# EDGAR Filing Document

**Accession Number:** 0002078532
**File Stem:** 0001213900-26-004999
**Filing Date:** 2026-1
**Character Count:** 1393250
**Document Hash:** 32f126a41e954df842cf8fe62d20276c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-004999.hdr.sgml**: 20260116

**ACCESSION NUMBER**: 0001213900-26-004999

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 65

**FILED AS OF DATE**: 20260116

**DATE AS OF CHANGE**: 20260116

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Red Wisdom Creation Ltd
- **CENTRAL INDEX KEY:** 0002078532
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-ADVERTISING [7310]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292775
- **FILM NUMBER:** 26538417

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GENPLAS INDUSTRIAL BLDG, 1/F, ROOM 101A
- **STREET 2:** 56 HOI YUEN ROAD, KWUN TONG
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 86-13950944982

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GENPLAS INDUSTRIAL BLDG, 1/F, ROOM 101A
- **STREET 2:** 56 HOI YUEN ROAD, KWUN TONG
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** K3
- **ZIP:** 00000

#### As filed with the Securities and Exchange Commission on January 16, 2026

#### Registration No. 333 - [\*]

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

#### ______________________________________

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

#### ______________________________________

#### Red Wisdom Creation Limited<br> (Exact Name of Registrant as Specified in its Charter)

#### Not Applicable<br> (Translation of Registrant's Name into English)

#### ______________________________________

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| | | |
|:---|:---|:---|
|  **Cayman Islands** | **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 No.) |

---

#### 807A on the 8 <sup>th</sup> Floor

#### Office Tower 2 of The Harbourfront

#### 22 Tak Fung Street
**Hung Hom, Hong Kong <br>Tel: 852**-46203591

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

#### ______________________________________

#### COGENCY GLOBAL INC.<br>122 East 42 <sup>nd</sup> Street, 18 <sup>th</sup> Floor<br>New York, NY 10168<br>+1-800-221-0102<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)

#### ______________________________________
Copies of all communications, including communications sent to agent for service, should be sent to:

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| | |
|:---|:---|
|  **Lawrence S. Venick, Esq.**<br> **Loeb & Loeb LLP**<br> **2206-19 Jardine House**<br> **1 Connaught Road Central**<br> **Hong Kong SAR**<br> **Telephone: +852-3923-1111** | **Anthony W. Basch, Esq.**<br> **Alexander W. Powell, Jr., Esq.**<br> **Kaufman & Canoles, P.C.**<br> **Two James Center, 14**<sup>th</sup> **Floor**<br> **1021 East Cary Street**<br> **Richmond, Virginia 23219**<br> **Tel: (804) 771**-5700 |

---

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

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

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

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

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

**Emerging growth company.** ☒

If an emerging growth company that prepares its consolidated 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 registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

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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 U.S. Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities 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 January 16, 202 6

#### Red Wisdom Creation Limited

#### 4,250,000 Class A Ordinary Shares
We are offering 4,250,000 Class A ordinary shares, US$0.0001 par value per share ("Class A Ordinary Shares"). This is the initial public offering of our Class A Ordinary Shares. Prior to this offering, there has been no public market for Class A Ordinary Shares. We expect the initial public offering price of the Class A Ordinary Shares will be in the range of $4.00 to $5.00 per share.

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

We are an "emerging growth company" as defined under the federal securities laws and will be subject to reduced public company reporting requirements. See "Prospectus Summary — Implications of Our Being an "Emerging Growth Company" and "Risk Factors" on pages 5 and 18, respectively.

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders including the election of directors, amendment of memorandum and articles of association, and approval of major corporate transactions, while holders of Class B Ordinary Shares will be entitled to fifty (50) votes per share. Each Class B Ordinary Share shall be convertible into one Class A Ordinary Share at the option of the holder thereof at any time after issue, however, Class A Ordinary Shares are under no circumstances convertible into any Class B Ordinary Shares.

As of the date of this prospectus, 20,000,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares were issued and outstanding. A shareholder must keep more than 2,700,000 Class B Ordinary Shares to control 50% of the voting right of the Company and control the outcome of matters submitted to shareholders for approval. We will issue 4,250,000 Class A Ordinary Shares in this Offering. Subsequent to the Offering, 24,250,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares will be issued and outstanding. A shareholder must keep more than 2,742,500 Class B Ordinary Shares after the Offering to control 50% of the voting right of the Company and control the outcome of matters submitted to shareholders for approval.

Due to the disparate voting powers associated with our two classes of ordinary shares, Chen Qiu, our chief executive officer, director and controlling shareholder (the "Controlling Shareholder"), will beneficially own approximately 65.44% of our issued and outstanding share capital, and approximately 96.32% aggregate voting power of our Company immediately following the completion of this Offering, assuming that the underwriters do not exercise their over-allotment option. The interests of our Controlling Shareholder may not coincide with your interests, and it may make decisions with which you disagree, including decisions on important topics such as the composition of the board of directors, compensation, management succession, and our business and financial strategy. To the extent that the interests of our Controlling Shareholder differ from your interests, you may be disadvantaged by any action that they may seek to pursue. See "Risk Factors — 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."

Upon the completion of this offering, Mr. Chen Qiu, our Controlling Shareholder, will beneficially own 14,140,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares, representing approximately 58.31% of our total issued and outstanding Class A Ordinary Shares, and 100% of our total issued and outstanding Class B Ordinary Shares, and representing, in aggregate, 96.32% of the total voting power, assuming the underwriters do not exercise their over-allotment option. As a result, we will be a "controlled company" as defined under corporate governance rules of [NYSE/NASDAQ] and, therefore, eligible for certain exemptions from the corporate governance requirements of the [NYSE American Company Guide/NASDAQ Listing Rules]. Assuming our Controlling Shareholder continues to hold all of his existing Class A Ordinary Shares, he will have to maintain at least 54% of Class B Ordinary Shares prior to the completion of this offering, or 54.85% of Class B Ordinary Shares immediately after the completion of this offering, to continue to control the outcome of matters submitted to shareholders for approval including the election

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of directors, amendment of organizational documents, and approval of major corporate transactions, such as a change in control, merger, consolidation, or sale of assets. We do not intend to rely on these exemptions. Even if we cease to be a controlled company, we may still rely on exemptions available to foreign private issuers. See section titled "*Risk Factors — Risks Related to This Offering and the Class A Ordinary Shares — "We are a "foreign private issuer," and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects."*

**We are not a Hong Kong operating company, but an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations of our own, we conduct our operations through our primary operating subsidiary in Hong Kong, Red Wisdom Creation (Hong Kong) Limited, or Red Wisdom HK. While the we have no operations in mainland China, we may be subject to unique risks due to uncertainty of the interpretation and the application of the PRC laws and regulations. We are also subject to the risks of uncertainty about any future actions of the PRC government in this regard. As of the date of this prospectus, we are not subject to the Chinese government's direct influence or discretion over the manner in which we conduct our business activities outside of the PRC. In addition, we do not expect to be materially affected by recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China**-based **issuer, including but not limited to the cyber security review and regulatory review over overseas listing of our Class A Ordinary Shares through an offshore holding company. However, due to long arm provisions under the current PRC laws and regulations, there remains regulatory uncertainty about any future actions of the Chinese government or authorities in Hong Kong in this regard. We may also be subject to sanctions imposed by PRC regulatory agencies, including the China Securities Regulatory Commission ("CSRC"), if we fail to comply with their rules and regulations. PRC regulatory authorities could disallow our operating structure in the future, and this would likely result in a material change in our operations in Hong Kong and/or the value of our securities, which could cause the value of such securities to significantly decline or become worthless. See Risk Factors — *"If the PRC government chooses to exert more oversight and control over cybersecurity, data protection, offerings that are conducted overseas and/or foreign investment in PRC***-based ***issuers, such action could have a material and adverse effect on our business, financial condition, and results of operations and may significantly limit or completely hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless."* For more information.**

**There are legal and operational risks associated with being based in and having the majority of our operations in Hong Kong. The PRC government may exercise significant oversight and discretion over the conduct of our business and may intervene or influence our operations at any time. Such governmental actions:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **could result in a material change in our operations and/or the value of our Class A Ordinary Shares;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **could significantly limit or completely hinder our ability to continue our operations;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **could significantly limit or completely hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors; and**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **may cause the value of our Class A Ordinary Shares to significantly decline or be worthless.**

**See Risk Factors — *"All our operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also be implemented quickly with little advance notice. Therefore, our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain."* For more information.** 

**We are aware that recently, the PRC government had initiated a series of regulatory actions and new policies to regulate business operations in certain areas in China with little advance notice, including cracking down an illegal activities in the securities market, enhancing supervision over China**-based **companies listed overseas using a variable interest entity ("VIE") structure, adopting new measures to extend the scope of cyber securities reviews, and expanding the efforts in anti**-monopoly **enforcement. Our PRC Counsel, Tenet & Partners, confirms that we are not directly subject to these regulatory actions or statements, as we do not operate in mainland China, do not have a VIE structure and our business does not involve the collection of user data,** 

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**implicate cybersecurity, or involve any other type of restricted industry. Since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations and the listing of our Class A Ordinary Shares on a U.S. or other foreign exchanges. Given recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China**-based **issuers, any such action could result in a material change in our operations and/could significantly limit or completely hinder our ability to conduct our business, accept foreign investment and complete this offering or cause the value of our Class A Ordinary Shares to significantly decline or become worthless. See Risk Factors — *"All our operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also be implemented quickly with little advance notice. Therefore, our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain."* For more information.**

**On February 17, 2023, the China Securities Regulatory Commission (the "CSRC") released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, which came into effect on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No.1 to No. 5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listing by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the basic supervision principles as reflected in the Draft Overseas Listing Regulations by providing substantially the same requirements for filings of overseas offering and listing by domestic companies, yet made the following updates compared to the Draft Overseas Listing Requirements: (a) further clarification of the circumstances prohibiting overseas issuance and listing; (b) further clarification of the standard of indirect overseas listing under the principle of substance over form, and (c) adding more details of filing procedures and requirements by setting different filing requirements for different types of overseas offering and listing. Pursuant to the Trial Measures, the Guidance Rules and Notice, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure and report relevant information to the CSRC within three working days following its submission of initial public offerings or listing application. Our PRC Counsel, Tenet & Partners, has confirmed that as of the date of this prospectus, the Group has no operations in China and is not required to complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures. While the Group has no current operations in China, should we have any future operations in China and should we (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the Cyberspace Administration of China (the "CAC") or other PRC regulatory agencies. These regulatory agencies may also impose fines and penalties on our operations in China, as well as limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds from this offering into China or take other actions that could have a material adverse effect on our business as well as the trading price of our Class A Ordinary Shares. We may be required to restructure our operations to comply with such regulations or potentially cease operations in the PRC entirely. The CSRC, the CAC or other PRC regulatory agencies also be take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of our Class A Ordinary Shares. In addition, if the CSRC, the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any action taken by the PRC government could significantly limit or completely hinder our operations in the PRC and our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.**

**On December 28, 2021, the CAC jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021), or the "Review Measures 2021", which took effect on February 15, 2022, and replacing the former Measures for Cybersecurity Review (2020) issued on July 10, 2021. Review Measures 2021 stipulates that in addition to the "operator of critical information infrastructure" ("Operator"), any "data processor" carrying out data processing activities that affect or may affect national security should also be** 

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**subject to cybersecurity review. It is further elaborated that the factors to be considered when assessing the national security risks of the relevant activities include, among others, (i) the risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or transferred outside the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad. The CAC has stated that under such rules, companies holding data of more than one million users must apply for cybersecurity approval when seeking listings in other countries because of the risk that such data and personal information could be "affected, controlled, and maliciously exploited by foreign governments." The cybersecurity review will also investigate the potential national security risks from overseas IPOs.**

**All of our operations are conducted by our operating subsidiary in Hong Kong. Our Company currently does not have any substantive operations in mainland China. Our PRC Counsel, Tenet & Partners, confirms that, as of the date of this prospectus, the Company and its subsidiaries are not required to obtain any permissions or approvals from PRC authorities before listing in the U.S. and to issue our Class A Ordinary Shares to foreign investors, including the CAC or the CSRC because (i) our operating subsidiary was incorporated in Hong Kong and operate only in Hong Kong without any subsidiary or VIE structure in mainland China and each of the Review Measures 2021 and the Trial Administrative Measures does not clearly provide whether it shall be applied to a company based in Hong Kong; (ii) all of the data our operating subsidiary has collected is stored in servers located in Hong Kong, and we do not place any reliance on the collection and processing of any personal information to maintain our business operation; (iii) as of the date of this prospectus, neither has our Operating Subsidiary been informed by any PRC governmental authority of any requirement that it shall file for a CSRC review, nor received any inquiry, notice, warning, or sanction in such respect initiated by the CAC or related governmental regulatory authorities; and (iv) data processed in our business operation should not have a bearing on national security nor affect or may affect national security, and we have not been notified by any authorities of being classified as an Operator. Moreover, pursuant to the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). Red Wisdom Creation (Hong Kong) Limited is not required to obtain any permissions or approvals from any Chinese authorities to operate its businesses as of the date of this prospectus. No permissions or approvals have been applied for by Red Wisdom Creation (Hong Kong) Limited or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC and we are required to obtain such permissions or approvals; or (ii) we inadvertently concluded that relevant permissions or approvals were not required or that we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer our Class A Ordinary Shares to investors and could cause the value of such securities to significantly decline or become worthless.**

**Although we are not subject to cybersecurity review by the Corporate Affairs Commission nor any other PRC authorities for this offering or required to obtain regulatory approval regarding the data privacy and personal information requirements from the Corporate Affairs Commission nor any other PRC authorities for ours and our Operating Subsidiary's operations in Hong Kong, our Operating Subsidiary is subject to a variety of laws and other obligations regarding data privacy and protection in Hong Kong. In particular, the Personal Data (Privacy) Ordinance (Chapter 486 of the laws of Hong Kong) ("PDPO") imposes a duty on any data user who, either alone or jointly with other persons, controls the collection, holding, processing or use of any personal data which relates directly or indirectly to a living individual and can be used to identify that individual. Under the PDPO, data users shall take all practicable steps to protect the personal data they hold from any unauthorized or accidental access, processing, erasure, loss, or use. Once collected, such personal data should not be kept longer than necessary for the fulfilment of the purpose for which it is or is to be used and shall be erased if it is no longer required, unless erasure is prohibited by law or is not in the public interest. The PDPO also confers on the Privacy Commissioner for Personal Data ("Privacy Commissioner") power to conduct investigations and institute prosecutions. The data protection principles (collectively, the "DPPs"), which are contained in Schedule 1 to the PDPO, outline how data users should collect, handle, and use personal data, complemented by other provisions imposing further compliance requirements. The collective objective of DPPs is to ensure that personal data is collected on a fully informed basis and in a fair manner, with due consideration towards minimizing the amount of personal data collected. Once collected, the personal data should be processed in a** 

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**secure manner and should only be kept for as long as necessary for the fulfilment of the purposes of using the data. Use of the data should be limited to or related to the original collection purpose. Data subjects are given certain rights, inter alia: (a) the right to be informed by a data user whether the data user holds personal data of which the individual is the data subject; (b) if the data user holds such data, to be supplied with a copy of such data; and (c) the right to request correction of any data they consider to be inaccurate. The Commissioner may carry out criminal investigations and institute prosecution for certain offenses. Depending on the severity of the cases, the Privacy Commissioner will decide whether to prosecute or refer cases involving suspected commission to the Department of Justice of Hong Kong. Victims may also seek compensation by civil action from data users for damage caused by a contravention of the PDPO. The Commissioner may provide legal assistance to the aggrieved data subjects if the Commissioner deems fit to do so. We believe that our Operating Subsidiary has been in compliance with the data privacy and personal information requirements of the PDPO. Moreover, we do not expect to be subject to any cybersecurity review by Hong Kong and PRC government authorities for this offering. However, if we or our Operating Subsidiary conducting business operations in Hong Kong have violated certain provisions of the PDPO, we or our Operating Subsidiary could face significant civil penalties and/or criminal prosecution, which could adversely affect our business, financial condition, and results of operations. For more information, please see Risk Factors — "*Compliance with Hong Kong's Personal Data (Privacy) Ordinance and any such other existing or future data privacy***-related ***laws, regulations and governmental orders may entail significant expenses and could materially affect our business*."**

**Furthermore, as more stringent criteria, including the Holding Foreign Companies Accountable Act (the "HFCAA") have recently been imposed by the SEC and the Public Company Accounting Oversight Board (the "PCAOB"), our Class A Ordinary Shares may be prohibited from trading if our auditor cannot be fully inspected. On December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act (the "AHFCAA") was enacted, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years.**

**On December 16, 2021, the PCAOB issued a report on its determination that the PCAOB is unable to inspect or investigate completely PCAOB**-registered **public accounting firms headquartered in the PRC, because of positions taken by PRC authorities in those jurisdictions (the "Determination"). The Board made these determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB will be required to reassess its determinations by the end of 2022. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuers audits for inspection or investigation and has the unfettered ability to transfer information to the SEC.**

**On August 26, 2022, the China Securities Regulatory Commission (the "CSRC"), the Ministry of Finance of the PRC (the "MOF"), and the PCAOB signed a Statement of Protocol (the "Protocol") to allow the PCAOB to inspect and investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, consistent with the HFCAA and PCAOB will be required to reassess its determinations by the end of 2022. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC.**

**On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. Notwithstanding the foregoing, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor, then such lack of inspection could cause our securities to be delisted from the stock exchange.**

**Our auditor, Enrome LLP, headquartered in Singapore, is an independent registered public accounting firm that issues the audit report included elsewhere in this prospectus. As an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, it is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections on its audit works to assess its compliance with the applicable professional standards. Our auditor is currently subject to inspection by the PCAOB.**

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**On August 26, 2022, CSRC, the Ministry of Finance of the PRC (the "MOF"), and the PCAOB signed a Statement of Protocol (the "Protocol"), governing inspections and investigations of audit firms based in China and Hong Kong. The Protocol remains unpublished and is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuers audits for inspection or investigation and has the unfettered ability to transfer information to the SEC.**

**On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. On December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act, was signed into law, which amended the HFCA Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three.**

**On December 29, 2022, legislation titled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act"), was signed into law by the then President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to Accelerating HFCA Act from three years to two. See *Risk Factors — Risks Related to Doing Business in Hong Kong — Our Class A Ordinary Shares may be prohibited from being traded on any U.S. securities exchange, including the New York Stock Exchange and [NYSE/NASDAQ], or through any other trading method within the SEC's regulatory jurisdiction, if our auditor is not inspected by the PCAOB for two consecutive years, and this ultimately could result in trading in our Class A Ordinary Shares being prohibited."* We cannot assure you whether [NYSE/NASDAQ] or other regulatory authorities will apply additional or more stringent criteria to us. Such uncertainty could cause the market price of our Class A Ordinary Shares to be materially and adversely affected.**

**Red Wisdom Creation Limited is incorporated in Cayman Islands. As a holding company with no material operations of our own, we conduct all our operations in Hong Kong through our primary Hong Kong operating subsidiary, Red Wisdom HK. Accordingly, we receive principally most of our revenues in HKD. Under our current corporate structure, our Company in the Cayman Islands will rely on dividend payments from Red Wisdom HK to fund any cash and financing requirements we may have. Although other means are available for us to obtain financing at the holding company level, Red Wisdom Creation Limited's ability to pay dividends to its shareholders and to service any debt it may incur may depend upon dividends paid by Red Wisdom HK.**

**As of the date of this prospectus, we have not made any transfers between the holding company and our subsidiaries, and none of our subsidiaries have ever issued any dividends or distribution to the holding company or their respective shareholders outside of Hong Kong or China. There can be no assurance that the cash maintained in Hong Kong could be transferred out for the payment of dividends or the cash could be deployed into our business which shall be subject to Hong Kong regulations and policies. See "*Risk Factors — Risks Related to Doing Business in Hong Kong — We are a holding company and our ability to pay dividends is primarily dependent upon the earnings of, and distributions by, our Hong Kong operating subsidiary*", "Dividend Policy", "Summary Consolidated Financial Data", and "Consolidated Statements of Shareholders' Equity in the Report of Independent Registered Public Accounting Firm for further details."**

**The People's Bank of China and the State Administration of Foreign Exchange, or SAFE, have implemented a series of capital control measures, including vetting procedures for China**-based **companies to remit foreign currency for overseas acquisitions, dividend payments and shareholder loan repayments. The PRC government also imposes regulations on the conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Cash is expected to be transferred through our organization in the following manner: (i) funds are transferred to Red Wisdom HK, from Red Wisdom Creation Limited through our BVI holding company subsidiary in the form of capital contributions or shareholder loans, as the case may be; and (ii) dividends or other distributions may be paid by Red Wisdom HK to Red Wisdom Creation Limited through our BVI holding company subsidiary. As of the date of this prospectus, we do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred and have not made any transfers for both directions.**

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**In the future, cash proceeds raised from overseas financing activities, including this offering, may be transferred by us to our BVI holding company subsidiary and Red Wisdom HK, as the case may be. In order for us to pay dividends to our shareholders, we may rely on payments made by Red Wisdom HK, and the distribution of such payments to our overseas subsidiary as dividends from Red Wisdom HK. While current restrictions and limitations by the PRC government to transfer cash do not apply to Hong Kong entities, such restrictions and limitations by the PRC government could become applicable to Hong Kong and Hong Kong entities in the future, which may result in cash in the business in Hong Kong or a Hong Kong entity being unavailable to fund operations or for other use outside of Hong Kong.**

**Please see "Risk Factors" beginning on page 18 of this prospectus for additional information.**

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

**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "Risk Factors" beginning on page 18 of this prospectus to read about factors you should consider before buying our Class A Ordinary Shares.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Class A <br>Ordinary <br>Share** | **Total Without <br>Over-Allotment <br>Option** | **Total With <br>Over-Allotment <br>Option** |
|  Public offering price<sup>(1)</sup> | $| $| $|
|  Underwriting discounts<sup>(2)</sup> | $| $| $|
|  Proceeds to us before offering expenses<sup>(3)</sup> | $| $| $|

---

____________

(1) Assumed an initial public offering price of $[•] per Class A Ordinary Share, the midpoint of the range set forth on the cover page of this registration statement.

(2) Represents underwriting discounts equal to seven percent (7%) per Class A Ordinary Share. Does not include a non-accountable expense allowance equal to one percent (1%) of the gross proceeds received by us from this offering, payable to the underwriter(s).

(3) The total estimated expenses related to this offering are set forth in the section entitled "Expenses Relating to This Offering." We have agreed to reimburse the representative up to a maximum of US$235,000 for out-of-pocket accountable expenses. See "Underwriting" on page 116 of this prospectus for a description of these arrangements.

We have granted the underwriter a 45-day option to purchase up to 15% of the total number of our Class A Ordinary Shares to be offered by us pursuant to this offering, solely for the purpose of covering overallotments, at the initial public offering price less the underwriting discount.

The underwriter expects to deliver the shares to purchasers in the offering on or about [•], 2025.

We may amend or supplement this prospectus from time to time by filing amendments or supplements as required. You should read this entire prospectus and any amendments or supplements carefully before you make your investment decision.

![](tcathay_logo.jpg)

#### Prospectus dated , 2026

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T26) | 1 |
|  [THE OFFERING](#T25) | 15 |
|  [SUMMARY FINANCIAL INFORMATION](#T24) | 17 |
|  [RISK FACTORS](#T23) | 18 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#T22) | 43 |
|  [USE OF PROCEEDS](#T21) | 44 |
|  [DIVIDEND POLICY](#T20) | 45 |
|  [CAPITALIZATION](#T19) | 46 |
|  [DILUTION](#T18) | 47 |
|  [SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA](#T17) | 48 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T9001) | 49 |
|  [INDUSTRY OVERVIEW](#T16) | 63 |
|  [OUR CORPORATE STRUCTURE AND HISTORY](#T15) | 70 |
|  [BUSINESS](#T9002) | 72 |
|  [REGULATIONS](#T14) | 84 |
|  [MANAGEMENT](#T13) | 88 |
|  [PRINCIPAL SHAREHOLDERS](#T12) | 96 |
|  [RELATED PARTY TRANSACTIONS](#T11) | 97 |
|  [DESCRIPTION OF SHARE CAPITAL AND GOVERNING DOCUMENTS](#T10) | 98 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T9) | 108 |
|  [TAXATION](#T8) | 110 |
|  [UNDERWRITING](#T7) | 116 |
|  [EXPENSES OF THE OFFERING](#T6) | 121 |
|  [LEGAL MATTERS](#T5) | 122 |
|  [EXPERTS](#T4) | 122 |
|  [ENFORCEMENT OF CIVIL LIABILITIES](#T3) | 123 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#T2) | 125 |
|  [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#T9003) | F-1 |

---

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

**Neither we nor the underwriters have authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus, any amendment or supplement to this prospectus, or in any free writing prospectus we have prepared, and neither we nor the underwriters take responsibility for, and can provide no assurance as to the reliability of, any other information others may give you. Neither we nor the underwriters are making an offer to sell, or seeking offers to buy, these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this prospectus is accurate only as of the date on the cover page of this prospectus, regardless of the time of delivery of this prospectus or the sale of shares. Our business, financial condition, results of operations and prospects may have changed since the date on the cover page of this prospectus.**

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#### Conventions Which Apply to this Prospectus
Throughout this prospectus, we use a number of key terms and provide a number of key performance indicators used by management. Unless the context otherwise requires, the following definitions apply throughout where the context so admits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Memorandum and Articles of Association" refers to the amended and restated memorandum and articles of association of the Company adopted on July 5, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A Ordinary Shares" refers to the Company's Class A Ordinary Shares, par value US$0.0001 per share, with 490,000,000 Class A Ordinary Shares authorized and 20,000,000 Class A Ordinary Shares outstanding as of the date of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B Ordinary Shares" refers to the Company's Class B ordinary shares, par value US$0.0001 per share, with 10,000,000 Class B Ordinary Shares authorized and 5,000,000 Class B Ordinary Shares outstanding as of the date of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "China" or the "PRC" refers to the People's Republic of China, including Taiwan and the special administrative regions of Hong Kong and Macau;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depending on the context, "we," "us," "our company," "our," and "the Company" refer to Red Wisdom Creation Limited, a Cayman Islands company that will issue the Class A Ordinary Shares being offered. References to the "Group" refers to Red Wisdom Creation Limited and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Hong Kong" refers to Hong Kong Special Administrative Region of the People's Republic of China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "HKD" or "HK$" refers to the legal currency of Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ICFR" refers to Internal Control over Financial Reporting, the processes and procedures a company puts in place to ensure the accuracy and reliability of its financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "mainland China" refers to the People's Republic of China, excluding Taiwan and the special administrative regions of Hong Kong and Macau for the purposes of this prospectus only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Red Wisdom" refers to Red Wisdom Creation Limited, the issuer in this Offering, which is a Cayman Islands exempted company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Red Wisdom (BVI)" refers to Miaohong Creation Limited, which is the BVI intermediary holding subsidiary of Red Wisdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Red Wisdom HK" refers Red Wisdom Creation (Hong Kong) Limited, the Hong Kong operating subsidiary of Red Wisdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "RMB" refers to the legal currency of China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "shares", "Shares" or "Ordinary Shares" refer to the Ordinary Shares of Red Wisdom Creation Limited., consisting of Class A Ordinary Shares and Class B Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S. dollars," "dollars," "USD" or "$" refers to the legal currency of the United States.

The expressions "associated company", "related corporation" and "subsidiary" shall have the respective meanings ascribed to them in the Companies Act, as the case may be.

Any discrepancies in tables included herein between the total sum of amounts listed and the totals thereof are due to rounding. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.

Certain of our customers and suppliers are referred to in this prospectus by their trade names. Our contracts with these customers and suppliers are typically with an entity or entities in the relevant customer or supplier's group of companies.

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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.

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

#### Market and Industry Data
We are responsible for the information contained in this prospectus and any free writing prospectus we prepare or authorize. This prospectus includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties, as well estimates by our management based on such data. The market data and estimates used in this prospectus involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. While we believe that the information from these industry publications, surveys and studies is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in the section titled "Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

#### Presentation of Financial and Other Information
The functional and reporting currency of the Group is the United States Dollar ("US$"). All references in this prospectus to "U.S. dollars," "US$," "$" and "USD" refer to the currency of the United States of America. Unless otherwise indicated, all references to currency amounts in this prospectus are in USD.

The Group's operating subsidiary in Hong Kong uses Hong Kong Dollars ("HK$") as the functional currency.

The consolidated financial statements of the Company and its subsidiaries, other than subsidiaries with functional currency of US$, are translated into US$ using the exchange rate as of the balance sheet date for assets and liabilities and average exchange rate for the year for income and expense items. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period.

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

#### Impact of COVID-19
The COVID-19 pandemic broadly affected the global economy. In the year of 2022, the resurgence of the COVID-19 pandemic initially negatively impacted our advertising business through an impact on our operations, an impact on the operations of our collaborators, third-party contractors and other entities, including governments, governmental agencies, and payers, which we interact, and an impact on our customers. However, the COVID-19 pandemic then accelerated the adoption of online lifestyles, triggering an upsurge in demand for premium digital content and amplifying the industry's trajectory. Since the end of 2022, the control measures for epidemic prevention has gradually been removed. We expect the continuous optimization of epidemic prevention policy to stimulate the advertising industry and have a positive impact on our business. However, any resurgence of the COVID-19 pandemic could negatively affect the advertising business. The extent of any future impact of the COVID-19 pandemic on our business is still highly uncertain and cannot be predicted as of the date of this prospectus. Any potential impact to our operating results will depend on, to a large extent, future developments and new information that may emerge regarding the duration and severity of the COVID-19 pandemic and the actions taken by competent authorities to contain the spread of the COVID-19 pandemic, almost all of which are beyond our control.

See "Risk Factors — Risks Related to Our Business and Industry — Pandemics and epidemics, natural disasters, terrorist activities, political unrest, and other outbreaks could disrupt our operations, which could materially and adversely affect our business, financial condition, and results of operations."

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#### PROSPECTUS SUMMARY
*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and consolidated financial statements included elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our Class A Ordinary Shares, discussed under "Risk Factors" before deciding whether to buy our Class A Ordinary Shares. This prospectus contains certain estimates and information from industry report from Xiamen Flashstone Investment Management Consulting Co., Ltd. ("Flash*-Stone *Consulting") commissioned by us on July 16, 2025 entitled "Global MCN and Digital Targeted Advertising Market Research Report" (the "Flash*-Stone *Report"), an independent market research firm, regarding our industries and our market positions in Hong Kong. This prospectus also contains information and statistics relating to Hong Kong and China's economy and the industries in which we operate which are derived from various publications issued by market research companies and the Hong Kong and PRC governmental entities, and have not been independently verified by us, the underwriter or any of its respective affiliates or advisers. The information in such sources may not be consistent with other information compiled in or outside of Hong Kong and China.*

#### Overview
We are an online multi-channel network (MCN) marketing solution provider based in Hong Kong SAR, specializing in influencer marketing and multi-platform media marketing, for the youth market with a customer base with ages between 14 and 35.

MCN (Multi-Channel Network) is an intermediary platform that connects brands with content creators, providing content production, monetization, and distribution services under revenue-sharing agreements. Its core value lies in reducing transaction costs between brands and creators while optimizing content marketing efficiency. We advise clients on online marketing strategies, offer advertising optimization services and facilitate the deployment of advertising campaigns. Our advertising campaigns can include various forms of content creation for social media and targeted marketing, such as short videos, live broadcasts, scenario-based content implantation, social media posts, search ads, in-feed ads, and banner ads.

We offer two types of advertising services: (i) online influencer marketing, and (ii) online precision marketing services.

*<u>Online Influencer Marketing</u>*

Our online influencer marketing services consist of a network of online influencers that can generate targeted content based on our directions on brand marketing for deployment on social media and short-video platforms. We provide a comprehensive service to clients, ranging from influencer screening to delivery optimization.

Our revenue is comprised primarily of net fees earned from clients using our MCN services that is subject to the contractual terms with the client, and we recognize the corresponding revenue when the services are delivered.

Each agreement explicitly specifies marketing services, agreed-upon publishing schedule, each party's rights and obligations, as well as payment terms. The Company's obligations include identifying and matching multi-platform influencers aligned with customer objectives, developing customized marketing content leveraging influencer reach, publishing content via influencer accounts per contractual schedules, and providing post-campaign performance reviews.

The Company adopts a model of bundling its services, believing this will be more beneficial for customers. Online influencer marketing services are highly interdependent; content creation is inseparable from influencer selection, and distribution is contingent on platform-specific accounts. We settle invoices with the relevant influencer agencies and organizations that are accrued in relation to a client project, which are then accounted for and billed in our invoices provided to the client.

For the year ended March 31, 2024 and 2025, revenue for online influencer marketing services constituted 49.3% and 72.3% of our revenue for the year, respectively. For the six months ended September 30, 2025 and 2024, revenue for online influencer marketing services constituted 70.1% and 50.6% of our revenue, respectively.

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*<u>Online Precision Marketing Services</u>*

Our online precision marketing services consist of data driven online brand marketing through the implementation of search ad placements, in-feed ad placements search ads, and/or banner ad placements across dominant online platforms such as Google, TikTok, and YouTube.

For our online precision marketing services, revenue from the client is derived from our performance of the online precision marketing services in accordance with our customer agreements.

Contract consideration is fixed and determined by targeted exposure volume and "cost per mille" ("CPM"), which is based on the number of times an ad is displayed on behalf of a customer, regardless of whether a user clicks on it. The contract price is not further affected by executed exposure volume. Revenue is recognized over time as services are rendered, measured by progress against the agreed-upon release schedule, with marketing campaigns typically lasting one to two months. Completion is evidenced by signed confirmation letters verifying exposure volume achievement. The company usually requires a certain portion of prepayment and settlement of the remaining portion after the acknowledgement of service completion within a credit term of 90 days.

Advertising costs are calculated on a CPM basis, based on the number of times an ad is displayed on behalf of a client, regardless of whether a user clicks on it. Media channels typically charge a fixed cost for every 1,000 ad impressions for CPM marketing. Similarly, we settle invoices with the relevant media channels that are accrued in relation to a client project, which are then accounted for and billed in our invoices provided to the client.

For the year ended March 31, 2024 and 2025, revenue for online marketing services constituted 50.7% and 27.7% of our revenue for the year, respectively. For the six months ended September 30, 2025 and 2024, revenue for online marketing services constituted 29.9% and 39.5% of our revenue, respectively.

#### Our Competitive Strengths
We believe our main competitive strengths are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We work with a wide breadth of online influencer marketing suppliers, ensuring wide coverage to meet client's demands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capability of offering multi-channel online marketing solutions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capability of offering data driven market strategy services.

#### Our Business Strategies and Future Plans
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strengthen our online influencer marketing services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuing to recruit and maintain talent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improving information and technology capabilities

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#### Our Corporate Structure and History
The following diagram illustrates the ownership structure of the Company, and aggregate share ownership before and after giving effect to this offering:

![](tflowchart_001.jpg)

____________

1) Mr. Chen Qiu, our Controlling Shareholder, beneficially owns 14,140,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares, representing as of the date of this Prospectus, approximately 76.56% of our total issued and outstanding shares, consisting of approximately 56.56% of our total issued and outstanding Class A Ordinary Shares, and 100% of our total issued and outstanding Class B Ordinary Shares, and representing, in aggregate, 97.82% of the total voting power. After giving effect to this offering, Mr. Chen Qiu will own 14,140,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares, representing approximately 65.44% of our total issued and outstanding shares, consisting of approximately 58.31% of our total issued and outstanding Class A Ordinary Shares, and 100% of our total issued and outstanding Class B Ordinary Shares, and representing, in aggregate, 96.32% of the total voting power, assuming the underwriters do not exercise their over-allotment option.

2) Assumes an offering of 4,250,000 Class A Ordinary Shares and assumes no exercise by the underwriters of their over-allotment option.

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| | | |
|:---|:---|:---|
|  **Subsidiary Name** | **Background** | **Ownership** |
|  Miaohong Creation Limited ("Red Wisdom (BVI)") | Incorporated in the BVI on February 27, 2025 as a BVI business company. | 100% held by Red Wisdom Creation Limited |
|  Red Wisdom Creation (Hong Kong) Limited (f/k/a Miao Hong Trading Co., Limited) ("Red Wisdom HK") | Incorporated in Hong Kong on August 9, 2019 as a company limited by shares. | 100% held by Miaohong Creation Limited |

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Red Wisdom Creation Limited, the issuer in this Offering, was incorporated in the Cayman Islands on February 12, 2025 as an exempted company. The Group first began operations in 2019 through its primary operating subsidiary, Red Wisdom HK.

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Our Controlling Shareholder will own 65.44% of our issued and outstanding share capital, and approximately 96.32% aggregate voting power of our Company immediately following the completion of this Offering, assuming that the underwriters do not exercise their over-allotment option.

#### Reorganization
Prior to the incorporation of the Company, our principal operations were carried out through Red Wisdom HK. Red Wisdom HK was wholly controlled by 6 original individual shareholders, being Chen Qiu, Zeng Ruming, Wang Wentong, Hu Jusheng, Fan Jianping and Li Mengting.

On February 12, 2025, Red Wisdom was incorporated under the laws of the Cayman Islands, and controlled by the above 6 original individual shareholders upon the completion its share issuance.

On February 27, 2025, Red Wisdom (BVI) was incorporated under the laws of the BVI by Red Wisdom as a wholly owned subsidiary of Red Wisdom.

On April 15, 2025, as part of the reorganization in contemplation of this Offering, Red Wisdom (BVI) acquired 100% interest in Red Wisdom HK from the 6 original individual shareholders. As of the date of this prospectus, Red Wisdom HK, our Hong Kong operating subsidiary, is wholly-owned directly by the Company.

#### Corporate Information
Our principal office is 807A on the 8<sup>th</sup> Floor, Office Tower 2 of The Harbourfront, 22 Tak Fung Street, Hung Hom, Hong Kong. The telephone number of our principal office is 852-46203591. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168. Information contained on our website does not constitute part of this prospectus.

#### Transfers of Cash To and From Our Subsidiaries
As of the date of this prospectus, we have not made any transfers between the holding company and our subsidiaries, and none of our subsidiaries have ever issued any dividends or distribution to the holding company or their respective shareholders outside of Hong Kong or China.

Cash is expected to be transferred through our organization in the following manner: (i) funds are transferred to Red Wisdom HK, our HK operating entity, from Red Wisdom Creation Limited through our BVI holding company subsidiaries in the form of capital contributions or shareholder loans, as the case may be; and (ii) dividends or other distributions may be paid by Red Wisdom HK to Red Wisdom Creation Limited through our BVI holding company subsidiary. As of the date of this prospectus, we do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred and have not made any transfers for both directions.

In the future, cash proceeds raised from overseas financing activities, including this offering, may be transferred by us to our Hong Kong subsidiary and Miaohong Creation Limited, as the case may be. In order for us to pay dividends to our shareholders, we may rely on payments made by Red Wisdom HK, and the distribution of such payments to our overseas subsidiary as dividends from Red Wisdom HK. If any of our subsidiaries or Red Wisdom HK incur debt on its own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to us.

While current restrictions and limitations by the PRC government to transfer cash do not apply to Hong Kong entities, such restrictions and limitations by the PRC government could become applicable to Hong Kong and Hong Kong entities in the future, which may result in cash in the business in Hong Kong or a Hong Kong entity being unavailable to fund operations or for other use outside of Hong Kong. See the risk factor *"In the future, cash proceeds raised from overseas financing activities, including this offering, may be transferred by us to our BVI holding company subsidiary and Red Wisdom HK, as the case may be. In order for us to pay dividends to our shareholders, we may rely on payments made by Red Wisdom HK, and the distribution of such payments to our overseas subsidiary as dividends from Red Wisdom HK. To the extent that cash or assets in the business is in the PRC or Hong Kong or a PRC or Hong Kong entity, the funds or assets may not be available fund operations or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of the Company and our subsidiaries by the PRC Government to transfer cash or assets."* on page 30 for more information.

*Cayman Islands.* Subject to Cayman law, the Companies Act and our Amended Memorandum and Articles, our board of directors may from time to time declare dividends in any currency to be paid to our members. Subject to a solvency test, as prescribed in the Companies Act, and the provisions, if any, of the memorandum and articles of

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association of an exempted company incorporated in the Cayman Islands, an exempted company incorporated in the Cayman Islands may pay dividends and distributions out of its share premium account. In addition, based upon English case law that is likely to be persuasive in the Cayman Islands, dividends may be paid out of profits.

*Hong Kong.* Under Hong Kong law, dividends may only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves. Dividends cannot be paid out of share capital. There are no restrictions or limitations under the laws of Hong Kong imposed on the conversion of HK dollars into foreign currencies and the remittance of currencies out of Hong Kong, nor is there any restriction on foreign exchange to transfer cash between the Company and its subsidiaries, across borders and to U.S. investors, nor are there any restrictions or limitations on distributing earnings from our business and subsidiaries to the Company and U.S. investors. Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by us.

As we are a holding company, our ability to make dividend payments, if any, would be contingent upon our receipt of funds from our Hong Kong Operating Subsidiary through our intermediate holding company. As of the date of this prospectus, our subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between each other; they do not maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred.

#### Implications of Being an "Emerging Growth Company" and a "Foreign Private Issuer"

#### Emerging Growth Company
We are an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As such, we are eligible, for up to five years, to take advantage of certain exemptions from various reporting requirements that are applicable to other publicly traded entities that are not emerging growth companies. These exemptions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to include only two years of audited consolidated financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemptions from the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act"), in the assessment of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent that we no longer qualify as a foreign private issuer, (i) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and (ii) exemptions from the requirement to hold a non-binding advisory vote on executive compensation, including golden parachute compensation.

Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), for complying with new or revised accounting standards.

We elect to take advantage of these provisions until the last day of our fiscal year following the fifth anniversary of the consummation of this Offering or such earlier time that we are no longer an emerging growth company.

As a result, the information contained in this prospectus may be different from the information you receive from other public companies in which you hold shares. We do not know if some investors will find the Class A Ordinary Shares less attractive because we may rely on these exemptions. The result may be a less active trading market for the Class A Ordinary Shares, and the price of the Class A Ordinary Shares may become more volatile.

We will remain an emerging growth company until the earliest of: (1) the last day of the first fiscal year in which our annual gross revenue exceeds $1.235 billion; (2) the last day of the fiscal year following the fifth anniversary of the date of this Offering; (3) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of the Shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter; or (4) the date on which we have issued more than $1.00 billion in non-convertible debt securities during any three-year period.

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#### Foreign Private Issuer
Upon consummation of this Offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring domestic filers to issue consolidated financial statements prepared under U.S. GAAP;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing with the Securities and Exchange Commission (the "SEC") of quarterly reports on Form 10-Q containing unaudited financial and other specific information, or current reports on Form 8-K, upon the occurrence of specified significant events.

Notwithstanding these exemptions, we will file with the SEC, within four months after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing consolidated financial statements audited by an independent registered public accounting firm.

We intend to comply with all of the rules generally applicable to U.S. domestic companies listed on the [NYSE/NASDAQ]. We may in the future decide to use the foreign private issuer exemption with respect to some or all of the other Nasdaq corporate governance rules. We also intend to comply with Cayman Islands corporate governance requirements under the Companies Act applicable to us at the same time. If we rely on our home country corporate governance practices in lieu of certain of the rules of [NYSE/NASDAQ], our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of [NYSE/NASDAQ]. We may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

Both foreign private issuers and emerging growth companies are also exempt from certain more extensive executive compensation disclosure rules. Thus, even if we no longer qualify as an emerging growth company, but remain a foreign private issuer, we will continue to be exempt from the more extensive compensation disclosures required of companies that are neither an emerging growth company nor a foreign private issuer and will continue to be permitted to follow our home country practice on such matters.

#### Dual-Class Nature
We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders including the election of directors, amendment of memorandum and articles of association, and approval of major corporate transactions, while holders of Class B Ordinary Shares will be entitled to fifty (50) votes per share. Each Class B Ordinary Share shall be convertible into one Class A Ordinary Share at the option of the holder thereof at any time after issue, however, Class A Ordinary Shares are under no circumstances convertible into any Class B Ordinary Shares. Due to the disparate voting powers associated with our two classes of ordinary shares, Chen Qiu, our chief executive officer, director and controlling shareholder, will beneficially own approximately 65.44% of our issued and outstanding share capital and approximately 96.32% of the aggregate voting power of our Company immediately following the completion of this Offering, assuming that the underwriters do not exercise their over-allotment option. The interests of our Controlling Shareholder may not coincide with your interests, and it may make decisions with which you disagree, including decisions on important topics such as the composition of the board of directors, compensation, management succession, and our business and financial strategy. To the extent that the interests of our Controlling Shareholder differ from your interests, you may be disadvantaged by any action that they may seek to pursue. See "Risk Factors — 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."

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Future issuances of our Class B Ordinary Shares, which can be approved by our board of directors, could result in dilution to existing holders of our Class A Ordinary Shares. Such issuances, or the perception that such issuances may occur, could depress the market price of the Class A Ordinary Shares. In addition, there might be impact of the conversion of Class B Ordinary Shares on holders of Class A Ordinary Shares, including dilution and the reduction in aggregate voting power, as well as the potential increase in the relative voting power if any Class B holder retains their shares. See "Risk Factors — Future issuances of our Class B Ordinary Shares may be dilutive to the voting power of our Class A Ordinary Shareholders"

#### Implications of Being a Controlled Company
Upon the completion of this Offering, we will be a "controlled company" as defined under the [NYSE American Company Guide/NASDAQ Listing Rules] because our Controlling Shareholder will beneficially own approximately 65.44% of our issued and outstanding share capital, consisting of approximately 58.31% of our total outstanding Class A Ordinary Shares and 100% of our outstanding Class B Ordinary, Shares and approximately 96.32% aggregate voting power, assuming that the underwriters do not exercise their over-allotment option. For so long as we remain a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. If we rely on these exemptions, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. See section titled "Risk Factors — Risks Related to This Offering and the Class A Ordinary Shares — We will be a "controlled company" within the meaning of the [NYSE American Company Guide/NASDAQ Listing Rules] and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies." for more information.

Even if we cease to be a controlled company, we may still rely on exemptions available to foreign private issuers. See section titled "Risk Factors — Risks Related to This Offering and the Class A Ordinary Shares — *We are a "foreign private issuer," and our disclosure obligations differ from those of U.S. domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may provide information at different times, which may make it more difficult for you to evaluate our performance and prospects."* for more information.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will not be required to conduct an evaluation of our internal control over financial reporting until our second annual report on Form 20-F following the effectiveness of our initial public offering.

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

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenues of at least US$1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (iii) the date on which we have, during the preceding three-year period, issued more than US$1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the market value of our 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 Status
As a foreign private issuer, we may take advantage of certain provisions under the [NYSE American Company Guide/NASDAQ Listing Rules] that allow us to follow Cayman Islands law for certain corporate governance matters. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing with the Securities and Exchange Commission 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulation Fair Disclosure ("Regulation FD"), which regulates selective disclosures of material information by issuers.

We will file with the SEC, within four months after the end of each fiscal year (or as otherwise required by the SEC), an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We are required to determine our status as a foreign private issuer on an annual basis at the end of our second fiscal quarter. We would 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 apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the majority of our executive officers or directors are U.S. citizens or residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• more than 50% of our assets are located in the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business is administered principally in the United States.

Both foreign private issuers and emerging growth companies are also exempt from certain of the more extensive SEC executive compensation disclosure rules. Therefore, if we no longer qualify as an emerging growth company but remain a foreign private issuer, we will continue to be exempt from such rules and will continue to be permitted to follow our home country practice as to the disclosure of such matters.

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

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#### Summary Risk Factors
Our prospectus should be considered in light of the risks, uncertainties, expenses, and difficulties frequently encountered by similar companies. Below please find a summary of the principal risks we face, organized under relevant headings. These risks are discussed more carefully in the section titled "*Risk Factors.*"

***Risks Related to Our Business and Industry (for a more detailed discussion, see "Risk Factors — Risks Related to our Business and Industry" beginning on page 18 of this prospectus)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If advertiser clients stop purchasing online marketing services from our operating subsidiary or decrease the amount they are willing to spend on marketing campaigns and promotional activities, or if our operating subsidiary is unable to establish and maintain new relationships with advertiser clients, its business, financial condition, and results of operations could be materially adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are reliant on our influencer agency partners and their network of influencers to deliver the advertising services required by our clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are reliant on our media channel partners and their respective platforms to deliver the advertising services required by our clients, and for provision of accurate advertising performance data in order to evaluate marketing effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We partially depend on contractors for our Hong Kong operating subsidiary's business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operating subsidiary is in the highly competitive online marketing industry and it may not be able to compete successfully against existing or new competitors, which could reduce its market share and adversely affect its competitive position and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business revenue is substantially project-based and non-recurring in nature, and our future business depends on our continuous ability to secure upcoming advertising projects from our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operating results are affected by advertising trends. We may be unable to adapt to changing demands, preferences, market trends and technology needs for our customers to compete effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The limited operating history of our operating subsidiary in rapidly evolving industry makes it difficult to accurately forecast its future operating results and evaluate its business prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our future growth may involve expansion into new and overseas business opportunities, and any efforts to do so that are unsuccessful or are not cost-effective could adversely affect our business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a marketing company that relies on online advertisements and third-party influencer services, we are inherently exposed to cybersecurity risks arising from our partnerships with vendors that provide these services. We have established risk management and internal control systems to prevent and minimize the cybersecurity risks affecting our reputation and customers' satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to attract and retain key management and technical staff may hinder our business prospects

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complaints from our clients may affect our reputation and our ability to retain our existing clients and secure new clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any negative publicity, allegations, complaints or claims made against us may adversely affect our reputation, business, financial position, results of operations and price of our Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are affected by the macroeconomic, political, regulatory, social and other factors beyond our control mainly in Hong Kong and China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to credit risks of our customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management team lacks experience in managing a U.S. public company and complying with laws applicable to such company, the failure of which may adversely affect our business, financial condition and results of operations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to litigation, claims or other disputes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pandemics and epidemics, natural disasters, terrorist activities, and other outbreaks could disrupt our operations, which could materially and adversely affect our business, financial condition, and results of operations.

***Risks Related to Our Corporate Structure (for a more detailed discussion, see "Risk Factors — Risks Related to Our Corporate Structure" beginning on page 25 of this prospectus)***

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our corporate actions will be substantially controlled by Mr. Chen Qiu, our Controlling Shareholder, who will have the ability to control over important corporate matters that require approval of shareholders, which may deprive you of an opportunity to receive a premium for your shares and materially reduce the value of your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our directors and officers currently own an aggregate of 76.56% of our outstanding Ordinary Shares representing 97.82% of the total voting power, and will approximately 65.44% of our outstanding Ordinary Shares representing approximately 96.32% of the total voting power immediately after the completion of this offering, assuming that the underwriters do not exercise their over-allotment option.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may be unable to present proposals before annual general meetings or extraordinary general meetings not called by shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recently introduced economic substance legislation of the Cayman Islands may impact the Company or its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain judgments obtained against us by our shareholders may not be enforceable.

***Risks Related to Doing Business in Hong Kong (for a more detailed discussion, see "Risk Factors — Risks Related to Doing Business in Hong Kong" beginning on page 29 of this prospectus)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All our operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also be implemented quickly with little advance notice. Therefore, our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the future, cash proceeds raised from overseas financing activities, including this offering, may be transferred by us to our BVI holding company subsidiary and Red Wisdom HK, as the case may be. In order for us to pay dividends to our shareholders, we may rely on payments made by Red Wisdom HK, and the distribution of such payments to our overseas subsidiary as dividends from Red Wisdom HK. To the extent that cash or assets in the business is in the PRC or Hong Kong or a PRC or Hong Kong entity, the funds or assets may not be available fund operations or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of the Company and our subsidiaries by the PRC Government to transfer cash or assets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the PRC government chooses to exert more oversight and control over cybersecurity, data protection, offerings that are conducted overseas and/or foreign investment in PRC-based issuers, such action could have a material and adverse effect on our business, financial condition, and results of operations and may significantly limit or completely hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Class A Ordinary Shares may be prohibited from being traded on any U.S. securities exchange, including the New York Stock Exchange and Nasdaq, or through any other trading method within the SEC's regulatory jurisdiction, if our auditor is not inspected by the PCAOB for two consecutive years, and this ultimately could result in trading in our Class A Ordinary Shares being prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in Hong Kong, the PRC and other markets where the majority of our clients reside. The enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") could impact our Operating Subsidiary, which represents all of our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our Operating Subsidiary becomes subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed PRC-based companies, our Operating Subsidiary may have to expend significant resources to investigate and/or defend any allegations which could harm our Operating Subsidiary's business operations, this offering and our reputation and could result in a loss of your investment in our Class A Ordinary Shares, in particular if such matter cannot be addressed and resolved favorably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are political risks associated with conducting business in Hong Kong.

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

***Risks Related to This Offering and the Class A Ordinary Shares (for a more detailed discussion, see "Risk Factors — Risks Related to This Offering and the Class A Ordinary Shares" beginning on page 39 of this prospectus)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There has been no public market for our Class A Ordinary Shares prior to this offering, and you may not be able to resell the Class A Ordinary Shares at or above the price you paid, or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market price for the Ordinary Shares may be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding the Class A Ordinary Shares, the market price for the Class A Ordinary Shares and trading volume could decline.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Substantial future sales or perceived potential sales of Class A Ordinary Shares in the public market could cause the price of the Class A Ordinary Shares to decline.

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

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#### Recent Regulatory Development in China
We are aware that, recently, certain laws and regulations especially regarding the cyber security and listing overseas of China-based companies have been issued and taken effect.

#### Cybersecurity Laws
On December 28, 2021, the CAC, the NDRC, and several other administrations jointly adopted and published the new Measures for Cybersecurity Review ("New Measures"), which came into effect on February 15, 2022. Under the New Measures, (i) where a CIIO procures network products and services, it shall anticipate the national security risks that may be posed by the products and services once they are put into use. Those that affect or may affect national security shall be reported to the Cybersecurity Review Office for cybersecurity review; (ii) online platform operators controlling personal information of more than one million users, which are listing in a foreign country, must apply for cybersecurity review with the Cybersecurity Review Office; and (iii) the Cybersecurity Review Office will conduct cybersecurity review on critical information infrastructure operators and network platform operators in accordance with the laws if it considers necessary.

As of the date of this prospectus, (i) we and our Hong Kong subsidiary do not operate any online platforms, nor do we collect personal information through any online platforms in our business operations; (ii) we and our Hong Kong subsidiary have not been notified by any authorities of being classified as critical information infrastructure operators; and (iii) we and our Hong Kong subsidiary have not been involved in any investigations initiated by the CAC or any other competent authorities, nor have we received any inquiry, notice, warning, or sanction in such respect, our PRC Counsel, Tenet & Partners, confirms that we are not subject to cybersecurity review.

As of the date of this prospectus, our PRC Counsel, Tenet & Partners, confirms that our Hong Kong subsidiary, namely Red Wisdom Creation (Hong Kong) Limited, is not required to obtain any permissions from mainland Chinese authorities to operate its current business located in Hong Kong.

Nevertheless, since the New Measures are new, the impact of the New Measures on us shall be subject to the implementation and interpretation thereof. If new rules or explanations were promulgated later requiring that our Hong Kong operating subsidiary obtains approvals for this offering and any follow-on offering, we cannot assure you that we will be able to list our Shares on U.S. exchanges, or continue to offer securities to investors, which would materially affect the interest of the investors and cause significantly depreciation of our price of Shares.

#### Implications of HFCA Act
Our Class A Ordinary Shares may be prohibited from being traded on any U.S. securities exchange, including the New York Stock Exchange and Nasdaq, or through any other trading method within the SEC's regulatory jurisdiction, if our auditor is not inspected by the PCAOB for two consecutive years, and this ultimately could result in trading in our Class A Ordinary Shares being prohibited.

Our auditor, Enrome LLP, headquartered in Singapore, is an independent registered public accounting firm that issues the audit report included in this prospectus. As an auditor of publicly traded companies in the United States and a firm registered with the PCAOB, Enrome LLP is subject to U.S. laws under which the PCAOB conducts regular inspections to assess compliance with applicable professional standards. The most recent onsite inspection conducted in April 2025 and Enrome LLP is still waiting for the result of the inspection. Therefore, we believe that, as of the date of this prospectus, our auditor is not subject to the determinations as to the inability to inspect or investigate registered firms completely announced by the PCAOB on December 16, 2021.

The SEC adopted rules to implement the HFCA Act and, pursuant to the HFCA Act, the PCAOB issued its report on December 16, 2021, notifying SEC of its determination that it is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China or Hong Kong because of a position taken by one or more authorities in those jurisdictions. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfils its responsibilities under the HFCA Act.

On August 26, 2022, the PCAOB signed the SOP Agreements with the CSRC and China's Ministry of Finance. The SOP Agreements established a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law.

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On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. Notwithstanding the foregoing, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor, then such lack of inspection could cause our securities to be delisted from the stock exchange. On June 22, 2021, the U.S. Senate passed Accelerating Holding Foreign Companies Accountable Act and on December 29, 2022, the Consolidated Appropriations Act was signed into law by President Biden, which contained, among other things, an identical provision to Accelerating Holding Foreign Companies Accountable Act and amended the Holding Foreign Companies Accountable Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before our Class A Ordinary Shares may be prohibited from trading or delisted. The delisting of our Class A Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.

#### Regulatory Approval of the PRC and Hong Kong

#### Permission Required from Hong Kong Authorities
Hong Kong is a special administration region of China, having its own governmental and legal system that is independent from mainland China, and as a result, has its own distinct rules and regulation. Loeb & Loeb LLP, our counsel with respect to Hong Kong law, has advised us that, as of the date of this prospectus, Red Wisdom Creation (Hong Kong) Limited, have received all requisite permissions or approvals from the Hong Kong authorities to operate our business, including but not limited to obtaining a relevant certificate of incorporation and business license. As of the date of this Prospectus, we have not been denied any permissions or approvals from the Hong Kong authorities to operate our business and we, including Red Wisdom Creation (Hong Kong) Limited are not required to obtain any permission or approval from Hong Kong authorities to offer our Class A Ordinary Shares to foreign investors. However, uncertainties still exist due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future. Should there be any change in applicable laws, regulations, or interpretations, and we or any of our subsidiaries are required to obtain such permissions or approvals in the future, we will strive to comply with the then applicable laws, regulations, or interpretations. In the event that we, including Red Wisdom Creation (Hong Kong) Limited, (i) do not receive or fail to maintain such permissions or approvals in the future, (ii) inadvertently conclude that relevant permissions or approvals were not required, or (iii) are required to obtain such permissions or approvals in the future following applicable laws, regulations, or interpretation changes, any action taken by the Hong Kong government could significantly limit or completely hinder our operations and our ability to offer or continue to offer securities to investors and could cause the value of our securities to significantly decline or be worthless.

#### Permission Required from PRC Authorities
As of the date of this prospectus, our PRC Counsel, Tenet & Partners, confirms that our Hong Kong subsidiary, namely Red Wisdom Creation (Hong Kong) Limited, is not required to obtain any permission from mainland Chinese authorities to operate its current business located in Hong Kong.

Our PRC Counsel, Tenet & Partners, has confirmed that as of the date of this prospectus, the Group has no operations in China and is not required to complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures. While the Group has no current operations in China, should we have any future operations in China and should we (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the Cyberspace Administration of China (the "CAC") or other PRC regulatory agencies. These regulatory agencies may also impose fines and penalties on our operations in China, as well as limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds from this offering into China or take other actions that could have a material adverse effect on our business as well as the trading price of our Class A Ordinary Shares. We may be required to restructure our operations to comply with such regulations or potentially cease operations in the PRC entirely. The CSRC, the CAC or other PRC regulatory agencies also be take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of our Class A Ordinary Shares.

