252839** |
| **Deferred tax liabilities:** |  |  |
| Capitalized internal-use software costs | $(739679) | $(522842) |
| Revenue and expense adjustments | (293814) | (282232) |
| Operating lease right-of-use assets | (174542) | (140213) |
| **Total deferred tax liabilities** | $**(1208035)** | $**(945287)** |
| **Deferred tax assets, net** | $**1044854** | $**995394** |
| **Deferred tax liabilities, net** | $**(758355)** | $**(687842)** |

---

Changes in valuation allowance were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2025** | **2024** |
| Balance at the beginning of the year | $66348 | $83074 |
| Additions | 55489 | 10417 |
| Utilization | (10740) | (24040) |
| Foreign currency translation adjustment | (1706) | (3103) |
| **Balance at end of the year** | $**109391** | $**66348** |

---

Deferred tax assets are recognized in the consolidated financial statements only to the extent that it is probable that future taxable profits will be available against which the Group can utilize the benefits. The use of these tax losses is subject to the agreement of the tax authority and compliance with certain provisions of the tax legislation of the place in which the Group operates.

The Group periodically evaluates the likelihood of the realization of deferred tax assets, and reduces the carrying amount of the deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. Management considers new evidence, both positive and negative, that could affect the Group's future realization of deferred tax assets including its recent cumulative earnings experience, expectation of future income, the carry forward periods available for tax reporting purposes and other relevant factors, and believes it is probable that the Group will utilize the benefits of these deferred tax assets as of March 31, 2025 and 2024. Uncertainty of estimates of future taxable profit could increase due to changes in the economic environment surrounding the Group, effects by market conditions, effects of currency fluctuations or other factors.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

<u>Uncertain tax positions</u>

The Group evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of March 31, 2025 and 2024, the Group did not have any significant unrecognized uncertain tax positions. The Group did not incur any interest or penalties for the years ended March 31, 2025 and 2024. The Group does not anticipate any significant increases or decreases in unrecognized tax benefits in the next twelve months from March 31, 2025. The Group continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. The Group's major tax jurisdiction is Hong Kong. Under relevant Hong Kong tax laws, tax case is normally subject to investigation by the tax authority for up to 6 years of assessment prior to the current year of assessment, if in a case of fraud or willful evasion, then the investigation can be extended to cover 10 years of assessment.

**11.** **RELATED PARTY TRANSACTIONS** 

The related parties that had material transactions for the years ended March 31, 2025 and 2024 consisted of the following:

---

| | |
|:---|:---|
| **Name** | **Relationship** |
| Mr. Chan Chor Koon<sup>(1)(2)</sup> | Principal shareholder of Oriental Brilliance Investment Limited, a controlling shareholder of the Group, director, and Chief Executive Officer ("CEO") of the Group |
| Mr. Chan Chor Wai<sup>(2)</sup> | Sole shareholder of Greennine Limited, a principal shareholder of the Group, director, and Chief Technology Officer ("CTO") of the Group |
| Ms. Chong Siu Nuen<sup>(1)</sup> | Principal shareholder of Oriental Brilliance Investment Limited, a controlling shareholder of the Group, director, and Chief Operating Officer ("COO") of the Group |
| Ishopclick Limited | Controlled by Mr. Chan Chor Koon, Mr. Chan Chor Wai and Ms. Chong Siu Nuen |

---

<sup>(1)</sup> Mr. Chan Chor Koon (CEO) and Ms. Chong Siu Nuen (COO) are spouses.

<sup>(2)</sup> Mr. Chan Chor Koon (CEO) and Mr. Chan Chor Wai (CTO) are brothers.

***Amounts due to related parties***

 ****

Amounts due to related parties consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
| **Amounts due to related parties** | **2025** | **2024** |
| Ishopclick Limited | $**-** | $184004 |
| Mr. Chan Chor Koon | **-** | 146494 |
| **Total amounts due to related parties** | $**-** | $**330498** |

---

The balances of amounts due to related parties represent the outstanding loans borrowed from related parties as of March 31, 2025 and 2024. These loans are non-secured, interest-free and due on demand.

***Amounts due from a related party***

 ****

Amounts due from a related party consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
| **Amounts due from a related party** | **2025** | **2024** |
| Ms. Chong Siu Nuen | $- | $164870 |
| **Total amounts due from a related party** | $**-** | $**164870** |

---

The balances of amounts due from a related party represent the outstanding loans lent to a related party as of March 31, 2025 and 2024. These loans are non-secured, interest-free and due on demand.

***Dividends payable***

 ****

Dividends payable to related parties consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
| **Dividends payable** | **2025** | **2024** |
| Mr. Chan Chor Koon | $899754 | $- |
| Ms. Chong Siu Nuen | 799538 |  |
| Mr. Chan Chor Wai | 648150 | - |
| **Total dividends payable** | $**2347442** | $**-** |

---

 ****

 ****

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

***Guarantee provided to a related party***

 **

On February 17, 2023, Ishopclick Limited entered into a working capital loan agreement with HSBC Bank, which matures in 51 months from the loan commencement date. Each of Mr. Chan Chor Wai, Mr. Chan Chor Koon, Ms. Chong Siu Nuen, and AsiaPac HK provided an unlimited guarantee with joint liability to HSBC Bank for Ishopclick Limited's repayment obligations. The guarantee was provided without charge. On March 31, 2023, the shareholders of Ishopclick Limited entered into an agreement with AsiaPac HK, whereby they unconditionally agreed to assume AsiaPac HK's obligation under the guarantee. The guaranteed liability of AsiaPac HK was fully released by HSBC Bank on September 10, 2025, subject to a retention period of approximately six months. As of March 31, 2025 and 2024, the Group did not record a liability in the consolidated balance sheets for the guarantee because, based on management's assessment, it was not probable that the Group would be required to make payments under the guarantee.

Also see Note 5, 9 and 12 for additional information on transactions with related parties.

**12.** **EQUITY** 

***Ordinary Shares***

On June 30, 2025, the Company was incorporated in the Cayman Islands, with an authorized share capital of US$20,000 divided into 200,000,000 shares, comprising (i) 160,000,000 Class A ordinary shares with a par value of US$0.0001 each and (ii) 40,000,000 class B ordinary shares with a par value of US$0.0001 each.

On the same day, the Company issued 3,000,000 Class A ordinary shares and 500,000 Class B ordinary shares to Greennine Limited, controlled by Mr. Chan Chor Wai; and issued 6,000,000 Class A ordinary shares and 1,000,000 Class B ordinary shares to Oriental Brilliance Investment Limited, controlled by Mr. Chan Chor Koon and Ms. Chong Siu Nuen.

On October 29, 2025, the Company issued 4,200,000 Class A ordinary shares and 700,000 Class B ordinary shares to Greennine Limited; and issued 8,400,000 Class A ordinary shares and 1,400,000 Class B ordinary shares to Oriental Brilliance Investment Limited.

Each Class A ordinary share was entitled to one vote per share and each Class B ordinary share was entitled to twenty votes per share. Each Class B ordinary share is convertible into one Class A ordinary share, while Class A ordinary shares are not convertible into Class B ordinary shares.

The share and per share information were presented on a retrospective basis as of the beginning of the first period presented to reflect the Reorganization.

***Declaration of Dividends***

 ****

During the year ended March 31, 2025, AsiaPac HK declared cash dividends of HKD34,200,000 (US$4,397,232) to Mr. Chan Chor Wai, Mr. Chan Chor Koon and Ms. Chong Siu Nuen, which was settled by HKD11,909,741 (US$1,528,261) in cash, HKD1,290,259 (US$165,566) offset against amounts due from Ms. Chong Siu Nuen, and HKD2,737,136 (US$354,250) offset against receivables from proceeds of property disposal to related parties (see Note 5). The remaining amount was recorded as dividends payable in the consolidated balance sheet as of March 31, 2025.

***Statutory Reserves***

 ****

According to the Company Law in Taiwan, companies incorporated in Taiwan are required to set aside 10% of their after-tax profit to general reserves each year, based on Taiwan accounting standards, until the cumulative total of such reserves reaches the registered capital. These general reserves are not distributable as cash dividends to equity owners.

According to the Company Law in the PRC, companies incorporated in the PRC are required to set aside 10% of their after-tax profit to general reserves each year, based on the PRC accounting standards, until the cumulative total of such reserves reaches 50% of the registered capital. These general reserves are not distributable as cash dividends to equity owners.

The Group has appropriated $21,457 and $8,075 to statutory reserves as of March 31, 2025 and 2024, respectively.

**13.** **SEGMENT REPORTING** 

The Group's CODM, CEO, regularly reviews entity-wide operating results and reviews consolidated revenues and net income when making decisions about allocating resources and assessing performance of the segment. The Group has identified three principal reportable segments related to digital marketing services by different areas.

The primary measures of segment revenues and profitability for the Group's operating segments are considered to be consolidated revenues and income (loss) before taxes. Significant segment expenses reviewed by the CODM on a regular basis included within net income include cost of revenues, selling and marketing expenses, general and administrative expenses, and research and development expenses which are separately presented in the consolidated statements of operations and comprehensive income. Other segment items within income (loss) before taxes include other income (expenses). The CODM uses segment profit or loss to monitor budget versus actual results, and also in competitive analysis by benchmarking against the Group's peers at the same development stage.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

The revenues and operating results by Group's segments were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** | **For the year ended March 31, 2025** |
|  | **Hong Kong** | **Taiwan** | **Others\*** | **Inter-segment** | **Consolidated** |
| Revenues, net | $23179266 | $12949452 | $5580909 | $(2772294) | $38937333 |
| Cost of revenues | (17026230) | (10420718) | (4100776) | 2772294 | (28775430) |
| **Gross profit** | **6153036** | **2528734** | **1480133** | **-** | **10161903** |
| **Operating expenses** |  |  |  |  |  |
| Selling and marketing expenses | (2421448) | (713612) | (753537) |  | (3888597) |
| General and administrative expenses | (2521057) | (473415) | (827686) |  | (3822158) |
| Research and development expenses | (167895) | (21909) | (301515) | - | (491319) |
| **Total operating expenses** | **(5110400)** | **(1208936)** | **(1882738)** | **-** | **(8202074)** |
| **Total other income (expense)** | 818747 | 23034 | (31402) | - | 810379 |
| **Segment income (loss) before taxes** | $**1861383** | $**1342832** | $**(434007)** | $**-** | $**2770208** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31, 2024** | **For the year ended March 31, 2024** | **For the year ended March 31, 2024** | **For the year ended March 31, 2024** | **For the year ended March 31, 2024** |
|  | **Hong Kong** | **Taiwan** | **Others\*** | **Inter-segment** | **Consolidated** |
| Revenues, net | $21544966 | $10219110 | $4428257 | $(2077057) | $34115276 |
| Cost of revenues | (14782926) | (8095554) | (3219878) | 2077057 | (24021301) |
| **Gross profit** | **6762040** | **2123556** | **1208379** | **-** | **10093975** |
| **Operating expenses** |  |  |  |  |  |
| Selling and marketing expenses | (1981703) | (644151) | (503930) |  | (3129784) |
| General and administrative expenses | (2234428) | (414263) | (628370) |  | (3277061) |
| Research and development expenses | (201936) | (20412) | (228182) | - | (450530) |
| **Total operating expenses** | **(4418067)** | **(1078826)** | **(1360482)** | **-** | **(6857375)** |
| **Total other income (expense)** | 121541 | 13234 | (14812) | - | 119963 |
| **Segment income (loss) before taxes** | $**2465514** | $**1057964** | $**(166915)** | $**-** | $**3356563** |

---

\* Others represent revenues derived from mainland China, Singapore, Thailand, Indonesia, Malaysia and other regions, each of which individually accounted for less than 10% of the Group's total revenues.

The total assets by segments as of March 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2025** | **2024** |
| **Segment assets** |  |  |
| Hong Kong | $10617139 | $10524960 |
| Taiwan | 4456047 | 3627127 |
| Others | 4019585 | 4052010 |
| **Total assets** | $**19092771** | $**18204097** |

---

**14.** **SUBSEQUENT EVENTS** 

The Group has evaluated the impact of events that have occurred subsequent to March 31, 2025, through November 7, 2025, which is the issuance date of the consolidated financial statements, and concluded that no subsequent events have occurred that would require recognition or disclosure in the consolidated financial statements.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**UNAUDITED CONSOLIDATED BALANCE SHEETS**

**(In U.S. Dollar, except for share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **As of<br> September 31,** | **As of** <br> **March 31,** |
|  | **2025** | **2025** |
| **Assets** |  |  |
| **Current assets:** |  |  |
| Cash and cash equivalents | $3192218 | $5147186 |
| Restricted cash | 451804 | 418852 |
| Accounts receivable, net | 3469451 | 3135193 |
| Contract assets, net | 3570451 | 2729429 |
| Advance to suppliers | 874863 | 811961 |
| Prepaid expenses and other current assets | 571266 | 469629 |
| **Total current assets** | **12130053** | **12712250** |
| **Non-current assets:** |  |  |
| Property and equipment, net | 360192 | 392574 |
| Intangible assets, net | 3895393 | 3797891 |
| Operating lease right-of-use assets | 678700 | 297025 |
| Operating lease right-of-use assets - related parties | 1018728 | 516470 |
| Deferred tax assets, net | 1002923 | 1044854 |
| Deferred offering costs | 404307 |  |
| Other non-current assets | 489466 | 331707 |
| **Total non-current assets** | **7849709** | **6380521** |
| **TOTAL ASSETS** | $**19979762** | $**19092771** |
| **Liabilities and Shareholders' Equity** |  |  |
| **Current liabilities:** |  |  |
| Accounts payable | $1495016 | $1657121 |
| Short-term borrowings |  | 531075 |
| Advance from customers | 2540817 | 2212826 |
| Amounts due to related parties | 1244 |  |
| Accrued expenses and other current liabilities | 1182775 | 1200455 |
| Dividends payable | 1190462 | 2347442 |
| Income tax payable | 312039 | 307740 |
| Operating lease liabilities, current | 385824 | 221861 |
| Operating lease liabilities, current - related parties | 409823 | 207250 |
| **Total current liabilities** | **7518000** | **8685770** |
| **Non-current liabilities:** |  |  |
| Operating lease liabilities, non-current | 293221 | 72802 |
| Operating lease liabilities, non-current - related parties | 608905 | 297653 |
| Other non-current liabilities |  | 57841 |
| Deferred tax liabilities, net | 688558 | 758355 |
| **Total non-current liabilities** | **1590684** | **1186651** |
| **TOTAL LIABILITIES** | **9108684** | **9872421** |
| **Shareholders' equity** |  |  |
| Class A ordinary shares ($0.0001 par value, 160,000,000 shares authorized; 21,600,000 shares issued and outstanding as of September 30, 2025 and March 31, 2025)\* | 2160 | 2160 |
| Class B ordinary shares ($0.0001 par value, 40,000,000 shares authorized; 3,600,000 shares issued and outstanding as of September 30, 2025 and March 31, 2025)\* | 360 | 360 |
| Subscription receivables\* | (2520) | (2520) |
| Additional paid-in capital\* | 708699 | 708699 |
| Statutory reserves | 21480 | 21457 |
| Retained earnings | 10067531 | 8651169 |
| Accumulated other comprehensive income (loss) | 77435 | (160807) |
| **Total AsiaPac AdTechinno Group Limited shareholders' equity** | **10875145** | **9220518** |
| **Non-controlling interests** | (4067) | (168) |
| **Total shareholders' equity** | **10871078** | **9220350** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**19979762** | $**19092771** |

---

\* Retrospectively restated for effect of Reorganization completed in October 2025 (see Note 1).

The accompanying notes are an integral part of these unaudited consolidated financial statements.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**(In U.S. Dollar, except for share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2025** | **2024** |
| **Revenues, net** | $24967700 | $17999657 |
| Cost of revenues | (18338511) | (13230219) |
| **Gross profit** | **6629189** | **4769438** |
| **Operating expenses:** |  |  |
| Selling and marketing expenses | (2150935) | (1754079) |
| General and administrative expenses | (2767540) | (1888507) |
| Research and development expenses | (374458) | (257994) |
| **Total operating expenses** | **(5292933)** | **(3900580)** |
| **Income from operations** | **1336256** | **868858** |
| **Other income (expenses):** |  |  |
| Interest income | 14821 | 19844 |
| Government grants | 164606 | 130234 |
| Other income, net | 108747 | 102717 |
| **Total other income** | **288174** | **252795** |
| **Income before income taxes** | **1624430** | **1121653** |
| Income tax expense | (212412) | (187974) |
| **Net income** | **1412018** | **933679** |
| Less: net income (loss) attributable to non-controlling interests | (4367) | 619 |
| **Net income attributable to AsiaPac AdTechinno Group Limited** | $**1416385** | $**933060** |
| **Net income** | $**1412018** | $**933679** |
| **Other comprehensive income:** |  |  |
| Foreign currency translation adjustment | 238710 | 188291 |
| **Total comprehensive income** | **1650728** | **1121970** |
| Less: total comprehensive income (loss) attributable to non-controlling interests | (3899) | 1812 |
| **Comprehensive income attributable to AsiaPac AdTechinno Group Limited** | $**1654627** | $**1120158** |
| **Earnings per share attributable to AsiaPac AdTechinno Group Limited** |  |  |
| Basic and Diluted\* | $0.06 | $0.04 |
| **Weighted average number of ordinary shares outstanding** |  |  |
| Basic and Diluted\* | 25200000 | 25200000 |

---

\* Retrospectively restated for effect of Reorganization completed in October 2025 (see Note 1).

The accompanying notes are an integral part of these unaudited consolidated financial statements.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

**(In U.S. Dollar, except for share data, or otherwise noted)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary Shares\*** | **Class A Ordinary Shares\*** | **Class B Ordinary Shares\*** | **Class B Ordinary Shares\*** | | | | | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Subscription**<br>**Receivables\*** | **Additional<br> Paid-in**<br>**Capital\*** | **Statutory**<br>**Reserves** | **Retained**<br>**Earnings** | **Accumulated Other<br> Comprehensive**<br>**Income (Loss)** | **Total AdTechinno Group Limited Shareholders'**<br>**Equity** | **Non-controlling**<br>**Interests** | **Total Shareholders'**<br>**Equity** |
| **Balance as of March 31, 2025** | **21600000** | $**2160** | **3600000** | $**360** | $**(2520)** | $**708699** | $**21457** | $**8651169** | $**(160807)** | $**9220518** | $**(168)** | $**9220350** |
| Net income |  |  |  |  |  |  |  | 1416385 |  | 1416385 | (4367) | 1412018 |
| Appropriation of statutory reserves |  |  |  |  |  |  | 23 | (23) |  |  |  |  |
| Foreign currency translation adjustment | - | - | - | - | - | - | - | - | 238242 | 238242 | 468 | 238710 |
| **Balance as of September 30, 2025** | **21600000** | $**2160** | **3600000** | $**360** | $**(2520)** | $**708699** | $**21480** | $**10067531** | $**77435** | $**10875145** | $**(4067)** | $**10871078** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary Shares\*** | **Class A Ordinary Shares\*** | **Class B Ordinary Shares\*** | **Class B Ordinary Shares\*** | | | | | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Subscription**<br>**Receivables\*** | **Additional Paid-in**<br>**Capital\*** | **Statutory**<br>**Reserves** | **Retained**<br>**Earnings** | **Accumulated Other Comprehensive**<br>**Income (Loss)** | **Total AdTechinno Group Limited Shareholders'**<br>**Equity** | **Non-controlling**<br>**Interests** | **Total Shareholders'**<br>**Equity** |
| **Balance as of March 31, 2024** | **21600000** | $**2160** | **3600000** | $**360** | $**(2520)** | $**636685** | $**8075** | $**10700699** | $**(123502)** | $**11221957** | $**(3197)** | $**11218760** |
| Net income |  |  |  |  |  |  |  | 933060 |  | 933060 | 619 | 933679 |
| Deemed distribution in connection with disposal of property and equipment |  |  |  |  |  | (20402) |  |  |  | (20402) |  | (20402) |
| Cash dividends declared |  |  |  |  |  |  |  | (1536807) |  | (1536807) |  | (1536807) |
| Foreign currency translation adjustment | - | - | - | - | - | - | - | - | 187098 | 187098 | 1193 | 188291 |
| **Balance as of September 30, 2024** | **21600000** | $**2160** | **3600000** | $**360** | $**(2520)** | $**616283** | $**8075** | $**10096952** | $**63596** | $**10784906** | $**(1385)** | $**10783521** |

---

\* Retrospectively restated for effect of Reorganization completed in October 2025 (see Note 1).

The accompanying notes are an integral part of these unaudited consolidated financial statements.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In U.S. Dollar, except for share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| Net income | $1412018 | $933679 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| Depreciation of property and equipment | 86965 | 96206 |
| Amortization of intangible assets | 207203 | 585 |
| Amortization of operating lease right-of-use assets | 434009 | 359501 |
| Allowance for credit losses | 4016 | 4734 |
| Deferred income taxes | 4004 | (234427) |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable, net | (271813) | (860598) |
| Contract assets, net | (760096) | 981841 |
| Advance to suppliers | (58343) | (9614) |
| Prepaid expenses and other current assets | (87342) | (15206) |
| Other non-current assets | (27078) | 336449 |
| Accounts payable | (268572) | 522209 |
| Advance from customers | 226204 | (702868) |
| Accrued expenses and other current liabilities | (36645) | (195710) |
| Income tax payable | 14877 | 274968 |
| Operating lease liabilities | (425095) | (339279) |
| Other non-current liabilities | (57604) | (42006) |
| **Net cash provided by operating activities** | **396708** | **1110464** |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| Purchase of property and equipment | (48026) | (54952) |
| Capitalized internal-use software costs | (290471) | (651019) |
| Prepayments for internal-use software costs | (128520) | - |
| **Net cash used in investing activities** | **(467017)** | **(705971)** |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| Distribution of dividends | (1152088) | (1198709) |
| Payments for offering costs | (402703) |  |
| Repayments to related parties |  | (138983) |
| Borrowings from related parties | 1244 |  |
| Repayments of bank loans | (528899) | - |
| **Net cash used in financing activities** | **(2082446)** | **(1337692)** |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 230739 | 123589 |
| Net change in cash, cash equivalents and restricted cash | (1922016) | (809610) |
| Cash, cash equivalents and restricted cash at beginning of the period | 5566038 | 6511412 |
| **Cash, cash equivalents and restricted cash at end of the period** | **3644022** | **5701802** |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |  |
| Cash paid for interest expense | $3445 | $- |
| Cash paid for income taxes | $278282 | $250583 |
| **SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:** |  |  |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $1287411 | $390114 |
| Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications | $4602 | $127049 |
| Deemed distribution in connection with disposal of property and equipment | $- | $20402 |
| Dividends declared | $- | $1536807 |
| Receivables from related parties settled with dividends payable | $- | $165566 |
| Receivable from related parties arising from disposal of property and equipment | $- | $578742 |
| **Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets** |  |  |
| Cash and cash equivalents | $3192218 | $4317430 |
| Restricted cash | 451804 | 1384372 |
| **Total cash, cash equivalents and restricted cash** | $**3644022** | $**5701802** |

---

The accompanying notes are an integral part of these unaudited consolidated financial statements.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**1.** **ORGANIZATION AND PRINCIPAL ACTIVITIES** 

***(a)***  ***Principal activities*** 

AsiaPac AdTechinno Group Limited (the "Company" or "AsiaPac Cayman") was incorporated under the laws of the Cayman Islands on June 30, 2025 as an exempted company with limited liability. The Company, through its operating subsidiaries located in Hong Kong, Taiwan, Mainland China, Singapore, Malaysia, Thailand, and other jurisdictions (collectively referred to as the "Group"), is primarily engaged in the provision of online and offline integrated digital marketing services and AI Software-as-a-Service ("SaaS") platforms. The Group delivers a comprehensive range of data-driven marketing solutions, including programmatic advertising, search engine marketing ("SEM"), influencer ("KOL") campaigns, social media marketing, Out-of-Home ("OOH") and programmatic digital Out-of-Home ("PDOOH") advertising, supporting cross-border and localized digital strategies for customers across the Asia-Pacific region, and its AI-SaaS platforms help customers optimize campaigns.

***(b)***  ***Reorganization*** 

In anticipation of an initial public offering ("IPO") of its equity securities, the Group undertook a reorganization (the "Reorganization") of its corporate structure, which was completed in October 2025, in the following steps:

● As part of the Reorganization, AsiaPac Cayman was incorporated on June 30, 2025 by Oriental Brilliance Investment Limited, controlled by Mr. Chan Chor Koon and Ms. Chong Siu Nuen, together with Greennine Limited, controlled by Mr. Chan Chor Wai;

● AsiaPac AdTechinno Investment Limited ("AsiaPac BVI") was incorporated as a wholly-owned subsidiary of AsiaPac Cayman on July 16, 2025, with all of its shares subscribed and fully paid by AsiaPac Cayman upon incorporation;

● On July 27, 2025, AsiaPac Net Media Limited ("AsiaPac HK") allotted and issued 9,700 ordinary shares to AsiaPac BVI, whereby AsiaPac BVI acquired 97% of the equity interests in AsiaPac HK, resulting in the 300 ordinary shares held by the original three individual shareholders (Mr. Chan Chor Koon, Ms. Chong Siu Nuen and Mr. Chan Chor Wai, 100 ordinary shares each) being diluted to 3%. Subsequently, on October 16, 2025, the remaining 3% equity interests held by the three individual shareholders in AsiaPac HK were transferred to AsiaPac BVI, resulting in AsiaPac BVI holding 100% of the equity interests in AsiaPac HK. As a result, AsiaPac Cayman became the sole shareholder of AsiaPac HK through AsiaPac BVI, thereby consolidating 100% ownership of AsiaPac HK.

● On October 29, 2025, the Group issued 12,600,000 Class A ordinary shares and 2,100,000 Class B ordinary shares at US$0.0001 per share to Oriental Brilliance Investment Limited and Greennine Limited, for a total consideration of US$1,470.

Upon the completion of the above Reorganization, the Company became the ultimate holding company of all entities mentioned above. The Group is effectively controlled by the same group of controlling shareholders before and after the Reorganization; therefore, the Reorganization is considered as a recapitalization of these entities under common control. The consolidation of the Company and its subsidiaries has been accounted for at historical amount 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.

As of September 30, 2025, the principal subsidiaries and branch of the Group are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Date of <br> Incorporation** | **Place of <br> Incorporation** | **Percentage of <br> Effective <br> Ownership** | **Principal <br> Activities** |
| AsiaPac AdTechinno Investment Limited | July 16, 2025 | The British Virgin Islands ("BVI") | 100% | Investment holding |
| AsiaPac Net Media Limited | January 9, 1996 | Hong Kong | 100% | Digital marketing services and SaaS offerings |
| AsiaPac Net Media Limited Taiwan Branch ("AsiaPac TW") | June 26, 2013 | Taiwan | 100% | Digital marketing services and SaaS offerings |
| AsiaPac Net Technology (Shenzhen) Limited | February 26, 2001 | PRC | 100% | Digital marketing services |
| AdTech Innovation Pte. Limited ("AdTech SG") | October 14, 2019 | Singapore | 100% | Digital marketing services |

---

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

***(a)***  ***Basis of presentation*** 

The accompanying unaudited consolidated financial statements are 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").

The unaudited consolidated financial statements do not include all of the information and disclosure required by U.S. GAAP for complete financial statements. Interim results are not necessarily indicative of results to be expected for a full year. In the opinion of management, all adjustments consisting of a normal recurring nature considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included. The unaudited consolidated financial statements should be read in conjunction with the Group's audited consolidated financial statements and related notes for the years ended March 31, 2025 and 2024.

***(b)***  ***Basis of consolidation*** 

The unaudited consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

***(c)***  ***Use of estimates*** 

The preparation of the unaudited consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the date of financial statements, and the reported revenues and expenses for the reporting period. These estimates are based on information available as of the date of the unaudited consolidated financial statements. Significant accounting estimates include, but not limited to, allowance for credit losses, useful lives and impairment of long-lived assets, implicit interest rate of operating leases, uncertain tax positions and valuation allowance for deferred tax assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates.

***(d)***  ***Foreign currency*** 

The Group's reporting currency is United States dollars ("US$" or "$"). The Group's subsidiaries incorporated in various jurisdictions generally use their respective local currencies as their functional currencies, including Hong Kong Dollars ("HKD"), Renminbi ("RMB"), New Taiwan Dollars ("TWD"), Singapore Dollars ("SGD"), Malaysian Ringgit ("MYR"), Japanese Yen ("JPY"), Korean Won ("KRW"), Thai Baht ("THB"), Vietnamese Dong ("VND"), Macanese Pataca ("MOP") and Indian Rupees ("INR"). Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in other income (expenses) in the unaudited consolidated statements of operations and comprehensive income (loss). The accompanying unaudited consolidated financial statements have been expressed in US$.

In accordance with Accounting Standards Codification ("ASC") Topic 830-30, "Translations of Financial Statements", assets and liabilities of the Group's subsidiaries whose functional currency are not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues, cost of revenues and expenses are translated at average rates prevailing during the reporting period. The gains and losses resulting from the translation of financial statements are recorded as a separate component of accumulated other comprehensive income (loss) within the unaudited statements of changes in shareholders' equity.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(e)***  ***Allowance for Credit Losses*** 

On April 1, 2022, the Group adopted Accounting Standard Updates ("ASU") No. 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement on Credit Losses on Financial Instruments".

The Group's accounts receivable, contract assets, rebates receivable, lease security deposits, and other receivables are within the scope of ASU No. 2016-13. The Group has identified the relevant risk characteristics of its customers and the above-mentioned accounts, which include size, types of services the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit losses experience, and current economic conditions in assessing the lifetime expected credit losses. Additionally, external data and macroeconomic factors are considered. The Group provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected. The balance of these financial assets is written off after all collection efforts have been exhausted.

For the six months ended September 30, 2025 and 2024, the Group reversed expected credit losses on accounts receivable of US$1,633 and recorded expected credit losses of US$14,769, respectively. During the same periods, the Group recorded expected credit losses on contract assets of US$5,649 and reversed expected credit losses of US$10,035, respectively.

***(f)***  ***Accounts receivable, net*** 

Accounts receivable, net are stated at the original amount less allowances for expected credit losses. Accounts receivable are recognized in the period when the Group has provided services to its customers and when its right to consideration is unconditional. The Group's accounts receivable balances are unsecured, non-interest bearing and are generally due within a year from the date of the sale.

***(g)***  ***Advance to suppliers*** 

Advance to suppliers represents prepayments made to suppliers for media placement services to be received in the future. These prepayments are amortized to expense on a ratable basis over the future period to be benefitted, which is generally within a year from the date of payment.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(h)***  ***Intangible assets, net*** 

Intangible assets, net with finite useful lives are carried at cost less accumulated amortization and any recorded impairment.

Intangible assets mainly include capitalized software development costs. The Group capitalizes certain software development costs related to the internally used AI-SaaS platforms during the application development stage. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.

The Group launched three AI-SaaS platforms in May, July and September 2025, respectively, with one platform still in development as of September 30, 2025. The estimated useful life for these completed platforms is 5 years, which will be periodically reassessed based on considerations for obsolescence, technology, competition, and other economic factors.

Intangible assets are amortized on a straight-line basis over the estimated economic useful lives of the respective assets. Estimated useful lives are as follows:

---

| | |
|:---|:---|
| **Category** | **Estimated useful lives** |
| AI-SaaS platforms | 5 years |
| Software | 3 years |
| Trademark license rights | 10 years |

---

***(i)***  ***Impairment of long-lived assets*** 

The Group reviews its long-lived assets, including property and equipment, intangible assets and operating lease right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets. For the six months ended September 30, 2025 and 2024, no impairment of long-lived assets was recognized.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(j)***  ***Fair value measurement*** 

The Group performs fair value measurements in accordance with ASC Topic 820. 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.

ASC Topic 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are:

● Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets;

● Level 2—Include other inputs other than quoted prices in active market included within Level 1 that are directly or indirectly observable; and

● Level 3—Unobservable inputs which are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.

As of September 30, 2025 and March 31, 2025, the carrying values of current assets and current liabilities approximated their fair values reported in the unaudited consolidated balance sheets due to the short-term maturities of these instruments.

***(k)***  ***Leases - Lessee*** 

At inception or modification of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Group assesses whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all of the economic benefits from the use of the asset and whether it has the right to control the use of the asset.

The Group classifies its leases as either finance or operating leases. If a lease meets any of the following criteria, the Group accounts for it as a finance lease; otherwise, the Group accounts for it as an operating lease.

&nbsp;&nbsp;&nbsp;&nbsp;(i) ownership
 is transferred from lessor to lessee by the end of the lease term;

(ii) an
 option to purchase is reasonably certain to be exercised;

(iii) the
 lease term is for the major part of the underlying asset's remaining economic life;

(iv) the
 present value of lease payments equals or exceeds substantially all of the fair value of the underlying assets; or

(v) the
 underlying asset is specialized and is expected to have no alternative use at the end of the lease term.