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As of the date of this prospectus, our PRC Counsel, Tenet & Partners, confirms that we are not subject to cybersecurity review with the CAC to conduct our business operations, given that: (i) our operating subsidiary was incorporated in Hong Kong and operate only in Hong Kong without any subsidiary or VIE structure in mainland China and each of the Review Measures 2021 and the Trial Administrative Measures does not clearly provide whether it shall be applied to a company based in Hong Kong; (ii) all of the data our operating subsidiary has collected is stored in servers located in Hong Kong, and we do not place any reliance on the collection and processing of any personal information to maintain our business operation; (iii) as of the date of this prospectus, neither has our Operating Subsidiary been informed by any PRC governmental authority of any requirement that it shall file for a CSRC review, nor received any inquiry, notice, warning, or sanction in such respect initiated by the CAC or related governmental regulatory authorities; and (iv) data processed in our business operation should not have a bearing on national security nor affect or may affect national security, and we have not been notified by any authorities of being classified as an Operator. Moreover, pursuant to the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). Red Wisdom Creation (Hong Kong) Limited is not required to obtain any permissions or approvals from any Chinese authorities to operate its businesses as of the date of this prospectus. No permissions or approvals have been applied for by Red Wisdom Creation (Hong Kong) Limited or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future. In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC and we are required to obtain such permissions or approvals; or (ii) we inadvertently concluded that relevant permissions or approvals were not required or that we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer our Class A Ordinary Shares to investors and could cause the value of such securities to significantly decline or become worthless.

In the event that (i) the PRC government expanded the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC and we are required to obtain such permissions or approvals; or (ii) we inadvertently concluded that relevant permissions or approvals were not required or that we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer Class A Ordinary Shares to investors and could cause the value of our Class A Ordinary Shares to significantly decline or become worthless. See "Risk Factors — Risks Related to Doing Business in Hong Kong — *If the PRC government chooses to exert more oversight and control over cybersecurity, data protection, offerings that are conducted overseas and/or foreign investment in PRC*-based *issuers, such action could have a material and adverse effect on our business, financial condition, and results of operations and may significantly limit or completely hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless.*

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#### THE OFFERING

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| | |
|:---|:---|
|  **Shares Offered by Us:** | 4,250,000 Class A Ordinary Shares, or 4,887,500 Class A Ordinary Shares if the underwriters exercise the over-allotment option in full. |
|  **Offer Price:** | We estimate the initial public offering price will be between US$4.00 and US$5.00 per Class A Ordinary Share. |
|  **Shares Outstanding Before This Offering:** | 20,000,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares are outstanding as of the date of this prospectus. |
|  **Shares to be Outstanding Immediately After This Offering:** | 24,250,000 Class A Ordinary Shares, and 5,000,000 Class B Ordinary Shares, assuming no exercise of the underwriters' over-allotment option. <br> 24,887,500 Class A Ordinary Shares, and 5,000,000 Class B Ordinary Shares, assuming full exercise of the underwriters' over-allotment option. |
|  **Voting Rights:** | Holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders including the election of directors, amendment of memorandum and articles of association and approval of major corporate transactions.<br> Holders of Class B Ordinary Shares will be entitled to fifty (50) votes per share. |
|  **Over-Allotment Option:** | We have granted the underwriters an option for a period of forty-five (45) days after the closing of this offering to purchase up to 15% of the total number of our Class A Ordinary Shares offered by us pursuant to this offering (excluding shares subject to this option), solely for the purpose of covering over-allotments, at the initial public offering price less the underwriting discounts. |
|  **Use of Proceeds:** | We intend to use the proceeds from this offering for the purposes as set out in "*Use of Proceeds*" on page 44. |
|  **Lock-up:** | All of our directors, executive officers, and owners of 5% or more of our issued and outstanding Class A Ordinary Shares and Class B Ordinary Shares have agreed with the Underwriter, subject to certain exceptions, not to sell, transfer, or dispose of, directly or indirectly, any of our Class A Ordinary Shares or securities convertible into or exercisable or exchangeable for our Class A Ordinary Shares for a period of six months from the closing of this offering. <br> See sections titled *"Shares Eligible for Future Sale"* and *"Underwriting"* for more information. |
|  **Controlled Company:** | After this Offering, assuming an offering size as set forth in this section, Mr. Chen Qiu, our Controlling Shareholder, will beneficially own 14,140,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares, representing approximately 65.44% of our total issued and outstanding share capital, consisting of approximately 58.31% of our total outstanding Class A Ordinary Shares and 100% of our outstanding Class B Ordinary Shares and approximately 96.32% aggregate voting power, assuming that the underwriters do not exercise their over-allotment option. As a result, we expect to be a controlled company within the meaning of the corporate governance standards of the Nasdaq Capital Market, or Nasdaq. See section titled "Prospectus Summary — Implications of Being a Controlled Company." |

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| | |
|:---|:---|
|  **[NYSE/NASDAQ] Symbol:** | We intend to list our Class A Ordinary Shares on the [NYSE/NASDAQ] under the symbol "[\*]." |
|  **Transfer Agent:** | Transhare Corporation |
|  **Risk Factors:** | See section titled "*Risk Factors*" and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in the Shares. |

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*Unless otherwise indicated, all information contained in this prospectus assumes no exercise of the underwriters' over*-allotment *option and is based on 20,000,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares outstanding as of the date of this prospectus.*

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#### SUMMARY FINANCIAL INFORMATION
The following summary presents consolidated balance sheet data for the years ended March 31, 2024 and 2025, and for the six months ended September 30, 2024 and 2025, and consolidated balance sheet data as of March 31 2025 and September 30, 2025. Our consolidated financial statements are prepared and presented in accordance with U.S. GAAP. You should read this "*Selected Consolidated Financial And Operating Data*" section together with our consolidated financial statements and the related notes and the "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" section included elsewhere in this prospectus.

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  **Statements of Income Data** |  |  |
|  Total revenue | 3046320 | 8739436 |
|  Total cost of revenue | (2517619) | (6908774) |
|  Total operating expenses | (350564) | (666401) |
|  Operating income | 178137 | 1164261 |
|  Total other income/(expenses), net | 16922 | (10467) |
|  Income before income taxes | 195059 | 1153794 |
|  Income tax expenses | (15759) | (168972) |
|  Net income | 179300 | 984822 |
|  **Earnings per ordinary share** |  |  |
|  Basic and diluted | 0.01 | 0.04 |
|  **Weighted average Ordinary Shares outstanding** |  |  |
|  Basic and diluted | 25000000 | 25000000 |

---

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  **Statements of Income Data** |  |  |
|  Total revenue | 6247497 | 11048993 |
|  Total cost of revenue | (4945748) | (8775059) |
|  Total operating expenses | (269754) | (1197819) |
|  Operating income | 1031995 | 1076115  |
|  Total other (expenses)/income, net | (9175) | 16127 |
|  Income before income taxes | 1022820 | 1092242  |
|  Income tax expenses | (147402) | (159083) |
|  Net income | 875418 | 933159  |
|  **Earnings per ordinary share** |  |  |
|  Basic and diluted | 0.04 | 0.04 |
|  **Weighted average Ordinary Shares outstanding** |  |  |
|  Basic and diluted | 25000000 | 25000000 |

---

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31,<br>2025** | **As of <br>September 30,<br>2025** |
|  | **US$** | **US$** |
|  **Balance Sheet Data** |  |  |
|  Cash | 43109 | 265383 |
|  Current assets | 2189417 | 6586800  |
|  Total assets | 2192588 | 6684190  |
|  Current liabilities | 1028466 | 4586909  |
|  Total liabilities | 1028466 | 4586909  |
|  Shareholders' equity | 1164122 | 2097281  |
|  Total liabilities and shareholders' equity | 2192588 | 6684190  |

---

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#### RISK FACTORS

#### Risks Related to Our Business and Industry
***If advertiser clients stop purchasing online marketing services from our operating subsidiary or decrease the amount they are willing to spend on marketing campaigns and promotional activities, or if our operating subsidiary is unable to establish and maintain new relationships with advertiser clients, its business, financial condition, and results of operations could be materially adversely affected.***

Our operating entity's revenue is derived from providing online marketing services to advertiser clients. Its online marketing services are designed to help clients drive consumer demand, increase sales, and achieve operating efficiencies. Thus, our relationship with clients primarily depends on our ability to deliver quality marketing services at attractive volumes and prices. If clients are dissatisfied with the effectiveness of the marketing campaigns provided by us, they may stop purchasing its online marketing services or decrease the amount they are willing to spend on marketing campaigns and promotional activities. Our operating subsidiary's agreements with clients are predominately short-term agreements, and clients may cease purchasing its online marketing services at any time with no prior notice.

In addition to the quality of our online marketing services, the willingness of clients to spend their online marketing budget with us, which is critical to our business and ability to generate revenue, can be influenced by a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• macro-economic and social factors: domestic, regional, and global social, economic, and political conditions; economic and geopolitical challenges; the COVID-19 pandemic; and economic, monetary, and fiscal policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• industry-related factors: the trends, preferences, and habits of audiences towards online marketing and the development of varying forms of online marketing and content; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• client-specific factors: a client brand's specific development strategies, business performance, financial condition, and sales and marketing plans.

In view of the above, we cannot ensure you that clients will continue to purchase our services or that we will be able to replace, in a timely and effective manner, departing clients with potential new and quality clients. Neither can we guarantee the amount of online marketing services that our clients will purchase, or that we will be able to attract new advertisers or increase the amount of revenue we earn from advertiser clients over time. If we are unable to maintain existing relationships with our clients or continue to expand our client base, the demand for our marketing services will not grow and may even decrease, which could materially and adversely affect our revenue and profitability.

***If we fail to maintain our relationship with media channel partners, and influencer agencies and organizations, our business, results of operations, financial condition and business prospects could be materially and adversely affected.***

We have established and maintained relationships with a wide range of influencer agencies and organizations, as well as media channel partners. Our future growth will depend on our ability to maintain our relationships with existing influencer agencies and media channel partners, as well as building partnerships with new media channels and influencer agencies. If any influencer agency or media channel partner ends its cooperative relationship with our operating subsidiary or imposes commercial terms which are less favorable to our operating subsidiary, or our operating subsidiary fails to secure cooperative relationships with new influencer agencies or media channel partners, it may lose access to the relevant advertising channels, lose its advertiser clients, and lose potential revenue. As a result, our operating subsidiary's business, results of operations, financial condition and prospects may be materially and adversely affected.

#### We are reliant on our influencer agency partners and their network of influencers to deliver the advertising services required by our clients.
Our business depends on our influencer agency partners orchestrating their network of influencers to deliver the required social media advertising services on the various platforms. As a result, any interruption or failure of their influencers to disseminate social media content or content appropriate for the client's brand strategy may undermine the delivery of our operating subsidiary's advertising services and cause it to lose clients, and our business, financial condition and results of operations would be adversely affected.

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As we do not directly employ the influencers ourselves, there is no contractual or employment arrangement between our operating subsidiary and the influencer. As such, we do not exert direct control or management over the influencers. There is the risk of misalignment between client's marketing plan and the actual content disseminated by influencers, due to miscommunication during the service process with the influencer agency partner and influencer. In the event of an influencer failure to deliver or misdelivering our client's brand messaging, we may have limited recourse against the influencer for any harm caused to the client brand's reputation.

In addition, our operating subsidiary depends on the accuracy and genuineness of advertising performance data and other data provided by influencer agencies in evaluating the effectiveness of clients' advertising campaigns and calculating the amount of advertising costs that it is contracted to pay the influencer agencies. If the advertising performance data or other data provided by agency is inaccurate or fraudulent, it may undermine our operating subsidiary's optimization efforts to achieve better performance for its clients' marketing. This could also result in disputes with clients and the agencies, causing harm to our reputation, and loss of relationship with the client and the agency, and adversely affect its business, results of operations and financial condition.

***We are reliant on our media channel partners and their respective platforms to deliver the advertising services required by our clients, and for provision of accurate advertising performance data in order to evaluate marketing effectiveness.***

Our business depends on our media channel partners to deliver their advertising services on their platforms, which in turn relies on the performance, reliability and stability of the media channel's Internet infrastructure and telecommunications systems. As a result, any interruption or failure of their information technology and communications systems may undermine the delivery of our operating subsidiary's advertising services and cause it to lose clients, and our business, financial condition and results of operations would be adversely affected.

In addition, our operating subsidiary depends on the accuracy and genuineness of advertising performance data and other data provided by media partners in evaluating the effectiveness of clients' advertising campaigns and calculating the amount of advertising costs that it is contracted to pay the media channel. If the advertising performance data or other data provided by the media channel is inaccurate or fraudulent, it may undermine our operating subsidiary's optimization efforts to achieve better performance for its clients' ads. This could also result in disputes with the client and the media channel, causing harm to our reputation and loss of relationship with the client and media channel, and adversely affect its business, results of operations and financial condition.

#### We partially depend on contractors for our Hong Kong operating subsidiary's business operations.
We partially depend on third-party sourced contractors for the daily operations of our Hong Kong operating subsidiary's business, with the total number of contractors engaged adjusted based on business needs. We have a human resources service agreement with a talent dispatch agency to facilitate such arrangement. Since October 2023, we have engaged a stable core team of 4 contractors, with additional contractors engaged on a monthly basis in accordance with project demands. As at the date of this Prospectus, we have an inhouse team comprising of 1 manager, 1 senior staff member, and 2 junior staff members operating at the Company's operating subsidiary. In addition to the core team, the Company can request for further temporary contractors from the dispatch agency in accordance with its business needs.

There can be no assurance that contractors will perform their obligations fully under the talent dispatch arrangement. Although there is a stable core team of contractors consisting of the same personnel that are working for our Hong Kong operating subsidiary, there may be issues of continuity, team cohesion, and lack of familiarity with our operating subsidiary's business operations in respect of other temporary operational contractors that are only engaged when there is a higher volume of projects. It may be difficult to build long-term strategies and collaboration efforts within the operating subsidiary when there is a potential high turnover, and less investment and accountability inherent with engaging contractors.

If any contractor is unable or unwilling to perform according to the negotiated terms and timetable or our operating subsidiary's instructions, or terminates its agreement with the dispatch agency for any reason, we would be required to engage substitute contractors at short notice, which could be difficult in times of high market demand for advertising talent.

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***Our operating subsidiary is in the highly competitive online marketing industry and it may not be able to compete successfully against existing or new competitors, which could reduce its market share and adversely affect its competitive position and financial performance.***

There are numerous companies that specialize in the provision of online advertising services in Hong Kong and China. Our operating subsidiary competes primarily with its competitors and potential competitors for access to agency relationships with quality influencer agencies and popular media channels, and advertiser client base. The online marketing industry in Hong Kong and China is rapidly evolving. Competition can be increasingly intensive and is expected to increase significantly in the future. Increased competition may result in price reductions for marketing services, reduced margins and loss of our market share. Our operating subsidiary competes with other competitors in Hong Kong and China primarily on the following bases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brand recognition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quality of services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectiveness of sales and marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• creativity in design and contents of ads;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• optimization capability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pricing and discount policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strategic relationships; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hiring and retention of talented staff.

Our operating subsidiary's existing competitors may in the future achieve greater market acceptance and recognition, secure exclusive rights with quality influencer agencies, secure authorized agency status with popular media channels, and gain a greater market share. It is also possible that potential competitors may emerge and acquire a significant market share. If existing or potential competitors develop or offer services that provide significant performance, price, creative, optimization or other advantages over those offered by our operating subsidiary, our business, results of operations and financial condition would be negatively affected.

Our operating subsidiary's existing and potential competitors may enjoy competitive advantages over it, such as a longer operating history, greater brand recognition, a larger advertiser base, greater access to ad inventory, and significantly greater financial, technical and marketing resources.

Our operating subsidiary also competes with traditional forms of advertising media, such as newspapers, magazines, radio and television broadcast, for advertiser clients and advertising revenue.

If our operating subsidiary fails to compete successfully, it could lose out in procuring advertiser clients, and securing agency relationships with potential influencer agencies and media partners, which could have an adverse impact on our business, results of operations, and prospects. We also cannot assure you that our operating subsidiary's strategies will remain competitive or that they will continue to be successful in the future. Increasing competition could result in pricing pressure and loss of our market share, either of which could have a material adverse effect on our financial condition and results of operations.

#### Our business revenue is substantially project-based and non-recurring in nature, and our future business depends on our continuous ability to secure upcoming advertising projects from our clients.
Our business model is generally project-based, where we charge our clients a fee for marketing services rendered for a specific marketing campaign. Our quotations offered to clients generally do not include a contractual tenure of service or long-term obligations requiring them to continue to use our services. As such, our revenue is usually non-recurring in nature. As a result, we may have limited visibility regarding our future revenue streams.

Our success depends on our ability to maintain relationships with our recurring clients, which includes any current clients and clients with which we have done business within the past three years, and to attract new clients, while our existing competitors and new entrants into the market may be able to offer marketing packages at better terms than ourselves. While many of our clients have engaged us for recurring advertising projects, our clients are not bound by

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contractual agreement to continue a business relationship with us and are at their discretion to choose these competitors over us. We cannot assure you that our clients will continue to solicit our services, or that we will be able to replace, in a timely or effective manner, departing clients with potential clients that attribute a comparable level of revenue.

There is no guarantee that our existing clients will invite us to tender when they have new marketing projects, and there is no assurance that we will be awarded enough marketing projects in the future commensurate with our current revenue level. Our operations and financial results would be adversely affected if we are unable to retain our existing clients, or secure further advertising projects from them, or fail to provide competitive advertising packages to attract new clients, all of which may lead to a decrease in the number of marketing projects we cater for and the corresponding business revenue.

***Our operating results are affected by advertising trends. We may be unable to adapt to changing demands, preferences, market trends and technology needs for our customers to compete effectively.***

Our operating results are affected by trends in the marketing and advertising market. A reduction in demand for our marketing services could result from changes in trends in the advertising industry, including a preference for other forms of media, such as social media, internet, television, radio and printed media. Any reallocation of marketing expenditures to other available media by significant users of our marketing services could have a material adverse effect on our business, financial condition and results of operations. We are principally engaged in the provision of marketing services to our customers which may include content creation in the form of graphics, short animations, and short videos for the implementation of our customer's marketing campaigns. Sometimes, we are only provided with abstract marketing ideas and we need to come up with the solutions to turn the ideas into actual marketing content. Given the subjective nature of the advertising business and the rapid change in the market trend, there is no assurance that our marketing services will continue to be able to capture, anticipate or respond timely to our customers' preference. If we fail to do so, our business, results of operations and financial condition could be materially affected.

Since our marketing services are focused online, our success will depend on our ability to adapt to rapidly changing technologies, to enhance quality of existing services and to develop and introduce a variety of new solutions to address our customers' changing demands. If we fail to keep pace with changing technologies and to introduce successful and well-accepted solutions for our existing customers or potential customers, our competitors may have a competitive advantage over us, which could have a material adverse effect on our business, results of operations and financial condition.

***The limited operating history of our operating subsidiary in rapidly evolving industry makes it difficult to accurately forecast its future operating results and evaluate its business prospects.***

Our operating subsidiary launched its online marketing services business in 2019 and has since seen the growth of its business. We expect our operating subsidiary will continue to grow as it seeks to expand its client base, influencer outreach, and media partnerships and explore new market opportunities. However, due to its limited operating history, its historical growth rate may not be indicative of its future performance. The online marketing industry in Hong Kong is rapidly evolving due to the constant development of digital technology and the variety of consumer demand. Our operating subsidiary's future performance may be more susceptible to certain risks than a company with a longer operating history or in a different industry. Many of the factors discussed below could adversely affect our business and prospects and future performance, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the operating entity's ability to maintain, expand, and further develop its relationships with advertisers to meet their increasing demands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the operating entity's ability to introduce and manage the development of new online marketing services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continued growth and development of the online marketing industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the operating entity's ability to keep up with the technological developments or new business models of the rapidly evolving online marketing industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the operating entity's ability to attract and retain qualified and skilled talent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the operating entity's ability to effectively manage our growth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The operating entity's ability to compete effectively with its competitors in the online marketing industry.

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We may not be successful in addressing the risks and uncertainties listed above, among others, which may materially and adversely affect the operating entity's business, results of operations, financial condition, and future prospects.

***Our future growth may involve expansion into new and overseas business opportunities, and any efforts to do so that are unsuccessful or are not cost-effective could adversely affect our business, financial condition, and results of operations.***

We expect that our future growth may involve expansion into overseas business opportunities by entering into business relationships with overseas clients and influencer agencies in foreign countries. We also intend to continue to recruit and maintain talent and improve our information and technology capabilities. All of these business expansion pursuits require significant investment that may not prove successful.

Our exposure to foreign operations is relatively limited, and our ability to successfully gain market acceptance in an overseas market is uncertain. Expanding our operations to a foreign country involves challenges caused by distance, language and cultural differences, and further subjects us to various operational risks associated with compliance with applicable foreign laws and regulations, recruiting and retaining talented overseas employees, etc.

We may encounter differences in consumer behavior and preferences from another culture, which may cause uncertainties in developing and customizing advertising materials that appeal to the tastes and preferences of users in an overseas market. Our competitors in the foreign country with established local market presence may have better marketing resources and competitive advantages over ourselves, such as longer operating histories, local market knowledge and media connection, and broader reach of clients. If we are unable to expand to an overseas market or successfully manage the complexity involved with foreign operations, our business and results of operations could be adversely affected.

Further, our plans for business expansion are formulated based on assumptions of certain future events, which may or may not materialize. Our future growth depends in part on our ability to correctly identify suitable candidates for strategic partnerships and execute our plans in a cost-effective manner. The deployment of significant resources towards a new opportunity may prove unsuccessful, and even if successful, the growth of new business opportunities could create substantial challenges for our management and operational resources and require considerable investment. As a result of our expanded business scope, our operating costs are expected to increase, while there is no assurance that our expansion plan will bring an increase in revenue sufficient to outweigh the additional costs and expenses.

Our expansion plan will also require us to maintain the consistency of our service offerings in the business to ensure that our market reputation and market position are not impaired as a result of deviations, whether actual or perceived, in the quality of services we offer. If we are unable to successfully implement our strategy to extend our business coverage, or if such expansion does not yield the benefits we anticipate, our business prospects, financial condition and results of operations may be adversely affected.

***As a marketing company that relies on online advertisements and third-party influencer services, we are inherently exposed to cybersecurity risks arising from our partnerships with vendors that provide these services. We have established risk management and internal control systems to prevent and minimize the cybersecurity risks affecting our reputation and customers' satisfaction.***

While our partnerships with online influencer and advertisement providers and independent contracts offer substantial business value in internet marketing, they also increase the complexity of our threat surface and expose us to potential third-party risk.

One of the risks we face is supply chain attacks, where attackers infiltrate or attack through a third-party vendor. The challenge with these attacks is that the risk may not be apparent until there is malicious activity. We are also vulnerable to cyber threats due to our increasing reliance on computers, networks, programs, social media and data globally. Data breaches, a common cyber-attack, can have a massive negative business impact and often arise from insufficiently protected data.

In order to mitigate these risks, we have established risk management and internal control systems consisting of policies and procedures that we believe are appropriate for using and managing our technology software. These measures include implementing an email notice for malicious emails, hiring professional IT personnel to manage and

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review our technology software implanting system, and establishing a risk management assessment when contracting new vendors and independent contractors. As of the date of this prospectus, we have not had any cyber-attacks or breaches of our network security systems, nor have we suffered any cybersecurity incidents from our vendors. In addition to the implementation and maintenance of data security measures, we require our contractors to maintain the confidentiality of the proprietary information that we hold.

If a cybersecurity incident occurs or is perceived to occur, we may have to spend significant capital and other resources to mitigate the impact of the event and to develop and implement protection to prevent future events of such nature from occurring. Furthermore, we may also be subject to negative publicity and the public perception of the ineffectiveness of our security measures, and our reputation may be harmed in the event of any of the foregoing cybersecurity breaches or attacks. This could damage our relationships with existing or potential customers and could materially and adversely affect our business and financial condition.

#### Failure to attract and retain key management and technical staff may hinder our business prospects
Our success has been, to a large extent, attributable to the continued commitment of our senior management team with their extensive expertise, knowledge, experience and technical know-how in the online marketing industry. We believe that our future business growth and development will depend on our ability to attract, recruit, train and retain our key management and marketing personnel. Should any of our members of our senior management team ceases employment with our Group, we may not be able to recruit a competent replacement with comparable knowledge, skills and qualifications in a prompt and timely manner or at all, which may significantly disrupt our operations and adversely affect our financial results and business prospects.

#### Complaints from our clients may affect our reputation and our ability to retain our existing clients and secure new clients.
We may receive complaints from clients for any delay in the service progress and/or service delivery and/or substandard services provided by our third party suppliers in terms of influencers or online ads. If the number of complaints received by us increases, our reputation could be affected by these complaints which may have negative impact on our ability to retain existing clients or our ability to secure new clients. Our clients may not continue to place purchase orders with us and use our services which could have an adverse impact on our business and financial performance.

***Any negative publicity, allegations, complaints or claims made against us may adversely affect our reputation, business, financial position, results of operations and price of our Shares.***

Since our establishment, there has not been any negative publicity and allegations made against us. However, we cannot assure you that any allegations, complaints and claims will not be made against us in the future. Any allegations, complaints or claims against us, regardless of their validity, could cause negative publicity, give rise to potential liability and adversely affect our reputation and the price of our Shares. In addition, we may have to divert management and other resources to address relevant allegations, complaints or claims which may adversely affect our business and results of operations. In the event that our insurance coverage is inadequate, we may have to pay out of our own resources to compensate the personnel for any damages suffered if the court does not rule in our Group's favor based on its interpretation of the facts of such claims and we are found to be at fault. If any complaint escalates to become a claim against us, even unsuccessful, we may have to divert resources to address the claim. Liabilities in respect of such claims could adversely affect our financial position and results of operations.

#### We are affected by the macroeconomic, political, regulatory, social and other factors beyond our control mainly in Hong Kong and China.
Currently, we have our operations based in Hong Kong, which is a special administrative region of China. We are affected by macroeconomic factors in the region, such as general economic conditions, population growth, infrastructure development, and market sentiment which are in part, influenced by government spending, infrastructure spending, unemployment rates, real disposable income, inflation, recession, stock market performance, interest rate environment, regulatory policies, foreign investment, gross domestic product growth, business sentiment and

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economic outlook, all of which are beyond our control. Moreover, political and social stability, taxation, price and exchange control regulations, industry laws and regulations in Hong Kong. There is no assurance that such conditions will not develop in a manner that will have an adverse effect for our operations and financial performance.

#### We are exposed to credit risks of our customers.
We are exposed to credit risks of our customers. As at March 31, 2025 and 2024, we had accounts receivable of US$2,492,060 and US$733,340, respectively. Our accounts receivables have increased due to our business having an influx of marketing projects. We do not have access to all the information necessary to form a comprehensive view on the creditworthiness. The complete financial and operational conditions of customers are not always available to us, and we may not be in any position to obtain such information. As a result, if any of our major customers experiences any financial difficulty and fail to settle the outstanding amounts due to us in accordance with the agreed credit terms, our working capital position may be adversely affected.

***Our management team lacks experience in managing a U.S. public company and complying with laws applicable to such company, the failure of which may adversely affect our business, financial condition and results of operations.***

Our current management team lacks experience in managing a U.S. publicly traded company, interacting with public company investors and complying with the increasingly complex laws pertaining to U.S. public companies. Prior to the completion of this offering, we were a private company mainly operating our businesses in Hong Kong. As a result of this Offering, our Company will become subject to significant regulatory oversight and reporting obligations under the federal securities laws and the scrutiny of securities analysts and investors, and our management currently has no experience in complying with such laws, regulations and obligations. Our management team may not successfully or efficiently manage our transition to becoming a U.S. public company. These new obligations and constituents will require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition and results of operations.

#### We may be subject to litigation, claims or other disputes.
We may from time to time be involved in disputes arising from contracts with customers, contractors, or other third parties. Claims may also arise from disputes with customers on matters relating to payment and/or contractual performance. Claims involving us could result in time-consuming and costly litigations, arbitration, administrative proceedings or other legal procedures. Expenses we incur in legal proceedings or arising from claims brought by or against us may materially and adversely affect our financial performance.

Actions brought against us may result in settlements, awards, injunctions, fines, penalties and other results adverse to us. Moreover, liquidated damages, legal proceedings resulting in unfavorable judgment may harm our reputation, cause financial losses and damage our prospects of being awarded future contracts, thereby materially and adversely affecting our operations, financial performance and prospects.

#### Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud.
Prior to filing the registration statement of which this prospectus is a part, we were a private company with limited accounting personnel and resources to address our ICFR. Our management has not completed an assessment of the effectiveness of our ICFR and our independent registered public accounting firm has not conducted an audit of our ICFR. However, in connection with the audits of our CFS for the years ended March 31, 2025 and 2024, we and our independent registered public accounting firm identified material weaknesses in our ICFR as well as other control deficiencies for the above mentioned periods. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or a combination of deficiencies, in ICFR. There is a reasonable possibility that a material misstatement in our annual or interim financial statements may not be prevented or detected on a timely basis. The material weakness identified is related to (i) a lack of qualified personnel who are knowledgeable in U.S. GAAP and pertinent SEC reporting requirements; and (ii) a lack of robust and formal period-end financial reporting policies and procedures in place to address complex U.S. GAAP technical accounting and the SEC reporting requirements.

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We intend to implement measures designed to improve our ICFR to address the underlying causes of these material weaknesses, including (i) developing and implementing a comprehensive set of processes and internal controls to timely and appropriately; (ii) hire additional accounting staff members with U.S. GAAP and SEC reporting experiences to implement the abovementioned financial reporting procedures and internal controls; and (iii) establishing an ongoing training program to provide sufficient and appropriate trainings for accounting and financial reporting personnel. We intend to implement the above measures prior to the listing and we expect the remediation to be completed upon listing.

Effective ICFR is important to prevent fraud. The market for and trading price of our Shares may be materially and adversely affected if we do not have effective internal controls. We may not be able to discover problems in a timely manner and our current and potential shareholders may lose confidence in our financial reporting, which may harm our business and the trading price of our Shares. The absence of ICFR may inhibit investors from purchasing our Shares and may make it more difficult for us to raise funds in debt or equity financing. Additional material weaknesses or significant deficiencies may be identified in the future. If we identify such issues or if we are unable to produce accurate and timely financial statements, our stock price may decline and we may be unable to maintain compliance with the [NYSE American Company Guide/NASDAQ Listing Rules].

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

Global pandemics, epidemics around the world, or fear of spread of contagious diseases, such as Ebola virus disease (EVD), coronavirus disease, Middle East respiratory syndrome (MERS), severe acute respiratory syndrome (SARS), H1N1 flu, H7N9 flu, and avian flu, as well as hurricanes, earthquakes, tsunamis, or other natural disasters could disrupt our business operations, reduce or restrict our supply of products and services, incur significant costs to protect our contractors and facilities, or result in regional or global economic distress, which may materially and adversely affect our business, financial condition, and results of operations. Actual or threatened war, terrorist activities, civil strife, and other geopolitical uncertainty could have a similar adverse effect on our business, financial condition, and results of operations. Any one or more of these events may impede our production and delivery efforts and adversely affect our sales results, or even for a prolonged period of time, which could materially and adversely affect our business, financial condition, and results of operations.

While our financial performance for the fiscal year ended March 31, 2023 was not materially affected by COVID-19, the pandemic has had an impact on our operations, the operations of our collaborators, third-party contractors and other entities, including governments, governmental agencies, and payers, which we interact, and an impact on our customers. We continue to monitor the latest local COVID-19 trends in addressing the pandemic.

The extent of the impact of COVID-19 on our future financial results will be dependent on future developments, the potential resurgence of the pandemic, future actions in response to the pandemic and the overall impact of the COVID-19 pandemic on the global economy and capital markets, among many other factors, all of which remain highly uncertain and unpredictable. Given this uncertainty, we are currently unable to quantify the expected impact of the COVID-19 pandemic on our future operations, financial condition, liquidity and results of operations.

We are also vulnerable to natural disasters and other calamities. We cannot assure you that we are adequately protected from the effects of fire, floods, typhoons, earthquakes, power loss, telecommunications failures, break-ins, war, riots, terrorist attacks, or similar events. Any of the foregoing events may give rise to interruptions, damage to our property, delays in production, breakdowns, system failures, technology platform failures, or internet failures, which could cause the loss or corruption of data or malfunctions of our manufacturing facility as well as adversely affect our business, financial condition, and results of operations.

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

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders including the election of directors, amendment of amendment of memorandum and articles of association and approval of major corporate transactions, while holders of Class B Ordinary Shares will be entitled to fifty (50) votes per share. Due to the disparate voting powers associated with our

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two classes of ordinary shares, Upon the completion of this offering, Mr. Chen Qiu, our Controlling Shareholder, will beneficially own 14,140,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares, representing approximately 65.44% of our total issued and outstanding share capital, consisting of approximately 58.31% of our total outstanding Class A Ordinary Shares and 100% of our outstanding Class B Ordinary Shares and approximately 96.32% aggregate voting power, assuming that the underwriters do not exercise their over-allotment option. As a result, we will be a "controlled company" as defined under corporate governance rules of [NYSE/NASDAQ] and, therefore, eligible for certain exemptions from the corporate governance requirements of the [NYSE American Company Guide/NASDAQ Listing Rules]. Assuming our Controlling Shareholder continues to hold all of his existing Class A Ordinary Shares, he will have to maintain at least 54% of Class B Ordinary Shares prior to the completion of this offering, or 54.85% of Class B Ordinary Shares immediately after the completion of this offering, to continue to control the outcome of matters submitted to shareholders for approval including the election of directors, amendment of organizational documents, and approval of major corporate transactions, such as a change in control, merger, consolidation, or sale of assets. We do not intend to rely on these exemptions.

The interests of our Controlling Shareholder may not coincide with your interests, and it may make decisions with which you disagree, including decisions on important topics such as the composition of the board of directors, compensation, management succession, and our business and financial strategy. To the extent that the interests of our Controlling Shareholder differ from your interests, you may be disadvantaged by any action that they may seek to pursue. This concentrated control could also discourage others from pursuing any potential merger, takeover or other change of control transactions, which could have the effect of depriving the holders of our Class A Ordinary Shares of the opportunity to sell their shares at a premium over the prevailing market price.

***Our corporate actions will be substantially controlled by Mr. Chen Qiu, our Controlling Shareholder, who will have the ability to control over important corporate matters that require approval of shareholders, which may deprive you of an opportunity to receive a premium for your shares and materially reduce the value of your investment.***

Upon the completion of this offering, Mr. Chen Qiu, our Controlling Shareholder, will beneficially own 14,140,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares, representing approximately 58.31% of our total issued and outstanding Class A Ordinary Shares, and 100% of our total issued and outstanding Class B Ordinary Shares, and representing, in aggregate, 96.32% of the total voting power, assuming the underwriters do not exercise their over-allotment option. As a result, we will be a "controlled company" as defined under corporate governance rules of [NYSE/NASDAQ] and, therefore, eligible for certain exemptions from the corporate governance requirements of the [NYSE American Company Guide/NASDAQ Listing Rules]. Assuming our Controlling Shareholder continues to hold all of his existing Class A Ordinary Shares, he will have to maintain at least 100% of Class B Ordinary Shares prior to the completion of this offering, or 100% of Class B Ordinary Shares immediately after the completion of this offering, to continue to control the outcome of matters submitted to shareholders for approval including the election of directors, amendment of organizational documents, and approval of major corporate transactions, such as a change in control, merger, consolidation, or sale of assets. We do not intend to rely on these exemptions.

As a result, Mr. Chen Qiu will have the ability to control over important corporate matters and investors may be prevented from influencing important corporate matters involving our company that require approval of shareholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the composition of our board of directors and, through the voting of the board of directors, any determinations with respect to our operations, business direction and policies, including the appointment and removal of officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any determinations with respect to mergers or other business combinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any amendment of our organizational documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our disposition of all or substantially all of our assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any change in control.

These actions may be taken even if they are opposed by our other shareholders, including the holders of the shares. Furthermore, this concentration of ownership may also discourage, delay or prevent a change in control of our company, which could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our company and reducing the price of the shares. As a result of the foregoing, the value of your investment could be materially reduced.

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***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 incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our amended and restated memorandum and articles of association, the Companies Act (Revised) of the Cayman Islands (the "Companies Act") and the common law of the Cayman Islands. The rights of shareholders to take action against the 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 different 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recognize or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws; and

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

There is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is given by a foreign court of competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is final;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is not in respect of taxes, a fine or a penalty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.

Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

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

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

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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 and the laws applicable to companies incorporated in the United States and their shareholders, see "Description of Share Capital and Governing Documents — Differences in Corporate Law".

#### You may be unable to present proposals before annual general meetings or extraordinary general meetings not called by shareholders.
Cayman Islands law provides shareholders with only limited rights to convene a general meeting and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our amended and restated articles of association allow our shareholders holding shares representing in aggregate not less than 10 percent of the rights to vote at such general meeting, to convene a general meeting of our shareholders, in which case our directors are obliged to call such meeting. Advance notice of at 5 clear days is required for the convening of a general meeting (including an annual general meeting). A quorum required for a meeting of shareholders consists of one or more shareholders present or by proxy, representing not less than one-third of the outstanding shares of our company carrying the right to vote at such general meeting.

#### Recently introduced economic substance legislation of the Cayman Islands may impact the Company or its operations.
The Cayman Islands, together with several other non-European Union jurisdictions, have recently introduced legislation aimed at addressing concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without real economic activity. Effective January 1, 2019, the International Tax Co-operation (Economic Substance) Act (Revised) (the "ES Act") and issued Regulations and Guidance Notes came into force in the Cayman Islands introducing certain economic substance requirements for "relevant entities" which are engaged in certain "relevant activities," which in the case of exempted companies incorporated before January 1, 2019, will apply in respect of fiscal years commencing July 1, 2019, onwards. A "relevant entity" includes an exempted company incorporated in the Cayman Islands as is our Company. Based on the current interpretation of the ES Act, we believe that our Company is a pure equity holding company since it only holds equity participation in other entities and only earns dividends and capital gains. Accordingly, for so long as our Company is a "pure equity holding company", it is only subject to the minimum substance requirements, which require us to (i) comply with all applicable filing requirements under the Companies Act; and (ii) has adequate human resources and adequate premises in the Cayman Islands for holding and managing equity participations in other entities. However, there can be no assurance that we will not be subject to more requirements under the ES Act. Uncertainties over the interpretation and implementation of the ES Act may have an adverse impact on our business and operations.

#### Certain judgments obtained against us by our shareholders may not be enforceable.
We are a Cayman Islands exempted company and substantially all of our assets are located outside of the United States. Substantially all of our current operations are conducted in Hong Kong. Also, our principal executive offices and substantially all of our assets are located in Hong Kong or the PRC. In addition, all of our directors and officers are nationals or residents of the PRC and all or a substantial portion of their assets are located outside the United States.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Position** | **Nationality** | **Residence** |
|  Chen Qiu | Chief Executive Officer, Chairman of the Board of Directors | China | China |
|  Lin Shenghong | Chief Financial Officer | China | China |
|  Liao Lingjie | Independent director | China | China |
|  Zhou Mo | Independent director | China | China |
|  Zhou Wensi | Independent director | China | China |

---

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As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Due to lack of reciprocity and cost and time constraints, you may experience difficulties in effecting service of legal process, enforcing foreign judgments, or bringing actions in Cayman Islands, Hong Kong and China against us or our directors and officers based on foreign law.

#### Risks Related to Doing Business in Hong Kong
***All our operations are in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Class A Ordinary Shares. Changes in the policies, regulations, rules, and the enforcement of laws of the Chinese government may also be implemented quickly with little advance notice. Therefore, our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.***

We are not a Hong Kong operating company, but an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations of our own, we conduct our operations through our primary operating subsidiary in Hong Kong, Red Wisdom Creation (Hong Kong) Limited, or Red Wisdom HK.

Hong Kong is a special administrative region of the PRC. All systems and policies practiced in Hong Kong must be based on the provisions of the Basic Law, the constitutional document of Hong Kong, which was enacted in accordance with the constitution of the PRC. Under the principle of "one country, two systems", the socialist system and policies of the PRC shall not be practiced in Hong Kong, and national laws of the PRC shall not be applied in Hong Kong unless they are listed in Annex III to 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. The Basic Law provides for Hong Kong to exercise a high degree of autonomy and enjoy executive, legislative and independent judicial power, including that of final adjudication.

However, there is no assurance that there will not be any changes in the political and legal environment in Hong Kong in the future. Accordingly, we cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the pre-emption of local regulations by national laws.

As at the date of this prospectus, we are not affected by recent statements by the PRC government indicating an intention to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in PRC-based issuers. However, due to certain long arm provisions in the current PRC laws and regulations, there remains regulatory uncertainty with respect to the implementation and interpretation of laws in the PRC as they may affect Hong Kong. The PRC government may choose to exercise additional oversight and discretion over Hong Kong, and the policies, regulations, rules, and the enforcement of laws of the PRC government to which we are subject may change rapidly and with little advance notice to us or our shareholders. As a result, the application, interpretation, and enforcement of new and existing laws and regulations in the PRC and our assertions and beliefs of the risks imposed by the PRC legal and regulatory system are by their nature very uncertain. In addition, these PRC laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, which may result in inconsistency with our current policies and practices. New laws, regulations, and other government directives in the PRC may also be costly to comply with, and such compliance or any associated inquiries or investigations or any other government actions may:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase our operating costs;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• result in negative publicity; and

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

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We are aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in the PRC with little advance notice, including cracking down on illegal activities in the securities markets, enhancing supervision over PRC-based companies listed overseas using a VIE structure (which we do not use and which we have no current intention to use), adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon the PRC legislative or administrative regulation making bodies will respond or what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, or what the potential impact that any such modified or new laws and regulations would have on our daily business operations, the ability to accept foreign investments and list on an U.S. or other foreign exchange.

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, the legal and operational risks associated with the PRC may also apply to our operations in Hong Kong, and we may face the risks and uncertainties associated with the legal system in the PRC, complex and evolving PRC laws and regulations, and as to whether and how the recent PRC government statements and regulatory developments, such as those relating to data and cyberspace security and anti-monopoly concerns, would be applicable to companies like our Operating Subsidiary and us, given our substantial operations in Hong Kong. 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.

Our PRC Counsel, Tenet & Partners, confirms that, we are not currently required to obtain permission from the China Securities Regulatory Commission ("CSRC") or other PRC authorities for the trading of our Class A Ordinary Shares on [NYSE/NASDAQ] or this offering or for the offering of our Class A Ordinary Shares to foreign investors outside of the PRC, 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.

The PRC government may intervene in or influence our operations at any time and may exert more control over offerings conducted overseas and foreign investment in PRC-based issuers, which may result in a material change in our operations and/or the value of our Class A Ordinary Shares. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact our ability to conduct our business could require us to change certain aspects of our business to ensure compliance, decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are implemented, our business, financial condition and results of operations could be adversely affected, and the value of our Class A Ordinary Shares could decrease or become worthless.

***In the future, cash proceeds raised from overseas financing activities, including this offering, may be transferred by us to our BVI holding company subsidiary and Red Wisdom HK, as the case may be. In order for us to pay dividends to our shareholders, we may rely on payments made by Red Wisdom HK, and the distribution of such payments to our overseas subsidiary as dividends from Red Wisdom HK. To the extent that cash or assets in the business is in the PRC or Hong Kong or a PRC or Hong Kong entity, the funds or assets may not be available fund operations or for other use outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of the Company and our subsidiaries by the PRC Government to transfer cash or assets.***

***While current restrictions and limitations by the PRC government to transfer cash do not apply to Hong Kong entities, such restrictions and limitations by the PRC government could become applicable to Hong Kong and Hong Kong entities in the future, which may result in cash in the business in Hong Kong or a Hong Kong entity being unavailable to fund operations or for other use outside of Hong Kong.***

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

***If the PRC government chooses to exert more oversight and control over cybersecurity, data protection, offerings that are conducted overseas and/or foreign investment in PRC-based issuers, such action could have a material and adverse effect on our business, financial condition, and results of operations and may significantly limit or completely hinder our ability to offer or continue to offer Class A Ordinary Shares to investors and cause the value of our Class A Ordinary Shares to significantly decline or be worthless.***

Recent statements by the PRC government have indicated an intent to exert more oversight and control over cybersecurity, data protection, offerings that are conducted overseas and/or foreign investments in PRC-based issuers. These laws and regulations may be subject to differing interpretations, and may be inconsistent among different jurisdictions.

On June 10, 2021, the Standing Committee of the National People's Congress enacted the Data Security Law (the "DSL"), which took effect on September 1, 2021. The DSL provides an overarching legislative framework for data security in the PRC and runs parallel to other legal regimes, such as those to cyber security, archives, and the administration of state secrets and classified information. Under the DSL, data is broadly defined to include "any record of information in electronic or other forms", thus personal and non-personal data are included. The DSL imposes data security and privacy obligations on entities and individuals carrying out data activities, and introduces a data classification and hierarchical protection system based on the importance of data in economic and social development, as well as the degree of harm it will cause to national security, public interests, or legitimate rights and interests of individuals or organizations when such data is tampered with, destroyed, leaked, or illegally acquired or used. The DSL also provides for a national security review procedure for data activities that may affect national security and imposes export restrictions on certain data and information. Data processing is also broadly defined to include the collection, storage, use, processing, transmission, provision and disclosure of data. The DSL regulates data processing conducted within the PRC and has extraterritorial reach to the extent that data processing activities outside the PRC harm national security, public interest or the lawful rights and interests of individuals or organizations of the PRC. The DSL expressly prohibits all data processors from providing any data stored in the PRC to the justice or law enforcement institutions of foreign countries without the prior approval of the competent organs of the PRC. The DSL stipulates that the provisions of the Cybersecurity Law of the PRC shall apply to cross-border transfer of important data collected or generated by Critical Information Infrastructure Operators ("CIIOs") within the PRC and the measures for cross-border transfer of important data collected or generated by other data processors during their operation within the PRC shall be formulated by the national cyberspace authority in conjunction with the relevant departments under the State Council.

On December 28, 2021, the CAC jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021) which took effect on February 15, 2022, replacing the former Measures for Cybersecurity Review (2020) issued on April 13, 2020. Measures for Cybersecurity Review (2021) stipulates that operators of critical information infrastructure purchasing network products and services, and online platform operators (together with the operators of critical information infrastructure, the "Operators") carrying out data processing activities that affect or may affect national security, shall conduct a cybersecurity review, and any online platform operator who controls more than one million target audience's personal information must undergo a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country.

On August 30, 2024, China's State Council approved the "Regulations on Network Data Security Management", which took effect on January 1, 2025. This regulation further refines and improves existing relevant systems. It clearly defines important data as information that pertains to specific fields, groups, or regions, or has reached a certain level of precision and scale, and if tampered with, destroyed, leaked, or illegally obtained or used, it could directly endanger national security, economic operations, social stability, public health, and safety. The regulation requires network data handlers to identify and report important data. Additionally, it stipulates that network data handlers must fulfill a clear

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notification obligation before processing personal information. It specifies the conditions under which network data handlers can provide personal information overseas, clarifying that if such information is not informed by relevant regions or government departments or publicly disclosed as important data, it does not need to be reported for data export security assessment. Violations of this regulation may result in orders to rectify, warnings, or even suspension of related business operations, business rectification, revocation of relevant business licenses. In cases where the violation affects or may affect national security severely, a fine ranging from 1 million to 10 million yuan can be imposed.

On August 20, 2021, the Standing Committee of the National People's Congress enacted the Personal Information Protection Law of the People's Republic of China or the "PRC Personal Information Law" which became effective on November 1, 2021. The PRC Personal Information Protection Law applies to the processing of personal information of natural persons within the PRC that is carried out outside of the PRC where (i) such processing is for the purpose of providing products or services for natural persons within the PRC; (ii) such processing is to analyze or evaluate the behavior of natural persons within the PRC; or (iii) there are any other circumstances stipulated by related laws and administrative regulations.

Furthermore, on February 17, 2023, the CSRC released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, which came into effect on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No. 1 to No. 5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the basic supervision principles as reflected in the Draft Overseas Listing Regulations by providing substantially the same requirements for filings of overseas offering and listing by domestic companies, yet made the following updates compared to the Draft Overseas Listing Regulations: (a) further clarification of the circumstances prohibiting overseas issuance and listing; (b) further clarification of the standard of indirect overseas listing under the principle of substance over form, and (c) adding more details of filing procedures and requirements by setting different filing requirements for different types of overseas offering and listing. Pursuant to the Trial Measures, the Guidance Rules and Notice, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure and report relevant information to the CSRC within three working days following its submission of initial public offerings or listing application. The companies that have already been listed on overseas stock exchanges or have obtained the approval from overseas supervision administrations or stock exchanges for their offering and listing and will complete their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for their listing yet need to make filings for subsequent offerings in accordance with the Trial Measures. The companies that have already submitted an application for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing may arrange for the filing within a reasonable time period and should complete the filing procedure before such companies' overseas issuance and listing.

Our PRC Counsel, Tenet & Partners, confirms that, as of the date of this prospectus, we do not currently expect the DSL, the Revised Review Measures, the PRC Personal Information Law, or the Trial Measures to have an impact on our Operating Subsidiary's business, operations or this offering as it is believed that our Operating Subsidiary is not deemed to be an CIIO or data processor controlling personal information of no less than one million users, that are required to file for cybersecurity review before listing in the U.S. This is because: (i) our operating subsidiary was incorporated in Hong Kong and operate only in Hong Kong without any subsidiary or VIE structure in mainland China and each of the Review Measures 2021 and the Trial Administrative Measures does not clearly provide whether it shall be applied to a company based in Hong Kong; (ii) all of the data our operating subsidiary has collected is stored in servers located in Hong Kong, and we do not place any reliance on the collection and processing of any personal information to maintain our business operation; (iii) as of the date of this prospectus, neither has our Operating Subsidiary been informed by any PRC governmental authority of any requirement that it shall file for a CSRC review, nor received any inquiry, notice, warning, or sanction in such respect initiated by the CAC or related governmental regulatory authorities; and (iv) data processed in our business operation should not have a bearing on national security nor affect or may affect national security, and we have not been notified by any authorities of being classified as an Operator.

Furthermore, our PRC Counsel, Tenet & Partners, confirms, based on laws and regulations currently in effect in the PRC as of the date of this prospectus, we are not required to obtain regulatory approval from the CSRC or go through the filing procedures under the Trial Administrative Measures before our Class A Ordinary Shares can be listed

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or offered in the U.S. since neither we, nor our subsidiaries, are "PRC domestic companies" which subject to the Trial Administrative Measure, because (i) our Operating Subsidiary is headquartered in Hong Kong, with its officers and all members of the board of directors based in Hong Kong who are not PRC citizens; (ii) our Operating Subsidiary does not, directly or indirectly, own or control any entity or subsidiary in the PRC, nor is it controlled by any Chinese company or individual directly or indirectly; (iii) we only operate in Hong Kong, all of our revenues and profits are generated by our Operating Subsidiary in Hong Kong, none of our business activities are conducted in the PRC, and we have not generated revenues or profits from the PRC in the most recent accounting year accounts for more than 50% of the corresponding figure in our audited consolidated financial statements for the same period; (iv) we do not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in the PRC; and (v) pursuant to the Basic Law, the constitutional document of Hong Kong, national laws of the PRC shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to defense, foreign affairs, and other matters outside the autonomy of Hong Kong).

While our Operating Subsidiary has no current operations in the PRC, should we have any future operations in the PRC and should (i) we fail to receive or maintain such permissions or approvals, (ii) relevant permissions or approvals be indeed required (contrary to what we concluded), (iii) applicable laws, regulations, or interpretations change that require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC or other PRC regulatory agencies. These regulatory agencies may also impose limit on our ability to pay dividends outside of the PRC, or take other actions that could have a material adverse effect on our business as well as the trading price of our Class A Ordinary Shares. The CSRC or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of our Class A Ordinary Shares. In addition, if the CSRC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any action taken by the PRC government could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

As advised by our Hong Kong Counsel, as of the date of this prospectus, the Company and its subsidiaries are not required to obtain any permissions or approvals from Hong Kong authorities before listing in the U.S. As advised by our Cayman Islands Counsel, as of the date of this prospectus, we are not required to obtain any permissions or approvals from Cayman Islands authorities to issue our Class A Ordinary Shares to foreign investors. No permissions or approvals have been applied for by the Company or denied by any relevant authorities. However, we have been advised by Hong Kong Counsel that uncertainties still exist, due to the possibility that laws, regulations, or policies in Hong Kong could change rapidly in the future.

Although we are currently not required to obtain approvals from the PRC authorities to operate our business or list on the U.S. securities exchanges and offer securities, specifically, we are currently not required to obtain any permission or approval from the CSRC, the CAC or any other PRC governmental authority to operate our business or to list our securities on a U.S. securities exchange or issue securities to foreign investors, we cannot assure you that the PRC regulatory agencies, including the CAC, would take the same view as we do, and there is no assurance that we can fully or timely comply with such laws. The relevant PRC governmental authority may not take a view that is consistent with ours. Also, if we were deemed to be an CIIO or a "data processor" controlling personal information of no less than one million users under the Measures, or if other regulations promulgated in relation to the Measures are deemed to apply to us, our business operations and the listing of our Class A Ordinary Shares in the U.S. could be subject to cybersecurity review by the CAC, in the future. In the event that we are subject to any mandatory cybersecurity review and other specific actions required by the CAC, we face uncertainty as to whether any clearance or other required actions can be completed in a timely fashion or at all. Given such uncertainty, we may be further required to suspend our relevant business, shut down our website, or face other penalties which could materially and adversely affect our business, financial condition, and results of operations.

Furthermore, if the Trial Administrative Measures, Measures for Cybersecurity Review (2021), the Personal Information Protection Law, become applicable to us or our Operating Subsidiary in Hong Kong, our operation and the listing of our Class A Ordinary Shares in the United States could be subject to the CAC's cybersecurity review or the CSRC Overseas Issuance and Listing review in the future. If there are any changes to the applicable laws, regulations, or interpretations and our Operating Subsidiary become subject to the CAC or CSRC review, we cannot assure you that our Operating Subsidiary will be able to comply with the regulatory requirements in all respects and our current practice of collecting and processing personal information may be ordered to be rectified or terminated by regulatory

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authorities. Compliance with these laws and regulations could significantly increase the cost of our service offerings, require significant changes to our operations or even prevent us from providing certain service offerings in jurisdictions in which we currently operate or in which we may operate in the future. If there is a significant change to the current political arrangements between the PRC and Hong Kong, or the applicable laws, regulations, or interpretations change, and/or if we were required to obtain such permissions or approvals in the future in connection with the listing or continued listing of our securities on a stock exchange outside of the PRC, it is uncertain how long it will take for us to obtain such approval, and, even if we are able to obtain such approval, the approval could be rescinded. Any failure to obtain or a delay in obtaining the necessary permissions from the PRC authorities to conduct offerings or list outside of the PRC may subject us to sanctions imposed by the CSRC, CAC, or other PRC regulatory authorities. It could include fines and penalties, proceedings against us, and other forms of sanctions, and our ability to conduct our business, invest into the PRC as foreign investments or accept foreign investments, ability to offer or continue to offer Class A Ordinary Shares to investors or list on the U.S. or other overseas exchange may be restricted, and the value of our Class A Ordinary Shares may significantly decline or be worthless, our business, reputation, financial condition, and results of operations may be materially and adversely affected. The CSRC, the CAC, or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of our Class A Ordinary Shares. In addition, if the CSRC, the CAC, or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties and/or negative publicity regarding such an approval requirement could have a material adverse effect on the trading price of our securities. We may also be subject to sanctions imposed by PRC regulatory agencies, including the China Securities Regulatory Commission ("CSRC"), if we fail to comply with their rules and regulations. PRC regulatory authorities could disallow our operating structure in the future, and this would likely result in a material change in our operations in Hong Kong and/or the value of our securities, which could cause the value of such securities to significantly decline or become worthless.

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

Although we are not subject to cybersecurity review by the Corporate Affairs Commission nor any other PRC authorities for this offering or required to obtain regulatory approval regarding the data privacy and personal information requirements from the Corporate Affairs Commission nor any other PRC authorities for ours and our Operating Subsidiary's operations in Hong Kong, our Operating Subsidiary is subject to a variety of laws and other obligations regarding data privacy and protection in Hong Kong.

In particular, the Personal Data (Privacy) Ordinance (Chapter 486 of the laws of Hong Kong) ("PDPO") imposes a duty on any data user who, either alone or jointly with other persons, controls the collection, holding, processing or use of any personal data which relates directly or indirectly to a living individual and can be used to identify that individual. Under the PDPO, data users shall take all practicable steps to protect the personal data they hold from any unauthorized or accidental access, processing, erasure, loss, or use. Once collected, such personal data should not be kept longer than necessary for the fulfilment of the purpose for which it is or is to be used and shall be erased if it is no longer required, unless erasure is prohibited by law or is not in the public interest. The PDPO also confers on the Privacy Commissioner for Personal Data ("Privacy Commissioner") power to conduct investigations and institute prosecutions. The data protection principles (collectively, the "DPPs"), which are contained in Schedule 1 to the PDPO, outline how data users should collect, handle, and use personal data, complemented by other provisions imposing further compliance requirements. The collective objective of DPPs is to ensure that personal data is collected on a fully informed basis and in a fair manner, with due consideration towards minimizing the amount of personal data collected. Once collected, the personal data should be processed in a secure manner and should only be kept for as long as necessary for the fulfilment of the purposes of using the data. Use of the data should be limited to or related to the original collection purpose. Data subjects are given certain rights, inter alia: (a) the right to be informed by a data user whether the data user holds personal data of which the individual is the data subject; (b) if the data user holds such data, to be supplied with a copy of such data; and (c) the right to request correction of any data they consider to be inaccurate. The Commissioner may carry out criminal investigations and institute prosecution for certain offenses. Depending on the severity of the cases, the Privacy Commissioner will decide whether to prosecute or refer cases involving suspected commission to the Department of Justice of Hong Kong. Victims may also seek compensation by civil action from data users for damage caused by a contravention of the PDPO. The Commissioner may provide legal assistance to the aggrieved data subjects if the Commissioner deems fit to do so.

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We believe that our Operating Subsidiary has been in compliance with the data privacy and personal information requirements of the PDPO. Moreover, we do not expect to be subject to any cybersecurity review by Hong Kong and PRC government authorities for this offering. However, if we or our Operating Subsidiary conducting business operations in Hong Kong have violated certain provisions of the PDPO, we or our Operating Subsidiary could face significant civil penalties and/or criminal prosecution, which could adversely affect our business, financial condition, and results of operations.

***Our Class A Ordinary Shares may be prohibited from being traded on any U.S. securities exchange, including the New York Stock Exchange and Nasdaq, or through any other trading method within the SEC's regulatory jurisdiction, if our auditor is not inspected by the PCAOB for two consecutive years, and this ultimately could result in trading in our Class A Ordinary Shares being prohibited.***

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

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA. A company will be required to comply with these rules if the SEC identifies it as having a "non-inspection" year under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCAA, including the listing and trading prohibition requirements described above.

On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "AHFCAA"), which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years.

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

On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions.

On December 16, 2021, the PCAOB issued a determination report which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (i) the PRC, and (ii) Hong Kong.

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

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

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On December 29, 2022, the Consolidated Appropriations Act was signed into law by President Biden, which contained, among other things, an identical provision to Accelerating Holding Foreign Companies Accountable Act and amended the Holding Foreign Companies Accountable Act by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before our Class A Ordinary Shares may be prohibited from trading or delisted. The delisting of our Class A Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.