The Group recognizes right-of-use assets and lease liabilities for all leases other than those with a term of twelve months or less as the Group has elected to apply the short-term lease recognition exemption. Right-of-use assets represent the Group's right to use an underlying asset for the lease term. Lease liabilities represent the Group's obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are classified and recognized at the commencement date of a lease. Lease liabilities are measured based on the present value of fixed lease payments over the lease term. Right-of-use assets consist of (i) initial measurement of the lease liability; (ii) lease payments made to the lessor at or before the commencement date less any lease incentives received; and (iii) initial direct costs incurred by the Group. Lease term includes rent holidays and options to extend or terminate the lease when the Group is reasonably certain that the Group will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term by adding interest expense determined using the effective interest method to the amortization of the operating lease right-of-use assets.

As the rates implicit on the Group's leases for which it is the lessee are not readily determinable, the Group uses its incremental borrowing rate based on information available at the commencement date in determining the present value of lease payments. When determining the incremental borrowing rate, the Group assesses multiple variables such as lease term, collateral, economic conditions, and its creditworthiness.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(l)***  ***Revenue recognition*** 

The Group recognizes revenues pursuant to ASC 606, "Revenue from Contracts with Customers" ("ASC 606"). In accordance with ASC 606, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Group's customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services, reduced by consumption tax. To achieve the core principle of this standard, the Group applied the following five steps:

---

| | |
|:---|:---|
| Step 1: | Identification of the contract, or contracts, with the customer; |
| Step 2: | Identification of the performance obligations in the contract; |
| Step 3: | Determination of the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur; |
| Step 4: | Allocation of the transaction price to the performance obligations in the contract; |
| Step 5: | Recognition of the revenue when, or as, a performance obligation is satisfied. |

---

The Group currently generates its revenues from the following main sources:

***<u>Revenue from digital marketing services</u>***

The Group generates revenues from the provision of digital marketing services including (i) online and offline advertisement solution services and (ii) account top-up services.

*<u>Online and offline advertisement solution services</u>*

For online and offline advertisement solution services, the Group provides services through the placement and delivery of digital advertisements on behalf of its customers on third-party social media platforms or via OOH channels such as billboards and transit advertisements, as well as PDOOH media including large-format digital screens in shopping malls, office buildings, and elevators. Online campaigns are executed through third-party search engine platforms and social media platforms. The advertisements take various forms, including articles, videos, media page management, posts, etc. As customers simultaneously receive and consume the benefits provided by the marketing services, revenues are recognized over time as performance obligations are satisfied, using the output method based on the delivery of campaign key performance indicators ("KPIs") (e.g., spending, number of clicks, impressions, true views, etc.).

While none of the factors individually are considered presumptive or determinative, the Group considers itself a principal and recognizes revenues on a gross basis for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Group is primarily responsible for fulfilling the contracted services, including strategy formulation, media placement, and performance delivery against the agreed-upon KPIs, and customers do not have a direct contractual relationship with third-party media publishers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Group has discretion in establishing pricing for its services, which is determined based on the campaign scope, complexity, and customer-specific requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For certain offline advertising services, the Group assumes inventory risk by reserving media placements in advance without direct attribution to a specific customer. For the online advertising services, the Group assumes the risk of cost fluctuations.

The transaction price is fixed with no variable consideration, and the Group receives payments from customers at the time specified in the payment schedule, usually after the delivery of services or through installment payments based on services rendered to date. Depending on the customers' credit, a retainer payment may be required upon contract execution. No significant financing component is identified in the arrangements with customers.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(l)***  ***Revenue recognition (cont.)*** 

*<u>Account top-up services</u>*

The Group facilitates account top-up services by assisting customers in adding funds to their accounts with third-party search engine platforms and social media platforms based on customers' instructions. The Group does not control the advertising services prior to their transfer to the customers, does not bear inventory risk, and has no discretion in setting the price of media spend, the Group concludes that it acts as an agent.

Accordingly, revenues are recognized at the point in time on a net basis when the top-up is completed and funds are credited to the customers' designated advertising accounts, reflecting the service fee retained by the Group.

The transaction price is fixed with no variable consideration, and customers are required to make payments in advance. Upon receipt of payments, the Group facilitates the top-up based on customers' instructions, typically within a short time period. No significant financing component is identified in the arrangements with customers.

Such revenues constitute an immaterial portion of the Group's total revenues.

***<u>Revenue from Software-as-a-Service ("SaaS")</u>***

The Group's AI-SaaS platforms are available for use as hosted application arrangements under subscription fee agreements without licensing the rights of the platforms to the customers. Subscription fees from such arrangements are recognized over time on a ratable basis over the customer agreement term beginning on the date the access to the platform is provided, consistent with the transfer of control of the subscription to the customer. Our subscription agreements are generally less than one year in length. There is no third party involved in these arrangements.

The transaction price for these arrangements is fixed with no variable consideration, and no significant financing component is identified.

The following table provides information about disaggregated revenues based on revenue types:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2025** | **2024** |
| **Revenue from digital marketing services** |  |  |
| &nbsp;&nbsp;&nbsp;Online and offline advertisement solution services | $23711175 | $17991210 |
| &nbsp;&nbsp;&nbsp;Account top-up services | 9514 | 8447 |
| **Revenue from Software-as-a-Service** | 1247011 | - |
| **Total** | $**24967700** | $**17999657** |

---

*<u>Contract balances</u>*

The Group classifies its right to consideration in exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset, which is a right to consideration that is conditional upon factors other than the passage of time. The Group recognizes accounts receivable in its unaudited consolidated balance sheets when it performs a service in advance of receiving consideration and has the unconditional right to receive consideration. The Group records a contract asset when revenue is recognized prior to invoicing. As of September 30, 2025 and March 31, 2025, the Group' contract assets amounted to US$3,570,451 and US$2,729,429, respectively.

The contract liabilities are advance from customers, which represent cash received for services in advance of revenue recognition and are recognized as revenues when the Group fulfills its performance obligations. The Group's advance from customers amounted to US$2,540,817 and US$2,212,826 as of September 30, 2025 and March 31, 2025, respectively. During the six months ended September 30, 2025 and 2024, the Group recognized revenues of US$2,212,826 and US$2,419,069 from the opening balance of advance from customers balance, respectively.

***(m)***  ***Cost of revenues*** 

Cost of revenues primarily consists of expenses directly attributable to the Group's revenue-generating activities, including (i) advertising costs, which mainly represent channel fees paid to third-party search engine platforms and social media platforms, expenses for purchasing offline advertising spaces, and payments to KOLs for marketing services; (ii) salaries and related expenses for personnel directly involved in delivery of services to customers, as well as personnel involved in the operation and support of the Group's AI-SaaS platforms; (iii) amortization of capitalized AI-SaaS platforms development costs; and (iv) allocation of indirect costs such as corporate overhead.

***(n)***  ***Advertising expenses*** 

The Group expenses advertising costs as incurred. Advertising expenses incurred amounted to US$495,526 and US$363,572 for the six months ended September 30, 2025 and 2024, respectively, and were included in selling and marketing expenses.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(o)***  ***Research and development ("R&D") expenses*** 

The Group's R&D activities primarily relate to the development and implementation of its AI-SaaS platforms. R&D costs are expensed as incurred unless such costs qualify for capitalization as software development costs. R&D expenses amounted to US$374,458 and US$257,994 for the six months ended September 30, 2025 and 2024, respectively.

***(p)***  ***Government grants*** 

Government grants primarily consist of cash subsidies received from the Hong Kong government. Cash subsidies that have no defined rules and regulations to govern the criteria necessary for companies to enjoy the benefits are recognized when received and recorded as other income in the unaudited consolidated statements of operations and comprehensive income (loss). Such subsidies are generally provided by the government as rebates for expenditures related to R&D projects under the Innovation and Technology Fund of the Hong Kong government. Total recognized government grants amounted to US$164,606 and US$130,234 for the six months ended September 30, 2025 and 2024, respectively.

***(q)***  ***Segment reporting*** 

ASC Topic 280, "Segment Reporting," requires use of the "management approach" model for segment reporting. The management approach model is based on the way a company's chief operating decision maker ("CODM") organizes segments within the company for making operating decisions assessing performance and allocating resources. Reportable segments are based on services, geography, legal structure, management structure, or any other manner in which management disaggregates a company.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;***(r)***  ***Concentration and credit risk*** 

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, contract assets and other receivables. The Group places the cash and cash equivalents with financial institutions with high credit ratings and quality. The Group does not require collateral or other security to support financial instruments subject to credit risk. The Group evaluates its collection experience and long outstanding balances to determine the need for an allowance for credit losses. The Group conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable and contract assets.

The following table sets forth a summary of each customer that represents 10% or more of the Group's total revenues:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2025** | **2024** |
| Percentage of the Group's total revenues |  |  |
| Customer A | 16.8% | \* |

---

The following table sets forth a summary of each customer that represents 10% or more of the Group's total accounts receivable:

---

| | | |
|:---|:---|:---|
|  | **As of** <br> **September 30,** | **As of** <br> **March 31,** |
|  | **2025** | **2025** |
| Percentage of the Group's accounts receivable |  |  |
| Customer A | \* | 11.9% |

---

The following table sets forth a summary of each supplier that represents 10% or more of the Group's total purchases:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2025** | **2024** |
| Percentage of the Group's total purchases |  |  |
| Supplier A | 25.5% | 32.2% |
| Supplier B | 20.5% | 24.3% |

---

The following table sets forth a summary of each supplier that represents 10% or more of the Group's total accounts payable:

---

| | | |
|:---|:---|:---|
|  | **As of<br> September 30,** | **As of<br> March 31,** |
|  | **2025** | **2025** |
| Percentage of the Group's accounts payable |  |  |
| Supplier A | 38.6% | 42.2% |
| Supplier B | 25.7% | 22.8% |
| Supplier C | \* | 15.5% |

---

\* Less than 10%.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont.)** 

***(s)***  ***Recently issued accounting pronouncements*** 

The Group is an "emerging growth company" ("EGC") as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in ASU 2025-05 provide entities with a practical expedient to simplify the estimation of expected credit losses on current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606 by allowing the assumption that current conditions as of the balance sheet date will not change during the remaining life of the asset. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Group is currently evaluating the impact of adopting this ASU on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and early adoption is permitted. The Group is currently evaluating the impact of adopting this ASU on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides guidance on recognition, measurement, presentation, and disclosure requirements for government grants. ASU 2025-10 is effective for public business entities for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years. For entities other than public business entities, this amendment is effective for fiscal years beginning after December 15, 2029, including interim periods within those fiscal years. Early adoption is permitted. The Group is currently evaluating the impact of adopting this ASU on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. ASU 2025-11 is effective for public business entities for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. For entities other than public business entities, this amendment is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years. Early adoption is permitted. The Group is currently evaluating the impact of adopting this ASU on its consolidated financial statements and related disclosures.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**3.** **ACCOUNTS RECEIVABLE, NET** 

Accounts receivable, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** <br> **September 30,** | **As of** <br> **March 31,** |
|  | **2025** | **2025** |
| Accounts receivable | $3539974 | $3204261 |
| Allowance for expected credit losses | (70523) | (69068) |
| **Accounts receivable, net** | $**3469451** | $**3135193** |

---

The movement of the allowance for expected credit losses is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** <br> **September 30,** | **As of** <br> **March 31,** |
|  | **2025** | **2025** |
| **Balance at the beginning of the period** | $69068 | $31653 |
| Additions |  | 37416 |
| Reversal | (1633) |  |
| Foreign currency translation adjustment | 3088 | (1) |
| **Balance at the end of the period** | $70523 | $69068 |

---

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**4.** **PROPERTY AND EQUIPMENT, NET** 

Property and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** <br> **September 30,** | **As of** <br> **March 31,** |
|  | **2025** | **2025** |
| Electronics and office equipment | $892537 | $823239 |
| Leasehold improvements | 415907 | 408791 |
| **Subtotal** | **1308444** | **1232030** |
| Less: accumulated depreciation | (948252) | (839456) |
| **Property and equipment, net** | $**360192** | $**392574** |

---

In August 2024, the Group disposed of a property to Mr. Chan Chor Koon, Mr. Chan Chor Wai and Ms. Chong Siu Nuen, the three individuals who collectively control 100% of the equity interest of the Group, for a cash consideration of US$578,742. The net book value in excess of the consideration received of US$20,402 was included as a deemed distribution in connection with the disposal of property and equipment in the Group's unaudited consolidated statements of changes in shareholders' equity.

Depreciation expenses were US$86,965 and US$96,206 for the six months ended September 30, 2025 and 2024, respectively.

**5.** **INTANGIBLE ASSETS, NET** 

Intangible assets, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** <br> **September 30,** | **As of** <br> **March 31,** |
|  | **2025** | **2025** |
| Capitalized internal-use software (AI-SaaS platforms), including internal-use software under development | $4098740 | $3794915 |
| Software | 2347 | 5013 |
| Trademark license rights | 7183 | 2244 |
| **Subtotal** | 4108270 | 3802172 |
| Less: accumulated amortization | (212877) | (4281) |
| **Intangible assets, net** | $3895393 | $3797891 |

---

Amortization expenses were US$207,203 and US$585 for the six months ended September 30, 2025 and 2024, respectively.

As of September 30, 2025, estimated future amortization expenses, excluding internal-use software under development, were shown below:

---

| | |
|:---|:---|
| **For the years ended March 31,** | **Estimated<br> Amortization<br> Expenses** |
| Remaining of 2026 | $360564 |
| 2027 | 720811 |
| 2028 | 720042 |
| 2029 | 719484 |
| 2030 | 719391 |
| Thereafter | 152301 |
| **Total** | $**3392593** |

---

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**6.** **SHORT-TERM BORROWINGS** 

Short-term borrowings consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lender** | **Annual<br> Interest Rate** | **Maturity** | **As of<br> September 30, 2025** | **As of<br> March 31, 2025** |
| HSBC Bank | 5.81% | 4/29/2025 | $- | $402077 |
| HSBC Bank | 5.37% | 4/14/2025 | - | 128998 |
| **Total** |  |  | $**-** | $**531075** |

---

In February and March 2025, the Group borrowed bank loans for working capital purposes, with funds directly transferred from The Hongkong and Shanghai Banking Corporation Limited ("HSBC Bank") to suppliers. All these bank borrowings were fully repaid upon maturity.

Interest expenses were US$3,445 for the six months ended September 30, 2025.

**7.** **ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES** 

Accrued expenses and other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** <br> **September 30,** | **As of** <br> **March 31,** |
|  | **2025** | **2025** |
| Credit card payables | $517178 | $572909 |
| Accrued payroll and welfare expenses | 267596 | 314011 |
| Accrued expenses | 265970 | 231460 |
| VAT payables | 84037 | 28541 |
| Others | 47994 | 53534 |
| **Accrued expenses and other current liabilities** | $**1182775** | $**1200455** |

---

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**8.** **OPERATING LEASES — AS A LESSEE** 

The Group has entered into operating leases mainly for offices in different regions with lease terms ranging from 2 to 7 years.

The Group leases certain offices from Ishopclick Limited, a related party, under a lease originally effective from August 2022 to August 2025. The lease has been subsequently renewed for an additional two years. The Group also leases an office from Mr. Chan Chor Koon, Mr. Chan Chor Wai and Ms. Chong Siu Nuen, related parties, under a lease effective from August 9, 2024 until February 28, 2031.

A summary of lease expenses was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2025** | **2024** |
| Operating leases expenses | $228686 | $166907 |
| Operating leases expenses - related parties | 229213 | 209356 |
| **Total operating lease expenses** | **457899** | **376263** |
| Short-term lease expenses | 65435 | 38096 |
| **Total lease expenses** | $**523334** | $**414359** |

---

Remaining lease terms and discount rate were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2025** | **2024** |
| Weighted-average remaining lease term (in years) | 2.59 | 3.09 |
| Weighted-average discount rate (per annum) | 3.34% | 3.67% |

---

Supplemental cash flow information related to operating leases was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2025** | **2024** |
| **Cash paid for amounts included in the measurement of lease liabilities** |  |  |
| Operating cash flows for operating leases | $425095 | $339279 |
| **Supplemental lease cash flow disclosure** |  |  |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 1287411 | 390114 |
| Remeasurement of lease liabilities and right-of-use-assets due to lease modifications | 4602 | 127049 |

---

As of September 30, 2025, the future maturity of lease liabilities was as follows:

---

| | |
|:---|:---|
| **For the years ending March 31,** | **Amount** |
| Remaining of 2026 | $439155 |
| 2027 | 758807 |
| 2028 | 362146 |
| 2029 | 87210 |
| 2030 | 67425 |
| Thereafter | 61806 |
| Total undiscounted lease payments | 1776549 |
| Less: imputed interest | (78776) |
| Present value of lease liabilities | 1697773 |
| Less: lease liabilities, current | (795647) |
| **Lease liabilities, non-current** | $**902126** |

---

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**9.** **INCOME TAXES** 

***Cayman Islands***

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. Additionally, no Cayman Islands withholding tax will be imposed on dividends paid to shareholders.

***The British Virgin Islands ("BVI")***

The Group's subsidiary incorporated in the BVI are not subject to tax on income or capital gains. In addition, payments of dividends by the subsidiary to its shareholders are not subject to withholding tax in the BVI.

***Hong Kong***

According to the Tax Amendment No. 3 Ordinance 2018 published by the Hong Kong government, effective April 1, 2018, under the two-tiered profits tax rates regime, the first HKD2,000,000 of profits of a qualifying group entity is taxed at 8.25%, and profits above HKD2,000,000 are taxed at 16.5%. Dividends paid by the subsidiaries incorporated in HK to their shareholders are not subject to withholding tax in Hong Kong.

***Taiwan***

The Group's subsidiaries and branch incorporated in Taiwan are subject to corporate income tax at the statutory rate of 20% on their taxable income derived from Taiwan.

***PRC***

The Group's subsidiaries, which are considered PRC resident enterprises under PRC Enterprise Income Tax Law (the "EIT Law"), are subject to enterprise income tax on their worldwide taxable income as determined under EIT Law and accounting standards at a rate of 25%.

***Singapore***

The Group's subsidiary, AdTech SG, is incorporated in Singapore and is subject to corporate income tax at the statutory rate of 17% on its assessable profits generated from Singapore.

***Others***

Subsidiaries incorporated in other jurisdictions are subject to the respective applicable corporate income tax rates of the jurisdictions where they are resident.

For the six months ended September 30, 2025 and 2024, income before income tax expense attributable to the following geographic locations was set forth below:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2025** | **2024** |
| Hong Kong | $512945 | $597338 |
| Taiwan | 776875 | 821124 |
| Others | 334610 | (296809) |
| **Total income before tax expense** | $**1624430** | $**1121653** |

---

For the six months ended September 30, 2025 and 2024, the details of income tax expense were set forth below:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2025** | **2024** |
| Current | $208408 | $422401 |
| Deferred | 4004 | (234427) |
| **Total income tax expense** | $**212412** | $**187974** |

---

The effective tax rate was 13.08% and 16.76% for the six months ended September 30, 2025 and 2024, respectively.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

**10.** **RELATED PARTY TRANSACTIONS** 

The related parties that had material transactions for the six months ended September 30, 2025 and 2024 consisted of the following:

---

| | |
|:---|:---|
| **Name** | **Relationship** |
| Mr. Chan Chor Koon<sup>(1)(2)</sup> | Principal shareholder of Oriental Brilliance Investment Limited, a controlling shareholder of the Group, director, and Chief Executive Officer ("CEO") of the Group |
| Mr. Chan Chor Wai<sup>(2)</sup> | Sole shareholder of Greennine Limited, a principal shareholder of the Group, director, and Chief Technology Officer ("CTO") of the Group |
| Ms. Chong Siu Nuen<sup>(1)</sup> | Principal shareholder of Oriental Brilliance Investment Limited, a controlling shareholder of the Group, director, and Chief Operating Officer ("COO") of the Group |
| Ishopclick Limited | Controlled by Mr. Chan Chor Koon, Mr. Chan Chor Wai and Ms. Chong Siu Nuen |

---

<sup>(1)</sup> Mr. Chan Chor Koon (CEO) and Ms. Chong Siu Nuen (COO) are spouses.

<sup>(2)</sup> Mr. Chan Chor Koon (CEO) and Mr. Chan Chor Wai (CTO) are brothers.

***Amounts due to related parties***

Amounts due to related parties consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** <br> **September 30,** | **As of** <br> **March 31,** |
|  | **2025** | **2025** |
| **Amounts due to related parties** |  |  |
| Mr. Chan Chor Koon | $415 | $- |
| Mr. Chan Chor Wai | 415 |  |
| Mrs. Chong Siu Nuen | 414 | - |
| **Total amounts due to related parties** | $**1244** | $- |

---

The balances of amounts due to related parties represent the outstanding loans borrowed from related parties as of September 30, 2025 and March 31, 2025. These loans are non-secured, interest-free and due on demand.

***Dividends payable***

Dividends payable to related parties consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** <br> **September 30,** | **As of** <br> **March 31,** |
|  | **2025** | **2025** |
| **Dividends payable** |  |  |
| Mr. Chan Chor Koon | $514080 | $899754 |
| Ms. Chong Siu Nuen | 413875 | 799538 |
| Mr. Chan Chor Wai | 262507 | 648150 |
| **Total dividends payable** | $**1190462** | $**2347442** |

---

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

***Guarantee provided to a related party***

On February 17, 2023, Ishopclick Limited entered into a working capital loan agreement with HSBC Bank, which matures in 51 months from the loan commencement date. Each of Mr. Chan Chor Wai, Mr. Chan Chor Koon, Ms. Chong Siu Nuen, and AsiaPac HK provided an unlimited guarantee with joint liability to HSBC Bank for Ishopclick Limited's repayment obligations. The guarantee was provided without charge. On March 31, 2023, the shareholders of Ishopclick Limited entered into an agreement with AsiaPac HK, whereby they unconditionally agreed to assume AsiaPac HK's obligation under the guarantee. The guaranteed liability of AsiaPac HK was fully released by HSBC Bank on September 10, 2025, subject to a retention period of approximately six months. As of September 30, 2025 and March 31, 2025, the Group did not record a liability in the unaudited consolidated balance sheets for the guarantee because, based on management's assessment, it was not probable that the Group would be required to make payments under the guarantee.

Also see Note 4, 8 and 11 for additional information on transactions with related parties.

**11.** **EQUITY** 

***Ordinary Shares***

On June 30, 2025, the Company was incorporated in the Cayman Islands, with an authorized share capital of US$20,000 divided into 200,000,000 shares, comprising (i) 160,000,000 Class A ordinary shares with a par value of US$0.0001 each and (ii) 40,000,000 class B ordinary shares with a par value of US$0.0001 each.

On the same day, the Company issued 3,000,000 Class A ordinary shares and 500,000 Class B ordinary shares to Greennine Limited, controlled by Mr. Chan Chor Wai; and issued 6,000,000 Class A ordinary shares and 1,000,000 Class B ordinary shares to Oriental Brilliance Investment Limited, controlled by Mr. Chan Chor Koon and Ms. Chong Siu Nuen.

On October 29, 2025, the Company issued 4,200,000 Class A ordinary shares and 700,000 Class B ordinary shares to Greennine Limited; and issued 8,400,000 Class A ordinary shares and 1,400,000 Class B ordinary shares to Oriental Brilliance Investment Limited.

Each Class A ordinary share was entitled to one vote per share and each Class B ordinary share was entitled to twenty votes per share. Each Class B ordinary share is convertible into one Class A ordinary share, while Class A ordinary shares are not convertible into Class B ordinary shares.

The share and per share information were presented on a retrospective basis as of the beginning of the first period presented to reflect the Reorganization.

***Declaration of Dividends***

During the six months ended September 30, 2024, AsiaPac HK declared cash dividends of HKD12,000,000 (US$1,536,807) to Mr. Chan Chor Wai, Mr. Chan Chor Koon and Ms. Chong Siu Nuen, which was settled by HKD9,360,000 (US$1,198,709) in cash and HKD1,290,259 (US$165,566) offset against amounts due from Ms. Chong Siu Nuen. During the six months ended September 30, 2025, an additional HKD9,000,000 (US$1,152,088) of dividends payable was settled in cash. As of September 30, 2025 and March 31, 2025, dividends payable amounted to US$1,190,462 and US$2,347,442, respectively.

***Statutory Reserves***

According to the Company Law in Taiwan, companies incorporated in Taiwan are required to set aside 10% of their after-tax profit to general reserves each year, based on Taiwan accounting standards, until the cumulative total of such reserves reaches the registered capital. These general reserves are not distributable as cash dividends to equity owners.

According to the Company Law in the PRC, companies incorporated in the PRC are required to set aside 10% of their after-tax profit to general reserves each year, based on the PRC accounting standards, until the cumulative total of such reserves reaches 50% of the registered capital. These general reserves are not distributable as cash dividends to equity owners.

The Group has appropriated $21,480 and $21,457 to statutory reserves as of September 30, 2025 and March 31, 2025, respectively.

**12.** **SEGMENT REPORTING** 

The Group's CODM, CEO, regularly reviews entity-wide operating results and reviews consolidated revenues and net income when making decisions about allocating resources and assessing performance of the segment. The Group has identified three principal reportable segments related to digital marketing services by different areas.

The primary measures of segment revenues and profitability for the Group's operating segments are considered to be consolidated revenues and income (loss) before taxes. Significant segment expenses reviewed by the CODM on a regular basis included within net income include cost of revenues, selling and marketing expenses, general and administrative expenses, and research and development expenses which are separately presented in the unaudited consolidated statements of operations and comprehensive income (loss). Other segment items within income (loss) before taxes include other income (expenses). The CODM uses segment profit or loss to monitor budget versus actual results, and also in competitive analysis by benchmarking against the Group's peers at the same development stage.

**ASIAPAC ADTECHINNO GROUP LIMITED**

**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**(In U.S. Dollar, except for share data)**

The revenues and operating results by Group's segments were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended September 30, 2025** | **For the six months ended September 30, 2025** | **For the six months ended September 30, 2025** | **For the six months ended September 30, 2025** | **For the six months ended September 30, 2025** |
|  | **Hong Kong** | **Taiwan** | **Others\*** | **Inter-segment** | **Consolidated** |
| Revenues, net | $15654854 | $7136515 | $4272945 | $(2096614) | $24967700 |
| Cost of revenues | (12537405) | (5538320) | (2359400) | 2096614 | (18338511) |
| **Gross profit** | **3117449** | **1598195** | **1913545** | **-** | **6629189** |
| **Operating expenses** |  |  |  |  |  |
| Selling and marketing expenses | (1436613) | (329577) | (384745) |  | (2150935) |
| General and administrative expenses | (1457197) | (488506) | (821837) |  | (2767540) |
| Research and development expenses | (11467) | (8673) | (354318) | - | (374458) |
| **Total operating expenses** | **(2905277)** | **(826756)** | **(1560900)** | **-** | **(5292933)** |
| **Total other income (expense)** | 300773 | 5436 | (18035) | - | 288174 |
| **Segment income before tax** | $**512945** | $**776875** | $**334610** | $**-** | $**1624430** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended September 30, 2024** | **For the six months ended September 30, 2024** | **For the six months ended September 30, 2024** | **For the six months ended September 30, 2024** | **For the six months ended September 30, 2024** |
|  | **Hong Kong** | **Taiwan** | **Others\*** | **Inter-segment** | **Consolidated** |
| Revenues, net | $10321564 | $6399836 | $2668750 | $(1390493) | $17999657 |
| Cost of revenues | (7505777) | (5071061) | (2043874) | 1390493 | (13230219) |
| **Gross profit** | **2815787** | **1328775** | **624876** | **-** | **4769438** |
| **Operating expenses** |  |  |  |  |  |
| Selling and marketing expenses | (1169224) | (289228) | (295627) |  | (1754079) |
| General and administrative expenses | (1200463) | (219333) | (468711) |  | (1888507) |
| Research and development expenses | (124923) | (8102) | (124969) | - | (257994) |
| **Total operating expenses** | **(2494610)** | **(516663)** | **(889307)** | **-** | **(3900580)** |
| **Total other income (expense)** | 276161 | 9012 | (32378) | - | 252795 |
| **Segment income (loss) before tax** | $**597338** | $**821124** | $**(296809)** | $**-** | $**1121653** |

---

\* Others represent revenues derived from mainland China, Singapore, Thailand, Indonesia, Malaysia and other regions, each of which individually accounted for less than 10% of the Group's total revenues.

The total assets by segments as of September 30, 2025 and March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** <br> **September 30,** | **As of** <br> **March 31,** |
|  | **2025** | **2025** |
| **Segment assets** |  |  |
| Hong Kong | $11393978 | $10617139 |
| Taiwan | 3437000 | 4456047 |
| Others | 5148784 | 4019585 |
| **Total assets** | $**19979762** | $**19092771** |

---

**13.** **SUBSEQUENT EVENTS** 

The Group has evaluated the impact of events that have occurred subsequent to September 30, 2025, through January 30, 2026, which is the issuance date of the unaudited consolidated financial statements, and concluded that no subsequent events have occurred that would require recognition or disclosure in the unaudited consolidated financial statements.

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.**

Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to the public interest, such as providing indemnification against the consequences of committing a crime or against the indemnified person's own fraud, dishonesty, willful default or willful neglect. Our post-offering memorandum and articles of association provide that we shall indemnify our directors and officers (but not including auditors), and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons, other than by reason of such person's dishonesty, wilful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere.

Under the form of indemnification agreements filed as Exhibit 10.3 to this registration statement, we will 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 such a director or executive officer.

The form of underwriting agreement to be filed as Exhibit 1.1 to this registration statement will also provide for indemnification of us and our officers and directors for certain liabilities.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to 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.

**ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES.**

During the past three years, we have issued and sold the securities described below without registering the securities under the Securities Act. None of these transactions involved any underwriters' underwriting discounts or commissions, or any public offering. We believe that each of the following issuances to private placement investors was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act or pursuant to Section 4(2) of the Securities Act regarding transactions not involving a public offering.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Securities/Purchaser** | **Date of Issuance** | **Number of Securities** | **Consideration** | **Consideration** |
| **Class A ordinary shares** |  |  |  |  |
| Conyers Corporate Services (Cayman) Limited | June 30, 2025 | 1 | US$ | 0.0001 |
| Greennine Limited | June 30, 2025 | 3000000 | US$ | 300 |
| Oriental Brilliance Investment Limited | June 30, 2025 | 6000000 | US$ | 600 |
| Greennine Limited | October 29, 2025 | 4200000 | US$ | 420 |
| Oriental Brilliance Investment Limited | October 29, 2025 | 8400000 | US$ | 840 |
| **Class B ordinary shares** |  |  |  |  |
| Greennine Limited Commerce House | June 30, 2025 | 500000 | US$ | 50 |
| Oriental Brilliance Investment Limited | June 30, 2025 | 1000000 | US$ | 100 |
| Greennine Limited | October 29, 2025 | 700000 | US$ | 70 |
| Oriental Brilliance Investment Limited | October 29, 2025 | 1400000 | US$ | 140 |

---

**ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.**

a) Exhibits

See Exhibit Index beginning on page II-3 of this registration statement.

The agreements included as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosure that was made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of "materiality" that are different from "materiality" under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.

We acknowledge that, notwithstanding the inclusion of the foregoing cautionary statements, we are responsible for considering whether additional specific disclosure of material information regarding material contractual provisions is required to make the statements in this registration statement not misleading.

b) Financial
 Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the Consolidated Financial Statements or the Notes thereto.

**ITEM 9. UNDERTAKINGS.**

The undersigned registrant hereby undertakes 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.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part
 of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant
 to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time
 it was declared effective.

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

(3) For
 the purpose of determining liability under the Securities Act to any purchaser, 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.

(4) For
 the purpose of determining any liability of the registrant under the Securities Act 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;(i) Any
 preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
 424;

(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;

(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

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

**ASIAPAC ADTECHINNO GROUP LIMITED**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Description of Exhibit** |
| 1.1\* | Form of Underwriting Agreement |
| 3.1 | [Memorandum and Articles of Association of the Registrant, as currently in effect](ex3-1.htm) |
| 3.2 | [Form of Amended and Restated Memorandum and Articles of Association of the Registrant, effective immediately prior to completion of this offering](ex3-2.htm) |
| 4.1\* | Registrant's specimen certificate for Class A ordinary shares |
| 5.1 | [Opinion of Conyers Dills & Pearman regarding the validity of the Class A ordinary shares being registered and certain Cayman Islands matters](ex5-1.htm) |
| 8.1 | [Opinion of DLA Piper Hong Kong regarding certain Hong Kong tax matters (included in Exhibit 99.2)](ex99-2.htm) |
| 10.1 | [Form of Employment Agreement by and between the Registrant and each of its executive officers](ex10-1.htm) |
| 10.2 | [Form of Director Agreement by and between the Registrant and each of its directors](ex10-2.htm) |
| 10.3 | [Form of Indemnification Agreement by and between the Registrant and each of its directors and executive officers](ex10-3.htm) |
| 21.1 | [List of Significant Subsidiaries of the Registrant](ex21-1.htm) |
| 23.1 | [Consent of MaloneBailey, LLP](ex23-1.htm) |
| 23.2 | [Consent of Conyers Dills & Pearman (included in Exhibit 5.1)](ex5-1.htm) |
| 23.3 | [Consent of DLA Piper Hong Kong](ex23-3.htm) |
| 23.4 | [Consent of Han Kun Law Offices](ex23-4.htm) |
| 23.5 | [Consent of Frost & Sullivan](ex23-5.htm) |
| 24.1 | [Powers of Attorney (included on signature page in Part II of the registration statement)](#me_013) |
| 99.1 | [Code of Business Conduct and Ethics of the Registrant](ex99-1.htm) |
| 99.2 | [Opinion of DLA Piper Hong Kong regarding certain Hong Kong law matters](ex99-2.htm) |
| 99.3 | [Consent of Chow Shiu Wing Joseph, independent director nominee](ex99-3.htm)<br>|
| 99.4 | [Consent of Kam Chi Sing, independent director nominee](ex99-4.htm)<br>|
| 99.5 | [Consent of Lee Shu Yan, independent director nominee](ex99-5.htm) |
| 107 | [Filing Fee Table](ex107.htm) |

---

\* To be filed by amendment.