Our auditor, Enrome LLP, is an independent registered public accounting firm that issues the audit report included elsewhere in this prospectus. As an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, it is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections on its audit works to assess its compliance with the applicable professional standards. Our auditor is currently subject to inspection by the PCAOB on a regular basis.

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

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

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

***Changes in international trade policies, trade disputes, barriers to trade, or the emergence of a trade war may dampen growth in Hong Kong, the PRC and other markets where the majority of our clients reside. The enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") could impact our Operating Subsidiary, which represents all of our business.***

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

On May 28, 2020, the National People's Congress of the PRC approved a proposal to impose a new national security law for Hong Kong and authorized the Standing Committee of the National People's Congress to proceed to work out details of the legislation to be implemented in Hong Kong (the "Decision"). The Decision states that the new law will target secession, subversion of state power, terrorism activities and foreign interference. The stated objective of the Decision is to protect the national security of the PRC as a whole (including Hong Kong and Macau) and is not intended to have a direct commercial bearing on commercial and economic activities. The government believes the new law may bring about more stability to Hong Kong, which in turn may lay the foundation for commercial and economic activities to flourish.

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On June 30, 2020, the Standing Committee of the National People's Congress adopted the Hong Kong National Security Law. This law defines the duties and government bodies of the Hong Kong National Security Law for safeguarding national security and four categories of offenses — secession, subversion, terrorist activities, and collusion with a foreign country or external elements to endanger national security — and their corresponding penalties. On July 14, 2020, U.S. President Trump signed the Hong Kong Autonomy Act ("HKAA"), into law, authorizing the U.S. administration to impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's autonomy. On August 7, 2020 the U.S. government imposed HKAA-authorized sanctions on eleven individuals, including the former Hong Kong Special Administrative Region ("HKSAR") chief executive Carrie Lam. On October 14, 2020, the U.S. State Department submitted to relevant committees of Congress the report required under HKAA, identifying persons materially contributing to "the failure of the Government of China to meet its obligations under the Sino-British Joint Declaration or the Basic Law" of the Hong Kong Special Administrative Region of the People's Republic of China, which is Hong Kong's constitutional document. The HKAA further authorizes secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a significant transaction with foreign persons sanctioned under this authority.

The imposition of sanctions may directly affect the foreign financial institutions as well as any third parties or customers dealing with any foreign financial institution that is targeted. It is difficult to predict the full impact of the Hong Kong National Security Law and the HKAA on Hong Kong and companies located in Hong Kong. If our Operating Subsidiary, which represents all of our business, are determined to be in violation of the Hong Kong National Security Law or the HKAA by competent authorities, our business operations, financial position and results of operations could be materially and adversely affected.

Tariffs could increase the cost of goods and products which could affect customers' purchasing decisions, which in turn can affect the spending habits of our clients. 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 consumer confidence, which could materially and adversely affect our business. We may have also access to fewer business opportunities, and our operations may be negatively impacted as a result. In addition, the current and future actions or escalations by either the United States or the PRC 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 business, prospects, financial condition and results of operations may be influenced to a significant degree by political, economic and social conditions in Hong Kong and the PRC generally. The Chinese economy differs from the economies of most developed countries in many respects, including the amount of government involvement, level of development, growth rate, control of foreign exchange and allocation of resources. While the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy. The Chinese government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall Chinese economy, but may have a negative effect on us.

Economic conditions in Hong Kong and the PRC are sensitive to global economic conditions. Any prolonged slowdown in the global or Chinese economy may affect potential clients' confidence in financial markets as a whole and have a negative impact on our business, results of operations and financial condition. Additionally, continued turbulence in the international markets may adversely affect our ability to access the capital markets to meet liquidity needs.

***If our Operating Subsidiary becomes subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed PRC-based companies, our Operating Subsidiary may have to expend significant resources to investigate and/or defend any allegations which could harm our Operating Subsidiary's business operations, this offering and our reputation and could result in a loss of your investment in our Class A Ordinary Shares, in particular if such matter cannot be addressed and resolved favorably.***

U.S. public companies that have substantially all of their operations in the PRC 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 has centered on financial and accounting irregularities and mistakes, lack of effective

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internal controls over financial 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 stock of many U.S.-listed Chinese companies that have been the subject of such scrutiny has sharply decreased in value and, in some cases, has become virtually worthless. Many of these companies are now subject to shareholder lawsuits and/or SEC enforcement actions that are conducting internal and/or external investigations into the allegations.

It is uncertain what impact this widespread scrutiny, criticism, and negative publicity in this sector will have on us, our Operating Subsidiary's business, or this public offering. If our Operating Subsidiary becomes the subject of such investigation, whether the allegations are valid or not, it may need to dedicate significant resources to investigate such allegations and/or defend our Group. Such investigations or allegations would be costly and time-consuming and likely would distract our management from our normal business and could result in our reputation being harmed. Our stock price could decline because of such allegations, even if the allegations are false.

#### 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, past outbreaks or epidemics, occurrence of any future epidemic outbreaks, as well as significant natural disasters, may affect the market and may adversely affect our Operating Subsidiary's business operations. 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, 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 operations are based in Hong Kong, any changes to 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. However, certain recent developments including the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region issued by the Standing Committee of the PRC National People's Congress in June 2020, and the signing of the HKAA in the U.S. on July 14, 2020 has led to various sanctions against certain Hong Kong individuals, including against the former HKSAR chief executive Carrie Lam. The U.S. State Department has indicated that the United States no longer considers Hong Kong to have significant autonomy from the PRC and at the time President Trump signed an executive order and Hong Kong Autonomy Act, or HKAA, to remove Hong Kong's preferential trade status and to authorize the U.S. administration to impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's autonomy. The United States may further impose the same tariffs and other trade restrictions on exports from Hong Kong that it places on goods from the PRC. These and other recent actions may represent an escalation in political and trade tensions involving the U.S., the PRC, and Hong Kong, which could potentially harm our business.

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

#### Fluctuations in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.
Since our Operating Subsidiary's business is conducted in Hong Kong, its books and records are maintained in Hong Kong dollars, which is the currency of Hong Kong, and the financial statements that we file with the SEC and provide to our shareholders are presented in U.S. dollars. Although the exchange rate between the Hong Kong dollar to the U.S. dollar has been pegged since 1983, we cannot assure you that the Hong Kong dollar will remain pegged to the U.S. dollar. The value of the Hong Kong dollar against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in the Hong Kong's political and economic conditions and perceived changes in the economy of Hong Kong and the United States. Any significant fluctuations in the exchange rates between

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Hong Kong dollars to U.S. dollars may have a material adverse effect on the results of our operations and financial condition. For example, to the extent that we are required to convert the net proceeds in U.S. dollars we receive from this offering into Hong Kong dollars for our operations, fluctuations in the exchange rates between Hong Kong dollars against the U.S. dollar would have an adverse effect on the amounts we receive from the conversion.

We have not used any forward contracts, futures, swaps or currency borrowings to hedge our exposure to foreign currency risk.

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

Prior to this initial public offering, there has been no public market for our Class A Ordinary Shares. We plan to list the Ordinary Shares on the [NYSE/NASDAQ]. Our Class A Ordinary Shares will not be listed on any exchange or quoted for trading on any over-the-counter trading system. If an active trading market for the Class A Ordinary Shares does not develop after this offering, the market price and liquidity of the Class A Ordinary Shares will be materially and adversely affected.

Negotiations with the underwriters will determine the initial public offering price for the Class A Ordinary Shares which may bear no relationship to their market price after the initial public offering. We cannot assure you that an active trading market for the Class A Ordinary Shares will develop or that the market price of the Class A Ordinary Shares will not decline below the initial public offering price.

#### The market price for the Ordinary Shares may be volatile.
The trading prices of the Class A Ordinary Shares are likely to be volatile and could fluctuate widely due to factors beyond our control. This may happen because of broad market and industry factors, like the performance and fluctuation in the market prices or the underperformance or deteriorating financial results of internet or other companies based in China that have listed their securities in the United States in recent years. The securities of some of these companies have experienced significant volatility since their initial public offerings, including, in some cases, substantial price declines in their trading prices. The trading performances of other Chinese companies' securities after their offerings, including internet and e-commerce companies, may affect the attitudes of investors toward Chinese companies listed in the United States, 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 conducted any inappropriate activities. In addition, securities markets may from time to time experience significant price and volume fluctuations that are not related to our operating performance, such as the large decline in share prices in the United States, China and other jurisdictions in late 2008, early 2009 and the second half of 2011, which may have a material adverse effect on the market price of the Class A Ordinary Shares.

In addition to the above factors, the price and trading volume of the Class A Ordinary Shares may be highly volatile due to multiple factors, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory developments affecting us, our consumers or our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements of studies and reports relating to the quality of our product and service offerings or those of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the economic performance or market valuations of other content marketing businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our quarterly results of operations and changes or revisions of our expected results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in financial estimates by securities research analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of new product and service offerings, acquisitions, strategic relationships, joint ventures or capital commitments;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions to or departures of our senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• detrimental negative publicity about us, our management or our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations of exchange rates between the Renminbi and the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• release or expiry of lock-up or other transfer restrictions on our outstanding Class A Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales or perceived potential sales of additional Class A Ordinary Shares.

The trading market for the Class A Ordinary Shares will depend in part on the research and reports that securities or industry analysts publish about us or our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who cover us downgrade the Class A Ordinary Shares or publish inaccurate or unfavorable research about our business, the market price for our Class A Ordinary Shares would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume for the Class A Ordinary Shares to decline.

***If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding the Class A Ordinary Shares, the market price for the Class A Ordinary Shares and trading volume could decline.***

The trading market for our Class A Ordinary Shares will be influenced by research or reports that industry or securities analysts publish about our business. If industry or securities analysts decide to cover us and in the future downgrade our Class A Ordinary Shares, the market price for our Class A Ordinary Shares would likely decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the market price or trading volume for our Class A Ordinary Shares to decline.

#### Because our 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 your Class A Ordinary Shares than the amount paid per share by our existing shareholders for their Class A Ordinary Shares. As a result, you will experience immediate and substantial dilution of approximately US$[\*] per Ordinary Share, representing the difference between the initial public offering price of US$[\*]per Class A Ordinary Share and our net tangible book value per Ordinary Share as of March 31, 2025 after giving effect to the net proceeds to us from this offering. In addition, you may experience further dilution to the extent that our Class A Ordinary Shares are issued upon the exercise of any share options. See "Dilution" for a more complete description of how the value of your investment in the Class A Ordinary Shares will be diluted upon completion of this offering.

#### Future issuances of our Class B Ordinary Shares may be dilutive to the voting power of our Class A Ordinary Shareholders.
Future issuances of our Class B Ordinary Shares, which can be approved by our Board of Directors, could result in dilution to existing holders of our Class A Ordinary Shares. Such issuances, or the perception that such issuances may occur, could depress the market price of the Class A Ordinary Shares.

In addition, there might be impact of the conversion of Class B Ordinary Shares on holders of Class A Ordinary Shares, including dilution and the reduction in aggregate voting power, as well as the potential increase in the relative voting power if any holder of the Class B Ordinary Shares retains their shares.

***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 the Class A Ordinary Shares as a source for any future dividend income.

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Our board of directors has discretion as to whether to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends out of profits or share premium; provided that in no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. 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 the Class A Ordinary Shares. You may not realize a return on your investment in our Class A Ordinary Shares and you may even lose your entire investment in our Class A Ordinary Shares

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

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

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

The information we are required to file with or furnish to the SEC will be less extensive and less timely as compared to that required to be filed with the SEC by U.S. domestic issuers.

As a Cayman Islands company listed on the [NYSE/NASDAQ], we will be subject to the [NYSE/NASDAQ] corporate governance listing standards. However, [NYSE/NASDAQ] 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 [NYSE/NASDAQ] corporate governance listing standards. We do not currently plan to rely on home country practice with respect to any corporate governance matters. However, if we choose to follow home country practice in the future, our shareholders may be afforded less protection than they otherwise would under the [NYSE/NASDAQ] Capital Market corporate governance listing standards applicable to U.S. domestic issuers.

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

Sales of Class A Ordinary Shares in the public market after this offering, or the perception that these sales could occur, could cause the market price of the Class A Ordinary Shares to decline. Immediately after the completion of this offering, we will have 24,250,000 Class A Ordinary Shares outstanding. All Class A Ordinary Shares sold in this offering will be freely transferable without restriction or additional registration under the Securities Act of 1933, as amended, or the Securities Act. All of our directors, executive officers, and owners of 5% or more of our Class A Ordinary Shares have agreed not to sell our Class A Ordinary Shares for a period of 180 days following the effective date of this prospectus, subject to extension under specified circumstances. Class A Ordinary shares subject to these lock-up agreements will become eligible for sale in the public market upon expiration of these lock-up agreements,

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subject to volume and other restrictions as applicable under Rules 144 and 701 under the Securities Act. To the extent shares are released before the expiration of the lock-up period and sold into the market, the market price of the Class A Ordinary Shares could decline. Moreover, the perceived risk of this potential dilution could cause shareholders to attempt to sell their shares and investors to short our Class A Ordinary Shares. These sales also may make it more difficult for us to sell equity or equity-related securities in the future at a time and price that we deem reasonable or appropriate.

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

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

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements that involve risks and uncertainties. All statements other than statements of current or historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those listed under "*Risk Factors*," that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in political, social and economic conditions, the regulatory environment, laws and regulations and interpretation thereof in the jurisdictions where we conduct business or expect to conduct business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risk that we may be unable to realize our anticipated growth strategies and expected internal growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the availability and cost of professional staff which we require to operate our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in customers' preferences and needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in competitive conditions and our ability to compete under such conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our future capital needs and the availability of financing and capital to fund such needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in currency exchange rates or interest rates;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our plan to enter into certain new business sectors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors beyond our control.

You should read this prospectus and the documents that we refer to in this prospectus with the understanding that our actual future results may be materially different from and worse than what we expect. Other sections of this prospectus include additional factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

You should not rely upon forward-looking statements as predictions of future events. 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 any forward-looking statements, whether as a result of new information, future events or otherwise. You should read this prospectus and the documents that we refer to 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 may be materially different from what we expect.

#### Industry Data and Forecasts
This prospectus contains certain data and information including industry data and information from Xiamen Flashstone Investment Management Consulting Co., Ltd. Statistical data in these publications also include projections based on a number of assumptions. The advertising industry in China may not grow at the rate projected by market data, or at all. Failure of our industries to grow at the projected rate may have a material and adverse effect on our subsidiaries' business and the market price of our Class A Ordinary Shares. In addition, the rapidly changing nature of the content management industry results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of our industry. 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.

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#### USE OF PROCEEDS
We estimate that we will receive net proceeds from this Offering of approximately US$14,485,329, if the underwriters do not exercise their over-allotment option, and US$16,831,329 if the underwriters exercise their over-allotment option in full, after deducting the underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us. These estimates are based upon an assumed initial offer price of $5.00 per share, the midpoint of the estimated range of the initial public Offer Price shown on the front cover of this prospectus.

We plan to use the net proceeds of this Offering in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 40% to scale up our business by expanding our operation services, business areas, and increasing customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 30% to purchase more online media resources; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately 30% to fund working capital and other general corporate purposes.

As of the date of this Prospectus we have not entered into any material agreements in relation to the acquisition of any businesses.

To the extent that our actual net proceeds is not sufficient to fund all of the proposed purposes, we will decrease our allocation of the net proceeds for the purposes set out above on a pro rata basis. We would anticipate raising additional capital through equity or debt financing sufficient to fund our proposed uses above.

The amounts and timing of any expenditures will vary depending on the amount of cash generated by our operations, and the rate of growth, if any, of our business, and our plans and business conditions. 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 will have significant flexibility in applying and discretion to apply the net proceeds of the offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this Offering differently than as described in this prospectus.

Pending deployment of the net proceeds for the uses described above, the funds may be placed in short-term deposits with financial institutions or used to invest in short-term money market instruments.

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#### DIVIDEND POLICY
We have no formal dividend policy. We currently intend to retain all available funds and any future earnings to fund the development and growth of our business and to repay indebtedness and, therefore, we do not anticipate paying any cash dividends in the foreseeable future. Additionally, our ability to pay dividends on our Shares is limited by various factors such as our future financial performance and bank covenants. Any future determination to pay dividends will be at the discretion of our Board of Directors, subject to compliance with covenants in current and future agreements governing our and our subsidiaries' indebtedness, and will depend on our results of operations, financial condition, capital requirements and other factors that our Board of Directors may deem relevant.

Our Board of Directors has complete discretion in deciding whether to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends out of profits or share premium, and provided always that in no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Even if our board of directors decides to pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Please see section entitled "Taxation" of this prospectus for information on the potential tax consequences of any cash dividends declared.

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#### CAPITALIZATION
The following tables set forth our capitalization as of September 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis to reflect the issuance and sale of the 4,250,000 Class A Ordinary Shares at an assumed initial public Offer Price of 4.00 per share (the midpoint of the price range set forth on the cover page of this prospectus) after deducting the underwriting discounts and commissions and estimated Offering expenses payable by us, assuming the underwriters do not exercise the over-allotment option.

You should read the tables together with our consolidated financial statements and the related notes included elsewhere in this prospectus and the information under "*Management's Discussion and Analysis of Financial Condition and Results of Operations*."

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders including the election of directors, amendment of memorandum and articles of association, and approval of major corporate transactions, while holders of Class B Ordinary Shares will be entitled to fifty (50) votes per share. Each Class B Ordinary Share shall be convertible into one Class A Ordinary Share at the option of the holder thereof at any time after issue, however, Class A Ordinary Shares are under no circumstances convertible into any Class B Ordinary Shares. As of the date of this prospectus, 20,000,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares were issued and outstanding. A shareholder must keep more than 2,700,000 Class B Ordinary Shares to control 50% of the voting right of the Company and control the outcome of matters submitted to shareholders for approval. We will issue 4,250,000 Class A Ordinary Shares in this Offering. Subsequent to the Offering, 24,250,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares will be issued and outstanding. A shareholder must keep more than 2,742,500 Class B Ordinary Shares after the Offering to control 50% of the voting right of the Company and control the outcome of matters submitted to shareholders for approval.

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| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Actual** | **As Adjusted<sup>(1)</sup>** |
|  | **USD** | **USD** |
|  Amounts due to related parties | 67373 | 67373 |
|  **Shareholders' equity:** |  |  |
|  Class A Ordinary Shares (par value of US$0.0001 per share; 490,000,000 Class A Ordinary Shares authorized, 20,000,000 Class A Ordinary Shares issued and outstanding on an actual basis; and 24,250,000 Class A Ordinary Shares issued and outstanding on an as adjusted basis) | 2000 | 2425 |
|  Class B ordinary shares (par value of US$0.0001 per share; 10,000,000 <br>Class B Ordinary Shares authorized, 5,000,000 Class B Ordinary Shares issued and outstanding on an actual basis; and 5,000,000 Class B Ordinary Shares issued and outstanding on an as adjusted basis) | 500 | 500 |
|  Subscription receivable | (2500) | (2500) |
|  Additional paid-in capital |  | 14484904 |
|  Accumulated profits | 2097281  | 2097281 |
|  **Total shareholders' equity** | 2097281  | 16582610 |
|  **Total capitalization** | 2164654 | 16649983  |

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____________

(1) Pro forma additional paid in capital reflects the net proceeds we expect to receive, after deducting underwriting fee, underwriter expense allowance and other expenses. We expect to receive net proceeds of approximately $14,485,329 (Offering proceeds of $17,000,000 less underwriting discounts of $1,190,000, non-accountable expense of $170,000 and Offering expenses of $1,154,671. The Class A Ordinary Shares reflects the net proceeds we expect to receive, after deducting underwriting discounts, Underwriter expense allowance and other expenses.

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#### 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 offer price per share and our net tangible book value per share after this offering. Dilution results from the fact that the initial public offer price per share is substantially in excess of the book value per ordinary share attributable to the existing Shareholders for our presently outstanding shares.

Net tangible book value represents the amount of our total assets, excluding goodwill and other intangible assets, less our total liabilities. Our net tangible book value as of September 30, 2025 was US$1,475,485, or US$0.06 per Ordinary Share.

After giving effect to the issuance and sale of 4,250,000 Class A Ordinary Shares in this Offering at an assumed initial public offer price of US4.00 per share (the midpoint of the estimated price range set forth on the cover of this prospectus), and after deducting underwriting discounts and estimated Offering expenses payable by us, our pro forma as adjusted net tangible book value as of September 30, 2025 would have been US$15,960,814, or US$0.55 per outstanding ordinary share. This represents an immediate increase in net tangible book value of US$0.49 per Class A Ordinary Share to existing shareholders and an immediate dilution in net tangible book value of US$3.45 Class A Ordinary Share to investors purchasing Class A Ordinary Shares in this offering. The following table illustrates such dilution:

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| | |
|:---|:---|
|  | **Post-<br> Offering** |
|  Assumed initial public offer price per Class A Ordinary Share | $4.00 |
|  Net tangible book value per Class A Ordinary Share as of September 30, 2025 | $0.06 |
|  As adjusted net tangible book value per Class A Ordinary Share attributable to payments by new investors | $0.49 |
|  Pro forma net tangible book value per Class A Ordinary Share after giving effect to this <br>Offering | $0.55 |
|  Amount of dilution in net tangible book value per Class A Ordinary Share to investors in this Offering | $3.45 |

---

If the underwriters exercise their over-allotment option in full, the pro forma as adjusted net tangible book value per Class A Ordinary Share after this offering would be US$0.61, the increase in net tangible book value per Ordinary Share to existing shareholders would be US$0.55, and the immediate dilution in net tangible book value per Ordinary Share to new investors in this offering would be US$3.39.

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

The following table summarizes, on a pro forma as adjusted basis as of September 30, 2025, the total number of Class A Ordinary Shares purchased from us, the total cash consideration paid to us, and the average price per share paid by existing shareholders and by investors in this offering. The table below reflects an assumed initial public offering price of US4.00 per share (the midpoint of the estimated price range set forth on the cover of this prospectus), for Shares purchased in this Offering and excludes underwriting discounts and commissions and estimated offering expenses payable by us.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares<br>Purchased** | **Shares<br>Purchased** | **Total<br>Consideration** | **Total<br>Consideration** | **Average<br>Price per<br>Share** |
|  | **Number** | **%** | **US$** | **%** | **US$** |
|  Existing Shareholders | 25000000 | 85% |  |  |  |
|  Investors in this Offering | 4250000 | 15% | 17000000 | 100% | 4.00 |
|  Total | 29250000 | 100% | 17000000 | 100% | 0.58 |

---

The dilution information in this section is presented for illustrative purposes only. Our as adjusted net tangible book value following the consummation 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.

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

#### SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA
The following summary presents consolidated balance sheet data as of March 31, 2025 and September 30, 2025, and consolidated statements of operations data for the years ended March 31, 2024 and 2025, as well as for the six months ended September 30, 2024 and 2025. These data have been derived from our audited financial statements included elsewhere in this prospectus. Our consolidated financial statements are prepared and presented in accordance with GAAP. You should read this "Selected Consolidated Financial and Operating Data" section together with our consolidated financial statements and the related notes and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section included elsewhere in this prospectus.

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31,<br>2025** | **As of <br>September 30, <br>2025** |
|  | **US$** | **US$** |
|  **Balance Sheet Data** |  |  |
|  Cash | 43109 | 265383  |
|  Current assets | 2189417 | 6586800  |
|  Total assets | 2192588 | 6684190  |
|  Current liabilities | 1028466 | 4586909  |
|  Total liabilities | 1028466 | 4586909  |
|  Shareholders' equity | 1164122 | 2097281  |
|  Total liabilities and shareholders' equity | 2192588 | 6684190  |

---

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  **Statements of Income Data** |  |  |
|  Total revenue | 3046320 | 8739436  |
|  Total cost of revenue | (2517619) | (6908774) |
|  Total operating expenses | (350564) | (666401) |
|  Operating income | 178137 | 1164261  |
|  Total other income/(expenses), net | 16922 | (10467) |
|  Income before income taxes | 195059 | 1153794  |
|  Income tax expenses | (15759) | (168972) |
|  Net income | 179300 | 984822  |
|  **Earnings per ordinary share** |  |  |
|  Basic and diluted | 0.01 | 0.04  |
|  **Weighted average Ordinary Shares outstanding** |  |  |
|  Basic and diluted | 25000000 | 25000000  |

---

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **US$** | **US$** |
|  **Statements of Income Data** |  |  |
|  Total revenue | 6247497 | 11048993  |
|  Total cost of revenue | (4945748) | (8775059) |
|  Total operating expenses | (269754) | (1197819) |
|  Operating income | 1031995 | 1076115  |
|  Total other (expenses)/income, net | (9175) | 16127  |
|  Income before income taxes | 1022820 | 1092242  |
|  Income tax expenses | (147402) | (159083) |
|  Net income | 875418 | 933159  |
|  **Earnings per ordinary share** |  |  |
|  Basic and diluted | 0.04 | 0.04  |
|  **Weighted average Ordinary Shares outstanding** |  |  |
|  Basic and diluted | 25000000 | 25000000  |

---

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

#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF <br>FINANCIAL CONDITION AND RESULTS OF OPERATIONS
*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus. This discussion and analysis and other parts of this prospectus contain forward*-looking *statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions. Our actual results and the timing of selected events could differ materially from those anticipated in these forward*-looking *statements as a result of several factors, including those set forth under "Risk Factors" and elsewhere in this prospectus. You should carefully read the "Risk Factors" section of this prospectus to gain an understanding of the important factors that could cause actual results to differ materially from our forward*-looking *statements.*

#### OVERVIEW
We are an online multi-channel network (MCN) marketing solution provider based in Hong Kong SAR, specializing in influencer marketing and multi-platform media marketing, for the youth market. We are dedicated to helping our clients in implementing and enhancing their online marketing activities with a view to achieving their business goals.

MCN (Multi-Channel Network) is an intermediary platform that connects brands with content creators, providing content production, monetization, and distribution services under revenue-sharing agreements. Its core value lies in reducing transaction costs between brands and creators while optimizing content marketing efficiency. We advise clients on online marketing strategies, offer advertising optimization services and facilitate the deployment of advertising campaigns. Our advertising campaigns can include various forms of content creation for social media and targeted marketing, such as short videos, live broadcasts, scenario-based content implantation, social media posts, search ads, in-feed ads, and banner ads.

Relying on our well-established network of media resources and our management's industry experience in connecting with youth culture, we have grown rapidly from a start-up digital marketing agency founded in 2019 to a MCN marketing solution provider. According to the Flashstone Report, the market size of the Asia MCN market has grown to $10.6 billion in 2024, and forecasted to grow to $22.4 billion by 2029, accounting for approximately 55.6% of the global MCN market. Hong Kong, serving as a critical bridge connecting Mainland China and Southeast Asia, leverages its distinctive position as a cross-border hub to attract substantial digital e-commerce activities. Concurrently, the establishment of operations by some leading Mainland China-based MCN institutions has catalysed the market's expansion. Consequently, Hong Kong's MCN market size accelerated rapidly from USD 162 million in 2019 to USD 637 million in 2024. This trajectory is expected to persist, with the market projected to sustain rapid growth momentum and reach USD 1,025 million by 2029.

We support clients by formulating their online advertising strategies, optimizing their social media presence, and running their ads on suitable advertising channels with a view to achieving their business goals. We have built a broad and diverse client base across various industries. We believe our ability to attract and retain these clients reflects our high level of efficacy, which is essential to our business growth.

We offer two types of advertising services: (i) online influencer marketing, and (ii) online precision marketing services. Our online influencer marketing services consist of a network of online influencers that can generate targeted content based on our directions on brand marketing for deployment on social media and short-video platforms. We provide a comprehensive service to clients, ranging from influencer screening to delivery optimization. Our online precision marketing services consist of data driven online brand marketing through the implementation of search ad placements, in-feed ad placements, search ads, and/or banner ad placements across dominant online platforms such as Google, TikTok, and YouTube.

Our total revenues increased by US$5.7 million, or 186.9%, to US$8.7 million for the year ended March 31, 2025, compared to US$3.0 million for the year ended March 31, 2024. Our total revenues increased by US$4.8 million, or 76.9 %, to US$11.0 million for the six months ended September 30, 2025, compared to US$6.2 million for the six months ended September 30, 2024. Our net income increased by US$0.8 million, or 449.3%, to US$1.0 million for the year ended March 31, 2025, compared to US$0.2 million for the year ended March 31, 2024. Our net income were US$875,418 and US$933,159 for the six months ended September 30, 2024 and 2025, respectively.

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

#### KEY FACTORS THAT AFFECT OPERATING RESULTS
The historical performance and outlook for our business are influenced by numerous factors, including the following:

*Our ability to retain our existing customers and secure new customers.*

A significant portion of our revenue is generated from a small number of major customers which are based in the media and entertainment industry, the loss of, or significant reduction of business with, one or more of which could have a material adverse effect on our business. For the fiscal years ended March 31, 2024 and 2025, respectively, our top five customers, all of which operate in the media and entertainment industry, accounted for approximately 71.0% and 61.3% of our revenue. For the six months ended September 30, 2024 and 2025, respectively, our top five customers, all of which operate in the media and entertainment industry, accounted for approximately 59.8% and 81.8% of our revenue. Our success depends on our ability to maintain relationships with our recurring customers, which includes any current customers and customers with which we have done business within the past three years, and to attract new customers, while our existing competitors and new entrants into the market may be able to offer marketing packages at better terms than ourselves. While many of our customers have engaged us for recurring advertising projects, our customers are not bound by contractual agreement to continue a business relationship with us and are at their discretion to choose these competitors over us. We cannot assure you that our customer relationships will continue as presently in effect. The contract length of our customer agreements ranges from 1 month to 2 months, and typically terminates upon completion of fulfilment of the rights and obligations of both parties under the agreements. There is no assurance any of our customers will continue to utilize our services, renew our existing contracts, or continue at the same volume levels. A reduction in or termination of our services by one or more of our major customers could have a material adverse effect on our business, financial condition and results of operations.

There is no guarantee that our existing customers will invite us to tender when they have new marketing projects, and there is no assurance that we will be awarded enough marketing projects in the future commensurate with our current revenue level. Our operations and financial results would be adversely affected if we are unable to retain our existing customers, or secure further advertising projects from them, or fail to provide competitive advertising packages to attract new customers, all of which may lead to a decrease in the number of marketing projects we cater for and the corresponding business revenue.

*Our ability to maintain our relationship with media channel partners, and influencer agencies and organizations.*

We have established and maintained relationships with a concentrated network of influencer agencies and organizations, as well as media channel partners. For the fiscal years ended March 31, 2024 and 2025, respectively, our top five suppliers, accounted for approximately 89.2% and 66.9% of our cost of revenue. For the six months ended September 30, 2024 and 2025, respectively, our top five suppliers, accounted for approximately 64.2% and 79.5% of our cost of revenue. Our future growth will depend on our ability to maintain our relationships with existing influencer agencies and media channel partners, as well as building partnerships with new media channels and influencer agencies. If any influencer agency or media channel partner ends its cooperative relationship with our operating subsidiary or imposes commercial terms which are less favorable to our operating subsidiary, or our operating subsidiary fails to secure cooperative relationships with new influencer agencies or media channel partners, it may lose access to the relevant advertising channels, lose its advertiser clients, and lose potential revenue. As a result, our operating subsidiary's business, results of operations, financial condition and prospects may be materially and adversely affected.

*Our operating subsidiary's ability to compete successfully.*

There are numerous companies that specialize in the provision of online advertising services in Hong Kong and China. Our operating subsidiary competes primarily with its competitors and potential competitors for access to agency relationships with quality influencer agencies and popular media channels, and advertiser client base. The online marketing industry in Hong Kong and China is rapidly evolving. Competition can be increasingly intensive and is expected to increase significantly in the future. Increased competition may result in price reductions for marketing services, reduced margins and loss of our market share.

If our operating subsidiary fails to compete successfully, it could lose out in procuring advertiser clients, and securing agency relationships with potential influencer agencies and media partners, which could have an adverse impact on our business, results of operations, and prospects. We also cannot assure you that our operating subsidiary's

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

strategies will remain competitive or that they will continue to be successful in the future. Increasing competition could result in pricing pressure and loss of our market share, either of which could have a material adverse effect on our financial condition and results of operations.

#### KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

#### Revenues
Our revenues consist of (i) revenues from online influencer marketing. By leveraging influencer resources across multi-platform ecosystems (e.g., TikTok, XShort, YouTube), we offer end-to-end solutions for brands. These solutions include identifying and matching multi-platform influencers aligned with customer objectives, developing customized marketing content leveraging influencer reach, publishing content via influencer accounts per contractual schedules, and providing post-campaign performance reviews; (ii) revenues from online precision marketing. By delivering full-funnel precision marketing services to brands across major social platforms like TikTok, Google, and YouTube, we deploy targeted ads through banners and video interstitials per agreed schedules and exposure targets.

#### Cost of Revenues
Cost of revenues represents costs and expenses incurred in order to generate revenue. Our cost of revenues primarily consists of integrated entertainer resources, short-video promotion campaigns, live-streaming e-commerce services, scenario-based content placements and other marketing related expenses purchased from suppliers. Such costs are recorded as incurred.

#### Gross Profit
Our gross profit equals our revenue less our cost of revenues. Our gross profit is primarily affected by our ability to generate revenue and the fluctuation of our cost. Our gross profit margin was 17.4% and 20.9%, respectively for the years ended March 31, 2024 and 2025. Our gross profit margin was 20.8% and 20.6%, respectively for the six months ended September 30, 2024 and 2025.

#### Operating expenses
Operating expenses include selling and marketing expenses and general and administrative expenses. Selling and marketing expenses primarily comprise project promotion fees, which are project referral commissions paid to project introducers, and other miscellaneous selling expenditures. General and administrative expenses mainly consist of professional service fees, rental and property management fee, office expenses, and other miscellaneous corporate expenses.

**Taxation**

#### Cayman Islands
We are incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, and we are not subject to income or capital gains taxes. Additionally, upon payments of dividends by us to its shareholders, no Cayman withholding tax will be imposed.

#### British Virgin Islands
Our subsidiary, Red Wisdom (BVI) is incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, Red Wisdom (BVI) is not subject to tax on income or capital gains. Additionally, upon payments of dividends by us to its shareholders, no BVI withholding tax will be imposed.

#### Hong Kong
Our subsidiary, Red Wisdom HK is incorporated in Hong Kong and is subject to Hong Kong profits tax rate. Under the two-tiered profits tax rates regime, the first 2,000,000 Hong Kong Dollar ("HKD") of profits of the qualifying group entity will be taxed at 8.25%, and profits above HKD2,000,000 will be taxed at 16.5%. Additionally, upon payments of dividends by us to its shareholders, no Hong Kong withholding tax will be imposed.

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

#### RESULTS OF OPERATIONS
The following table sets forth a summary of our consolidated results of operations for the periods indicated, both in absolute amount and as a percentage of our revenues for the periods presented. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus. The operating results in any period are not necessarily indicative of the results that may be expected for any future period.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** | **Variance** | **Variance** | **2024** | **2024** | **2025** | **2025** | **Variance** | **Variance** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** | **US$** | **%** | **US$** | **%** | **US$** | **%** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  Revenues | 3046320 | 100.0 | 8739436 | 100.0 | 5693116 | 186.9 | 6247497 | 100.0 | 11048993 | 100.0 | 4801496 | 76.9 |
|  Cost of revenues | (2517619) | (82.6) | (6908774) | (79.1) | (4391155) | 174.4 | (4945748) | (79.2) | (8775059) | (79.4) | (3829311) | 77.4 |
|  **Gross profit** | **528701** | **17.4** | **1830662** | **20.9** | **1301961** | **246.3** | **1301749** | **20.8** | **2273934** | **20.6** | **972185** | **74.7** |
|  Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
|  Selling and marketing <br>expenses | (221199) | (7.3) | (470731) | (5.4) | (249532) | 112.8 | (160252) | (2.6) | (550000) | (5.0) | (389748) | 243.2 |
|  General and administrative expenses | (129365) | (4.2) | (195670) | (2.2) | (66305) | 51.3 | (109502) | (1.8) | (647819) | (5.9) | (538317) | 491.6  |
|  **Total operating expenses** | **(350564)** | **(11.5)** | **(666401)** | **(7.6)** | **(315837)** | **90.1** | **(269754)** | **(4.4)** | **(1197819)** | **(10.9)** | **(928065)** | **344.0**  |
|  **Operating income** | **178137** | **5.9** | **1164261** | **13.3** | **986124** | **553.6** | **1031995** | **16.4** | **1076115**  | **9.7**  | **44120**  | **4.3**  |
|  Other income/(expenses), net |  |  |  |  |  |  |  |  |  |  |  |  |
|  Financial income/(expenses), net | 16922 | 0.6 | (10467) | (0.1) | (27389) | (161.9) | (9175) | (0.1) | 16127 | 0.1 | 25302 | (275.8) |
|  **Total other income/(expenses), net** | **16922** | **0.6** | **(10467)** | **(0.1)** | **(27389)** | **(161.9)** | **(9175)** | **(0.1)** | **16127** | **0.1** | **25302** | **(275.8)** |
|  **Income before income tax expense** | **195059** | **6.5** | **1153794** | **13.2** | **958735** | **491.5** | **1022820** | **16.3** | **1092242**  | **9.8**  | **69422**  | **6.8**  |
|  Income tax expenses | (15759) | (0.5) | (168972) | (1.9) | (153213) | 972.2 | (147402) | (2.4) | (159083) | (1.4) | (11681) | 7.9  |
|  **Net income** | **179300** | **6.0** | **984822** | **11.3** | **805522** | **449.3** | **875418** | **13.9** | **933159**  | **8.4**  | **57741**  | **6.6**  |

---

#### Six Months Ended September 30, 2024 Compared to Six Months Ended September 30, 2025

#### Revenues
The following table sets forth our revenues, both in absolute amount and as a percentage of the total revenues, for the six months ended September 30, 2024 and 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** | **Variance** | **Variance** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  **Revenues:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Online influencer marketing | 4381215 | 70.1 | 6683558 | 60.5 | 2302343 | 52.6 |
| &nbsp;&nbsp;&nbsp; Online precision marketing | 1866282 | 29.9 | 4365435 | 39.5 | 2499153 | 133.9 |
|  **Total revenues** | **6247497** | **100.0** | **11048993** | **100.0** | **4801496** | **76.9** |

---

Our total revenues increased by approximately US$4.8 million, or 76.9%, from approximately US$6.2 million for the six months ended September 30, 2024 to approximately US$11.0 million for the six months ended September 30, 2025. This substantial growth is driven by the strong performance of both our business streams.

Across both business lines, customers engaged us for larger-scale and more comprehensive marketing campaigns, resulting in higher revenue generated per project. The average project size for online influencer marketing increased by approximately US$0.1 million, representing a year-over-year increase of approximately 52.6%, while the average project size for online precision marketing increased by approximately US$0.2 million, representing a year-over-year increase of approximately 169.9%.

In contrast, the total number of projects undertaken decreased slightly from 36 for the six months ended September 30, 2024 to 34 for the six months ended September 30, 2025. This decrease was primarily attributable to our strategic focus on higher-value, more integrated marketing engagements, as well as customers' preference to consolidate marketing budgets into fewer but larger and longer-duration campaigns. As a result, although the number of projects declined modestly, overall project scale and revenue contribution per project increased.

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

#### Cost of Revenues
The following table sets forth our cost of revenues, both in absolute amount and as a percentage of the total cost of revenues, for six months ended September 30, 2024 and 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** | **Variance** | **Variance** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  **Cost of revenues:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Online influencer marketing | 3428347 | 69.3 | 5283267 | 60.2 | 1854920 | 54.1 |
| &nbsp;&nbsp;&nbsp; Online precision marketing | 1517401 | 30.7 | 3491792 | 39.8 | 1974391 | 130.1 |
|  **Cost of revenues** | **4945748** | **100.0** | **8775059** | **100.0** | **3829311** | **77.4** |

---

Our cost of revenues increased by US$3.8 million, or 77.4% from US$4.9 million for the six months ended September 30, 2024 to US$8.8 million for the six months ended September 30, 2025, which was in line with the boost in our online influencer marketing and online precision marketing revenues. This growth involved more supplier partnerships to enhance cross-platform campaign capabilities. For the six months ended September 30, 2025, we extended our cooperation with seven new suppliers and incurred incremental cost of US$6.6 million to expand our influencer networks and diverse advertisement platforms. These investments supported our proactive response to market demand and positioned us for sustainable revenue growth.

#### Gross Profit
Our breakdown of gross profit by revenue streams for the six months ended September 30, 2024 and 2025 is set forth below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **Variance** | **Variance** |
|  | **US$** | **Margin** | **%** | **US$** | **Margin** | **%** | **US$** | **%** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  **Gross profit and margin** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Online influencer marketing | 952868 | 21.7% | 73.2 | 1400291 | 21.0% | 61.6 | 447423 | 47.0 |
| &nbsp;&nbsp;&nbsp; Online precision marketing | 348881 | 18.7% | 26.8 | 873643 | 20.0% | 38.4 | 524762 | 150.4 |
|  **Total** | **1301749** | **20.8%** | **100.0** | **2273934** | **20.6%** | **100.0** | **972185** | **74.7** |

---

Our gross profit increased by US$1.0 million, or 74.7%, from US$1.3 million for the six months ended September, 2024 to US$2.3 million for the six months ended September 30, 2025, primarily driven by strong revenue growth resulting from larger average project sizes across both online influencer marketing and online precision marketing. Despite the significant expansion in business scale, overall gross profit margin remained relatively stable, decreasing slightly from 20.8% to 20.6%, reflecting our continued efforts to manage project-related costs and improve operating efficiency as project scale increased.

#### Operating Expenses
The following table sets forth our operating expenses, both in absolute amount and as a percentage of the total operating expenses, for the six months ended September 30, 2024 and 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2024** | **2024** | **2025** | **2025** | **Variance** | **Variance** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** |
|  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing expenses | 160252 | 59.4 | 550000 | 45.9  | 389748 | 243.2 |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | 109502 | 40.6 | 647819  | 54.1  | 538317  | 491.6  |
|  **Operating expenses** | **269754** | **100.0** | **1197819** | **100.0** | **928065** | **344.0** |

---

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

Operating expenses increased from US$0.3 million for the six months ended September 30, 2024 to US$1.1 million for the six months ended September 30, 2025, attributable to the increases both in our selling expenses and general and administrative expenses.

*Selling and marketing expenses*

Selling and marketing expenses increased by 243.2% from US$0.2 million for the six months ended September 30, 2024 to US$0.6 million for the six months ended September 30, 2025, which was primarily attributable to the increased referral commission fees to obtain new projects and new customers, including 20 new projects and 5 new customers during the period.

*General and administrative expenses*

General and administrative expenses increased by US$0.5 million, or 491.6% from US$0.1 million for the six months ended September 30, 2024 to US$0.6 million for the six months ended September 30, 2025. The increase was primarily attributable to an increase of US$0.6 million in the allowance of credit losses, mainly resulting from the aging of certain receivables and the reassessment of the recoverability of a receivable from a single customer, for which contact could no longer be established during the period, resulting in a full provision based on management's assessment of recoverability.

#### Financial income / (expenses), net
Financial income/(expenses), net mainly consisted of exchange gain/(loss), which amounted to a net income of US$16,127 for the six months ended September 30, 2025, and a net loss of US$9,175 for the six months ended September 30, 2024.

#### Income tax expenses
Our income tax expenses were US$147,402 and US$159,083 for the six months ended September 30, 2024 and 2025, respectively. The slight decrease was generally in line with the decrease in pretax profit for the six months ended September 30, 2025.

#### Net income
As a result of the foregoing, our net income increased by US$57,741, or 6.6%, from US$875,418 for the six months ended September 30, 2024 to US$933,159 for the six months ended September 30, 2025.

#### Year Ended March 31, 2024 Compared to Year Ended March 31, 2025

#### Revenues
The following table sets forth our revenues, both in absolute amount and as a percentage of the total revenues, for the years ended March 31, 2024 and 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **Variance** | **Variance** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** |
|  **Revenues:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Online influencer marketing | 1503298 | 49.3 | 6314604 | 72.3 | 4811306 | 320.1 |
| &nbsp;&nbsp;&nbsp; Online precision marketing | 1543022 | 50.7 | 2424832 | 27.7 | 881810 | 57.1 |
|  **Total revenues** | **3046320** | **100.0** | **8739436** | **100.0** | **5693116** | **186.9** |

---

Our total revenues increased by approximately US$5.7 million, or 186.9%, from approximately US$3.0 million for the year ended March 31, 2024 to approximately US$8.7 million for the year ended March 31, 2025. This substantial growth is driven by the strong performance of both our business streams.

Revenues from our online influencer marketing increased by US$4.8 million, or 320.1%, from US$1.5 million for the year ended March 31, 2024 to US$6.3 million for the year ended March 31, 2025, which was primarily driven by the sharp rise in project volume for the year ended March 31, 2025. The number of projects soared from 6 for the year ended March 31, 2024 to 29 for the year ended March 31, 2025, which was attributed to our expanded market penetration, accumulated influencer resources across multi-platforms and growing brand partnerships.

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

Revenues from our online precision marketing increased by 57.1%, from US$1.5 million for the year ended March 31, 2024 to US$2.4 million for the year ended March 31, 2025, driven by two synergistic drivers: a 38.5% increase in project volume, with the number of projects climbed from 13 for the year ended March 31, 2024 to 18 for the year ended March 31, 2025, and a 13.5% rise in the average revenue per project, with the average project service fee increased by around US$16,019, or 13.5%. The above increase reflected the brands' growing reliance on our data-driven, full-funnel campaigns, which utilized platforms such as TikTok, Google, and YouTube, and our ability to provide comprehensive, cross-sector, end-to-end solutions.

#### Cost of Revenues
The following table sets forth our cost of revenues, both in absolute amount and as a percentage of the total cost of revenues, for the years ended March 31, 2024 and 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **Variance** | **Variance** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** |
|  **Cost of revenues:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Online influencer marketing | 1250227 | 49.7 | 4980777 | 72.1 | 3730550 | 298.4 |
| &nbsp;&nbsp;&nbsp; Online precision marketing | 1267392 | 50.3 | 1927997 | 27.9 | 660605 | 52.1 |
|  **Cost of revenues** | **2517619** | **100.0** | **6908774** | **100.0** | **4391155** | **174.4** |

---

Our cost of revenues increased by US$4.4 million, or 174.4% from US$2.5 million for the year ended March 31, 2024 to US$6.9 million for the year ended March 31, 2025, which was in line with the boost in our online influencer marketing and online precision marketing revenues. The increased cost stemmed from our expanding project portfolio, with the number of projects rising from 19 for the year ended March 31, 2024 to 47 for the year ended March 31, 2025. This growth involved more supplier partnerships to enhance cross-platform campaign capabilities. For the year ended March 31, 2025, we extended our cooperation with five new suppliers and incurred incremental cost of US$2.3 million to expand our influencer networks and diverse advertisement platforms. These investments supported our proactive response to market demand and positioned us for sustainable revenue growth.

#### Gross Profit
Our breakdown of gross profit by revenue streams for the years ended March 31, 2024 and 2025 is set forth below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **Variance** | **Variance** |
|  | **US$** | **Margin** | **%** | **US$** | **Margin** | **%** | **US$** | **%** |
|  **Gross profit and margin** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Online Influencer Marketing | 253071 | 16.8% | 47.9 | 1333827 | 21.1% | 72.9 | 1080756 | 427.1 |
| &nbsp;&nbsp;&nbsp; Online Precision Marketing | 275630 | 17.9% | 52.1 | 496835 | 20.5% | 27.1 | 221205 | 80.3 |
|  **Total** | **528701** | **17.4%** | **100.0** | **1830662** | **20.9%** | **100.0** | **1301961** | **246.3** |

---

Our gross profit increased by US$1.3 million, or 246.3%, from US$0.5 million for the year ended March 31, 2024 to US$1.8 million for the year ended March 31, 2025. For the years ended March 31, 2024 and 2025, our overall gross profit margin was 17.4% and 20.9%, respectively.

This growth was driven by our enhanced brand reputation, which had empowered us to achieve higher pricing and deepen partnerships with leading brands. These collaborations recognized our service quality and capabilities, collectively boosting the premium-earning potential of our marketing campaigns. As a result, there was a rise in high-margin projects, which were defined as those with a gross profit margin exceeding 20%. The count of such high-margin projects soared from 5 for the year ended March 31, 2024 to 20 for the year ended March 31, 2025. Consequently, their proportion within the total project portfolio expanded from 26.3% to 42.6%. As these high-margin projects accounted for a larger share of the overall revenue, they successfully lifted the average profitability per project. In turn, this upward momentum drove a rise in the overall gross profit margin. This strategic prioritization of high-margin projects reflected our commitment to operational excellence and robust financial performance.

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#### Operating Expenses
The following table sets forth our operating expenses, both in absolute amount and as a percentage of the total operating expenses, for the years ended March 31, 2024 and 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2024** | **2024** | **2025** | **2025** | **Variance** | **Variance** |
|  | **US$** | **%** | **US$** | **%** | **US$** | **%** |
|  **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing expenses | 221199 | 63.1 | 470731 | 70.6 | 249532 | 112.8 |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | 129365 | 36.9 | 195670 | 29.4 | 66305 | 51.3 |
|  **Operating expenses** | **350564** | **100.0** | **666401** | **100.0** | **315837** | **90.1** |

---

Operating expenses increased from US$0.4 million for the year ended March 31, 2024 to US$0.7 million for the year ended March 31, 2025, attributable to the increases both in our selling expenses and general and administrative expenses.

*Selling and marketing expenses*

Selling and marketing expenses increased by 112.8% from US$0.2 million for the year ended March 31, 2024 to US$0.5 million for the year ended March 31, 2025, which was primarily attributable to the increased referral commission fees to obtain new projects.

*General and administrative expenses*

General and administrative expenses increased by US$66,305, or 51.3% from US$0.1 million for the year ended March 31, 2024 to US$0.2 million for the year ended March 31, 2025, which was primarily attributable to the expanded human resources services procured from a third-party provider as our business expanded.

#### Financial income / (expenses), net
Financial income/(expenses), net mainly consisted of exchange gain/(loss), which amounted to a net income of US$17,354 for the year ended March 31, 2024, and a net loss of US$8,608 for the year ended March 31, 2025.

#### Income tax expenses
Our income tax expenses were US$15,759 and US$0.2 million for the year ended March 31, 2024 and 2025, respectively. This increase was primarily attributable to the growth of pretax profit for the year ended March 31, 2025.

#### Net income
As a result of the foregoing, our net income increased by US$0.8 million, or 449.3%, from US$0.2 million for the year ended March 31, 2024 to US$1.0 million for the year ended March 31, 2025.

#### LIQUIDITY AND CAPITAL RESOURCES
In assessing our liquidity, we monitor and analyze our cash on-hand and our operating and capital expenditure commitments. To date, we have financed our working capital requirements from cash flow from operations, debt and equity financings. As of March 31, 2025 and September 30, 2025, we had cash of US$43,109 and US$265,383, respectively, and all of our cash were held in Hong Kong. Our net cash provided by operating activities was US$1,493 and US$288,911 for the years ended March 31, 2024 and 2025, respectively. Our net cash provided by operating activities was US$46,480 and US$295,436 for the six months ended September 30, 2024 and 2025, respectively.

We believe that our current cash and forecasted net cash flows will be sufficient to meet our forecasted working capital requirements and capital expenditures in the ordinary course of business for a period of at least twelve months following this offering. We intend to finance our future working capital requirements primarily from cash generated from operating activities, and then from funds raised from financing activities, if necessary. We believe that our current cash, forecasted net cash flows, and our anticipated net proceeds from this offering will be sufficient to meet our forecasted working capital requirements and capital expenditures in the ordinary course of business beyond the next twelve months following this offering.

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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 services, the expansion of sales and marketing activities, and the expansion and penetration of our business presence into different geographic regions and markets. To enhance our liquidity position or increase our cash reserve for future investments or operations through additional financing activities, we may in the future seek equity financing or obtain credit facilities. The issue of additional equity securities, including convertible debt securities, would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.

#### Cash Flows

#### Cash Flows for the Six Months Ended September 30, 2024, compared to the Six Months Ended September 30, 2025
The table below sets forth our cash flows for the six months ended September 30, 2024 and 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2024** | **2025** | **Variance** | **Variance** |
|  | **US$** | **US$** | **US$** | **%** |
|  Net cash provided by operating activities | 46480 | 295436 | 248956 | 535.6 |
|  Net cash used in investing activities | (45348) |  | 45348 | NA |
|  Net cash provided by/(used in) financing activities | 15502 | (73126) | (88628) | NA |
|  Effect of exchange rate changes | (165) | (36) | 129 |  |
|  **Net increase in cash** | **16469** | **222274** | **205805** | **1249.7** |
|  Cash at beginning of year | 2849 | 43109 | 40260 | NA |
|  **Cash at end of year** | **19318** | **265383** | **246065** | **1273.8** |

---

#### Operating activities
Net cash provided by operating activities was US$0.3 million for the six months ended September 30, 2025, which primarily reflected our net income of US$1.0 million as mainly offset by amortization of operating lease right-of-use asset of US$2,392, interest receivables on loans to third parties of US$9,503, deferred tax benefit of US$96,575 and provision for credit losses of US$0.6 million. Adjustment for changes in operating assets and liabilities primarily consisted of (i) an increase of US$2.5 million in contract liabilities due to more advance payments from clients for future projects; and (ii) an increase of US$0.4 million in accounts payable; partially offset by (i) an increase of US$1.2 million in accounts receivable as a result of increased revenue; and (ii) an increase of US$3.0 million in advances to suppliers arose from early supplier payments to secure key resources.

Net cash provided by operating activities was US$46,480 for the six months ended September 30, 2024, which primarily reflected our net income of US$0.9 million as mainly offset by amortization of operating lease right-of-use asset of US$2,299. Adjustment for changes in operating assets and liabilities primarily consisted of (i) an increase of US$1.6 million in accounts receivable as a result of increased revenue; and (ii) an increase of US$0.6 million in contract liabilities; partially offset by (i) an increase of US$2.0 million in advances to suppliers; and (ii) an increase of US$1.2 million in accounts payable due to our business expansion.

#### Investing activity
For the six months ended September 30, 2024, our net cash used in investing activity was US$45,348, which was related to loans provided to third parties.

#### Financing activity
For the six months ended September, 2025, our net cash used in financing activities was US$73,126, which reflected US$107,500 payment for deferred offering cost and was partially offset by US$34,374 proceeds from loan provided by a related party.

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For the six months ended September, 2024, our net cash provided by financing activities was US$15,502, which was related to proceeds from loan provided by a related party.

#### Cash Flows for the Years Ended March 31, 2024, compared to the Years Ended March 31, 2025
The table below sets forth our cash flows for the years ended March 31, 2024 and 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** | **For the years ended March 31,** |
|  | **2024** | **2025** | **Variance** | **Variance** |
|  | **US$** | **US$** | **US$** | **%** |
|  Net cash provided by operating activities | 1493 | 288911 | 287418 | 19251.0 |
|  Net cash used in investing activities |  | (221348) | (221348) | NA |
|  Net cash provided by/(used in) financing activity | 1298 | (27316) | (28614) | NA |
|  Effect of exchange rate changes | 58 | 13 | (45) |  |
|  **Net increase in cash** | **2849** | **40260** | **37411** | **1313.1** |
|  Cash at beginning of year |  | 2849 | 2849 | NA |
|  **Cash at end of year** | **2849** | **43109** | **40260** | **1413.1** |

---

#### Operating activities
Net cash provided by operating activities was US$288,911 for the year ended March 31, 2025, which primarily reflected our net income of US$1.0 million as mainly offset by amortization of operating lease right-of-use asset of US$4,635. Adjustment for changes in operating assets and liabilities primarily consisted of (i) a decrease of US$1.8 million in accounts receivable resulted from more timely customer payments, driven by our intensified collection efforts; (ii) an increase of US$0.1 million in contract liabilities due to more advance payments from clients for future projects; and (iii) an increase of US$0.2 million in income tax payable due to the profit incurred for the year ended March 31, 2025; partially offset by (i) an increase of US$1.1 million in advance to suppliers arose from early supplier payments to secure key resources; (ii) a decrease of US$1.7 million in accounts payable.

Net cash provided by operating activities was US$1,493 for the year ended March 31, 2024, which primarily reflected our net income of US$0.2 million as mainly offset by amortization of operating lease right-of-use asset of US$1,140. Adjustment for changes in operating assets and liabilities primarily consisted of (i) an increase of US$2.1 million in accounts payable due to our business expansion; and (ii) an increase of US$0.2 million in accrued expenses and other current liabilities; partially offset by (i) an increase of US$2.5 million in accounts receivable as a result of increased revenue.

#### Investing activity
For the year ended March 31, 2025, our net cash used in investing activity was US$221,348, which was related to loans provided to third parties.

#### Financing activity
For the year ended March 31, 2025, our net cash used in financing activities was US$27,316, which reflected US$50,000 payment for deferred offering cost and was partially offset by US$22,684 proceeds from loan provided by a related party.

For the year ended March 31, 2025, our net cash provided by financing activities was US$1,298, which was related to proceeds from loan provided by a related party.

#### CONTRACTUAL OBLIGATIONS AND CONTINGENCIES
From time to time, we may be subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. Although the outcomes of these legal proceedings cannot be predicted, we do not believe these actions, in the aggregate, will have a material adverse impact on our financial position, results of operations or liquidity. We are not aware of any material pending or threatened claims and litigation through and as of September 30, 2025.

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We did not have any significant capital or other commitments, long-term obligations, or guarantees as of September 30, 2025.

#### OFF-BALANCE SHEET COMMITMENTS AND ARRANGEMENTS
We have not entered into any off-balance sheet financial guarantees or other off-balance sheet commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our shares and classified as shareholder's equity or that are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or product development services with us.

#### HOLDING COMPANY STRUCTURE
The Company is a holding company and has no material operations of its own. We conduct a substantial majority of our operations through our subsidiaries in Hong Kong. Because of our corporate structure as a Cayman Islands holding company with operations conducted through our subsidiaries in Hong Kong, it involves unique risks to investors. Investors in our Ordinary Shares should be aware that they will not and may never directly hold equity interests in the operating subsidiary, but rather purchasing equity solely in the Company, the Cayman Islands holding company. Furthermore, shareholders may face difficulties enforcing their legal rights under United States securities laws against our directors and officers who are located outside of the United States.

#### CRITICAL ACCOUNTING POLICIES, JUDGMENTS AND ESTIMATES
We prepared the consolidated financial statements in accordance with U.S. GAAP. When reviewing our financial statements, you should consider our selection of critical accounting policies, our judgments and other uncertainties affecting our applications of those policies and the sensitivity of reported results to changes of such policies, judgments and uncertainties. We believe the following accounting policies involve the most significant judgments and estimates used in the preparation of our financial statements. You should read the following descriptions of critical accounting policies, judgments and estimates in conjunction with our consolidated financial statements and other disclosures included in this proxy statement/prospectus.

#### Current expected credit loss
Since April 1, 2023, we adopted Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 replaces the previous incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. Upon adoption, we changed the impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments measured at amortized cost and receivables resulting from the application of ASC 606.

We maintain an allowance for credit losses in accordance with ASC Topic 326, Credit Losses ("ASC 326") and record the allowance with an expected loss methodology which will result in more timely recognition of credit losses as an offset to accounts receivable, and the estimated credit losses charged to the allowance in the consolidated statements of operations. We assess collectability by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily based on similar business lines, services or product offerings and on an individual basis when we identify specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, we consider historical collectability based on past due status, the age of the accounts receivable balances, credit quality of our customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect our ability to collect from customer.

For the years ended March 31, 2024 and 2025, we did not provide expected credit losses against accounts receivable. For the six months ended September 30, 2024 and 2025, we recorded nil and US$585,302 credit losses against accounts receivable.