**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 Hong Kong, on March 25, 2026.

---

| | |
|:---|:---|
| **AsiaPac AdTechinno Group Limited** | **AsiaPac AdTechinno Group Limited** |
| By: | */s/ Chan Chor Koon* |
| Name: | Chan Chor Koon |
| Title: | Chairman of the Board of Directors, |
|  | Chief Executive Officer |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Chan Chor Koon 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, 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 ordinary 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, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Chan Chor Koon* | Chairman of the Board of Directors, Chief Executive Officer | March 25, 2026 |
| Name: Chan Chor Koon | (*Principal Executive Officer*) |  |
| */s/ Chong Siu Nuen* | Director and Chief Operating Officer | March 25, 2026 |
| Name: Chong Siu Nuen | (*Principal Financial and Accounting Officer*) |  |
| */s/ Chan Chor Wai* | Director and Chief Technical Officer | March 25, 2026 |
| Name: Chan Chor Wai |  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of AsiaPac AdTechinno Group Limited, has signed this Registration Statement or amendment thereto in New York, New York on March 25, 2026.

---

| | |
|:---|:---|
| **Authorized U.S. Representative** | **Authorized U.S. Representative** |
| **Cogency Global Inc.** | **Cogency Global Inc.** |
| By: | */s/ Colleen A. De Vries* |
| Name: | Colleen A. De Vries |
| Title: | Senior Vice President |

---

## Exhibit 3.1

**Exhibit 3.1**

![](ex3-1_039.jpg)

![](ex3-1_040.jpg)

![](ex3-1_001.jpg)

![](ex3-1_002.jpg)

![](ex3-1_003.jpg)

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![](ex3-1_012.jpg)

![](ex3-1_013.jpg)

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![](ex3-1_021.jpg)

![](ex3-1_022.jpg)

![](ex3-1_023.jpg)

![](ex3-1_024.jpg)

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![](ex3-1_026.jpg)

![](ex3-1_027.jpg)

![](ex3-1_028.jpg)

![](ex3-1_029.jpg)

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![](ex3-1_037.jpg)

![](ex3-1_038.jpg)

## Exhibit 3.2

**Exhibit 3.2**

**THE COMPANIES ACT (AS REVISED)**

**EXEMPTED COMPANY LIMITED BY SHARES**

**THE AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**AsiaPac AdTechinno Group Limited**

(Conditionally adopted by way of a special resolution passed on March 24, 2026 and to become effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares with effect from [●])

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 name of the Company is AsiaPac AdTechinno Group Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 registered office of the Company shall be at the offices of Conyers Trust Company (Cayman)
 Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subject
 to the following provisions of this Memorandum, the objects for which the Company is established
 are unrestricted and shall include, but without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 act and perform all the functions of a holding company in all its branches and to coordinate
 the policy and administration of any subsidiary company or companies wherever incorporated
 or carrying on business or of any group of companies of which the Company or any subsidiary
 company is a member or which are in any manner controlled directly or indirectly by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 act as an investment company and for that purpose to subscribe, acquire, hold, dispose, sell,
 deal in or trade upon any terms, whether conditionally or absolutely, shares, stock, debentures,
 debenture stock, annuities, notes, mortgages, bonds, obligations and securities, foreign
 exchange, foreign currency deposits and commodities, issued or guaranteed by any company
 wherever incorporated, or by any government, sovereign, ruler, commissioners, public body
 or authority, supreme, municipal, local or otherwise, by original subscription, tender, purchase,
 exchange, underwriting, participation in syndicates or in any other manner and whether or
 not fully paid up, and to meet calls thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Subject
 to the following provisions of this Memorandum, the Company shall have and be capable of
 exercising all the functions of a natural person of full capacity irrespective of any question
 of corporate benefit, as provided by Section 27(2) of the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Nothing
 in this Memorandum shall permit the Company to carry on a business for which a licence is
 required under the laws of the Cayman Islands unless duly licensed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 Company shall not trade in the Cayman Islands with any person, firm or corporation except
 in furtherance of the business of the Company carried on outside the Cayman Islands; provided
 that nothing in this clause shall be construed as to prevent the Company effecting and concluding
 contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
 for the carrying on of its business outside the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 liability of each member is limited to the amount from time to time unpaid on such member's
 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The
 share capital of the Company is US$20,000 divided into 200,000,000 shares of a nominal or
 par value of US$0.0001 each, consisting of two share classes as follows: (i) 160,000,000
 class A ordinary shares of a nominal or par value of US$0.0001 each and (ii) 40,000,000 class
 B ordinary shares of a nominal or par value of US$0.0001 each, with the power for the Company,
 insofar as is permitted by law, to redeem or purchase any of its shares and to increase or
 reduce the said share capital subject to the provisions of the Companies Act (As Revised)
 and the Articles of Association of the Company and to issue any part of its capital, whether
 original, redeemed or increased, with or without any preference, priority or special privilege
 or subject to any postponement of rights or to any conditions or restrictions; and so that,
 unless the conditions of issue shall otherwise expressly declare, every issue of shares,
 whether declared to be preference or otherwise, shall be subject to the power hereinbefore
 contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The
 Company may exercise the power contained in the Companies Act to deregister in the Cayman
 Islands and be registered by way of continuation in another jurisdiction.

The Companies Act (As Revised)

Exempted Company Limited by Shares

THE AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

AsiaPac AdTechinno Group Limited

(Conditionally adopted by way of a special resolution passed on [●] and to become effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares with effect from [●])

<u>I N D E X</u>

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| | |
|:---|:---|
| SUBJECT | Article No. |
| Table A | 1 |
| Interpretation | 2 |
| Share Capital | 3 |
| Alteration Of Capital | 4-7 |
| Share Rights | 8-10 |
| Variation Of Rights | 11-12 |
| Shares | 13-16 |
| Share Certificates | 17-22 |
| Lien | 23-25 |
| Calls On Shares | 26-34 |
| Forfeiture Of Shares | 35-43 |
| Register Of Members | 44-45 |
| Record Dates | 46 |
| Transfer Of Shares | 47-52 |
| Transmission Of Shares | 53-55 |
| Untraceable Members | 56 |
| General Meetings | 57-59 |
| Notice Of General Meetings | 60-61 |
| Proceedings At General Meetings | 62-66 |
| Voting | 67-78 |
| Proxies | 79-84 |
| Corporations Acting By Representatives | 85 |
| No Action By Written Resolutions Of Members | 86 |
| Board Of Directors | 87 |
| Disqualification Of Directors | 88 |
| Executive Directors | 89-90 |
| Alternate Directors | 91-94 |
| Directors' Fees And Expenses | 95-98 |
| Directors' Interests | 99-102 |
| General Powers Of The Directors | 103-108 |
| Borrowing Powers | 109-112 |
| Proceedings Of The Directors | 113-122 |
| Audit Committee | 123-125 |
| Officers | 126-129 |
| Register of Directors and Officers | 130 |
| Minutes | 131 |
| Seal | 132 |
| Authentication Of Documents | 133 |
| Destruction Of Documents | 134 |
| Dividends And Other Payments | 135-144 |
| Reserves | 145 |
| Capitalisation | 146-147 |
| Subscription Rights Reserve | 148 |
| Accounting Records | 149-153 |
| Audit | 154-159 |
| Notices | 160-162 |
| Signatures | 163 |
| Winding Up | 164-165 |
| Indemnity | 166 |
| Financial Year End | 167 |
| Amendment To Memorandum and Articles of Association And Name of Company | 168 |
| Information | 169 |

---

THE COMPANIES ACT (AS REVISED)

EXEMPTED COMPANY LIMITED BY SHARES

THE AMENDED AND RESTATED

ARTICLES OF ASSOCIATION

OF

AsiaPac AdTechinno Group Limited

<u>TABLE A</u>

1. The regulations in Table A in the Schedule to the Act (As Revised) do not apply to the Company.

<u>INTERPRETATION</u>

2. (1) In these Articles, unless the context otherwise requires, the words standing in the first column of the following table shall bear the meaning set opposite them respectively in the second column.

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| | |
|:---|:---|
| <u>WORD</u> | <u>MEANING</u> |
| "Act" | The Companies Act, Cap. 22 (As Revised) of the Cayman Islands. |
| "address" | for the purposes of these Articles, "address" includes an electronic address unless the Act or rules of the Designated Stock Exchange require a postal address. |
| "Affiliate" | means in respect of a person, any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such person, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law, father-in-law, brothers-in-law and sisters-in-law, whether by blood, marriage or adoption, a trust for the benefit of any of the foregoing, and a corporation, partnership or any other entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any other entity or any natural person which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. |
| "Articles" | these Articles in their present form or as supplemented or amended or substituted from time to time. |

---

---

| | |
|:---|:---|
| "Audit Committee" | the audit committee of the Company formed by the Board pursuant to Article 123 hereof, or any successor audit committee. |
| "Auditor" | the independent auditor of the Company which shall be an internationally recognised firm of independent accountants. |
| "Board" or "Directors" | the board of directors of the Company or the directors present at a meeting of directors of the Company at which a quorum is present. |
| "capital" | the share capital from time to time of the Company. |
| "Class A Ordinary Shares" | class A ordinary shares of a nominal or par value of US$0.0001 each in the share capital of the Company having the rights set out in these Articles and "Class A Ordinary Share" means any of them. |
| "Class B Ordinary Shares" | class B ordinary shares of a nominal or par value US$0.0001 each in the share capital of the Company having the rights set out in these Articles and "Class B Ordinary Share" means any of them. |
| "clear days" | in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect. |
| "clearing house" | a clearing house recognised by the laws of the jurisdiction in which the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction. |
| "Company" | AsiaPac AdTechinno Group Limited. |
| "competent regulatory authority" | a competent regulatory authority in the territory where the shares of the Company (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such territory. |

---

---

| | | |
|:---|:---|:---|
| "Control" or "Controlled" | (a) | the power (whether directly or indirectly and whether by the ownership of share capital, the possession of voting power, contract or otherwise) to appoint and / or remove all or a majority of the members of the board of directors or other governing body of an entity or partnership as are able to cast a majority of the votes capable of being cast by the members of that board or body on all, or substantially all, matters, or otherwise to control or have the power to control the policies and affairs of that person; and/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;(b) the
 holding and / or the possession of the beneficial interest in and / or the ability to exercise the voting rights applicable to shares
 or other securities in any person which confer in aggregate on the holders thereof more than fifty per cent. (50%) of the total voting
 rights (other than, in the case of a corporation, securities having such power only by reason of the happening of a contingency)
 exercisable at general meetings of that person on all, or substantially all, matters.

---

| | |
|:---|:---|
| "Conversion Date" | in respect of a Conversion Notice means the day on which that Conversion Notice is delivered. |
| "Conversion Notice" | a written notice delivered to the Company at its Office (and as otherwise stated therein) stating that a holder of Class B Ordinary Shares elects to convert the number of Class B Ordinary Shares specified therein pursuant to Article 10. |
| "Conversion Number" | in relation to any Class B Ordinary Shares, such number of Class A Ordinary Shares as may, upon exercise of the Conversion Right, be issued at the Conversion Rate. |
| "Conversion Rate" | means, at any time, on a 1:1 basis. |
| "Conversion Right" | in respect of a Class B Ordinary Share means the right of its holder, subject to the provisions of these Articles and to any applicable fiscal or other laws or regulations including the Act, to convert all or any of its Class B Ordinary Shares, into the Conversion Number of Class A Ordinary Shares in its discretion. |
| "debenture" and "debenture holder" | include debenture stock and debenture stockholder respectively. |
| "Designated Stock Exchange" | the stock exchange in the United States of America on which any shares are listed for trading. |
| "dollars" and "$" | dollars, the legal currency of the United States of America. |

---

---

| | |
|:---|:---|
| "Exchange Act" | the Securities Exchange Act of 1934, as amended. |
| "Founder" | each of Chan Chor Koon, Chong Siu Nuen and Chan Chor Wai. |
| "head office" | such office of the Company as the Directors may from time to time determine to be the principal office of the Company. |
| "Independent Director" | a director who is an independent director as defined in the applicable rules and regulations of the Designated Stock Exchange. |
| "Member" | a duly registered holder from time to time of the shares in the capital of the Company. |
| "Memorandum of Association" | the memorandum of association of the Company, as amended from time to time. |
| "month" | a calendar month. |
| "Notice" | written notice unless otherwise specifically stated in these Articles and, where the context so requires, shall include any other document or communication to be served, issued, or given by the Company under these Articles or pursuant to applicable laws and regulations, including the rules of the Designated Stock Exchange and/or competent regulatory authority. For the avoidance of doubt, Notice may be provided in physical or electronic form. |
| "Office" | the registered office of the Company for the time being. |
| "ordinary resolution" | a resolution shall be an ordinary resolution when it has been passed by a simple majority of votes cast by such Members as, being entitled so to do, vote in person or, in the case of any Member being a corporation, by its duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which Notice has been duly given in accordance with Article 60; |
| "paid up" | paid up or credited as paid up. |
| "Register" | the principal register and where applicable, any branch register of Members of the Company to be maintained at such place within or outside the Cayman Islands as the Board shall determine from time to time. |
| "Registration Office" | in respect of any class of share capital such place as the Board may from time to time determine to keep a branch register of Members in respect of that class of share capital and where (except in cases where the Board otherwise directs) the transfers or other documents of title for such class of share capital are to be lodged for registration and are to be registered. |

---

---

| | |
|:---|:---|
| "SEC" | the United States Securities and Exchange Commission. |
| "Securities Act" | means the U.S. Securities Act 1933 as amended, or any similar federal statute and the rules and regulations of the SEC thereunder as the same shall be in effect from time to time. |
| "Seal" | common seal or any one or more duplicate seals of the Company (including a securities seal) for use in the Cayman Islands or in any place outside the Cayman Islands. |
| "Secretary" | any person, firm or corporation appointed by the Board to perform any of the duties of secretary of the Company and includes any assistant, deputy, temporary or acting secretary. |
| "shares" | collectively, Class A Ordinary Shares and Class B Ordinary Shares, or any of Class A Ordinary Shares or Class B Ordinary Shares, as applicable to the context, and includes any fraction of a share. |
| "special resolution" | a resolution shall be a special resolution when it has been passed by a majority of not less than two-thirds of votes cast by such Members as, being entitled so to do, vote in person or, in the case of such Members as are corporations, by their respective duly authorised representative or, where proxies are allowed, by proxy at a general meeting of which Notice has been duly given in accordance with Article 60; |
|  | a special resolution shall be effective for any purpose for which an ordinary resolution is expressed to be required under any provision of these Articles or the Statutes. |
| "Statutes" | the Act and every other law of the Legislature of the Cayman Islands for the time being in force applying to or affecting the Company, its Memorandum of Association and/or these Articles. |
| "year" | a calendar year. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In
 these Articles, unless there be something within the subject or context inconsistent with
 such construction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing a gender include both gender and the neuter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words
 importing persons include companies, associations and bodies of persons whether corporate
 or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 words:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "may"
 shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "shall"
 or "will" shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) expressions
 referring to writing shall, unless the contrary intention appears, be construed as including
 printing, lithography, email, facsimile, photography and other modes of representing words
 or figures in a visible form, including electronic writing or display (such as digital documents
 or electronic communications) provided that both the mode of service of the relevant document
 or Notice and the Member's election comply with all applicable Statutes, rules and
 regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 requirement as to delivery under the Articles include delivery in the form of an electronic
 record (as defined in the Electronic Transactions Act of the Cayman Islands) or an electronic
 communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references
 to any law, ordinance, statute or statutory provision shall be interpreted as relating to
 any statutory modification or re-enactment thereof for the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) save
 as aforesaid words and expressions defined in the Statutes shall bear the same meanings in
 these Articles if not inconsistent with the subject in the context;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references
 to a document (including, but without limitation, a resolution in writing) being signed or
 executed include references to it being signed or executed under hand or under seal or by
 electronic communication or by electronic signature or by any other method and references
 to a Notice or document include a Notice or document recorded or stored in any digital, electronic,
 electrical, magnetic or other retrievable form or medium and information in visible form
 whether having physical substance or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Sections
 8 and 19 of the Electronic Transaction Act of the Cayman Islands, as amended from time to
 time, shall not apply to these Articles to the extent it imposes obligations or requirements
 in addition to those set out in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) where
 a Member is a corporation, any reference in these Articles to a Member shall, where the context
 requires, refer to a duly authorised representative of such Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) references
 to "in the ordinary course of business" and comparable expressions mean the ordinary
 and usual course of business of the relevant party, consistent in all material respects (including
 nature and scope) with the prior practice of such party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) reference
 to a meeting: (a) shall, where the context is appropriate, include a meeting that has been
 postponed by the Board pursuant to Article 65, and (b) shall mean a meeting convened and
 held in any manner permitted by these Articles and any Member or Director attending and participating
 at a meeting by means of electronic facilities shall be deemed to be present at that meeting
 for all purposes of the Statutes and these Articles, and attend, participate, attending,
 participating, attendance and participation shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) references
 to the right of a Member to speak at a general meeting shall include the right to raise questions
 or make statements to the chairman of the meeting, verbally or in written form, by means
 of electronic facilities. Such a right shall be deemed to have been duly exercised if the
 questions or statements may be heard or seen by all or only some of the persons present at
 the meeting (or only by the chairman of the meeting) in which event the chairman of the meeting
 shall relay the questions raised or the statements made verbatim to all persons present at
 the meeting, either orally or in writing using electronic facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) unless
 the context otherwise requires, any reference to "print", "printed",
 or "printed copy" and "printing" shall be deemed to include electronic
 versions or electronic copies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any
 reference to the term "place" within these Articles shall be construed as applicable
 only in contexts where a physical location is required or relevant. Any reference to a "place"
 for the delivery, receipt, or payment of monies, whether by the Company or by Members, shall
 not preclude the use of electronic means for such delivery, receipt, or payment. For the
 avoidance of doubt, references to a "place" in the context of meetings shall
 include physical, electronic, or hybrid meeting formats, as permitted by applicable laws
 and regulations. Notices of meetings, adjournments, postponements, or any other references
 to a "place" shall be interpreted to include virtual platforms or electronic
 means of communication where applicable. Where the term "place" is out of context,
 unnecessary, or not applicable, such reference shall be disregarded without affecting the
 validity or interpretation of the relevant provision.

<u>SHARE CAPITAL</u>

3. (1) The share capital of the Company at the date on which these Articles come into effect shall be divided into 200,000,000 shares of a nominal or par value of US$0.0001 each, consisting of two share classes as follows: (i) 160,000,000 class A ordinary shares of a nominal or par value of US$0.0001 each and (ii) 40,000,000 class B ordinary shares of a nominal or par value of US$0.0001 each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Act, the Company's Memorandum and Articles of Association and, where applicable, the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority, the Company shall have the power to purchase or otherwise acquire its own shares and such power shall be exercisable by the Board in such manner, upon such terms and subject to such conditions as it in its absolute discretion thinks fit and any determination by the Board of the manner of purchase shall be deemed authorised by these Articles for purposes of the Act. Subject to the Act and the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority, the Company is hereby authorised to make payments in respect of a redemption or purchase of its own shares in any manner authorised by the Act, including out of its capital. The purchase of any share shall not oblige the Company to purchase any other share other than as may be required pursuant to applicable law and any other contractual obligations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company is authorised to hold treasury shares in accordance with the Act and may designate as treasury shares any of its shares that it purchases or redeems, or any share surrendered to it subject to the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority. Shares held by the Company as treasury shares shall continue to be classified as treasury shares until such shares are either cancelled or transferred as the Board may determine on such terms and subject to such conditions as it in its absolute discretion thinks fits in accordance with the Act subject to the rules and regulations of the Designated Stock Exchange and/or any competent regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Company may accept the surrender for no consideration of any fully paid share unless, as a result of such surrender, there would no longer be any issued shares of the Company other than shares held as treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) No share shall be issued to bearer.

<u>ALTERATION OF CAPITAL</u>

4. The Company may from time to time by ordinary resolution in accordance with the Act alter the conditions of its Memorandum of Association to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its capital by such sum, to be divided into shares of such amounts, as the resolution shall
 prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate
 and divide all or any of its capital into shares of larger amount than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without
 prejudice to the powers of the Board under Article 13, divide its shares into several classes
 and without prejudice to any special rights previously conferred on the holders of existing
 shares attach thereto respectively any preferential, deferred, qualified or special rights,
 privileges, conditions or such restrictions which in the absence of any such determination
 by the Company in general meeting, as the Directors may determine provided always that, for
 the avoidance of doubt, where a class of shares has been authorised by the Company no resolution
 of the Company in general meeting is required for the issuance of shares of that class and
 the Directors may issue shares of that class and determine such rights, privileges, conditions
 or restrictions attaching thereto as aforesaid, and further provided that where the Company
 issues shares which do not carry voting rights, the words "non-voting" shall
 appear in the designation of such shares and where the equity capital includes shares with
 different voting rights, the designation of each class of shares, other than those with the
 most favourable voting rights, must include the words "restricted voting" or
 "limited voting";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide
 its shares, or any of them, into shares of smaller amount than is fixed by the Memorandum
 of Association (subject, nevertheless, to the Act), and may by such resolution determine
 that, as between the holders of the shares resulting from such sub-division, one or more
 of the shares may have any such preferred, deferred or other rights or be subject to any
 such restrictions as compared with the other or others as the Company has power to attach
 to unissued or new shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel
 any shares which, at the date of the passing of the resolution, have not been taken, or agreed
 to be taken, by any person, and diminish the amount of its capital by the amount of the shares
 so cancelled or, in the case of shares, without par value, diminish the number of shares
 into which its capital is divided.

5. The Board may settle as it considers expedient any difficulty which arises in relation to any consolidation and division under the Article 4 and in particular but without prejudice to the generality of the foregoing may issue certificates in respect of fractions of shares or arrange for the sale of the shares representing fractions and the distribution of the net proceeds of sale (after deduction of the expenses of such sale) in due proportion amongst the Members who would have been entitled to the fractions, and for this purpose the Board may authorise any person to transfer the shares representing fractions to their purchaser or resolve that such net proceeds be paid to the Company for the Company's benefit. Such purchaser will not be bound to see to the application of the purchase money nor will his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

6. The Company may from time to time by special resolution, subject to any confirmation or consent required by the Act, reduce its share capital or any capital redemption reserve or other undistributable reserve in any manner permitted by law.

7. Except so far as otherwise provided by the conditions of issue, or by these Articles, any capital raised by the creation of new shares shall be treated as if it formed part of the original capital of the Company, and such shares shall be subject to the provisions contained in these Articles with reference to the payment of calls and instalments, transfer and transmission, forfeiture, lien, cancellation, surrender, voting and otherwise.

<u>SHARE RIGHTS</u>

8. Subject to the provisions of the Act, the rules and regulations of the Designated Stock Exchange and the Memorandum and Articles of Association and to any special rights conferred on the holders of any shares or class of shares, and without prejudice to Article 13 hereof, any share in the Company (whether forming part of the present capital or not) may be issued with or have attached thereto such rights or restrictions whether in regard to dividend, voting, return of capital or otherwise as the Board may determine, including without limitation on terms that they may be, or at the option of the Company or the holder are, liable to be redeemed on such terms and in such manner, including out of capital, as the Board may deem fit.

9. Subject to the Act, the rules and regulations of the Designated Stock Exchange and the Memorandum and Articles of Association, and to any special rights conferred on the holders of any shares or attaching to any class of shares, shares may be issued on the terms that may be or at the option of the Company or the holder are, liable to be redeemed on such terms and in such manner, including out of capital, as the Board may deem fit.

10. (1) Subject to Article 3 and Article 13(1), the Memorandum of Association and any resolution of the Members to the contrary and without prejudice to any special rights conferred thereby on the holders of any other shares or class of shares, the share capital of the Company shall be divided into shares of two classes: Class A Ordinary Shares and Class B Ordinary Shares. Class A Ordinary Shares and Class B Ordinary Shares shall, except as otherwise provided herein, carry equal rights and rank *pari passu* with one another:

Holders of Class A Ordinary Shares shall, subject to these Articles, have the following rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 entitled to one vote per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 entitled to such dividends as the Board may from time to time declare;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 the event of a winding up or dissolution of the Company, whether voluntary or involuntary
 or for the purpose of a reorganisation or otherwise or upon any distribution of capital,
 be entitled to the surplus assets of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) generally,
 be entitled to enjoy all of the rights attaching to shares.

Holders of Class B Ordinary Shares shall, subject to these Articles, have the following rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *As regards conversion* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject
 to the provisions hereof and to compliance with all fiscal and other laws and regulations
 applicable thereto, including the Act, a holder of Class B Ordinary Shares shall have the
 Conversion Right in respect of each Class B Ordinary Share. For the avoidance of doubt, a
 holder of Class A Ordinary Shares shall have no rights to convert Class A Ordinary Shares
 into Class B Ordinary Shares under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 Class B Ordinary Share shall be converted at the option of the holder, at any time after
 issue and without the payment of any additional sum, into one fully paid Class A Ordinary
 Share calculated at the Conversion Rate. Such conversion shall take effect on the Conversion
 Date. A Conversion Notice shall not be effective if it is not accompanied by the share certificates
 in respect of the relevant Class B Ordinary Shares and such other evidence (if any) as the
 Directors may reasonably require to prove the title of the person exercising such right (or,
 if such certificates have been lost or destroyed, such evidence of title and such indemnity
 as the Directors may reasonably require). Upon conversion, the Company shall procure that
 upon request by the relevant Member, certificates in respect of the relevant Class A Ordinary
 Shares, together with a new certificate for any unconverted Class B Ordinary Shares comprised
 in the certificate(s) surrendered by the holder of the Class B Ordinary Shares, are issued
 to the holders of the Class A Ordinary Shares and Class B Ordinary Shares, as the case may
 be. Any and all taxes and stamp, issue and registration duties (if any) arising on conversion
 shall be borne by the holder of Class B Ordinary Shares requesting conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any
 conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant to this Article
 10 shall be effected in such manner as permissible under the laws of the Cayman Islands including
 by way of a re-designation and re-classification of the relevant Class B Ordinary Share as
 a Class A Ordinary Share or by way of a repurchase or redemption of the relevant Class B
 Ordinary Share in consideration of the issue of relevant Class A Ordinary Share. All Class
 A Ordinary Shares so converted shall carry such rights and restrictions and which shall rank *pari passu* in all respects with the Class A Ordinary Shares then in issue. Such conversion
 shall become effective forthwith upon entries being made in the Register of Members of the
 Company to record the re-designation and re-classification of the relevant Class B Ordinary
 Shares as Class A Ordinary Shares or repurchase or redemption of the relevant Class B Ordinary
 Shares and issue of Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Until
 such time as the Class B Ordinary Shares have been converted into Class A Ordinary Shares,
 the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) at
 all times keep available for issue and free of all liens, charges, options, mortgages, pledges,
 claims, equities, encumbrances and other third-party rights of any nature, and not subject
 to any pre-emptive rights out of its authorised but unissued share capital, such number of
 authorised but unissued Class A Ordinary Shares as would enable all Class B Ordinary Shares
 to be converted into Class A Ordinary Shares and any other rights of conversion into, subscription
 for or exchange into Class A Ordinary Shares to be satisfied in full; 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;(2) not
 make any issue, grant or distribution or take any other action if the effect would be that
 on the conversion of the Class B Ordinary Shares to Class A Ordinary Shares it would be required
 to issue Class A Ordinary Shares at a price lower than the par value thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *As regards Voting Rights* 

Holders of shares have the right to receive notice of, attend, speak and vote at general meetings of the Company. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times (other than in respect of separate general meetings of the holders of a class or series of shares held in accordance with Article 11 below), vote together as one class on all matters submitted to a vote for Members' consent. Each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote at general meetings of the Company, and each Class B Ordinary Share shall be entitled to twenty (20) votes on all matters subject to the vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *As regards Transfer* 

 

Upon (i) any sale, transfer, assignment or disposition of Class B Ordinary Shares by a holder thereof to any person or entity who or which is neither a Founder nor an Affiliate of the Founder or (ii) a change of Control of Class B Ordinary Shares to any person or entity who or which is neither a Founder nor an Affiliate of the Founder, such Class B Ordinary Shares held by a holder thereof shall be automatically and immediately converted into an equal number of Class A Ordinary Shares unless the holder of the Class B Ordinary Shares and the Board of Directors consent in writing to the retention of Class B Ordinary Shares status by the transferee.

For the avoidance of doubt, (i) a sale, transfer, assignment or disposition shall be effective upon the Company's registration of such sale, transfer, assignment or disposition in the Company's Register of Members; and (ii) the creation of any pledge, charge, encumbrance or other third party right of whatever description on any of Class B Ordinary Shares to secure a holder's contractual or legal obligations shall not be deemed as a sale, transfer, assignment or disposition unless and until any such pledge, charge, encumbrance or other third party right is enforced and results in the third party holding legal title to the related Class B Ordinary Shares, in which case all the related Class B Ordinary Shares shall be automatically converted into the same number of Class A Ordinary Shares upon the Company's registration of the third party or its designee as a Member holding that number of Class A Ordinary Shares in the Register of Members unless the original holder of the Class B Ordinary Shares (i.e. the chargor) and the Board of Directors consent in writing to the retention of Class B Ordinary Shares status by the transferee.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Unless explicitly stated otherwise in these Articles, including Article 10, Class A Ordinary Shares and Class B Ordinary Shares shall rank equally in all respects and shall have the same rights, preferences, privileges and restrictions, including rights to dividends, liquidation proceeds, and other financial or economic entitlements. Any amendments to the rights of either class of shares shall be subject to the provisions of Article 11.

<u>VARIATION OF RIGHTS</u>

11. Subject to the Act and without prejudice to Article 8, all or any of the special rights for the time being attached to the shares or any class of shares may, unless otherwise provided by the terms of issue of the shares of that class, from time to time (whether or not the Company is being wound up) be varied, modified or abrogated with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class. To every such separate general meeting all the provisions of these Articles relating to general meetings of the Company shall, *mutatis mutandis*, apply, but so that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) notwithstanding
 Article 59 which shall not apply to this Article 11, separate general meetings of the holders
 of a class or series of shares may be called only by (i) the Chairman of the Board, or (ii)
 a majority of the entire Board (unless otherwise specifically provided by the terms of issue
 of the shares of such class or series). Nothing in this Article 11 shall be deemed to give
 any Member or Members the right to call a class or series meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 necessary quorum (whether at a separate general meeting or at its adjourned meeting) shall
 be a person or persons or (in the case of a Member being a corporation) its duly authorised
 representative together holding or representing by proxy not less than one-third of the voting
 rights attached to the issued voting shares of that class (but so that if at any adjourned
 meeting of such holders a quorum as above defined is not present, those Members who are present
 shall form a quorum (whatever the number of shares held by them));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) every
 holder of shares of the class shall be entitled on a poll to one vote for every such share
 held by him; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 holder of shares of the class present in person or by proxy or authorised representative
 may demand a poll.

12. The special rights conferred upon the holders of any shares or class of shares shall not, unless otherwise expressly provided in the rights attaching to or the terms of issue of such shares, be deemed to be varied, modified or abrogated by the creation or issue of further shares ranking *pari passu* therewith.

<u>SHARES</u>

13. (1) Subject to the Act, these Articles and, where applicable, the rules and regulations of the Designated Stock Exchange and without prejudice to any special rights or restrictions for the time being attached to any shares or any class of shares, the unissued shares of the Company (whether forming part of the original or any increased capital) shall be at the disposal of the Board, which may offer, allot, grant options over or otherwise dispose of them to such persons, at such times and for such consideration and upon such terms and conditions as the Board may in its absolute discretion determine but so that no shares shall be issued at a discount to their nominal value. In particular and without prejudice to the generality of the foregoing, the Board is hereby empowered to authorise by resolution or resolutions from time to time the issuance of one or more classes or series of preferred shares and to fix the designations, powers, preferences and relative, participating, optional and other rights, if any, and the qualifications, limitations and restrictions thereof, if any, including, without limitation, the number of shares constituting each such class or series, dividend rights, conversion rights, redemption privileges, voting powers, full or limited or no voting powers, and liquidation preferences, and to increase or decrease the size of any such class or series (but not below the number of shares of any class or series of preferred shares then outstanding) to the extent permitted by the Act. Without limiting the generality of the foregoing, the resolution or resolutions providing for the establishment of any class or series of preferred shares may, to the extent permitted by law, provide that such class or series shall be superior to, rank equally with or be junior to the preferred shares of any other class or series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Neither the Company nor the Board shall be obliged, when making or granting any allotment of, offer of, option over or disposal of shares, to make, or make available, any such allotment, offer, option or shares to Members or others with registered addresses in any particular territory or territories being a territory or territories where, in the absence of a registration statement or other special formalities, this would or might, in the opinion of the Board, be unlawful or impracticable. Members affected as a result of the foregoing sentence shall not be, or be deemed to be, a separate class of members for any purpose whatsoever. Except as otherwise expressly provided in the resolution or resolutions providing for the establishment of any class or series of preferred shares, no vote of the holders of preferred shares or ordinary shares shall be a prerequisite to the issuance of any shares of any class or series of the preferred shares authorised by and complying with the conditions of the Memorandum and Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board may issue options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of shares or securities in the capital of the Company on such terms as it may from time to time determine.