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#### Revenue recognition
We applied ASC Topic 606 "Revenue from Contracts with Customers" ("ASC 606") for all years presented.

The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services.

The following five steps are applied to achieve that core principle:

Our revenues are mainly generated from online influencer marketing and online precision marketing.

*<u>*<u>Online influencer marketing</u>*</u>*

We contract with customers to deliver integrated online influencer marketing solutions targeting the youth market. Each contract explicitly specifies marketing services, agreed-upon publishing schedule, each party's rights and obligations, as well as payment terms. Our promises include identifying and matching multi-platform influencers aligned with customer objectives, developing customized marketing content leveraging influencer reach, publishing content via influencer accounts per contractual schedules, and providing post-campaign performance reviews. We have concluded that it is considered as bundle of services due to the customer cannot benefit from each service on its own and the promises are not distinct within the context of the contract, as they are highly interdependent and significantly modify one another such as that content creation is inseparable from influencer selection, and distribution is contingent on platform-specific accounts. Furthermore, this bundle of services do not have an alternative use for another customer as there are practical limitation on our ability to redirect the content for another use. Consequently, the customer benefits from the bundles of services on the integrated solution rather than distinct services on its individual components.

The contract consideration is fixed and determined by influencer reach, content volume, and campaign duration that is typically one or two months. Revenue is recognized over time as services are rendered, measured by progress against the content publishing schedule. This method faithfully depicts the transfer of control, because the customer simultaneously receives and consumes the benefits of the online influencer marketing services as we deliver the services throughout the campaign period. Post-campaign completion is formalized via signed confirmation letters which is significant risk and reward transferred to the customer. We usually require a certain portion of prepayment and settlement of the remaining portion after the acknowledgement of service completion within a short credit term.

*<u>*<u>Online precision marketing</u>*</u>*

We contract with customers to provide online precision marketing services through placing advertisements to target users across platforms like TikTok, Google, and YouTube, etc. We usually enter online precision marketing contracts with the third-party advertising agencies that represent advertisers. Each contract explicitly specifies marketing services, agreed-upon release schedule with targeted exposure volume, each party's rights and obligations, as well as payment terms. We promise to deploy targeted ads through banners and video interstitials, etc. over the contract period according to the predetermined release schedule and ensure the actual exposure volume exceeding the target level. We commit to display a series of advertisements which are substantially the same or similar in content and transfer pattern, and the display of the whole series of advertisements is identified as the single performance obligation under the contract.

The contract consideration is fixed and determined by targeted exposure volume and "cost per mille" ("CPM"), where it is based on the number of times an ad is displayed on behalf of a customer, regardless of whether a user clicks on it. The contract price is not further affected by executed exposure volume. Revenue is recognized over time as services are rendered, measured by progress against the agreed-upon release schedule. This method faithfully depicts the transfer of control, because the customer simultaneously receives and consumes the benefits of the online precision marketing services as we deliver the services throughout the campaign period that is typically one to two months. Completion is evidenced by signed confirmation letters verifying exposure volume achievement. We usually require a certain portion of prepayment and settlement of the remaining portion after the acknowledgement of service completion within a credit term of 90 days.

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#### Internal Control over Financial Reporting
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. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting, and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting.

In the course of preparing and auditing our consolidated financial statements as of and for the fiscal years ended March 31, 2024 and 2025, we and our independent registered public accounting firm identified two material weakness in our internal control over financial reporting as of March 31, 2025. As defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

Two material weaknesses that have been identified related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our lack of sufficient and competent accounting staff and resources with appropriate knowledge of generally accepted accounting principles in the United States ("U.S. GAAP") and SEC reporting and compliance requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our lack of robust and formal period-end financial reporting policies and procedures in place to address complex U.S. GAAP technical accounting and the SEC reporting requirements.

To remedy our identified material weakness, we plan to improve our internal control over financial reporting through the following measures, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) develop and implement a comprehensive set of processes and internal controls to timely and appropriately

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) identify transactions that may be subject to complex U.S. GAAP accounting treatment, (ii) analyze the transactions in accordance with the relevant U.S. GAAP, and (iii) review the accounting technical analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) hire additional accounting staff members with U.S. GAAP and SEC reporting experiences to implement the abovementioned financial reporting procedures and internal controls to ensure the consolidated financial statements and related disclosures under U.S. GAAP and SEC reporting requirements are prepared appropriately on a timely basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) establish an ongoing training program to provide sufficient and appropriate trainings for accounting and financial reporting personnel, including trainings related to U.S. GAAP and SEC reporting requirements.

However, we cannot assure you that we will remediate our material weakness in a timely manner. See "*Risk Factors — Risks Related to Our Business and Industry — Our lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud.*."

As a company with less than US$1.235 billion in revenue for the last fiscal year, we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial reporting.

#### Quantitative and Qualitative Disclosures about Market Risks

#### Economic and political risks
Our operations are mainly conducted in Hong Kong. Accordingly, our business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in Hong Kong.

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Our operations in Hong Kong are subject to special considerations and significant risks. These include risks associated with, among others, the political, economic, and legal environment and foreign currency exchange. Our results may be adversely affected by changes in the political and social conditions in Hong Kong, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.

#### Liquidity Risk
We are also exposed to liquidity risk which is the risk that we are unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, we will turn to other financial institutions and related parties to obtain short-term funding to meet the liquidity shortage.

#### Credit Risk
Assets that potentially subject us to a significant concentration of credit risk primarily consist of cash, accounts receivable and other current asset.

We have designed our credit policies with an objective to minimize their exposure to credit risk. Our accounts receivable is short term in nature and the associated risk is minimal. We conduct credit evaluations on our clients and generally do not require collateral or other security from such clients. We periodically evaluate the creditworthiness of the existing clients in determining an allowance for expected credit losses primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

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#### INDUSTRY OVERVIEW
*Unless otherwise noted, all the information and data presented in this section have been derived from the industry report from Xiamen Flashstone Investment Management Consulting Co., Ltd. ("Flash*-Stone *Consulting") commissioned by us on July 16, 2025 entitled "Global MCN and Digital Targeted Advertising Market Research Report" (the "Flash*-Stone *Report"). Flash*-Stone *Consulting has advised us that the statistical and graphical information contained herein is drawn from its database and other sources. The following discussion contains projections for future growth, which may not occur at the rates that are projected or at all.*

#### Market Size and Forecast of the Global and Asian MCN Industry

#### Global Market Size and Forecast
MCN (Multi-Channel Network) is an intermediary platform that connects brands with content creators, providing content production, monetization, and distribution services under revenue-sharing agreements. Its core value lies in reducing transaction costs between brands and creators while optimizing content marketing efficiency.

Propelled by rapid digitization across consumer and commercial spheres, the global MCN sector has moved from nascent emergence to sustained expansion. In its formative years the proliferation of the internet and digital media created low-friction pathways for content creation and distribution, catalysing early-stage growth. The COVID-19 pandemic then accelerated the adoption of online lifestyles, triggering an upsurge in demand for premium digital content and amplifying the industry's trajectory. Today the MCN market is firmly in a phase of steady, secular growth, underwritten by continued technology innovation, constantly evolving content formats and the rise of large, under-penetrated emerging markets.

Emerging regions such as Southeast Asia are scaling quickly as connectivity and smartphone penetration deepen, creating substantial white-space opportunities for MCN operators worldwide. Against this backdrop, the industry's gross market value grew from USD 3.9 billion in 2019 to USD 20.9 billion in 2024 and is expected to exceed USD 40.2 billion by 2029.

![](tbarchart_001.jpg)

Source: Flash-Stone Consulting

Several structural drivers underpin the sector's momentum. Foremost, the ascendance of short-form video and live streaming has fundamentally reset consumer content-consumption patterns. Their direct, immersive nature captures target audience's 'in-between' moments and has become a mainstream gateway for entertainment and transaction. MCN operators have responded by investing across the full content-to-commerce stack — production, talent incubation and data-driven operations — to maximize creator monetisation.

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Secondly, legacy e-commerce is migrating toward content-led commerce. Brand owners now rely on MCNs' storytelling and distribution capabilities to deliver more engaging, immersive shopping journeys — strengthening brand affinity and boosting conversion. Deep alliances with leading e-commerce platforms enable MCNs to layer product placements, live-streaming commerce and other innovative formats, thereby diversifying revenue and adding incremental growth.

Ongoing advances in digital media technology form the industry's backbone. Big data analytics allow granular insight into user preferences, driving personalised content recommendations and precision marketing. Artificial intelligence streamlines creation, editing and moderation workflows, significantly improving efficiency and reducing cost. Cloud computing, meanwhile, provides the scalable, secure infrastructure required to store, distribute and analyse large content libraries. Together these technologies enhance both operating leverage and content quality, attracting new creators and widening the ecosystem.

Advertising — the industry's traditional foundation — has re-accelerated as marketers rebalance budgets toward digital inventory. By combining content strategy, influencer aggregation and data-driven targeting, MCNs are delivering integrated solutions that resonate with advertisers and are capturing a growing share of spend.

The rise of "see-now-buy-now" behavior further tightens the feedback loop between content and commerce. Through live-streaming commerce and influencer seeding, MCNs convert traffic into immediate sales, opening up an incremental growth avenue. Although the paid-content model is still in its early stages, it reflects rising willingness to pay for differentiated, high-quality content — offering another future revenue layer.

Looking forward, technology will remain the core catalyst. AI-generated content (AIGC) is redefining production economics; virtual and augmented reality tools are enabling immersive storytelling; and blockchain technologies show promise in rights management and attribution. Content formats will continue to diversify — short dramas, interactive video and virtual influencers — helping operators reach niche audiences and expand market share. As penetration deepens across emerging markets, the industry is on track to enter a larger-scale, higher-quality and more format-rich cycle.

Industry structure is likewise expected to become more granular. Specialist MCNs focused on specific verticals are likely to emerge, building high-impact content matrices that serve targeted communities and thereby securing defensible competitive positions.

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#### Asian Market Size and Forecast
Asia represents the world's most compelling MCN opportunity set. Ubiquitous internet access and widespread smartphone adoption have fundamentally altered information and entertainment consumption, while the region's sizeable — and still expanding — population of internet users underpins outsized growth prospects. The Asian MCN market reached USD 10.6 billion in 2024 and is projected to grow to USD 22.4 billion by 2029, accounting for roughly 55.6 percent of global industry value.

![](tbarchart_002.jpg)

Source: Flash-Stone Consulting

The regional landscape shows divergent development trajectories China leads in scale, supported by sophisticated infrastructure, an integrated e-commerce value chain and supportive policy. Hong Kong, serving as a critical bridge connecting Mainland China and Southeast Asia, leverages its distinctive position as a cross-border hub to attract substantial digital e-commerce activities. Concurrently, the establishment of operations by some leading Mainland China-based MCN institutions has catalysed the market's expansion. Consequently, Hong Kong's MCN market size accelerated rapidly from USD 162 million in 2019 to USD 637 million in 2024. This trajectory is expected to persist, with the market projected to sustain rapid growth momentum and reach USD 1,025 million by 2029.

Southeast Asia, in particular, is emerging as the region's incremental engine. Improved connectivity allows creators to produce and distribute high-definition video and live streams more efficiently, enhancing user experience and engagement. Favorable demographics — young, mobile-first consumers with a penchant for personalized content — further accelerate adoption. The region's fast-growing e-commerce sector promotes tight MCN-retailer partnerships, enabling seamless conversion from content to transaction.

In Japan, the MCN model emphasizes meticulous production values and multi-platform syndication, while monetization spans advertising, merchandise, subscription and offline events. South Korea's 'idol + MCN' formula, which combines formal talent training with social-media management, delivers rapid fan engagement and diversified cash-flow streams such as live-streaming commerce and brand endorsements.

Technological adoption — AI personalization, VR/AR immersion and 5G bandwidth — will continue to elevate user experience and creative productivity. As competition intensifies, scale players will double down on R&D and talent, whereas smaller entrants are expected to pursue niche verticals. Cross-sector entrants, including internet platforms and legacy media, are already reshaping the competitive landscape.

Monetization will likewise broaden. Beyond advertising and live-streaming commerce, recurring subscription income and knowledge-based products are poised to become additional growth pillars.

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#### Market Size and Forecast of the Global and Asian Digital Targeted Advertising Industry

#### Global Market Size and Forecast
Global digital targeted advertising has scaled rapidly alongside advancements in digital targeting technologies, expanding from USD 332.5 billion in 2019 to USD 604.2 billion in 2024, and is forecast to reach USD 810.5 billion by 2029.

![](tbarchart_003.jpg)

Source: Flash-Stone Consulting

Sustained growth is driven by technology, shifting consumer behavior, and rising penetration in underserved markets. Big data analytics, AI, and machine learning enable precise audience segmentation and optimize campaign performance, while cloud computing provides the elastic infrastructure to deploy ads at scale.

Digital consumption habits, such as online shopping, streaming entertainment, and social engagement, have made digital targeted advertising an integral part of brand strategy. Mobile usage, in particular, offers constant, context-rich touchpoints that amplify reach and effectiveness.

Emerging markets drive incremental growth. As connectivity and smartphone ownership rise, e-commerce flourishes, prompting advertisers to redirect budgets to capture incremental demand, thereby boosting overall spend.

Continued advances in AI and machine learning will sharpen personalization; IoT integration will pioneer new advertising scenarios across smart devices; and competitive pressure will accelerate innovation across formats and expression.

Video, especially short-form and live streaming, will remain the fastest-growing format. Interactive and AR-enabled ads are gaining traction, while programmatic trading is set to capture an ever-larger share of budgets, owing to its automation and efficiency.

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#### Asian Market Size and Forecast
Asia's digital targeted advertising market reached USD 215.3 billion in 2024 and is projected to exceed USD 300.7 billion by 2029, making it the primary global growth engine.

![](tbarchart_004.jpg)

Source: Flash-Stone Consulting

Widespread AI and big data adoption enables precision targeting, while smartphone ubiquity has made mobile inventory the dominant growth vector. The rise of regional e-commerce platforms further fuels digital advertising demand as merchants vie for consumer attention in increasingly crowded marketplaces.

Benefiting from widespread digital technology adoption, rising online consumption, and high social media penetration, Hong Kong's digital advertising market experienced robust expansion from 2019 to 2024, growing from USD 1.3 billion to USD 2.1 billion. The accelerated rollout of 5G networks, near-universal smartphone adoption, and maturation of digital payment systems have driven consumers toward e-commerce platforms with increasing frequency. Advertisers have correspondingly shifted budgets from traditional media to higher-precision digital channels — particularly social platforms (e.g., Facebook, Instagram) and video streaming services (e.g., YouTube). This trajectory is projected to continue, with the market expected to reach USD 2.7 billion by 2029.

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![](tbarchart_005.jpg)

Source: Flash-Stone Consulting

Japan and Korea continue to lead in terms of maturity and steady expansion. Southeast Asia, with accelerating penetration and a growing population of internet users, is recording the highest growth rates, aided by rapid uptake of programmatic and social media advertising.

Meanwhile, Southeast Asia possesses a substantial youth population cohort, with individuals aged 30 or younger constituting a significant majority of the regional demographic. This demographic cohort exhibits strong curiosity and enthusiasm for novel experiences, demonstrates distinct demand for personalized and diversified content formats, and actively engages through interactive participation. Multi-channel network (MCN) operators precisely identify the interest points of these young users and develop substantial volumes of content tailored to their preferences, thereby successfully attracting significant youth followings. This consumption momentum, principally driven by the youth demographic, continues to propel sustained and rapid expansion of the market scale.

Looking ahead, deeper enterprise digitization will support higher ad budgets, while technology advances such as AI, cloud, and AR/VR will enhance both effectiveness and user experience. Richer, more immersive formats will diversify monetization opportunities and cement Asia's role at the center of global digital targeted advertising growth.

#### Competitive Landscape
Southeast Asia has emerged as one of the fastest-growing subregions within Asia's digital targeted advertising landscape, benefiting from both a demographic dividend and rapid economic expansion. The region's rising working-age population and ongoing consumer upgrading closely resemble the "golden window" China experienced about a decade ago, providing fertile ground for differentiated Chinese brands to scale internationally.

Southeast Asia is also home to one of the world's largest concentrations of mobile device and social media users, with internet penetration in most major markets approaching or exceeding 80%. This combination of demographic momentum and widespread connectivity has significantly expanded the reach and depth of digital marketing across the region, driving robust growth in multiple formats, including MCNs. E-commerce platforms such as Shopee, Lazada, and TikTok play a critical role in this ecosystem. Notably, TikTok's strong user engagement and rapid expansion have made it an increasingly important channel for Chinese brands seeking to build awareness and promote products to local consumers.

The local digital advertising agency ecosystem remains highly fragmented, with most players being small-to medium-sized enterprises and overall market concentration still low. As China's domestic market matures and competitive intensity rises, a growing number of Chinese MCNs are accelerating their overseas expansion, with Southeast Asia as a key destination. Flagship players including Jiao Ge Peng You, VS MEDIA, and Three Sheep Network are leveraging proven operating models and executing deliberate internationalization strategies to capture this growth.

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However, Southeast Asia is far from monolithic. Significant cultural, linguistic, and regulatory differences across markets require highly localized content, products, and compliance frameworks. Success in this region depends on deep local market knowledge and the ability to tailor creative design, marketing execution, and customer service to local consumer preferences. Regional specialist MCNs — such as Red Wisdom, GIM Media, MeLive Network, Big Host Agency, and Pongo — have established strong competitive positions by combining deep audience insights with the ability to deliver precision campaigns that resonate with local audiences.

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#### OUR CORPORATE STRUCTURE AND HISTORY
The following diagram illustrates the ownership structure of the Company after giving effect to this offering:

![](tflowchart_001.jpg)

____________

1) Mr. Chen Qiu, our Controlling Shareholder, beneficially owns 14,140,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares, representing as of the date of this Prospectus, approximately 76.56% of our total issued and outstanding shares, consisting of approximately 56.56% of our total issued and outstanding Class A Ordinary Shares, and 100% of our total issued and outstanding Class B Ordinary Shares, and representing, in aggregate, 97.82% of the total voting power. After giving effect to this offering, Mr. Chen Qiu will own 14,140,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares, representing approximately 65.44% of our total issued and outstanding shares, consisting of approximately 58.31% of our total issued and outstanding Class A Ordinary Shares, and 100% of our total issued and outstanding Class B Ordinary Shares, and representing, in aggregate, 96.32% of the total voting power, assuming the underwriters do not exercise their over-allotment option.

2) Assumes an offering of 4,250,000 Class A Ordinary Shares and assumes no exercise by the underwriters of their over-allotment option.

The above charge assumes an offering of 4,250,000 Class A Ordinary Shares and assumes no exercise by the underwriters of their over-allotment option.

---

| | | |
|:---|:---|:---|
|  **Subsidiary Name** | **Background** | **Ownership** |
|  Miaohong Creation Limited ("Red Wisdom (BVI)") | Incorporated in the BVI on February 27, 2025 as a BVI business company. | 100% held by Red Wisdom Creation Limited |
|  Red Wisdom Creation (Hong Kong) Limited (f/k/a Miao Hong Trading Co., Limited) ("Red Wisdom HK") | Incorporated in Hong Kong on August 9, 2019 as a company limited by shares. | 100% held by Miaohong Creation Limited |

---

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Red Wisdom Creation Limited, the issuer in this Offering, was incorporated in the Cayman Islands on February 12, 2025 as an exempted company. The Group first began operations in 2019 through its primary operating subsidiary, Red Wisdom HK.

Our Controlling Shareholder will own 65.44% of our issued and outstanding share capital, and approximately 96.32% aggregate voting power of our Company immediately following the completion of this Offering, assuming that the underwriters do not exercise their over-allotment option.

#### Reorganization
Prior to the incorporation of the Company, our principal operations were carried out through Red Wisdom HK. Red Wisdom HK was wholly controlled by 6 original individual shareholders, being Chen Qiu, Zeng Ruming, Wang Wentong, Hu Jusheng, Fan Jianping and Li Mengting.

On February 12, 2025, Red Wisdom was incorporated under the laws of the Cayman Islands, and controlled by the above 6 original individual shareholders upon the completion its share issuance.

On February 27, 2025, Red Wisdom (BVI) was incorporated under the laws of the BVI by Red Wisdom as a wholly owned subsidiary of Red Wisdom.

On April 15, 2025, as part of the reorganization in contemplation of this Offering, Red Wisdom (BVI) acquired 100% interest in Red Wisdom HK from the 6 original individual shareholders. As of the date of this prospectus, Red Wisdom HK, our Hong Kong operating subsidiary, are wholly-owned, directly by the Company.

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#### BUSINESS

#### OVERVIEW
We are an online multi-channel network (MCN) marketing solution provider based in Hong Kong SAR, specializing in providing influencer marketing and multi-platform media marketing, with a main target audience of users from the youth market. We are dedicated to helping our clients in implementing and enhancing their online marketing activities with a view to achieving their marketing goals.

MCN (Multi-Channel Network) is an intermediary platform that connects brands with content creators, providing content production, monetization, and distribution services under revenue-sharing agreements. Its core value lies in reducing transaction costs between brands and creators while optimizing content marketing efficiency. We advise clients on online marketing strategies, offer advertising optimization services and facilitate the deployment of advertising campaigns. Our advertising campaigns can include various forms of content creation for social media and targeted marketing, such as short videos, live broadcasts, scenario-based content implantation, social media posts, search ads, in-feed ads, and banner ads.

Relying on our well-established network of media resources and our management's industry experience in connecting with youth culture, we have grown rapidly from a start-up digital marketing agency founded in 2019 to a MCN marketing solution provider. According to the Flash-Stone Report, the market size of the Asia MCN market has grown to $10.6 billion in 2024, and forecasted to grow to $22.4 billion by 2029, accounting for approximately 55.6% of the global MCN market. Hong Kong, serving as a critical bridge connecting Mainland China and Southeast Asia, leverages its distinctive position as a cross-border hub to attract substantial digital e-commerce activities. Concurrently, the establishment of operations by some leading Mainland China-based MCN institutions has catalysed the market's expansion. Consequently, Hong Kong's MCN market size accelerated rapidly from USD 162 million in 2019 to USD 637 million in 2024. This trajectory is expected to persist, with the market projected to sustain rapid growth momentum and reach USD 1,025 million by 2029.

We support clients by formulating their online advertising strategies, optimizing their social media presence, and running their ads on suitable advertising channels, with a main target audience of users from the youth market. We have built a broad and diverse client base across various industries. We believe our ability to attract and retain these clients reflects our high level of efficacy, which is essential to our business growth.

We offer two types of advertising services: (i) online influencer marketing, and (ii) online precision marketing services. Our online influencer marketing services consist consolidating a network of online influencers through our various suppliers consisting of influencer agencies, that can generate targeted content based on our directions on brand marketing for deployment on social media and short-video platforms. We provide a comprehensive service to clients, ranging from influencer screening to delivery optimization. Our online precision marketing services consist of data driven online brand marketing through the implementation of search ad placements, in-feed ad placements search ads, and/or banner ad placements across dominant online platforms such as Google, TikTok, and YouTube.

#### OUR COMPETITIVE STRENGTHS
We believe our success is attributed to, among other things, the following competitive strengths:

#### We work with a wide breadth of online influencer marketing suppliers, ensuring wide coverage to meet client's demands.
We are able to meet the diverse needs of different clients through our experience of working with a wide breadth of online influencer marketing suppliers, consisting of influencer agencies. During the two years ended March 31, 2024 and 2025, we have worked with, in aggregate, over 9 influencer agencies, allowing us to work with a wide variety of influencers that can cater to and cover a wide range of client's demands, enabling the clients to reach their target audience and achieve social media presence. Typically these target audiences include users from the youth market. Our engagement with influencer agencies is on a project-by-project basis, with agreements tailored to the specific scope, duration, and objectives of each marketing campaign. Our repeated collaborations have established ongoing commercial relationships with the influencer agencies that enable reliable access to their influencer networks.

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We have experience working with online influencers at various levels of popularity, from micro-influencers to online celebrities. This experience allows us to provide clients with diversified choice ranging from small-scale promotions to large-scale marketing drives depending on their business needs. The effectiveness demonstrated by social media marketing has fueled demand for our online influencer marketing services.

For the year ended March 31, 2024 and 2025, revenue for online influencer marketing services constituted 49.3% and 72.3% of our revenue for the year, respectively. For the six months ended September 30, 2025 and 2024, revenue for online influencer marketing services constituted 70.1% and 50.6% of our revenue, respectively.

To manage the various influencers engaged for our projects, and to ensure quality of disseminated content, we operate a project management system with influencer agencies and their influencers, where our team communicates instructions relating to brand strategy throughout the service process. Online influencers provided by our suppliers also undergo our vigorous assessment process before being allowed to join our affiliated network. In addition, we provide content creation support to the network of online influencers provided by our suppliers, to ensure marketing content disseminated is engaging and appropriate for the client brand.

#### Capability of offering multi-channel online marketing solutions
Our online influencer marketing services is a component of our MCN marketing solutions. We offer online precision marketing services to clients, where we can place ads through multiple channels at the optimal formats for our clients, such as search ads on search engines, short video ads on video sharing platforms, and banner ads on popular websites. Our coverage capabilities span from global mainstream social media platforms, such as TikTok, Instagram, Facebook, Bing, Google or YouTube, to emerging social and content platforms. We have established a stable commercial relationship with such major social media and e-commerce platforms, that can provide clients with significant audience exposure and quality promotional services. We actively expand to new channels and explore cooperation with emerging platforms to enrich our marketing options to our clients.

Our company is experienced in MCN marketing, particularly to users in the youth market, and with our team of professional digital marketing experts, we are able to advise clients of suitable marketing solutions based on their differing needs. We address our clients' advertising needs by orchestrating their marketing campaigns on suitable publication channels that can also achieve synergies between the various channels, aiming for maximum advertising impact within the parameters of clients' marketing budget. Armed with our industry insights, we enable our clients' brand message to be effectively disseminated in multi-channel distributions in order to achieve an all-rounded market coverage. By offering multi-channel marketing solutions, we believe it enhances our clients' loyalty to us and sustains our future business growth.

#### Capability of offering data driven market strategy services
With our team of digital marketing experts being adept in multi-channel precision marketing and connection with a broad network of online influencers, we are able to provide clients with a one-stop marketing analysis and solution services that has a global reach. The market strategy services we offer ranges from market research, brand positioning, target audience analysis, competitor analysis, to marketing strategy formulation, creative planning and effect evaluation. We are attentive to industry dynamics and emerging trends through the use of data analysis, and integrate marketing strategies such as "emotional marketing" into our content creation and services. "Emotional marketing" uses emotion to influence consumer behavior and build lasting connections between brands and consumers. It appeals to target users' emotions through storytelling and evoking a certain emotional narrative in the brand messaging. We help clients strategize their marketing approach through creation of their brand's emotive messaging, design of emotional narrative in their media content, locating the appropriate content creators and/or online influencers, and analysis of the market, media channels, and target audience's sentiments to enable targeted marketing. We facilitate cross-channel precision integrated marketing that is based on client brand's characteristics and the advantages of different media channels to ultimately accomplish synergy on a multi-channel front.

Our ability to continuously generate creative content that attracts audience attention with precision is data driven and strategic. We run detailed analysis on viral or popular online media content to extrapolate traits and trends, with a view to increase our rate of generating viral content and heighten traffic flow to client brand content. Examples of features that can increase online traffic to content include strategic headlines, strategic content tagging, innovative storytelling, incorporating trending topics, use of trending slang, cooperation with famous intellectual proprietors, and formulating a product nickname.

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We are able to meet the diverse needs of different clients through working with our online influencer marketing suppliers, which consists of influencer agencies. We are able to utilize our quality talent pool of inhouse content creators for animation works, post-production editing, webpage design, and advertising design that is highly compatible with the client brand's strategy and can engage the target audience. In addition, we are able to help clients navigate the ever evolving marketing landscape and capture the attention of online audiences, by our data driven marketing strategy services that is bolstered by our team's profound industry insights and ability to continuously generate creative content.

#### OUR STRATEGIES AND FUTURE PLAN

#### Strengthen our online influencer marketing services
In light of the increasing time consumers spend on social media platforms, especially in the fields of shopping and entertainment, we intend to strengthen and expand our capabilities in online entertainer marketing services to reach a global audience and broaden our customer base.

We recognize a boom in social media marketing, where there are a surging number of consumers having their shopping habits influenced by social media posts and live broadcasting rooms. Social media platforms such as TikTok, Instagram, YouTube, and Facebook are popular among users, with advertisers using these platforms for band promotions and product marketing to attract the younger generation of consumers. For MCN companies like us, developing a global positioning in the online influencer market is a natural next step. Based on our existing business foundation, we pursue an expansion of our customer base in different industries such as fashion, beauty, food, tourism and others, on both a domestic and international level, to improve our company's visibility in the digital marketing industry. To facilitate strategizing our approach, we seek to conduct thorough research on the latest MCN market, competitive landscape, customer demand characteristics and pop culture trends of different countries and regions, by recruiting marketing talent that are familiar with the local market.

We intend to invest in the online influencer market by enhancing our strategic alliances with influencer agencies and agencies to gain access to a larger and more international pool of influencer resources, which will enable us to further unlock high-quality consumer groups in the global market. Our company also plans to deepen cooperation with global social media platforms such as TikTok, Instagram, Facebook, Bing, Google, and YouTube, by actively participating in such platform's various partnership plans and marketing promotion activities, striving for more advantageous policies in respect of traffic support, resource support and advertising subsidies etc. This can lead to our company being able to provide clients and affiliated content creators with better promotional resources and service guarantees. We also intend to enhance cooperation in data mining and analysis with such platforms, to be able to fully utilize the big data resources available on the platforms and provide clients with heightened accuracy in the areas of target audience profiles and marketing effect evaluation, which would in turn improve marketing strategies and marketing impact.

Moreover, we plan to satisfy the diverse needs of clients by strengthening our cooperation with online influencer agencies, forming partnerships with more online influencer agencies with quality content creators, to boost the number and quality of online influencers we work with, and cover more content areas and stylistic types. We would explore forming an online influencer partnership coalition with overseas online influencer agencies and overseas MCN organizations, with the goal of providing clients with a stronger online influencer lineup and creative content support, as well as improving our company's market position in online influencer marketing services industry.

By strengthening our capabilities in online influencer marketing services, we can enhance our company's competitiveness and influence in the realm of international digital marketing. By developing and integrating resource channels on a global scale, we can build our company into a leading provider for MCN marketing services and solutions in Asia. As at the date of this Prospectus, we have no plans to diversify our business into the Chinese market.

#### Continuing to recruit and maintain talent
We have built a talented team with rich working experience and specialized knowledge in the realm of MCN marketing. As we expand the scale of our business, our demand for high-caliber candidates to join our team will continue to grow. To support our business growth, we will increase our recruitment efforts by offering market competitive employment packages and career development prospectus to attract talent with an international perspective, effective communication skills, cultural awareness, and strong digital marketing skills. We intend to introduce more marketing planning positions at different career levels, in order to strength our marketing planning capabilities and build up our production capacity in quality media content.

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To continue to maintain talent at our company, we propose to initiate and implement a comprehensive training and development system to offer our contractors with internal and external training opportunities and online learning resources, so that our contractors can consistently improve their professional skills. We aim to build a positive and motivating corporate culture that fosters innovation and rewards talent.

#### Improving information and technology capabilities
As a MCN marketing company, we rely on efficient and advanced information and technology systems as part of our daily operations. Our company plans to invest in information and technology systems and intelligent content creation tools that can raise our technical strengths in content creation and data processing abilities, such as AIGC platforms, virtual humans, social media management platforms, and advertising delivery systems. In support of our business expansion, these are expected to increase efficiency in content creation, optimize social media operation processes, and improve the accuracy and effectiveness of advertising delivery.

We also intend to fortify our data collection, storage, analysis and mining capabilities by establishing a comprehensive data indicator system and analysis model, where an in-depth and accurate analysis of user, market data, and channel data can provide clients with accurate market insights, target audience positioning, marketing effect evaluation and other data-driven marketing solutions.

We believe that improving our information and technology capabilities will increase our competitiveness in the industry and place us in a market leading position for content creation and marketing strategy solutions.

#### OUR SERVICES
Our company is committed to providing clients with precise and efficient MCN marketing services and solutions. With our access to network of online influencers through our influencer agency suppliers, combined with our own creative team and production resources, we are able to generate and help influencers produce high-quality and diversified content, such as short videos, images, live broadcasts, and in-feed ads, to engage a range of users on major online platforms such as Tik Tok, Instagram, Facebook, Bing, Google, and YouTube. We cover content in a vast range of fields, including fashion, beauty, and food.

As a MCN marketing service provider, we consider that our value to clients mainly lie in our ability to provide one-stop services from brand positioning, target audience analysis to marketing planning, content production, influencer cooperation, and ad placement, to which we can ensure content disseminated on all channels are properly managed, aligned with the brand strategy, and effectively promotes the client brand to the target audience. As such, we are able to offer highly customized MCN marketing plans for clients according to their needs and budget.

While our services are discussed as separate service streams below, in practice customers or suppliers typically do not make such distinctions and may be involved in both our service streams simultaneously.

#### Online influencer marketing
As part of our online influencer marketing services, we offer access to a broad network of online influencers across industries at various levels of popularity. Through collaborating with our suppliers consisting of influencer agencies, we consolidate a network of online influencers which we can then partner with in providing online influencer marketing services to our clients.

After we obtain and analyze the client's advertising needs, we first consult with the client whether they require online influencers to promote their products. If the client opts for our online influencer marketing services, based on the customer's product and marketing timing, we provide consultation services on suitable influencer candidates and generate a marking plan for the client's consideration. Once the client confirms their selection, we liaise with the relevant influencer agencies to source the influencers in alignment with the execution of our marketing plan.

The selected online influencers would produce and disseminate posts, short-videos, and live broadcasts on social media platforms under their own accounts to promote the client brand in line with our directions on brand strategy. We consolidate a network of influencers providing presences on popular social media platforms such as Tik Tok,

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Instagram, YouTube, and Facebook, and covering a spectrum of industries including fashion, beauty, and food. The influencers are able to attract target audience's attention to the product by disseminating engaging content in various forms such as product reviews and product placements (e.g. beauty influencer uses the client product as part of a makeup tutorial, or the client product is used as part of a skit video).

To ensure that online influencers' content is up to a quality standard, our company has established a project management system to communication with influencer agencies and their influencers, where our team provides instructions relating to brand strategy and content creation to influencers throughout the service process, regarding product selection, launching, execution, to optimization of marketing. Through our talent dispatch model, we can also engage contractors in a timely manner in accordance with marketing project demands, in order to provide content creation support to online influencers, ensuring that content produced and disseminated by the affiliated influencers are of high quality, captures attention, and can effectively portray the brand's message.

We evaluate the influencers that we select to work with through a multiple layer assessment system, which includes the influencer's history of traffic generation in terms of trend and stability, and the influencer's co-branded content output, as well as the delivery effect and cost performance of the influencer's previous content output. In our selection of influencers, we consider factors such as the nature of the client's brand being promoted, the client's requirements and the influencers' professional capabilities.

#### Online precision marketing services
As part of our online precision marketing services, we offer online advertising services on a "cost per mile" ("CPM") basis, where it is based on the number of times an ad is displayed on behalf of a client, regardless of whether a user clicks on it. Our CPM ads are typically in the forms of search ads, in-feed ads, and banner ads.

*Search ads*

We offer search engine marketing (SEM) and search engine optimization (SEO) services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Search engine marketing (SEM): a form of internet marketing that involves the promotion of the advertisers' products or services by increasing the visibility of their ads on the search result pages or the derivative products of search engine operators, typically triggered by a keyword searching action initiated by the user of the search engine.

Generally, search ads may take the form of (i) ranked search ads, which are typically ads displayed among the search results triggered by and directly relevant to a user's keyword searches, and are typically bought through an auction-based model; or (ii) display search ads that appear in other positions (such as the margin) of a search results page, which are more typically bought through a non-auctioned based model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Search engine optimization (SEO): the practice of optimizing a website to improve its visibility and ranking in search engine results pages. The goal is to attract more organic (unpaid) traffic to a website by making it more appealing to search engine algorithms. This involves various techniques focused on enhancing both the website's content and its technical structure to align with search engine best practices.

*In-feed ads*

In-feed ads are a form of display ads that blend into the environment they appear in, for instance, looking like part of the news feed on a news or social media webpage, or appearing as a video clip on a short-video sharing platform.

As a form of "precision marketing", in-feed advertising pushes ads to viewers based on data collected that is relevant to the user's interests and therefore improves the likelihood of delivering ads to the desired audience of the advertisers. Due to the nature of in-feed ads, optimization in their presentation based on the features of advertisers' products and services, including factors such as the graphic design of ads and the selection of the target audience, time slots, geographic regions and tiers of cities to display the ads, plays a vital role in improving the likelihood to attract clicks.

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*Banner ads*

Banner ads are a form of display ads that are typically displayed at the top, bottom, or sides of web pages or within apps, to attract attention and drive traffic to the advertiser's website using visual elements, such as images, graphics, or animations. When users click on a banner ad, they are typically redirected to the advertiser's website or landing page.

#### OPERATION FLOW
The below illustrates the major stages of operation flow for the delivery of our advertising services. While our services are discussed in separate service streams above, in practice customers or suppliers typically do not make such distinctions and may be involved in both our service streams simultaneously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Acquiring clients —* We acquire new clients primarily through referrals by our existing clients.

We negotiate with the client on the commercial terms of the engagement, then we would enter into legally-binding contracts (framework agreements or one-off agreements) for the provision of our services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Pre*-launch *—* Before launching an advertising campaign, we usually discuss with our client to understand its products or services to be marketed, its marketing budget and its marketing objectives. Depending on the needs of our client, we may provide advices and services on advertising strategies.

We have consultation meetings with the client to identify and analyze the client's advertising needs, during which we consult with the client whether they require our online influencer marketing services to promote their product. If the client opts for our online influencer marketing services, based on the customer's product and marketing timing, we provide further consultation and project management services on influencer selection and generate a marking plan for the client's consideration. Once the client confirms their selection of influencers, we liaise with the relevant affiliated influencer agencies to source the influencers in alignment with the execution of our marketing plan.

For the clients who only require our online precision marketing services, similarly we provide further consultation and project management services on online marketing and generate a marking plan for the client's consideration, based on the client's product and marketing timing. Once the client confirms their selection of marketing specifications, such as target audience, ad type, target region, and marketing timing, we liaise with the relevant media channel agencies to source the advertising exposures in alignment with the execution of our marketing plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Campaign launch —* After the advertising strategies and resources are agreed with our client, the advertising campaign will be ready to be launched.

Upon receiving our client's orders, we would proceed to book the online influencers with the relevant influencer agency and/or make ad placement orders with the relevant media channels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Performance review —* After an ad is launched, we monitor and assess the overall effectiveness of the advertising campaign in various dimensions, such as the click consumption of search ads, ad exposure of in-feed ads and the visibility and degree of customer engagement of social media campaigns.

Based on the above review, we may further advise our clients on advertising strategies and optimization refinements to continuously improve the effectiveness of their ad campaigns. We update our clients of the effectiveness of their advertising campaigns. Review reports may be prepared to highlight our suggested optimization strategies. For social media campaigns, we may also issue closing reports to our clients to summarize the key ad deliverables (such as screen shots of the relevant social media accounts) and analyze the campaign effectiveness.

#### PRICING
*Online influencer marketing*

For our online influencer marketing services, we engage with influencers supplied by influencer agencies, in order to collaborate and carry out the marketing plan for the client. Revenue from the client is derived from our performance of the marketing plan pursuant to our customer agreements.

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Contract consideration is fixed and agreed upon with the customer at contract inception based on the scope of the marketing campaign, including influencer reach, marketing content design and production, and campaign duration.

Our revenue is comprised primarily of net fees earned from clients using our MCN services that is subject to the contractual terms with the client, and we recognize the corresponding revenue when the services are delivered.

Each agreement explicitly specifies marketing services, agreed-upon publishing schedule, each party's rights and obligations, as well as payment terms. The Company's obligations include identifying and matching multi-platform influencers aligned with customer objectives, developing customized marketing content leveraging influencer reach, publishing content via influencer accounts per contractual schedules, and providing post-campaign performance reviews.

The Company adopts a model of bundling its services, believing this will be more beneficial for customers. Online influencer marketing services are highly interdependent; content creation is inseparable from influencer selection, and distribution is contingent on platform-specific accounts. We settle invoices with the relevant influencer agencies and organizations that are accrued in relation to a client project, which are then accounted for and billed in our invoices provided to the client.

For the year ended March 31, 2024 and 2025, revenue for online influencer marketing services constituted 49.3% and 72.3% of our revenue for the year, respectively. For the six months ended September 30, 2025 and 2024, revenue for online influencer marketing services constituted 70.1% and 50.6% of our revenue, respectively.

*Online precision marketing*

For our online precision marketing services, revenue from the client is derived from our performance of the online precision marketing services in accordance with our customer agreements.

Contract consideration is fixed and determined by targeted exposure volume and "cost per mille" ("CPM"), which is based on the number of times an ad is displayed on behalf of a customer, regardless of whether a user clicks on it. The contract price is not further affected by executed exposure volume. Revenue is recognized over time as services are rendered, measured by progress against the agreed-upon release schedule, with marketing campaigns typically lasting one to two months. Completion is evidenced by signed confirmation letters verifying exposure volume achievement. The company usually requires a certain portion of prepayment and settlement of the remaining portion after the acknowledgement of service completion within a credit term of 90 days.

Advertising costs are calculated on a CPM basis, based on the number of times an ad is displayed on behalf of a client, regardless of whether a user clicks on it. Media channels typically charge a fixed cost for every 1,000 ad impressions for CPM marketing. Similarly, we settle invoices with the relevant media channels that are accrued in relation to a client project, which are then accounted for and billed in our invoices provided to the client.

For the year ended March 31, 2024 and 2025, revenue for online marketing services constituted 50.7% and 27.7% of our revenue for the year, respectively. For the six months ended September 30, 2025 and 2024, revenue for online marketing services constituted 29.9% and 39.5% of our revenue, respectively.

*Credit terms*

We may grant credit terms of up to 90 days to our clients in settlement of our billing to them (i.e., payments made on their behalf for acquisition of ad currency units, ad inventory and other advertising services). When considering whether credit terms are to be granted to our clients and the duration of credit terms to be granted, we generally take into account a variety of factors, including, but not limited to, the scale and profile of our clients' businesses, their length of business relationships with us, the media of their choices, their budgeted or committed total advertising spend, their financial conditions, their past legal proceedings, their reputation in the industry, and their historical settlement records. For clients with new or relatively short business history with us, we may require prepayments or deposits from our clients.

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#### CUSTOMERS
A significant portion of our revenue is generated from a small number of major customers which are based in the media and entertainment industry. While our services are discussed as separate online influencer marketing and online precision marketing above, in practice customers typically do not make such distinctions and may be involved in both our service streams simultaneously. Our major customers which accounted for 10.0% or more of our Group's total revenue for the years ended March 31, 2024 and 2025, and the six months ended September 30, 2024 and 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  **Customers** | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  **Customers** | **2024** | **2025** |
|  Customer A | \* | 19% |
|  Customer B | \* | 14% |
|  Customer C | \* | 11% |
|  Customer D | 18% | \* |
|  Customer E | 14% | \* |
|  Customer F | 14% | \* |
|  Customer G | 13% | \* |
|  Customer H | 11% | \* |

---

____________

\* Represented the percentage below 10%

---

| | | |
|:---|:---|:---|
|  **Customers** | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  **Customers** | **2024** | **2025** |
|  Customer A | \* | 27% |
|  Customer B | \* | 18% |
|  Customer C | \* | 17% |
|  Customer D | \* | 13% |
|  Customer E | 17% | \* |
|  Customer F | 15% | \* |
|  Customer G | 11% | \* |

---

____________

\*Represented the percentage below 10%

Except as disclosed above, our Directors are of the view that, as of September 30, 2025, our business and profitability are not materially dependent on any of our customers. To the best of our Directors' knowledge, we are not aware of any information or arrangement which would lead to a cessation or termination of our current relationship with any of our major customers.

As at the date of this prospectus, none of the Directors or Principal Shareholders of the Company or their respective associates has any interest, direct or indirect, in any of our customers.

#### Salient Terms of our Customer Agreements
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Project Overview — description of services and promotion channel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cooperation Period — engagement term. The contract length of our customer agreements ranges from 1 month to 2 months, and typically terminates upon completion of fulfilment of the rights and obligations of both parties under the agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fees and Payment — service fees and payment method

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights and Obligations of both parties, which may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customer has the right to supervise progress and quality of advertising placement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customer to provide advertising content in suitable file format several days in advance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customer to ensure advertising content does not violate applicable laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Customer shall not use advertising resources to promote any other advertising client without the Company's prior consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company shall be fully responsible for the brand advertising services, and may subcontract or sub-assign the work according to circumstances, and has the right to determine pricing for subcontracting/sub-assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liability for Breach of Contract — right to postpone service if fees are not paid. If a party terminates in advance, they are liable for 20% of the amount already paid. If the Client terminates, they will also be liable for losses and rights-protection costs suffered by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intellectual Property Rights — the IP rights belong to the Client, but the Company shall have the right to be credited and has the right to display the IP within scope stipulated by the Agreement.

#### SUPPLIER
Our major suppliers consists of influencer agencies which are based in the media and entertainment industry. While our services are discussed as separate online influencer marketing and online precision marketing above, in practice suppliers typically do not make such distinctions and may be involved in both our service streams simultaneously. Our major suppliers which accounted for 10.0% or more of our Group's total supplies purchases and sub-contractor costs for the years ended March 31, 2024 and 2025, and for the six months ended September 30, 2024 and 2025 are as follows:

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| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  **Supplier** | **2024** | **2025** |
|  Supplier A | 32% | 24% |
|  Supplier B | \* | 14% |
|  Supplier C | \* | 12% |
|  Supplier D | \* | 10% |
|  Supplier E | 22% | \* |
|  Supplier F | 12% | \* |
|  Supplier G | 12% | \* |
|  Supplier H | 11% | \* |

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____________

\* Represented the percentage below 10%

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  **Supplier** | **2024** | **2025** |
|  Supplier A | \* | 33% |
|  Supplier B | \* | 21% |
|  Supplier C | \* | 12% |
|  Supplier D | 23% | \* |
|  Supplier E | 13% | \* |
|  Supplier F | 10% | \* |

---

____________

\* Represented the percentage below 10%

Except as disclosed above, our Directors are of the view that, as of September 30, 2025, our business and profitability are not materially dependent on any of our suppliers. To the best of our Directors' knowledge, we are not aware of any information or arrangement which would lead to a cessation or termination of our current relationship with any of our major suppliers.

As of the date of this prospectus, none of our Directors or Principal Shareholders or their respective associates has any interest, direct or indirect, in any of our major suppliers.

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#### Salient Terms of our Supplier Agreements
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cooperation details — services provided by supplier, such as online influencer placement and interaction management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cooperation Period — engagement term, with automatic renewal terms for some suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fees and Payment — service fees and payment method

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights and Obligations of both parties, which may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company is to facilitate the supplier's promotional services, including allowing the use of the customer's trade name, trademark, and product identification marks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company warrants that the intellectual property rights and product materials it provides or authorizes to the supplier does not breach any rights of third parties. Upon any such breach of third party rights, if the supplier incurs any loss, the Company shall bear the liability for the supplier's loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has the right of final review over the promotional content submitted by the supplier. The supplier is to submit complete videos, storyboards, copywriting, and other materials for review as required by the Company. The Company has the right to submit written modification opinions within 5 working days after receiving the materials submitted by the supplier. Upon receipt of the Company's written modification opinions, the supplier is to complete the modifications within 3 working days and resubmit for the Company's review until the content fully meets the customer's standards and promotional requirements. If the supplier fails to submit content that meets the agreed standards after 3 modifications, the Company may terminate the contract by written notice without liability and the supplier is to return the payments already received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the supplier fails to deliver in a timely manner, it is deemed a breach of contract by the supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liability for Breach of Contract — penalty fee for late fee payment; liquidated damages payable by the supplier if the project under the agreement is terminated due to the supplier; if the content released by online influencer supplied by the supplier contains false information, infringement, illegal content or content that does not conform to the customer's brand image, the supplier bears all legal liability and is to compensate to the Company the direct and indirect economic losses suffered.

#### COMPETITION
The local digital advertising agency ecosystem remains highly fragmented, with most players being small-to medium-sized enterprises and overall market concentration still low. As China's domestic market matures and competitive intensity rises, a growing number of Chinese MCNs are accelerating their overseas expansion, with Southeast Asia as a key destination. Flagship players including Jiao Ge Peng You, VS MEDIA, and Three Sheep Network are leveraging proven operating models and executing deliberate internationalization strategies to capture this growth.

However, Southeast Asia is far from monolithic. Significant cultural, linguistic, and regulatory differences across markets require highly localized content, products, and compliance frameworks. Success in this region depends on deep local market knowledge and the ability to tailor creative design, marketing execution, and customer service to local consumer preferences. Regional specialist MCNs — such as Red Wisdom, GIM Media, MeLive Network, Big Host Agency, and Pongo — have established strong competitive positions by combining deep audience insights with the ability to deliver precision campaigns that resonate with local audiences.

In order to compete, we rely on our foundation and experience in the digital marketing industry, which allows us to quickly respond to customers' personalized marketing demands and improving marketing quality. We have established long-term and stable cooperative relationships with different types of overseas influencer agencies, and have established a good professional image and market reputation in the industry. Through our experience and influencer networks, we have established competitive advantages in industries such as beauty, shoes and clothing, daily necessities, and fast-moving consumer goods.

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#### EMPLOYEES
The Company was operating under a talent dispatch model, where it engages contractors in accordance with marketing project demands. Our Company has entered into a human resources service agreement with a talent dispatch agency, pursuant to which the dispatch agency provides contractors based on the Company's requirements and term needed. Our Company settle the dispatch agency's invoices on a quarterly basis based on the number of contractors that were engaged per month.

#### Salient Terms of Human Resources Services Agreement
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cooperation scope: Dispatch agency has a team of experienced talent, and is to provide consultancy services to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Term of agreement: Term is October 1, 2023 to September 30, 2025. The agreement shall automatically renew for one-year unless either party raises objection prior to renewal. The automatic renewal period shall not exceed three years in total. Either party may terminate the agreement by providing one month's notice to the other party, subject to the settlement of all outstanding sums and obligations under the agreement. If either party breaches the agreement by unilaterally termination and thereby causes loss to the other party, the breaching party shall be liable to compensate the other party for such loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's rights and obligations: Includes timely payment of service fees to the dispatch agency, not to arrange for the dispatch agency's talent to engage in illegal activity, activity physically or mentally harmful to the talent, or activities that do not correlate to the Company's online precision marketing and online influencer marketing services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The dispatch agency's rights and obligations: Includes verification of the talent's background and provided documents, providing service standards and details to the talent, performing its obligations under the agreement in a manner that maximizes the Company's interest while safeguarding the Company's legal rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fees: The service fee shall be based on the invoices issued to the Company. An invoice is issued for every quarter, and the actual service fee payable will depend on the number and seniority of talent engaged by the Company during the covered months. Upon the Company's confirmation of the invoice's accuracy, the service fee is to be paid before the 25<sup>th</sup> day of that month into specified bank account of the dispatch agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breach of contract and dispute resolution: If a party breaches or unilaterally changes the terms of the agreement, the breaching party shall bear the economic loss suffered by the other party. In the event the Company fails to pay the service fee in accordance with the Agreement, a late penalty of 2% per day shall be payable to the dispatch agency. The dispatch agency may issue a demand notice upon late payment; if the Company fails to settle the outstanding amount within three days of such notice, the Company shall be deemed in breach of the agreement, and the dispatch agency shall have the right to terminate the Agreement and pursue compensation.

As at the date of this Prospectus, we have an inhouse team comprising of 1 manager, 1 senior staff member, and 2 junior staff members operating at the Company's operating subsidiary. Please see Management on page 88 for more information on our directors and executive officers. In addition to the core team, the Company can request for further temporary contractors from the dispatch agency in accordance with its business needs.

The relationship and co-operation between the management, dispatch agency, and contractor staffs have been good and are expected to continue and remain as such in the future. There has not been any incidence of work stoppages or labor disputes which affected our operation.

#### SEASONALITY
Our operating results and operating cash flows historically have not been subject to seasonal variations.

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#### LICENSES, PERMITS AND REGISTRATIONS

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| | | | |
|:---|:---|:---|:---|
|  **Nature of License, Permit and Registration** | **Granted by** | **Date of <br>Registration** | **Expiry Date** |
|  Business Registration Certificate <br>(Certificate No. 71055002-000-08-25-5) | Inland Revenue Department of Hong Kong | August 9, 2025 | August 8, 2026 |

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#### INTELLECTUAL PROPERTY
As of the date of this prospectus, the Company does not have any registered trademarks, copyrights, or patents.

#### FACILITIES
Our principal office is located at 807A on the 8<sup>th</sup> Floor, Office Tower 2 of the Harbourfront, 22 Tak Fung Street, Hunghom, Hong Kong. We believe that our facilities are adequate to meet our needs for the immediate future, and that, should it be needed, suitable additional space will be available on commercially reasonable terms to accommodate any expansion of our operations.

As of the date of this prospectus, we have leased the following properties:

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| | | |
|:---|:---|:---|
|  **Address** | **Purpose** | **Occupy Period** |
|  807A on the 8<sup>th</sup> Floor, Office Tower 2 of the Harbourfront, <br>22 Tak Fung Street, Hunghom, Hong Kong | Commercial | January 1, 2024 to November 14, 2026 |

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#### INSURANCE
We consider our insurance policies to be adequate and in line with the industry standard. As of the date of this prospectus, we have maintained the following key insurance policies: (i) employees' compensation and office insurance for our contractors that include work injury under the regulatory requirements in Hong Kong; and (ii) personal accident insurance which provides indemnity to us against liabilities resulting from claims with respect to accidents occurred in the provision of advertising services. Our Directors believe that the insurance policies coverage subscribed by us is sufficient to provide protection to our operations and contractors.

#### LEGAL PROCEEDINGS
From time to time, we may become involved in actions, claims, suits, and other legal proceedings arising in the ordinary course of its business, including assertions by third parties relating to intellectual property infringement, breaches of contract or warranties or employment-related matters. We are not currently a party to any actions, claims, suits or other legal proceedings the outcome of which management believes, if determined adversely to us, would individually or in the aggregate have a material adverse effect on our business, financial condition, and results of operations.

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#### REGULATIONS
This section summarizes the principal Hong Kong laws, regulations, and rules relevant to our business and operations in Hong Kong. The summary does not purport to be a complete description of all laws and regulations applicable to our business and operations. Investors should note that the following summary is based on relevant laws and regulations in effect as of the date of this prospectus, which may be subject to change.

#### Laws and regulations in Hong Kong

#### Regulations related to business registration
*Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong)*

The Business Registration Ordinance requires every person carrying on any business to make an application to the Commissioner of Inland Revenue in the prescribed manner for the registration of that business within one month after the commencement of business. The Commissioner of Inland Revenue must register each business for which a business registration application is made and as soon as practicable after the prescribed business registration fee and levy are paid and issue a business registration certificate or branch registration certificate for the relevant business or the relevant branch, as the case may be. Any person who fails to apply for business registration shall be guilty of an offence and shall be liable to a fine of HK$5,000 and to imprisonment for 1 year.

#### Regulations related to employment and labor protection
*Employment Ordinance (Chapter 57 of the Laws of Hong Kong)*

The Employment Ordinance (the "EO") is an ordinance enacted for, amongst other things, the protection of the wages of employees and the regulation of 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.

Under the EO, the wage period in respect of which wages are payable under a contract of employment shall be deemed to be 1 month, until the contrary is proved. Wages shall become due on the expiry of the last day of the wage period and shall be paid as soon as is practicable but in any case not later than 7 days thereafter. In the case where wages are not paid within 7 days after which they become due and payable, interest will be imposed at a rate fixed by the Chief Justice in the Hong Kong Special Administrative Region Gazette under Section 50 of the District Court Ordinance (Chapter 336).

*Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong)*

The Employees' Compensation Ordinance (the "ECO") is an ordinance enacted for the purpose of providing for the payment of compensation to employees injured in the course of employment. The ECO establishes a no-fault and non-contributory employee compensation system for work injuries and lays down the rights and obligations of employers and employees in respect of injuries or death caused by accidents arising out of and in the course of employment, or by prescribed occupational diseases.

Under the ECO, if an employee sustains an injury or dies as a result of an accident arising out of and in the course of his employment, his employer is in general liable to pay compensation even if the employee might have committed acts of faults or negligence when the accident occurred. Similarly, an employee who suffers incapacity or dies arising from an occupational disease is entitled to receive the same compensation as that payable to employees injured in occupational accidents.

As stipulated by the ECO, no employer shall employ any employee in any employment unless there is in force in relation to such employee a policy of insurance issued by an insurer for an amount not less than the applicable amount specified in the Fourth Schedule of the ECO in respect of the liability of the employer. According to the Fourth Schedule of the ECO, the insured amount shall be not less than HK$100,000,000 per event if a company has no more than 200 employees. Any employer who contravenes this requirement commits a criminal offence and is

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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.

*Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong)*

The Mandatory Provident Fund Schemes Ordinance (the "MPFSO") is an ordinance enacted for the purposes of providing for the establishment of non-governmental mandatory provident fund schemes (the "MPF Schemes"). The MPFSO requires every employer of an employee of 18 years of age or above but under 65 years of age to take all practical steps to ensure the employee becomes a member of a registered MPF Scheme within the first 60 days of employment. Subject to the minimum and maximum relevant income levels, it is mandatory for both employers and their employees to contribute 5% of the employee's relevant income to the MPF Scheme.

An employer who, without reasonable excuse, fails to comply with the requirement imposed on employers in relation to arrange for its employees to become scheme members, commits an offence and is liable on conviction to a fine of $350,000 and to imprisonment for 3 years, and to a daily penalty of $500 for each day on which the offence is continued.

An employer who, without reasonable excuse, fails to comply with the requirements in relation to making mandatory contributions to the MPF Scheme commits a criminal offence and is liable on conviction to a maximum fine of HK$50,000 and imprisonment for six months on the first conviction and maximum fine of HK$100,000 and imprisonment for one year on each subsequent conviction.

#### Regulations related to Hong Kong taxation
*Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong)*

Under the Inland Revenue Ordinance (the "IRO"), where an employer commences to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than three months after the date of commencement of such employment. Where an employer ceases or is about to cease to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than one month before such individual ceases to be employed in Hong Kong.

*Tax on dividends*

Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by the Company.

*Capital gains and profit tax*

The IRO provides, among other things, that profits tax shall be charged on every person carrying on a trade, profession or business in Hong Kong in respect of his or her assessable profits arising in or derived from Hong Kong at the standard rate, which stood at 8.25% on assessable profits up to $2,000,000 and 16.5% on any part of assessable profits over $2,000,000 for corporate taxpayers as of the date of this prospectus. The IRO also contains detailed provisions relating to, among other things, permissible deductions for outgoings and expenses, set-offs for losses and allowances for depreciations of capital assets.

No tax is imposed in Hong Kong in respect of capital gains from the sale of shares. However, trading gains from the sale of shares by persons carrying on a trade, profession or business in Hong Kong, where such gains are derived from or arise in Hong Kong, will be subject to Hong Kong profits tax. Certain categories of taxpayers (for example, financial institutions, insurance companies and securities dealers) are likely to be regarded as deriving trading gains rather than capital gains unless these taxpayers can prove that the investment securities are held for long-term investment purposes.

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*Stamp Duty Ordinance (Chapter 117 of the Laws of Hong Kong)*

Under the Stamp Duty Ordinance, the Hong Kong stamp duty currently charged at the ad valorem rate of 0.13% (commencing from 1 August 2021) on the higher of the consideration for or the market 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 0.26% 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 any 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 duty payable may be imposed.