14. The Company may in connection with the issue of any shares exercise all powers of paying commission and brokerage conferred or permitted by the Act. Subject to the Act, the commission may be satisfied by the payment of cash or by the allotment of fully or partly paid shares or partly in one and partly in the other.

15. Except as required by law, no person shall be recognised by the Company as holding any share upon any trust and the Company shall not be bound by or required in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any share or any fractional part of a share or (except only as otherwise provided by these Articles or by law) any other rights in respect of any share except an absolute right to the entirety thereof in the registered holder.

16. Subject to the Act and these Articles, the Board may at any time after the allotment of shares but before any person has been entered in the Register as the holder, recognise a renunciation thereof by the allottee in favour of some other person and may accord to any allottee of a share a right to effect such renunciation upon and subject to such terms and conditions as the Board considers fit to impose.

<u>SHARE CERTIFICATES</u>

17. Every share certificate shall be issued under the Seal or a facsimile thereof or with the Seal printed thereon and shall specify the number and class and distinguishing numbers (if any) of the shares to which it relates, and the amount paid up thereon and may otherwise be in such form as the Directors may from time to time determine. No certificate shall be issued representing shares of more than one class. The Board may by resolution determine, either generally or in any particular case or cases, that any signatures on any such certificates (or certificates in respect of other securities) need not be autographic but may be affixed to such certificates by some mechanical means or may be printed thereon.

18. (1) In the case of a share held jointly by several persons, the Company shall not be bound to issue more than one certificate therefor and delivery of a certificate to one of several joint holders shall be sufficient delivery to all such holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where a share stands in the names of two or more persons, the person first named in the Register shall as regards service of notices and, subject to the provisions of these Articles, all or any other matters connected with the Company, except the transfer of the shares, be deemed the sole holder thereof.

19. The Company is not obliged to issue a share certificate to a Member unless the Member requests it in writing from the Company. Every person whose name is entered, upon an allotment of shares, as a Member in the Register shall be entitled without payment, to receive one certificate for all such shares of any one class or several certificates each for one or more of such shares of such class upon payment for every certificate after the first of such reasonable out-of-pocket expenses as the Board from time to time determines.

20. Share certificates shall be issued within the relevant time limit as prescribed by the Act or as the Designated Stock Exchange may from time to time determine, whichever is the shorter, after allotment or, except in the case of a transfer which the Company is for the time being entitled to refuse to register and does not register, after lodgment of a transfer with the Company. Every share certificate of the Company shall bear legends required under the applicable laws, including the Securities Act.

21. (1) Upon every transfer of shares the certificate held by the transferor shall be given up to be cancelled, and shall forthwith be cancelled accordingly, and a new certificate shall be issued to the transferee in respect of the shares transferred to him at such fee as is provided in paragraph (2) of this Article 21. If any of the shares included in the certificate so given up shall be retained by the transferor a new certificate for the balance shall be issued to him at the aforesaid fee payable by the transferor to the Company in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The fee referred to in paragraph (1) above shall be an amount not exceeding the relevant maximum amount as the Designated Stock Exchange may from time to time determine provided that the Board may at any time determine a lower amount for such fee.

22. If a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed a new certificate representing the same shares may be issued to the relevant Member upon request and on payment of such fee as the Board may determine and, subject to compliance with such terms (if any) as to evidence and indemnity and to payment of the costs and reasonable out-of-pocket expenses of the Company in investigating such evidence and preparing such indemnity as the Board may think fit and, in case of damage or defacement, on delivery of the old certificate to the Company provided always that where share warrants have been issued, no new share warrant shall be issued to replace one that has been lost unless the Board has determined that the original has been destroyed.

<u>LIEN</u>

23. The Company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys (whether presently payable or not) called or payable at a fixed time in respect of that share. The Company shall also have a first and paramount lien on every share (not being a fully paid share) registered in the name of a Member (whether or not jointly with other Members) for all amounts of money presently payable by such Member or his estate to the Company whether the same shall have been incurred before or after notice to the Company of any equitable or other interest of any person other than such member, and whether the period for the payment or discharge of the same shall have actually become due or not, and notwithstanding that the same are joint debts or liabilities of such Member or his estate and any other person, whether a Member or not. The Company's lien on a share shall extend to all dividends or other moneys payable thereon or in respect thereof. The Board may at any time, generally or in any particular case, waive any lien that has arisen or declare any share exempt in whole or in part, from the provisions of this Article 23.

24. Subject to these Articles, the Company may sell in such manner as the Board determines any share on which the Company has a lien, but no sale shall be made unless some sum in respect of which the lien exists is presently payable, or the liability or engagement in respect of which such lien exists is liable to be presently fulfilled or discharged nor until the expiration of fourteen (14) clear days after a notice in writing, stating and demanding payment of the sum presently payable, or specifying the liability or engagement and demanding fulfilment or discharge thereof and giving notice of the intention to sell in default, has been served on the registered holder for the time being of the share or the person entitled thereto by reason of his death or bankruptcy.

25. The net proceeds of the sale shall be received by the Company and applied in or towards payment or discharge of the debt or liability in respect of which the lien exists, so far as the same is presently payable, and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the share prior to the sale) be paid to the person entitled to the share at the time of the sale. To give effect to any such sale the Board may authorise some person to transfer the shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the shares so transferred and he shall not be bound to see to the application of the purchase money, nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

<u>CALLS ON SHARES</u>

26. Subject to these Articles and to the terms of allotment, the Board may from time to time make calls upon the Members in respect of any moneys unpaid on their shares (whether on account of the nominal value of the shares or by way of premium), and each Member shall (subject to being given at least fourteen (14) clear days' Notice specifying the time and place of payment) pay to the Company as required by such notice the amount called on his shares. A call may be extended, postponed or revoked in whole or in part as the Board determines but no Member shall be entitled to any such extension, postponement or revocation except as a matter of grace and favour.

27. A call shall be deemed to have been made at the time when the resolution of the Board authorising the call was passed and may be made payable either in one lump sum or by instalments.

28. A person upon whom a call is made shall remain liable for calls made upon him notwithstanding the subsequent transfer of the shares in respect of which the call was made. The joint holders of a share shall be jointly and severally liable to pay all calls and instalments due in respect thereof or other moneys due in respect thereof.

29. If a sum called in respect of a share is not paid before or on the day appointed for payment thereof, the person from whom the sum is due shall pay interest on the amount unpaid from the day appointed for payment thereof to the time of actual payment at such rate (not exceeding twenty per cent. (20%) per annum) as the Board may determine, but the Board may in its absolute discretion waive payment of such interest in whole or in part.

30. No Member shall be entitled to receive any dividend or bonus or to be present and vote (save as proxy for another Member) at any general meeting either personally or by proxy, or be reckoned in a quorum, or exercise any other privilege as a Member until all calls or instalments due by him to the Company, whether alone or jointly with any other person, together with interest and expenses (if any) shall have been paid.

31. On the trial or hearing of any action or other proceedings for the recovery of any money due for any call, it shall be sufficient to prove that the name of the Member sued is entered in the Register as the holder, or one of the holders, of the shares in respect of which such debt accrued, that the resolution making the call is duly recorded in the minute book, and that notice of such call was duly given to the Member sued, in pursuance of these Articles; and it shall not be necessary to prove the appointment of the Directors who made such call, nor any other matters whatsoever, but the proof of the matters aforesaid shall be conclusive evidence of the debt.

32. Any amount payable in respect of a share upon allotment or at any fixed date, whether in respect of nominal value or premium or as an instalment of a call, shall be deemed to be a call duly made and payable on the date fixed for payment and if it is not paid the provisions of these Articles shall apply as if that amount had become due and payable by virtue of a call duly made and notified.

33. On the issue of shares the Board may differentiate between the allottees or holders as to the amount of calls to be paid and the times of payment.

34. The Board may, if it thinks fit, receive from any Member willing to advance the same, and either in money or money's worth, all or any part of the moneys uncalled and unpaid or instalments payable upon any shares held by him and upon all or any of the moneys so advanced (until the same would, but for such advance, become presently payable) pay interest at such rate (if any) as the Board may decide. The Board may at any time repay the amount so advanced upon giving to such Member not less than one (1) month's Notice of its intention in that behalf, unless before the expiration of such notice the amount so advanced shall have been called up on the shares in respect of which it was advanced. Such payment in advance shall not entitle the holder of such share or shares to participate in respect thereof in a dividend subsequently declared.

<u>FORFEITURE OF SHARES</u>

35. (1) If a call remains unpaid after it has become due and payable the Board may give to the person from whom it is due not less than fourteen (14) clear days' Notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) requiring
 payment of the amount unpaid together with any interest which may have accrued and which
 may still accrue up to the date of actual payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) stating
 that if the Notice is not complied with the shares on which the call was made will be liable
 to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the requirements of any such Notice are not complied with, any share in respect of which such Notice has been given may at any time thereafter, before payment of all calls and interest due in respect thereof has been made, be forfeited by a resolution of the Board to that effect, and such forfeiture shall include all dividends and bonuses declared in respect of the forfeited share but not actually paid before the forfeiture.

36. When any share has been forfeited, notice of the forfeiture shall be served upon the person who was before forfeiture the holder of the share. No forfeiture shall be invalidated by any omission or neglect to give such Notice.

37. The Board may accept the surrender of any share liable to be forfeited hereunder and, in such case, references in these Articles to forfeiture will include surrender.

38. Any share so forfeited shall be deemed the property of the Company and may be sold, re-allotted or otherwise disposed of to such person, upon such terms and in such manner as the Board determines, and at any time before a sale, re-allotment or disposition the forfeiture may be annulled by the Board on such terms as the Board determines.

39. A person whose shares have been forfeited shall cease to be a Member in respect of the forfeited shares but nevertheless shall remain liable to pay the Company all moneys which at the date of forfeiture were presently payable by him to the Company in respect of the shares, with (if the Board shall in its discretion so requires) interest thereon from the date of forfeiture until payment at such rate (not exceeding twenty per cent. (20%) per annum) as the Board shall determine. The Board may enforce payment thereof if it thinks fit, and without any deduction or allowance for the value of the forfeited shares, at the date of forfeiture, but his liability shall cease if and when the Company shall have received payment in full of all such moneys in respect of the shares. For the purposes of this Article 39 any sum which, by the terms of issue of a share, is payable thereon at a fixed time which is subsequent to the date of forfeiture, whether on account of the nominal value of the share or by way of premium, shall notwithstanding that time has not yet arrived be deemed to be payable at the date of forfeiture, and the same shall become due and payable immediately upon the forfeiture, but interest thereon shall only be payable in respect of any period between the said fixed time and the date of actual payment.

40. A declaration by a Director or the Secretary that a share has been forfeited on a specified date shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share, and such declaration shall (subject to the execution of an instrument of transfer by the Company if necessary) constitute a good title to the share, and the person to whom the share is disposed of shall be registered as the holder of the share and shall not be bound to see to the application of the consideration (if any), nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings in reference to the forfeiture, sale or disposal of the share. When any share shall have been forfeited, notice of the declaration shall be given to the Member in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be made in the Register, but no forfeiture shall be in any manner invalidated by any omission or neglect to give such notice or make any such entry.

41. Notwithstanding any such forfeiture as aforesaid the Board may at any time, before any shares so forfeited shall have been sold, re-allotted or otherwise disposed of, permit the shares forfeited to be bought back upon the terms of payment of all calls and interest due upon and expenses incurred in respect of the share, and upon such further terms (if any) as it thinks fit.

42. The forfeiture of a share shall not prejudice the right of the Company to any call already made or instalment payable thereon.

43. The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account of the nominal value of the share or by way of premium, as if the same had been payable by virtue of a call duly made and notified.

<u>REGISTER OF MEMBERS</u>

44. (1) The Company shall keep in one or more books a Register of its Members and shall enter therein the following particulars, that is to say:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name and address of each Member, the number and class of shares held by him and the amount
 paid or agreed to be considered as paid on such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 date on which each person was entered in the Register; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 date on which any person ceased to be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company may keep an overseas or local or other branch register of Members resident in any place, and the Board may make and vary such regulations as it determines in respect of the keeping of any such register and maintaining a Registration Office in connection therewith.

45. The Register and branch register of Members, as the case may be, shall be open to inspection for such times and on such days as the Board shall determine by Members without charge or by any other person, upon a maximum payment of $2.50 or such other sum specified by the Board, at the Office or Registration Office or such other place at which the Register is kept in accordance with the Act. The Register including any overseas or local or other branch register of Members may, after compliance with any notice requirements of the Designated Stock Exchange or by any electronic means in such manner as may be accepted by the Designated Stock Exchange to that effect, be closed for inspection at such times or for such periods not exceeding in the whole thirty (30) days in each year as the Board may determine and either generally or in respect of any class of shares.

 

<u>RECORD DATES</u>

46. For the purpose of determining the Members entitled to notice of or to vote at any general meeting, or any adjournment thereof, or entitled to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of shares or for the purpose of any other lawful action, the Board may fix, in advance, a date as the record date for any such determination of Members.

If the Board does not fix a record date for any general meeting, the record date for determining the Members entitled to a notice of or to vote at such meeting shall be at the close of business on the day next preceding the day on which notice is given, or, if in accordance with these Articles notice is waived, at the close of business on the day next preceding the day on which the meeting is held. The record date for determining the Members for any other purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

A determination of the Members of record entitled to notice of or to vote at a meeting of the Members shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for the adjourned meeting.

<u>TRANSFER OF SHARES</u>

47. (1) Subject to these Articles, any Member may transfer all or any of his shares by an instrument of transfer in the usual or common form or in a form prescribed by the Designated Stock Exchange or in any other form approved by the Board and may be under hand or, if the transferor or transferee is a clearing house or a central depository house or its nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the Board may approve from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding the provisions of subparagraph (1) above, for so long as any shares are listed on the Designated Stock Exchange, titles to such listed shares may be evidenced and transferred in accordance with the laws applicable to and the rules and regulations of the Designated Stock Exchange that are or shall be applicable to such listed shares. The register of members of the Company in respect of its listed shares (whether the Register or a branch register) may be kept by recording the particulars required by Section 40 of the Act in a form otherwise than legible if such recording otherwise complies with the laws applicable to and the rules and regulations of the Designated Stock Exchange that are or shall be applicable to such listed shares.

48. The instrument of transfer shall be executed by or on behalf of the transferor and the transferee provided that the Board may dispense with the execution of the instrument of transfer by the transferee in any case which it thinks fit in its discretion to do so. Without prejudice to Article 47, the Board may also resolve, either generally or in any particular case, upon request by either the transferor or transferee, to accept mechanically executed transfers. The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered in the Register in respect thereof. Nothing in these Articles shall preclude the Board from recognising a renunciation of the allotment or provisional allotment of any share by the allottee in favour of some other person.

49. (1) The Board may, in its absolute discretion, and without giving any reason therefor, refuse to register a transfer of any share (not being a fully paid up share) to a person of whom it does not approve, or any share issued under any share incentive scheme for employees upon which a restriction on transfer imposed thereby still subsists, and it may also, without prejudice to the foregoing generality, refuse to register a transfer of any share to more than four joint holders or a transfer of any share (not being a fully paid up share) on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board in so far as permitted by any applicable law may, in its absolute discretion, at any time and from time to time transfer any share upon the Register to any branch register or any share on any branch register to the Register or any other branch register. In the event of any such transfer, the shareholder requesting such transfer shall bear the cost of effecting the transfer unless the Board otherwise determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unless the Board otherwise agrees (which agreement may be on such terms and subject to such conditions as the Board in its absolute discretion may from time to time determine, and which agreement the Board shall, without giving any reason therefor, be entitled in its absolute discretion to give or withhold), no shares upon the Register shall be transferred to any branch register nor shall shares on any branch register be transferred to the Register or any other branch register and all transfers and other documents of title shall be lodged for registration, and registered, in the case of any shares on a branch register, at the relevant Registration Office, and, in the case of any shares on the Register, at the Office or such other place at which the Register is kept in accordance with the Act.

50. Without limiting the generality of the Article 49, the Board may decline to recognise any instrument of transfer unless:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 fee of such maximum sum as the Designated Stock Exchange may determine to be payable or such
 lesser sum as the Board may from time to time require is paid to the Company in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 instrument of transfer is in respect of only one class of share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 instrument of transfer is lodged at the Office or such other place at which the Register
 is kept in accordance with the Act or the Registration Office (as the case may be) accompanied
 by the relevant share certificate(s) and such other evidence as the Board may reasonably
 require to show the right of the transferor to make the transfer (and, if the instrument
 of transfer is executed by some other person on his behalf, the authority of that person
 so to do); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 applicable, the instrument of transfer is duly and properly stamped.

51. If the Board refuses to register a transfer of any share, it shall, within two months after the date on which the transfer was lodged with the Company, send to each of the transferor and transferee notice of the refusal.

52. The registration of transfers of shares or of any class of shares may, after compliance with any notice requirement of the Designated Stock Exchange, be suspended at such times and for such periods (not exceeding in the whole thirty (30) days in any year) as the Board may determine. The period of thirty (30) days may be extended for a further period or periods not exceeding thirty (30) days in respect of any year if approved by the Members by ordinary resolution.

<u>TRANSMISSION OF SHARES</u>

53. If a Member dies, the survivor or survivors where the deceased was a joint holder, and his legal personal representatives where he was a sole or only surviving holder, will be the only persons recognised by the Company as having any title to his interest in the shares; but nothing in this Article will release the estate of a deceased Member (whether sole or joint) from any liability in respect of any share which had been solely or jointly held by him.

54. Any person becoming entitled to a share in consequence of the death or bankruptcy or winding-up of a Member may, upon such evidence as to his title being produced as may be required by the Board, elect either to become the holder of the share or to have some person nominated by him registered as the transferee thereof. If he elects to become the holder he shall notify the Company in writing either at the Registration Office or the Office, as the case may be, to that effect. If he elects to have another person registered he shall execute a transfer of the share in favour of that person. The provisions of these Articles relating to the transfer and registration of transfers of shares shall apply to such notice or transfer as aforesaid as if the death or bankruptcy of the Member had not occurred and the notice or transfer were a transfer signed by such Member.

55. A person becoming entitled to a share by reason of the death or bankruptcy or winding-up of a Member shall be entitled to the same dividends and other advantages to which he would be entitled if he were the registered holder of the share. However, the Board may, if it thinks fit, withhold the payment of any dividend payable or other advantages in respect of such share until such person shall become the registered holder of the share or shall have effectually transferred such share, but, subject to the requirements of Article 76(2) being met, such a person may vote at meetings.

<u>UNTRACEABLE MEMBERS</u>

56. (1) Without prejudice to the rights of the Company under paragraph (2) of this Article 56, the Company may cease sending cheques for dividend entitlements or dividend warrants by post if such cheques or warrants have been left uncashed on two consecutive occasions. However, the Company may exercise the power to cease sending cheques for dividend entitlements or dividend warrants after the first occasion on which such a cheque or warrant is returned undelivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company shall have the power to sell, in such manner as the Board thinks fit, any shares of a Member who is untraceable, but no such sale shall be made unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 cheques or warrants in respect of dividends of the shares in question, being not less than
 three in total number, for any sum payable in cash to the holder of such shares in respect
 of them sent during the relevant period in the manner authorised by the Articles have remained
 uncashed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so
 far as it is aware at the end of the relevant period, the Company has not at any time during
 the relevant period received any indication of the existence of the Member who is the holder
 of such shares or of a person entitled to such shares by death, bankruptcy or operation of
 law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company, if so required by the rules governing the listing of shares on the Designated Stock
 Exchange, has given notice to, and caused advertisement in newspapers to be made in accordance
 with the requirements of, the Designated Stock Exchange of its intention to sell such shares
 in the manner required by the Designated Stock Exchange, and a period of three (3) months
 or such shorter period as may be allowed by the Designated Stock Exchange has elapsed since
 the date of such advertisement.

For the purpose of the foregoing, the "relevant period" means the period commencing twelve (12) years before the date of publication of the advertisement referred to in paragraph (c) of this Article and ending at the expiry of the period referred to in that paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To give effect to any such sale the Board may authorise some person to transfer the said shares and an instrument of transfer signed or otherwise executed by or on behalf of such person shall be as effective as if it had been executed by the registered holder or the person entitled by transmission to such shares, and the purchaser shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale. The net proceeds of the sale will belong to the Company and upon receipt by the Company of such net proceeds it shall become indebted to the former Member for an amount equal to such net proceeds. No trust shall be created in respect of such debt and no interest shall be payable in respect of it and the Company shall not be required to account for any money earned from the net proceeds which may be employed in the business of the Company or as it thinks fit. Any sale under this Article shall be valid and effective notwithstanding that the Member holding the shares sold is dead, bankrupt or otherwise under any legal disability or incapacity.

<u>GENERAL MEETINGS</u>

57. The Company may but shall not (unless required by the Statute) be obliged to, in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. An annual general meeting of the Company shall be held at such time and place as may be determined by the Board.

58. Each general meeting, other than an annual general meeting, shall be called an extraordinary general meeting. General meetings may be held at such times and in any location in the world as may be determined by the Board. Notwithstanding any provisions in these Articles, any general meeting or any class meeting may be held physically, as a hybrid meeting (partially physical and partially electronic) or wholly by electronic means, using such telephone, electronic or other communication facilities as to permit all persons participating in the meeting to communicate with each other, and participation in such a meeting shall constitute presence at such meeting. Unless otherwise determined by the Directors, the manner of convening and the proceedings at a general meeting set out in these Articles shall apply, *mutatis mutandis*, to hybrid or wholly electronic meetings. In the event of any technical difficulties, disruptions, or procedural issues arising during a hybrid or electronic meeting, including but not limited to connectivity problems, platform malfunctions, or disputes regarding the conduct of the meeting, the chairman of the meeting shall have the authority to make any rulings or decisions necessary to address such issues. Any such ruling, determination, or decision made by the chairman of the meeting shall be final, conclusive, and binding on the Company and all Members.

59. A majority of the Board or the Chairman of the Board may call extraordinary general meetings, which extraordinary general meetings shall be held at such times and locations (as permitted hereby) as such person or persons shall determine. Any one or more Members holding not less than one-third of all votes attaching to the total issued and paid up share capital of the Company at the date of deposit of the requisition shall at all times have the right, by written requisition to the Board or the Secretary of the Company, to require an extraordinary general meeting to be called by the Board for the transaction of any business specified in such requisition; and such meeting shall be held within two (2) months after the deposit of such requisition. If within twenty one (21) days of such deposit the Board fails to proceed to convene such meeting the requisitionist(s) himself (themselves) may do so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of the Board shall be reimbursed to the requisitionist(s) by the Company.

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<u>NOTICE OF GENERAL MEETINGS</u>

60. (1) A general meeting may be called by not less than seven (7) days' Notice subject to the Act, if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of a meeting called as an annual general meeting, by all the Members entitled to
 attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of any other meeting, by a majority in number of the Members having the right to
 attend and vote at the meeting, being a majority together holding not less than ninety-five
 per cent. (95%) in nominal value of the issued shares giving that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The notice shall specify the time of the meeting, the physical location (if applicable), and in the case of a hybrid or electronic meeting, the electronic platform or means by which Members may attend and participate. It shall also include in case of special business, the general nature of the business. The notice convening an annual general meeting shall specify the meeting as such. Notice of every general meeting shall be given to all Members other than to such Members as, under the provisions of these Articles or the terms of issue of the shares they hold, are not entitled to receive such notices from the Company, to all persons entitled to a share in consequence of the death or bankruptcy or winding-up of a Member and to each of the Directors. For hybrid or electronic meetings, the Notice shall either include instructions for accessing and participating in the meeting or specify where or how such instructions will be provided to the Members.

61. The accidental omission to give Notice of a meeting or (in cases where instruments of proxy are sent out with the Notice) to send such instrument of proxy to, or the non-receipt of such Notice or such instrument of proxy by, any person entitled to receive such Notice shall not invalidate any resolution passed or the proceedings at that meeting.

<u>PROCEEDINGS AT GENERAL MEETINGS</u>

62. (1) All business shall be deemed special that is transacted at an extraordinary general meeting, and also all business that is transacted at an annual general meeting, with the exception of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 declaration and sanctioning of dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consideration
 and adoption of the accounts and balance sheet and the reports of the Directors and Auditors
 and other documents required to be annexed to the balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No business other than the appointment of a chairman of a meeting shall be transacted at any general meeting unless a quorum is present at the commencement of the business. At any general meeting of the Company, two (2) Members entitled to vote and present in person or by proxy or (in the case of a Member being a corporation) by its duly authorised representative representing not less than one-third of the voting rights attached to the issued voting shares in the Company throughout the meeting shall form a quorum for all purposes.

63. If within thirty (30) minutes (or such longer time not exceeding one hour as the chairman of the meeting may determine to wait) after the time appointed for the meeting a quorum is not present, the meeting shall stand adjourned to the same day in the next week at the same time and place or to such time and place as the Board may determine. If at such adjourned meeting a quorum is not present within half an hour from the time appointed for holding the meeting, the meeting shall be dissolved.

64. The Chairman of the Board shall preside as chairman at every general meeting. If at any meeting the chairman is not present within fifteen (15) minutes after the time appointed for holding the meeting, or is not willing to act as chairman, the Directors present shall choose one of their number to act, or if one Director only is present he shall preside as chairman if willing to act. If no Director is present, or if each of the Directors present declines to take the chair, or if the chairman chosen shall retire from the chair, the Members present in person or by its duly authorised representative or by proxy and entitled to vote shall elect one of their number to be chairman.

65. Prior to the holding of a general meeting, the Board may postpone, and at a general meeting, the chairman, may (without consent of the meeting) or shall at the direction of the meeting adjourn the meeting, from time to time and from place to place, but no business shall be transacted at any adjourned or postponed meeting other than the business which might lawfully have been transacted at the meeting had the adjournment or postponement not taken place. When a meeting is adjourned or postponed for fourteen (14) days or more, at least seven (7) clear days' notice of the adjourned or postponed meeting shall be given specifying the time and place of the adjourned or postponed meeting but it shall not be necessary to specify in such notice the nature of the business to be transacted at the adjourned or postponed meeting and the general nature of the business to be transacted. Save as aforesaid, it shall be unnecessary to give notice of an adjournment or postponement.

66. If an amendment is proposed to any resolution under consideration but is in good faith ruled out of order by the chairman of the meeting, the proceedings on the substantive resolution shall not be invalidated by any error in such ruling. In the case of a resolution duly proposed as a special resolution, no amendment thereto (other than a mere clerical amendment to correct a patent error) may in any event be considered or voted upon.

<u>VOTING</u>

67. Holders of shares are entitled to receive notice of, attend, speak, and vote at general meetings of the Company, subject to any special rights or restrictions on voting specified in these Articles. In a show of hands at a general meeting, each holder of Class A Ordinary Shares present in person, by proxy, or (if a corporation) by a duly authorised representative, has one vote, and each holder of Class B Ordinary Shares present in person, by proxy, or (if a corporation) by a duly authorised representative, has twenty (20) votes. On a poll, each fully paid Class A Ordinary Share carries one vote, and each fully paid Class B Ordinary Share carries twenty (20) votes, whether held by a Member present in person, by proxy, or (if a corporation) by a duly authorised representative. Shares not fully paid, or amounts paid or credited in advance of calls or instalments, do not count as paid for voting purposes. Notwithstanding anything contained in these Articles, where more than one proxy is appointed by a Member which is a clearing house or a central depository house (or its nominee(s)), each such proxy shall have one vote on a show of hands. A resolution put to the vote of a meeting shall be decided on a show of hands unless voting by way of a poll is required by the rules and regulations of the Designated Stock Exchange or (before or on the declaration of the result of the show of hands or on the withdrawal of any other demand for a poll) a poll is demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the chairman of such meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 at least three Members present in person or (in the case of a Member being a corporation)
 by its duly authorised representative or by proxy for the time being entitled to vote at
 the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 a Member or Members present in person or (in the case of a Member being a corporation) by
 its duly authorised representative or by proxy and representing not less than one tenth of
 the total voting rights of all Members having the right to vote at the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 a Member or Members present in person or (in the case of a Member being a corporation) by
 its duly authorised representative or by proxy and holding shares in the Company conferring
 a right to vote at the meeting being shares on which an aggregate sum has been paid up equal
 to not less than one tenth of the total sum paid up on all shares conferring that right.

A demand by a person as proxy for a Member or in the case of a Member being a corporation by its duly authorised representative shall be deemed to be the same as a demand by a Member. Votes (whether on a show of hands or by way of poll) may be cast by such means, electronic or otherwise, as the Directors or the chairman of the meeting may determine.

68. Unless a poll is duly demanded and the demand is not withdrawn, a declaration by the chairman that a resolution has been carried, or carried unanimously, or by a particular majority, or not carried by a particular majority, or lost, and an entry to that effect made in the minute book of the Company, shall be conclusive evidence of the facts without proof of the number or proportion of the votes recorded for or against the resolution.

69. If a poll is duly demanded the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. The Company shall only be required to disclose the voting figures on a poll if such disclosure is required by the rules and regulations of the Designated Stock Exchange.

70. A poll demanded on the election of a chairman, or on a question of adjournment, shall be taken forthwith. A poll demanded on any other question shall be taken in such manner (including the use of ballot or voting papers or tickets) and either forthwith or at such time (being not later than thirty (30) days after the date of the demand) and place as the chairman directs. It shall not be necessary (unless the chairman otherwise directs) for notice to be given of a poll not taken immediately.

71. The demand for a poll shall not prevent the continuance of a meeting or the transaction of any business other than the question on which the poll has been demanded, and, with the consent of the chairman, it may be withdrawn at any time before the close of the meeting or the taking of the poll, whichever is the earlier.

72. On a poll votes may be given either personally or by proxy.

73. A person entitled to more than one vote on a poll need not use all his votes or cast all the votes he uses in the same way.

74. All questions submitted to a meeting shall be decided by a simple majority of votes except where a greater majority is required by these Articles, by the Act or the rules and regulations of the Designated Stock Exchange. In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of such meeting shall be entitled to a second or casting vote in addition to any other vote he may have.

75. Where there are joint holders of any share any one of such joint holders may vote, either in person or by proxy, in respect of such share as if he were solely entitled thereto, but if more than one of such joint holders be present at any meeting the vote of the senior holder who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in the Register in respect of the joint holding. Several executors or administrators of a deceased Member in whose name any share stands shall for the purposes of this Article be deemed joint holders thereof.

76. (1) A Member who is a patient for any purpose relating to mental health or in respect of whom an order has been made by any court having jurisdiction for the protection or management of the affairs of persons incapable of managing their own affairs may vote, whether on a show of hands or on a poll, by his receiver, committee, *curator bonis* or other person in the nature of a receiver, committee or *curator bonis* appointed by such court, and such receiver, committee, *curator bonis* or other person may vote on a poll by proxy, and may otherwise act and be treated as if he were the registered holder of such shares for the purposes of general meetings, provided that such evidence as the Board may require of the authority of the person claiming to vote shall have been deposited at the Office, head office or Registration Office, as appropriate, not less than forty-eight (48) hours before the time appointed for holding the meeting, or adjourned meeting or poll, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person entitled under Article 54 to be registered as the holder of any shares may vote at any general meeting in respect thereof in the same manner as if he were the registered holder of such shares, provided that forty-eight (48) hours at least before the time of the holding of the meeting or adjourned meeting, as the case may be, at which he proposes to vote, he shall satisfy the Board of his entitlement to such shares, or the Board shall have previously admitted his right to vote at such meeting in respect thereof.

77. No Member shall, unless the Board otherwise determines, be entitled to attend and vote and to be reckoned in a quorum at any general meeting unless he is duly registered and all calls or other sums presently payable by him in respect of shares in the Company have been paid.

78. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 objection shall be raised to the qualification of any voter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 votes have been counted which ought not to have been counted or which might have been rejected;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 votes are not counted which ought to have been counted;

the objection or error shall not vitiate the decision of the meeting or adjourned meeting on any resolution unless the same is raised or pointed out at the meeting or, as the case may be, the adjourned meeting at which the vote objected to is given or tendered or at which the error occurs. Any objection or error shall be referred to the chairman of the meeting and shall only vitiate the decision of the meeting on any resolution if the chairman decides that the same may have affected the decision of the meeting. The decision of the chairman on such matters shall be final and conclusive.

<u>PROXIES</u>

79. Any Member entitled to attend and vote at a meeting of the Company shall be entitled to appoint another person as his proxy to attend and vote instead of him. A Member who is the holder of two or more shares may appoint more than one proxy to represent him and vote on his behalf at a general meeting of the Company or at a class meeting. A proxy need not be a Member. In addition, a proxy or proxies representing either a Member who is an individual or a Member which is a corporation shall be entitled to exercise the same powers on behalf of the Member which he or they represent as such Member could exercise.