*Estate duty*

Hong Kong estate duty was abolished effective from February 11, 2006. No Hong Kong estate duty is payable by shareholders in relation to the shares owned by them upon death.

#### Regulations related to anti-competition
*Competition Ordinance (Chapter 619 of the Laws of Hong Kong)*

The Competition Ordinance that commenced full operation on December 14, 2015 (i) prohibits conduct that prevents, restricts or distorts competition in Hong Kong; (ii) prohibits mergers that substantially lessen competition in Hong Kong; and (iii) provides for incidental and connected matter.

The "First Conduct Rule" prohibits anti-competitive agreements, practices and decisions. It provides that an undertaking must not (i) make or give effect to an agreement; (ii) engage in a concerted practice; or (iii) as a member of an association of undertakings, make or give effect to a decision of the association, if the object or effect of the agreement, concerted practice or decision is to prevent, restrict or distort competition in Hong Kong. Serious anti-competitive conduct includes (i) fixing, maintaining, increasing or controlling the price for the supply of goods or services; (ii) allocating sales, territories, customers or markets for the production or supply of goods or services; (iii) fixing, maintaining, controlling, preventing, limiting or eliminating the production or supply of goods or services; and (iv) bid-rigging.

The "Second Conduct Rule" prohibits the abuse of market power. It provides that an undertaking that has a substantial degree of market power in a market must not abuse such power by engaging in conduct that has as its object or effect the prevention, restriction or distortion of competition in Hong Kong. This conduct may in particular, constitute an abuse of such market power if it involves predatory behavior towards competitors or limiting production, markets or technical development to the prejudice of consumers. Matters that may be taken into consideration when determining whether an undertaking has a substantial degree of market power in a market include (i) the market share of the undertaking; (ii) the undertaking's power to make pricing and other decisions; (iii) any barriers to entry to competitors into the relevant market; and (iv) any other relevant matters specified in the guidelines issued in accordance with the Competition Ordinance.

The First Conduct Rule and the Second Conduct Rule apply to all sectors of the Hong Kong economy, including marketing and advertising services providers. Therefore, our business is subject to Competition Ordinance generally.

In the event of contravention of a competition rule, the Competition Tribunal may (i) on application by the Competition Commission, impose pecuniary penalty of any amount it considers appropriate subject to a maximum of 10% of the turnover of the undertaking concerned for each year in which the contravention occurred for each single contravention (if the contravention occurred in more than three years, 10% of the turnover of the undertaking for the three years that saw the highest, second highest and third highest turnover); (ii) on application by the Competition Commission, make an order disqualifying a person from being a director of a company or from otherwise being concerned in the affairs of a company; (iii) make orders it considers appropriate, including but not limited to prohibiting an entity from making or giving effect to an agreement, requiring modification or termination of an agreement, requiring payment of damages to a person who has suffered loss or damage as a result of the contravention.

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#### Laws in Relation to Intellectual Property Rights
*Copyright Ordinance (Chapter 528 of the Laws of Hong Kong)*

The Copyright Ordinance currently in force in Hong Kong came into effect on June 27, 1997. The Copyright Ordinance as reviewed and revised from time to time provides comprehensive protection for recognized categories of literary, dramatic, musical and artistic works, as well as for sound recordings, films, television broadcasts and cable programs.

In the course of preparing interior design proposals, we may create original artistic works (such as drawings) or literary works (such as text) or videos that qualify for copyright protection without registration. Infringement of copyright is civilly actionable.

#### Regulations related to anti-money laundering and counter-terrorist financing
*Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong)*

The Anti-Money Laundering and Counter-Terrorist Financing Ordinance (the "AMLO") imposes requirements relating to client due diligence and record-keeping and provides regulatory authorities with the powers to supervise compliance with the requirements under the AMLO. In addition, the regulatory authorities are empowered to (i) ensure that proper safeguards exist to prevent contravention of specified provisions in the AMLO; and (ii) mitigate money laundering and terrorist financing risks.

*Drug Trafficking (Recovery of Proceeds) Ordinance (Chapter 405 of the Laws of Hong Kong)*

The Drug Trafficking (Recovery of Proceeds) Ordinance (the "DTROP") contains provisions for the investigation of assets suspected to be derived from drug trafficking activities, the freezing of assets on arrest and the confiscation of the proceeds from drug trafficking activities. It is an offence under the DTROP if a person deals with any property knowing, or having reasonable grounds to believe, it to be the proceeds from drug trafficking. The DTROP requires a person to report to an authorized officer if he/she knows or suspects that any property (directly or indirectly) is the proceeds from drug trafficking or is intended to be used or was used in connection with drug trafficking, and failure to make such disclosure constitutes an offence under the DTROP.

*Organized and Serious Crimes Ordinance (Chapter 455 of the Laws of Hong Kong)*

The Organized and Serious Crimes Ordinance (the "OSCO") empowers officers of the Hong Kong Police Force and the Hong Kong Customs and Excise Department to investigate organized crime and triad activities, and it gives the Hong Kong courts jurisdiction to confiscate the proceeds from organized and serious crimes, to issue restraint orders and charging orders in relation to the property of defendants of specified offences. The OSCO extends the money laundering offence to cover the proceeds of all indictable offences in addition to drug trafficking.

*United Nations (Anti-Terrorism Measures) Ordinance (Chapter 575 of the Laws of Hong Kong)*

The United Nations (Anti-Terrorism Measures) Ordinance (the "UNATMO"), provides that it is a criminal offence to: (i) provide or collect funds (by any means, directly or indirectly) with the intention or knowledge that the funds will be used to commit, in whole or in part, one or more terrorist acts; or (ii) make any funds or financial (or related) services available, directly or indirectly, to or for the benefit of a person knowing that, or being reckless as to whether, such person is a terrorist or terrorist associate. The UNATMO also requires a person to report his knowledge or suspicion of terrorist property to an authorized officer, and failure to make such disclosure constitutes an offence under the UNATMO.

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#### MANAGEMENT
The following table sets forth information regarding our Directors and Executive Officers as at the date of this prospectus:

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| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position** |
|  Chen Qiu | 42 | **Chief Executive Officer, Chairman of the Board of Directors** |
|  Lin Shenghong | 33 | **Chief Financial Officer** |
|  Liao Lingjie | 32 | **Independent Director** |
|  Zhou Mo | 32 | **Independent Director** |
|  Zhou Wensi | 34 | **Independent Director** |

---

The business and working experience and areas of responsibility of our Directors and Executive Officers are set out below:

**Mr. Chen Qiu, Chief Executive Officer, Chairman of the Board of Directors**. Mr. Chen Qiu has been our Chief Executive Officer, Director and Chairman of the Board of Directors since February 12, 2025. With 9 years of experience in the MCN industry, Mr. Chen has played a pivotal role in revenue growth by strategically developing online influencer marketing. Mr. Chen's deep understanding of the MCN industry and insights into the youth market has been instrumental in establishing our business framework. Since October 2016, Mr. Chen has been Executive Director and General Manager of Xiamen Hongfang Zhichuang Media Co., Ltd, spearheading strategic development and operations management of the company. From 2013 to 2016, Mr. Chen was Sales Director of Xiamen Maohong Supply Chain Management Co., Ltd, responsible for the business development and customer liaison work of the company. Immediately upon the effectiveness of this registration statement, Mr. Chen will resign from his position at Xiamen Hongfang Zhichuang Media Co., Ltd, to act as full-time CEO of the Company.

Mr. Chen obtained his associate's degree in sports education from Fujian Yongan Vocational Secondary School in 2003.

**Mr. Lin Shenghong, Chief Financial Officer.** Mr. Lin Shenghong has been our Chief Financial Officer since July 1, 2025. From November 2024 to June 2025, Mr. Lin was Project Manager at Xiamen Jianyi Road Crossing Investment Co., Ltd., responsible for management consulting. From March 2023 to October 2024, Mr. Lin was Financial Director at Luoyin (Fuzhou) Enterprise Management Consulting Co., Ltd., responsible for management consulting. From October 2020 to February 2023, Mr. Lin was a senior auditor at Ernst & Young Hua Ming LLP, responsible for annual audits and listing audits. Mr. Lin obtained his master's degree in professional accounting at Monash University, Australia in 2020.

**Mr. Liao Lingjie, Independent Director.** Mr. Liao Lingjie will be our independent director effective upon effectiveness of this registration statement. Since 2022, Mr. Liao has been Administrative Director at Tianjin Kayou Sports Consulting Co., Ltd, responsible for overseeing administrative affairs, coordinating internal and external relations, and ensuring efficiency in company operations. From 2016 to 2020, Mr. Liao was Account Manager at China Construction Bank Longyan Branch, responsible for maintaining customer relationships, business development, providing financial advice and handling banking transactions. Mr. Liao obtained his bachelor's degree in accounting from Fujian Agriculture and Forestry University, China in 2016.

**Mr. Zhou Mo, Independent Director.** Mr. Zhou Mo will be our independent director effective upon effectiveness of this registration statement. Since May 2025, Mr. Mo has been an independent director of Star Fashion Culture Holdings Limited. Since October 2023, Mr. Mo has been Sales Director at Xiamen Yantian Technology Co., Ltd., responsible for performing market intelligence and analytics assessments, spearheading marketing innovation, and overseeing product promotion initiatives. From January 2020 to October 2023, Mr. Mo was Sales Director at Xiamen Yinghai Information Technology Co., Ltd., responsible for market search and analysis, driving marketing innovation and product promotion. Mr. Mo obtained his bachelor's degree in musical performance from Jimei University, China in 2017.

**Mr. Zhou Wensi, Independent Director.** Mr. Zhou Wensi will be our independent director effective upon effectiveness of this registration statement. Since December 2024, Mr. Zhou has been Director for the AI Technology Sales department at Xiamen Fengzhishang Culture Media Co., Ltd., responsible for driving the expansion of content marketing IP projects and advertising operations, and supervising client advertising promotion and execution. From 2017 to December 2024, Mr. Zhou was Director of the Advertising and Marketing department at Xiamen Second Future Technology Co., Ltd., responsible for event IP's expansion, sponsorship, implementation, and execution, online

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advertising and marketing, and corporate brand promotion. From 2014 to 2017, Mr. Zhou was in operations of Xiamen Linggan Fangzhou Information Technology Co., Ltd., responsible for new media and self media operations. From 2012 to 2014, Mr. Zhou was a designer at Xiamen Jianlei Decoration Co., Ltd., responsible for tooling design and on-site construction. Mr. Zhou obtained his associate degree's in interior design from Hubei Science and Technology College, China in 2013.

#### Employment Agreements and Director Agreements
We will enter into employment agreements with each of our executive officers, pursuant to which such individuals have agreed to serve as our executive officers until the executive officer's successor is duly elected or appointed and qualified or until the executive officer's earlier death, disqualification, resignation or removal from office, pursuant to the terms of the employment agreement, the Company's then current memorandum and articles of association, as may be amended from time to time, or any applicable laws, rules, or regulations. We may terminate the employment without cause upon thirty (30) days' advance notice in writing 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 the employment without cause at any time upon 3 months' advance written notice. Each executive officer may resign at any time upon 3 months' advance written notice.

Each executive officer has agreed to hold, both during and after the termination or expiry of his employment agreement, in strict confidence and not to use, except as required in the performance of his duties in connection with the employment or pursuant to applicable law, any of our confidential or proprietary information or the confidential or proprietary information of any third party received by us and for which we have confidential obligations. Each executive officer has also agreed to disclose in confidence to us all inventions, designs and trade secrets which he conceives, develops or reduces to practice during his 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 the employment and for one year following the last date of employment. Specifically, each executive officer has agreed not to: (i) engage or assist others in engaging in any business or enterprise that is competitive with our business, (ii) solicit, divert or take away the business of our clients, customers or business partners, or (iii) solicit, induce or attempt to induce any employee or independent contractor to terminate his or her employment or engagement with us. The employment agreements also contain other customary terms and provisions.

We have also entered into director agreements with each of our directors which agreements set forth the terms and provisions of their engagement.

#### Board of Directors

#### Composition of our Board of Directors
Our Board of Directors will consist of four Directors. A director is not required to hold any shares in our Company to qualify to serve as a director. The Corporate Governance Rules of the [NYSE/NASDAQ] generally require that a majority of an issuer's board of directors must consist of independent directors. Our Board of Directors has determined that each of Liao Lingjie, Zhou Mo, and Zhou Wensi is an "independent director" as defined under the [NYSE/NASDAQ] rules. Our Board of Directors is composed of a majority of independent Directors.

#### Committees of the Board of Directors
We intend to establish an audit committee, a compensation committee and a nominating and corporate governance committee under our Board of Directors effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus is a part. We intend to adopt a charter for each of the three committees effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1 of which this prospectus is a part. Each committee's members and functions are described below.

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*Audit Committee.*

Our Audit Committee will consist of our three independent Directors, and will be chaired by Liao Lingjie. We have determined that each member of our Audit Committee will satisfy the requirements of [NYSE/NASDAQ] corporate governance rules and meet the independence standards under Rule 10A-3 under the Securities Exchange Act of 1934, as amended. We have determined that qualifies as an "audit committee financial expert." The Audit Committee oversees our accounting and financial reporting processes and the audits of the consolidated financial statements of our Company. The Audit Committee is responsible for, among other things:

Liao Lingjie

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to our board for approval, the appointment, re-appointment or removal of the independent auditor, after considering its annual performance evaluation of the independent auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving the remuneration and terms of engagement of the independent auditor and pre-approving all auditing and non-auditing services permitted to be performed by our independent auditors at least annually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with the Independent Registered Public Accounting Firm any audit problems or difficulties and management's response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing with our independent auditor, among other things, the audits of the consolidated financial statements, including whether any material information should be disclosed, issues regarding accounting and auditing principles and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the annual audited consolidated financial statements with management and the Independent Registered Public Accounting Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any special steps taken to monitor and control major financial risk exposures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving annual audit plans, and undertaking an annual performance evaluation of the internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing and overseeing procedures for the handling of complaints and whistleblowing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting separately and periodically with management and the Independent Registered Public Accounting Firm.

*Compensation Committee.*

Our Compensation Committee will consist of our three independent Directors, and will be chaired by Zhou Mo. We have determined that each member of our Compensation Committee will satisfy the "independence" requirements of [NYSE/NASDAQ] corporate governance rules. Our Compensation Committee assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our Directors and Executive Officers. Our Chief Executive Officer may not be present at any committee meeting during which their compensation is deliberated upon. Our Compensation Committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the development and implementation of compensation programs in consultation with our management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least annually, reviewing and approving, or recommending to the board for its approval, the compensation for our Executive Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least annually, reviewing and recommending to the board for determination with respect to the compensation of our non-executive Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least annually, reviewing periodically and approving any incentive compensation or equity plans, programs or other similar arrangements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing Executive Officer and director indemnification and insurance matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing our regulatory compliance with respect to compensation matters, including our policies on restrictions on compensation plans and loans to Directors and Executive Officers.

*Nominating and Corporate Governance Committee.*

Our Nominating and Corporate Governance Committee will consist of our three independent Directors, and will be chaired by Zhou Wensi. We have determined that each member of our Nominating and Corporate Governance Committee will satisfy the "independence" requirements of [NYSE/NASDAQ] corporate governance rules. The nominating and corporate governance committee assists the board in selecting individuals qualified to become our Directors and in determining the composition of the Board and its committees. The Nominating and Corporate Governance Committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending nominees to the Board for election or re-election to the Board, or for appointment to fill any vacancy on the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing annually with the Board the current composition of the Board with regard to characteristics such as independence, knowledge, skills, experience, expertise, diversity and availability of service to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and recommending to our Board such policies and procedures with respect to nomination or appointment of members of our Board and chairs and members of its committees or other corporate governance matters as may be required pursuant to any SEC or [NYSE/NASDAQ] rules, or otherwise considered desirable and appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting and recommending to the Board 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating the performance and effectiveness of the Board as a whole.

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

#### Clawback Policy
In connection with this Offering, our board of directors have adopted a clawback policy (the "Clawback Policy") permitting the Company to seek the recoupment of incentive compensation received by any of the Company's current and former executive officers (as determined by the board in accordance with Section 10D of the Exchange Act and the [NYSE/NASDAQ] rules) and such other senior executives/employees who may from time to time be deemed subject to the Clawback Policy by the board (collectively, the "Covered Executives"). The amount to be recovered will be the excess of the incentive compensation paid to the Covered Executive based on the erroneous data over the incentive compensation that would have been paid to the Covered Executive had it been based on the restated results, as determined by the board. If the board cannot determine the amount of excess incentive compensation received by the Covered Executive directly from the information in the accounting restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement.

#### Duties of Directors
Under Cayman Islands law, our directors owe fiduciary duties to our company. These include, among others (i) duty to act in good faith in what the director believes to be in the best interests of the company as a whole; (ii) duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose; (iii) directors should not improperly fetter the exercise of future discretion; (iv) duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and (v) duty to exercise independent judgment. In addition to the above, our directors also owe a duty to act with skill, care and diligence. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience which that director has.

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As set out above, our directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors. This can be done by way of permission granted in the memorandum and articles of association or alternatively by shareholder approval at general meetings.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declaring dividends and distributions;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising the borrowing powers of our company and mortgaging the property of our company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving the transfer of shares in our company, including the registration of such shares in our register of members.

#### Terms of Directors and Officers
Our officers are elected by and serve at the discretion of the board of directors. 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. A director will also be removed from office automatically if, among other things, the director (i) becomes bankrupt or makes any arrangement or composition with his creditors, (ii) dies or is found to be or becomes of unsound mind, (iii) resigns his office by notice in writing, (iv) without special leave of absence from our board, is absent from meetings of our board for a continuous period of six months, or (v) is removed from office pursuant to any other provisions of our memorandum and articles of association as may be amended from time to time.

#### Interested Transactions
A director may, subject to any separate requirement for audit and risk committee approval under applicable law, our memorandum and articles of association as may be amended from time to time or applicable [NYSE/NASDAQ] rules, or disqualification by the chairman of the relevant board meeting, vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he may be interested therein provided the director discloses to his fellow directors the nature and extent of any material interests in respect of any contract or transaction or proposed contract or transaction 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.

#### Limitation on Liability and Other Indemnification Matters
Cayman Islands law allows us to indemnify our directors, officers and auditors acting in relation to any of our affairs against actions, costs, charges, losses, damages and expenses incurred by reason of any act done or omitted in the execution of their duties as our directors, officers and auditors, except to the extent any such indemnification may be held by the Cayman Islands courts to be contrary to the public interest, such as providing indemnification against civil fraud or the consequences of committing a crime. Our amended and restated articles of association provide that to the extent permitted by law, our Company shall indemnify each existing or former director (including alternate director), secretary and other officer of our Company (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of the Company's business or affairs or in the execution or discharge of the existing or former director's (including alternate director's), secretary's or officer's duties, powers, authorities or discretions; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning our Company or its affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

To the extent permitted by the Companies Act, our Company may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or officer of our Company in respect of any matter identified in the amended and restated articles of association on condition that the director (including alternate director), secretary or officer must repay the amount paid by our Company to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or officer for those legal costs.

#### Foreign Private Issuer Exemption
As a foreign private issuer, we may take advantage of certain provisions under the [NYSE American Company Guide/NASDAQ Listing Rules] that allow us to follow Cayman Islands law for certain corporate governance matters. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing with the Securities and Exchange Commission 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulation Fair Disclosure ("Regulation FD"), which regulates selective disclosures of material information by issuers.

We will file with the SEC, within four months after the end of each fiscal year (or as otherwise required by the SEC), an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We are required to determine our status as a foreign private issuer on an annual basis at the end of our second fiscal quarter. We would 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 apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the majority of our executive officers or directors are U.S. citizens or residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• more than 50% of our assets are located in the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business is administered principally in the United States.

Both foreign private issuers and emerging growth companies are also exempt from certain of the more extensive SEC executive compensation disclosure rules. Therefore, if we no longer qualify as an emerging growth company but remain a foreign private issuer, we will continue to be exempt from such rules and will continue to be permitted to follow our home country practice as to the disclosure of such matters.

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We intend to comply with all of the rules generally applicable to U.S. domestic companies listed on the [NYSE/NASDAQ]. We may in the future decide to use the foreign private issuer exemption with respect to some or all of the other [NYSE/NASDAQ] corporate governance rules. We also intend to comply with Cayman Islands corporate governance requirements under the Companies Act applicable to us at the same time. If we rely on our home country corporate governance practices in lieu of certain of the rules of [NYSE/NASDAQ], our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of [NYSE/NASDAQ]. We may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

#### Other Corporate Governance Matters
The Sarbanes-Oxley Act of 2002, as well as related rules subsequently implemented by the SEC, requires foreign private issuers, including us, to comply with various corporate governance practices.

Because we are a foreign private issuer, our members of our Board of Directors, executive board members and senior management are not subject to short-swing profit and insider trading reporting obligations under section 16 of the Exchange Act. They will, however, be subject to the obligations to report changes in share ownership under section 13 of the Exchange Act and related SEC rules.

We may also be eligible to utilize the controlled company exemptions under the [NYSE/NASDAQ] corporate governance rules if more than 50% of our voting power is held by an individual, a group or another company. Pursuant to the [NYSE/NASDAQ] corporate governance rules, in order for a group to exist, such shareholders must have publicly filed a notice that they are acting as a group (i.e., a Schedule 13D). We do not currently expect that more than 50% of our voting power will be held by an individual, a group or another company immediately following the consummation of this Offering.

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#### COMPENSATION
For the years ended March 31, 2025 and 2024, and for the six months ended September 30, 2025 and 2024, we paid nil in cash and benefits in-kind granted to or accrued on behalf of all of our Directors and members of senior management for their services, in all capacities, and we did not pay any additional compensation to our Directors and members of senior management. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our Executive Officers and Directors.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information regarding the beneficial ownership of our Shares as of the date of this prospectus by our officers, directors, and 5% or greater beneficial owners of Shares. There is no other person or group of affiliated persons known by us to beneficially own more than 5% of our Shares. The following table assumes that none of our officers, directors or 5% or greater beneficial owners of our Shares will purchase shares in this Offering. In addition, the following table assumes that the over-allotment option has not been exercised.

We have a dual-class voting structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Based on our dual-class voting structure, holders of Class A Ordinary Shares will be entitled to one (1) vote per share in respect of matters requiring the votes of shareholders including the election of directors, amendment of memorandum and articles of association, and approval of major corporate transactions, while holders of Class B Ordinary Shares will be entitled to fifty (50) votes per share. Each Class B Ordinary Share shall be convertible into one Class A Ordinary Share at the option of the holder thereof at any time after issue, however, Class A Ordinary Shares are under no circumstances convertible into any Class B Ordinary Shares.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially owned by him, subject to applicable community property laws.

The percentage of Ordinary Shares beneficially owned prior to the offering is based on 20,000,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares outstanding as described in the "the Offering" section, The percentages of Ordinary Shares beneficially owned after the offering assume that the representative of the underwriters will not exercise their over-allotment option.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares Beneficially Owned Prior to This Offering** | **Shares Beneficially Owned Prior to This Offering** | **Shares Beneficially Owned Prior to This Offering** | **Shares Beneficially Owned Prior to This Offering** | **Shares Beneficially Owned Prior to This Offering** | **Shares Beneficially Owned After This Offering** | **Shares Beneficially Owned After This Offering** | **Shares Beneficially Owned After This Offering** | **Shares Beneficially Owned After This Offering** | **Shares Beneficially Owned After This Offering** |
|  | **Class A<br>Ordinary<br>Shares** | **Class A<br>Ordinary<br>Shares** | **Class B<br>Ordinary<br>Shares** | **Class B<br>Ordinary<br>Shares** | **Aggregate<br>Voting<br>Power** | **Class A<br>Ordinary<br>Shares** | **Class A<br>Ordinary<br>Shares** | **Class B<br>Ordinary<br>Shares** | **Class B<br>Ordinary<br>Shares** | **Aggregate<br>Voting<br>Power** |
|  **Name of Beneficial Owners** | **Number** | **% of total <br>outstanding <br>shares<sup>(1)</sup>** | **Number** | **% of total <br>outstanding <br>shares<sup>(1)</sup>** | **Total%<sup>(2)</sup>** | **Number** | **% of total <br>outstanding <br>shares<sup>(1)</sup>** | **Number** | **% of total <br>outstanding <br>shares<sup>(1)</sup>** | **Total%<sup>(2)</sup>** |
|  **Directors and Executive Officers:** |  |  |  |  |  |  |  |  |  |  |
|  Chen Qiu<sup>(3)</sup> | 14140000 | 56.56 | 5000000 | 20 | 97.82 | 14140000 | 48.34 | 5000000 | 17.09 | 65.44 |
|  **All directors and executive officers as a group** | 14140000 | 56.56 | 5000000 | 20 | 97.82 | 14140000 | 48.34 | 5000000 | 17.09 | 65.44 |
|  **5% shareholders:** |  |  |  |  |  |  |  |  |  |  |
|  Red Wisdom CQ Limited<sup>(3)</sup> | 14140000 | 56.56 | 5000000 | 20 | 97.82 | 14140000 | 48.34 | 5000000 | 17.09 | 65.44 |

---

____________

(1) Giving effect to the reorganization of our Ordinary Shares, applicable percentage of ownership is based on 25,000,000 Ordinary Shares issued and outstanding as of the date of this prospectus, consisting of 20,000,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares;

(2) Applicable percentage of ownership is based on 29,250,000 Ordinary Shares outstanding immediately after the offering. Each Class A Ordinary Share shall, on a poll, be entitled to one (1) vote per share, and each Class B Ordinary Share shall, on a poll, be entitled to fifty (50) votes per share.

(3) Chen Qiu, through his 100% ownership of Red Wisdom CQ Limited, beneficially owns in aggregate 76.56% of the outstanding Ordinary Shares of the Company and in aggregate 97.82% voting power before the Offering, through his ownership of 14,140,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Share.

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#### RELATED PARTY TRANSACTIONS
The following is a summary of transactions since 2023 and up to the date of this prospectus to which we have been a party and in which any members of our Board of Directors, any Executive Officers, or major shareholder had, has or will have a direct or indirect material interest, other than compensation arrangements which are described under the section of this prospectus captioned "*Management*".

The table below sets forth the major related party and the relationship with the Group as of March 31, 2025 and September 30, 2025:

---

| | | |
|:---|:---|:---|
|  **No.** | **Names of related parties** | **Relationship** |
| **1** | **Mr. Chen Qiu** | **Shareholder and Executive Chairman of the Company** |
| **2** | **Xiamen Hongfang Zhichuang Media Co., Ltd.** | **63.63% held by Mr. Chen Qiu** |

---

#### Material Transactions with Related Parties
The Company entered into the following transactions with related parties for the fiscal years ended March 31, 2023, 2024 and 2025, and the six months ended September 30, 2024 and 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** | **For the six months ended <br>September 30** | **For the six months ended <br>September 30** |
|  | **2023** | **2024** | **2025** | **2024** | **2025** |
|  **Expenses paid by a related party on behalf of the Company** |  |  |  |  |  |
|  Xiamen Hongfang Zhichuang Media Co., Ltd. | $— | $— | $— | $— | $34294 |
|  **Mr. Chen Qiu** | $— | $3701 | $27326 | $17671 | $2052 |

---

Amount due to a related party consisted of the following as of March 31, 2025 and September 30, 2025 indicated:

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31,<br>2025** | **As of <br>September 30, <br>2025** |
|  Amounts due to Xiamen Hongfang Zhichuang Media Co., Ltd. | $— | $34294 |
|  Amounts due to Mr. Chen Qiu | 31027 | 33079 |
|  **Amounts due to related parties** | $**31027** | $**67373** |

---

Amounts due to Xiamen Hongfang Zhichuang Media Co., Ltd. represented funds provided to the Company for deferred offering costs, which were unsecured interest-free and repayable on demand. Amounts due to Mr. Chen Qiu represented funds provided to the Company for its daily operations, which were unsecured interest-free and repayable on demand. Till the date of the prospectus, amounts due to Xiamen Hongfang Zhichuang Media Co., Ltd. and Mr. Chen Qiu were approximately US$34,294 and US$33,079, respectively.

#### Policies and Procedures for Related Party Transactions
Our board of directors has created an audit committee in connection with this offering which will be tasked with review and approval of all related party transactions.

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#### DESCRIPTION OF SHARE CAPITAL AND GOVERNING DOCUMENTS
We are a Cayman Islands exempted company incorporated with limited liability and our affairs are governed by our memorandum and articles of association (as maybe amended from time to time), the Companies Act, and the common law of the Cayman Islands.

Our authorized share capital is US$50,000 divided into 490,000,000 Class A Ordinary Shares of a par value of US$0.0001 per Share and 10,000,000 Class B Ordinary Shares of a par value of US$0.0001 per Share.

As of the date of this prospectus, we had an aggregate of 25,000,000 Shares issued and outstanding, consisting of 20,000,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares. Upon the completion of this Offering, we will have 24,250,000 Class A Ordinary Shares, 5,000,000 Class B Ordinary Shares issued and outstanding, assuming no exercise of the underwriters' over-allotment option. All of our Shares issued and outstanding prior to the completion of the offering will be fully paid, and all of our shares to be issued in the offering will be issued as fully paid.

*Our Amended and Restated Memorandum and Articles of Association*

The following are a summary of the material provisions in our amended and restated memorandum and articles of association(the "amended memorandum" and the "amended articles", respectively):

Objects of Our Company. Under our amended and restated memorandum and articles of association, the objects of our company are unrestricted and we have the full power and authority to carry out any object not prohibited by the law of the Cayman Islands.

Ordinary Shares. Our shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

Dividends. The holders of our shares are entitled to such dividends as may be declared by our board of directors. In addition, our shareholders may declare dividends by ordinary resolution, but no dividend shall exceed the amount recommended by our directors. Under the laws of the Cayman Islands, our company may pay a dividend out of either profit or the credit standing in our company's share premium account, provided that in no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business immediately following the date on which the distribution or dividend is paid. The directors when paying dividends to shareholders may make such payment either in cash or in specie.

Unless provided by the rights attached to a share, no dividend shall bear interest.

Conversion Rights. Each Class B Ordinary Share shall be convertible into one Class A Ordinary Share at the option of the holder thereof at any time after issue, however, Class A Ordinary Shares are under no circumstances convertible into any Class B Ordinary Shares.

Voting Rights. On a poll, each holder of Class A Ordinary Share shall be entitled to one vote per share and each holder of Class B Ordinary Shares shall be entitled to exercise fifty (50) votes for each Class B Ordinary Share he or she holds on any and all matters. In addition, all shareholders holding shares of a particular class are entitled to vote at a meeting of the holders of that class of shares. Votes may be given either personally or by proxy. A resolution put to the vote of the general meeting shall be decided on a poll. A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not be shareholders) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held as a virtual meeting or in more than one place, the chairman may appoint scrutineers virtually and in more than one place; but if he considers that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and time when that can occur.

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 shares cast at a meeting, while a special resolution requires a majority of not less than two-thirds of the votes by the shareholders, as being entitled to do so, vote in person or by proxy at a meeting. A special resolution will be required for important matters such as a change of name or making changes to our amended and restated memorandum and articles of association. Holders of the shares may, among other things, divide or combine their shares by ordinary resolution.

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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 amended and restated memorandum and articles of association provide that we may (but are not obliged to, unless required by the listing rules of [NYSE/NASDAQ]) in each year hold a general meeting as our annual general meeting, and the annual general meeting shall be held at such time and place as may be determined by our directors. All general meetings other than annual general meetings shall be called extraordinary general meetings.

Shareholders' general meetings shall be convened by our board of directors. Advance notice of at least five clear days is required for the convening of our general meetings (including an annual general meeting). The notice shall specify (a) the place, the date and the hour of the meeting; (b) whether the meeting will be held virtually, at a physical place or both; (c) if the meeting is to be held in any part at a physical place, the address of such place; (d) if the meeting is to be held in two or more places, or in any part virtually, the electronic communication facilities that will be used to facilitate the meeting, including the procedures to be followed by any shareholder or other participant of the meeting who wishes to utilise such electronic communication facilities for the purposes of attending and participating in such meeting; (e) subject to (f) and the requirements of (to the extent applicable) the listing rules of [NYSE/NASDAQ], the general nature of the business to be transacted; and (f) if a resolution is proposed as a special resolution, the text of that resolution. Notice of every general meeting shall also be given to the directors and our auditors. Subject to the Companies Act and with the consent of the shareholders who, individually or collectively, hold at least 90 percent of the voting rights of all those who have a right to vote at a general meeting, a general meeting may be convened on shorter notice.

A quorum required for any general meeting of shareholders consists of the presence (whether in person or represented by proxy) of one or more shareholders holding shares that represent not less than one-third of the outstanding shares carrying the right to vote at such general meeting.

The Companies Act provides shareholders with only limited rights to requisition a general meeting, and it does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our amended and restated memorandum and articles of association provide that upon the requisition of shareholders representing in aggregate not less than ten percent of the rights to vote at such general meeting in accordance with the notice provisions in the amended articles, specifying the purpose of the meeting and signed by or on behalf of each of the shareholders making the requisition. If the directors do not convene such meeting within 21 clear days from the date of receipt of the written requisition, those shareholders who requested the meeting or any of them may convene the general meeting themselves within three months after the end of such period of 21 clear days in which case reasonable expenses incurred by them as a result of the directors failing to convene a meeting shall be reimbursed by us. However, our amended and restated 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.

If, within 15 minutes from the time appointed for the general meeting, or at any time during the meeting, a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be cancelled. In any other case it shall stand adjourned to the same time and place seven days hence or to such other time or place as is determined by the directors.

The chairman may, with the consent of a meeting at which a quorum is present, adjourn the meeting. When a meeting is adjourned for more than seven clear days, notice of the adjourned meeting shall be given in accordance with the amended articles.

Voting at any shareholders' general meeting is by taking a poll. A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not be shareholders) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held as a virtual meeting or in more than one place, the chairman may appoint scrutineers virtually and in more than one place; but if he considers that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and time when that can occur.

In the case of an equality of votes, the chairman of the meeting shall be entitled to a second or casting vote.

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Transfer of Ordinary Shares. Subject to any applicable requirements set forth in the amended articles and provided that a transfer of Ordinary Shares complies with applicable rules of the [NYSE/NASDAQ], 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 the [NYSE/NASDAQ] or in any other form approved by our board of directors, executed by or on behalf of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the Class A Ordinary Shares are fully paid, that shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the Class A Ordinary Shares are partly paid, that shareholder and the transferee.

The transferor shall be deemed to remain the holder of the Class A Ordinary Shares until the name of the transferee is entered into our register of members.

Where the Ordinary Shares of any class in question are not listed on or subject to the rules of the [NYSE/NASDAQ] or any other designated stock exchange, our board of directors may, in its absolute discretion, decline to register any transfer of any such Ordinary Shares that 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 share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is lodged with us, accompanied by the certificate for the 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is in respect of only one class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shares transferred are fully paid and free of any lien in favor of us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a transfer to joint holders, the number of joint holders to whom the share is to be transferred does not exceed four; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fee of such maximum sum as the [NYSE/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 one month 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, on 14 clear days' notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and our register of members closed at such times and for such periods as our board of directors may, in their absolute discretion, from time to time determine after compliance with any notice required of [NYSE/NASDAQ]; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 clear days in any year.

Liquidation. If our company is wound up, the shareholders may, subject to the Articles and any other sanction required by the Companies Act, pass a special resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the shareholders the whole or any part of our assets and, for that purpose, to value any assets and to determine how the division shall be carried out as between the shareholders or different classes of shareholders; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees for the benefit of shareholders and those liable to contribute to the winding up.

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 clear days prior to the specified time and place of payment and such shareholders shall (subject to receiving at least 14 clear days prior notice specifying when and where payment is to be made), pay to us the amount called on their shares. Shareholders registered as the joint holders of a share shall be jointly and severally liable to pay all calls in respect of the share. If a call remains unpaid after it has become due and payable the person from whom it is due and payable shall pay interest on the amount unpaid from the day it became due and payable until it is paid at the rate fixed by the terms of allotment of the share or in the notice of the call or if no rate is fixed, at the rate of ten percent per annum. The directors may waive payment of the interest wholly or in part.

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The shares that have been called upon and remain unpaid are subject to forfeiture.

If a shareholder fails to pay any capital call, the directors may give to such shareholder not less than 14 clear days' notice requiring payment and specifying the amount unpaid including any interest which may have accrued, any expenses which have been incurred by us due to that person's default and the place where payment is to be made. The notice shall also contain a warning that if the notice is not complied with, the shares in respect of which the call is made will be liable to be forfeited.

If such notice is not complied with, the directors may, before the payment required by the notice has been received, resolve that any share being the subject of that notice be forfeited (which forfeiture shall include all dividends or other monies payable in respect of the forfeited share and not paid before such forfeiture).

A forfeited share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the directors determine and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the directors think fit.

A person whose shares have been forfeited shall cease to be a shareholder in respect of the forfeited shares, but shall, notwithstanding such forfeiture, remain liable to pay to us all monies which at the date of forfeiture were payable by him to us in respect of the shares, together with all expenses and interest from the date of forfeiture or surrender until payment, but his liability shall cease if and when we receive payment in full of the unpaid amount.

A declaration, whether statutory or under oath, made by a director or the secretary shall be conclusive evidence that the person making the declaration is our director or secretary and that the particular shares have been forfeited or surrendered on a particular date.

Redemption, Repurchase, and Surrender of Shares. Subject to the Companies Act and any rights for the time being conferred on the shareholders holding a particular class of shares, we may by our board of directors (i) 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 before the issue of those shares; (ii) purchase any and all of our own shares (including any redeemable shares) on such terms and in such manner which the directors determine at the time of such purchase; and (iii) with the consent by special resolution of the shareholders holding shares of a particular class, vary the rights attaching to that class of shares so as to provide that those shares are to be redeemed or are liable to be redeemed at our option on the terms and in the manner which the directors may determine at the time of such variation. Under the Companies Act, the redemption or repurchase of any share may be paid out of our profits or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and capital redemption reserve) 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 issued shares of our company other than shares held as treasury 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. If at any time our share capital is divided into different classes or series of shares, the rights attached to any class or series of shares (unless otherwise provided by the terms of issue of the shares of that class or series), whether or not our company is being wound up, may be varied with the consent in writing of the holders of two-thirds of the issued shares of that class or series or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of the class or series. The rights conferred upon the holders of the shares of any class issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu with such existing class of shares.

Alteration of Share Capital. Subject to the Companies Act, our shareholders may, by ordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase its share capital by new shares of the amount fixed by that ordinary resolution and with the attached rights, priorities and privileges set out in that ordinary resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidate and divide all or any of our share capital into shares of larger amount than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convert all or any of our fully paid-up shares into stock, and reconvert that stock into fully paid-up shares of any denomination;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sub-divide our shares or any of them into shares of an amount smaller than that fixed by the amended memorandum, so, however, that in the sub-division, the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the share from which the reduced share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cancel shares which, at the date of the passing of that ordinary resolution, have not been taken or agreed to be taken by any person, and diminish the amount of our share capital by the amount of the shares so cancelled or, in the case of shares without nominal par value, diminish the number of shares into which our capital is divided.

Issuance of Additional Shares. Subject to the provisions of the Companies Act and our amended and restated memorandum and articles of association regarding redemption and purchase of the shares, our amended and restated memorandum and articles of association authorizes our board of directors to allot (with or without confirming rights of renunciation) grant options over or otherwise deal with any unissued shares to such persons, at such times and on such terms and conditions as they may decide, issue additional shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares. The directors may deal with unissued shares either at a premium or at par, or with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise. No share may be issued at a discount except in accordance with the provisions of the Companies Act. The directors may refuse to accept any application for shares, and may accept any application in whole or in part, for any reason or for no reason.

Our board of directors may issue ordinary shares without action by our shareholders to the extent of available authorized but unissued ordinary shares. Issuance of these shares may dilute the voting power of holders of shares.

Inspection of Books and Records. Holders of our shares will have no general right under Cayman Islands law to inspect or obtain copies of our corporate records (except for the memorandum and articles of association of our company, any special resolutions passed by our company and the register of mortgages and charges of our company). However, we will provide our shareholders with annual audited consolidated financial statements. See "Where You Can Find Additional Information."

Anti-Takeover Provisions. Some provisions of our amended and restated 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 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 amended and restated memorandum and articles of association (as may be amended from time to time) 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to file an annual return of its shareholders with the Registrar of Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not required to open its register of members for inspection by shareholders of that company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not issue negotiable or bearer shares but may issue shares with no par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as an exempted limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a segregated portfolio company.

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"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the 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 modeled, to a large extent, after 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 United States and their shareholders.

Mergers and Similar Arrangements. The Companies Act permits mergers and consolidations between two or more constituent Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies provided that the laws of the foreign jurisdiction permit such merger or consolidation. For these purposes, (i) "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 (ii) 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 written plan of merger or consolidation 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 that 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 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 or her 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 percent (75%) in value of the shareholders or class of shareholders or 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the statutory provisions as to the required majority vote have been met;

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is such that may be reasonably approved by an intelligent and honest person of that class acting in respect of his or her interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a "fraud on the minority".

The Companies Act also contains a statutory power of compulsory acquisition that may facilitate the "squeeze out" of a dissentient minority shareholder upon a tender offer. When takeover offer is made and accepted by holders of 90.0% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, give notice to 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 by the dissenting shareholder within one month from the date on which the notice was given, but this is unlikely to succeed in the case of an offer that 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 takeover offer is made and accepted, a dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

Shareholders' Suits. In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule, a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires and is therefore incapable of ratification by the shareholders;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those who control the company are perpetrating a "fraud on the minority."

Indemnification of Directors and Executive Officers and Limitation of Liability. Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our amended and restated memorandum and articles of association provide that that we shall indemnify our existing or former secretary, officers (including an investment adviser or an administrator or liquidator) and directors (including alternate director):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages, or liabilities incurred or sustained by such existing or former secretary, directors or officers, in or about the conduct of our Company's business or affairs or in the execution or discharge of the existing or former director's (including alternate director's), secretary's or officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning our Company or its affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

To the extent permitted by Companies Act, our Company may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or officer of our Company in respect of any matter identified in amended articles on

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condition that the director (including alternate director), secretary or officer must repay the amount paid by our Company to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or officer for those legal costs.

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 or herself 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 or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer, or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith, and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company owes three types of duties to the company: (i) statutory duties, (ii) fiduciary duties, and (iii) common law duties. The Companies Act imposes a number of statutory duties on a director. A Cayman Islands director's fiduciary duties are not codified, however the courts of the Cayman Islands have held that a director owes the following fiduciary duties — a duty to act bona fide in the best interests of the company, a duty to avoid fettering his or her discretion in the future, a duty not to make a profit based on his position as director (unless the company permits him to do so), a duty not to put himself or herself 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, diligence and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person carrying out the same functions as are carried out by the director in respect of the Company. However, English and Commonwealth courts have moved towards an objective standard in regard to the required skill, diligence which require the director to act with the skill, diligence and care in keeping with a standard of care commensurate with any particular skill they have which enables them to meet a higher standard than a director without those skills and care and these authorities are likely to be followed in the Cayman Islands.

Shareholder Action by Written Resolution. 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 and our amended and restated articles of association provide that our shareholders may approve corporate matters by way of a unanimous written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

Shareholder Proposals. Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act provides shareholders with only limited rights to requisition a general meeting, and it does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our amended and restated articles of association allow our shareholders holding in aggregate not less than 10% 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 amended and restated articles

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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 may but 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 for 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 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 amended and restated articles of association, directors may be removed with or without cause, by an ordinary resolution of our shareholders. In addition, a director's office shall be vacated if the director (i) is prohibited by the law of the Cayman Islands from acting as a director; or (ii) becomes bankrupt or makes any arrangement or composition with his creditors; or (iii) resigns his office by notice to our company; or (iv) only held office as a director for a fixed term and such term expires; or (v) in the opinion of a registered medical practitioner by whom he is being treated, becomes physically or mentally incapable of acting as a director or (vi) is given notice by the majority of the other directors (not being less than two in number) to vacate office (without prejudice to any claim for damages for breach of any agreement relating to the provision of the services of such director); or (vii) is made subject to any law relating to mental health or incompetence, whether by court order or otherwise; or (viii) without the consent of the other directors, he is absent from meetings of directors for a continuous period of six months.

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 that 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 the Companies Act, a company may be wound up by an order of the courts of the Cayman Islands, or wound up voluntarily by a special resolution of its members, or, if the company is unable to pay its debts as they fall due, 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. Under the Companies Act and our amended and restated articles of association, our company may be dissolved, liquidated, or wound up voluntarily by a special resolution of our shareholders.

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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 the Companies Act and our amended and restated articles of association, if our share capital is divided into more than one class of shares, we may vary the rights attached to any class with the written consent of the holders of two-thirds of the issued shares of that class or with the sanction of a special resolution passed at a general 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 the Companies Act and our amended and restated memorandum and articles of association, our memorandum and articles of association may only be amended by a special resolution of our shareholders.

Rights of Non-resident or Foreign Shareholders. There are no limitations imposed by our amended and restated 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 amended and restated memorandum and articles of association governing the ownership threshold above which shareholder ownership must be disclosed.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Upon the completion of this Offering, we will have 24,250,000 Class A Ordinary Shares, 5,000,000 Class B Ordinary Shares issued and outstanding, assuming no exercise of the underwriters' over-allotment option.

Prior to this Offering, there has been no public market for our Shares, and while we plan to apply to list our Shares on [NYSE/NASDAQ], we cannot assure you that a regular trading market for our Shares will develop or be sustained after this Offering. Future sales of substantial amounts of Shares in the public market, or the perception that such sales may occur, could adversely affect the market price of our Shares. Further, since a large number of our Shares will not be available for sale shortly after this Offering because of the contractual and legal restrictions on resale described below, sales of substantial amounts of our Shares in the public market after these restrictions lapse, or the perception that such sales may occur, could adversely affect the prevailing market price and our ability to raise equity capital in the future.

#### Lock-Up Agreements
We have agreed not to, for a period of six (6) months from the closing date of this offering, offer, issue, sell, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of, except in this offering, any of our Class A Shares or securities that are substantially similar to our Class A Ordinary Shares, including but not limited to any options or warrants to purchase our Class A Ordinary Shares, or any securities that are convertible into or exchangeable for, or that represent the right to receive, our Class A Ordinary Shares or any such substantially similar securities (other than pursuant to employee stock option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date such lock-up agreement was executed), without the prior written consent of the Underwriter.

Furthermore, each of our directors, executive officers, and owners of 5% or more of our Class A Ordinary Shares has also entered into a similar lock-up agreement for a period of 180 days from the date of this prospectus, subject to certain exceptions, with respect to our Class A Ordinary Shares and securities that are substantially similar to our Class A Ordinary Shares. These parties collectively own all of our outstanding Class A Ordinary Shares, without giving effect to this offering.

Other than this offering, we are not aware of any plans by any significant shareholders to dispose of significant numbers of our Class A Ordinary Shares. However, one or more existing shareholders or owners of securities convertible or exchangeable into or exercisable for our Class A Ordinary Shares may dispose of significant numbers of our Class A Ordinary Shares in the future. We cannot predict what effect, if any, future sales of our Class A Ordinary Shares, or the availability of Class A Ordinary Shares for future sale, will have on the trading price of our Class A Ordinary Shares from time to time. Sales of substantial amounts of our Class A Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Class A Ordinary Shares.

#### Rule 144
All of our Shares outstanding prior to 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 requirements. Under Rule 144 as currently in effect, a person who has beneficially owned our Shares for at least six months is generally entitled to sell the restricted securities without registration under the Securities Act beginning 90 days after the date of this prospectus, subject to certain additional restrictions.

Subject to the Lock-Up Agreements, our affiliates may sell within any three-month period a number of Shares that does not exceed the greater of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the then outstanding Shares of the same class, which will equal approximately 280,000 Class A Ordinary Shares, and 50,000 Class B Ordinary Shares immediately after this Offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our Shares on [NYSE/NASDAQ] during the four calendar weeks preceding the date on which notice of the sale is filed with the SEC.

Affiliates who sell restricted securities under Rule 144 may not solicit orders or arrange for the solicitation of orders, and they are also subject to notice requirements and the availability of current public information about us.

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Persons who are not our affiliates are only subject to one of these additional restrictions, the requirement of the availability of current public information about us, and this additional restriction does not apply if they have beneficially owned our restricted shares for more than one year.

#### Rule 701
In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants or advisors who purchases our Shares from us in connection with a compensatory stock or option plan or other written agreement relating to compensation is eligible to resell such Shares 90 days after we became a reporting company under the Exchange Act in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144.

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#### TAXATION
*The following description is not intended to constitute a complete analysis of all tax considerations of your particular situation relating to the acquisition, ownership, and disposition of our Shares. You should consult your own tax advisor concerning the tax considerations of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign, or other taxing jurisdiction.*

#### Cayman Islands Taxation
In the opinion of our Cayman counsel, Ogier, payments of dividends and capital in respect of our Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding tax will be required on the payment of a dividend or capital to any holder of the Class A Ordinary Shares nor will gains derived from the disposal of the Class A Ordinary Shares be subject to Cayman Islands income or corporation tax.

In the opinion of our Cayman counsel, Ogier, the Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought within the jurisdiction of the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not party to any double tax treaties that are applicable to any payments made to or by our company. There are no foreign exchange controls or foreign exchange regulations or currency restrictions in the Cayman Islands.

#### Hong Kong Taxation
The following summary of certain relevant taxation provisions under the laws of Hong Kong is based on current law and practice and is subject to changes therein. This summary does not purport to address all possible tax consequences relating to purchasing, holding or selling the Class A Ordinary Shares, and does not take into account the specific circumstances of any particular investors, some of whom may be subject to special rules. Accordingly, holders or prospective purchasers (particularly those subject to special tax rules, such as banks, dealers, insurance companies and tax-exempt entities) should consult their own tax advisors regarding the tax consequences of purchasing, holding or selling the Class A Ordinary Shares. Under the current laws of Hong Kong:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No profit tax is imposed in Hong Kong in respect of capital gains from the sale of the Class A Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue gains from the sale of Class A Ordinary Shares by persons carrying on a trade, profession or business in Hong Kong where the gains are derived from or arise in Hong Kong from the trade, profession or business will be chargeable to Hong Kong profits tax, which is currently imposed at the rate of 16.5% on corporations and at a maximum rate of 15% on individuals and unincorporated businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gains arising from the sale of Class A Ordinary Shares, where the purchases and sales of Class A Ordinary Shares are effected outside of Hong Kong such as, for example, on the New York Stock Exchange, should not be subject to Hong Kong profits tax.

According to the current tax practice of the Hong Kong Inland Revenue Department, dividends paid on the Class A Ordinary Shares would not be subject to any Hong Kong tax.

No Hong Kong stamp duty is payable on the purchase and sale of the Class A Ordinary Shares.

#### Material United States Federal Income Tax Considerations
The following discussion is a summary of certain material U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of the ownership and disposition of our Class A Ordinary Shares. This summary applies only to U.S. Holders that hold our Class A Ordinary Shares as capital assets (generally, property held for investment) and that have the U.S. dollar as their functional currency. This summary is based on U.S. tax laws in effect as of the date of this prospectus, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this prospectus, and judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and could affect the tax consequences described below. No ruling has been sought from the Internal Revenue Service ("IRS") with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the IRS or a court will not take a

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contrary position. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding, and alternative minimum tax considerations, or any state, local, and non-U.S. tax considerations, relating to the ownership and disposition of our Class A Ordinary Shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions or financial services entities;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pension plans;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• grantor trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders that elect to use a mark-to-market method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former U.S. citizens or long-term residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities (including private foundations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons liable for alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• passive foreign investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlled foreign corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's officers or directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders who are not U.S. Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders that actually, indirectly, or constructively own 5% or more of (i) the total combined voting power of all classes of the Company's shares that are entitled to vote or (ii) the total value of all classes of the Company's shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Class A Ordinary Shares through such entities.

**<u>PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS REGARDING THE APPLICATION OF U.S. FEDERAL TAXATION TO THEIR PARTICULAR CIRCUMSTANCES, AND THE STATE, LOCAL,</u> <u>NON</u><u>-U</u><u>.S., OR OTHER TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR CLASS A ORDINARY SHARES.</u>**

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Ordinary Shares that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partner and the partnership. Partnerships holding our Class A Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in our Class A Ordinary Shares.

#### Taxation of Dividends and Other Distributions on Our Class A Ordinary Shares
As discussed under "Dividend Policy" above, we do not anticipate that any dividends will be paid in the foreseeable future. Subject to the PFIC rules discussed below, a U.S. Holder generally will be required to include in gross income, in accordance with such U.S. Holder's method of accounting for United States federal income tax purposes, as dividends the amount of any distribution paid on the Class A Ordinary Shares to the extent the distribution is paid out of our current or accumulated earnings and profits (as determined under United States federal income tax principles). Such dividends paid by us will be taxable to a corporate U.S. Holder as dividend income and will not be eligible for the dividends-received deduction generally allowed to domestic corporations in respect of dividends received from other domestic corporations. A non-corporate U.S. Holder will be subject to tax on dividend income from a "qualified foreign corporation" at a lower applicable capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period requirements are met. A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will generally be considered to be a qualified foreign corporation (i) if it is eligible for the benefits of a comprehensive tax treaty with the United States that the U.S. Secretary of Treasury determines is satisfactory for purposes of this provision and includes an exchange of information program, or (ii) with respect to any dividend it pays on stock that is readily tradable on an established securities market in the United States, including [NYSE/NASDAQ]. It is unclear whether dividends that we pay on our Class A Ordinary Shares will meet the conditions required for the reduced tax rate. However, in the event that we are deemed to be a PRC resident enterprise under the PRC Enterprise Income Tax Law, we may be eligible for the benefits of the United States-PRC income tax treaty. If we are eligible for such benefits, dividends we pay on our Class A Ordinary Shares would be eligible for the reduced rates of taxation described in this paragraph.

Distributions in excess of such earnings and profits generally will be applied against and reduce the U.S. Holder's basis in its Class A Ordinary Shares (but not below zero) and, to the extent in excess of such basis, will be treated as gain from the sale or exchange of such Class A Ordinary Shares. In the event that we do not maintain calculations of our earnings and profits under United States federal income tax principles, a U.S. Holder should expect that all cash distributions will generally be treated as dividends for United States federal income tax purposes. U.S. Holders should consult their own tax advisors regarding the availability of the lower rate for any cash dividends paid with respect to our Class A Ordinary Shares.

Dividends will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit not in excess of any applicable treaty rate in respect of any foreign withholding taxes imposed on dividends received on our Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder's individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

#### Taxation of Sale or Other Disposition of Class A Ordinary Shares
Subject to the discussion below under "Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of Class A Ordinary Shares in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such Class A

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Ordinary Shares. Any capital gain or loss will be long term if the Class A Ordinary Shares have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of individual and certain other non-corporate taxpayers are currently eligible for reduced rates of taxation. In the event that gain from the disposition of the Class A Ordinary Shares is subject to tax in the PRC, such gain may be treated as PRC-source gain under the United States-PRC income tax treaty. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Shares, including the availability of the foreign tax credit under their particular circumstances.

#### Passive Foreign Investment Company Rules
A non-U.S. corporation, such as our company, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, cash and cash equivalents are categorized as passive assets and the company's goodwill and other unbooked intangibles are taken into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

No assurance can be given as to whether we may be or may become a PFIC, as this is a factual determination made annually that will depend, in part, upon the composition of our income and assets and the value of our assets from time to time (which may be determined, in part, by reference to the market price of our shares, which could be volatile). Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this Offering. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during which a U.S. Holder held our Class A Ordinary Shares, we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. Holder held our Class A Ordinary Shares even if we cease to be a PFIC in subsequent years, unless certain elections are made. Our U.S. counsel expresses no opinion with respect to our PFIC status for any taxable year.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Class A Ordinary Shares), and (ii) any gain realized on the sale or other disposition of Class A Ordinary Shares. Under these rules,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.

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If we are treated as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is "regularly traded" within the meaning of applicable U.S. Treasury regulations. If our Class A Ordinary Shares qualify as being regularly traded, and an election is made, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Class A Ordinary Shares held at the end of the taxable year over the adjusted tax basis of such Class A Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the Class A Ordinary Shares over the fair market value of such Class A Ordinary Shares held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Class A Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Class A Ordinary Shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

Furthermore, as an alternative to the foregoing rules, a U.S. Holder that owns stock of a PFIC generally may make a "qualified electing fund" election regarding such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If a U.S. Holder owns our Class A Ordinary Shares during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such other information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. Failure to file one or more of these forms as required may toll the running of the statute of limitations in respect of each of the taxable years for which such form is required to be filed. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding how the PFIC rules apply to your investment in our Class A Ordinary Shares.

#### Information Reporting and Backup Withholding
Certain U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds $50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.

In addition, dividend payments with respect to our Class A Ordinary Shares and proceeds from the sale, exchange or redemption of our Class A Ordinary Shares may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

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Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

**EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND NON**-U**.S. TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR CLASS A ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.**

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#### UNDERWRITING
In connection with this offering, we will enter into an underwriting agreement with Cathay Securities, Inc., as representative of the underwriters, or the representative, in this offering. The representative may retain other brokers or dealers to act as sub-agents or selected dealers on their behalf in connection with this offering. The underwriters have agreed to purchase from us, on a firm commitment basis, the number of Class A Ordinary Shares set forth opposite its name below, at the public offering price less the underwriting discounts set forth on the cover page of this prospectus:

---

| | |
|:---|:---|
|  **Name of Underwriters** | **Number of <br>Ordinary <br>Shares** |
|  Cathay Securities, Inc. |  |
|  **Total** |  |

---

The underwriters are committed to purchase all the Class A Ordinary Shares offered by this prospectus if they purchase any Class A Ordinary Shares. The underwriters are not obligated to purchase the Class A Ordinary Shares covered by the underwriters' over-allotment option to purchase Class A Ordinary Shares as described below. The underwriters are offering the Class A Ordinary Shares, subject to prior sale, when, as, and if issued to and accepted by them, subject to approval of legal matters by their counsel and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer's certificates and legal opinions. The underwriters reserve the right to withdraw, cancel, or modify offers to the public and to reject orders in whole or in part.

#### Pricing of this Offering
Prior to this offering, there has been no public market for our Class A Ordinary Shares. The public offering price for our Class A Ordinary Shares will be determined through negotiations between us and the representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the representative believe to be comparable to us, estimate of our business potential and earning prospects, the present state of our development, and other factors deemed relevant. The public offering price of our Class A Ordinary Shares in this offering does not necessarily bear any direct relationship to the assets, operations, book value, or other established criteria of value of our company.

#### Over-Allotment Option
We have granted to the underwriters a 45-day option to purchase up to an aggregate of additional Class A Ordinary Shares (equal to 15% of the number of Class A Ordinary Shares sold in the offering) at the public offering price per Class A Ordinary Share less underwriting discounts and commissions. The underwriters may exercise this option for 45 days from the date of closing of this offering solely to cover sales of Class A Ordinary Shares by the underwriters in excess of the total number of Class A Ordinary Shares set forth in the table above. If any of the additional Class A Ordinary Shares are purchased, the underwriters will offer the additional Class A Ordinary Shares at the initial public offering price per Class A Ordinary Share.

The underwriter will offer the shares to the public at the initial public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of $[\*] per share. If the over-allotment option is exercised in full, the total offering price to the public will be U$[\*] per share and the total net proceeds to us will be $[\*] million.

#### Discounts and Expenses
The underwriting discounts for the shares and the over-allotment shares are equal to 7.0% of the public offering price. The underwriting discounts do not include (i) a 1.0% non-accountable expense allowance, or (ii) certain out-of-pocket expenses, each as described below.