80. The instrument appointing a proxy shall be in such form, including electronic or otherwise, as the Board may determine and in the absence of such determination, shall be in writing, which may include electronic writing, and signed by the appointor or of his attorney duly authorised in writing or, if the appointor is a corporation, either under its seal or under the hand of an officer, attorney or other person authorised to sign the same. In the case of an instrument of proxy purporting to be signed on behalf of a corporation by an officer thereof it shall be assumed, unless the contrary appears, that such officer was duly authorised to sign such instrument of proxy on behalf of the corporation without further evidence of the facts.

81. Unless otherwise determined by the Board, the instrument appointing a proxy and (if required by the Board) the power of attorney or other authority (if any) under which it is signed, or a certified copy of such power or authority, shall be delivered to such place or one of such places (if any) as may be specified for that purpose in or by way of note to or in any document accompanying the notice convening the meeting (or, if no place is so specified at the Registration Office or the Office, as may be appropriate) not less than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote or, in the case of a poll taken subsequently to the date of a meeting or adjourned meeting, not less than twenty-four (24) hours before the time appointed for the taking of the poll and in default the instrument of proxy shall not be treated as valid. No instrument appointing a proxy shall be valid after the expiration of twelve (12) months from the date named in it as the date of its execution, except at an adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the meeting was originally held within twelve (12) months from such date. Delivery of an instrument appointing a proxy shall not preclude a Member from attending and voting in person at the meeting convened and in such event, the instrument appointing a proxy shall be deemed to be revoked.

82. Instruments of proxy shall be in any common form or in such other form as the Board may approve (provided that this shall not preclude the use of the two-way form) and the Board may, if it thinks fit, send out with the notice of any meeting forms of instrument of proxy for use at the meeting. The instrument of proxy shall be deemed to confer authority to demand or join in demanding a poll and to vote on any amendment of a resolution put to the meeting for which it is given as the proxy thinks fit. The instrument of proxy shall, unless the contrary is stated therein, be valid as well for any adjournment of the meeting as for the meeting to which it relates.

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83. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal, or revocation of the instrument of proxy or of the authority under which it was executed, provided that no intimation in writing of such death, insanity or revocation shall have been received by the Company at the Office or the Registration Office (or such other place as may be specified for the delivery of instruments of proxy in the notice convening the meeting or other document sent therewith) two (2) hours at least before the commencement of the meeting or adjourned meeting, or the taking of the poll, at which the instrument of proxy is used.

84. Anything which under these Articles a Member may do by proxy he may likewise do by his duly appointed attorney and the provisions of these Articles relating to proxies and instruments appointing proxies shall apply *mutatis mutandis* in relation to any such attorney and the instrument under which such attorney is appointed.

<u>CORPORATIONS ACTING BY REPRESENTATIVES</u>

85. (1) Any corporation which is a Member may by resolution of its directors or other governing body authorise such person as it thinks fit to act as its representative at any meeting of the Company or at any meeting of any class of Members. The person so authorised shall be entitled to exercise the same powers on behalf of such corporation as the corporation could exercise if it were an individual Member and such corporation shall for the purposes of these Articles be deemed to be present in person at any such meeting if a person so authorised is present thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If a clearing house (or its nominee(s)) or a central depository entity (or its nominee(s)), being a corporation, is a Member, it may authorise such persons as it thinks fit to act as its representatives at any meeting of the Company or at any meeting of any class of Members provided that the authorisation shall specify the number and class of shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the clearing house or a central depository entity (or its nominee(s)) as if such person was the registered holder of the shares of the Company held by the clearing house or a central depository entity (or its nominee(s)) including the right to vote individually on a show of hands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any reference in these Articles to a duly authorised representative of a Member being a corporation shall mean a representative authorised under the provisions of this Article.

<u>NO ACTION BY WRITTEN RESOLUTIONS OF MEMBERS</u>

86. Any action required or permitted to be taken at any annual or extraordinary general meetings of the Company may be taken only upon the vote of the Members at an annual or extraordinary general meeting duly noticed and convened in accordance with these Articles and the Act and may not be taken by written resolution of Members without a meeting.

<u>BOARD OF DIRECTORS</u>

87. (1) Unless otherwise determined by the Company in general meeting, the number of Directors shall not be less than three (3). There shall be no maximum number of Directors unless otherwise determined from time to time by the Board. For so long as the shares are listed on the Designated Stock Exchange, the Directors shall include such number of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange require, unless the Board resolves to follow any available exceptions or exemptions. The Directors shall be elected or appointed in accordance with Article 87 and 88 and shall hold office until the expiration of his term or until their successors are elected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Subject to the Articles and the Act, the Company may by ordinary resolution elect any person to be a Director either to fill a casual vacancy or as an addition to the existing Board.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Directors shall have the power from time to time and at any time to appoint any person as a Director to fill a casual vacancy on the Board or as an addition to the existing Board subject to the Company's compliance with director nomination procedures required under the rules and regulations of the Designated Stock Exchange as long as shares are listed on the Designated Stock Exchange, unless the Board resolves to follow any available exceptions or exemptions.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No Director shall be required to hold any shares of the Company by way of qualification and a Director who is not a Member shall be entitled to receive notice of and to attend and speak at any general meeting of the Company and of all classes of shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Subject to any provision to the contrary in these Articles, a Director may be removed by way of an ordinary resolution of the Members at any time before the expiration of his period of office notwithstanding anything in these Articles or in any agreement between the Company and such Director (but without prejudice to any claim for damages under any such agreement).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Company may from time to time in general meeting by ordinary resolution increase or reduce the number of Directors but so that the number of Directors shall never be less than three (3).

<u>DISQUALIFICATION OF DIRECTORS</u>

88. The office of a Director shall be vacated if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) resigns his office by notice in writing delivered to the Company at the Office or tendered at a meeting of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) becomes of unsound mind or dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) without special leave of absence from the Board, is absent from meetings of the Board for three (3) consecutive meetings and the Board resolves that his office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) is prohibited by law from being a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) ceases to be a Director by virtue of any provision of the Statutes or is removed from office pursuant to these Articles.

<u>EXECUTIVE DIRECTORS</u>

89. The Board may from time to time appoint any one or more of its body to be a managing director, joint managing director or deputy managing director or to hold any other employment or executive office with the Company for such period (subject to their continuance as Directors) and upon such terms as the Board may determine and the Board may revoke or terminate any of such appointments. Any such revocation or termination as aforesaid shall be without prejudice to any claim for damages that such Director may have against the Company or the Company may have against such Director. A Director appointed to an office under this Article 91 shall be subject to the same provisions as to removal as the other Directors of the Company, and he shall (subject to the provisions of any contract between him and the Company) ipso facto and immediately cease to hold such office if he shall cease to hold the office of Director for any cause.

90. Notwithstanding Articles 95, 96, 97 and 98, an executive director appointed to an office under Article 89 hereof shall receive such remuneration (whether by way of salary, commission, participation in profits or otherwise or by all or any of those modes) and such other benefits (including pension and/or gratuity and/or other benefits on retirement) and allowances as the Board may from time to time determine, and either in addition to or in lieu of his remuneration as a Director.

<u>ALTERNATE DIRECTORS</u>

91. Any Director may at any time by Notice delivered to the Office or head office or at a meeting of the Directors appoint any person (including another Director) to be his alternate Director. Any person so appointed shall have all the rights and powers of the Director or Directors for whom such person is appointed in the alternative provided that such person shall not be counted more than once in determining whether or not a quorum is present. An alternate Director may be removed at any time by the body which appointed him and, subject thereto, the office of alternate Director shall continue until the happening of any event which, if he were a Director, would cause him to vacate such office or if his appointer ceases for any reason to be a Director. Any appointment or removal of an alternate Director shall be effected by Notice signed by the appointor and delivered to the Office or head office or tendered at a meeting of the Board. An alternate Director may also be a Director in his own right and may act as alternate to more than one Director. An alternate Director shall, if his appointor so requests, be entitled to receive notices of meetings of the Board or of committees of the Board to the same extent as, but in lieu of, the Director appointing him and shall be entitled to such extent to attend and vote as a Director at any such meeting at which the Director appointing him is not personally present and generally at such meeting to exercise and discharge all the functions, powers and duties of his appointor as a Director and for the purposes of the proceedings at such meeting the provisions of these Articles shall apply as if he were a Director save that as an alternate for more than one Director his voting rights shall be cumulative.

92. An alternate Director shall only be a Director for the purposes of the Act and shall only be subject to the provisions of the Act insofar as they relate to the duties and obligations of a Director when performing the functions of the Director for whom he is appointed in the alternative and shall alone be responsible to the Company for his acts and defaults and shall not be deemed to be the agent of or for the Director appointing him. An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements or transactions and to be repaid expenses and to be indemnified by the Company to the same extent *mutatis mutandis* as if he were a Director but he shall not be entitled to receive from the Company any fee in his capacity as an alternate Director except only such part, if any, of the remuneration otherwise payable to his appointor as such appointor may by Notice to the Company from time to time direct.

93. Every person acting as an alternate Director shall have one vote for each Director for whom he acts as alternate (in addition to his own vote if he is also a Director). If his appointor is not available or unable to act, the signature of an alternate Director to any resolution in writing of the Board or a committee of the Board of which his appointor is a member shall, unless the notice of his appointment provides to the contrary, be as effective as the signature of his appointor.

94. An alternate Director shall ipso facto cease to be an alternate Director if his appointor ceases for any reason to be a Director, however, such alternate Director or any other person may be re-appointed by the Directors to serve as an alternate Director.

<u>DIRECTORS' FEES AND EXPENSES</u>

95. The Directors shall receive such remuneration as the Board may from time to time determine. Each Director shall be entitled to be repaid or prepaid all traveling, hotel and incidental expenses reasonably incurred or expected to be incurred by him in attending meetings of the Board or committees of the board or general meetings or separate meetings of any class of shares or of debenture of the Company or otherwise in connection with the discharge of his duties as a Director.

96. Each Director shall be entitled to be repaid or prepaid all travelling, hotel and incidental expenses reasonably incurred or expected to be incurred by him in attending meetings of the Board or committees of the Board or general meetings or separate meetings of any class of shares or of debentures of the Company or otherwise in connection with the discharge of his duties as a Director.

97. Any Director who, by request, goes or resides abroad for any purpose of the Company or who performs services which in the opinion of the Board go beyond the ordinary duties of a Director may be paid such extra remuneration (whether by way of salary, commission, participation in profits or otherwise) as the Board may determine and such extra remuneration shall be in addition to or in substitution for any ordinary remuneration provided for by or pursuant to any other Article.

98. The Board shall determine any payment to any Director or past Director of the Company by way of compensation for loss of office, or as consideration for or in connection with his retirement from office (not being payment to which the Director is contractually entitled).

<u>DIRECTORS' INTERESTS</u>

99. A Director may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hold
 any other office or place of profit with the Company (except that of Auditor) in conjunction
 with his office of Director for such period and upon such terms as the Board may determine.
 Any remuneration (whether by way of salary, commission, participation in profits or otherwise)
 paid to any Director in respect of any such other office or place of profit shall be in addition
 to any remuneration provided for by or pursuant to any other Article;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) act
 by himself or his firm in a professional capacity for the Company (otherwise than as Auditor)
 and he or his firm may be remunerated for professional services as if he were not a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) continue
 to be or become a director, managing director, joint managing director, deputy managing director,
 executive director, manager or other officer or member of any other company promoted by the
 Company or in which the Company may be interested as a vendor, shareholder or otherwise and
 (unless otherwise agreed) no such Director shall be accountable for any remuneration, profits
 or other benefits received by him as a director, managing director, joint managing director,
 deputy managing director, executive director, manager or other officer or member of or from
 his interests in any such other company. Subject as otherwise provided by these Articles
 the Directors may exercise or cause to be exercised the voting powers conferred by the shares
 in any other company held or owned by the Company, or exercisable by them as Directors of
 such other company in such manner in all respects as they think fit (including the exercise
 thereof in favour of any resolution appointing themselves or any of them directors, managing
 directors, joint managing directors, deputy managing directors, executive directors, managers
 or other officers of such company) or voting or providing for the payment of remuneration
 to the director, managing director, joint managing director, deputy managing director, executive
 director, manager or other officers of such other company and any Director may vote in favour
 of the exercise of such voting rights in manner aforesaid notwithstanding that he may be,
 or about to be, appointed a director, managing director, joint managing director, deputy
 managing director, executive director, manager or other officer of such a company, and that
 as such he is or may become interested in the exercise of such voting rights in manner aforesaid.

Notwithstanding the foregoing, no Independent Director shall without the consent of the Audit Committee take any of the foregoing actions or any other action that would reasonably be likely to affect such Director's status as an Independent Director.

100. Subject to the Act and to these Articles, no Director or proposed or intending Director shall be disqualified by his office from contracting with the Company, either with regard to his tenure of any office or place of profit or as vendor, purchaser or in any other manner whatsoever, nor shall any such contract or any other contract or arrangement in which any Director is in any way interested be liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company or the Members for any remuneration, profit or other benefits realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relationship thereby established provided that such Director shall disclose the nature of his interest in any contract or arrangement in which he is interested in accordance with Article 101 herein. Any such transaction that would reasonably be likely to affect a Director's status as an Independent Director, or that would constitute a "related party transaction" as defined by the rules and regulations of the Designated Stock Exchange or under applicable laws, shall require the approval of the Audit Committee.

101. A Director who to his knowledge is in any way, whether directly or indirectly, interested in a contract or arrangement or proposed contract or arrangement with the Company shall declare the nature of his interest at the meeting of the Board at which the question of entering into the contract or arrangement is first considered, if he knows his interest then exists, or in any other case at the first meeting of the Board after he knows that he is or has become so interested. For the purposes of this Article, a general Notice to the Board by a Director to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 is a member or officer of a specified company or firm and is to be regarded as interested
 in any contract or arrangement which may after the date of the Notice be made with that company
 or firm; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 is to be regarded as interested in any contract or arrangement which may after the date of
 the Notice be made with a specified person who is connected with him;

shall be deemed to be a sufficient declaration of interest under this Article in relation to any such contract or arrangement, provided that no such Notice shall be effective unless either it is given at a meeting of the Board or the Director takes reasonable steps to secure that it is brought up and read at the next Board meeting after it is given.

102. Following a declaration being made pursuant to the last preceding two Articles, subject to any separate requirement for Audit Committee approval under applicable law or the rules and regulations of the Designated Stock Exchange, and unless disqualified by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or proposed contract or arrangement in which such Director is interested and may be counted in the quorum at such meeting.

<u>GENERAL POWERS OF THE DIRECTORS</u>

103. (1) The business of the Company shall be managed and conducted by the Board, which may pay all expenses incurred in forming and registering the Company and may exercise all powers of the Company (whether relating to the management of the business of the Company or otherwise) which are not by the Statutes or by these Articles required to be exercised by the Company in general meeting, subject nevertheless to the provisions of the Statutes and of these Articles and to such regulations being not inconsistent with such provisions, as may be prescribed by the Company in general meeting, but no regulations made by the Company in general meeting shall invalidate any prior act of the Board which would have been valid if such regulations had not been made. The general powers given by this Article shall not be limited or restricted by any special authority or power given to the Board by any other Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any person contracting or dealing with the Company in the ordinary course of business shall be entitled to rely on any written or oral contract or agreement or deed, document or instrument entered into or executed as the case may be by any one Director on behalf of the Company and the same shall be deemed to be validly entered into or executed by the Company as the case may be and shall, subject to any rule of law, be binding on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Without prejudice to the general powers conferred by these Articles it is hereby expressly declared that the Board shall have the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 give to any person the right or option of requiring at a future date that an allotment shall
 be made to him of any share at par or at such premium as may be agreed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 give to any Directors, officers or employees of the Company an interest in any particular
 business or transaction or participation in the profits thereof or in the general profits
 of the Company either in addition to or in substitution for a salary or other remuneration;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 resolve that the Company be deregistered in the Cayman Islands and continued in a named jurisdiction
 outside the Cayman Islands subject to the provisions of the Act.

104. The Board may establish any regional or local boards or agencies for managing any of the affairs of the Company in any place, and may appoint any persons to be members of such local boards, or any managers or agents, and may fix their remuneration (either by way of salary or by commission or by conferring the right to participation in the profits of the Company or by a combination of two or more of these modes) and pay the working expenses of any staff employed by them upon the business of the Company. The Board may delegate to any regional or local board, manager or agent any of the powers, authorities and discretions vested in or exercisable by the Board (other than its powers to make calls and forfeit shares), with power to sub-delegate, and may authorise the members of any of them to fill any vacancies therein and to act notwithstanding vacancies. Any such appointment or delegation may be made upon such terms and subject to such conditions as the Board may think fit, and the Board may remove any person appointed as aforesaid, and may revoke or vary such delegation, but no person dealing in good faith and without notice of any such revocation or variation shall be affected thereby.

105. The Board may by power of attorney appoint any company, firm or person or any fluctuating body of persons, whether nominated directly or indirectly by the Board, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Board under these Articles) and for such period and subject to such conditions as it may think fit, and any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the Board may think fit, and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions vested in him. Such attorney or attorneys may, if so authorised under the Seal of the Company, execute any deed or instrument under their personal seal with the same effect as the affixation of the Company's Seal.

106. The Board may entrust to and confer upon a managing director, joint managing director, deputy managing director, an executive director or any Director any of the powers exercisable by it upon such terms and conditions and with such restrictions as it thinks fit, and either collaterally with, or to the exclusion of, its own powers, and may from time to time revoke or vary all or any of such powers but no person dealing in good faith and without notice of such revocation or variation shall be affected thereby.

107. All cheques, promissory notes, drafts, bills of exchange and other instruments, whether negotiable or transferable or not, 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 the Board shall from time to time by resolution determine. The Company's banking accounts shall be kept with such banker or bankers as the Board shall from time to time determine.

108. (1) The Board may establish or concur or join with other companies (being subsidiary companies of the Company or companies with which it is associated in business) in establishing and making contributions out of the Company's moneys to any schemes or funds for providing pensions, sickness or compassionate allowances, life assurance or other benefits for employees (which expression as used in this and the following paragraph shall include any Director or ex-Director who may hold or have held any executive office or any office of profit under the Company or any of its subsidiary companies) and ex-employees of the Company and their dependants or any class or classes of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board may pay, enter into agreements to pay or make grants of revocable or irrevocable pensions or other benefits to employees and ex-employees and their dependants, or to any of such persons, including pensions or benefits additional to those, if any, to which such employees or ex-employees or their dependants are or may become entitled under any such scheme or fund as mentioned in the last preceding paragraph. Any such pension or benefit may, as the Board considers desirable, be granted to an employee either before and in anticipation of or upon or at any time after his actual retirement, and may be subject or not subject to any terms or conditions as the Board may determine.

<u>BORROWING POWERS</u>

109. The Board may exercise all the powers of the Company to raise or borrow money and to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital of the Company and, subject to the Act, to issue debentures, bonds and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company or of any third party.

110. Debentures, bonds and other securities may be made assignable free from any equities between the Company and the person to whom the same may be issued.

111. Any debentures, bonds or other securities may be issued at a discount (other than shares), premium or otherwise and with any special privileges as to redemption, surrender, drawings, allotment of shares, attending and voting at general meetings of the Company, appointment of Directors and otherwise.

112. (1) Where any uncalled capital of the Company is charged, all persons taking any subsequent charge thereon shall take the same subject to such prior charge, and shall not be entitled, by notice to the Members or otherwise, to obtain priority over such prior charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board shall cause a proper register to be kept, in accordance with the provisions of the Act, of all charges specifically affecting the property of the Company and of any series of debentures issued by the Company and shall duly comply with the requirements of the Act in regard to the registration of charges and debentures therein specified and otherwise.

<u>PROCEEDINGS OF THE DIRECTORS</u>

113. The Board may meet for the despatch of business, adjourn and otherwise regulate its meetings as it considers appropriate. Questions arising at any meeting shall be determined by a majority of votes. In the case of any equality of votes the chairman of the meeting shall have an additional or casting vote.

114. A meeting of the Board may be convened by the Secretary on request of a Director or by any Director. The Secretary shall convene a meeting of the Board of which notice may be given in writing or by telephone or in such other manner as the Board may from time to time determine whenever he shall be required so to do by the president or chairman, as the case may be, or any Director.

115. (1) The quorum necessary for the transaction of the business of the Board may be fixed by the Board and, unless so fixed at any other number, shall be three (3) of the Board. An alternate Director shall be counted in a quorum in the case of the absence of a Director for whom he is the alternate provided that he shall not be counted more than once for the purpose of determining whether or not a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Directors may participate in any meeting of the Board by means of a conference telephone or other communications equipment through which all persons participating in the meeting can communicate with each other simultaneously and instantaneously and, for the purpose of counting a quorum, such participation shall constitute presence at a meeting as if those participating were present in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Director who ceases to be a Director at a Board meeting may continue to be present and to act as a Director and be counted in the quorum until the termination of such Board meeting if no other Director objects and if otherwise a quorum of Directors would not be present.

116. The continuing Directors or a sole continuing Director may act notwithstanding any vacancy in the Board but, if and so long as the number of Directors is reduced below the minimum number fixed by or in accordance with these Articles as the quorum, the continuing Directors or Director, notwithstanding that the number of Directors is below the number fixed by or in accordance with these Articles as the quorum or that there is only one continuing Director, may act for the purpose of filling vacancies in the Board or of summoning general meetings of the Company but not for any other purpose.

117. The Chairman of the Board shall be the chairman of all meetings of the Board. If the Chairman of the Board is not present at any meeting within five (5) minutes after the time appointed for holding the same, the Directors present may choose one of their number to be chairman of the meeting.

118. A meeting of the Board at which a quorum is present shall be competent to exercise all the powers, authorities and discretions for the time being vested in or exercisable by the Board.

119. (1) The Board may delegate any of its powers, authorities and discretions to committees (including, without limitation, the Audit Committee), consisting of such Director or Directors and other persons as it thinks fit, and they may, from time to time, revoke such delegation or revoke the appointment of and discharge any such committees either wholly or in part, and either as to persons or purposes. Any committee so formed shall, in the exercise of the powers, authorities and discretions so delegated, conform to any regulations which may be imposed on it by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All acts done by any such committee in conformity with such regulations, and in fulfilment of the purposes for which it was appointed, but not otherwise, shall have like force and effect as if done by the Board, and the Board (or if the Board delegates such power, the committee) shall have power to remunerate the members of any such committee, and charge such remuneration to the current expenses of the Company.

120. The meetings and proceedings of any committee consisting of two or more members shall be governed by the provisions contained in these Articles for regulating the meetings and proceedings of the Board so far as the same are applicable and are not superseded by any regulations imposed by the Board under the last preceding Article, indicating, without limitation, any committee charter adopted by the Board for purposes or in respect of any such committee.

121. A resolution in writing signed by all the Directors except such as are temporarily unable to act through ill-health or disability shall (provided that such number is sufficient to constitute a quorum and further provided that a copy of such resolution has been given or the contents thereof communicated to all the Directors for the time being entitled to receive notices of Board meetings in the same manner as notices of meetings are required to be given by these Articles) be as valid and effectual as if a resolution had been passed at a meeting of the Board duly convened and held. Such resolution may be contained in one document or in several documents in like form each signed by one or more of the Directors and for this purpose a facsimile signature of a Director shall be treated as valid.

122. All acts bona fide done by the Board or by any committee or by any person acting as a Director or members of a committee, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any member of the Board or such committee or person acting as aforesaid or that they or any of them were disqualified or had vacated office, be as valid as if every such person had been duly appointed and was qualified and had continued to be a Director or member of such committee.

<u>AUDIT COMMITTEE</u>

123. Without prejudice to the freedom of the Directors to establish any other committees, for so long as the shares of the Company (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, the Board shall establish and maintain an Audit Committee as a committee of the Board, the composition and responsibilities of which shall comply with the rules and regulations of the Designated Stock Exchange and the rules and regulations of the SEC.

124. The Board shall adopt a formal written audit committee charter and review and assess the adequacy of the formal written charter on a periodic basis to the extent necessary.

125. For so long as the shares of the Company (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, the Company shall conduct an appropriate review of all related party transactions on an ongoing basis and shall utilize the Audit Committee for the review and approval of potential conflicts of interest in accordance with the audit committee charter.

<u>OFFICERS</u>

126. (1) The officers of the Company shall consist of the Chairman of the Board, the Directors and Secretary and such additional officers (who may or may not be Directors) as the Board may from time to time determine, all of whom shall be deemed to be officers for the purposes of the Act and these Articles. In addition to the officers of the Company, the Board may also from time to time determine and appoint managers and delegate to the same such powers and duties as are prescribed by the Board.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Directors shall, as soon as may be after each appointment or election of Directors, elect amongst the Directors a chairman and if more than one Director is proposed for this office, the election to such office shall take place in such manner as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The officers shall receive such remuneration as the Directors may from time to time determine.

127. (1) The Secretary and additional officers, if any, shall be appointed by the Board and shall hold office on such terms and for such period as the Board may determine. If thought fit, two or more persons may be appointed as joint Secretaries. The Board may also appoint from time to time on such terms as it thinks fit one or more assistant or deputy Secretaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Secretary shall attend all meetings of the Members and shall keep correct minutes of such meetings and enter the same in the proper books provided for the purpose. He shall perform such other duties as are prescribed by the Act or these Articles or as may be prescribed by the Board.

128. The officers of the Company shall have such powers and perform such duties in the management, business and affairs of the Company as may be delegated to them by the Directors from time to time.

129. A provision of the Act or of these Articles requiring or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both as Director and as or in place of the Secretary.

<u>REGISTER OF DIRECTORS AND OFFICERS</u>

130. The Company shall cause to be kept in one or more books at its Office a Register of Directors and Officers in which there shall be entered the full names and addresses of the Directors and Officers and such other particulars as required by the Act or as the Directors may determine. The Company shall send to the Registrar of Companies in the Cayman Islands a copy of such register, and shall from time to time notify to the said Registrar of any change that takes place in relation to such Directors and Officers as required by the Act.

<u>MINUTES</u>

131. (1) The Board shall cause minutes to be duly entered in books provided for the purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of
 all elections and appointments of officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of
 the names of the Directors present at each meeting of the Directors and of any committee
 of the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of
 all resolutions and proceedings of each general meeting of the Members, meetings of the Board
 and meetings of committees of the Board and where there are managers, of all proceedings
 of meetings of the managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Minutes
 shall be kept by the Secretary at the Office.

<u>SEAL</u>

132. (1) The Company shall have one or more Seals, as the Board may determine. The Board shall provide for the custody of each Seal and no Seal shall be used without the authority of the Board or of a committee of the Board authorised by the Board in that behalf. Subject as otherwise provided in these Articles, any instrument to which a Seal is affixed shall be signed autographically by one Director or by such other person (including a Director) or persons as the Board may appoint, either generally or in any particular case, save that as regards any certificates for shares or debentures or other securities of the Company the Board may by resolution determine that such signatures or either of them shall be dispensed with or affixed by some method or system of mechanical signature. Every instrument executed in manner provided by this Article 132 shall be deemed to be sealed and executed with the authority of the Board previously given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Where the Company has a Seal for use abroad, the Board may by writing under the Seal appoint any agent or committee abroad to be the duly authorised agent of the Company for the purpose of affixing and using such Seal and the Board may impose restrictions on the use thereof as may be thought fit. Wherever in these Articles reference is made to the Seal, the reference shall, when and so far as may be applicable, be deemed to include any such other Seal as aforesaid.

<u>AUTHENTICATION OF DOCUMENTS</u>

133. Any Director or the Secretary or any person appointed by the Board for the purpose may authenticate any documents affecting the constitution of the Company and any resolution passed by the Company or the Board or any committee, and any books, records, documents and accounts relating to the business of the Company, and to certify copies thereof or extracts therefrom as true copies or extracts, and if any books, records, documents or accounts are elsewhere than at the Office or the head office the local manager or other officer of the Company having the custody thereof shall be deemed to be a person so appointed by the Board. A document purporting to be a copy of a resolution, or an extract from the minutes of a meeting, of the Company or of the Board or any committee which is so certified shall be conclusive evidence in favour of all persons dealing with the Company upon the faith thereof that such resolution has been duly passed or, as the case may be, that such minutes or extract is a true and accurate record of proceedings at a duly constituted meeting.

<u>DESTRUCTION OF DOCUMENTS</u>

134. (1) The Company shall be entitled to destroy the following documents at the following times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 share certificate which has been cancelled at any time after the expiry of one (1) year from
 the date of such cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 dividend mandate or any variation or cancellation thereof or any notification of change of
 name or address at any time after the expiry of two (2) years from the date such mandate
 variation cancellation or notification was recorded by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 instrument of transfer of shares which has been registered at any time after the expiry of
 seven (7) years from the date of registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 allotment letters after the expiry of seven (7) years from the date of issue thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) copies
 of powers of attorney, grants of probate and letters of administration at any time after
 the expiry of seven (7) years after the account to which the relevant power of attorney,
 grant of probate or letters of administration related has been closed;

and it shall conclusively be presumed in favour of the Company that every entry in the Register purporting to be made on the basis of any such documents so destroyed was duly and properly made and every share certificate so destroyed was a valid certificate duly and properly cancelled and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document destroyed hereunder was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company. Provided always that: (1) the foregoing provisions of this Article 134 shall apply only to the destruction of a document in good faith and without express notice to the Company that the preservation of such document was relevant to a claim; (2) nothing contained in this Article 134 shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (1) above are not fulfilled; and (3) references in this Article 134 to the destruction of any document include references to its disposal in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any provision contained in these Articles, the Directors may, if permitted by applicable law, authorise the destruction of documents set out in sub-paragraphs (a) to (e) of paragraph (1) of this Article 134 and any other documents in relation to share registration which have been microfilmed or electronically stored by the Company or by the share registrar on its behalf provided always that this Article shall apply only to the destruction of a document in good faith and without express notice to the Company and its share registrar that the preservation of such document was relevant to a claim.

<u>DIVIDENDS AND OTHER PAYMENTS</u>

135. Subject to the Act, the Board may from time to time declare dividends in any currency to be paid to the Members.

 

136. Dividends may be declared and paid out of the profits of the Company, realised or unrealised, or from any reserve set aside from profits which the Directors determine is no longer needed. The Board may also declare and pay dividends out of share premium account or any other fund or account which can be authorised for this purpose in accordance with the Act.

137. Except in so far as the rights attaching to, or the terms of issue of, any share otherwise provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 dividends shall be declared and paid according to the amounts paid up on the shares in respect
 of which the dividend is paid, but no amount paid up on a share in advance of calls shall
 be treated for the purposes of this Article as paid up on the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 dividends shall be apportioned and paid pro rata according to the amounts paid up on the
 shares during any portion or portions of the period in respect of which the dividend is paid.

138. The Board may from time to time pay to the Members such interim dividends as appear to the Board to be justified by the profits of the Company and in particular (but without prejudice to the generality of the foregoing) if at any time the share capital of the Company is divided into different classes, the Board may pay such interim dividends in respect of those shares in the capital of the Company which confer on the holders thereof deferred or non-preferential rights as well as in respect of those shares which confer on the holders thereof preferential rights with regard to dividend and provided that the Board acts bona fide the Board shall not incur any responsibility to the holders of shares conferring any preference for any damage that they may suffer by reason of the payment of an interim dividend on any shares having deferred or non-preferential rights and may also pay any fixed dividend which is payable on any shares of the Company half-yearly or on any other dates, whenever such profits, in the opinion of the Board, justifies such payment.

139. The Board may deduct from any dividend or other moneys payable to a Member by the Company on or in respect of any shares all sums of money (if any) presently payable by him to the Company on account of calls or otherwise.

140. No dividend or other moneys payable by the Company on or in respect of any share shall bear interest against the Company.

141. Any dividend, interest or other sum payable in cash to the holder of shares may be paid by cheque or warrant sent through the post addressed to the holder at his registered address or, in the case of joint holders, addressed to the holder whose name stands first in the Register in respect of the shares at his address as appearing in the Register or addressed to such person and at such address as the holder or joint holders may in writing direct. Every such cheque or warrant shall, unless the holder or joint holders otherwise direct, be made payable to the order of the holder or, in the case of joint holders, to the order of the holder whose name stands first on the Register in respect of such shares, and shall be sent at his or their risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute a good discharge to the Company notwithstanding that it may subsequently appear that the same has been stolen or that any endorsement thereon has been forged. Any one of two or more joint holders may give effectual receipts for any dividends or other moneys payable or property distributable in respect of the shares held by such joint holders.

142. All dividends or bonuses unclaimed for one (1) year after having been declared may be invested or otherwise made use of by the Board for the benefit of the Company until claimed. Any dividend or bonuses unclaimed after a period of six (6) years from the date of declaration shall be forfeited and shall revert to the Company. The payment by the Board of any unclaimed dividend or other sums payable on or in respect of a share into a separate account shall not constitute the Company a trustee in respect thereof.