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The following table shows the price per share and total offering price, underwriting discounts, and proceeds before expenses to us. The total amounts are shown assuming both no exercise and full exercise of the over-allotment option.

---

| | | | |
|:---|:---|:---|:---|
|  | | **Total** | **Total** |
|  | **Per Class A <br>Ordinary Share** | **No Exercise of <br>Over-allotment <br>Option** | **Full Exercise of <br>Over-allotment <br>Option** |
|  Initial public offering price | $| $| $|
|  Underwriting discounts to be paid by us<sup>(1)</sup> | $| $| $|
|  Proceeds to us, before expenses | $| $| $|

---

____________

(1) This only includes the proceeds of the sale of Class A Ordinary Shares underwritten by the underwriters.

We have agreed to pay to the underwriters, by deduction from the gross proceeds of the offering contemplated herein, a non-accountable expense allowance equal to one percent (1%) of the gross proceeds received by us from the sale of the Class A Ordinary Shares in this offering.

We have agreed to pay expenses relating to the offering, including: (i) our legal and accounting fees and disbursements; (ii) the costs of preparing, printing, mailing, and delivering the registration statement, the preliminary and final prospectus contained therein and amendments thereto, post-effective amendments and supplements thereto, and the underwriting agreement and related documents (all in such quantities as the representative may reasonably require); (iii) the costs of preparing and printing stock certificates and warrant certificates; (iv) the costs of any "due diligence" meetings; (v) all reasonable and documented fees and expenses for conducting a net road show presentation; (vi) all filing fees and communication expenses relating to the registration of the shares to be sold in the offering with the SEC and the filing of the offering materials with FINRA; (vii) the reasonable and documented fees and disbursements of the representative's counsel; (viii) background checks of the Company's officers and directors; (ix) preparation of bound volumes and mementos in such quantities as the representative may reasonably request; (x) transfer taxes, if any, payable upon the transfer of securities from us to the representative; and (xi) the fees and expenses of the transfer agent, clearing firm, and registrar for the shares; provided that the actual accountable expenses of the representative shall not exceed $235,000. We are required to supply the representative and its counsel, at our cost, with a reasonable number of bound volumes of the offering materials within a reasonable time after the closing of this offering as well as commemorative tombstones.

We have paid an advanced expense of $60,000 to the representative, upon the execution of the Letter of Engagement between us and the representative for the representative's anticipated out-of-pocket expenses. Upon the first public filing with the SEC, we will pay up to an additional $50,000 to the representative. Any expense deposits will be returned to us to the extent the representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A) and Rule 5110(g)(4)(B).

We estimate that expenses payable by us in connection with this offering, other than the underwriting discounts referred to above and non-accountable expenses, will be approximately $[\*], including a maximum aggregate reimbursement of $235,000 of representative's accountable expenses.

#### Right of First Refusal
We have granted the representative a right of first refusal on an exclusive basis, for a period of twelve (12) months from the closing of the offering, to manage any future public and private equity and debt offering, including all equity linked financings (excluding (i) shares issued under any compensation or stock option plan approved by the Company's shareholders, (ii) shares issued as consideration of an acquisition or as part of a strategic partnership or transaction and (iii) conventional banking arrangements and commercial debt financing), during such twelve (12) month period, of the Company, or any successor to or any current or future subsidiary of the Company, with the representative receiving the right to underwrite or place a number of the securities to be sold therein having an aggregate purchase price therein equal to a minimum of the aggregate purchase price of the shares sold in this offering (excluding shares issued upon the exercise of the underwriters' over-allotment option). If the representative fails to accept in writing any such proposal within fifteen (15) business days after receipt of a written notice from us containing such proposal, the representative will have no claim or right with respect to any such sale contained in any such notice. If, thereafter, such proposal is modified in any material respect, the Company will adopt the same procedure as with respect to the

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original proposed public of private sale, and the representative shall have the right of first refusal with respect to such revised proposal as set forth above. In accordance with FINRA Rule 5110(g)(6)(A), such right of first refusal shall not have a duration of more than three years from the commencement of sales of this offering.

#### Tail Financing
We have agreed that the underwriters shall be entitled to compensation commensurate set forth above, if the Company completes an offering with an investor introduced to the Company by the underwriters and not-known to the Company before such introduction regarding an offering prior to the termination or expiration of our engagement letter with the underwriters (collectively, the "Identified Party") during the twelve (12) month period following the termination of such engagement letter. The underwriters shall provide the Company with a list of the Identified Party and proof of such communication in connection with this offering.

#### Lock-up Agreements
The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the representative, it will not, for a period of six (6) months after the date of this prospectus, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of directly or indirectly, any share of capital share of the Company or any securities convertible into or exercisable or exchangeable for shares of capital share of the Company; (ii) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of capital share of the Company of any securities convertible into or exercisable or exchangeable for shares of capital shares of the company; (iii) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank or (iv) 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 share of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of shares of capital share of the Company or such other securities, in such or otherwise.

Our directors, executive officers and holders of more than 5% of our Class A Ordinary Shares have agreed, subject to limited exceptions set forth below, not to offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company (the "Lock-Up Securities"), that transfers, in whole or in part, any of the economic consequences of ownership of our Class A Ordinary Shares or such other securities for a period of six (6) months after the date of this prospectus, without the prior written consent of the representative.

Notwithstanding the foregoing to the contrary and subject to the conditions below, a holder may transfer Lock-Up Securities without the prior written consent of the representative in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Public Offering; <u>provided</u> that no filing under Section 16(a) of the Exchange Act, shall be required or shall be voluntarily made in connection with subsequent sales of Lock-Up Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities (i) as a *bona fide* gift, by will or intestacy, (ii) by operation of law, such as pursuant to a qualified domestic order or as required by a divorce settlement, or (iii) to a family member or trust for the benefit of a family member (for purposes hereof, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution; or (d) if the holder, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the case may be; <u>provided</u> that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the representative a lock-up agreement substantially in the form of this lock-up agreement and (ii) no filing under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made.

#### Indemnification
We have agreed to indemnify the underwriters and their affiliates against liabilities relating to the offering arising under the Securities Act and the Exchange Act and to contribute to payments that the underwriters may be required to make for these liabilities.

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#### Application for [NYSE/NASDAQ] Listing
We plan to apply to list our Class A Ordinary Shares on the [NYSE/NASDAQ] under the symbol "[\*]" We will not consummate this offering without a listing approval letter from the [NYSE/NASDAQ].

#### Electronic Offer, Sale, and Distribution
A prospectus in electronic format may be made available on websites or through other online services maintained by the underwriters or selling group members, if any, or by their affiliates, and the underwriters may distribute prospectus electronically. The underwriters may agree to allocate a number of Class A Ordinary Shares to selling group members for sale to their online brokerage account holders. The Class A Ordinary Shares to be sold pursuant to Internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that can be accessed through, these websites and any information contained in any other website maintained by these entities is not part of, and is not incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the underwriters, and it should not be relied upon by investors.

In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

#### Passive Market Making
Any underwriter who is a qualified market maker on [NYSE/NASDAQ] may engage in passive market making transactions on [NYSE/NASDAQ], in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

#### Potential Conflicts of Interest
The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect to such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Price Stabilization, Short Positions, and Penalty Bids
Until the distribution of the Class A Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Class A Ordinary Shares. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain, or otherwise affect the price of our Class A Ordinary Shares. The underwriters may engage in over-allotment sales, syndicate-covering transactions, stabilizing transactions, and penalty bids in accordance with Regulation M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may exercise the over-allotment option described above and/or may engage in syndicate-covering transactions. There is no contractual limit on the size

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of any syndicate-covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Syndicate-covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters. Short sales may be "covered short sales," which are short positions in an amount not greater than the underwriters' option to purchase additional shares referred to above, or may be "naked short sales," which are short positions in excess of that amount. The underwriters may close out any covered short position by either exercising their option, in whole or in part, or by purchasing shares in the open market. In making this determination, the underwriters will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the over-allotment option. Naked short sales are short sales made in excess of the over-allotment option. 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 our Class A Ordinary Shares in the open market that could adversely affect investors who purchased in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Class A Ordinary Shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore were not effectively sold to the public by such underwriter.

Stabilization, syndicate-covering transactions, and penalty bids may have the effect of raising or maintaining the market price of our Class A Ordinary Shares or preventing or delaying a decline in the market price of our Class A Ordinary Shares. As a result, the price of our Class A Ordinary Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Class A Ordinary Shares. These transactions may occur on [NYSE/NASDAQ] or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

#### Offers Outside of 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.

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#### EXPENSES OF THE OFFERING
Set forth below is an itemization of the total expenses, excluding the underwriting discounts and commissions and non-accountable expense allowance, which are expected to be incurred in connection with the sale of Class A Ordinary Shares in this offering. With the exception of the registration fee payable to the SEC, the [NYSE/NASDAQ] listing fee and the filing fee payable to Financial Industry Regulatory Authority, Inc., or FINRA, all amounts are estimates.

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| | |
|:---|:---|
|  Securities and Exchange Commission Registration Fee | $5000 |
|  [NYSE/NASDAQ] Market Listing Fee | 50000 |
|  FINRA Filing Fee | 5000 |
|  Legal Fees and Other Expenses | 570831 |
|  Accounting Fees and Expenses | 464896 |
|  Printing and Engraving Expenses | 25000 |
|  Transfer Agent Expenses | 15000 |
|  Miscellaneous Expenses | 18944 |
|  **Total** | 1154671 |

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____________

\* To be filed by amendment

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#### LEGAL MATTERS
Certain other legal matters as to United States Federal and New York State law, and Hong Kong Law in connection with this Offering will be passed upon for us by Loeb & Loeb LLP, New York, New York. The legal matters concerning this offering relating to Cayman Islands law will be passed upon for us by Ogier. The legal matters concerning this offering relating to PRC law will be passed upon for us by Tenet & Partners. Certain legal matters as to U.S. federal law in connection with this Offering will be passed upon for the Underwriters by Kaufman & Canoles, P.C., Richmond, Virginia.

#### EXPERTS
The consolidated financial statements of March 31, 2025 and 2024, included in this prospectus have been so included in reliance on the report of Enrome LLP, Independent Registered Public Accounting Firm, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of Enrome LLP is located at 143 Cecil Street #19-03/04 GB Building Singapore 069542.

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#### ENFORCEMENT 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 because of certain benefits associated with being a Cayman Islands company, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands has a less developed body of securities laws as compared to the United States and provides less protection for investors. In addition, Cayman Islands companies do not have standing to sue before the federal courts of the United States.

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

Also, our principal executive offices and substantially all of our assets are located in Hong Kong or the PRC. In addition, all of our directors and officers are nationals or residents of the PRC and all or a substantial portion of their assets are located outside the United States.

---

| | | | |
|:---|:---|:---|:---|
|  **Name** | **Position** | **Nationality** | **Residence** |
|  Chen Qiu | Chief Executive Officer, Chairman of the Board of Directors | China | China |
|  Lin Shenghong | Chief Financial Officer | China | China |
|  Liao Lingjie | Independent director | China | China |
|  Zhou Mo | Independent director | China | China |
|  Zhou Wensi | Independent director | China | China |

---

As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Due to lack of reciprocity and cost and time constraints, you may experience difficulties in effecting service of legal process, enforcing foreign judgments, or bringing actions in Cayman Islands, Hong Kong and China against us or our directors and officers based on foreign law.

We have appointed Cogency Global Inc. as our agent to receive service of process with respect to any action brought against us in the United States in connection with this offering under the federal securities laws of the United States or of any State in the United States.

#### Cayman Islands
We have been advised by Ogier, our counsel as to Cayman Islands law, that the United States and the Cayman Islands do not have a treaty providing for reciprocal recognition and enforcement of judgments of U.S. courts in civil and commercial matters and that there is uncertainty as to whether the courts of Cayman Islands would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States. This uncertainty relates to whether such a judgment would be determined by the courts of the Cayman Islands to be penal or punitive in nature.

We have also been advised by Ogier that, notwithstanding the above, a judgment obtained in the United States, however, may be recognized and enforced in the courts of the Cayman Islands in certain circumstances without any re-examination or re-litigation of matters adjudicated upon, provided such judgement: (i) is given by a foreign court of competent jurisdiction; (ii) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given; (iii) is final; (iv) is not in respect of taxes, a fine or a penalty; and (v) was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or public policy of the Cayman Islands.

Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

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

A Cayman Islands court may impose civil liability on us or our directors or officers in a suit brought in the Grand Court of the Cayman Islands against us or these persons with respect to a violation of U.S. federal securities laws, provided that the facts surrounding any violation constitute or give rise to a cause of action under Cayman Islands law.

#### BVI
We have been advised by Ogier, our counsel as to BVI law, that there is uncertainty as to whether the courts of the British Virgin Islands would: (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities laws of any state in the United States, or (ii) entertain original actions brought in the British Virgin Islands against us or our directors or officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United States.

We have been advised by Ogier, our counsel as to BVI law, that although there is no statutory enforcement in the BVI of judgments obtained in the federal or state courts of the United States (and the BVI are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the BVI court will at common law enforce final and conclusive in personam judgments of state and/or federal courts of the United States of America (the "Foreign Court") which had jurisdiction to give the judgment of a debt or definite sum of money against the Company (other than a sum of money payable in respect of taxes, penalties or fines, where the judgment was obtained by fraud or where enforcement would be contrary to public policy). The BVI court can also at common law enforce final and conclusive in personam judgments of the Foreign Court that are non-monetary against the Company. The BVI court will exercise its discretion in the enforcement of non-money judgments by having regard to the circumstances, such as considering if the judgment creditor has a foreign judgment based on a cause of action recognized under BVI law, can establish that the BVI court has jurisdiction over the judgment debtor and whether the principles of comity apply. To be treated as final and conclusive, any relevant judgment must be regarded as res judicata by the Foreign Court. A debt claim on a foreign judgment must be brought within 12 years of the judgment becoming enforceable and arrears of interest on a judgment debt cannot be recovered after 6 years from the date on which the interest was due. The courts of the BVI are unlikely to enforce a judgment obtained from the Foreign Court under civil liability provisions of U.S. federal securities law if such a judgment is found by the courts of the BVI to give rise to obligations to make payments that are penal or punitive in nature. A court of the BVI may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. A judgment entered in default of appearance by a defendant who has had notice of the Foreign Court's intention to proceed may be final and conclusive notwithstanding that the Foreign Court has power to set aside its own judgment and despite the fact that it may be subject to an appeal the time-limit for which has not yet expired. The BVI court may safeguard the defendant's rights by granting a stay of execution pending any such appeal and may also grant interim injunctive relief as appropriate for the purpose of enforcement.

#### Hong Kong
Loeb & Loeb LLP, our counsel with respect to Hong Kong law, has advised us that judgment of U.S. courts will not be directly enforced in Hong Kong. There are currently no treaties or other arrangements providing for reciprocal enforcement of foreign judgments between Hong Kong and the U.S. However, the common law permits an action to be brought upon a foreign judgment. That is to say, a foreign judgment itself may form the basis of a cause of action since the judgment may be regarded as creating a debt between the parties to it. In a common law action for enforcement of a foreign judgment in Hong Kong, the enforcement is subject to various conditions, including but not limited to, that the foreign judgment is a final judgment conclusive upon the merits of the claim, the judgment is for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges, the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary to public policy of Hong Kong. Such a judgment must be for a fixed sum and must also come from a "competent" court as determined by the private international law rules applied by the Hong Kong courts. The defenses that are available to a defendant in a common law action brought on the basis of a foreign judgment include lack of jurisdiction, breach of natural justice, fraud, and contrary to public policy. However, a separate legal action for debt must be commenced in Hong Kong in order to recover such debt from the judgment debtor.

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

#### WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a Registration Statement on Form F-1 under the Securities Act, including amendments and relevant exhibits and schedules, covering the underlying Shares represented by the Shares to be sold in this Offering.

Our SEC filings, including the Registration Statement on Form F-1, are also available to you on the SEC's website at *http://www.sec.gov*.

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

#### Red Wisdom Creation Limited

#### INDEX TO Consolidated FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  **CONTENTS** | **PAGE(S)** |
|  [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID: 6907)](#T101) | F-2 |
|  [COMBINED BALANCE SHEETS AS OF MARCH 31, 2024 AND 2025](#T102) | F-3 |
|  [COMBINED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED MARCH 31, 2024 AND 2025](#T103) | F-4 |
|  [COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEARS ENDED MARCH 31, 2024 AND 2025](#T104) | F-5 |
|  [COMBINED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2024 AND 2025](#T105) | F-6 |
|  [NOTES TO COMBINED FINANCIAL STATEMENTS](#T106) | F-7 |

---

#### INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  **CONTENTS** | **PAGE(S)** |
|  [CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2025 AND SEPTEMBER 30, 2025 (UNAUDITED)](#T107) | F-24 |
|  [UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2024 AND 2025](#T108) | F-25 |
|  [UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2024 <br>AND 2025](#T109) | F-26 |
|  [UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2024 AND 2025](#T110) | F-27 |
|  [NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](#T111) | F-28 |

---

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

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors of<br>Red Wisdom Creation Limited

#### Opinion on the Financial Statements
We have audited the accompanying combined balance sheets of Red Wisdom Creation Limited and its subsidiaries (the "Company") as of March 31, 2025 and 2024, the related combined statements of operations, changes in shareholders' equity and cash flows for each of the years ended March 31, 2025 and 2024 and the related notes (collectively referred to as the "combined financial statements"). In our opinion, the combined 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 each of the years ended March 31, 2025 and 2024, in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

#### Basis for Opinion
These combined financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's combined financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined 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 combined 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 combined 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 combined financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Enrome LLP

We have served as the Company's auditor since 2025

Singapore<br>August 12, 2025

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#### RED WISDOM CREATION LIMITED<br>COMBINED BALANCE SHEETS<br> (In U.S. dollars, except for share and per share data, or otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  **ASSETS** |  |  |
|  **Current assets** |  |  |
|  Cash | $2849 | $43109 |
|  Accounts receivable | 2492060 | 733340 |
|  Advance to suppliers |  | 1141620 |
|  Other current asset |  | 221348 |
|  Deferred offering cost |  | 50000 |
|  **Total current assets** | **2494909** | **2189417** |
|  **Non-current asset** |  |  |
|  Right-of-use asset | 7819 | 3171 |
|  **Total non-current asset** | **7819** | **3171** |
|  **TOTAL ASSETS** | $**2502728** | $**2192588** |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
|  **Current liabilities** |  |  |
|  Accounts payable | 2108354 | 440350 |
|  Contract liabilities | 39000 | 144040 |
|  Income tax payable | 15759 | 184732 |
|  Accrued expenses | 150000 | 226345 |
|  Amounts due to a related party | 3701 | 31027 |
|  Lease liability | 4632 | 1972 |
|  **Total current liabilities** | **2321446** | **1028466** |
|  **Non-current liability** |  |  |
|  Lease liability | 1982 |  |
|  **Total non-current liability** | **1982** | **—** |
|  **Total liabilities** | $**2323428** | $**1028466** |
|  **Commitments and contingencies (Note 10)** |  |  |
|  **Shareholders' equity** |  |  |
|  Class A ordinary shares (par value of US$0.0001 per share; 490,000,000 Class A ordinary shares authorized, 20,000,000 Class A ordinary shares issued and outstanding as of March 31, 2024 and 2025, respectively)\* | 2000 | 2000 |
|  Class B ordinary shares (par value of US$0.0001 per share; 10,000,000 Class B ordinary shares authorized, 5,000,000 Class B ordinary shares issued and outstanding as of March 31, 2024 and 2025, respectively)\* | 500 | 500 |
|  Subscription receivable | (2500) | (2500) |
|  Accumulated profit | 179300 | 1164122 |
|  **Total shareholders' equity** | **179300** | **1164122** |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**2502728** | $**2192588** |

---

____________

\* The shares and per share information are presented on a retroactive basis to reflect the Reorganization completed on July 5, 2025 (Note 1(b)).

The accompanying notes are an integral part of these combined financial statements.

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

#### RED WISDOM CREATION LIMITED<br>COMBINED STATEMENTS OF OPERATIONS<br> (In U.S. dollars, except for share and per share data, or otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  **Revenues** |  |  |
|  Online influencer marketing | $1503298 | $6314604 |
|  Online precision marketing services | 1543022 | 2424832 |
|  **Total revenues** | 3046320 | 8739436 |
|  Cost of revenues | (2517619) | (6908774) |
|  **Gross profit** | **528701** | **1830662** |
|  **Operating expenses** |  |  |
|  Selling and marketing expenses | (221199) | (470731) |
|  General and administrative expenses | (129365) | (195670) |
|  **Total operating expenses** | **(350564)** | **(666401)** |
|  **Operating income** | **178137** | **1164261** |
|  **Other income/(expenses), net** |  |  |
|  Financial income/(expenses), net | 16922 | (10467) |
|  **Total other income/(expenses), net** | **16922** | **(10467)** |
|  **Income before income tax expense** | 195059 | 1153794 |
|  Income tax expense | (15759) | (168972) |
|  **Net income** | **179300** | **984822** |
|  **Total comprehensive income** | $**179300** | $**984822** |
|  **Income per ordinary share attributable to the Company's shareholders** |  |  |
|  Basic and diluted\* | 0.01 | 0.04 |
|  **Weighted average numbers of shares outstanding** |  |  |
|  Basic and diluted\* | 25000000 | 25000000 |

---

____________

\* The shares and per share information are presented on a retroactive basis to reflect the Reorganization completed on July 5, 2025 (Note 1(b)).

The accompanying notes are an integral part of these combined financial statements.

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

#### RED WISDOM CREATION LIMITED<br>COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY<br> (In U.S. dollars, except for share and per share data, or otherwise noted)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary <br>shares\*** | **Class A Ordinary <br>shares\*** | **Class B Ordinary <br>shares\*** | **Class B Ordinary <br>shares\*** | **Subscription <br>receivable** | **Accumulated <br>profit** | **Total <br>shareholders' <br>equity** |
|  | **Share** | **Amount** | **Share** | **Amount** | **Subscription <br>receivable** | **Accumulated <br>profit** | **Total <br>shareholders' <br>equity** |
|  Balance as of March 31, 2023 | 20000000 | $2000 | 5000000 | $500 | $(2500) | $— | $— |
|  Net income |  |  |  |  |  | 179300 | 179300 |
|  **Balance as of March 31, 2024** | **20000000** | $**2000** | **5000000** | $**500** | $**(2500)** | $**179300** | $**179300** |
|  Net income |  |  |  |  |  | 984822 | 984822 |
|  **Balance as of March 31, 2025** | **20000000** | $**2000** | **5000000** | $**500** | $**(2500)** | $**1164122** | $**1164122** |

---

____________

\* The shares and per share information are presented on a retroactive basis to reflect the Reorganization completed on July 5, 2025 (Note 1(b)).

The accompanying notes are an integral part of these combined financial statements.

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

#### RED WISDOM CREATION LIMITED<br>COMBINED STATEMENTS OF CASH FLOWS<br> (In U.S. dollars, except for share and per share data, or otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  **Cash flows from operating activities:** |  |  |
|  Net income | $179300 | $984822 |
|  **Adjustments to reconcile net income to net cash provided by operating activities:** |  |  |
|  Amortization of operating lease right-of-use asset | 1140 | 4635 |
|  **Changes in operating assets and liabilities:** |  |  |
|  Accounts receivable | (2492060) | 1758720 |
|  Advance to suppliers |  | (1141620) |
|  Accounts payable | 2108354 | (1668004) |
|  Contract liabilities | 39000 | 105040 |
|  Income tax payable | 15759 | 168973 |
|  Accrued expenses | 150000 | 76345 |
|  **Net cash provided by operating activities** | **1493** | **288911** |
|  **Cash flows from investing activities:** |  |  |
|  **Loans to third parties** |  | (221348) |
|  **Net cash used in investing activities** | **—** | **(221348)** |
|  **Cash flows from financing activity:** |  |  |
|  Payment for deferred offering cost |  | (50000) |
|  Loans from related parties | 1298 | 22684 |
|  **Net cash provided by/(used in) financing activity** | **1298** | **(27316)** |
|  Effect of exchange rate changes | 58 | 13 |
|  **Net increase in cash** | **2849** | **40260** |
|  Cash at beginning of year |  | 2849 |
|  **Cash at end of year** | $**2849** | $**43109** |
|  **Supplemental disclosures of non-cash flow information:** |  |  |
|  Obtaining a right-of-use asset in exchange for a lease liability | $9017 | $— |

---

The accompanying notes are an integral part of these combined financial statements.

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

#### RED WISDOM CREATION LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS<br> (Amounts in U.S. dollars, except for share and per share data)
**1. Organization and principal activities**

***(a) Principal activities***

Red Wisdom Creation Limited ("Red Wisdom", "the Company") was incorporated under the law of the Cayman Islands as an exempted company with limited liability on February 12, 2025. The Company is a holding company with no business operation and its principal operating subsidiary is Red Wisdom Creation (Hong Kong) Limited ("Red Wisdom HK"), which is a multi-channel network ("MCN") service provider. Red Wisdom owns 100% of Red Wisdom HK which was incorporated in Hong Kong on August 9, 2019.

***(b) Reorganization***

Red Wisdom HK is the main operating entity in Hong Kong, which is controlled by six original individual shareholders. In anticipation of an initial public offering ("IPO") of its equity securities, the Company undertook the following steps to affect a reorganization (the "Reorganization"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Formation of the ultimate Cayman holding company Red Wisdom on February 12, 2025, which is controlled by the above six original individual shareholders since July 5, 2025 when the share issuance was completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Miaohong Creation Limited ("Red Wisdom (BVI)") was incorporated in the British Virgin Islands (the "BVI") as a wholly owned subsidiary of Red Wisdom on February 27, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 15, 2025, Red Wisdom (BVI) acquired 100% interests in Red Wisdom HK from its original shareholders. Therefore, the Company controls Red Wisdom HK since then.

Accordingly, the Company became the ultimate holding company of Red Wisdom HK. The Company considered the transactions as a reorganization of entities since the ultimate individual shareholders remained unchanged and all entities were all under common control before and after the Reorganization. The Reorganization has been treated as a corporate restructuring of entities under common control and thus the current capital structure has been retroactively presented in prior periods as if such structure had existed at that time. In accordance with Accounting Standards Codification ("ASC") 805-50-25, the entities under common control are presented on a combined basis for all periods to which such entities were under common control. Since all of the subsidiaries were under common control for the entirety of the years ended March 31, 2024 and 2025, the results of these subsidiaries are included in the combined financial statements for both periods. The accompanying financial statements have been prepared using the historical cost basis as if the Reorganization had occurred at the beginning of the first period presented. The results of operations for the periods presented reflect the combined performance of the previously separate entities from the beginning to the end of each period, with the effects of intra-entity transactions eliminated.

As of March 31, 2025, the Company's principal subsidiaries are as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Date of <br>incorporation/<br>acquisition** | **Place of <br>incorporation** | **Percentage of <br>direct or indirect <br>economic interest** | **Principal <br>activities** |
|  **Main subsidiaries:** |  |  |  |  |
|  Red Wisdom (BVI) | February 27, 2025 | BVI | 100% | Investment holding |
|  Red Wisdom HK | August 9, 2019 | Hong Kong | 100% | Online Influencer Marketing; Online precision marketing services |

---

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

**2. Summary of significant accounting policies**

***(a) Basis of presentation***

The combined financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") to reflect the financial position, results of operations and cash flows of the Company. Significant accounting policies followed by the Company in the preparation of the accompanying combined financial statements are summarized below.

***(b) Principles of consolidation***

The combined financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances among the Company have been eliminated upon consolidation. All intercompany transactions and balances among the Company have been eliminated upon consolidation.

Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

Non-controlling interest represents the portion of the net assets of subsidiaries attributable to interests that are not owned by the Company. The non-controlling interest is presented in the combined balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interest's operating result is presented on the face of the combined statements of income as an allocation of the total income for the year between non-controlling shareholders and the shareholders of the Company.

***(c) Use of estimates***

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities on the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management reviews these estimates and assumptions using the currently available information. Changes in facts and circumstances may cause the Company to revise its estimates. In accordance with ASC 250, the changes in estimates will be recognized in the same period of changes in facts and circumstances. The Company bases its estimates on past experiences and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Estimates are used when accounting for items and matters including, but not limited to revenue recognition, allowance for credit losses, accounting for deferred income taxes and valuation allowance for deferred tax assets.

***(d) Foreign currency transactions and translations***

The reporting currency and the functional currency of the Company and its subsidiaries is the United States Dollar ("US$") and the accompanying combined financial statements have been expressed in US$.

In preparing the financial statements, transactions in currencies other than an entity's functional currency ("foreign currencies") are recorded at the rates of exchange prevailing at the dates of the transactions. At each balance sheet date, monetary assets and liabilities are translated using the year-end foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency transactions are included in the combined statements of operations.

***(e) Cash***

Cash consists of cash at bank that can be added to or withdrawn without limitation, which are unrestricted as to withdrawal and use.

***(f) Accounts receivable***

Accounts receivable are recorded at the gross billing amount less an allowance for expected credit losses from the customers. Accounts receivable do not bear interest.

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

**2. Summary of significant accounting policies** (cont.)

Since April 1, 2023, the Company adopted Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 replaces the previous incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. Upon adoption, the Company changed the impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments measured at amortized cost and receivables resulting from the application of ASC 606.

The Company maintains an allowance for credit losses in accordance with ASC Topic 326, Credit Losses ("ASC 326") and records the allowance with an expected loss methodology which will result in more timely recognition of credit losses as an offset to accounts receivable, and the estimated credit losses charged to the allowance in the combined statements of operations. The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily based on similar business lines, services or product offerings and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status, the age of the accounts receivable balances, credit quality of the Company's customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company's ability to collect from customer.

For the years ended March 31, 2024 and 2025, the Company did not provide expected credit losses against accounts receivable.

***(g) Advance to suppliers***

Advances to suppliers consist of balances paid to suppliers for integrated marketing services that have not been provided. The Company makes advance payments as part of its normal business practice, mainly to lock in media resources and secure advertising placements at agreed prices, since suppliers usually require prepayments before confirming campaigns. The Company reviews its advances to suppliers on a periodic basis and makes general and specific allowances when there is doubt as to the ability of a supplier to provide services to the Company or refund an advance. The allowance for advance to suppliers as of March 31, 2024 and 2025 were nil.

***(h) Deferred offering costs***

The Company complies with the requirements of FASB ASC Topic 340-10-S99-1, "Other Assets and Deferred Costs — SEC Materials" ("ASC 340-10-S99") and SEC Staff Accounting Bulletin Topic 5A, "Expenses of Offering". Pursuant to ASC 340-10-S99-1, IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. Deferred offering costs consist of professional and registration fees that are directly related to the Proposed Public Offering. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations. As of March 31, 2025, the Company has incurred deferred offering costs of US$50,000.

***(i) Related parties and transactions***

Related parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation. Amounts due from/(to) related parties are measured at amortized cost.

***(j) Fair value measurement***

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

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**2. Summary of significant accounting policies** (cont.)

Accounting guidance 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Include other inputs that are directly or indirectly observable in the marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Unobservable inputs which are supported by little or no market activity.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Financial assets and liabilities of the Company primarily consist of cash, accounts receivable, other current asset, accounts payable, amounts due to related parties, and other payables included in accrued expenses. As of March 31, 2024 and 2025, the carrying amounts of above financial assets and liabilities approximated to their fair values due to the short-term nature of these instruments.

***(k) Revenue recognition***

The Company applied ASC Topic 606 "Revenue from Contracts with Customers" ("ASC 606") for all years presented.

The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the company satisfies a performance obligation.

The Company's revenues are mainly generated from online influencer marketing and online precision marketing services.

<u>***<u>Online influencer marketing</u>***</u>

The Company contracts with customers to deliver integrated online influencer marketing solutions targeting the youth market. Each contract explicitly specifies marketing services, agreed-upon publishing schedule, each party's rights and obligations, as well as payment terms. The Company's promises include identifying and matching multi-platform influencers aligned with customer objectives, developing customized marketing content leveraging influencer reach, publishing content via influencer accounts per contractual schedules, and providing post-campaign

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**2. Summary of significant accounting policies** (cont.)

performance reviews. The Company has concluded that it is considered as bundle of services due to the customer cannot benefit from each service on its own and the promises are not distinct within the context of the contract, as they are highly interdependent and significantly modify one another such as that content creation is inseparable from influencer selection, and distribution is contingent on platform-specific accounts. Furthermore, this bundle of services do not have an alternative use for another customer as there are practical limitation on the Company entity ability to redirect the content for another use. Consequently, the customer benefits from the bundles of services on the integrated solution rather than distinct services on its individual components.

The contract consideration is fixed and determined by influencer reach, content volume, and campaign duration that is typically one or two months. Revenue is recognized over time as services are rendered, measured by progress against the content publishing schedule. This method faithfully depicts the transfer of control, because the customer simultaneously receives and consumes the benefits of the online influencer marketing services as the Company delivers the services throughout the campaign period. Post-campaign completion is formalized via signed confirmation letters which is significant risk and reward transferred to the customer. The Company usually requires a certain portion of prepayment and settlement of the remaining portion after the acknowledgement of service completion within a short credit term.

<u>***<u>Online precision marketing</u>***</u>

The Company contracts with customers to provide online precision marketing services through placing advertisements to target users across platforms like TikTok, Google, and YouTube, etc. The Company usually enters online precision marketing contracts with the third-party advertising agencies that represent advertisers. Each contract explicitly specifies marketing services, agreed-upon release schedule with targeted exposure volume, each party's rights and obligations, as well as payment terms. The Company promises to deploy targeted ads through banners and video interstitials, etc. over the contract period according to the predetermined release schedule and ensure the actual exposure volume exceeding the target level. The Company commits to display a series of advertisements which are substantially the same or similar in content and transfer pattern, and the display of the whole series of advertisements is identified as the single performance obligation under the contract.

The contract consideration is fixed and determined by targeted exposure volume and "cost per mille" ("CPM"), where it is based on the number of times an ad is displayed on behalf of a customer, regardless of whether a user clicks on it. The contract price is not further affected by executed exposure volume. Revenue is recognized over time as services are rendered, measured by progress against the agreed-upon release schedule. This method faithfully depicts the transfer of control, because the customer simultaneously receives and consumes the benefits of the online precision marketing services as the Company delivers the services throughout the campaign period that is typically one to two months. Completion is evidenced by signed confirmation letters verifying exposure volume achievement. The company usually requires a certain portion of prepayment and settlement of the remaining portion after the acknowledgement of service completion within a credit term of 90 days.

<u>***<u>Principal versus agent considerations</u>***</u>

For all of the revenue types, relevant services were mainly purchased from third parties, and the Company evaluates the presentation of revenue on a gross versus net basis based on whether it controls the services before transfers them to customers. The Company considers itself the principal for transactions that it is in control of establishing the transaction price and bearing the credit risk. It is also primary responsible for fulfilling the promises to provide relevant online influencer marketing and online precision marketing services to the customer. "Primarily responsible" is demonstrated as the Company leads the full service-delivery process — from formulating customized marketing strategies (e.g., selecting influencers, devising concepts) to resolving in-execution service issues (e.g., content defects, platform problems) — ensuring seamless fulfillment and acting as the customers' first point of contact. Therefore, such revenues are reported on a gross basis.

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**2. Summary of significant accounting policies** (cont.)

The following table disaggregates the Company's revenue for the years ended March 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  **By revenue type:** |  |  |
| &nbsp;&nbsp;&nbsp; Online influencer marketing | $1503298 | $6314604 |
| &nbsp;&nbsp;&nbsp; Online precision marketing services | 1543022 | 2424832 |
|  **Total** | $**3046320** | $**8739436** |

---

Timing of revenue recognition may differ from the timing of invoicing the customers. Accounts receivable are amounts billed by a business to its customers when it delivers goods or services to them in the ordinary course of business. These billings are typically documented on formal invoices. Contract assets represent the Company's right to consideration in exchange for services that the Company has transferred to a customer when that right is conditioned on something other than the passage of time. The Company has no contract assets as of March 31, 2024 and 2025.

Contract liabilities represent the obligation to transfer services to a customer for which the entity has received consideration from the customer. Contract liabilities were US$39,000 and US$144,040 as of March 31, 2024 and 2025, respectively. The Company expects to recognize the balance of contract liabilities as revenue over time in the next 12 months. For the years ended March 31, 2024 and 2025, the movement of contract liabilities were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  Opening balance | $— | $39000  |
|  Addition of contract liabilities | 1111171  | 2580377  |
|  Revenue recognition during the year | (1072171) | (2475337) |
|  Ending balance of contract liabilities | $**39000** | $**144040** |

---

***(l) Cost of revenues***

Amounts recorded as cost of revenues relate to direct expenses incurred in order to generate revenue. Cost of revenues primarily consists of integrated influencer resources, short-video promotion campaigns, live-streaming e-commerce services, scenario-based content placements and other marketing related expenses purchased from suppliers. Such costs are recorded as incurred.

***(m) Selling and marketing expenses***

Selling and marketing expenses primarily comprise project promotion fees, which are referral commissions paid to project introducers, and other miscellaneous selling expenditures. Project promotion fees were US$217,162 and US$469,323 for the years ended March 31, 2024 and 2025, respectively.

***(n) General and administrative expenses***

General and administrative expenses mainly consist of professional service fees, rental and property management fee, office expenses, and other miscellaneous corporate expenses. Professional service fees were US$127,756 and US$190,792 for the years ended March 31, 2024 and 2025, respectively.

***(o) Income taxes***

The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the combined financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

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**2. Summary of significant accounting policies** (cont.)

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 combined 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.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax in the year incurred.

Red Wisdom HK is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income derived from its activities conducted in Hong Kong. The applicable tax rate is 16.5% in Hong Kong. From year of assessment of 2019/2020 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000.

***(p) Leases***

The Company accounts for lease applies ASC 842 Lease, with the presentation of operating lease right-of-use ("ROU") assets and operating lease liabilities on the combined balance sheet. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Company elected the short-term lease exemption for all contracts with lease terms of 12 months or less.

At inception of a contract, the Company 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 Company assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic benefits from the use of the asset and whether it has the right to control the use of the asset.

The right-of-use asset and related lease liability are recognized at the lease commencement date. The Company recognizes operating lease expenses on a straight-line basis over the lease term.

*<u>*<u>Right-of</u><u>-use of asset</u>*</u>*

The Company recognizes right-of-use asset at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liability. The cost of right-of-use asset includes the amount of lease liability recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use asset is depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the asset. The right-of-use asset is reviewed for impairment annually.

The right-of-use asset is reviewed for impairment whenever there is any objective evidence or indication that these assets may be impaired. At the end of each reporting period, the Company reviews the carrying amounts of the asset to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any), on an individual asset. There was no impairment for right-of-use asset for the years ended March 31, 2024 and 2025.

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**2. Summary of significant accounting policies** (cont.)

*<u>*<u>Lease liability</u>*</u>*

Lease liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the Company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed lease payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee and any exercise price under a purchase option that the Company is reasonably certain to exercise. Lease liability is measured at amortized cost using the effective interest rate method. It is re-measured when there is a change in future lease payments, if there is a change in the estimate of the amount expected to be payable under a residual value guarantee, or if there is any change in the Company assessment of option purchases, contract extensions or termination options.

***(q) Net income per share***

In accordance with ASC 260, Earnings per Share, basic net income per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For the calculation of diluted net income per share, the weighted average number of ordinary shares is adjusted by the effect of dilutive potential ordinary shares, including unvested restricted shares, ordinary shares issuable upon the exercise of outstanding share options using the treasury stock method. The effect mentioned above is not included in the calculation of the diluted income per share when inclusion of such effect would be anti-dilutive.

***(r) Segment reporting***

The Company uses the management approach in determining its operating segments. The Company's chief operating decision maker ("CODM") identified as the Company's Chief Executive Officer, relies upon the combined results of operations as a whole when making decisions about allocating resources and assessing the performance of the Company. As a result of the assessment made by CODM, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. The Company has concluded that combined net income is the measure of segment profitability. The CODM assesses performance for the Company, monitors budget versus actual results, and determines how to allocate resources based on combined net income as reported in the combined statements of operations. There are no other expense categories regularly provided to the CODM that are not already included in the primary financial statements herein. As the Company's long-lived assets are substantially located in the PRC, no geographical segments are presented.

***(s) Recent accounting pronouncements***

The Company 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 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments in this ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision mark (CODM), an amount for other segment items by reportable segment and a description of its composition, all annual disclosures required by FASB ASU Topic 280 in interim periods as well, and the title and position of the CODM and how the CODM uses the reported measures. Additionally, this ASU requires that at least one of the reported segment profit and loss measures should be the measure that is most consistent with the measurement principles used in an entity's consolidated or combined financial statements. Lastly, this ASU requires public business entities with a single reportable segment to provide all disclosures required by these amendments in this ASU and all existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively. The adoption of ASU 2023-07 did not have a material impact on the Company's combined financial statements and related disclosures.

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**2. Summary of significant accounting policies** (cont.)

In December 2023, the FASB issued ASU 2023-09, Income taxes (Topic 740), Improvements to Income Tax Disclosures, which provides guidance on the requirements such as the requirement that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. For public business entities (PBEs), the new requirements will be effective for annual periods beginning after December 15, 2024. For entities other than public business entities (non-PBEs), the requirements will be effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The ASU should be applied prospectively. Retrospective application is permitted. The adoption of ASU 2023-09 did not have a material impact on the Company's combined financial statements and related disclosures.

In November 2024, the FASB updated 2024-03 focuses on the disaggregation of income statement expenses to provide more detailed and transparent financial reporting. This update enhances the relevance and usefulness of financial information by requiring entities to disaggregate specific income statement expenses. Entities must disclose the nature and amount of significant expense categories, such as employee compensation, depreciation, and amortization, separately in the income statement or in the notes to the financial statements. This update applies to all entities that issue financial statements in accordance with US GAAP. Effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact the updated guidance will have on its combined financial statements and disclosures.

In January 2025, the Financial Accounting Standards Board ("FASB") updated 2025-01: Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. Public business entities must adopt the guidance in Update 2024-03 for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The update clarifies that all public business entities should initially adopt the disclosure requirements in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is evaluating the impact the updated guidance will have on its combined financial statements and disclosures.

The Company did not identify other recent accounting pronouncements that could potentially have a material impact to the Company's combined results of operations or financial position

**3. Accounts receivable**

Accounts receivable consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  Accounts receivable | $2492060 | $733340 |

---

**4. Other current asset**

Other current asset consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  Receivables from third parties | $— | $221348 |
|  **Other current asset** | $**—** | $**221348** |

---

The Company's receivables from third parties primarily consisted of short-term fund lending arrangements with a 5% annual interest rate, which are expected to be recovered in the short term.

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**5. Accrued expenses**

Accrued expenses consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  Accrued referral expenses<sup>(1)</sup> | $150000 | $195000 |
|  Accrued professional expenses<sup>(2)</sup> |  | 31345 |
|  **Accrued expenses** | $**150000** | $**226345** |

---

____________

(1) Accrued referral expenses represented project-related referral-driven fees, specifically denoting referral commissions payable to project introducers.

(2) Accrued professional expenses arose from the accrual for procuring human resources services from a third — party provider.

**6. Leases**

Effective on January 1, 2024, the Company adopted Topic 842. At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. The leases of the Company mainly consisted of office leasing. Management determined the incremental borrowing rate was 3.99% for the lease that began in 2024 according to the Hong Kong Government Bond yield.

Supplemental balance sheet information related to operating lease was as follows:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  **Right-of-use asset** | $**7819** | $**3171** |
|  Lease liability – current | (4632) | (1972) |
|  Lease liability – non-current | (1982) |  |
|  **Total lease liability** | $**(6614)** | $**(1972)** |

---

The weighted average remaining lease terms and discount rates for the operating lease as of March 31, 2024 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  Weighted average remaining lease term (years) | 1.58 | 0.58 |
|  Weighted average discount rate | 3.99% | 3.99% |

---

For the years ended March 31, 2024 and 2025, the lease expense was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  Operating lease expense | $1225 | $4878 |

---

The following is a schedule of future minimum payments under the Company's operating leases as of March 31, 2025:

---

| | |
|:---|:---|
|  **For the year ended March 31, 2025** | **Operating <br>Leases** |
|  Remainder of 2025 | $1998 |
|  **Total lease payments** | 1998 |
|  Less: imputed interest | (26) |
|  **Present value of lease liability** | $**1972** |

---

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**7. Related party transactions**

The table below sets forth the major related parties and their relationships with the Company as of March 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  **No.** | **Names of related parties** | **Relationship** |
|  1 | Mr. Chen Qiu | Shareholder and Executive Chairman of the Company |

---

The Company had the following balances with a related party:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  Amounts due to Mr. Chen Qiu | $3701 | $31027 |
|  **Amounts due to a related party** | $**3701** | $**31027** |

---

Amounts due to Mr. Chen Qiu represented funds provided to the Company for its daily operations, which were unsecured interest-free and repayable on demand.

**8. Income tax**

#### Cayman Islands
The Company is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman withholding tax will be imposed.

#### British Virgin Islands ("BVI")
Red Wisdom (BVI) is incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, Red Wisdom (BVI) is not subject to tax on income or capital gains. Additionally, upon payments of dividends by the Company to its shareholders, no BVI withholding tax will be imposed.

#### Hong Kong
The Company's subsidiary incorporated in Hong Kong is subject to profits tax in Hong Kong at the rate of 16.5%. According to Tax (Amendment) (No. 3) Ordinance 2018 published by Hong Kong government, effective April 1, 2018, under the two-tiered profits tax rates regime, the profits tax rate for the first HKD2 million of assessable profits will be lowered to 8.25% (half of the rate specified in Schedule 8 to the Inland Revenue Ordinance (IRO)) for corporations.

For the years ended March 31, 2024 and 2025, the Company generated substantially all of its taxable income in Hong Kong. The tax expenses recorded in the Company's result of operations are almost entirely attributable to income earned in Hong Kong. Should the Company's operations expand or change in the future, where the Company generates taxable income in other jurisdictions, the Company's effective tax rates may substantially change.

The following table sets forth current portion of income tax expense of the Company's subsidiaries:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  Current income tax expenses | $15759 | $168972 |

---

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#### RED WISDOM CREATION LIMITED<br>NOTES TO COMBINED FINANCIAL STATEMENTS<br> (Amounts in U.S. dollars, except for share and per share data)
**8. Income tax** (cont.)

The reconciliations of the statutory income tax rate and the Company's effective income tax rate are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  Income before income tax | $195059 | $1153794 |
|  Hong Kong Profits Tax rate | 8.25% | 16.50% |
|  Non-deductible expenses | (333) | (232) |
|  **Income tax expenses** | $**15759** | $**168972** |
|  **Effective income tax rate** | **8.08%** | **14.64%** |

---

No deferred tax assets or liabilities has been recognized in the financial statements as the Company did not have material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts as at March 31, 2024 and 2025.

*<u>*<u>Uncertain tax positions</u>*</u>*

The Company evaluates the 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, 2024 and 2025, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income tax expenses for the years ended March 31, 2024 and 2025 and also did not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from March 31, 2025.

**9. Ordinary shares**

The shareholders' equity structures of the Company as of March 31, 2024 and 2025 were presented after giving retroactive effect to the Reorganization of the Company that was completed on July 5, 2025.

The authorized share capital of the Company is $50,000 divided into 490,000,000 Class A Ordinary Shares of $0.0001 par value per share and 10,000,000 Class B Ordinary Shares of $0.0001 par value per share.

On July 5, 2025, 25,000,000 ordinary shares of the Company, including (i) 20,000,000 Class A ordinary shares and (ii) 5,000,000 Class B ordinary shares, were issued to the participating shareholders in connection with the restructuring of the Company with par value of US$0.0001. In accordance with SEC SAB Topic 4, the nominal share issuance was accounted for as a stock split and that all share and per share information has been retrospectively restated to reflect such stock split for all periods presented.

All shares rank equally with regard to the participating shareholders' residual assets. The holders of ordinary shares are entitled to receive dividends as declared from time to time. The holders of Class A ordinary shares are entitled to one vote per share at meetings of the Company. The holders of Class B ordinary shares are entitled to fifty votes per share at meetings of the Company.

During the years ended March 31, 2024 and 2025, the Company didn't declare and paid any dividend to its shareholders.

The share subscription receivable presents the receivable for the issuance of ordinary shares of the Company and is reported as a deduction of equity and presented on a retroactive basis before the incorporation of the Company. Subscription receivable has no payment terms nor any interest receivable accrual.

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**10. Contingencies**

*Legal proceedings*

From time to time, the Company may be involved in various legal proceedings and claims in the ordinary course of business. The Company currently is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition, operating results, or cash flows.

**11. Concentration and Risk**

*Concentration of credit risk*

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for expected credit losses. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

The following table sets forth a summary of single customers who represent 10% or more of the Company's total revenue:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  Percentage of the Company's total revenue |  |  |
|  Customer A | \* | 19% |
|  Customer B | \* | 14% |
|  Customer C | \* | 11% |
|  Customer D | 18% | \* |
|  Customer E | 14% | \* |
|  Customer F | 14% | \* |
|  Customer G | 13% | \* |
|  Customer H | 11% | \* |

---

____________

\* Represented the percentage below 10%

The following table sets forth a summary of single customers who represent 10% or more of the Company's total accounts receivable:

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  Percentage of the Company's accounts receivable |  |  |
|  Customer I | 10% | 29% |
|  Customer J | \* | 22% |
|  Customer K | \* | 18% |
|  Customer B | \* | 11% |
|  Customer A | \* | 11% |
|  Customer D | 22% | \* |
|  Customer E | 17% | \* |
|  Customer F | 17% | \* |
|  Customer G | 12% | \* |

---

____________

\* Represented the percentage below 10%

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**11. Concentration and Risk** (cont.)

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total purchases:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  Percentage of the Company's total cost of revenue |  |  |
|  Supplier A | 32% | 24% |
|  Supplier B | \* | 14% |
|  Supplier C | \* | 12% |
|  Supplier D | \* | 10% |
|  Supplier E | 22% | \* |
|  Supplier F | 12% | \* |
|  Supplier G | 12% | \* |
|  Supplier H | 11% | \* |

---

____________

\* Represented the percentage below 10%

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's accounts payable:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  Percentage of the Company's total accounts payable |  |  |
|  Supplier D | \* | 54% |
|  Supplier B | \* | 32% |
|  Supplier A | 28% | \* |
|  Supplier E | 24% | \* |
|  Supplier F | 15% | \* |
|  Supplier G | 13% | \* |

---

____________

\* Represented the percentage below 10%

*Economic and political risks*

The Company's operations are mainly conducted in Hong Kong. Accordingly, the Company's business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in Hong Kong.

The Company's operations in Hong Kong are subject to special considerations and significant risks. These include risks associated with, among others, the political, economic, and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in Hong Kong, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.

*Liquidity Risk*

The Company is also exposed to liquidity risk which is the risk that we are unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, we will turn to other financial institutions and related parties to obtain short-term funding to meet the liquidity shortage.

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**11. Concentration and Risk** (cont.)

*Credit Risk*

Assets that potentially subject the Company to a significant concentration of credit risk primarily consist of cash, accounts receivable and other current asset.

The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company's accounts receivable is short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security from such clients. The Company periodically evaluates the creditworthiness of the existing clients in determining an allowance for expected credit losses primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

**12. Subsequent events**

The Company has evaluated events subsequent to the balance sheet date of March 31, 2025 through August 12, 2025, the date on which the combined financial statements were issued and noted that there are no other subsequent events.

**13. Schedule I — Parent Only Financial Information**

Pursuant to the requirements of Rule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X, the condensed financial information of the parent company shall be filed when the restricted net assets of consolidated subsidiary exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The Company performed a test on the restricted net assets of combined subsidiary in accordance with such requirement and concluded that it was applicable to the Company as the restricted net assets of the Company's subsidiary exceeded 25% of the combined net assets of the Company. Therefore, the condensed financial statements for the parent company are included herein.

For purposes of the above test, restricted net assets of combined subsidiary shall mean that amount of the Company's proportionate share of net assets of combined subsidiary (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiary in the form of loans, advances or cash dividends without the consent of a third party.

The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company's combined financial statements except that the parent company used the equity method to account for investment in its subsidiary. Such investment is presented on the condensed balance sheets as "Investment in a subsidiary" and the respective profit as "Equity in earnings of a subsidiary" on the condensed statements of income.

The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the combined financial statements of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S GAAP have been condensed or omitted.

As of March 31, 2025, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those which have been separately disclosed in the combined financial statements, if any.

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**13. Schedule I — Parent Only Financial Information** (cont.)

The following presents condensed parent company only financial information of March 31, 2024 and 2025.

<u>**<u>Condensed Balance Sheets</u>**</u>

---

| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2024** | **2025** |
|  **ASSETS** |  |  |
|  **Non-current asset:** |  |  |
|  Investment in a subsidiary | $179300 | $1164122 |
|  **Total current assets** | **179300** | **1164122** |
|  **TOTAL ASSETS** | $**179300** | $**1164122** |
|  **SHAREHOLDERS' EQUITY** |  |  |
|  Class A ordinary shares (par value of US$0.0001 per share; 490,000,000 Class A ordinary shares authorized, 20,000,000 Class A ordinary shares issued and outstanding as of March 31, 2024 and 2025, respectively)\* | 2000 | 2000 |
|  Class B ordinary shares (par value of US$0.0001 per share; 10,000,000 Class B ordinary shares authorized, 5,000,000 Class B ordinary shares issued and outstanding as of March 31, 2024 and 2025, respectively)\* | 500 | 500 |
|  Subscription receivable | (2500) | (2500) |
|  Accumulated profit | 179300 | 1164122 |
|  **Total shareholders' equity** | **179300** | **1164122** |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**179300** | $**1164122** |

---

____________

\* The shares amounts are presented on a retroactive basis.

<u>**<u>Condensed Statements of Operation</u>**</u>

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>March 31,** | **For the years ended <br>March 31,** |
|  | **2024** | **2025** |
|  **EQUITY IN EARNINGS OF A SUBSIDIARY** | $**179300** | $**984822** |
|  **INCOME BEFORE INCOME TAX EXPENSES** | **179300** | **984822** |
|  **INCOME TAX EXPENSES** | **—** | **—** |
|  **NET INCOME** | $**179300** | $**984822** |

---

<u>**<u>Condensed Statements of Cash Flows</u>**</u>

The Parent Company had no cash activities for the years ended March 31, 2024 and 2025.

(a) Basis of presentation

The Company was incorporated under the law of the Cayman Islands as an exempted company with limited liability on February 12, 2025 and as a holding company.

The condensed parent company financial information of the Company has been prepared using the same accounting policies as set out in the accompanying combined financial statements.

The condensed parent-company-only financial statements are presented as if the incorporation of the Company and its subsidiary had taken place on August 9, 2019 and throughout the two-year periods ended March 31, 2025.

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**13. Schedule I — Parent Only Financial Information** (cont.)

(b) Restricted Net Assets

Schedule I of Rule 5-04 of Regulation S-X requires the condensed financial information of registrant shall be filed when the restricted net assets of consolidated subsidiary exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiary shall mean that amount of the registrant's proportionate share of net assets of consolidated subsidiary (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiary in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.).

The condensed parent company financial statements have to be prepared in accordance with Rule 12-04, Schedule I of Regulation S-X if the restricted net assets of the subsidiary of Red Wisdom exceed 25% of the combined net assets of Red Wisdom. The abilities of the Company's subsidiary in Hong Kong to pay dividends are not restricted. In this connection, the restricted net assets of the subsidiary of Red Wisdom does not exceed 25% of the combined net assets of Red Wisdom and accordingly the above condensed parent company only financial information of Red Wisdom is presented for supplementary reference.

As of March 31, 2024 and 2025, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company, except for those which have been separately disclosed in the combined Financial Statements, if any.

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#### RED WISDOM CREATION LIMITED<br>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS<br>(In U.S. dollars, except for share and per share data, or otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** |
|  | (Audited) | **(Unaudited)** |
|  **ASSETS** |  |  |
|  **Current assets** |  |  |
|  Cash | $43109 | $265383 |
|  Accounts receivable | 733340 | 1370538 |
|  Advance to suppliers | 1141620 | 4098232 |
|  Other current assets | 221348 | 230851 |
|  Deferred offering costs | 50000 | 621796  |
|  **Total current assets** | **2189417** | **6586800**  |
|  **Non-current assets** |  |  |
|  Right-of-use asset | 3171 | 815 |
|  Deferred tax asset |  | 96575 |
|  **Total non-current assets** | **3171** | **97390** |
|  **TOTAL ASSETS** | $**2192588** | $**6684190** |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
|  **Current liabilities** |  |  |
|  Accounts payable | 440350 | 889670 |
|  Contract liabilities | 144040 | 2669825 |
|  Income tax payable | 184732 | 440389 |
|  Accrued expenses | 226345 | 519652 |
|  Amounts due to related parties | 31027 | 67373 |
|  Lease liability | 1972 |  |
|  **Total current liabilities** | **1028466** | **4586909**  |
|  **Total liabilities** | $**1028466** | $**4586909**  |
|  **Commitments and contingencies (Note 10)** |  |  |
|  **Shareholders' equity** |  |  |
|  Class A ordinary shares (par value of US$0.0001 per share; 490,000,000 Class A ordinary shares authorized, 20,000,000 Class A ordinary shares issued and outstanding as of March 31, 2025 and September 30, 2025, respectively)\* | 2000 | 2000 |
|  Class B ordinary shares (par value of US$0.0001 per share; 10,000,000 Class B ordinary shares authorized, 5,000,000 Class B ordinary shares issued and outstanding as of March 31, 2025 and September 30, 2025, respectively)\* | 500 | 500 |
|  Subscription receivable | (2500) | (2500) |
|  Retained earnings | 1164122 | 2097281  |
|  **Total shareholders' equity** | **1164122** | **2097281**  |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**2192588** | $**6684190**  |

---

____________

\* The shares and per share information are presented on a retroactive basis to reflect the Reorganization completed on July 5, 2025 (Note 1(b)).

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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#### RED WISDOM CREATION LIMITED<br>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<br>(In U.S. dollars, except for share and per share data, or otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **(Unaudited)** | **(Unaudited)** |
|  **Revenues** |  |  |
|  Online influencer marketing | $4381215 | $6683558 |
|  Online precision marketing | 1866282 | 4365435 |
|  **Total revenues** | 6247497 | 11048993 |
|  Cost of revenues | (4945748) | (8775059) |
|  **Gross profit** | **1301749** | **2273934** |
|  **Operating expenses** |  |  |
|  Selling and marketing expenses | (160252) | (550000) |
|  General and administrative expenses | (109502) | (647819) |
|  **Total operating expenses** | **(269754)** | **(1197819)** |
|  **Operating income** | **1031995** | **1076115**  |
|  **Other (expenses)/income** |  |  |
|  Financial (expenses)/income, net | (9175) | 16127  |
|  **Total other (expenses)/income, net** | **(9175)** | **16127**  |
|  **Income before income tax expense** | 1022820 | 1092242  |
|  Income tax expense | (147402) | (159083) |
|  **Net income** | **875418** | **933159**  |
|  **Total comprehensive income** | $**875418** | $**933159**  |
|  **Income per ordinary share attributable to the Company's shareholders** |  |  |
|  Basic and diluted\* | 0.04 | 0.04 |
|  **Weighted average numbers of shares outstanding** |  |  |
|  Basic and diluted\* | 25000000 | 25000000 |

---

____________

\* The shares and per share information are presented on a retroactive basis to reflect the Reorganization completed on July 5, 2025 (Note 1(b)).