143. Whenever the Board has resolved that a dividend be paid or declared, the Board may further resolve that such dividend be satisfied wholly or in part by the distribution of specific assets of any kind and in particular of paid up shares, debentures or warrants to subscribe securities of the Company or any other company, or in any one or more of such ways, and where any difficulty arises in regard to the distribution the Board may settle the same as it thinks expedient, and in particular may issue certificates in respect of fractions of shares, disregard fractional entitlements or round the same up or down, and may fix the value for distribution of such specific assets, or any part thereof, and may determine that cash payments shall be made to any Members upon the basis of the value so fixed in order to adjust the rights of all parties, and may vest any such specific assets in trustees as may seem expedient to the Board and may appoint any person to sign any requisite instruments of transfer and other documents on behalf of the persons entitled to the dividend, and such appointment shall be effective and binding on the Members. The Board may resolve that no such assets shall be made available to Members with registered addresses in any particular territory or territories where, in the absence of a registration statement or other special formalities, such distribution of assets would or might, in the opinion of the Board, be unlawful or impracticable and in such event the only entitlement of the Members aforesaid shall be to receive cash payments as aforesaid. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

144. (1) Whenever the Board has resolved that a dividend be paid or declared on any class of the share capital of the Company, the Board may further resolve either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 such dividend be satisfied wholly or in part in the form of an allotment of shares credited
 as fully paid up, provided that the Members entitled thereto will be entitled to elect to
 receive such dividend (or part thereof if the Board so determines) in cash in lieu of such
 allotment. In such case, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 basis of any such allotment shall be determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Board, after determining the basis of allotment, shall give not less than ten (10) days'
 Notice to the holders of the relevant shares of the right of election accorded to them and
 shall send with such notice forms of election and specify the procedure to be followed and
 the place at which and the latest date and time by which duly completed forms of election
 must be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 right of election may be exercised in respect of the whole or part of that portion of the
 dividend in respect of which the right of election has been accorded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 dividend (or that part of the dividend to be satisfied by the allotment of shares as aforesaid)
 shall not be payable in cash on shares in respect whereof the cash election has not been
 duly exercised ("the non-elected shares") and in satisfaction thereof shares
 of the relevant class shall be allotted credited as fully paid up to the holders of the non-elected
 shares on the basis of allotment determined as aforesaid and for such purpose the Board shall
 capitalise and apply out of any part of the undivided profits of the Company (including profits
 carried and standing to the credit of any reserves or other special account, share premium
 account, capital redemption reserve other than the Subscription Rights Reserve) as the Board
 may determine, such sum as may be required to pay up in full the appropriate number of shares
 of the relevant class for allotment and distribution to and amongst the holders of the non-elected
 shares on such basis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 the Members entitled to such dividend shall be entitled to elect to receive an allotment
 of shares credited as fully paid up in lieu of the whole or such part of the dividend as
 the Board may think fit. In such case, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 basis of any such allotment shall be determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Board, after determining the basis of allotment, shall give not less than ten (10) days'
 Notice to the holders of the relevant shares of the right of election accorded to them and
 shall send with such notice forms of election and specify the procedure to be followed and
 the place at which and the latest date and time by which duly completed forms of election
 must be lodged in order to be effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 right of election may be exercised in respect of the whole or part of that portion of the
 dividend in respect of which the right of election has been accorded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 dividend (or that part of the dividend in respect of which a right of election has been accorded)
 shall not be payable in cash on shares in respect whereof the share election has been duly
 exercised ("the elected shares") and in lieu thereof shares of the relevant class
 shall be allotted credited as fully paid up to the holders of the elected shares on the basis
 of allotment determined as aforesaid and for such purpose the Board shall capitalise and
 apply out of any part of the undivided profits of the Company (including profits carried
 and standing to the credit of any reserves or other special account, share premium account,
 capital redemption reserve other than the Subscription Rights Reserve) as the Board may determine,
 such sum as may be required to pay up in full the appropriate number of shares of the relevant
 class for allotment and distribution to and amongst the holders of the elected shares on
 such basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) The
 shares allotted pursuant to the provisions of paragraph (1) of this Article 144 shall rank *pari passu* in all respects with shares of the same class (if any) then in issue save
 only as regards participation in the relevant dividend or in any other distributions, bonuses
 or rights paid, made, declared or announced prior to or contemporaneously with the payment
 or declaration of the relevant dividend unless, contemporaneously with the announcement by
 the Board of their proposal to apply the provisions of sub-paragraph (a) or (b) of paragraph
 (2) of this Article 144 in relation to the relevant dividend or contemporaneously with their
 announcement of the distribution, bonus or rights in question, the Board shall specify that
 the shares to be allotted pursuant to the provisions of paragraph (1) of this Article shall
 rank for participation in such distribution, bonus or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Board may do all acts and things considered necessary or expedient to give effect to any
 capitalisation pursuant to the provisions of paragraph (1) of this Article 144, with full
 power to the Board to make such provisions as it thinks fit in the case of shares becoming
 distributable in fractions (including provisions whereby, in whole or in part, fractional
 entitlements are aggregated and sold and the net proceeds distributed to those entitled,
 or are disregarded or rounded up or down or whereby the benefit of fractional entitlements
 accrues to the Company rather than to the Members concerned). The Board may authorise any
 person to enter into on behalf of all Members interested, an agreement with the Company providing
 for such capitalisation and matters incidental thereto and any agreement made pursuant to
 such authority shall be effective and binding on all concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board may determine and resolve in respect of any one particular dividend of the Company that notwithstanding the provisions of paragraph (1) of this Article 144 a dividend may be satisfied wholly in the form of an allotment of shares credited as fully paid up without offering any right to shareholders to elect to receive such dividend in cash in lieu of such allotment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Board may on any occasion determine that rights of election and the allotment of shares under paragraph (1) of this Article 144 shall not be made available or made to any shareholders with registered addresses in any territory where, in the absence of a registration statement or other special formalities, the circulation of an offer of such rights of election or the allotment of shares would or might, in the opinion of the Board, be unlawful or impracticable, and in such event the provisions aforesaid shall be read and construed subject to such determination. Members affected as a result of the foregoing sentence shall not be or be deemed to be a separate class of Members for any purpose whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any resolution declaring a dividend on shares of any class by the Board, may specify that the same shall be payable or distributable to the persons registered as the holders of such shares at the close of business on a particular date, notwithstanding that it may be a date prior to that on which the resolution is passed, and thereupon the dividend shall be payable or distributable to them in accordance with their respective holdings so registered, but without prejudice to the rights inter se in respect of such dividend of transferors and transferees of any such shares. The provisions of this Article shall *mutatis mutandis* apply to bonuses, capitalisation issues, distributions of realised capital profits or offers or grants made by the Company to the Members.

<u>RESERVES</u>

145. (1) The Board shall establish an account to be called the share premium account and shall carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any share in the Company. Unless otherwise provided by the provisions of these Articles, the Board may apply the share premium account in any manner permitted by the Act. The Company shall at all times comply with the provisions of the Act in relation to the share premium account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Before recommending any dividend, the Board may set aside out of the profits of the Company such sums as it determines as reserves which shall, at the discretion of the Board, be applicable for any purpose to which the profits of the Company may be properly applied and pending such application may, also at such discretion, either be employed in the business of the Company or be invested in such investments as the Board may from time to time think fit and so that it shall not be necessary to keep any investments constituting the reserve or reserves separate or distinct from any other investments of the Company. The Board may also without placing the same to reserve carry forward any profits which it may think prudent not to distribute.

<u>CAPITALISATION</u>

146. The Company may, upon the recommendation of the Board, at any time and from time to time pass an ordinary resolution to the effect that it is desirable to capitalise all or any part of any amount for the time being standing to the credit of any reserve or fund (including a share premium account and capital redemption reserve and the profit and loss account) whether or not the same is available for distribution and accordingly that such amount be set free for distribution among the Members or any class of Members who would be entitled thereto if it were distributed by way of dividend and in the same proportions, on the basis that the same is not paid in cash but is applied either in or towards paying up the amounts for the time being unpaid on any shares in the Company held by such Members respectively or in paying up in full unissued shares, debentures or other obligations of the Company, to be allotted and distributed credited as fully paid up among such Members, or partly in one way and partly in the other, and the Board shall give effect to such resolution provided that, for the purposes of this Article 146, a share premium account and any capital redemption reserve or fund representing unrealised profits, may be applied only in paying up in full unissued shares of the Company to be allotted to such Members credited as fully paid.

147. The Board may settle, as it considers appropriate, any difficulty arising in regard to any distribution and in particular may issue certificates in respect of fractions of shares or authorise any person to sell and transfer any fractions or may resolve that the distribution should be as nearly as may be practicable in the correct proportion but not exactly so or may ignore fractions altogether, and may determine that cash payments shall be made to any Members in order to adjust the rights of all parties, as may seem expedient to the Board. The Board may appoint any person to sign on behalf of the persons entitled to participate in the distribution any contract necessary or desirable for giving effect thereto and such appointment shall be effective and binding upon the Members.

<u>SUBSCRIPTION RIGHTS RESERVE</u>

148. The following provisions shall have effect to the extent that they are not prohibited by and are in compliance with the Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, so long as any of the rights attached to any warrants issued by the Company to subscribe for shares of the Company shall remain exercisable, the Company does any act or engages in any transaction which, as a result of any adjustments to the subscription price in accordance with the provisions of the conditions of the warrants, would reduce the subscription price to below the par value of a share, then the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 from the date of such act or transaction the Company shall establish and thereafter (subject
 as provided in this Article 148) maintain in accordance with the provisions of this Article
 148 a reserve (the "Subscription Rights Reserve") the amount of which shall at
 no time be less than the sum which for the time being would be required to be capitalised
 and applied in paying up in full the nominal amount of the additional shares required to
 be issued and allotted credited as fully paid pursuant to sub-paragraph (c) below on the
 exercise in full of all the subscription rights outstanding and shall apply the Subscription
 Rights Reserve in paying up such additional shares in full as and when the same are allotted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Subscription Rights Reserve shall not be used for any purpose other than that specified above
 unless all other reserves of the Company (other than share premium account) have been extinguished
 and will then only be used to make good losses of the Company if and so far as is required
 by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon
 the exercise of all or any of the subscription rights represented by any warrant, the relevant
 subscription rights shall be exercisable in respect of a nominal amount of shares equal to
 the amount in cash which the holder of such warrant is required to pay on exercise of the
 subscription rights represented thereby (or, as the case may be the relevant portion thereof
 in the event of a partial exercise of the subscription rights) and, in addition, there shall
 be allotted in respect of such subscription rights to the exercising warrantholder, credited
 as fully paid, such additional nominal amount of shares as is equal to the difference between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 said amount in cash which the holder of such warrant is required to pay on exercise of the
 subscription rights represented thereby (or, as the case may be, the relevant portion thereof
 in the event of a partial exercise of the subscription rights); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 nominal amount of shares in respect of which such subscription rights would have been exercisable
 having regard to the provisions of the conditions of the warrants, had it been possible for
 such subscription rights to represent the right to subscribe for shares at less than par
 and immediately upon such exercise so much of the sum standing to the credit of the Subscription
 Rights Reserve as is required to pay up in full such additional nominal amount of shares
 shall be capitalised and applied in paying up in full such additional nominal amount of shares
 which shall forthwith be allotted credited as fully paid to the exercising warrantholders;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if,
 upon the exercise of the subscription rights represented by any warrant, the amount standing
 to the credit of the Subscription Rights Reserve is not sufficient to pay up in full such
 additional nominal amount of shares equal to such difference as aforesaid to which the exercising
 warrantholder is entitled, the Board shall apply any profits or reserves then or thereafter
 becoming available (including, to the extent permitted by law, share premium account) for
 such purpose until such additional nominal amount of shares is paid up and allotted as aforesaid
 and until then no dividend or other distribution shall be paid or made on the fully paid
 shares of the Company then in issue. Pending such payment and allotment, the exercising warrantholder
 shall be issued by the Company with a certificate evidencing his right to the allotment of
 such additional nominal amount of shares. The rights represented by any such certificate
 shall be in registered form and shall be transferable in whole or in part in units of one
 share in the like manner as the shares for the time being are transferable, and the Company
 shall make such arrangements in relation to the maintenance of a register therefor and other
 matters in relation thereto as the Board may think fit and adequate particulars thereof shall
 be made known to each relevant exercising warrantholder upon the issue of such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares allotted pursuant to the provisions of this Article shall rank *pari passu* in all respects with the other shares allotted on the relevant exercise of the subscription rights represented by the warrant concerned. Notwithstanding anything contained in paragraph (1) of this Article, no fraction of any share shall be allotted on exercise of the subscription rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The provision of this Article as to the establishment and maintenance of the Subscription Rights Reserve shall not be altered or added to in any way which would vary or abrogate, or which would have the effect of varying or abrogating the provisions for the benefit of any warrantholder or class of warrantholders under this Article without the sanction of a special resolution of such warrantholders or class of warrantholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A certificate or report by the auditors for the time being of the Company as to whether or not the Subscription Rights Reserve is required to be established and maintained and if so the amount thereof so required to be established and maintained, as to the purposes for which the Subscription Rights Reserve has been used, as to the extent to which it has been used to make good losses of the Company, as to the additional nominal amount of shares required to be allotted to exercising warrantholders credited as fully paid, and as to any other matter concerning the Subscription Rights Reserve shall (in the absence of manifest error) be conclusive and binding upon the Company and all warrantholders and shareholders.

<u>ACCOUNTING RECORDS</u>

149. The Board shall cause true accounts to be kept of the sums of money received and expended by the Company, and the matters in respect of which such receipt and expenditure take place, and of the property, assets, credits and liabilities of the Company and of all other matters required by the Act or necessary to give a true and fair view of the Company's affairs and to explain its transactions.

150. The accounting records shall be kept at the Office or, at such other place or places as the Board decides and shall always be open to inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any accounting record or book or document of the Company except as conferred by law or authorised by the Board or the Company in general meeting.

151. Subject to Article 152, a copy of the directors' report, accompanied by the balance sheet and profit and loss account, including every document required by law to be annexed thereto, made up to the end of the applicable financial year and containing a summary of the assets and liabilities of the Company under convenient heads and a statement of income and expenditure, together with a copy of the Auditors' report, shall be sent to each person entitled thereto in any manner set out in Article 160 every year. The Directors shall have the discretion to lay these documents before the Company at any annual general meeting held in accordance with Article 57 in which case, the documents shall be sent to each person entitled thereto at least ten (10) days before the date of the general meeting. This Article shall not require a copy of those documents to be sent to any person whose address the Company is not aware or to more than one of the joint holders of any shares or debentures.

152. Subject to due compliance with all applicable Statutes, rules and regulations, including, without limitation, the rules and regulations of the Designated Stock Exchange, and to obtaining all necessary consents, if any, required thereunder, the requirements of Article 151 shall be deemed satisfied in relation to any person by sending to the person in any manner not prohibited by the Statutes, a summarised financial statements derived from the Company's annual accounts and the directors' report which shall be in the form and containing the information required by applicable laws and regulations, provided that any person who is otherwise entitled to the annual financial statements of the Company and the directors' report thereon may, if he so requires by notice in writing served on the Company, demand that the Company sends to him, in addition to a summarised financial statements, a complete printed copy of the Company's annual financial statement and the directors' report thereon.

153. The requirement to send to a person referred to in Article 151 the documents referred to in that article or a summary financial report in accordance with Article 152 shall be deemed satisfied where, in accordance with all applicable Statutes, rules and regulations, including, without limitation, the rules and regulations of the Designated Stock Exchange, the Company publishes copies of the documents referred to in Article 151 and, if applicable, an annual report complying with Article 152, by placing it on the website of the Company, the SEC or the Designated Stock Exchange or in any other manner (including by sending any form of electronic communication) permitted by Article 160.

<u>AUDIT</u>

154. Subject to applicable law and rules and regulations of the Designated Stock Exchange, the Board shall appoint an Auditor to audit the accounts of the Company and such auditor shall hold office until removed from office by a resolution of the Directors. Such auditor may be a Member but no Director or officer or employee of the Company shall, during his continuance in office, be eligible to act as an Auditor.

155. Subject to the Act the accounts of the Company shall be audited at least once in every year.

156. The remuneration of the Auditor shall be determine by the Audit Committee or, in the absence of such Audit Committee, by the Board.

157. The Board may remove the Auditor at any time before the expiration of his term of office and may by resolution appoint another Auditor in his stead.

158. The Auditor shall at all reasonable times have access to all books kept by the Company and to all accounts and vouchers relating thereto; and he may call on the Directors or officers of the Company for any information in their possession relating to the books or affairs of the Company.

159. The statement of income and expenditure and the balance sheet provided for by these Articles shall be examined by the Auditor and compared by him with the books, accounts and vouchers relating thereto; and he shall make a written report thereon stating whether such statement and balance sheet are drawn up so as to present fairly the financial position of the Company and the results of its operations for the period under review and, in case information shall have been called for from Directors or officers of the Company, whether the same has been furnished and has been satisfactory. The financial statements of the Company shall be audited by the Auditor in accordance with generally accepted auditing standards. The Auditor shall make a written report thereon in accordance with generally accepted auditing standards and the report of the Auditor shall be submitted to the Audit Committee. The generally accepted auditing standards referred to herein may be those of a country or jurisdiction other than the Cayman Islands. If so, the financial statements and the report of the Auditor should disclose this fact and name such country or jurisdiction.

<u>NOTICES</u>

160. Any Notice or document, whether or not, to be given or issued under these Articles from the Company to a Member shall be in writing or by cable, telex or facsimile transmission message or other form of electronic transmission or electronic communication and any such Notice and document may be served or delivered by the Company on or to any Member either (i) personally or (ii) by sending it through the post in a prepaid envelope addressed to such Member at his registered address as appearing in the Register or at any other address supplied by him to the Company for the purpose or (iii) by transmitting it to any such address or transmitting it to any telex or facsimile transmission number or electronic number or electronic address or website supplied by him to the Company for the giving of Notice or documents to him or which the person transmitting the notice or document reasonably and bona fide believes at the relevant time will result in the Notice or document being duly received by the Member or (iv) may also be served by advertisement in appropriate newspapers in accordance with the requirements of the Designated Stock Exchange or (v) to the extent permitted by all applicable Statutes, rules and regulations, including, without limitation, the rules and regulations of the Designated Stock Exchange, by placing it on the website of the Company, the SEC or the Designated Stock Exchange. In the case of joint holders of a share all notices shall be given to that one of the joint holders whose name stands first in the Register and notice so given shall be deemed a sufficient service on or delivery to all the joint holders.

161. Any Notice or other document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 served or delivered by post, shall where appropriate be sent by airmail and shall be deemed
 to have been served or delivered on the day following that on which the envelope containing
 the same, properly prepaid and addressed, is put into the post; in proving such service or
 delivery it shall be sufficient to prove that the envelope or wrapper containing the notice
 or document was properly addressed and put into the post and a certificate in writing signed
 by the Secretary or other officer of the Company or other person appointed by the Board that
 the envelope or wrapper containing the Notice or other document was so addressed and put
 into the post shall be conclusive evidence thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 sent by electronic communication, shall be deemed to be given on the day on which it is transmitted
 from the server of the Company or its agent. A Notice placed on the website of the Company,
 the SEC or the Designated Stock Exchange is deemed given by the Company to a Member on the
 day it is placed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 served or delivered in any other manner contemplated by these Articles, shall be deemed to
 have been served or delivered at the time of personal service or delivery or, as the case
 may be, at the time of the relevant despatch or transmission or publication; and in proving
 such service or delivery a certificate in writing signed by the Secretary or other officer
 of the Company or other person appointed by the Board as to the act and time of such service,
 delivery, despatch or transmission or publication shall be conclusive evidence thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may
 be given to a Member in the English language or such other language as may be approved by
 the Directors, subject to due compliance with all applicable Statutes, rules and regulations.

162. (1) Any Notice or other document delivered or sent by post to or left at the registered address of any Member in pursuance of these Articles shall, notwithstanding that such Member is then dead or bankrupt or that any other event has occurred, and whether or not the Company has notice of the death or bankruptcy or other event, be deemed to have been duly served or delivered in respect of any share registered in the name of such Member as sole or joint holder unless his name shall, at the time of the service or delivery of the Notice or document, have been removed from the Register as the holder of the share, and such service or delivery shall for all purposes be deemed a sufficient service or delivery of such Notice or document on all persons interested (whether jointly with or as claiming through or under him) in the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Notice may be given by the Company to the person entitled to a share in consequence of the death, mental disorder or bankruptcy of a Member by sending it through the post in a prepaid letter, envelope or wrapper addressed to him by name, or by the title of representative of the deceased, or trustee of the bankrupt, or by any like description, at the address, if any, supplied for the purpose by the person claiming to be so entitled, or (until such an address has been so supplied) by giving the notice in any manner in which the same might have been given if the death, mental disorder or bankruptcy had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any person who by operation of law, transfer or other means whatsoever shall become entitled to any share shall be bound by every Notice in respect of such share which prior to his name and address being entered on the Register shall have been duly given to the person from whom he derives his title to such share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Every Member or a person who is entitled to receive notice from the Company under the provisions of the Statutes or these Articles may register with the Company an electronic address to which notices can be served upon him.

<u>SIGNATURES</u>

163. For the purposes of these Articles, a cable or telex or facsimile or electronic transmission message purporting to come from a holder of shares or, as the case may be, a Director, or, in the case of a corporation which is a holder of shares from a director or the secretary thereof or a duly appointed attorney or duly authorised representative thereof for it and on its behalf, shall in the absence of express evidence to the contrary available to the person relying thereon at the relevant time be deemed to be a document or instrument in writing signed by such holder or Director in the terms in which it is received. The signature to any notice or document to be given by the Company may be written, printed or made electronically.

<u>WINDING UP</u>

164. (1) Subject to Article 164(2), the Board shall have power in the name and on behalf of the Company to present a petition to the court for the Company to be wound up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Unless otherwise provided by the Ac, a resolution that the Company be wound up by the court or be wound up voluntarily shall be a special resolution.

165. (1) Subject to any special rights, privileges or restrictions as to the distribution of available surplus assets on liquidation for the time being attached to any class or classes of shares (i) if the Company shall be wound up and the assets available for distribution amongst the Members shall be more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed *pari passu* amongst such members in proportion to the amount paid up on the shares held by them respectively and (ii) if the Company shall be wound up and the assets available for distribution amongst the Members as such shall be insufficient to repay the whole of the paid-up capital such assets shall be distributed so that, a nearly as may be, the losses shall be borne by the Members in proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding up on the shares held by them respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Company shall be wound up (whether the liquidation is voluntary or by the court) the liquidator may, with the authority of a special resolution and any other sanction required by the Act, divide among the Members in specie or kind the whole or any part of the assets of the Company and whether or not the assets shall consist of properties of one kind or shall consist of properties to be divided as aforesaid of different kinds, and may for such purpose set such value as he deems fair upon any one or more class or classes of property and may determine how such division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like authority, vest any part of the assets in trustees upon such trusts for the benefit of the Members as the liquidator with the like authority shall think fit, and the liquidation of the Company may be closed and the Company dissolved, but so that no contributory shall be compelled to accept any shares or other property in respect of which there is a liability.

<u>INDEMNITY</u>

166. (1) Every Director (including for the purposes of this Article any alternate Director appointed pursuant to the provisions of these Articles), Secretary, or other officer for the time being and from time to time of the Company (but not including the Auditor) and the personal representatives of the same (each an "Indemnified Person") shall be indemnified and secured harmless out of the assets and profits of the Company from and against all actions, proceeding, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty, wilful default or fraud, in or about the conduct of the Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Member agrees to waive any claim or right of action he might have, whether individually or by or in the right of the Company, against any Director on account of any action taken by such Director, or the failure of such Director to take any action in the performance of his duties with or for the Company; PROVIDED THAT such waiver shall not extend to any matter in respect of any fraud, willful default or dishonesty which may attach to such Director.

<u>FINANCIAL YEAR</u>

167. Unless otherwise determined by the Directors, the financial year of the Company shall end on the 31<sup>st</sup> of March in each year.

<u>AMENDMENT TO MEMORANDUM AND ARTICLES OF ASSOCIATION AND NAME OF COMPANY</u>

168. No Article shall be rescinded, altered or amended and no new Article shall be made until the same has been approved by a special resolution of the Members. A special resolution shall be required to alter the provisions of the Memorandum of Association or to change the name of the Company.

 ****

<u>INFORMATION</u>

169. No Member shall be entitled to require discovery of or any information respecting any detail of the Company's trading or any matter which is or may be in the nature of a trade secret or secret process which may relate to the conduct of the business of the Company and which in the opinion of the Directors it will be inexpedient in the interests of the members of the Company to communicate to the public.

## Exhibit 5.1

**Exhibit 5.1**

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|:---|:---|
| ![](ex5-1_001.jpg) | **CONYERS DILL & PEARMAN**<br>29<sup>th</sup> Floor<br> One Exchange Square<br> 8 Connaught Place<br> Central<br> Hong Kong<br> T +852 2524 7106 \| F +852 2845 9268<br> **conyers.com**<br>|

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25 March, 2026

Matter No.:1008312 /111624483

+852 2842 9403

Beverly.Cheung@conyers.com

**AsiaPac AdTechinno Group Limited**

Unit A2-A6, 9/F

NCB Innovation Centre

888 Lai Chi Kok Road

Lai Chi Kok

Kowloon

Hong Kong

Dear Sir/Madam,

**Re: AsiaPac AdTechinno Group Limited** (the "**Company**")

We have acted as special Cayman Islands legal counsel to the Company in connection with a registration statement and the prospectus (the "**Prospectus**") contained in the registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission (the "**Commission**") on 25 March, 2026 (the "**Registration Statement**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto) relating to the registration under the U.S. Securities Act of 1933, as amended, (the "**Securities Act**") of class A ordinary shares, par value US$0.0001 each of the Company (the "**Class A Ordinary Shares**").

**1.** **DOCUMENTS REVIEWED** 

For the purposes of giving this opinion, we have examined a copy of the Registration Statement.

We have also reviewed:

1.1. copies
 of the current memorandum and articles of association of the Company adopted on 30 June 2025
 (the "**M&A** ");

1.2. copies
 of written resolutions of the directors of the Company dated 24 March 2026 (the "**Board Resolutions**") and written resolutions of the members of the Company dated 24 March
 2026 (the "**Members' Resolutions** ");

1.3. copies
 of the latest drafts of the amended and restated memorandum and articles of association of
 the Company to become effective immediately prior to the completion of the Company's
 initial public offering represented by its Class A Ordinary Shares (the "**Listing M&As** ");

1.4. a
 copy of a Certificate of Good Standing issued by the Registrar of Companies in relation to
 the Company on 23 March 2026 (the "**Certificate Date** "); and

1.5. such
 other documents and made such enquiries as to questions of law as we have deemed necessary
 in order to render the opinion set forth below.

**2.** **ASSUMPTIONS** 

We have assumed:

2.1. the
 genuineness and authenticity of all signatures and the conformity to the originals of all
 copies (whether or not certified) examined by us and the authenticity and completeness of
 the originals from which such copies were taken;

2.2. that
 where a document has been examined by us in draft form, it will be or has been executed and/or
 filed in the form of that draft, and where a number of drafts of a document have been examined
 by us all changes thereto have been marked or otherwise drawn to our attention;

2.3. the
 accuracy and completeness of all factual representations made in the Registration Statement,
 the Prospectus and other documents reviewed by us;

2.4. that
 the Board Resolutions and Members' Resolutions were passed at one or more duly convened,
 constituted and quorate meetings or by unanimous written resolutions, remain in full force
 and effect and have not been rescinded or amended;

2.5. that
 the Listing M&As conditionally adopted by the Company will become effective immediately
 prior to the completion of the Company's initial public offering represented by its
 Class A Ordinary Shares;

2.6. that
 the Listing M&As will not be amended in any manner that would affect the opinions expressed
 herein;

2.7. that
 there is no provision of the law of any jurisdiction, other than the Cayman Islands, which
 would have any implication in relation to the opinions expressed herein;

2.8. that
 upon issue of any Class A Ordinary Shares to be sold by the Company, the Company will receive
 consideration for the full issue price thereof which shall be equal to at least the par value
 thereof;

2.9. that
 the Company will have sufficient authorised but unissued shares of the Company for the issuance
 of the Class A Ordinary Shares;

2.10. the
 capacity, power and authority of all parties other than the Company to enter into and perform
 their obligations under any and all documents entered into by such parties in connection
 with the issuance of the Class A Ordinary Shares;

2.11. that
 the Prospectus, when published, will be in substantially the same form as that examined by
 us for purposes of this opinion; and

2.12. the
 validity and binding effect under the laws of the United States of America of the Registration
 Statement and the Prospectus and that the Registration Statement will be duly filed and declared
 effective by the Commission.

conyers.com \| 2

**3.** **QUALIFICATIONS** 

We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than the Cayman Islands. This opinion is to be governed by and construed in accordance with the laws of the Cayman Islands and is limited to and is given on the basis of the current law and practice in the Cayman Islands. This opinion is issued solely for the purposes of the filing of the Registration Statement and the offering of the Class A Ordinary Shares by the Company and is not to be relied upon in respect of any other matter.

**4.** **OPINION** 

On the basis of and subject to the foregoing, we are of the opinion that:

4.1. The
 Company is duly incorporated and existing under the law of the Cayman Islands and, based
 on the Certificate of Good Standing, is in good standing as at the Certificate Date. Pursuant
 to the Companies Act (the "**Act** "), a company is deemed to be in good standing
 if all fees and penalties under the Act have been paid and the Registrar of Companies has
 no knowledge that the Company is in default under the Act.

4.2. When
 issued and paid for as contemplated by the Registration Statement and registered in the register
 of members of the Company, the Class A Ordinary Shares will be validly issued, fully paid
 and non-assessable (which term when used herein means that no further sums are required to
 be paid by the holders thereof in connection with the issue thereof).

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to our firm under the captions "Enforceability of Civil Liabilities", "Taxation" and "Legal Matters" in the Prospectus forming a part of the Registration Statement.

In giving this consent, we do not hereby admit that we are experts within the meaning of Section 11 of the Securities Act or that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.

Yours faithfully,

**/s/ Conyers Dill & Pearman** 

**Conyers Dill & Pearman**

conyers.com \| 3

## Exhibit 10.1

**Exhibit 10.1**

**EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (the "<u>Agreement"</u>), is entered into as of __________(the "<u>Effective Date</u>"), by and between AsiaPac AdTechinno Group Limited, an exempted company incorporated under the laws of the Cayman Islands (the "<u>Company</u>"), and ________, an individual (the "<u>Executive</u>") (individually, each a "<u>Party</u>" and collectively, the "<u>Parties</u>").

WHEREAS, the Company desires that the Executive be employed by the Company to carry out the duties and responsibilities described below, all on the terms and conditions hereinafter set forth.

WHEREAS, the Executive desires to accept such terms and conditions of this Agreement.

NOW THEREFORE, in consideration of the mutual promises contained herein, the adequacy and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:

**1.** **POSITION** 

The Executive hereby accepts the positions of __________ (the "<u>Employment</u>") of the Company.

**2.** **TERM** 

Subject to the terms and conditions of this Agreement, the term of the Employment shall commence on the Effective Date and will expire _________ years after the Effective Date or until the Executive's earlier death, resignation or removal. The term may be renewed with the parties' mutual agreement before one month of the expiration of the Employment.

The Executive shall have a probation period of 3 months (the "<u>Probation Period</u>"). The Company's board of directors (the "<u>Board</u>") of the Company has the right to finally decide whether to formally hire the Executive based on the Executive's work performance and capabilities during the Probation Period.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Executive's duties at the Company will include (i) all jobs of Executive customarily related to this function; and (ii) all
 reasonable jobs determined or assigned by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Executive shall devote
 all of [his/her] working time, attention and skills to the performance of [his/her] duties at the Company and shall faithfully and
 diligently serve the Company in accordance with this Agreement, the Memorandum and Articles of Association of the Company, as amended
 and restated from time to time, and the guidelines, policies and procedures of the Company approved from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Executive shall not,
 without the prior written consent of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate
 of the Company, and shall not be concerned or interested in any business or entity that engages in the same business in which the
 Company engages (any such business or entity, a " <u>Competitor</u> "), provided that nothing in this clause shall preclude
 the Executive from holding any shares or other securities of any Competitor that is listed on any securities exchange or recognized
 securities market anywhere if such shares or securities represent less than 5% of the competitors outstanding shares and securities.
 The Executive shall notify the Company in writing of [his/her] interest in such shares or securities in a timely manner and with
 such details and particulars as the Company may reasonably require.

**4.** **NO BREACH OF CONTRACT** 

The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements entered into by and between the Executive and the Company and its subsidiaries and affiliates (collectively, the "Group") pursuant to applicable law, if any; (ii) that the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out [his/her] duties hereunder; and (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

**5.** **COMPENSATION AND BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Salary</u>. The Executive's base salary shall be _______ per month and shall be paid in accordance with the Company's
 regular payroll practices. During the probation period, the Executive shall be entitled to receive 100% of the base salary.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Equity Incentives</u>.
 The Executive will be eligible for participating in a share incentive plan (if any) pursuant to the terms and conditions thereof
 as determined by the Board, and any award granted thereunder will be governed by an award agreement to be entered into separately
 between the Company and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benefits</u>. The Executive
 is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the
 Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday
 plan.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Deductions</u>. Recognizing
 that the Executive is an employee for all purposes, the Company or a subsidiary of the Company shall deduct from any compensation
 payable to the Executive the sums which the Company or such subsidiary is required by law to deduct, including, but not limited to,
 withholding taxes as stated in Section 10, social security taxes and state disability insurance and mandatory provident funds, and
 the Company or such subsidiary shall pay any amounts so deducted to the applicable governmental entities and agents entitled to receive
 such payments.