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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#### RED WISDOM CREATION LIMITED<br>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN <br>SHAREHOLDERS' EQUITY<br>(In U.S. dollars, except for share and per share data, or otherwise noted)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary <br>shares** | **Class A Ordinary <br>shares** | **Class B Ordinary <br>shares** | **Class B Ordinary <br>shares** | **<br>Subscription <br>receivable** | **<br>Retained <br>earnings** | **Total <br>shareholders' <br>equity** |
|  | **Share** | **Amount** | **Share** | **Amount** | **<br>Subscription <br>receivable** | **<br>Retained <br>earnings** | **Total <br>shareholders' <br>equity** |
|  **Balance as of March 31, 2024** | **20000000** | $**2000** | **5000000** | $**500** | $**(2500)** | $**179300** | $**179300** |
|  Net income |  | **—** | **—** | **—** | **—** | 875418 | 875418 |
|  **Balance as of September 30, 2024** | **20000000** | $**2000** | **5000000** | $**500** | $**(2500)** | $**1054718** | $**1054718** |
|  **Balance as of March 31, 2025** | **20000000** | $**2000** | **5000000** | $**500** | $**(2500)** | $**1164122** | $**1164122** |
|  Net income |  | **—** | **—** | **—** | **—** | 933159  | 933159  |
|  **Balance as of September 30, 2025** | **20000000** | $**2000** | **5000000** | $**500** | $**(2500)** | $**2097281**  | $**2097281**  |

---

____________

\* The shares and per share information are presented on a retroactive basis to reflect the Reorganization completed on July 5, 2025 (Note 1(b)).

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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#### RED WISDOM CREATION LIMITED<br>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<br>(In U.S. dollars, except for share and per share data, or otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **(Unaudited)** | **(Unaudited)** |
|  **Cash flows from operating activities:** |  |  |
|  Net income | $875418 | $933159 |
|  **Adjustments to reconcile net income to net cash provided by operating activities:** |  |  |
|  Provision for credit losses |  | 585302 |
|  Amortization of operating lease right-of-use asset | 2299 | 2392 |
|  Interest receivables on loans to third parties |  | (9503) |
|  Deferred tax benefit |  | (96575) |
|  **Changes in operating assets and liabilities:** |  |  |
|  Accounts receivable | 1592237 | (1222500) |
|  Advance to suppliers | (1999200) | (2956612) |
|  Accounts payable | (1178647) | 449320 |
|  Contract liabilities | 649920 | 2525785 |
|  Income tax payable | 147402 | 255657  |
|  Accrued expenses | (42949) | (170989) |
|  **Net cash provided by operating activities** | **46480** | **295436**  |
|  **Cash flows from investing activities:** |  |  |
|  Loans to third parties | (45348) |  |
|  **Net cash used in investing activities** | **(45348)** | **—** |
|  **Cash flows from financing activities:** |  |  |
|  Payment for deferred offering costs |  | (107500) |
|  Loans from related parties | 15502 | 34374 |
|  **Net cash provided by/(used in) financing activities** | **15502** | **(73126)** |
|  Effect of exchange rate changes | (165) | (36) |
|  **Net increase in cash** | **16469** | **222274** |
|  Cash at beginning of the period | 2849 | 43109 |
|  **Cash at end of the period** | $**19318** | $**265383** |
|  **Supplemental disclosures of non-cash flow information:** |  |  |
|  Deferred offering costs paid by third-parties on behalf of the Company | $— | $324969 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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#### RED WISDOM CREATION LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS<br> (Amounts in U.S. dollars, except for share and per share data)
**1. Organization and principal activities**

***(a) Principal activities***

Red Wisdom Creation Limited ("Red Wisdom", "the Company") was incorporated under the law of the Cayman Islands as an exempted company with limited liability on February 12, 2025. The Company is a holding company with no business operation and its principal operating subsidiary is Red Wisdom Creation (Hong Kong) Limited ("Red Wisdom HK"), which is a multi-channel network ("MCN") service provider. Red Wisdom owns 100% of Red Wisdom HK which was incorporated in Hong Kong on August 9, 2019.

***(b) Reorganization***

Red Wisdom HK is the main operating entity in Hong Kong, which is controlled by six original individual shareholders. In anticipation of an initial public offering ("IPO") of its equity securities, the Company undertook the following steps to affect a reorganization (the "Reorganization"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Formation of the ultimate Cayman holding company Red Wisdom on February 12, 2025, which is controlled by the above six original individual shareholders since July 5, 2025 when the share issuance was completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Miaohong Creation Limited ("Red Wisdom (BVI)") was incorporated in the British Virgin Islands (the "BVI") as a wholly owned subsidiary of Red Wisdom on February 27, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 15, 2025, Red Wisdom (BVI) acquired 100% interests in Red Wisdom HK from its original shareholders. Therefore, the Company controls Red Wisdom HK since then.

Accordingly, the Company became the ultimate holding company of Red Wisdom HK. The Company considered the transactions as a reorganization of entities since the ultimate individual shareholders remained unchanged and all entities were all under common control before and after the Reorganization. The Reorganization has been treated as a corporate restructuring of entities under common control and thus the current capital structure has been retroactively presented in prior periods as if such structure had existed at that time. In accordance with Accounting Standards Codification ("ASC") 805-50-25, the entities under common control are presented on a consolidated basis for all periods to which such entities were under common control. Since all of the subsidiaries were under common control for the six months ended September 30, 2024 and 2025, the results of these subsidiaries are included in the consolidated financial statements for both periods. The accompanying financial statements have been prepared using the historical cost basis as if the Reorganization had occurred at the beginning of the first period presented. The results of operations for the periods presented reflect the consolidated performance of the previously separate entities from the beginning to the end of each period, with the effects of intra-entity transactions eliminated.

As of September 30, 2025, the Company's principal subsidiaries are as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Date of <br>incorporation/ <br>acquisition** | **Place of <br>incorporation** | **Percentage of <br>direct or indirect <br>economic interest** | **Principal <br>activities** |
|  **Main subsidiaries:** |  |  |  |  |
|  Red Wisdom (BVI) | February 27, 2025 | BVI | 100% | Investment holding |
|  Red Wisdom HK | August 9, 2019 | Hong Kong | 100% | Online Influencer Marketing; Online precision marketing services |

---

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#### RED WISDOM CREATION LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS <br> (Amounts in U.S. dollars, except for share and per share data)
**2. Summary of significant accounting policies**

***(a) Basis of presentation***

The unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") to reflect the financial position, results of operations and cash flows of the Company. Significant accounting policies followed by the Company in the preparation of the accompanying unaudited condensed consolidated financial statements are summarized below.

***(b) Principles of consolidation***

The unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All transactions and balances among the Company have been eliminated upon consolidation. All intercompany transactions and balances among the Company have been eliminated upon consolidation.

Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

Non-controlling interest represents the portion of the net assets of subsidiaries attributable to interests that are not owned by the Company. The non-controlling interest is presented in the unaudited condensed consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interest's operating result is presented on the face of the unaudited condensed consolidated statements of income as an allocation of the total income for the year between non-controlling shareholders and the shareholders of the Company.

***(c) Use of estimates***

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities on the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, management reviews these estimates and assumptions using the currently available information. Changes in facts and circumstances may cause the Company to revise its estimates. In accordance with ASC 250, the changes in estimates will be recognized in the same period of changes in facts and circumstances. The Company bases its estimates on past experiences and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Estimates are used when accounting for items and matters including, but not limited to revenue recognition, allowance for credit losses, accounting for deferred income taxes and valuation allowance for deferred tax assets.

***(d) Foreign currency transactions and translations***

The reporting currency and the functional currency of the Company and its subsidiaries is the United States Dollar ("US$") and the accompanying unaudited condensed consolidated financial statements have been expressed in US$.

In preparing the financial statements, transactions in currencies other than an entity's functional currency ("foreign currencies") are recorded at the rates of exchange prevailing at the dates of the transactions. At each balance sheet date, monetary assets and liabilities are translated using the year-end foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency transactions are included in the unaudited condensed consolidated statements of operations.

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**2. Summary of significant accounting policies** (cont.)

***(e) Cash***

Cash consists of cash at bank that can be added to or withdrawn without limitation, which are unrestricted as to withdrawal and use.

***(f) Accounts receivable***

Accounts receivable are recorded at the gross billing amount less an allowance for expected credit losses from the customers. Accounts receivable do not bear interest.

Since April 1, 2023, the Company adopted Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 replaces the previous incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. Upon adoption, the Company changed the impairment model to utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments measured at amortized cost and receivables resulting from the application of ASC 606.

The Company maintains an allowance for credit losses in accordance with ASC Topic 326, Credit Losses ("ASC 326") and records the allowance with an expected loss methodology which will result in more timely recognition of credit losses as an offset to accounts receivable, and the estimated credit losses charged to the allowance in the unaudited condensed consolidated statements of operations. The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist, primarily based on similar business lines, services or product offerings and on an individual basis when the Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status, the age of the accounts receivable balances, credit quality of the Company's customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Company's ability to collect from customer.

The Company recorded nil and US$585,302 credit losses for the six months ended September 30, 2024 and 2025, respectively.

***(g) Advance to suppliers***

Advances to suppliers consist of balances paid to suppliers for integrated marketing services that have not been provided. The Company makes advance payments as part of its normal business practice, mainly to lock in media resources and secure advertising placements at agreed prices, since suppliers usually require prepayments before confirming campaigns. The Company reviews its advances to suppliers on a periodic basis and makes general and specific allowances when there is doubt as to the ability of a supplier to provide services to the Company or refund an advance. The allowance for advance to suppliers as of March 31, 2025 and September 30, 2025 were nil.

***(h) Deferred offering costs***

The Company complies with the requirements of FASB ASC Topic 340-10-S99-1, "Other Assets and Deferred Costs — SEC Materials" ("ASC 340-10-S99") and SEC Staff Accounting Bulletin Topic 5A, "Expenses of Offering". Pursuant to ASC 340-10-S99-1, IPO costs directly attributable to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering as a reduction of additional paid-in capital. Deferred offering costs consist of professional and registration fees that are directly related to the Proposed Public Offering. Should the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations. Deferred offering costs were US$50,000 and US$621,796 as of March 31, 2025 and September 30, 2025, respectively.

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**2. Summary of significant accounting policies** (cont.)

***(i) Related parties and transactions***

Related parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation. Amounts due from/(to) related parties are measured at amortized cost.

***(j) Fair value measurement***

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Include other inputs that are directly or indirectly observable in the marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Unobservable inputs which are supported by little or no market activity.

Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Financial assets and liabilities of the Company primarily consist of cash, accounts receivable, other current asset, accounts payable, amounts due to related parties, lease liability, and other payables included in accrued expenses. For lease liability, fair value approximates their carrying value at the period-end as the fair value is estimated by used discounted cash flow, in which interest rates used to discount the host contracts approximate market rates. As of March 31, 2025 and September 30, 2025, the carrying amounts of above financial assets and liabilities approximated to their fair values due to the short-term nature of these instruments.

***(k) Revenue recognition***

The Company applied ASC Topic 606 "Revenue from Contracts with Customers" ("ASC 606") for all years presented.

The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

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**2. Summary of significant accounting policies** (cont.)

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the company satisfies a performance obligation.

The Company's revenues are mainly generated from online influencer marketing and online precision marketing services.

<u>***<u>Online influencer marketing</u>***</u>

The Company contracts with customers to deliver integrated online influencer marketing solutions targeting the youth market. Each contract explicitly specifies marketing services, agreed-upon publishing schedule, each party's rights and obligations, as well as payment terms. The Company's promises include identifying and matching multi-platform influencers aligned with customer objectives, developing customized marketing content leveraging influencer reach, publishing content via influencer accounts per contractual schedules, and providing post-campaign performance reviews. The Company has concluded that it is considered as bundle of services due to the customer cannot benefit from each service on its own and the promises are not distinct within the context of the contract, as they are highly interdependent and significantly modify one another such as that content creation is inseparable from influencer selection, and distribution is contingent on platform-specific accounts. Furthermore, this bundle of services do not have an alternative use for another customer as there are practical limitation on the Company entity ability to redirect the content for another use. Consequently, the customer benefits from the bundles of services on the integrated solution rather than distinct services on its individual components.

The contract consideration is fixed and determined by influencer reach, content volume, and campaign duration that is typically one or two months. Revenue is recognized over time as services are rendered, measured by progress against the content publishing schedule. This method faithfully depicts the transfer of control, because the customer simultaneously receives and consumes the benefits of the online influencer marketing services as the Company delivers the services throughout the campaign period. Post-campaign completion is formalized via signed confirmation letters which is significant risk and reward transferred to the customer. The Company usually requires a certain portion of prepayment and settlement of the remaining portion after the acknowledgement of service completion within a short credit term.

<u>***<u>Online precision marketing</u>***</u>

The Company contracts with customers to provide online precision marketing services through placing advertisements to target users across platforms like TikTok, Google, and YouTube, etc. The Company usually enters online precision marketing contracts with the third-party advertising agencies that represent advertisers. Each contract explicitly specifies marketing services, agreed-upon release schedule with targeted exposure volume, each party's rights and obligations, as well as payment terms. The Company promises to deploy targeted ads through banners and video interstitials, etc. over the contract period according to the predetermined release schedule and ensure the actual exposure volume exceeding the target level. The Company commits to display a series of advertisements which are substantially the same or similar in content and transfer pattern, and the display of the whole series of advertisements is identified as the single performance obligation under the contract.

The contract consideration is fixed and determined by targeted exposure volume and "cost per mille" ("CPM"), where it is based on the number of times an ad is displayed on behalf of a customer, regardless of whether a user clicks on it. The contract price is not further affected by executed exposure volume. Revenue is recognized over time as services are rendered, measured by progress against the agreed-upon release schedule. This method faithfully depicts the transfer of control, because the customer simultaneously receives and consumes the benefits of the online precision marketing services as the Company delivers the services throughout the campaign period that is typically

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**2. Summary of significant accounting policies** (cont.)

one to two months. Completion is evidenced by signed confirmation letters verifying exposure volume achievement. The company usually requires a certain portion of prepayment and settlement of the remaining portion after the acknowledgement of service completion within a credit term of 90 days.

<u>***<u>Principal versus agent considerations</u>***</u>

For all of the revenue types, relevant services were mainly purchased from third parties, and the Company evaluates the presentation of revenue on a gross versus net basis based on whether it controls the services before transfers them to customers. The Company considers itself the principal for transactions that it is in control of establishing the transaction price and bearing the credit risk. It is also primary responsible for fulfilling the promises to provide relevant online influencer marketing and online precision marketing services to the customer. "Primarily responsible" is demonstrated as the Company leads the full service-delivery process — from formulating customized marketing strategies (e.g., selecting influencers, devising concepts) to resolving in-execution service issues (e.g., content defects, platform problems) — ensuring seamless fulfillment and acting as the customers' first point of contact. Therefore, such revenues are reported on a gross basis.

The following table disaggregates the Company's revenue for the six months ended September 30, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **(Unaudited)** | **(Unaudited)** |
|  **By revenue type:** |  |  |
| &nbsp;&nbsp;&nbsp; Online influencer marketing | $4381215 | $6683558 |
| &nbsp;&nbsp;&nbsp; Online precision marketing | 1866282 | 4365435 |
|  **Total** | $**6247497** | $**11048993** |

---

Timing of revenue recognition may differ from the timing of invoicing the customers. Accounts receivable are amounts billed by a business to its customers when it delivers goods or services to them in the ordinary course of business. These billings are typically documented on formal invoices. Contract assets represent the Company's right to consideration in exchange for services that the Company has transferred to a customer when that right is conditioned on something other than the passage of time. The Company has no contract assets as of March 31, 2025 and September 30, 2025.

Contract liabilities represent the obligation to transfer services to a customer for which the entity has received consideration from the customer. Contract liabilities were US$144,040 and US$2,669,825 as of March 31, 2025 and September 30, 2025, respectively. The Company expects to recognize the balance of contract liabilities as revenue over time in the next 12 months. The following table presents the movement of contract liabilities:

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** |
|  | (Audited) | **(Unaudited)** |
|  Opening balance | $39000 | $144040 |
|  Addition of contract liabilities | 2580377 | 6045214 |
|  Revenue recognition during the period | (2475337) | (3519429) |
|  Ending balance of contract liabilities | $**144040** | $**2669825** |

---

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**2. Summary of significant accounting policies** (cont.)

***(l) Cost of revenues***

Amounts recorded as cost of revenues relate to direct expenses incurred in order to generate revenue. Cost of revenues primarily consists of integrated influencer resources, short-video promotion campaigns, live-streaming e-commerce services, scenario-based content placements and other marketing related expenses purchased from suppliers. Such costs are recorded as incurred.

***(m) Selling and marketing expenses***

Selling and marketing expenses primarily comprise project promotion fees, which are referral commissions paid to project introducers, and other miscellaneous selling expenditures. Project promotion fees were US$158,844 and US$550,000 for the six months ended September 30, 2024 and 2025, respectively.

***(n) General and administrative expenses***

General and administrative expenses mainly consist of expected credit losses, professional service fees, rental and property management fee, office expenses, and other miscellaneous corporate expenses.

***(o) Income taxes***

The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the unaudited condensed consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

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 unaudited condensed 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.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax in the year incurred.

Red Wisdom HK is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income derived from its activities conducted in Hong Kong. The applicable tax rate is 16.5% in Hong Kong. From year of assessment of 2019/2020 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000.

***(p) Leases***

The Company accounts for lease applies ASC 842 Lease, with the presentation of operating lease right-of-use ("ROU") assets and operating lease liabilities on the unaudited condensed consolidated balance sheet. The Company has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired

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**2. Summary of significant accounting policies** (cont.)

or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Company elected the short-term lease exemption for all contracts with lease terms of 12 months or less.

At inception of a contract, the Company 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 Company assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic benefits from the use of the asset and whether it has the right to control the use of the asset.

The right-of-use asset and related lease liability are recognized at the lease commencement date. The Company recognizes operating lease expenses on a straight-line basis over the lease term.

*<u>*<u>Right-of</u><u>-use of asset</u>*</u>*

The Company recognizes right-of-use asset at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liability. The cost of right-of-use asset includes the amount of lease liability recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use asset is depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the asset. The right-of-use asset is reviewed for impairment annually.

The right-of-use asset is reviewed for impairment whenever there is any objective evidence or indication that these assets may be impaired. At the end of each reporting period, the Company reviews the carrying amounts of the asset to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any), on an individual asset. There was no impairment for right-of-use asset for the six months ended September 30, 2024 and 2025.

*<u>*<u>Lease liability</u>*</u>*

Lease liability is initially measured at the present value of the outstanding lease payments at the commencement date, discounted using the Company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed lease payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee and any exercise price under a purchase option that the Company is reasonably certain to exercise. Lease liability is measured at amortized cost using the effective interest rate method. It is re-measured when there is a change in future lease payments, if there is a change in the estimate of the amount expected to be payable under a residual value guarantee, or if there is any change in the Company assessment of option purchases, contract extensions or termination options.

***(q) Net income per share***

In accordance with ASC 260, Earnings per Share, basic net income per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For the calculation of diluted net income per share, the weighted average number of ordinary shares is adjusted by the effect of dilutive potential ordinary shares, including unvested restricted shares, ordinary shares issuable upon the exercise of outstanding share options using the treasury stock method. The effect mentioned above is not included in the calculation of the diluted income per share when inclusion of such effect would be anti-dilutive.

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**2. Summary of significant accounting policies** (cont.)

***(r) Segment reporting***

The Company uses the management approach in determining its operating segments. The Company's chief operating decision maker ("CODM") identified as the Company's Chief Executive Officer, relies upon the unaudited condensed consolidated results of operations as a whole when making decisions about allocating resources and assessing the performance of the Company. As a result of the assessment made by CODM, the Company has only one reportable segment. The Company does not distinguish between markets or segments for the purpose of internal reporting. The Company has concluded that unaudited condensed consolidated net income is the measure of segment profitability. The CODM assesses performance for the Company, monitors budget versus actual results, and determines how to allocate resources based on unaudited condensed consolidated net income as reported in the unaudited condensed consolidated statements of operations. There are no other expense categories regularly provided to the CODM that are not already included in the primary financial statements herein. As the Company's long-lived assets are substantially located in the PRC, no geographical segments are presented.

***(s) Recent accounting pronouncements***

The Company 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 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments in this ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision mark (CODM), an amount for other segment items by reportable segment and a description of its composition, all annual disclosures required by FASB ASU Topic 280 in interim periods as well, and the title and position of the CODM and how the CODM uses the reported measures. Additionally, this ASU requires that at least one of the reported segment profit and loss measures should be the measure that is most consistent with the measurement principles used in an entity's consolidated financial statements. Lastly, this ASU requires public business entities with a single reportable segment to provide all disclosures required by these amendments in this ASU and all existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively. The adoption of ASU 2023-07 did not have a material impact on the Company's unaudited condensed consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income taxes (Topic 740), Improvements to Income Tax Disclosures, which provides guidance on the requirements such as the requirement that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. For public business entities (PBEs), the new requirements will be effective for annual periods beginning after December 15, 2024. For entities other than public business entities (non-PBEs), the requirements will be effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The ASU should be applied prospectively. Retrospective application is permitted. The adoption of ASU 2023-09 did not have a material impact on the Company's unaudited condensed consolidated financial statements and related disclosures.

In November 2024, the FASB updated 2024-03 focuses on the disaggregation of income statement expenses to provide more detailed and transparent financial reporting. This update enhances the relevance and usefulness of financial information by requiring entities to disaggregate specific income statement expenses. Entities must disclose the nature and amount of significant expense categories, such as employee compensation, depreciation, and amortization, separately in the income statement or in the notes to the financial statements. This update applies to all entities that issue financial statements in accordance with US GAAP. Effective for annual reporting periods beginning

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**2. Summary of significant accounting policies** (cont.)

after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact the updated guidance will have on its unaudited condensed consolidated financial statements and disclosures.

In January 2025, the Financial Accounting Standards Board ("FASB") updated 2025-01: Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. Public business entities must adopt the guidance in Update 2024-03 for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The update clarifies that all public business entities should initially adopt the disclosure requirements in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is evaluating the impact the updated guidance will have on its unaudited condensed consolidated financial statements and 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," which provides guidance for entities that apply the practical expedient and accounting policy election, if applicable, when estimating expected credit losses on current accounts receivable and/or current contract assets arising from transactions under Topic 606, including those assets acquired in a business combination accounted for under Topic 805. The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance.

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging ("Topic 815") and Revenue from Contracts with Customers ("Topic 606"): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract ("ASU 2025-07"). ASU 2025-07, expands an existing scope exception under Topic 815 to exclude non-exchange-traded contracts where the underlying is based on the operations or activities specific to one of the contract parties. The Company is currently evaluating the impact that this update will have on the unaudited condensed consolidated financial statements.

In November 2025, the FASB issued ASU 2025-08, Financial Instruments — Credit Losses ("Topic 326"): Purchased Loans ("ASU 2025-08"). The amendments expand the population of acquired loans subject to the gross-up approach, treating non-credit-deteriorated loans (excluding credit cards) as "seasoned" if purchased at least 90 days after origination or acquired in a business combination. ASU 2025-08 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that this update will have on the unaudited condensed consolidated financial statements.

The Company did not identify other recent accounting pronouncements that could potentially have a material impact to the Company's unaudited condensed consolidated results of operations or financial position

**3. Accounts receivable**

Accounts receivable consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** |
|  | (Audited) | **(Unaudited)** |
|  Accounts receivable | $733340 | $1955840 |
|  Provision of credit losses |  | (585302) |
|  Accounts receivable, net | $**733340** | $**1370538** |

---

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**3. Accounts receivable** (cont.)

The movements of the allowance for credit losses for the six months ended September 30, 2024 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **(Unaudited)** | **(Unaudited)** |
|  Balance at beginning of period | $— | $— |
|  Changes in credit losses |  | 585302 |
|  **Balance at the end of period** | $**—** | $**585302** |

---

The Company recorded nil and US$585,302 credit losses for the six months ended September 30, 2024 and 2025, respectively.

**4. Other current assets**

Other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** |
|  | (Audited) | **(Unaudited)** |
|  Loan to third-parties | $221348 | $230851 |
|  **Total other current assets** | $**221348** | $**230851** |

---

The Company's receivables from third parties primarily consisted of short-term fund lending arrangements with a 5% annual interest rate, which are expected to be recovered in the short term. Till issuance of the unaudited condensed consolidated financial statements, the Company had collected US$105,000 from the above third parties.

**5. Accrued expenses**

Accrued expenses consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** |
|  | (Audited) | **(Unaudited)** |
|  Accrued offering costs | $— | $429822 |
|  Accrued professional expenses<sup>(1)</sup> | 31345 | 59800 |
|  Accrued payroll payable |  | 30030 |
|  Accrued referral expenses<sup>(2)</sup> | 195000 |  |
|  **Total accrued expenses** | $**226345** | $**519652** |

---

____________

(1) Accrued professional expenses arose from the accrual for procuring human resources services from a third — party provider.

(2) Accrued referral expenses represented project-related referral-driven fees, specifically denoting referral commissions payable to project introducers.

**6. Leases**

Effective on January 1, 2024, the Company adopted Topic 842. At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. The leases of the Company mainly consisted of office leasing. Management determined the incremental borrowing rate was 3.99% for the lease that began in 2024 according to the Hong Kong Government Bond yield.

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**6. Leases** (cont.)

Supplemental balance sheet information related to operating lease was as follows:

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** |
|  | (Audited) | **(Unaudited)** |
|  **Right-of-use asset** | $**3171** | $**815** |
|  Lease liability – current | (1972) |  |
|  **Total operating lease liability** | $**(1972)** | $**—** |

---

The weighted average remaining lease terms and discount rates for the operating lease as of September 30, 2024 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **(Unaudited)** | **(Unaudited)** |
|  Weighted average remaining lease term (years) | 1.08 | 0.08 |
|  Weighted average discount rate | 3.99% | 3.99% |

---

For the six months ended September 30, 2024 and 2025, the lease expense was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **(Unaudited)** | **(Unaudited)** |
|  Operating lease expense | $2451 | $2433 |

---

**7. Related party transactions**

The table below sets forth the major related parties and their relationships with the Company as of September 30, 2024 and 2025:

---

| | | |
|:---|:---|:---|
|  **No.** | **Names of related parties** | **Relationship** |
| 1 | Mr. Chen Qiu | Shareholder and Executive Chairman of the Company |
| 2 | Xiamen Hongfang Zhichuang Media Co., Ltd. | 63.63% held by Mr. Chen Qiu |

---

The Company had the following balances with related parties:

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** |
|  | (Audited) | **(Unaudited)** |
|  Amounts due to Xiamen Hongfang Zhichuang Media Co., Ltd.<sup>(1)</sup> | $— | $34294 |
|  Amounts due to Mr. Chen Qiu<sup>(2)</sup> | 31027 | 33079 |
|  **Amount due to related parties** | $**31027** | $**67373** |

---

____________

(1) Amounts due to Xiamen Hongfang Zhichuang Media Co., Ltd. represented funds provided to the Company for deferred offering costs, which were unsecured interest-free and repayable on demand.

(2) Amounts due to Mr. Chen Qiu represented funds provided to the Company for its daily operations, which were unsecured interest-free and repayable on demand.

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**RED WISDOM CREATION LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**<br> *(Amounts in U.S. dollars, except for share and per share data)*

**8. Income tax**

#### Cayman Islands
The Company is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to income or capital gains taxes. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman withholding tax will be imposed.

#### British Virgin Islands
Red Wisdom (BVI) is incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, Red Wisdom (BVI) is not subject to tax on income or capital gains. Additionally, upon payments of dividends by the Company to its shareholders, no BVI withholding tax will be imposed.

#### Hong Kong
The Company's subsidiary incorporated in Hong Kong is subject to profits tax in Hong Kong at the rate of 16.5%. According to Tax (Amendment) (No. 3) Ordinance 2018 published by Hong Kong government, effective April 1, 2018, under the two-tiered profits tax rates regime, the profits tax rate for the first HKD2 million of assessable profits will be lowered to 8.25% (half of the rate specified in Schedule 8 to the Inland Revenue Ordinance (IRO)) for corporations.

For the six months ended September 30, 2024 and 2025, the Company generated substantially all of its taxable income in Hong Kong. The tax expenses recorded in the Company's result of operations are almost entirely attributable to income earned in Hong Kong. Should the Company's operations expand or change in the future, where the Company generates taxable income in other jurisdictions, the Company's effective tax rates may substantially change.

The following table sets forth current portion of income tax expense of the Company's subsidiaries:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **(Unaudited)** | **(Unaudited)** |
|  Current income tax expenses | $147402 | $255658 |
|  Deferred income tax benefits |  | (96575) |
|  Total income tax expenses | $147402 | $159083 |

---

The reconciliations of the statutory income tax rate and the Company's effective income tax rate are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **(Unaudited)** | **(Unaudited)** |
|  Income before income tax | $1022820 | $1092242 |
|  Hong Kong Profit Tax rate | 8.25% and 16.50% | 8.25% and 16.50% |
|  Non-deductible expenses | (232) |  |
|  **Income tax expenses** | $**147402** | $**159083** |
|  **Effective income tax rate** | **14.41%** | **14.56%** |

---

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#### RED WISDOM CREATION LIMITED<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS <br> (Amounts in U.S. dollars, except for share and per share data)
**8. Income tax** (cont.)

As of March 31, 2025 and September 30, 2025, the significant component of the deferred tax asset is summarized below:

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** |
|  | (Audited) | **(Unaudited)** |
|  Deferred tax asset: |  |  |
|  Allowance for credit losses | $— | $96575 |
|  **Total deferred tax asset** | $**—** | $**96575** |

---

As of September 30, 2025, the Company has net operating loss carried forward of nil. The Company has not recorded any allowance against its deferred tax assets as management believes it is more likely than not that the deferred tax assets will be fully realizable.

*<u>*<u>Uncertain tax positions</u>*</u>*

The Company evaluates the uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of March 31, 2025 and September 30, 2025, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income tax expenses for the six months ended September 30, 2024 and 2025 and also did not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from September 30, 2025.

**9. Ordinary shares**

The shareholders' equity structures of the Company as of March 31, 2025 and September 30, 2025 were presented after giving retroactive effect to the Reorganization of the Company that was completed on July 5, 2025.

The authorized share capital of the Company is $50,000 divided into 490,000,000 Class A Ordinary Shares of $0.0001 par value per share and 10,000,000 Class B Ordinary Shares of $0.0001 par value per share.

On July 5, 2025, 25,000,000 ordinary shares of the Company, including (i) 20,000,000 Class A ordinary shares and (ii) 5,000,000 Class B ordinary shares, were issued to the participating shareholders in connection with the restructuring of the Company with par value of US$0.0001. In accordance with SEC SAB Topic 4, the nominal share issuance was accounted for as a stock split and that all share and per share information has been retrospectively restated to reflect such stock split for all periods presented.

All shares rank equally with regard to the participating shareholders' residual assets. The holders of ordinary shares are entitled to receive dividends as declared from time to time. The holders of Class A ordinary shares are entitled to one vote per share at meetings of the Company. The holders of Class B ordinary shares are entitled to fifty votes per share at meetings of the Company.

During the six months ended September 30, 2024 and 2025, the Company didn't declare and paid any dividend to its shareholders.

The share subscription receivable presents the receivable for the issuance of ordinary shares of the Company and is reported as a deduction of equity and presented on a retroactive basis before the incorporation of the Company. Subscription receivable has no payment terms nor any interest receivable accrual.

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

**10. Contingencies**

*Legal proceedings*

From time to time, the Company may be involved in various legal proceedings and claims in the ordinary course of business. The Company currently is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition, operating results, or cash flows.

**11. Concentration and Risk**

*Concentration of credit risk*

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company conducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates its collection experience and long outstanding balances to determine the need for an allowance for expected credit losses. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

The following table sets forth a summary of single customers who represent 10% or more of the Company's total revenue:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **(Unaudited)** | **(Unaudited)** |
|  Percentage of the Group's total revenue |  |  |
|  Customer A | \* | 27% |
|  Customer B | \* | 18% |
|  Customer C | \* | 17% |
|  Customer D | \* | 13% |
|  Customer E | 17% | \* |
|  Customer F | 15% | \* |
|  Customer G | 11% | \* |

---

____________

\* Represented the percentage below 10%

The following table sets forth a summary of single customers who represent 10% or more of the Company's total accounts receivable:

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** |
|  | **(Audited)** | (Unaudited) |
|  Percentage of the Group's accounts receivable |  |  |
|  Customer H | 29% | 25% |
|  Customer I | 18% | 23% |
|  Customer J | 22% | 16% |
|  Customer K | \* | 14% |
|  Customer L | \* | 12% |
|  Customer E | 11% | \* |
|  Customer F | 11% | \* |

---

____________

\* Represented the percentage below 10%

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

**11. Concentration and Risk** (cont.)

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's total purchases:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **(Unaudited)** | **(Unaudited)** |
|  Percentage of the Group's total cost of revenue |  |  |
|  Supplier A | \* | 33% |
|  Supplier B | \* | 21% |
|  Supplier C | \* | 12% |
|  Supplier D | 23% | \* |
|  Supplier E | 13% | \* |
|  Supplier F | 10% | \* |

---

____________

\* Represented the percentage below 10%

The following table sets forth a summary of single suppliers who represent 10% or more of the Company's accounts payable:

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** |
|  | (Audited) | **(Unaudited)** |
|  Percentage of the Group's total accounts payable |  |  |
|  Supplier G | 54% | 38% |
|  Supplier F | 32% | 24% |
|  Supplier H | \* | 15% |
|  Supplier I | \* | 11% |

---

____________

\* Represented the percentage below 10%

*Economic and political risks*

The Company's operations are mainly conducted in Hong Kong. Accordingly, the Company's business, financial condition, and results of operations may be influenced by changes in the political, economic, and legal environments in Hong Kong.

The Company's operations in Hong Kong are subject to special considerations and significant risks. These include risks associated with, among others, the political, economic, and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in Hong Kong, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation, among other things.

*Liquidity Risk*

The Company is also exposed to liquidity risk which is the risk that we are unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, we will turn to other financial institutions and related parties to obtain short-term funding to meet the liquidity shortage.

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

**11. Concentration and Risk** (cont.)

*Credit Risk*

Assets that potentially subject the Company to a significant concentration of credit risk primarily consist of cash, accounts receivable and other current asset.

The Company has designed their credit policies with an objective to minimize their exposure to credit risk. The Company's accounts receivable is short term in nature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral or other security from such clients. The Company periodically evaluates the creditworthiness of the existing clients in determining an allowance for expected credit losses primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

**12. Subsequent events**

The Company renewed the lease agreement for its office premises located in Hong Kong. The renewed lease commenced on November 15, 2025 and will expire on November 14, 2026. Under the terms of the renewed lease, the Company is required to pay aggregate lease payments of approximately US$4,812 over the lease term. The monthly lease payment remains unchanged at RMB2,900 (US$401) per month.

The Company has evaluated events subsequent to the balance sheet date of September 30, 2025 through January 16, 2026, the date on which the unaudited condensed consolidated financial statements were issued and noted that there are no other subsequent events.

**13. Schedule I — Parent Only Financial Information**

Pursuant to the requirements of Rule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X, the condensed financial information of the parent company shall be filed when the restricted net assets of consolidated subsidiary exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The Company performed a test on the restricted net assets of unaudited condensed consolidated subsidiary in accordance with such requirement and concluded that it was applicable to the Company as the restricted net assets of the Company's subsidiary exceeded 25% of the unaudited condensed consolidated net assets of the Company. Therefore, the condensed financial statements for the parent company are included herein.

For purposes of the above test, restricted net assets of unaudited condensed consolidated subsidiary shall mean that amount of the Company's proportionate share of net assets of unaudited condensed consolidated subsidiary (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiary in the form of loans, advances or cash dividends without the consent of a third party.

The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company's unaudited condensed consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiary. Such investment is presented on the condensed balance sheets as "Investment in a subsidiary" and the respective profit as "Equity in earnings of a subsidiary" on the condensed statements of income.

The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the unaudited condensed consolidated financial statements of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S GAAP have been condensed or omitted.

As of September 30, 2025, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those which have been separately disclosed in the unaudited condensed consolidated financial statements, if any.

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

**13. Schedule I — Parent Only Financial Information** (cont.)

The following presents condensed parent company only financial information of March 31, 2025 and September 30, 2025.

<u>**<u>Condensed Balance Sheets</u>**</u>

---

| | | |
|:---|:---|:---|
|  | **As of <br>March 31, <br>2025** | **As of <br>September 30, <br>2025** |
|  | (Audited) | **(Unaudited)** |
|  **ASSETS** |  |  |
|  **Non-current asset:** |  |  |
|  Investment in a subsidiary | $1164122 | $2097281  |
|  **Total current assets** | **1164122** | **2097281**  |
|  **TOTAL ASSETS** | $**1164122** | $**2097281**  |
|  **SHAREHOLDERS' EQUITY** |  |  |
|  Class A ordinary shares (par value of US$0.0001 per share; 490,000,000 Class A ordinary shares authorized, 20,000,000 Class A ordinary shares issued and outstanding as of March 31, 2025 and September 30, 2025, respectively)\* | 2000 | 2000 |
|  Class B ordinary shares (par value of US$0.0001 per share; 10,000,000 Class B ordinary shares authorized, 5,000,000 Class B ordinary shares issued and outstanding as of March 31, 2025 and September 30, 2025, respectively)\* | 500 | 500 |
|  Subscription receivable | (2500) | (2500) |
|  Retained earnings | 1164122 | 2097281  |
|  **Total shareholders' equity** | **1164122** | **2097281**  |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**1164122** | $**2097281**  |

---

____________

\* The shares amounts are presented on a retroactive basis.

<u>**<u>Condensed Statements of Operation</u>**</u>

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>September 30,** | **For the six months ended <br>September 30,** |
|  | **2024** | **2025** |
|  | **(Unaudited)** | **(Unaudited)** |
|  **EQUITY IN EARNINGS OF A SUBSIDIARY** | $**875418** | $**933159**  |
|  **INCOME BEFORE INCOME TAX EXPENSES** | **875418** | **933159**  |
|  **INCOME TAX EXPENSES** | **—** | **—** |
|  **NET INCOME** | $**875418** | $**933159**  |

---

<u>**<u>Condensed Statements of Cash Flows</u>**</u>

The Parent Company had no cash activities for the six months ended September 30, 2024 and 2025.

(a) Basis of presentation

The Company was incorporated under the law of the Cayman Islands as an exempted company with limited liability on February 12, 2025 and as a holding company.

The condensed parent company financial information of the Company has been prepared using the same accounting policies as set out in the accompanying unaudited condensed consolidated financial statements.

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

**13. Schedule I — Parent Only Financial Information** (cont.)

The condensed parent-company-only financial statements are presented as if the incorporation of the Company and its subsidiary had taken place on August 9, 2019 and throughout the two periods ended September 30, 2025.

(b) Restricted Net Assets

Schedule I of Rule 5-04 of Regulation S-X requires the condensed financial information of registrant shall be filed when the restricted net assets of consolidated subsidiary exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiary shall mean that amount of the registrant's proportionate share of net assets of consolidated subsidiary (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiary in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.).

The condensed parent company financial statements have to be prepared in accordance with Rule 12-04, Schedule I of Regulation S-X if the restricted net assets of the subsidiary of Red Wisdom exceed 25% of the unaudited condensed consolidated net assets of Red Wisdom. The abilities of the Company's subsidiary in Hong Kong to pay dividends are not restricted. In this connection, the restricted net assets of the subsidiary of Red Wisdom does not exceed 25% of the unaudited condensed consolidated net assets of Red Wisdom and accordingly the above condensed parent company only financial information of Red Wisdom is presented for supplementary reference.

As of March 31, 2025 and September 30, 2025, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company, except for those which have been separately disclosed in the unaudited condensed consolidated Financial Statements, if any.

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

#### Red Wisdom Creation Limited

#### 4,250,000 Class A Ordinary Shares

#### ––––––––––––––––––––––––––––––

#### PROSPECTUS

#### ––––––––––––––––––––––––––––––

#### [ ], 2025
**No dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this Offering other than those contained in this prospectus and, if given or made, the information or representations must not be relied upon as having been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any security other than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful.**

------

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

#### Part II — Information Not Required in the Prospectus

#### Item 6. Indemnification of Directors and Officers.
Cayman Islands law does not limit the extent to which a company's 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 civil fraud or the consequences of committing a crime. Our amended and restated articles of association provide that to the extent permitted by law, our Company shall indemnify each existing or former director (including alternate director), secretary and other officer of our Company (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of the Company's business or affairs or in the execution or discharge of the existing or former director's (including alternate director's), secretary's or officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning our Company or its affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

To the extent permitted by the Companies Act, our Company may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or officer of our Company in respect of any matter identified in the amended and restated articles of association on condition that the director (including alternate director), secretary or officer must repay the amount paid by our Company to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or officer for those legal costs.

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.
Set forth below is information regarding ordinary shares issued by us during the last three years. None of the below described transactions involved any underwriters, underwriting discounts and commissions or commissions, or any public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 12, 2025, we formed the Company. On the date of its incorporation, 1 ordinary share was issued to ICS Corporate Services (Cayman) Limited. On the same date, the 1 ordinary share was transferred from ICS Corporate Services (Cayman) Limited to Red Wisdom CQ Limited.

We believe that the offers, sales and issuances of the securities described in the preceding paragraph were exempt from registration either (a) under Section 4(a)(2) of the Securities Act and the rules and regulations promulgated thereunder, in that the transactions were between an issuer and sophisticated investors or members of its senior executive management and did not involve any public offering within the meaning of Section 4(a)(2), (b) under Regulation S promulgated under the Securities Act in that offers, sales and issuances were not made to persons in the United States and no directed selling efforts were made in the United States, or (c) under Rule 701 promulgated under the Securities Act in that the transactions were underwritten compensatory benefit plans or written compensatory contracts.

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

#### Item 8. Exhibits.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following documents are filed as part of this registration statement:

---

| | |
|:---|:---|
| 1.1 | [Form of Underwriting Agreement](ea025027006ex1-1_redwisdom.htm) |
| 3.1 | [Amended and Restated Memorandum and Articles of Association of the Registrant, effective as at July 5, 2025](ea025027006ex3-1_redwisdom.htm) |
| 4.1 | [Specimen Share Certificate](ea025027006ex4-1_redwisdom.htm) |
| 5.1 | [Opinion of Ogier as to the validity of the Class A Ordinary Shares](ea025027006ex5-1_redwisdom.htm) |
| 8.1 | [Opinion of Ogier regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ea025027006ex5-1_redwisdom.htm) |
| 10.1 | [Director Agreement between the Registrant and Chen Qiu](ea025027006ex10-1_redwisdom.htm) |
| 10.2 | [Independent Director Agreement between the Registrant and Liao Lingjie](ea025027006ex10-2_redwisdom.htm) |
| 10.3 | [Independent Director Agreement between the Registrant and Zhou Mo](ea025027006ex10-3_redwisdom.htm) |
| 10.4 | [Independent Director Agreement between the Registrant and Zhou Wensi](ea025027006ex10-4_redwisdom.htm) |
| 10.5 | [Officer Agreement between the Registrant and Lin Shenghong](ea025027006ex10-5_redwisdom.htm) |
| 10.6 | [Form of Indemnification Agreement between the Registrant and its directors](ea025027006ex10-6_redwisdom.htm) |
| 10.7 | [Lease Agreement for Office Tower 2 of The Harbourfront, 22 Tak Fung Street, Hung Homg, Hong Kong dated January 1, 2024](ea025027006ex10-7_redwisdom.htm) |
| 10.8 | [Lease Agreement for Office Tower 2 of The Harbourfront, 22 Tak Fung Street, Hung Homg, Hong Kong dated November 15, 2025](ea025027006ex10-8_redwisdom.htm) |
| 10.9 | [Human Resource Services Agreement dated September 30, 2023](ea025027006ex10-9_redwisdom.htm) |
| 14.1 | [Form of Code of Business Conduct and Ethics](ea025027006ex14-1_redwisdom.htm) |
| 21.1 | [List of Subsidiaries](ea025027006ex21-1_redwisdom.htm) |
| 23.1 | [Consent of Ogier (included in Exhibit 5.1)](ea025027006ex5-1_redwisdom.htm) |
| 23.2 | [Consent of Enrome LLP](ea025027006ex23-2_redwisdom.htm) |
| 23.3 | [Consent of Flash-Stone Consulting](ea025027006ex23-3_redwisdom.htm) |
| 23.4 | [Consent of Loeb & Loeb LLP](ea025027006ex23-4_redwisdom.htm) |
| 23.5 | [Consent of Tenet & Partners](ea025027006ex23-5_redwisdom.htm) |
| 24.1 | [Power of Attorney (included on signature page to the registration statement)](#T01) |
| 99.1 | [Form of Charter of the Audit Committee](ea025027006ex99-1_redwisdom.htm) |
| 99.2 | [Form of Charter of the Compensation Committee](ea025027006ex99-2_redwisdom.htm) |
| 99.3 | [Form of Charter of the Nominating and Corporate Governance Committee](ea025027006ex99-3_redwisdom.htm) |
| 99.4 | [Consent of Liao Lingjie](ea025027006ex99-4_redwisdom.htm) |
| 99.5 | [Consent of Zhou Mo](ea025027006ex99-5_redwisdom.htm) |
| 99.6 | [Consent of Zhou Wensi](ea025027006ex99-6_redwisdom.htm) |
| 99.7 | [Clawback Policy](ea025027006ex99-7_redwisdom.htm) |
| 99.8 | [Form of Whistleblower Policy](ea025027006ex99-8_redwisdom.htm) |
| 99.9 | [Form of Insider Trading Policy](ea025027006ex99-9_redwisdom.htm) |
| 107 | [Calculation of Registration Fee](ea025027006ex-fee_redwisdom.htm) |

---

____________

\* To be filed by Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

None.

#### Item 9. Undertakings
The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the 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 of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and

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

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the People's Republic of China, on January 16, 2026.

---

| | |
|:---|:---|
|  By: | /s/ Chen Qiu |
|  Name: | Chen Qiu |
|  Title: | Chief Executive Officer and Director |

---

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Chen Qiu, his or her true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for and in his or her name, place and stead, in any and all capacities, to (1) act on, sign and file with the Securities and Exchange Commission any and all amendments (including post-effective amendments) to this Registration Statement together with all schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, together with all schedules and exhibits thereto, (2) act on, sign and file such certificates, instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (3) act on and file any supplement to any prospectus included in this Registration Statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and (4) take any and all actions which may be necessary or appropriate to be done, as fully for all intents and purposes as he or she might or could do in person, hereby approving, ratifying and confirming all that such agent, proxy and attorney-in-fact or any of his or her substitutes may lawfully do or cause to be done by virtue thereof.

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

---

| | | |
|:---|:---|:---|
|  **Name** | **Position** | **Date** |
|  /s/ Chen Qiu | Chief Executive Officer and Director | January 16, 2026 |
|  Chen Qiu | (Principal executive officer)  |  |
|  /s/ Lin Shenghong | Chief Financial Officer | January 16, 2026 |
|  Lin Shenghong  | (Principal financial and accounting officer) |  |

---

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

#### Authorized U.S. Representative
Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Red Wisdom Creation Limited, has signed this registration statement in New York, on January 16, 2026.

---

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

---

## Exhibit 1.1

**Exhibit 1.1**

**UNDERWRITING AGREEMENT**

**between**

**RED WISDOM CREATION LIMITED**

**and**

**CATHAY SECURITIES INC., as Representative of the Several Underwriters**

**Red Wisdom Creation Limited**

**Underwriting Agreement**

New York, New York

[●], 2026

Cathay Securities Inc.

as Representative of the several Underwriters named on Schedule 1

40 Wall Street, Suite 3600

New York, NY 10005

Ladies and Gentlemen:

The undersigned, Red Wisdom Creation Limited, a company formed under the laws of the Cayman Islands (the ***"Company"***), hereby confirms its agreement (this ***"Agreement"***) with CATHAY SECURITIES INC., a FINRA Member firm (hereinafter referred to as the ***"Representative"***), and with the other underwriters, if any, named on <u>Schedule 1</u> hereto for which the Representative is acting as representative (the Representative and such other underwriters being collectively called the ***"Underwriters"*** or, individually, an ***"Underwriter"***) as follows:

1. <u>Purchase and Sale of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 *<u>Firm Shares</u>.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. <u>Purchase of Firm Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the several Underwriters, an aggregate of [●] (the ***"Firm Shares"***) of the Company's Class A ordinary shares, par value $0.0001 per share (the ***"Ordinary Shares"***), and each Underwriter agrees to purchase, severally and not jointly, on the Closing Date (as defined below in <u>Section 1.1.2(i)</u>), the Firm Shares. The offering and sale of the Firm Shares (including, for avoidance of doubt, any Option Shares (as defined below in <u>Section 1.2.1</u>), if any) being herein referred to as the ***"Offering."***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Underwriters, severally and not jointly, agree to purchase from the Company the number of Firm Shares set forth opposite their respective names on <u>Schedule 1</u> attached hereto and made a part hereof at a purchase price of **$**[●] per Firm Share (**[●]%** of the per Firm Share public offering price) (the ***"Purchase Price"***). The Firm Shares are to be offered initially to the public at the offering price set forth on the cover page of the Prospectus (as defined in <u>Section 2.1.1</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2. <u>Firm Shares Payment and Delivery</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Delivery and payment for the Firm Shares shall be made no later than 5:00 p.m., Eastern Time, on the first (1st) Business Day following the commencement of trading of the Shares, or at such earlier time as shall be agreed upon by the Representative and the Company, at the offices of Kaufman & Canoles, P.C., 1021 East Cary Street, Suite 1400, Richmond, VA 23219 (***"Representative's Counsel"***), or at such other place (or remotely by facsimile or other electronic transmission) as shall be agreed upon by the Representative and the Company. The hour and date of delivery and payment for the Firm Shares is called the ***"Closing Date."***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Payment for the Firm Shares shall be made on the Closing Date by wire transfer in federal (same day) funds, payable to the order of the Company upon delivery of the certificates (in form and substance satisfactory to the Underwriters) representing the Firm Shares (or through the facilities of the Depository Trust Company (***"DTC"***) or via a Deposit or Withdrawal at Custodian (***"DWAC"***) transfer)) for the account of the Underwriters. The Firm Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least one (1) full Business Day (as defined below) prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Representative for all of the Firm Shares. The term ***"Business Day"*** means any day other than a Saturday, a Sunday or a legal holiday in the United States, or a day on which banking institutions are authorized or obligated by law to close in New York, New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. *<u>Over-allotment Option</u>.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1. <u>Option Shares</u>. For the purposes of covering any over-allotments in connection with the distribution and sale of the Firm Shares, the Company hereby grants to the Underwriters an option (the ***"Over-allotment Option"***) to purchase, in the aggregate, up to [●] additional Ordinary Shares (the ***"Option Shares"***, and along with the Firm Shares, the ***"Shares"***), representing fifteen percent (15%) of the Firm Shares sold in the offering, from the Company. The purchase price to be paid per Option Share shall be equal to the Purchase Price per share set forth in <u>Section 1.1.1</u>. The Shares shall be issued directly by the Company and shall have the rights and privileges described in the Registration Statement, the Pricing Disclosure Package and the Prospectus referred to in <u>Section 2.1.1</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2. <u>Exercise of Over-allotment Option</u>. The Over-allotment Option granted pursuant to <u>Section 1.2.1</u> hereof may be exercised by the Representative as to all (at any time) or any part (from time to time) of the Option Shares within forty-five (45) days from the Closing Date. The Underwriters shall not be under any obligation to purchase any of the Option Shares prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of written notice to the Company from the Representative by overnight mail or email or facsimile or other electronic transmission (the ***"Option Notice"***), setting forth the number of the Option Shares to be purchased and the date and time for delivery of and payment for the Option Shares (the ***"Option Closing Date"***), which shall not be earlier than one (1) full Business Day nor later than five (5) full Business Days after the date of the Option Notice or such other time as shall be agreed upon by the Company and the Representative, at the offices of Representative's Counsel, or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Option Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the Option Notice. Upon exercise of the Over-allotment Option with respect to all or any portion of the Option Shares subject to the terms and conditions set forth herein, (i) the Company shall become obligated to sell to the Underwriters the number of the Option Shares specified in the Option Notice and (ii) each of the Underwriters, acting severally and not jointly, shall purchase that portion of the total number of the Option Shares then being purchased as set forth in <u>Schedule 1</u> hereto opposite the name of such Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3. <u>Option Shares Payment and Delivery</u>. Payment for the Option Shares shall be made on the Option Closing Date by wire transfer in federal (same day) funds, payable to the order of the Company upon delivery to the Representative of certificates (in form and substance satisfactory to the Underwriters) representing the Option Shares (or through the facilities of DTC or via DWAC transfer) for the account of the Underwriters. The Option Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least two (2) full Business Days prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Option Shares except upon tender of payment by the Representative for applicable Option Shares*.*

 

2. <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below), as of the Closing Date and as of the Option Closing Date, if any, as follows:

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.1. <u>Filing of Registration Statement</u>.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1. <u>Pursuant to the Securities Act</u>. The Company has filed with the U.S. Securities and Exchange Commission (the ***"Commission"***) a registration statement, and any amendment or amendments thereto, on Form F-1 (File No. 333-[●]), including any related prospectus or prospectuses, for the registration of the Shares under the Securities Act of 1933, as amended (the ***"Securities Act"***), which registration statement and amendment or amendments have been prepared by the Company in all material respects in conformity with the requirements of the Securities Act and the rules and regulations of the Commission under the Securities Act (the ***"Securities Act Regulations"***) and, as of the effective date (the "***Effective Date***") of the Company's registration statement on Form F-1 and the Closing Date, will contain all material statements that are required to be stated therein in accordance with the Securities Act and the Securities Act Regulations. Except as the context may otherwise require, such registration statement, as amended, on file with the Commission at the time the registration statement became effective (including the Preliminary Prospectus included in the registration statement, financial statements, schedules, exhibits and all other documents filed as a part thereof and all information deemed to be a part thereof as of the Effective Date pursuant to paragraph (b) of Rule 430A of the Securities Act Regulations (the ***"Rule 430A Information"***)), is referred to herein as the ***"Registration Statement."*** If the Company files any registration statement pursuant to Rule 462(b) of the Securities Act Regulations, then after such filing, the term ***"Registration Statement"*** shall include such registration statement filed pursuant to Rule 462(b). The Registration Statement has been declared effective by the Commission as of the date hereof.

Each prospectus used prior to the effectiveness of the Registration Statement, and each prospectus that omitted the Rule 430A Information that was used after such effectiveness and prior to the execution and delivery of this Agreement, is herein called a ***"Preliminary Prospectus."*** The Preliminary Prospectus, subject to completion, dated [●], that was included in the Registration Statement immediately prior to the Applicable Time (as defined below) is hereinafter called the ***"Pricing Prospectus."*** The final prospectus in the form first furnished to the Underwriters for use in the Offering is hereinafter called the ***"Prospectus."*** Any reference to the ***"most recent Preliminary Prospectus"*** shall be deemed to refer to the latest Preliminary Prospectus included in the Registration Statement.

***"Applicable Time"*** means 4:15 p.m., Eastern Time, on the date of this Agreement.

***"Issuer Free Writing Prospectus"*** means any "issuer free writing prospectus," as defined in Rule 433 of the Securities Act Regulations (***"Rule 433"***), including without limitation any "free writing prospectus" (as defined in Rule 405 of the Securities Act Regulations) relating to the Shares that is (i) required to be filed with the Commission by the Company, (ii) a "road show that is a written communication" within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i) because it contains a description of the Shares or of the Offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g).

***"Issuer General Use Free Writing Prospectus"*** means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors (other than a "*bona fide* electronic road show," as defined in Rule 433 (the ***"Bona Fide Electronic Road Show"***)), as evidenced by its being specified in <u>Schedule 2-B</u> hereto.