If the currency of the payment is not Renminbi, the actual amount of the payment shall be calculated at the mid-point exchange rate quoted by The People's Bank of China on the payment date.

**6.** **TERMINATION OF THE AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Company.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>For Cause</u>. The Company
 may terminate the Employment for cause, at any time, without notice or remuneration (unless notice or remuneration is specifically
 required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Executive has engaged in actions amounting to willful misconduct or failed to perform [his/her] duties hereunder and such failure continues after the Executive is afforded a reasonable opportunity to cure such failure; 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;(4) the Executive breaches Section 7 or 9 of this Agreement.

Upon termination for cause, the Executive shall be entitled to the amount of Base Salary earned and not paid prior to termination. However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Executive's right to all other benefits will terminate, except as required by any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>For death and disability</u>.
 The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration is specifically
 required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Executive has died, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Executive has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board, renders the Executive unable to perform the essential functions of [his/her] employment with the Company, with or without reasonable accommodation, for more than 120 days in any 12-month period, unless a longer period is required by applicable law, in which case that longer period would apply.

Upon termination for death or disability, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Executive's right to all other benefits will terminate, except as required by any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Without Cause</u>. The Company may terminate the Employment without cause, at any time, upon not less than ______ days' written notice,
 or immediately by providing payment in lieu of notice equal to the Executive's base salary for the applicable notice period.
 Upon termination without cause, the Executive shall be entitled to the amount of base salary and other amounts earned and not paid
 prior to termination, and severance benefits or other amounts by reason of the termination.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the Executive</u>. The Executive may resign at any time upon not less than _____ days' written notice to the Company. The Company may, at its discretion, waive all or part of such notice period and elect to provide payment in lieu
of notice equal to the Executive's base
salary for the applicable notice period, in which case the Executive's employment shall terminate immediately or on such earlier
date as determined by the Company. Upon the Executive's resignation or termination of the Employment, the Company
 shall provide compensation to the Executive equivalent to the amount of base salary and other amounts earned and not paid prior to
 termination.

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

During the period between the issue of a notice of termination and the date of termination of this Employment, the Executive shall continue to use [his/her] reasonable efforts to perform [his/her] duties and cooperate with the Company for handover.

**7.** **CONFIDENTIALITY AND NON-DISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-disclosure</u>. The Executive hereby agrees at all times during the term of the Employment and after [his/her] termination, to
 hold in the strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person, corporation
 or other entity without prior written consent of the Company, any Confidential Information. The Executive understands that " <u>Confidential Information</u> " means any proprietary or confidential information of the Company, its affiliates, or their respective clients,
 customers or partners, including, without limitation, technical data, trade secrets, research and development information, product
 plans, services, customer lists and customers, supplier lists and suppliers, software developments, inventions, processes, formulas,
 technology, designs, hardware configuration information, personnel information, marketing, finances, information about the suppliers,
 joint ventures, franchisees, distributors and other persons with whom the Company does business, information regarding the skills
 and compensation of other employees of the Company or other business information disclosed to the Executive by or obtained by the
 Executive from the Company, its affiliates, or their respective clients, customers or partners, either directly or indirectly, in
 writing, orally or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding
 the foregoing, Confidential Information shall not include information that is generally available and known to the public through
 no fault of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Property</u>.
 The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created, received or
 transmitted in connection with [his/her] work or using the facilities of the Company are property of the Company and subject to inspection
 by the Company at any time. Upon termination of the Executive's employment with the Company (or at any other time when requested
 by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining to [his/her]
 work with the Company and will provide written certification of [his/her] compliance with this Agreement. Under no circumstances
 will the Executive have, following [his/her] termination, in [his/her] possession any property of the Company, or any documents or
 materials or copies thereof containing any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Former Employer Information</u>.
 The Executive agrees that [he/she] has not and will not, during the term of [his/her] employment, improperly use or disclose any
 proprietary information or trade secrets of any former employer or other person or entity with which the Executive has an agreement
 or duty to keep in confidence information acquired by Executive, if any. The Executive will indemnify the Company and hold it harmless
 from and against all claims, liabilities, damages and expenses, including reasonable attorneys' fees and costs of suit, arising
 out of or in connection with any violation of the foregoing.

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

This Section 7 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 7, the Company shall have right to seek remedies permissible under applicable law. The parties may enter into a separate confidential agreement to address confidentiality and non-disclosure affairs. Should any conflicts exist between this section 7 and the confidential agreement, the confidential agreement shall prevail.

**8.** **CONFLICTING EMPLOYMENT** 

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

**9.** **NON-COMPETITION AND NON-SOLICITATION** 

In consideration of the salary paid to the Executive by the Company and subject to applicable law, the Executive agrees that during the term of the Employment and for a period of two (2) year following the termination of the Employment for whatever reason:

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Executive will not
 solicit, canvass or approach, or endeavor to solicit, canvass or approach any person who has business communication with the Company
 or its affiliates to terminate such communication, or who has negotiation with the Company or its affiliate on business cooperation
 to terminate such negotiation;

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Executive will not
 solicit, canvass or persuade or endeavor to solicit, canvass or persuade in any way, or intend to or actually disturb the Company's
 business in any way or endeavor to do the foresaid activities in order that (i) any current client or supplier of the Company or
 its affiliates becomes a client or supplier of an entity or individual competing with the Company or any of its affiliate; or (ii)
 any current client or supplier of the Company or its affiliate terminates the cooperation with the Company or its affiliate; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Executive will not
 seek, directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit the services of any
 employee of the Company employed as at or after the date of such termination, or in the year preceding such termination;

The provisions contained in Section 9 are considered reasonable by the Executive and the Company. In the event that any such provisions should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of application reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.

This Section 9 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 9, the Executive acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate). In any event, the Company shall have right to seek all remedies permissible under applicable law.

The parties may enter into separate agreements to address non-competition and non-solicitation affairs. Should any conflicts exist between this section 9 and such agreements, such separate agreements shall prevail.

**10.** **WITHHOLDING TAXES** 

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

**11.** **INDEMNIFICATION** 

The Company agrees to indemnify the Executive for his activities as the of the Company to the fullest extent permitted by law, and to cover the Executive under any directors and officers liability insurance obtained by the Company. Further, the Company and the Executive agree to enter into an indemnification agreement substantially in the form of agreement entered into by the Company and its other executive officers.

**12.** **HOURS AND PRINCIPAL PLACE OF WORK** 

The normal working hours are from 9:00 a.m. to 6:00 p.m. (Beijing Time) Monday to Friday with one hour for lunch.

The principal place of work shall be at Unit A2-A6, 9/F, NCB Innovation Centre, 888 Lai Chi Kok Road, Lai Chi Kok, Kowloon, Hong Kong.

**13.** **ASSIGNMENT** 

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that in the event of a Change of Control Transaction, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

**14.** **SEVERABILITY** 

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

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

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

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

This Agreement shall be governed by and construed in accordance with the laws of the Hong Kong Special Administrative Region of the People's Republic of China (the "<u>Hong Kong</u>"). All actions and proceedings arising out of or relating to this Agreement shall be heard and determined in any Hong Kong court and the parties hereto hereby consent to the jurisdiction of such courts in any such action or proceeding; provided, however, that neither party shall commence any such action or proceeding unless prior thereto the parties have in good faith attempted to resolve the claim, dispute or cause of action which is the subject of such action or proceeding through mediation by an independent third party.

**17.** **AMENDMENT** 

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

**18.** **WAIVER** 

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

**19.** **NOTICES** 

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

**20.** **COUNTERPARTS** 

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

Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

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

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

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

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

---

| | |
|:---|:---|
| <u>COMPANY:</u> | <u>COMPANY:</u> |
| **AsiaPac AdTechinno Group Limited** | **AsiaPac AdTechinno Group Limited** |
| By: |  |
| Name: | Chan Chor Koon |
| Title: | Chairman of the Board of Directors, Chief Executive Officer |

---

---

| |
|:---|
| <u>Executive:</u> |
| By: |
| Name: |

---

[*Signature Page to Employment Agreement*]

## Exhibit 10.2

**Exhibit 10.2**

**DIRECTOR AGREEMENT**

This DIRECTOR AGREEMENT (the "Ag<u>reement"</u>), is entered into as of _____________(the "<u>Effective Date</u>"), by and between AsiaPac AdTechinno Group Limited, an exempted company incorporated under the laws of the Cayman Islands (the "<u>Compan</u>y"), and ___________, an individual (the "<u>Director</u>") (individually, each a "<u>Party</u>" and collectively, the "Parties").

WHEREAS, the Company desires to employ the Director as its director of the Board to assure itself of the services of the Director during the term of Employment (as defined below).

WHEREAS, the Director desires to be employed by the Company as its director during the term of Employment and upon the terms and conditions of this Agreement.

NOW THEREFORE, in consideration of the mutual promises contained herein, the adequacy and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:

**1.** **POSITION** 

The Director hereby accepts the positions of a director of the Board of the Company (the "Employment").

**2.** **TERM** 

Subject to the terms and conditions of this Agreement, the term shall commence on the Effective Date and until Director's earlier death, resignation or removal (the "<u>Term</u>").

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Director's duties at the Company will include all jobs of a director customarily related to this function as may be determined
 and assigned by the Board and as may be required by the Memorandum and Articles of Association of the Company, as amended and restated
 from time to time (the " <u>Charter Documents</u> "), and the guidelines, policies and procedures of the Company approved
 from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Director shall devote
 as much working time and attention as necessary to the perform [his/her] duties at the Company, including duties as a member of one
 or more committees of the Board, to which the Director may hereafter be appointed. The Director shall perform such duties described
 herein in accordance with the general fiduciary duty of directors.

(c) The Director shall not,
 without the prior written consent of the Board, become an employee of, or otherwise be concerned or interested in any business or
 entity that engages in the same business in which the Company and its subsidiaries and affiliates (collectively, the " <u>Group"</u>)
 engage (any such business or entity, a "Competitor"), provided that nothing in this clause shall preclude the Director
 from holding any shares or other securities of any Competitor that is listed on any securities exchange or recognized securities
 market anywhere if such shares or securities represent less than 5% of the competitors outstanding shares and securities. The Director
 shall notify the Company in writing of [his/her] interest in such shares or securities in a timely manner and with such details and
 particulars as the Company may reasonably require.

**4.** **NO BREACH OF CONTRACT** 

The Director hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Director and the performance by the Director of the Director's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Director is a party or otherwise bound, except for agreements entered into by and between the Director and any member of the Group pursuant to applicable law, if any; (ii) that the Director has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Director entering into this Agreement or carrying out his duties hereunder; (iii) that the Director is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

**5.** **RENUMERATION AND BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Remuneration.
 A monthly fee equal to the amount of US$________ , payable in accordance with the Company's regular payroll practices (the
 "Remuneration"). Such Remuneration is subject to annual review and adjustment by the Board. The Director shall be
 responsible for [his/her] own individual income tax payment on the Remuneration in jurisdictions where the Director
 resides.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Bonus</u>. The Director
 shall be eligible for Bonuses determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Equity Incentives</u>.
 To the extent the Company adopts a share incentive plan, the Director will be eligible to participate in such plan pursuant to the
 terms and conditions thereof as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Benefits</u>. The Director
 is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the
 Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday
 plan.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Reimbursements</u>.
 The Director shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other expenses
 incurred by the Director in the performance of [his/her] duties under this Agreement; provided that [he/she] properly accounts for
 such expenses in accordance with the Company's policies and procedures.

**6.** **TERMINATION OF THE AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) By <u>the Compan</u> y.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>For Cause</u>. The Company
 may terminate the Employment for cause, at any time, without notice or remuneration (unless notice or remuneration is specifically
 required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Director has been grossly negligent or acted dishonestly to the detriment of the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Director has engaged in actions amounting to willful misconduct or failed to perform [his/her] duties hereunder and such failure continues after the Director is afforded a reasonable opportunity to cure such failure; 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;(4) the Director violates Section 7 or 8 of this Agreement Upon termination for cause, the Director shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Director will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Director's right to all other benefits will terminate, except as required by any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>For death and disabilit</u> y.
 The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration is specifically
 required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Director has died, 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;(2) the Director has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board, renders the Director unable to perform the essential functions of [his/her] employment with the Company, with or without reasonable accommodation, for more than 120 days in any 12-month period, unless a longer period is required by applicable law, in which case that longer period would apply.

Upon termination for death or disability, the Director shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Director will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Director's right to all other benefits will terminate, except as required by any applicable law.

(iii) <u>Without Cause</u>. The Company may terminate the Employment without cause, at any time, upon _______ days' prior written notice,
 or immediately by providing payment in lieu of notice equal to the Director's base salary for
 the applicable notice period. Upon termination without cause, the Director shall be
 entitled to the amount of base salary and other amounts earned and not paid prior to termination, and severance benefits or other
 amounts by reason of the termination.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the Director</u>. The Director may terminate the Employment at any time with a ______ days' prior written notice to the
 Company, subject to approval of the Board or an alternative arrangement with respect to the Employment is agreed to by the
 Board. The Company may, at its discretion, waive all or part of such notice period and elect to provide payment in lieu of notice
 equal to the Director's base
salary for the applicable notice period, in which case the Director's employment shall terminate immediately or on such earlier
date as determined by the Company. Upon the Director's termination of the Employment, the Company shall provide compensation to
the Director equivalent to the amount of base salary and other amounts earned and not paid prior to termination.

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

**7.** **CONFIDENTIALITY AND NON-DISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-disclosure</u>. The Company and the Director each acknowledge that, in order for the intentions and purposes of this Agreement
 to be accomplished, the Director hereby agrees at all times during the Term and after [his/her] termination, to hold in the strictest
 confidence, and not to use, except for the benefit of the Company, or to disclose to any person, corporation or other entity without
 prior written consent of the Company, any Confidential Information. The Director understands that " <u>Confidential Information</u> "
 means any proprietary or confidential information of the Company, its affiliates, or their respective clients, customers or partners,
 including, without limitation, technical data, trade secrets, research and development information, product plans, services, customer
 lists and customers, supplier lists and suppliers, software developments, inventions, processes, formulas, technology, designs, hardware
 configuration information, personnel information, marketing, finances, information about the suppliers, joint ventures, franchisees,
 distributors and other persons with whom the Company does business, information regarding the skills and compensation of other employees
 of the Company or other business information disclosed to the Director by or obtained by the Director from the Company, its affiliates,
 or their respective clients, customers or partners, either directly or indirectly, in writing, orally or otherwise, if specifically
 indicated to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall
 not include information that is generally available and known to the public through no fault of the Director.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Property</u>.
 The Director understands that all documents (including computer records, facsimile and e-mail) and materials created, received or
 transmitted in connection with [his/her] work or using the facilities of the Company are property of the Company and subject to inspection
 by the Company at any time. Upon termination or at any other time when requested by the Company, the Director will promptly deliver
 to the Company all documents and materials of any nature pertaining to [his/her] work with the Company and will provide written certification
 of [his/her] compliance with this Agreement. Under no circumstances will the Director have, following [his/her] termination, in [his/her]
 possession any property of the Company, or any documents or materials or copies thereof containing any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Employer Information</u>.
 The Director agrees that [he/she] has not and will not, during the Term, improperly use or disclose any proprietary information or
 trade secrets of any current or former employers or other persons or entities with which the Director has an agreement or duty to
 keep in confidence information acquired by Director, if any. The Director will indemnify the Company and hold it harmless from and
 against all claims, liabilities, damages and expenses, including reasonable attorneys' fees and costs of suit, arising out
 of or in connection with any violation of the foregoing.

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

This Section 7 shall survive the termination of this Agreement for any reason. In the event the Director breaches this Section 7, the Company shall have right to seek remedies permissible under applicable law.

**8.** **DIRECTOR COVENANTS** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-Competition and Non-Solicitation. Subject to applicable
 law, the Director agrees that during the Term and for a period of one (1) year thereafter for whatever reason:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Director will not solicit, canvass or approach, or endeavor to solicit, canvass or approach any person who has business communication
 with the Company or its affiliates to terminate such communication, or who has negotiation with the Company or its affiliates on
 business cooperation to terminate such negotiation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Director will not solicit, canvass or persuade or endeavor to solicit, canvass or persuade in any way, or intend to or actually disturb
 the Company's business in any way or endeavor to do the foresaid activities in order that (1) any current client or supplier
 of the Company or its affiliates becomes a client or supplier of an entity or individual competing with the Company or any of its
 affiliates; or (2) any current client or supplier of the Company or its affiliates terminates the cooperation with the Company or
 its affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Director will not seek, directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit
 the services of any employee of the Company employed as at or after the date of such termination, or in the year preceding such termination;

The provisions contained in Section 8(a) are considered reasonable by the Director and the Company. In the event that any such provisions should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of application reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disparaging Statements</u>.
 At all times during and after the period in which the Director is a member of the Board and at all times thereafter, the Director
 shall not either verbally, in writing, electronically or otherwise: (i) make any derogatory or disparaging statements about the Company,
 any of its affiliates, any of their respective officers, directors, shareholder(s), employees and agents, or any of the Company's
 current or past customers or employees, or (ii) make any public statement or perform or do any other act prejudicial or injurious
 to the reputation or goodwill of the Company or any of its affiliates or otherwise interfere with the business of the Company or
 any of its affiliates; provided, however, that nothing in this paragraph shall preclude the Director from complying with all obligations
 imposed by law or legal compulsion, and provided, further, however, that nothing in this paragraph shall be deemed applicable to
 any testimony given by the Director in any legal or administrative proceedings.

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

**9.** **WITHHOLDING TAXES** 

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

**10.** **INDEMNIFICATION** 

The Company agrees to indemnify the Director for [his/her] activities as a director of the Company to the fullest extent permitted by law, and to cover the Director under any directors and officers liability insurance obtained by the Company. Further, the Company and the Director agree to enter into an indemnification agreement substantially in the form of agreement entered into by the Company and its other Board members.

**11.** **ASSIGNMENT** 

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that in the event of a Change of Control Transaction, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

**12.** **SEVERABILITY** 

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

**13.** **ENTIRE AGREEMENT** 

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

**14.** **GOVERNING LAW; JURISDICTION** 

This Agreement shall be governed by and construed in accordance with the laws of the Cayman Islands. All actions and proceedings arising out of or relating to this Agreement shall be heard and determined in any Cayman court and the parties hereto hereby consent to the jurisdiction of such courts in any such action or proceeding; provided, however, that neither party shall commence any such action or proceeding unless prior thereto the parties have in good faith attempted to resolve the claim, dispute or cause of action which is the subject of such action or proceeding through mediation by an independent third party.

**15.** **AMENDMENT** 

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

**16.** **WAIVER** 

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

**17.** **NOTICES** 

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

**18.** **COUNTERPARTS** 

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

Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

**19.** **NO INTERPRETATION AGAINST DRAFTER** 

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

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

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

---

| | |
|:---|:---|
| <u>COMPANY:</u> | <u>COMPANY:</u> |
| **AsiaPac AdTechinno Group Limited** | **AsiaPac AdTechinno Group Limited** |
| By: |  |
| Name: | Chan Chor Koon |
| Title: | Chairman of the Board of Directors |

---

---

| |
|:---|
| <u>DIRECTOR:</u> |
| By: |
| Name: |

---

[*Signature Page to Director Agreement*]

## Exhibit 10.3

**Exhibit 10.3**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "<u>Agreement</u>") is entered into as of by and between AsiaPac AdTechinno Group Limited, a Cayman Islands exempted company (the "<u>Compan</u>y"), and the undersigned, a director and/or an officer of the Company ("<u>Indemnitee</u>"), as applicable.

**RECITALS**

The board of directors of the Company (the "<u>Board of Directors</u>") has determined that the inability to attract and retain highly competent persons to serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them arising out of their services to the corporation.

**AGREEMENT**

In consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

A. DEFINITIONS

The following terms shall have the meanings defined below:

***Expenses*** shall include, without limitation, damages, judgments, fines, penalties, settlements and costs, attorneys' fees and disbursements and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.

 ****

***Indemnifiable Event*** means any event or occurrence that takes place either before or after the execution of this Agreement, related to the fact that Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, partnership, joint venture or other entity, or related to anything done or not done by Indemnitee in any such capacity, including, but not limited to neglect, breach of duty, error, misstatement, misleading statement or omission.

 ****

***Participant*** means a person who is a party to, or witness or participant (including on appeal) in, a Proceeding.

 ****

***Proceeding*** means any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or investigation, whether civil, criminal, administrative, investigative or other, including appeal, in which Indemnitee may be or may have been involved as a party or otherwise by reason of an Indemnifiable Event.

 ****

B. AGREEMENT TO INDEMNIFY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General A</u>g<u>reement</u>. In the event Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant in, a Proceeding, the Company shall indemnify the Indemnitee from and against any and all Expenses which Indemnitee incurs or becomes obligated to incur in connection with such Proceeding, to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Indemnification of Expenses of Successful Part</u>y. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding, the Company shall indemnify Indemnitee against all Expenses incurred in connection with such Proceeding or such claim, issue or matter, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Partial Indemnification</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Emplo</u>y<u>ment Ri</u>g<u>hts</u>. Nothing in this Agreement is intended to create in Indemnitee any right to continued employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Contribution</u>. If the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee for any reason other than those set forth in Section B.4, then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and by the Indemnitee on the other hand from the transaction or events from which such Proceeding arose, and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events which resulted in such Expenses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section B.5 were determined by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations.

C. INDEMNIFICATION PROCESS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Notice and Cooperation b</u>y <u>Indemnitee</u>. Indemnitee shall, as a condition precedent to his/her right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement, provided that the delay of Indemnitee to give notice hereunder shall not prejudice any of Indemnitee's rights hereunder, unless such delay results in the Company's forfeiture of substantive rights or defenses. Notice to the Company shall be given in accordance with Section F.7 below. If, at the time of receipt of such notice, the Company has directors' and officers' liability insurance policies in effect, the Company shall give prompt notice to its insurers of the Proceeding relating to the notice. The Company shall thereafter take all necessary and desirable action to cause such insurers to pay, on behalf of Indemnitee, all Expenses payable as a result of such Proceeding. In addition, Indemnitee shall give the Company such information and cooperation as the Company may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 2. <u>Indemnification Pa</u>y<u>ment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Advancement of Expenses*. Indemnitee may submit a written request with reasonable particulars to the Company requesting that the Company advance to Indemnitee all Expenses that may be reasonably incurred in advance by Indemnitee in connection with a Proceeding. The Company shall, within 10 business days of receiving such a written request by Indemnitee, advance all requested Expenses to Indemnitee. Any excess of the advanced Expenses over the actual Expenses will be repaid to the Company.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Reimbursement of Expenses*. To the extent Indemnitee has not requested any advanced payment of Expenses from the Company, Indemnitee shall be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company immediately after Indemnitee makes a written request to the Company for reimbursement unless the Company refers the indemnification request to the Reviewing Party in compliance with Section C.2(c) below.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) Determination by the Reviewing Party*. If the Company reasonably believes that it is not obligated under this Agreement to indemnify the Indemnitee, the Company shall, within 10 days after the Indemnitee's written request for an advancement or reimbursement of Expenses, notify the Indemnitee that the request for advancement of Expenses or reimbursement of Expenses will be submitted to the Reviewing Party (as hereinafter defined). The Reviewing Party shall make a determination on the request within 30 days after the Indemnitee's written request for an advancement or reimbursement of Expenses. Notwithstanding anything foregoing to the contrary, in the event the Reviewing Party informs the Company that Indemnitee is not entitled to indemnification in connection with a Proceeding under this Agreement or applicable law, the Company shall be entitled to be reimbursed by Indemnitee for all the Expenses previously advanced or otherwise paid to Indemnitee in connection with such Proceeding; <u>provided, however</u>, that Indemnitee may bring a suit to enforce his/her indemnification right in accordance with Section C.3 below.

 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Suit to Enforce Ri</u>g<u>hts</u>. Regardless of any action by the Reviewing Party, if Indemnitee has not received full indemnification within 30 days after making a written demand in accordance with Section C.2 above or 50 days if the Company submits a request for advancement or reimbursement to the Reviewing Party under Section C.2(c) above, Indemnitee shall have the right to enforce its indemnification rights under this Agreement by commencing litigation in any court of competent jurisdiction seeking a determination by the court or challenging any determination by the Reviewing Party or any aspect of this Agreement. Any determination by the Reviewing Party not challenged by Indemnitee and any judgment entered by the court shall be binding on the Company and Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Assumption of Defense</u>. In the event the Company is obligated under this Agreement to advance or bear any Expenses for any Proceeding against Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee, upon delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding, unless (i) the employment of counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee shall have reasonably concluded, based on written advice of counsel, that there may be a conflict of interest of such counsel retained by the Company between the Company and Indemnitee in the conduct of any such defense, or (iii) the Company ceases or terminates the employment of such counsel with respect to the defense of such Proceeding, in any of which events the fees and expenses of Indemnitee's counsel shall be at the expense of the Company. At all times, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Defense to Indemnification, Burden of Proof and Presumptions</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement that it is not permissible under this Agreement or applicable law for the Company to indemnify the Indemnitee for the amount claimed. In connection with any such action or any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified under this Agreement, the burden of proving such a defense or determination shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>No Settlement without Consent</u>. Neither party to this Agreement shall settle any Proceeding in any manner that would impose any damage, loss, penalty or limitation on Indemnitee without the other party's written consent. Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compan</u>y <u>Participation</u>. Subject to Section B.5, the Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense, conduct and/or settlement of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Reviewing Part</u>y.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, the Reviewing Party with respect to each indemnification request of Indemnitee that is referred by the Company pursuant to Section C.2(c) above shall be (A) the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee. If the Reviewing Party determines that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within 10 days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel or member of the Board of Directors shall act reasonably and in good faith in making a determination under this Agreement of the Indemnitee's entitlement to indemnification. Any reasonable costs or expenses (including reasonable attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. "<u>Disinterested</u> Director" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected as provided in this Section C.8(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board of Directors, in which event the proceeding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; *provided*, *however*, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "<u>Independent Counsel</u>" as defined in Section C.8(d) of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting under this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section C.8(b), regardless of the manner in which such Independent Counsel was selected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In making a determination with respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of *nolo contendere* or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he/she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his/her conduct was unlawful. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Company and any other corporation, partnership, joint venture or other entity of which Indemnitee is or was serving at the written request of the Company as a director, officer, employee, agent or fiduciary, including financial statements, or on information supplied to Indemnitee by the officers and directors of the Company or such other corporation, partnership, joint venture or other entity in the course of their duties, or on the advice of legal counsel for the Company or such other corporation, partnership, joint venture or other entity or on information or records given or reports made to the Company or such other corporation, partnership, joint venture or other entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or such other corporation, partnership, joint venture or other entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership, joint venture or other entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. The provisions of this Section C.8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

D. DIRECTOR AND OFFICER LIABILITY INSURANCE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Good Faith Determination</u>. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Covera</u>g<u>e of Indemnitee</u>. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>No Obli</u>g<u>ation</u>. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain any director and officer insurance policy if the Company determines in good faith that such insurance is not reasonably available in the case that (i) premium costs for such insurance are disproportionate to the amount of coverage provided, or (ii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit.

E. NON-EXCLUSIVITY; U.S. FEDERAL PREEMPTION; TERM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Non-Exclusivit</u>y. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the Company's current memorandum and articles of association, as may be amended from time to time, applicable law or any written agreement between Indemnitee and the Company (including its subsidiaries and affiliates). The indemnification provided under this Agreement shall continue to be available to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though he/she may have ceased to serve in any such capacity at the time of any Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>U.S. Federal Preemption</u>. Notwithstanding the foregoing, both the Company and Indemnitee acknowledge that in certain instances, U.S. federal law or public policy may override applicable law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. Such instances include, but are not limited to, the U.S. Securities and Exchange Commission (the "<u>SEC</u>")'s prohibition on indemnification for liabilities arising under certain U.S. federal securities laws. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the SEC to submit the question of indemnification to a court in certain circumstances for a determination of the Company's right under public policy to indemnify Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duration of A</u>g<u>reement</u>. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer and/or a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding by reason of his/her former or current capacity at the Company, whether or not he/she is acting or serving in any such capacity at the time any Expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer and/or a director of the Company or any other enterprise at the Company's request.

F. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment of this A</u>g<u>reement</u>. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in this Agreement, no failure to exercise or any delay in exercising any right or remedy shall constitute a waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Subro</u>g<u>ation</u>. In the event of payment to Indemnitee by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Assignment; Binding Effect</u>. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party hereto without the prior written consent of the other party; except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company's successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company) and assigns, as well as Indemnitee's spouses, heirs, and personal and legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Severability and Construction</u>. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company's inability, pursuant to a court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. In addition, if any portion of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by applicable law. The parties hereto acknowledge that they each have opportunities to have their respective counsels review this Agreement. Accordingly, this Agreement shall be deemed to be the product of both of the parties hereto, and no ambiguity shall be construed in favor of or against either of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts</u>. This Agreement may be executed in two counterparts, both of which taken together shall constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governin</u>g <u>Law</u>. This agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect to conflicts of law provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notices</u>. All notices, demands, and other communications required or permitted under this Agreement shall be made in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed via postage prepaid, certified or registered mail, return receipt requested, and addressed to the Company at:

AsiaPac AdTechinno Group Limited

Attention: Chief Executive Officer

and to Indemnitee at his/her address last known to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Entire A</u>g<u>reement</u>. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

*(Signature page follows)*

 

IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the date first written above.

**AsiaPac AdTechinno Group Limited**

By:   <br> Name:   <br> Title:  

**Indemnitee**

Signature:   <br> Name:  

[Signature Page to Indemnification Agreement]

## Exhibit 21.1

**Exhibit 21.1**

**List of Principal Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Principal Subsidiaries** | **Place of Incorporation** |
| AsiaPac AdTechinno Investment Limited | British Virgin Islands |
| AsiaPac Net Media Limited | Hong Kong |
| AsiaPac Net Media Limited Taiwan Branch | Taiwan |
| AsiaPac Net Technology (Shenzhen) Limited | PRC |
| AdTech Innovation (Shanghai) Limited | PRC |
| AP Digital Media Limited | Macau |
| AdTech Innovation Limited | Hong Kong |
| Guangzhou AsiaPac Net Technology Limited | PRC |
| AdTech Innovation (Shenzhen) Limited | PRC |
| AdTech Innovation Limited | Taiwan |
| AdTech Innovation Co., Limited | Thailand |
| AdTech Innovation Sdn. Bhd. | Malaysia |
| AdTech Innovation Pte. Limited | Singapore |
| AdTech Innovation Co., Limited | Vietnam |
| PT AdTech Innovation Indonesia | Indonesia |
| AdTech Innovation Co., Limited | Korea |
| AdTech Innovation Kabushiki Kaisha | Japan |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the inclusion in this Registration Statement on Form F-1 of our report dated November 7, 2025 with respect to the audited consolidated financial statements of AsiaPac AdTechinno Group Limited for the years ended March 31, 2025 and 2024.

We also consent to the references to us under the heading "Experts" in such Registration Statement.

*/s/ MaloneBailey, LLP*

www.malonebailey.com

Houston, Texas

March 25, 2026

## Exhibit 23.3

**Exhibit 23.3**

---

| | | |
|:---|:---|:---|
| ![](ex23-3_001.jpg) | 歐華律師事務所<br> 香港中環康樂廣場八號<br> 交易廣場三期二十五樓 | **DLA Piper Hong Kong**<br> 25th Floor,<br> Three Exchange Square<br> 8 Connaught Place<br> Central<br> Hong Kong<br> DX: 009157 Central 1<br> T: +852 2103 0808<br> F: +852 2810 1345<br> dlapiper.com |

---

---

| | |
|:---|:---|
| AsiaPac AdTechinno Group Limited (Company)<br> Cricket Square, Hutchins Drive<br> PO Box 2681<br> Grand Cayman, KY1- 1111<br> Cayman Islands | **Your reference**<br>**Our reference**<br>MNG/JLL/11019879/3<br> ASIAM/51688578.1 |
|  | 25 March 2026 |

---

Dear Sir/Madam

We are a qualified law firm and lawyers in Hong Kong, and we have been engaged by AsiaPac AdTechinno Group Limited as its Hong Kong legal counsel to advise on certain legal matters related to the laws of Hong Kong.

We hereby consent to the use of this consent as an exhibit to the Registration Statement on Form F-1, as amended (the "Registration Statement"), to be filed with the U.S. Securities and Exchange Commission (the "SEC"). We further consent to the use of our name and to all references made to us in the Registration Statement, reply to the SEC and in the prospectus forming a part thereof.

Yours faithfully

**DLA Piper Hong Kong**

------

Regulated by the Law Society of Hong Kong

**Partners:** Carolyn S. Bigg, Heung Wing Chan (Harris), Kevin N. Chan, Roy S.Y. Chan, Edward Chatterton, Ting Lun Cheng (Leo), Heng Loong Cheong, Johnny L.F. Choi, Helen E. Colquhoun, Luke J. Gannon, Satpal S. Gobindpuri, Trinh Hoang, Lauren Hurcombe, Anderson H.Y. Lam, Chun-Kit Lam (Horace), Sim Yee Lau (Sherlyn), Christina H.S. Loh, May Ng, Susheela N. Rivers, Kristi L. Swartz, Stephen K.H. Wong, Wing Kei Wong (Elizabeth), Tai Ming Yang (Ernest)

**Foreign Legal Consultants:** Chen Liu (Christine) (Texas, USA), Zhuoren Wu (George) (New York, USA)

**DLA Piper Hong Kong** is a law firm and part of DLA Piper, a global law firm, operating through various separate and distinct legal entities.

A list of offices and regulatory information can be found at dlapiper.com

**本所受香港律師會監管**

**合夥人:** 陳向榮 陳雁 陳承元 鄭定麟 張慶隆 蔡朗風 高洛克 林顯裕 林俊傑 劉心怡 盧慧霞 吳敏華 黃啟豪 黃詠琪 楊大明

歐華律師事務所是一家律師事務所，是由單獨的不同法律實體所組成的全球性律師事務所DLA Piper的成員之一

辦事處名單及監管資訊詳見 dlapiper.com

## Exhibit 23.4

**Exhibit 23.4**

![](ex23-4_001.jpg)

Date: March 25, 2026

**AsiaPac AdTechinno Group Limited (**"**AsiaPac Ad**"**)**

Unit A2-A6, 9/F, NCB Innovation Centre

888 Lai Chi Kok Road

Lai Chi Kok, Kowloon

Hong Kong

(852) 2771-7595

Dear Sir/Madam:

We are a qualified law firm and lawyers in the People's Republic of China ("PRC", which, for purposes of this consent only, does not include the Hong Kong Special Administrative Region of the PRC, the Macau Special Administrative Region of the PRC or the Taiwan Region), and we have been engaged by AsiaPac Ad as its PRC legal counsel to advise on certain legal matters related to the laws and regulations of the PRC.

We hereby consent to the use of this consent as an exhibit to the Form F-1 to be filed with the U.S. Securities and Exchange Commission (the "SEC"). We further consent to the use of our name and to all references made to us in the Form F-1, reply to the SEC forming a part thereof.

---

| |
|:---|
| Very truly yours, |
| /s/ Han Kun Law Offices |
| Han Kun Law Offices |

---

![](ex23-4_003.jpg)

## Exhibit 23.5

**Exhibit 23.5**

March 25, 2026

**AsiaPac AdTechinno Group Limited**

Unit A2-A6, 9/F, NCB Innovation Centre

888 Lai Chi Kok Road

Lai Chi Kok, Kowloon

Hong Kong

**<u>Re: Consent of Frost & Sullivan</u>**

Ladies and Gentlemen,

We understand that AsiaPac AdTechinno Group Limited (the "Company") plans to file a registration statement on Form F-1 (the "Registration Statement") with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended, in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the references to our name and the inclusion of information, data and statements from our research reports and amendments thereto (collectively, the "Reports"), and any subsequent amendments to the Reports, as well as the citation of our independent industry reports and amendments thereto, (i) in the Registration Statement and any amendments thereto, (ii) in any written correspondence with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F or Form 6-K or other SEC filings (collectively, the "SEC Filings"), (iv) on the websites of the Company and its subsidiaries and affiliates, (v) in institutional and retail road shows and other activities in connection with the Proposed IPO, and (vi) in other publicity materials in connection with the Proposed IPO.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings.

Yours faithfully,

For and on behalf of

---

| | |
|:---|:---|
| **Frost & Sullivan Limited** | **Frost & Sullivan Limited** |
|  | */s/ Terry Tse* |
| Name: | Terry Tse |
| Title: | Consulting Director |

---

## Exhibit 99.1

**Exhibit 99.1**

**AsiaPac AdTechinno Group Limited**

**CODE OF BUSINESS CONDUCT AND ETHICS**

(As of ___________, 2026)

This Code of Business Conduct and Ethics (the "**Code**") contains general guidelines for conducting the business of AsiaPac AdTechinno Group Limited, a Cayman Islands company, and its subsidiaries and affiliates (collectively, the "**Company**"). The Code, as amended from time to time, is applicable to all of the Company's directors, officers and employees (to the extent that employees are hired in the future).

The Board of Directors of the Company (the "**Board**") has adopted the Code to:

● promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the U.S. Securities and Exchange Commission (the "**SEC**") and in other public communications made by the Company;

● promote compliance with applicable laws, rules and regulations;

● promote strict prohibition of any bribes or kickbacks;

● deter wrongdoing; and

● promote prompt internal reporting of violations of the Code.

The Code does not in any way constitute an employment contract or an assurance of continued employment. It is for the sole and exclusive benefit of the Company and may not be used or relied upon by any other party. The Board may modify or repeal the provisions of the Code or adopt a new Code at any time it deems appropriate.

**I. HONEST, ETHICAL AND FAIR CONDUCT**

Each person owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest, fair and candid. Deceit, dishonesty and subordination of principle are inconsistent with integrity. Service to the Company should never be subordinated to personal gain and advantage.

Each person must:

● act with integrity, including being honest and candid while still maintaining the confidentiality of the Company's information where required or when in the Company's interests;

● observe all applicable governmental laws, rules and regulations;

● comply with the requirements of applicable accounting and auditing standards, as well as Company policies, in order to maintain a high standard of accuracy and completeness in the Company's financial records and other business-related information and data;

● adhere to a high standard of business ethics and not seek competitive advantage through unlawful or unethical business practices;

● deal fairly with the Company's customers, suppliers, competitors and employees;

● refrain from taking advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair-dealing practice;

● protect the assets of the Company and ensure their proper use;

● Until the earliest of (i) the Company's initial business combination (as such is defined in the Company's initial registration statement filed with the SEC), (ii) liquidation, or (iii) such time as such person ceases to be an officer or director of the Company, to first present to the Company for its consideration, prior to presentation to any other entity, any business opportunity suitable for the Company and presented to such person solely in his or her capacity as an officer or director of the Company, subject to any other fiduciary or contractual obligations such officer may have; and

● Avoid conflicts of interest, wherever possible, except as may be allowed under guidelines or resolutions approved by the Board (or the appropriate committee of the Board) or as disclosed in the Company's public filings with the SEC. Anything that would be a conflict for a person subject to the Code also will be a conflict for a member of his or her immediate family or any other close relative. Examples of conflict of interest situations include, but are not limited to, the following:

● any significant ownership interest in any supplier or customer;

● any consulting or employment relationship with any supplier or customer;

● the receipt of any money, non-nominal gifts or excessive entertainment from any entity with which the Company has current or prospective business dealings;

● selling anything to the Company or buying anything from the Company, except on the same terms and conditions as comparable officers or directors are permitted to so purchase or sell;

● any other financial transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness) involving the Company; and

● any other circumstance, event, relationship or situation in which the personal interest of a person subject to the Code interferes — or even appears to interfere — with the interests of the Company as a whole.

**II. DISCLOSURE**

The Company strives to ensure that the contents of and the disclosures in the reports and documents that the Company files with the SEC and other public communications shall be full, fair, accurate, timely and understandable in accordance with applicable disclosure standards, including standards of materiality, where appropriate. Each person must:

● not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's independent registered public accountants, governmental regulators, self-regulating organizations and other governmental officials, as appropriate; and

● in relation to his or her area of responsibility, properly review and critically analyze proposed disclosure for accuracy and completeness.

In addition to the foregoing, the Chief Executive Officer and Chief Financial Officer of the Company and each subsidiary of the Company (or persons performing similar functions), and each other person that typically is involved in the financial reporting of the Company must familiarize himself or herself with the disclosure requirements applicable to the Company as well as the business and financial operations of the Company.

Each person must promptly bring to the attention of the Chairman of the Board any information he or she may have concerning (a) significant deficiencies in the design or operation of internal and/or disclosure controls that could adversely affect the Company's ability to record, process, summarize and report financial data or (b) any fraud that involves management or other employees who have a significant role in the Company's financial reporting, disclosures or internal controls.

**III. COMPLIANCE**

It is the Company's obligation and policy to comply with all applicable governmental laws, rules and regulations. All directors, officers and employees of the Company are expected to understand, respect and comply with all of the laws, regulations, policies and procedures that apply to them in their positions with the Company. Employees are responsible for talking to their supervisors to determine which laws, regulations and Company policies apply to their position and what training is necessary to understand and comply with them.

Directors, officers and employees are directed to specific policies and procedures available to persons they supervise.

**IV. REPORTING AND ACCOUNTABILITY**

The Board is responsible for applying the Code to specific situations in which questions are presented to it and has the authority to interpret the Code in any particular situation. Any person who becomes aware of any existing or potential breach of the Code is required to notify the Chairman of the Board promptly. Failure to do so is, in and of itself, a breach of the Code.

Specifically, each person must:

● Notify the Chairman of the Board promptly of any existing or potential violation of the Code

● Not retaliate against any other person for reports of potential violations that are made in good faith.

The Company will follow the following procedures in investigating and enforcing the Code and in reporting on the Code:

● The Board will take all appropriate action to investigate any breaches reported to it.

● Upon determination by the Board that a breach has occurred, the Board (by majority decision) will take or authorize such disciplinary or preventive action as it deems appropriate, after consultation with the Company's internal or external legal counsel, up to and including dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities.

No person following the above procedure shall, as a result of following such procedure, be subject by the Company or any officer or employee thereof to discharge, demotion suspension, threat, harassment or, in any manner, discrimination against such person in terms and conditions of employment.

**V. WAIVERS AND AMENDMENTS**

Any waiver (defined below) or an implicit waiver (defined below) from a provision of the Code for the principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions or any amendment (as defined below) to the Code is required to be disclosed in a Form 6-K filed with the SEC. In lieu of filing a Form 6-K to report any such waivers or amendments, the Company may provide such information on a website, in the event that it establishes one in the future, and if it keeps such information on the website for at least 12 months and discloses the website address as well as any intention to provide such disclosures in this manner in its most recently filed Form 20-F.

A "<u>waiver</u>" means the approval by the Board of a material departure from a provision of the Code. An "<u>implicit waiver</u>" means the Company's failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an executive officer of the Company. An "<u>amendment</u>" means any amendment to the Code other than minor technical, administrative or other non-substantive amendments hereto.

All persons should note that it is not the Company's intention to grant or to permit waivers from the requirements of the Code. The Company expects full compliance with the Code.

**VI. INSIDER INFORMATION AND SECURITIES TRADING**

The Company's directors, officers or employees who have access to material, non-public information are not permitted to use that information for securities trading purposes or for any purpose unrelated to the Company's business. It is also against the law to trade or to "<u>tip</u>" others who might make an investment decision based on inside company information. For example, using non-public information to buy or sell the Company securities, options in the Company shares or the shares of any Company supplier, customer or competitor is prohibited. The consequences of insider trading violations can be severe. These rules also apply to the use of material, nonpublic information about other companies (including, for example, the Company's customers, competitors and potential business partners). In addition to directors, officers or employees, these rules apply to such person's spouse, children, parents and siblings, as well as any other family members living in such person's home.

**VII. FINANCIAL STATEMENTS AND OTHER RECORDS**

All of the Company's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the Company's transactions and must both conform to applicable legal requirements and to the Company's system of internal controls. Unrecorded or "<u>off the books</u>" funds or assets should not be maintained unless permitted by applicable law or regulation.

Records should always be retained or destroyed according to the Company's record retention policies. In accordance with those policies, in the event of litigation or governmental investigation, please consult the Board or the Company's internal or external legal counsel.

**VIII. IMPROPER INFLUENCE ON CONDUCT OF AUDITS**

No director or officer, or any other person acting under the direction thereof, shall directly or indirectly take any action to coerce, manipulate, mislead or fraudulently influence any public or certified public accountant engaged in the performance of an audit or review of the financial statements of the Company or take any action that such person knows or should know that if successful could result in rendering the Company's financial statements materially misleading. Any person who believes such improper influence is being exerted should report such action to such person's supervisor, or if that is impractical under the circumstances, to any of the Company's directors.

Types of conduct that could constitute improper influence include, but are not limited to, directly or indirectly:

● Offering or paying bribes or other financial incentives, including future employment or contracts for non-audit services;

● Providing an auditor with an inaccurate or misleading legal analysis;

● Threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects to the Company's accounting;

● Seeking to have a partner removed from the audit engagement because the partner objects to the Company's accounting;

● Blackmailing; and

● Making physical threats.

**IX. ANTI-CORRUPTION LAWS**

The Company complies with the anti-corruption laws of the countries in which it does business, including the U.S. Foreign Corrupt Practices Act ("**FCPA**"). Directors, officers and employees will not directly or indirectly give anything of value to government officials, including employees of state-owned enterprises or foreign political candidates. These requirements apply both to Company employees and agents, such as third party sales representatives, no matter where they are doing business. If you are authorized to engage agents, you are responsible for ensuring they are reputable and for obtaining a written agreement to uphold the Company's standards in this area.

**X. VIOLATIONS**

Violation of the Code is grounds for disciplinary action up to and including termination of employment. Such action is in addition to any civil or criminal liability which might be imposed by any court or regulatory agency.

**XI. OTHER POLICIES AND PROCEDURES**

Any other policy or procedure set out by the Company in writing or made generally known to employees, officers or directors of the Company prior to the date hereof or hereafter are separate requirements and remain in full force and effect.

**XII. INQUIRIES**

All inquiries and questions in relation to the Code or its applicability to particular people or situations should be addressed to the Company's Secretary, or such other compliance officer as shall be designated from time to time by the Company.

**\* \* \* \* \* \* \* \* \* \* \* \* \***

**PROVISIONS FOR**

**CHIEF EXECUTIVE OFFICER AND SENIOR FINANCIAL OFFICERS**

The CEO and all senior financial officers, including the CFO and principal accounting officer, are bound by the provisions set forth therein relating to ethical conduct, conflicts of interest, and compliance with law. In addition to the Code, the CEO and senior financial officers are subject to the following additional specific policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, avoiding actual or apparent conflicts between personal, private interests and the interests of the Company, including receiving improper personal benefits as a result of his or her position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclose to the CEO and the Board any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Perform responsibilities with a view to causing periodic reports and documents filed with or submitted to the SEC and all other public communications made by the Company to contain information that is accurate, complete, fair, objective, relevant, timely and understandable, including full review of all annual and quarterly reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Comply with laws, rules and regulations of U.S. federal, state and other local governments applicable to the Company and with the rules and regulations of private and public regulatory agencies having jurisdiction over the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Act in good faith, responsibly, with due care, competence and diligence, without misrepresenting or omitting material facts or allowing independent judgment to be compromised or subordinated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Respect the confidentiality of information acquired in the course of performance of his or her responsibilities except when authorized or otherwise legally obligated to disclose any such information; not use confidential information acquired in the course of performing his or her responsibilities for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Share knowledge and maintain skills important and relevant to the needs of the Company, its shareholders and other constituencies and the general public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Proactively promote ethical behavior among subordinates and peers in his or her work environment and community.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Use and control all corporate assets and resources employed by or entrusted to him or her in a responsible manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Not use corporate information, corporate assets, corporate opportunities or his or her position with the Company for personal gain; not compete directly or indirectly with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Comply in all respects with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Advance the Company's legitimate interests when the opportunity arises.

The Board will investigate any reported violations and will oversee an appropriate response, including corrective action and preventative measures. Any officer who violates the Code will face appropriate, case specific disciplinary action, which may include demotion or discharge.

Any request for a waiver of any provision of the Code must be in writing and addressed to the Chairman of the Board. Any waiver of the Code will be disclosed as provided in Section 6 of the Code.

It is the policy of the Company that each officer covered by the Code shall acknowledge and certify to the foregoing annually and file a copy of such certification with the Chairman of the Board.

**\* \* \* \* \* \* \* \* \* \* \* \* \***

**CERTIFICATION**

I have read and understand the foregoing Code. I hereby certify that I am in compliance with the foregoing Code and I will comply with the Code in the future. I understand that any violation of the Code will subject me to appropriate disciplinary action, which may include demotion or discharge.

Dated:

Name:

Title:

## Exhibit 99.2

**Exhibit 99.2**

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| | | |
|:---|:---|:---|
| ![](ex99-2_001.jpg) | ![](ex99-2_002.jpg) | **A Piper Hong Kong**<br> 25th Floor,<br> Three Exchange Square<br> 8 Connaught Place<br> Central<br> Hong Kong<br> DX: 009157 Central 1<br> T: +852 2103 0808<br> F: +852 2810 1345<br> dlapiper.com |

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| | |
|:---|:---|
| **AsiaPac AdTechinno Group Limited** (**Company**) | **Your reference** |
| Cricket Square, Hutchins Drive |  |
| PO Box 2681 | **Our reference** |
| Grand Cayman, KY1- 1111 |  |
| Cayman Islands |  |
|  | 24 March 2026 |

---

Dear Sirs

**Legal Opinion regarding Certain Hong Kong Legal Matters**

1 Introduction

1.1 We
 have acted as Hong Kong legal advisers to the Company, a company incorporated in the Cayman
 Islands, solely in connection with connection with its application for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 initial public offering of the Company in the United States (**Offering**) pursuant to
 the Company's registration statement on Form F-1, including all amendments or supplements
 thereto (**Registration Statement**) filed by the Company with the U.S. Securities and
 Exchange Commission under the *U.S. Securities Act of 1933*, as amended, and the rules
 and regulations promulgated thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 proposed listing and trading of the Company's Class A ordinary shares on the Nasdaq
 Global Market. We have been requested to give this opinion as to the matters set forth below.

1.2 For
 the purpose of giving this opinion, we have examined copies of due diligence documents provided
 by AsiaPac Net Media Limited (**AsiaPac HK**) and AdTech Innovation Limited (**AdTech HK**, and together with AsiaPac HK, the **HK Subsidiaries**, and each a **HK Subsidiary**)
 in respect of the subject matter specified in section entitled "Opinion" (below)
 and conducted the searches listed in the section entitled "Searches and enquiries"
 (below) we deemed necessary for the purpose of rendering this opinion. Where certain facts
 were not independently established and verified by us, we have relied upon statements issued
 or made by, among others, appropriate representatives of the Company and/or the HK Subsidiaries.

Regulated by the Law Society of Hong Kong

**Partners:** Carolyn S. Bigg, Heung Wing Chan, Kevin N. Chan, Roy S.Y. Chan, Edward Chatterton, Ting Lun Cheng, Heng Loong Cheong, Johnny L.F. Choi, Helen E. Colquhoun, Luke J. Gannon, Satpal S. Gobindpuri, Trinh Hoang, Lauren Hurcombe, Anderson H.Y. Lam, Chun-Kit Lam, Christina H.S. Loh, May Ng, Susheela N. Rivers, Kristi L. Swartz, Stephen K.H. Wong, Wing Kei Wong, Tai Ming Yang

**Foreign Legal Consultants:** Chen Liu (Texas, USA), Zhuoren Wu (New York, USA)

**DLA Piper Hong Kong** is a law firm and part of DLA Piper, a global law firm, operating through various separate and distinct legal entities.

A list of offices and regulatory information can be found at dlapiper.com

**本所受香港律師會監管**

**合夥人:** 陳向榮 陳雁 陳承元 鄭定麟 張慶隆 蔡朗風 高洛克 林顯裕 林俊傑 盧慧霞 吳敏華 黃啟豪 黃詠琪 楊大明 歐華律師事務所是一家律師事務所，是由單獨的不同法律實體所組成的全球性律師事務所DLA Piper的成員之一 辦事處名單及監管資訊詳見 dlapiper.com

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|:---|:---|
| ![](ex99-2_001.jpg) | Page 2<br>24 March |

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| | |
|:---|:---|
| **2** | **Applicable law** |

---

This opinion is confined solely to the laws of Hong Kong (as applied by the Hong Kong Courts) at the date of this opinion. Accordingly, we express no opinion with regard to any system of law other than that of Hong Kong at the date hereof as currently applied by the Hong Kong Courts. This opinion is to be construed in accordance with Hong Kong law. We do not undertake to advise you of any change in facts or law relevant to this opinion or the opinions expressed herein.

---

| | |
|:---|:---|
| **3** | **Documents** |

---

For the purpose of giving this opinion subject to assumptions and qualifications set out below, we have examined the following documents of each of the HK Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 copy of the certificate of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 copy of the certificate of continuing registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 copy of the current articles of association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 copy of the business registration certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 copy of the latest annual return filed with the Companies Registry of Hong Kong (**Companies Registry**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 copy of each of the certificate of incorporation on change of name dated 4 July 1996 and
 2 September 1998 (with respect to AsiaPac HK only); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 copy of the certificate of change of name dated 25 May 2018 (with respect to AdTech HK only).

(Items (a) to (g) (inclusive) are collectively referred to as the **Documents** and each a **Document**).

We have not examined or relied upon any documents other than those referred to herein relating to the HK Subsidiaries. We have not been asked to, and do not, advise in relation to the past, present or future financial or good standing of HK Subsidiaries or any of the parties or proposed parties to the Documents or any person which may have a right or obligation arising out of or in connection with any Document, nor as to their likely ability to comply with their respective obligations set out in or, as the case may be, proposed under any Document, nor as to the commercial merit of relying on any obligation entered into or rights provided for under or in connection with the Documents.

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| | |
|:---|:---|
| **4** | **Searches and enquiries** |

---

We have carried out and examined and relied on the results of the following searches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 results of the litigation searches (**Litigation Searches**) conducted by TARGET On-Line
 Financial Ltd (**Search Agent**) on 24 March 2026 in respect of the name of each of the
 HK Subsidiaries against the cause book of the Registry of the High Court of Hong Kong and
 the Registry of the District Court of Hong Kong
 and the daily cause list of the Hong Kong Court of Final Appeal, the Court of Appeal of Hong
 Kong, the Court of First Instance of Hong Kong, the District Court of Hong Kong, the Small
 Claims Tribunal, the Magistrates' Courts, the Labour Tribunal and the Lands Tribunal
 (collectively **Court Registers**);

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| | |
|:---|:---|
| ![](ex99-2_001.jpg) | Page 3<br>24 March |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 results of the searches through the bankruptcy, individual voluntary arrangement and compulsory
 winding-up search conducted at the GovHK website and provided by the Official Receiver's
 Office in Hong Kong on 24 March 2026 for compulsory winding up in respect of the name of
 each of the HK Subsidiaries (**Official Receiver Searches**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 publicly available records of the Companies Registry in relation to the HK Subsidiaries retrieved
 by us on 24 March 2026 (**Companies Registry Searches**, and together with the Litigation
 Searches and the Official Receiver Searches, the **Searches**).

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| | |
|:---|:---|
| **5** | **Assumptions** |

---

In considering the Documents and in rendering this opinion we have, without any further enquiry, assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 genuineness of all signatures and seals (where applicable) on, and the authenticity and (except
 in the case of a document which is expressly stated to be an extract) the completeness of,
 all documents or copy documents (including, without limitation, the Documents) submitted
 to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 authenticity and completeness of all documents submitted to us as originals, the conformity
 to original documents of all documents submitted to us as photocopies or facsimile copies
 and the authenticity of the originals of such documents submitted as photocopies or facsimile
 copies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 persons who signed the Documents were duly authorised by the relevant party and there has
 been no revocation of such authorisation; that each Document has been properly signed or
 properly executed (including, where applicable, sealed with the correct seal) and delivered
 by or on behalf of each party in accordance with the laws of its jurisdiction of organisation
 or incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Documents remain in full force and effect on the date of this opinion and have not been revoked,
 amended or supplemented, and no amendments, revisions, supplements, modifications or other
 changes have been made, and no revocations or termination has occurred, with respect to any
 Documents after they were submitted to us for the purposes of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that
 all facts, documents and information relating to the Company and/or the Hong Kong Subsidiaries
 or otherwise which may affect this opinion have been provided to us and that no physical
 inspection or interview have been conducted with the directors, shareholders or officers
 of the Company and/or the Hong Kong Subsidiaries to determine the factual statements in any
 of the Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 accuracy and completeness of all factual representations, where via oral or written instructions,
 provided by the Company and/or the Hong Kong Subsidiaries and/or their respective representatives.
 The instructions and information provided by the Company and/or the Hong Kong Subsidiaries
 and/or their respective representatives are true, accurate and complete, to our best belief.
 All factual statements in the Documents are true and accurate as of the date of this opinion
 save as expressly stated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) there
 has been no change in the information contained in the latest records of the Hong Kong Subsidiaries
 filed with the Companies Registry made up to the issuance of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no
 other laws would affect this opinion but that, insofar as the laws of jurisdiction other
 than the laws of Hong Kong may be relevant, such laws have been complied with;

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|:---|:---|
| ![](ex99-2_001.jpg) | Page 4<br>24 March |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 has been no alteration in the status or condition of the HK Subsidiary from that revealed
 in the Searches; the Searches reveal all matters required by law to be notified to or registered
 with the Companies Registry, the Office of the Official Receiver and the Court Registers
 (notwithstanding that any time limit for such notification or registration has not expired)
 and disclose all information which is material for the purposes of the opinion; none of the
 matters revealed by the Searches has been amended or updated and there are no further documents
 filed at or registered with the Companies Registry, the Office of the Official Receiver or
 the Court Registers in relation thereto since the date of the Searches; that the Searches
 did not fail to disclose any information which had been delivered for filing or registration
 but was not disclosed or did not appear on the records at the time of the Searches and that
 had the Searches all been made on the date hereof, they would have revealed no other information
 not revealed in the Searches and all such information revealed in the Searches is true, accurate
 and complete and that material information has not since then been altered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 accuracy and completeness of the matters revealed by the Searches conducted by us in all
 respects, notwithstanding any qualifications and disclaimers of such Searches appear thereto.

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| | |
|:---|:---|
| **6** | **Opinion** |

---

On the basis of the assumptions and subject to the qualifications set out in this opinion, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of the HK Subsidiaries was duly incorporated under the Companies Ordinance (Chapter 622 of
 the Laws of Hong Kong) and is a limited company, with a valid business registration certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) based
 solely on the results of the Litigation Searches and the Official Receiver Searches conducted
 as detailed in paragraph 4 of this opinion, there is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no
 petition for the winding up of the HK Subsidiaries or petition for the appointment of a receiver
 or liquidator of the HK Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no
 action, suit or proceeding before the courts of Hong Kong against the HK Subsidiaries are
 outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) based
 solely on the results of the Companies Registry Searches conducted as detailed in paragraph
 4 of this opinion: no mortgages, charges and other encumbrances registered with the Companies
 Registry that have not been discharged in respect of any of the HK Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 statements set forth in the Registration Statement insofar as such statements purport to
 describe or summarise Hong Kong legal matters currently in effect at the date of this opinion
 stated therein as at the date hereof, are true and accurate in all material respects, and
 represent a fair and accurate summary in all material respects of the Hong Kong legal matters
 stated therein as at the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 statements set forth in the Registration Statement under the caption "Hong Kong Taxation"
 are true and accurate in all material respects and that such statements constitute our opinion.

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|:---|:---|
| ![](ex99-2_001.jpg) | Page 5<br>24 March |

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| | |
|:---|:---|
| **7** | **Qualifications** |

---

This opinion is subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this
 opinion is limited to the laws of Hong Kong and of general application on the date hereof.
 We have not made investigation of, and do not express or imply any view on, the laws of any
 jurisdiction other than Hong Kong, and accordingly express or imply no opinion, whether directly
 or indirectly, on the laws of any jurisdiction other than Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 laws of Hong Kong referred to herein are the laws and regulations publicly available and
 currently in force on the date hereof and there is no guarantee that any of such laws and
 regulations, or the interpretation or enforcement thereof, will not be changed, amended or
 revoked in the future with or without retrospective effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 opinion is issued based on the laws of Hong Kong that are currently in effect. For matters
 which are not explicitly provided for under the laws of Hong Kong, the future interpretation,
 implementation and application of the specific requirements under the laws of Hong Kong are
 subject to the final discretion of competent Hong Kong legislative, administrative and judicial
 authorities, and there can be no assurance that the government agencies will not ultimately
 take a view that is contrary to our opinion stated above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) this
 opinion is subject to the effects of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) certain
 legal or statutory principles affecting the enforceability of contractual rights generally
 under the concepts of public interest, social ethics, national security, good faith, fair
 dealing, and applicable statutes of limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 circumstance in connection with formulation execution or performance of any legal documents
 that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary
 or concealing illegal intentions with a lawful form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) judicial
 discretion with respect to the availability of specific performance, injunctive relief, remedies
 or defences, or calculation of damages; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 discretion of any competent Hong Kong legislative, administrative or judicial bodies in exercising
 their authority in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) we
 may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem
 proper, on certificates and confirmations of responsible officers of the Company, the HK
 Subsidiary, relevant governmental and regulatory authorities, and public searches conducted
 in Hong Kong and such matters of facts and the legal conclusions drawn therefrom are subject
 to any limitation, disclaimers or qualifications therein, and that they are further subject
 to and limited by the documents and information made available to us, including without limitation
 the ITK Subsidiary's internal records and other documents which may not be a complete
 and accurate representation or record of the matters contained therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Searches are not capable of revealing conclusively whether any such orders, resolutions,
 appointments, statutory declarations or notices of appointment have been filed or placed
 on the public record;

---

| | |
|:---|:---|
| ![](ex99-2_001.jpg) | Page 6<br>24 March |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Companies Registry Searches are not capable of revealing conclusively whether or not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 winding-up order has been made or a resolution passed for the winding-up of a company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 receiver, receiver and manager, or liquidator has been appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) amendments
 have been made to the memorandum and articles of association of a company, since notice of
 these matters may not be filed with the Companies Registry immediately and, when filed, may
 not be entered on the public database or recorded on the public microfiches of the relevant
 company immediately. In addition, the Company Searches are not capable of revealing, prior
 to the making of the relevant order, whether or not a winding-up petition has been presented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Official Receiver Search relates only to a compulsory winding-up and is not capable of revealing
 conclusively whether or not a winding-up petition in respect of a compulsory winding-up has
 been presented, since details of the petition may not have been entered on the records of
 the Official Receiver's Office or the Court Registers (as appropriate) immediately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 results of the Litigation Searches are provided by the Search Agent, and the results may
 not be conclusive. There may also be a time lag between receipt of information and the time
 that the information is entered into the search agent's database;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) this
 opinion is intended to be used in the context which is specifically referred to herein. It
 should be read as a whole and each paragraph of this opinion should not be read independently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) this
 opinion is strictly limited to the matters stated herein and no opinion is implied or may
 be inferred beyond the matters expressly stated herein. The opinion expressed herein is rendered
 only as of the date hereof, and we assume no responsibility to advise you of facts, circumstances,
 events or developments that hereafter may be brought to our attention and that may alter,
 affect or modify the opinion expressed herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) we
 have not undertaken any independent investigation to determine the existence or absence of
 any fact, and no inference as to our knowledge of the existence or absence of any fact should
 be drawn from our representation of the Company or the rendering of this opinion.

---

| |
|:---|
| Yours faithfully |
| **DLA Piper Hong Kong** |

---

## Exhibit 99.3

**Exhibit 99.3**

March 25, 2026

**AsiaPac AdTechinno Group Limited**

Unit A2-A6, 9/F, NCB Innovation Centre

888 Lai Chi Kok Road

Lai Chi Kok, Kowloon

Hong Kong

Ladies and Gentlemen:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "Registration Statement") of AsiaPac AdTechinno Group Limited (the "Company") and any amendments thereto, which indicate that I have accepted the nomination to become an independent director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| |
|:---|
| Yours sincerely, |
| */s/ Chow Shiu Wing Joseph* |
| Chow Shiu Wing Joseph |

---

## Exhibit 99.4

**Exhibit 99.4**

March 25, 2026

**AsiaPac AdTechinno Group Limited**

Unit A2-A6, 9/F, NCB Innovation Centre

888 Lai Chi Kok Road

Lai Chi Kok, Kowloon

Hong Kong

Ladies and Gentlemen:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "Registration Statement") of AsiaPac AdTechinno Group Limited (the "Company") and any amendments thereto, which indicate that I have accepted the nomination to become an independent director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| |
|:---|
| Yours sincerely, |
| */s/ Kam Chi Sing* |
| Kam Chi Sing |

---

## Exhibit 99.5

**Exhibit 99.5**

March 25, 2026

**AsiaPac AdTechinno Group Limited**

Unit A2-A6, 9/F, NCB Innovation Centre

888 Lai Chi Kok Road

Lai Chi Kok, Kowloon

Hong Kong

Ladies and Gentlemen:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "Registration Statement") of AsiaPac AdTechinno Group Limited (the "Company") and any amendments thereto, which indicate that I have accepted the nomination to become an independent director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company.

---

| |
|:---|
| Yours sincerely, |
| */s/ Lee Shu Yan* |
| Lee Shu Yan |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **AsiaPac AdTechinno Group Ltd**  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering 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; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Class A ordinary shares, par value $0.0001 per share | 457(o) | 3593750 | $9.00 | $32343750.00 | 0.0001381 | $4466.67 |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |
| **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** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $32343750.00  |  | $4466.67  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $4466.67  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (1) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act"). Includes additional Class A ordinary shares that the underwriters have the option to purchase to cover any over-allotments. (2) Pursuant to Rule 416 under the Securities Act, there is also being registered hereby such indeterminate number of additional Class A ordinary shares of the Registrant as may be issued or issuable because of share splits, share dividends, share distributions, and similar transactions.

---

| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

---