***"Issuer Limited Use Free Writing Prospectus"*** means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.

***"Pricing Disclosure Package"*** means any Issuer General Use Free Writing Prospectus issued at or prior to the Applicable Time, the Pricing Prospectus and the information included on <u>Schedule 2-A</u> hereto, all considered together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2. <u>Pursuant to the Exchange Act</u>. The Company has filed with the Commission a Form 8-A (File Number [●]) providing for the registration pursuant to Section 12(b) under the Securities Exchange Act of 1934, as amended (the ***"Exchange Act"***), of the Ordinary Shares. The registration of the Ordinary Shares under the Exchange Act has been declared effective by the Commission on or prior to the date hereof. The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act, nor has the Company received any notification that the Commission is contemplating terminating such registration.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.2. <u>Stock Exchange Listing</u>.* The Ordinary Shares have been approved for listing on the Nasdaq Capital Market (the ***"Exchange"***), subject only to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, delisting of the Ordinary Shares from the Exchange, nor has the Company received any notification that the Exchange is contemplating terminating such listing, except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.3. <u>No Stop Orders, etc</u>.* Neither the Commission nor, to the Company's knowledge, any state regulatory authority has issued any order preventing or suspending the use of the Registration Statement, any Preliminary Prospectus or the Prospectus or has instituted or, to the Company's knowledge, threatened to institute, any proceedings with respect to such an order. The Company has complied with each request (if any) from the Commission for additional information.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.4. <u>Disclosures in Registration Statement</u>.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1. <u>Compliance with Securities Act and 10b-5 Representation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus, including the prospectus filed as part of the Registration Statement as originally filed or as part of any amendment or supplement thereto, and the Prospectus, at the time each was filed with the Commission, complied in all material respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus delivered to the Underwriters for use in connection with this Offering and the Prospectus was or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to the Commission's EDGAR filing system (***"EDGAR"***), except to the extent permitted by Regulation S-T promulgated under the Securities Act (***"Regulation S-T"***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Neither the Registration Statement nor any amendment thereto, at its effective date, as of the Applicable Time, on the Closing Date or on any Option Closing Date (if any), contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; *provided, however*, that this foregoing representation and warranty shall not apply to statements made or statements omitted in reliance upon and in conformity with written information furnished to the Company with respect to the Underwriters by the Representative expressly for use in the Registration Statement, the Pricing Prospectus or the Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of any Underwriter consists solely of the disclosure contained in the "Underwriting" section of the Prospectus (the ***"Underwriters' Information"***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Pricing Disclosure Package, as of the Applicable Time, on the Closing Date, or on any Option Closing Date (if any), did not, does not, and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; and each Issuer Limited Use Free Writing Prospectus hereto does not conflict in any material respect with the information contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, and each such Issuer Limited Use Free Writing Prospectus, as supplemented by and taken together with the Pricing Prospectus as of the Applicable Time, did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; *provided*, *however*, that the foregoing representation and warranty shall not apply to the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither the Prospectus nor any amendment or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of any filing with the Commission pursuant to Rule 424(b) and at the Closing Date, or at any Option Closing Date (if any), included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; *provided*, *however*, that the foregoing representation and warranty shall not apply to the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2. <u>Disclosure of Agreements</u>. The agreements and documents described in the Registration Statement, the Pricing Disclosure Package and the Prospectus conform in all material respects to the descriptions thereof contained therein and there are no agreements or other documents required by the Securities Act and the Securities Act Regulations to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it is or may be bound or affected and (i) that is referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus, and (ii) is material to the business of the Company and its Subsidiaries (as defined below) taken as a whole, has been duly authorized and validly executed by the Company and/or its Subsidiaries, is in full force and effect in all material respects and is enforceable against the Company and/or its Subsidiaries and, to the Company's knowledge, the other parties thereto, in accordance with its terms, except (w) for such agreements or instruments the enforceability of which would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change (as defined in Section 2.5.1), (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, none of such agreements or instruments has been assigned by the Company and/or its Subsidiaries, and neither the Company and/or its Subsidiaries nor, to the Company's knowledge, any other party is in material default thereunder and, to the Company's knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a material default thereunder. To the best of the Company's knowledge, performance by the Company and/or its Subsidiaries of the material provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental or regulatory agency, authority, body, entity or court, domestic or foreign, having jurisdiction over the Company and/or its Subsidiaries or any of its/their assets or businesses (each, a ***"Governmental Entity"***), including, without limitation, those relating to environmental laws and regulations, except such violations which, individually or in the aggregate, would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change as defined in Section 2.5.1 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.3. <u>Prior Securities Transactions</u>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by or under common control with the Company, except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Preliminary Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.4. <u>Regulations</u>. The disclosures in the Registration Statement, the Pricing Disclosure Package and the Prospectus concerning the effects of federal, state, local and all foreign laws, rules and regulations relating to the Offering and the Company's business as currently conducted or contemplated are correct and complete in all material respects and no other such laws, rules or regulations are required to be disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus which are not so disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.5. <u>No Other Distribution of Offering Materials.</u> The Company has not, directly or indirectly, distributed and will not distribute any offering material in connection with the Offering, other than any Preliminary Prospectus, any Issuer Free Writing Prospectus, the Prospectus and other materials, if any, permitted under the Securities Act and consistent with <u>Section 3.2</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Changes After Dates in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.1. <u>No Material Adverse Change</u>. Since the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except as otherwise specifically stated therein: (i) there has been no material adverse change in the financial position or results of operations of the Company and its Subsidiaries (as defined in <u>Section 2.8</u> below) taken as a whole, nor to the Company's knowledge any change or development that, singularly or in the aggregate, would involve a material adverse change in or affecting the condition (financial or otherwise), results of operations, business, assets or prospects of the Company and its Subsidiaries taken as a whole (a ***"Material Adverse Change"***); (ii) there have been no material transactions entered into by the Company or its Subsidiaries, other than as contemplated pursuant to this Agreement; and (iii) no executive officer or director of the Company has resigned from any position with 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;2.5.2. <u>Recent Securities Transactions, etc</u>. Subsequent to the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not: (i) issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect to its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Disclosures in Commission Filings</u>. None of the Company's filings with, or other documents furnished to, the Commission contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; *provided*, *however*, that this foregoing representation and warranty shall not apply to statements made or statements omitted in reliance upon and in conformity with the Underwriters' Information. The Company has made all filings with the Commission required under the Exchange Act and the rules and regulations of the Commission promulgated thereunder (the ***"Exchange Act Regulations"***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Independent Accountants</u>. To the knowledge of the Company, Enrome LLP, an independent registered public accounting firm (the ***"Auditor"***), whose report is filed with the Commission as part of the Registration Statement, the Pricing Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Securities Act Regulations and the Public Company Accounting Oversight Board. The Auditor has not, during the periods covered by the financial statements included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules, if any, included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, fairly present in all material respects the financial position and the results of operations of the Company at the dates and for the periods stated therein; and such financial statements have been prepared in conformity with U.S. generally accepted accounting principles (***"GAAP"***), consistently applied throughout the periods involved (provided that unaudited interim financial statements are subject to year-end audit adjustments that are not expected to be material in the aggregate and do not contain all footnotes required by GAAP); and the supporting schedules, if any, included in the Registration Statement present fairly in all material respects the information required to be stated therein. Except as included therein, no historical or pro forma financial statements are required to be included in the Registration Statement, the Pricing Disclosure Package or the Prospectus under the Securities Act or the Securities Act Regulations. The pro forma and pro forma as adjusted financial information and the related notes, if any, included in the Registration Statement, the Pricing Disclosure Package and the Prospectus have been properly compiled and prepared in all material respects in accordance with the applicable requirements of the Securities Act and the Securities Act Regulations and present fairly in all material respects the information shown therein, and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. All disclosures contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission), if any, comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Securities Act, to the extent applicable. Each of the Registration Statement, the Pricing Disclosure Package and the Prospectus discloses all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company's financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, (a) since the date of the last balance sheet included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, neither the Company nor any of its direct and indirect subsidiaries, including each of the entities disclosed or described as subsidiaries of the Company in the Registration Statement, the Pricing Disclosure Package and the Prospectus (each, a ***"Subsidiary"*** and, collectively, the ***"Subsidiaries"***), has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business, (b) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its Ordinary Shares or other capital stock (if any), (c) there has not been any change in the capital of the Company or any of its Subsidiaries, or, other than in the ordinary course of business, any grants made under any stock compensation plan, and (d) there has not been any Material Adverse Change in the Company's long-term or short-term debt. The Company represents that it has no direct or indirect Subsidiaries other than those listed in Exhibit 21.1 to the Registration Statement.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.*9 <u>Authorized Capital; Options, etc</u>. The Company had, at the date or dates indicated in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the duly authorized, issued and outstanding capitalization as set forth therein. Based on the assumptions stated in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company will have on the Closing Date or on the Option Closing Date, as the case may be, the adjusted capitalization set forth therein. Except as set forth in, or contemplated by, the Registration Statement, the Pricing Disclosure Package and the Prospectus, on the Effective Date, as of the Applicable Time and on the Closing Date or at any Option Closing Date, there will be no options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued Ordinary Shares of the Company or any security convertible or exercisable into Ordinary Shares of the Company, or any contracts or commitments to issue or sell Ordinary Shares or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Valid Issuance of Securities, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.1. <u>Outstanding Securities</u>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no contractual rights of rescission or the ability to force the Company to repurchase such securities with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights or rights of first refusal or rights of participation of any holders of any security of the Company or similar contractual rights granted by the Company within the applicable and enforceable timeframe of such rights. The authorized Ordinary Shares and any other securities outstanding or to be outstanding upon consummation of the Offering conform in all material respects to all statements relating thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus. The offers and sales of the outstanding Ordinary Shares, options, warrants and other rights to purchase or exchange such securities for Ordinary Shares were at all relevant times either registered under the Securities Act and the applicable state securities or "blue sky" laws or, based in part on the representations and warranties of the purchasers of such Ordinary Shares, exempt from such registration requirements. The description of the Company's stock option, stock bonus and other stock plans or arrangements, and the options or other rights granted thereunder, as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, if any, accurately and fairly present, in all material respects, the information required to be shown with respect to such plans, arrangements, options and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.2. <u>Securities Sold Pursuant to this Agreement</u>. The Shares have been duly authorized for issuance and sale and, when issued and paid for in accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of being such holders; the Shares are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Shares has been duly and validly taken. The Shares conform in all material respects to all statements with respect thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

 

2*.*11 <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no holders of any securities of the Company or any options, warrants, rights or other securities exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Securities Act or to include any such securities in the Registration Statement or any other registration statements to be filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Validity and Binding Effect of Agreements</u>. The execution, delivery and performance of this Agreement has been duly and validly authorized by the Company, and, when executed and delivered, will constitute, the valid and binding agreements of the Company, enforceable against the Company in accordance with its terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 <u>No Conflicts, etc</u>. The execution, delivery and performance by the Company of this Agreement and all ancillary documents, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof and thereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in a breach of, or conflict with, in any material respect, any of the terms and provisions of, or constitute a material default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement or any other agreement or instrument to which the Company is a party or as to which any property of the Company is a party, except breaches, conflicts or defaults that would not reasonably be expected to result in a Material Adverse Change; (ii) result in any violation of the provisions of the Company's Memorandum and Articles of Association (as the same may be amended or restated from time to time, the ***"Charter"***); or (iii) violate in any material respect any existing applicable law, rule, regulation, judgment, order or decree of any Governmental Entity having jurisdiction over the Company as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 <u>No Defaults; Violations</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no material default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject. The Company is not, (i) in violation of any term or provision of its Charter, or (ii) to its knowledge, after reasonable investigation, in violation of any franchise, license, permit, applicable law, rule, regulation, judgment, or decree of any Governmental Entity, except in the case of clause (ii) for such violations that would not be reasonably expected to result in, individually or in the aggregate, a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 <u>Corporate Power; Licenses; Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.1. <u>Conduct of Business</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has all requisite corporate power and authority, and has all necessary consents, authorizations, approvals, licenses, certificates, clearances, permits and orders and supplements and amendments thereto (collectively, ***"Authorizations"***) of and from all Governmental Entities that it needs as of the date hereof to conduct its business as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except where such failure to have such Authorizations would not reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.2. <u>Transactions Contemplated Herein</u>. The Company has all corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof, and all Authorizations required in connection therewith have been obtained. No Authorization of, and no filing with, any Governmental Entity or other body is required for the valid issuance, sale and delivery of the Shares and the consummation of the transactions and agreements contemplated by this Agreement and as contemplated by the Registration Statement, the Pricing Disclosure Package and the Prospectus, except with respect to applicable federal and state securities or blue-sky laws, the rules of The Nasdaq Stock Market, LLC, and the rules and regulations of the Financial Industry Regulatory Authority (***"FINRA"***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 <u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires (the ***"Questionnaires"***) completed by each of the Company's directors, executive officers, control persons, or nominees or appointees for director or executive officer prior to the Offering (the ***"Insiders"***) as supplemented by all information concerning the Insiders as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, as well as in the Lock-Up Agreement (as defined below), provided to the Representative and its counsel, is true and correct in all material respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires to become materially inaccurate and incorrect.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 <u>Litigation; Governmental Proceedings</u>. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending or, to the Company's knowledge, threatened against, or involving the Company or any Subsidiary or, to the Company's knowledge, any executive officer or director of the Company or any Subsidiary and their respective affiliates, that is required to be disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus or in connection with the Company's listing application for the listing of the Shares on the Exchange, which, individually or in aggregate, would reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 <u>Good Standing</u>. The Company has been duly incorporated and is validly existing as a company and is in good standing under the laws of the Cayman Islands as of the date hereof, and is duly qualified to do business and is in good standing as a foreign company in each other jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to be so qualified or in good standing, singularly or in the aggregate, would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 <u>Insurance</u>. Red Wisdom Creation Limited and each of its operating subsidiaries — Miaohong Creation Limited and Red Wisdom Creation (Hong Kong) Limited (collectively, the ***"Operating Subsidiaries"***) carry or are entitled to the benefits of insurance in accordance with industry practice in such amounts and covering such risks which the Company and the Operating Subsidiaries believe are reasonably adequate, as is customary for companies engaged in similar business in similar industries in Hong Kong SAR and any other applicable jurisdictions, and to the Company's knowledge, all such insurance is in full force and effect. The Company has no reason to believe that the Operating Subsidiaries will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 <u>Transactions Affecting Disclosure to FINRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.1. <u>No Finder's Fees or Payments to FINRA-Affiliated Persons</u>.

Except as disclosed in the Registration Statement, the Pricing Disclosure Package, the Prospectus, or in writing to the Representative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) neither the Company nor any of the Insiders has entered into any agreement, arrangement, or understanding for the payment of any finder's fee, consulting fee, or origination fee in connection with the sale of the Shares hereunder, nor has the Company or, to the Company's knowledge, any shareholder entered into any such agreement or arrangement that would affect the Underwriters' compensation as determined by FINRA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company has not, within the twelve (12) months prior to the Effective Date, made any direct or indirect payments (in cash, securities, or otherwise) in connection with the Offering to (i) any person as a finder's fee, consulting fee, or otherwise for raising capital or making introductions to the Company of persons who raised or provide capital to the Company, (ii) any person or entity that has any direct or indirect affiliation or association with any FINRA member, other than the payment to the Underwriters in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.2. <u>Use of Proceeds</u>. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its affiliates, except as specifically authorized herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.3. <u>FINRA Affiliation</u>. There is no (i) officer or director of the Company, (ii) beneficial owner of 10% or more of any class of the Company's securities or (iii) to the Company's knowledge, beneficial owner of the Company's unregistered equity securities who acquired any equity securities of the Company during the 180-day period immediately preceding the filing of the Registration Statement that is an affiliate or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.4. <u>Information</u>. All information provided by the Company in its FINRA questionnaire to Representative Counsel specifically for use by Representative's Counsel in connection with its Public Offering System filings (and related disclosure) with FINRA is true, correct and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 <u>Foreign Corrupt Practices Act</u>. None of the Company and its Subsidiaries or, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company and its Subsidiaries or any other person acting on behalf of, and with authority from, the Company and its Subsidiaries, has, directly or indirectly, given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any Governmental Entity (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding. The Company has taken reasonable steps to ensure that its accounting controls and procedures are sufficient to cause the Company to comply in all material respects with the Foreign Corrupt Practices Act of 1977, as amended, or any other applicable anti-corruption, anti-bribery or related law, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 <u>Compliance with OFAC</u>. None of the Company and its Subsidiaries or, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company and its Subsidiaries or any other person acting on behalf of, and with authority from, the Company and its Subsidiaries, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury ("**OFAC**"), and the Company will not, directly or indirectly, use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 <u>Money Laundering Laws</u>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the ***"Money Laundering Laws"***); and no action, suit or proceeding by or before any Governmental Entity involving the Company with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 <u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to the Representative or to Representative's Counsel on the Closing Date or on the Option Closing Date shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 <u>Lock-Up Agreements</u>. <u>Schedule 3</u> hereto contains a complete and accurate list of the Company's officers, directors and each holders of more than 5% of the Company's outstanding Ordinary Shares (or securities convertible or exercisable into Ordinary Shares) as of the Effective Date (collectively, the ***"Lock-Up Parties"***). The Company has caused each of the Lock-Up Parties to deliver to the Representative an executed Lock-Up Agreement, in a form substantially similar to that attached hereto as **<u>Exhibit A</u> (**the ***"Lock-Up Agreement"***), simultaneously with or prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 <u>Subsidiaries</u>. All direct and indirect Subsidiaries of the Company are duly organized and in good standing under the laws of the place of organization or incorporation, and each Subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not be reasonably expected to have Material Adverse Change. The Company's ownership and control of each Subsidiary is as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 <u>Related Party Transactions</u>. There are no business relationships or related party transactions involving the Company or any other person required by the rules and regulations of the Commission to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 <u>Board of Directors</u>. The Board of Directors of the Company will on the Effective Date be comprised of the persons set forth under the section of the Pricing Prospectus and the Prospectus titled "Management." The qualifications of the persons serving as board members and the overall composition of the board comply with the Exchange Act, and rules and regulations promulgated under the Exchange Act (the ***"Exchange Act Regulations"***), the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder (the ***"Sarbanes-Oxley Act"***) applicable to the Company and the listing rules of the Exchange. At least one member of the Audit Committee of the Board of Directors of the Company qualifies as an "audit committee financial expert," as such term is defined under Regulation S-K and the listing rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 <u>Sarbanes-Oxley Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29.1. <u>Disclosure Controls</u>. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has developed and currently maintains disclosure controls and procedures that will comply in all material respects with Rule 13a-15 or 15d-15 under the Exchange Act Regulations, and such controls and procedures are effective to ensure that all material information concerning the Company will be made known on a timely basis to the individuals responsible for the preparation of the Company's Exchange Act filings and other public disclosure documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29.2. <u>Compliance</u>. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company is and at the Applicable Time and on the Closing Date will be, in material compliance with the provisions of the Sarbanes-Oxley Act applicable to it, and has implemented or will implement such programs and has taken or will take reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all of the material provisions of the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 <u>Accounting Controls</u>. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company maintains systems of "internal control over financial reporting" (as defined under Rules 13a-15 and 15d-15 under the Exchange Act Regulations) that comply in all material respects with the requirements of the Exchange Act and have been designed by, or under the supervision of, its respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company is not aware of any material weaknesses in its internal control over financial reporting, and, if applicable, with respect to such remedial actions disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company represents that it has taken all remedial actions set forth in such disclosure prior to the Company's listing. The Company's auditors and the Audit Committee of the Board of Directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses, if any, in the design or operation of internal controls over financial reporting which are known to the Company's management and that have adversely affected or are reasonably likely to adversely affect the Company' ability to record, process, summarize and report financial information; and (ii) any fraud known to the Company's management, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 <u>No Investment Company Status</u>. The Company is not and, after giving effect to the Offering and the application of the proceeds thereof as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be, required to register as an "investment company," as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 <u>No Labor Disputes</u>. No labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the knowledge of the Company, is imminent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 <u>Intellectual Property Rights</u>. The Company and each of its Subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights (***"Intellectual Property Rights"***) described in the Registration Statement, the Pricing Disclosure Package and the Prospectus and necessary for the conduct of the business of the Company and each of its Subsidiaries as currently carried on and as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus. To the knowledge of the Company, no action or use by the Company or any of its Subsidiaries necessary for the conduct of its business as currently carried on and as described in the Registration Statement and the Prospectus will involve or give rise to any infringement of, or license or similar fees for, any Intellectual Property Rights of others. Neither the Company nor any of its Subsidiaries has received any notice alleging any such infringement, fee or conflict with asserted Intellectual Property Rights of others. Except as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change, (A) to the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any of the Intellectual Property Rights owned by the Company; (B) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging the rights of the Company in or to any Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim, that would, individually or in the aggregate, together with any other claims in this Section 2.33, reasonably be expected to result in a Material Adverse Change; (C) the Intellectual Property Rights owned by the Company and, to the knowledge of the Company, the Intellectual Property Rights licensed to the Company, if any, have not been adjudged by a court of competent jurisdiction invalid or unenforceable, in whole or in part, and there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims in this Section 2.33, reasonably be expected to result in a Material Adverse Change; (D) there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates or otherwise violates any Intellectual Property Rights or other proprietary rights of others, the Company has not received any written notice of such claim and the Company is unaware of any other facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims referred to in this Section 2.33, reasonably be expected to result in a Material Adverse Change; and (E) to the Company's knowledge, no employee of the Company is in or has ever been in violation in any material respect of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee's employment with the Company, or actions undertaken by the employee while employed with the Company and could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change. To the Company's knowledge, all material technical information developed by and belonging to the Company which has not been patented has been kept confidential. The Company is not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus and are not described therein. The Registration Statement, the Pricing Disclosure Package and the Prospectus contain in all material respects the same description of the matters set forth in the preceding sentence. None of the technology employed by the Company has been obtained or is knowingly being used by the Company in violation of any contractual obligation binding on the Company or, to the Company's knowledge, any of its officers, directors or employees, or otherwise in violation of the rights of any persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 <u>Taxes</u>. Each of the Company and its Subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof. Each of the Company and its Subsidiaries has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all taxes imposed on or assessed against the Company or such respective Subsidiary except for any such taxes that are currently being contested in good faith or as would not, individually or in the aggregate, reasonably be expected to cause a Material Adverse Change. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are, to the Company's knowledge and belief, sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriters, (i) no issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its Subsidiaries, and (ii) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its Subsidiaries. To the Company's knowledge, there are no tax liens against the assets, properties or business of the Company or its Subsidiaries. The term "**taxes**" means all federal, state, local, foreign and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatever, together with any interest and any penalties, additions to tax or additional amounts with respect thereto. The term "**returns**" means all returns, declarations, reports, statements and other documents required to be filed in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 <u>ERISA Compliance</u>. The Company is not subject to the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 <u>Compliance with Laws</u>. Each of the Company and its Subsidiaries: (A) is and at all times has been in compliance with all statutes, rules, or regulations applicable to the business of the Company as currently conducted (***"Applicable Laws"***), except to the extent that, individually or in the aggregate, such non-compliance would not reasonably be expected to have a Material Adverse Change; (B) has not received any warning letter, untitled letter or other correspondence or written (email, electronic or otherwise) notice from any Governmental Entity alleging or asserting noncompliance with any Applicable Laws or any Authorizations; (C) possesses all material Authorizations and such material Authorizations are valid and in full force and effect and are not in material violation of any term of any such Authorizations; (D) has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any Governmental Entity or third party alleging that any activity conducted by the Company is in violation of any Applicable Laws or Authorizations and has no knowledge that any such Governmental Entity or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding; (E) has not received notice that any Governmental Entity has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations and has no knowledge that any such Governmental Entity is considering such action; and (F) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments that were to the Company's knowledge, complete and correct in all material respects on the date filed (or were corrected or supplemented by a subsequent submission); provided however, that the foregoing qualifier with respect to the Company's knowledge shall not in any way apply to the Charter or Registration Statement or any information provided therein or relating thereto, or limit the obligations or liabilities of the Company under the Registration Statement and, further provided that nothing in this Section 2.36 shall be deemed to limit or revise in any way the representations of the Company under Article II hereof generally, Section 2.4 above and Section 5 or of this Agreement or any other representation made herein relating to its Charter or authority to do business in any jurisdiction and compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 <u>Emerging Growth Company</u>. From the time of the initial submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly in or through any person authorized to act on its behalf in any Testing-the-Waters Communication (defined below)) through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the Securities Act (an ***"Emerging Growth Company"***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 ***"Testing-the-Waters Communication"***, if any, means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act. The Company has not (i) alone engaged in any Testing-the-Waters Communications, other than Testing-the-Waters Communications with the written consent of the Representative and with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii) authorized anyone other than the Representative to engage in Testing-the-Waters Communications. The Company confirms that the Representative has been authorized to act on its behalf in undertaking Testing-the-Waters Communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 <u>Environmental Laws</u>. The Company has operated, in all material respects, in compliance with applicable foreign, federal, state and local rules, laws and regulations relating to its use, treatment, storage and disposal of hazardous or toxic substances or waste and protection of health and safety or the environment in the ordinary course of its businesses (the ***"Environmental Laws"***). To the Company's knowledge, there has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission, or other release of any kind of hazardous or toxic substances or waste by, due to, or caused by the Company (or, to the Company's knowledge, any other entity for whose acts or omissions the Company is or may otherwise be liable) upon any of the property now or previously owned or leased by the Company, or upon any other property, in violation of any law, statute, ordinance, rule, regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance, rule (including rule of common law), regulation, order, judgment, decree or permit, give rise to any material liability, except for any violation or liability which would not have, singularly or in the aggregate with all such violations and liabilities, a Material Adverse Change. Further, to the Company's knowledge, there has been no disposal, discharge, emission or other release of any reasonably expected kind onto such property or into the environment surrounding such property of any toxic or other hazardous substances with respect to which the Company has knowledge, except for any such disposal, discharge, emission, or other release of any kind which would not have, singularly or in the aggregate with all such discharges and other releases, a Material Adverse Change. In the ordinary course of business, the Company conducts periodic reviews of the effect of Environmental Laws on its business and assets, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or governmental permits issued thereunder, any related constraints on operating activities and any potential liabilities to third parties). On the basis of such reviews, the Company reasonably believes that such associated costs and liabilities would not, either singularly or in the aggregate, be expected to cause a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 <u>Title to Property</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company and its Subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real or personal property which are material to the business of the Company and its Subsidiaries taken as a whole, in each case, free and clear of all liens, encumbrances, security interests, claims and defects that singly or in the aggregate, would not materially affect the value of such property and interfere with the use made and proposed to be made of such property by the Company or its Subsidiaries; and all of the leases and subleases material to the business of the Company and its Subsidiaries, considered as one enterprise, and under which the Company or any of its Subsidiaries holds properties described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, are in full force and effect, and neither the Company nor any Subsidiary has received any written notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or such Subsidiary under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or any Subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 <u>Contracts Affecting Capital</u>. There are no transactions, arrangements or other relationships between and/or among the Company, any of its affiliates (as such term is defined in Rule 405 of the Securities Act Regulations) and any unconsolidated entity, including, but not limited to, any structured finance, special purpose or limited purpose entity that would reasonably be expected to materially affect the Company's or its Subsidiaries' liquidity or the availability of or requirements for their capital resources required to be described or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus which have not been described or incorporated by reference as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 <u>Loans to Directors or Officers</u>. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the Company or its Subsidiaries to or for the benefit of any of the officers or directors of the Company, its Subsidiaries, or any of their respective family members, except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 <u>Ineligible Issuer</u>. At the time of filing the Registration Statement and any post-effective amendment thereto, on the Effective Date and at the time of any amendment thereto, at the earliest time thereafter that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act Regulations) of the Shares and at the Effective Date, the Company was not and is not an "ineligible issuer," as defined in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 [Omitted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 <u>Industry Data</u>. The statistical and market-related data included in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus are based on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate or represent the Company's good faith estimates that are made on the basis of data derived from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 <u>Electronic Road Show</u>. The Company has made available a Bona Fide Electronic Road Show in compliance with Rule 433(d)(8)(ii) of the Securities Act Regulations such that no filing of any "road show" (as defined in Rule 433(h) of the Securities Act Regulations) is required in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 <u>Margin Securities</u>. The Company owns no "margin securities" as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the ***"Federal Reserve Board"***), and none of the proceeds of Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Ordinary Shares to be considered a "purpose credit" within the meanings of Regulation T, U or X of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 <u>Dividends and Distributions</u>. Except as disclosed in the Pricing Disclosure Package, Registration Statement and the Prospectus, no Subsidiary of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary's capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary's property or assets to the Company or any other Subsidiary of the Company, in each case, to the extent that such prohibition or restriction would have a material effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 <u>Forward-Looking Statements</u>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 <u>Integration</u>. Neither the Company nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 <u>Confidentiality and Non-Competitions</u>. To the Company's knowledge, no director, officer, key employee of the Company or any Subsidiary is subject to any confidentiality, non-disclosure, non-competition agreement or non-solicitation agreement with any employer, other than the Company, or prior employer that could reasonably be expected to materially affect his or her ability to be and act in his or her respective capacity of the Company or such Subsidiary or be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 <u>Corporate Records</u>. The minute books of the Company have been made available to the Representative and Representative's Counsel and such books (i) contain minutes of all material meetings and actions of the Board of Directors (including each board committee) and shareholders of the Company in connection with the Offering, and (ii) reflect all material transactions referred to in such minutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 <u>Diligence Materials</u>. The Company has provided to the Representative and Representative's Counsel all materials required or necessary to respond in all material respects to the diligence request submitted in writing to the Company by the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 <u>Stabilization</u>. Neither the Company nor, to its knowledge, any of its employees, directors or shareholders (without the consent of the Representative) has taken, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.

**3. <u>Covenants of the Company</u>**. The Company covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Amendments to Registration Statement</u>. The Company shall deliver to the Representative, prior to filing, any amendment or supplement to the Registration Statement or Prospectus proposed to be filed after the Effective Date and not file any such amendment or supplement to which the Representative shall reasonably object in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Federal Securities Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1. <u>Compliance</u>. The Company, subject to Section 3.2.2, shall comply in all material respects with the requirements of Rule 430A of the Securities Act Regulations, and will notify the Representative promptly, and confirm the notice in writing, (i) when any post-effective amendment to the Registration Statement shall become effective or any amendment or supplement to the Prospectus shall have been filed; (ii) of the receipt of any comments from the Commission relating to the Prospectus or the Offering; (iii) of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or for additional information; (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment or of any order preventing or suspending the use of any Preliminary Prospectus or the Prospectus, or of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, or of the initiation or, to the Company's knowledge, threatening of any proceedings for any of such purposes or of any examination pursuant to Section 8(d) or 8(e) of the Securities Act concerning the Registration Statement and (v) if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection with the Offering of the Shares. The Company shall effect all filings required under Rule 424(b) of the Securities Act Regulations, in the manner and within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), and shall take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it will promptly file such prospectus. The Company shall use its reasonable best efforts to prevent the issuance of any stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest possible moment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2. <u>Continued Compliance</u>. The Company shall comply in all material respects with the Securities Act, the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations so as to permit the completion of the distribution of the Shares as contemplated in this Agreement and in the Registration Statement, the Pricing Disclosure Package and the Prospectus. If at any time when a prospectus relating to the Shares is (or, but for the exception afforded by Rule 172 of the Securities Act Regulations (***"Rule 172"***), would be) required by the Securities Act to be delivered in connection with sales of the Shares, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of Representative's Counsel, or for the Company, to (i) amend the Registration Statement in order that the Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; (ii) amend or supplement the Pricing Disclosure Package or the Prospectus in order that the Pricing Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in light of the circumstances existing at the time it is delivered to a purchaser or (iii) amend the Registration Statement or amend or supplement the Pricing Disclosure Package or the Prospectus, as the case may be, in order to comply with the requirements of the Securities Act or the Securities Act Regulations, the Company will promptly (A) give the Representative notice of such event; (B) prepare any amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement, the Pricing Disclosure Package or the Prospectus comply with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish the Representative with copies of any such amendment or supplement and (C) file with the Commission any such amendment or supplement; provided that the Company shall not file or use any such amendment or supplement to which the Representative or Representative's Counsel shall reasonably object. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. The Company has given the Representative notice of any filings made pursuant to the Exchange Act or the Exchange Act Regulations within two (2) full Business Days prior to the Applicable Time. The Company shall give the Representative notice of its intention to make any such filing from the Applicable Time until the Closing Date and the exercise in full or expiration of the Over-allotment Option specified in <u>Section 1.2</u> hereof and will furnish the Representative with copies of the related document(s) a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use any such document to which the Representative or Representative's Counsel shall reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3. <u>Exchange Act Registration</u>. For a period of two (2) years after the date of this Agreement, the Company shall use its reasonable best efforts to maintain the registration of the Ordinary Shares under the Exchange Act, and the Company shall not deregister any of the Ordinary Shares under the Exchange Act without the prior written consent of the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4. <u>Free Writing Prospectuses</u>. The Company agrees that, unless it obtains the prior written consent of the Representative, it shall not make any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "free writing prospectus," or a portion thereof, required to be filed by the Company with the Commission or retained by the Company under Rule 433; provided that the Representative shall be deemed to have consented to each Issuer General Use Free Writing Prospectus set forth in <u>Schedule 2-B</u>, if any. The Company represents that it has treated or agrees that it will treat each such free writing prospectus consented to, or deemed consented to, by the Representative as an "issuer free writing prospectus," as defined in Rule 433, and that it has complied and will comply with the applicable requirements of Rule 433 with respect thereto, including timely filing with the Commission where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representative and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5 <u>Testing-the-Waters Communications</u>. If at any time following the distribution of any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 of the Securities Act Regulations (a ***"Written Testing-the-Waters Communication"***) there occurred or occurs an event or development as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in light of the circumstances existing at that subsequent time, not misleading, the Company shall promptly notify the Representative and shall promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Delivery to the Underwriters of Registration Statements</u>. The Company has delivered or made available or shall deliver or make available to the Representative and Representative's Counsel, without charge, signed copies of the Registration Statement as originally filed and each amendment thereto (including exhibits filed therewith), and will also deliver to each Underwriter, without charge, a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) upon receipt of a written request therefor from such Underwriter. The copies of the Registration Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Delivery to the Underwriters of Prospectuses</u>. The Company has delivered or made available or will deliver or make available to each Underwriter, without charge, as many copies of each Preliminary Prospectus as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the Securities Act. The Company will furnish each Underwriter, without charge, during the period when a prospectus relating to the Shares is (or, but for the exception afforded by Rule 172 of the Securities Act Regulations, would be) required to be delivered under the Securities Act, such number of copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Effectiveness and Events Requiring Notice to the Representative</u>. The Company shall promptly notify the Representative and confirm the notice in writing: (i) of the cessation of the effectiveness of the Registration Statement and any amendment thereto; (ii) of the issuance by the Commission of any stop order or of the initiation, or the threatening, of any proceeding for that purpose; (iii) of the issuance by any state securities commission of any proceedings for the suspension of the qualification of the Shares for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iv) of the mailing and delivery to the Commission for filing of any amendment or supplement to the Registration Statement or Prospectus; (v) of the receipt of any comments or request for any additional information from the Commission; and (vi) of the happening of any event during the period described in this Section 3.5 that makes any statement of a material fact made in the Registration Statement, the Pricing Disclosure Package or the Prospectus untrue or that requires the making of any changes (a) in the Registration Statement in order to make the statements therein, in light of the circumstances under which they were made, not misleading, or (b) in the Pricing Disclosure Package or the Prospectus in order to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Commission or any state securities commission shall enter a stop order or suspend such qualification at any time, the Company shall make best efforts to obtain promptly the lifting of such order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Review of Financial Statements.</u> For a period of two (2) years after the date of this Agreement, the Company, at its expense, shall cause its regularly engaged independent registered public accounting firm to review (but not audit) the Company's financial statements for each quarterly or semi-annual interim period, as applicable, immediately preceding the announcement of any interim financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Future Reports to the Underwriters</u>. For two full years after the date of this Agreement, the Company will furnish, if not otherwise available on EDGAR, to the Representative (i) as soon as practicable after the end of each fiscal year, copies of the Annual Report of the Company containing the balance sheet of the Company as of the close of such fiscal year and statements of income, stockholders' equity and cash flows for the year then ended and the opinion thereon of the Company's independent public or certified public accountants; (ii) as soon as practicable after the filing thereof, copies of each proxy statement, Annual Report on Form 20-F, quarterly financial statements using a Form 6-K or other report filed by the Company with the Commission; and (iii) as soon as available, copies of any report or communication of the Company mailed generally to holders of its share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Listing</u>. The Company shall use its reasonable best efforts to maintain the listing of the Ordinary Shares on the Exchange for a period of two (2) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Financial Public Relations Firm</u>. As of the Effective Date, the Company shall have retained a financial public relations firm reasonably acceptable to the Representative and the Company, which firm shall be experienced in assisting issuers in initial public offerings of securities and in their relations with their security holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Reports to the Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.1. <u>Periodic Reports, etc</u>. The Company shall furnish or make available to the Representative, if not otherwise publicly available, copies of such financial statements and other periodic and special reports as the Company from time to time furnishes generally to holders of any class of its securities and also furnish to the Representative, as soon as practical, if not otherwise publicly available: (i) a copy of each periodic report the Company shall be required to file with the Commission under the Exchange Act and the Exchange Act Regulations; (ii) a copy of every press release and every news item and article with respect to the Company or its affairs which was released by the Company; (iii) a copy of each Form 6-K prepared and filed by the Company; (iv) a copy of each registration statement filed by the Company under the Securities Act; (v) a copy of each report or other communication furnished to its shareholders and (vi) such additional documents and information with respect to the Company and the affairs of any future subsidiaries of the Company as the Representative may from time to time reasonably request. Documents filed with the Commission pursuant to its EDGAR system or press releases shall be deemed to have been delivered to the Representative pursuant to this Section 3.10.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.2. <u>Transfer Agent; Transfer Sheets</u>. For a period of two (2) years after the date of this Agreement, the Company shall retain a transfer agent and registrar acceptable to the Representative (the ***"Transfer Agent"***) and shall furnish to the Representative at the Company's sole cost and expense such transfer sheets of the Company's securities as the Representative may reasonably request in writing, including the daily and monthly consolidated transfer sheets of the Transfer Agent, DTC and DWAC. Transhare Corporation is acceptable to the Representative to act as Transfer Agent for the Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10.3 <u>Trading Reports</u>. For a period of two (2) years after the date of this Agreement, during such time as the Shares are listed on the Exchange, the Company shall provide to the Representative, at the Company's expense, such reports published by the Exchange relating to price trading of the Shares, as the Representative shall reasonably request in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Payment of Expenses</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11.1. <u>General Expenses Related to the Offering</u>. The Company hereby agrees to pay on the Closing Date and on any Option Closing Date, to the extent not paid on the Closing Date, all expenses related to the Offering or otherwise incident to the performance of the obligations of the Company under this Agreement, for an aggregate amount of up to $235,000, including, but not limited to: all accountable fees and expenses incurred by the Underwriters in connection with the Offering, including "road show," diligence, including directors' and officers' background check (but not UCC, judgment, litigation searches or background checks on the Company itself or its subsidiaries which shall be the obligation of the Company). For the sake of clarity, it is understood and agreed that the Company shall be responsible for the Representative's external legal counsel costs and other actually incurred expenses detailed in this section irrespective of whether the Offering is consummated or not and any unearned portions of advances shall be refunded. Additionally, the Company has provided an expense advance to the Representative of $60,000 with an additional $50,000 paid upon the first public filing of the registration statement (together, the ***"Advance"***) and other advances from time to time, which is included in the aggregate of $235,000 maximum fees and expenses set forth above. The Advance shall be applied towards out-of-pocket accountable expenses set forth herein and pursuant to <u>Section 8.3</u> and any portion of the Advance shall be returned to the Company to the extent not actually incurred. The Company further agrees that, in addition to the expenses payable pursuant to this Section 3.11.1, on the Closing Date it shall pay to the Representative, by deduction from the net proceeds of the Offering contemplated herein, a non-accountable expense allowance equal to one percent (1.0%) of the gross proceeds received in the Offering. The Representative may deduct from the net proceeds of the Offering payable to the Company on the Closing Date the expenses set forth herein to be paid by the Company to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Application of Net Proceeds</u>. The Company shall apply the net proceeds from the Offering received by it in a manner consistent with the application thereof described under the caption "Use of Proceeds" in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Delivery of Earnings Statements to Security Holders</u>. The Company will timely file such reports pursuant to the Exchange Act as are necessary in order to make generally available to its security holders as soon as practicable an earnings statement (which need not be certified by an independent registered public accounting firm unless required by the Securities Act or the Securities Act Regulations, but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Securities Act) covering a period of at least twelve (12) consecutive months following the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Stabilization</u>. Neither the Company nor, to its knowledge, any of its employees, directors or shareholders has taken or shall take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 <u>Internal Controls</u>. For a period of two (2) years after the date of this Agreement, the Company shall maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 <u>Accountants</u>. As of the date of this Agreement, the Company has retained an independent registered public accounting firm, as required by the Securities Act and the Securities Act Regulations and the Public Company Accounting Oversight Board, reasonably acceptable to the Representative, and the Company shall continue to retain a nationally recognized independent registered public accounting firm for a period of two (2) years after the date of this Agreement. The Representative acknowledges that the Auditor is acceptable to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 <u>FINRA</u>. For a period of sixty (60) days from the Closing Date, the Company shall advise the Representative (who shall make an appropriate filing with FINRA) if it is or becomes aware that (i) any officer or director of the Company, (ii) any beneficial owner of 10% or more of any class of the Company's securities or (iii) any beneficial owner of the Company's unregistered equity securities which were acquired during the 180 days immediately preceding the filing of the Registration Statement is or becomes an affiliate or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 <u>No Fiduciary Duties</u>. The Company acknowledges and agrees that the Underwriters' responsibility to the Company is solely contractual in nature and that none of the Underwriters or their affiliates or any selling agent shall be deemed to be acting in a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering and the other transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 <u>Company Lock-Up Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19.1. <u>Restriction on Sales of Capital Stock</u>. (i) the Company's directors, officers and holders of more than 5% of the Company's securities (including warrants, options, convertible securities and Shares of the Company) shall enter into a customary "lock-up" agreement in favor of Cathay for a period of six (6) months, at least, starting from the closing date of the Offering (the "Closing Date"), and (ii) each of the Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the Representative, it will not, for a period of six (6) months from the closing of the Offering (the ***"Lock-Up Period"***), (a) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, change the terms of, or grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company except for the shares or options issued under the Company's incentive plans; (b) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company (other than pursuant to a registration statement on Form S-8 for employee benefit plans, with the understanding that any lock-up provided herein shall be complied with); or (c) 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 the Company, whether any such transaction described in clause (a), (b), or (c) above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise.

The restrictions contained in this Section 3.18.1 shall not apply to (i) the Shares to be sold hereunder (ii) the issuance (but not registration) by the Company of Ordinary Shares upon the exercise of an outstanding stock option or warrant or the conversion of a security outstanding on the date hereof, of which the Representative has been advised in writing and, (iii) the issuance of Ordinary Shares pursuant to the Company's existing stock option or bonus plans as disclosed in the Registration Statement, the Pricing Disclosure Package or the Prospectus , or (iv) the issuance of Ordinary Shares in connection with mergers, acquisitions, joint ventures, licensing arrangements or any other similar non-capital raising transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 <u>Release of D&O Lock-up Period</u>. If the Representative, at its sole discretion, agrees to release or waive the restrictions set forth in the Lock-Up Agreements described in <u>Section 2.25</u> for an officer or director of the Company and provides the Company with notice of the impending release or waiver at least three (3) Business Days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of **<u>Exhibit B</u>** hereto through a major news service at least two (2) Business Days before the effective date of the release or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 <u>Blue Sky Qualifications</u>. The Company shall use its commercially reasonable efforts, in cooperation with the Underwriters, if necessary, to qualify the Shares for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Representative may designate and to maintain such qualifications in effect so long as required to complete the distribution of the Shares; *provided*, *however*, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign company or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 <u>Reporting Requirements</u>. The Company, during the period when a prospectus relating to the Shares is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the Securities Act, will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and Exchange Act Regulations. Additionally, the Company shall report the use of proceeds from the issuance of the Shares as may be required under Rule 463 under the Securities Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 <u>Emerging Growth Company Status</u>. The Company shall promptly notify the Representative if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion of the distribution of the Shares within the meaning of the Securities Act and (ii) fifteen (15) days following the completion of the Lock-Up Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 <u>Press Releases</u>. Prior to the Closing Date, the Company shall not issue any press release or other communication directly or indirectly or hold any press conference with respect to the Company, its condition, financial or otherwise, or earnings, business affairs or business prospects (except for routine oral marketing communications in the ordinary course of business and consistent with the past practices of the Company and of which the Representative is notified), without the prior written consent of the Representative, which consent shall not be unreasonably withheld, unless in the judgment of the Company and its counsel, and after notification to the Representative, such press release or communication is required by law or requirement of Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 <u>Sarbanes-Oxley</u>. For a period of two (2) years after the date of this Agreement, the Company shall at all times comply in all material respects with all applicable provisions of the Sarbanes-Oxley Act in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26 <u>IRS Forms</u>. If requested by the Representative, the Company shall deliver to each Underwriter (or its agent), prior to or at the Closing Date, a properly completed and executed Internal Revenue Service (***"IRS"***) Form W-9 or an IRS Form W-8, as appropriate, together with all required attachments to such form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 <u>[Omitted]</u>

**4. <u>Conditions of Underwriters' Obligations</u>.** The obligations of the Underwriters to purchase and pay for the Shares, as provided herein, shall be subject to (i) the continuing accuracy of the representations and warranties of the Company as of the date hereof and as of each of the Closing Date and any Option Closing Date, if any; (ii) the accuracy of the statements of officers of the Company made pursuant to the provisions hereof; (iii) the performance by the Company of its obligations hereunder; and (iv) the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Regulatory Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1. <u>Effectiveness of Registration Statement; Rule 430A Information</u>. The Registration Statement has become effective not later than 5:30 p.m., Eastern Time, on the date of this Agreement or such later date and time as shall be consented to in writing by the Representative, and, at the Closing Date and any Option Closing Date, no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been issued under the Securities Act, no order preventing or suspending the use of any Preliminary Prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted or are pending or, to the Company's knowledge, contemplated by the Commission. The Company has complied with each request (if any) from the Commission for additional information. The Prospectus containing the Rule 430A Information shall have been filed with the Commission in the manner and within the time frame required by Rule 424(b) under the Securities Act Regulations (without reliance on Rule 424(b)(8)) or a post-effective amendment providing such information shall have been filed with, and declared effective by, the Commission in accordance with the requirements of Rule 430A under the Securities Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2. <u>FINRA Clearance</u>. On or before the date of this Agreement, the Representative shall have received clearance from FINRA as to the amount of compensation allowable or payable to the Underwriters as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3. <u>Exchange Clearance</u>. On the Closing Date, the Shares shall have been approved for listing on the Exchange, subject only to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Company Counsel Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1. <u>Closing Date Opinion of Counsels</u>. On the Closing Date, the Representative shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the favorable opinion and written statement providing for certain "10b-5" negative assurances of Loeb & Loeb LLP (***"Company Counsel"***), U.S. securities counsel to the Company, dated the Closing Date, in form and substance reasonably satisfactory to the Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the favorable opinion of Ogier, Cayman Islands counsel (***"Cayman Counsel"***) to the Company, in form and substance reasonably satisfactory to the Representative; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the favorable opinion of Loeb & Loeb LLP, Hong Kong counsel to the Company (***"HK Counsel"***), in form and substance reasonably satisfactory to the Representative.

The Representative shall rely on the opinions of (i) the Company's Cayman Counsel, filed as Exhibit 5.1 to the Registration Statement as to the due incorporation, validity of the Shares offered in the Offering and due authorization, execution and delivery of this or any other agreement relating to said offering and issuance, and (ii) the Company's HK Counsel, filed as Exhibits 23.3 and 99.2 to the Registration Statement and, may rely on any other opinion or certification provided by the Company in the Registration Statement or exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 <u>Option Closing Date Opinion of Counsels</u>. On the Option Closing Date, if any, the Representative shall have received the favorable opinions of Company Counsel, Cayman Counsel, and HK Counsel dated the Option Closing Date, addressed to the Representative and in form and substance reasonably satisfactory to the Representative, confirming as of the Option Closing Date, the statements made by such counsel in their opinions delivered on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Comfort Letters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1. <u>Cold Comfort Letter</u>. At the time this Agreement is executed, the Representative shall have received a cold comfort letter from the Auditor containing statements and information of the type customarily included in accountants' comfort letters with respect to the financial statements and certain financial information contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus, addressed to the Representative and in form and substance satisfactory in all respects to the Representative and to Representative's Counsel from the Auditor, dated as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2. <u>Bring-down Comfort Letter</u>. On the Closing Date and/or the Option Closing Date, if any, the Representative shall have received from the Auditor a letter, dated as of the Closing Date, to the effect that the Auditor reaffirms the statements made in the letter furnished pursuant to <u>Section 4.3.1</u>, except that the specified date referred to shall be a date not more than three (3) Business Days prior to the Closing Date or any Option Closing Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Officers' Certificates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1. <u>Officers' Certificate</u>. The Company shall have furnished to the Representative a certificate, dated the Closing Date and any Option Closing Date (if such date is other than the Closing Date), of its Chief Executive Officer or President, and its Chief Financial Officer stating on behalf of the Company and not in an individual capacity that (i) such officers have carefully examined the Registration Statement, the Pricing Disclosure Package, any Issuer Free Writing Prospectus and the Prospectus and, in their opinion, the Registration Statement and each amendment thereto after the Effective Date, as of the Applicable Time and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date) did not include any untrue statement of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Pricing Disclosure Package, as of the Applicable Time and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), any Issuer Free Writing Prospectus as of its date and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, (ii) since the effective date of the Registration Statement, no event has occurred which should have been set forth in a supplement or amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus, (iii) to the their knowledge after reasonable investigation, as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), the representations and warranties of the Company in this Agreement are true and correct and the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date (or any Option Closing Date if such date is other than the Closing Date), and (iv) there has not been, subsequent to the respective dates as of which information is given in the Pricing Disclosure Package, any change or development that would be reasonably expected to cause a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2. <u>Secretary's Certificate</u>. At the Closing Date and any Option Closing Date, if any, the Representative shall have received a certificate of the Company signed by the Secretary or the Chief Financial Officer of the Company, dated the Closing Date or the Option Closing Date, as the case may be, respectively, certifying on behalf of the Company and not in an individual capacity: (i) that the Charter is true and complete, has not been modified and is in full force and effect; (ii) that the resolutions of the Company's Board of Directors relating to the Offering are in full force and effect and have not been modified; (iii) as to the accuracy and completeness of all correspondence between the Company or its counsel and the Commission; and (iv) as to the incumbency of the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>No Material Changes</u>. Prior to and on the Closing Date and each Option Closing Date, if any: (i) there shall have been no Material Adverse Change in the condition or prospects or the business activities, financial or otherwise, of the Company from the latest dates as of which such condition is set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus; (ii) no action, suit or proceeding, at law or in equity, shall have been pending or threatened against the Company or any Insider before or by any court or federal or state commission, board or other administrative agency wherein an unfavorable decision, ruling or finding may reasonably be expected to cause a Material Adverse Change, except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus; (iii) no stop order shall have been issued under the Securities Act and no proceedings therefor shall have been initiated or threatened by the Commission; and (iv) the Registration Statement, the Pricing Disclosure Package and the Prospectus and any amendments or supplements thereto shall contain all material statements which are required to be stated therein in accordance with the Securities Act and the Securities Act Regulations and shall conform in all material respects to the requirements of the Securities Act and the Securities Act Regulations, and neither the Registration Statement, the Pricing Disclosure Package nor the Prospectus nor any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>No Material Misstatement or Omission</u>. The Underwriters shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration Statement or any amendment or supplement thereto contains an untrue statement of a fact which, in the reasonable opinion of Representative's Counsel, is material or omits to state any fact which, in the reasonable opinion of such counsel, is material and is required to be stated therein or is necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or that the Registration Statement, the Pricing Disclosure Package, any Issuer Free Writing Prospectus or the Prospectus or any amendment or supplement thereto contains an untrue statement of fact which, in the reasonable opinion of Representative's Counsel, is material or omits to state any fact which, in the reasonable opinion of Representative's Counsel, is material and is necessary in order to make the statements, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Corporate Proceedings</u>. All corporate proceedings and other legal matters incident to the authorization, form and validity of each of this Agreement, the Shares, the Registration Statement, the Pricing Disclosure Package, each Issuer Free Writing Prospectus, if any, and the Prospectus and all other legal matters relating to this Agreement and the transactions contemplated hereby and thereby shall be reasonably satisfactory in all material respects to Representative's Counsel, and the Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Delivery of Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.1. <u>Lock-Up Agreements</u>. On or before the date of this Agreement, the Company shall have delivered to the Representative executed copies of the Lock-Up Agreements from each of the persons listed in <u>Schedule 3</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 <u>Additional Documents</u>. At the Closing Date and at each Option Closing Date (if any), Representative's Counsel shall have been furnished with such documents and opinions as they may reasonably require upon written request therefor no later than five (5) Business Days prior to the Closing Date and any Option Closing Date, for the purpose of enabling Representative's Counsel to deliver an opinion to the Underwriters, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Shares, as herein contemplated shall be reasonably satisfactory in form and substance to the Representative and Representative's Counsel.

**5. <u>Indemnification</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Indemnification of the Underwriters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. <u>General</u>. Subject to the conditions set forth below, the Company shall indemnify and hold harmless each Underwriter, its affiliates and each of its and their respective directors, officers, members, employees, representatives, partners, shareholders, affiliates, counsel and agents and each person, if any, who controls any such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the ***"Underwriter Indemnified Parties,"*** and each an ***"Underwriter Indemnified Party"***), against any and all loss, liability (or actions, including shareholder actions, in respect thereof), claim, damage and expense whatsoever (including but not limited to any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, whether arising out of any action between any of the Underwriter Indemnified Parties and the Company or between any of the Underwriter Indemnified Parties and any third party, or otherwise, and including any fines, fees, or penalties issued by the China Securities Regulatory Commission (CSRC)) to which they or any of them may become subject under the Securities Act, the Exchange Act or any other statute or at common law or otherwise or under the laws of foreign countries, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in (i) the Registration Statement, the Pricing Disclosure Package, the Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus (as from time to time each may be amended and supplemented); (ii) any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the Offering, including any "road show" or investor presentations made to investors by the Company (whether in person or electronically); or (iii) any application or other document or written communication (in this Section 5, collectively called ***"application"***) executed by the Company or based upon written information furnished by the Company in any jurisdiction in order to qualify the Shares under the securities laws thereof or filed with the Commission, any state securities commission or agency, the Exchange or any other national securities exchange; or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, unless such statement or omission was made in reliance upon, and in conformity with, the Underwriters' Information. With respect to any untrue statement or omission or alleged untrue statement or omission made in the Pricing Disclosure Package, the indemnity agreement contained in this Section 5.1.1 shall not inure to the benefit of any Underwriter Indemnified Party to the extent that any loss, liability, claim, damage or expense of such Underwriter Indemnified Party results from the fact that a copy of the Prospectus was not given or sent to the person asserting any such loss, liability, claim or damage at or prior to the written confirmation of sale of the Shares to such person as required by the Securities Act and the Securities Act Regulations, and if the untrue statement or omission has been corrected in the Prospectus, unless such failure to deliver the Prospectus was a result of non-compliance by the Company with its obligations under <u>Section 3.3</u>. The Company will not be liable to any Underwriter Indemnified Party under the foregoing indemnification and reimbursement provisions: (i) for any settlement by an Underwriter Indemnified Party effected without the Company's prior written consent (not to be unreasonably withheld); or (ii) to the extent that any loss, claim, damage or liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from the Underwriter Indemnified Party's fraud, bad faith, willful misconduct, or gross negligence. The Company also agrees that no Underwriter Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company or its security holders or creditors related to or arising out of the engagement of the Underwriters pursuant to, or the performance by the Underwriters of the services contemplated by, this Agreement except to the extent that any loss, claim, damage or liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Underwriter Indemnified Party's fraud, bad faith, willful misconduct, or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2. <u>Procedure</u>. If any action is brought against an Underwriter Indemnified Party in respect of which indemnity may be sought against the Company pursuant to <u>Section 5.1.1</u>, such Underwriter Indemnified Party shall promptly notify the Company in writing of the institution of such action and the Company shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action, including the employment and fees of counsel (subject to the reasonable approval of such Underwriter Indemnified Party) and payment of actual expenses. Any failure or delay by an Underwriter Indemnified Party to give the notice referred to herein shall not affect such Underwriter Indemnified Party's right to be indemnified hereunder, except to the extent that such failure or delay causes actual material harm to the Company, or materially prejudices its ability to defend such action, suit or proceeding on behalf of such Indemnified Party. If any such action is brought against any Underwriter Indemnified Party and such Underwriter Indemnified Party notifies the Company of the commencement thereof, the Company may elect to assume the defense thereof, with counsel reasonably satisfactory to the Underwriter Indemnified Party. After notice from the Company to the Underwriter Indemnified Party of its election to assume the defense of such action, the Company shall not be liable to the Underwriter Indemnified Party under <u>Section 5.1.1</u> for any legal or other expenses subsequently incurred by the Underwriter Indemnified Party in connection with the defense of such action other than reasonable costs of investigation; *provided, however*, that such Underwriter Indemnified Party shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such Underwriter Indemnified Party unless (i) the employment of such counsel at the expense of the Company shall have been authorized in writing by the Company in connection with the defense of such action, or (ii) the Company shall not have employed counsel reasonably satisfactory to the Underwriter Indemnified Party to have charge of the defense of such action within a reasonable time after receiving notice of the action, suit, or proceeding, or (iii) such Underwriter Indemnified Party shall have reasonably concluded (based upon advice of counsel to such indemnified party) that there may be legal defenses available to it or them which are different from or additional to those available to the Company, or that there exists a conflict or potential conflict of interest (based upon advice of counsel to such indemnified party) between such Underwriter Indemnified Party and the Company that makes it impossible or inadvisable for counsel to the Company to conduct the defense of the Underwriter Indemnified Party (in which case the Company shall not have the right to direct the defense of such action on behalf of the Underwriter Indemnified Party), in any of which events the reasonable fees and expenses of not more than one additional firm of attorneys selected by the Underwriter Indemnified Parties who are party to such action (in addition to local counsel) shall be borne by the Company. Notwithstanding anything to the contrary contained herein, if any Underwriter Indemnified Party shall assume the defense of such action as provided above, the Company shall have the right to approve the terms of any settlement of such action, which approval shall not be unreasonably withheld. The Company shall not be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent; *provided, however*, that if the Company does not consent, and the Underwriter Indemnified Party does not settle as a result of such withholding of consent, then the Company agrees unconditionally to assume any liabilities that are incurred as related to such rejection of settlement or withholding of consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Indemnification of the Company</u>. Each Underwriter, severally and not jointly, shall indemnify and hold harmless the Company, its directors, its officers who signed the Registration Statement and persons who control the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the foregoing indemnity from the Company to the several Underwriters, as incurred, but only with respect to such losses, liabilities, claims, damages and expenses (or actions in respect thereof) which arise out of or are based upon untrue statements or omissions made in the Registration Statement, any Preliminary Prospectus, the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or in any application, in reliance upon, and in conformity with, the Underwriters' Information. In case any action shall be brought against the Company or any other person so indemnified based on any Preliminary Prospectus, the Registration Statement, the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or any application, and in respect of which indemnity may be sought against any Underwriter, such Underwriter shall have the rights and duties given to the Company, and the Company and each other person so indemnified shall have the rights and duties given to the Underwriter Indemnified Parties by the provisions of <u>Section 5.1.2</u>. The Company agrees promptly to notify the Representative of the commencement of any litigation or proceedings against the Company or any of its officers, directors or any person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, in connection with the issuance and sale of the Shares or in connection with the Registration Statement, the Pricing Disclosure Package, the Prospectus, or any Issuer Free Writing Prospectus or any Written Testing-the-Waters Communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1. <u>Contribution Rights</u>. If the indemnification provided for in this Section 5 shall for any reason be unavailable to or insufficient to hold harmless an indemnified party under <u>Section 5.1</u> or <u>5.2</u> in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company, on the one hand, and each of the Underwriters, on the other hand, from the Offering, or (ii) if, but only if, the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand, and the Underwriters, on the other, with respect to the statements or omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Underwriters, on the other, with respect to such Offering shall be deemed to be in the same proportion as the total net proceeds actually received by the Company from the Offering of the Shares purchased under this Agreement (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions actually received by the Underwriters in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company, on the one hand, and the Underwriters, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Underwriters, on the other, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; *provided* that the parties hereto agree that the written information furnished to the Company through the Representative by or on behalf of any Underwriter for use in any Preliminary Prospectus, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriters' Information. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section 5.3.1 were to be determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to above in this Section 5.3.1 shall be deemed to include, for purposes of this Section 5.3.1, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this Section 5.3.1, no Underwriters shall be required to contribute any amount in excess of the total discount and commission received by such Underwriter in connection with the Offering (excluding reimbursable expenses) less the amount of any damages which such Underwriter has otherwise paid or becomes liable to pay by reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure to act. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2. <u>Contribution Procedure</u>. Within fifteen (15) days after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another party ("contributing party"), notify the contributing party of the commencement thereof, but the failure to so notify the contributing party will not relieve it from any liability which it may have to any other party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of the commencement thereof within the aforesaid 15 days, the contributing party will be entitled to participate therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall not be liable to any party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this Section 5.3.2 are intended to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the Exchange Act or otherwise available. The Underwriters' obligations to contribute as provided in this Section 5.3 are several and in proportion to their respective underwriting obligation, and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Survival & Third-Party Beneficiaries</u>. The advancement, reimbursement, indemnity and contribution obligations set forth in this Section 5 shall remain in full force and effect regardless of any termination of, or the completion of any Underwriter Indemnified Party's services under or in connection with, this Agreement. Each Underwriter Indemnified Party's is an intended third-party beneficiary of this Section 5, and has the right to enforce the provisions of Section 5 as if he/she/it was a party to this Agreement.

**6. <u>Default by an Underwriter</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Default Not Exceeding 10% of Firm Shares or Option Shares</u>*.* If any Underwriter or Underwriters shall default in its or their obligations to purchase the Firm Shares or the Option Shares, if and to the extent that the Over-allotment Option is exercised hereunder, and if the number of the Firm Shares or Option Shares with respect to which such default relates does not exceed in the aggregate 10% of the number of Firm Shares or Option Shares that all Underwriters have agreed to purchase hereunder, then such Firm Shares or Option Shares to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Default Exceeding 10% of Firm Shares or Option Shares</u>. In the event that the default addressed in <u>Section 6.1</u> relates to more than 10% of the Firm Shares or Option Shares, the Representative may at its discretion arrange for itself or for another party or parties to purchase such Firm Shares or Option Shares to which such default relates on the terms contained herein. If, within one (1) Business Day after such default relating to more than 10% of the Firm Shares or Option Shares, the Representative does not arrange for the purchase of such Firm Shares or Option Shares, then the Company shall be entitled to a further period of one (1) Business Day within which to procure another party or parties reasonably satisfactory to the Representative to purchase said Firm Shares or Option Shares on such terms. In the event that neither the Representative nor the Company arrange for the purchase of the Firm Shares or Option Shares to which a default relates as provided in this <u>Section 6</u>, this Agreement will automatically be terminated by the Representative or the Company without liability on the part of the Company (except as provided in <u>Sections 3.10</u> and <u>5</u> hereof) or the several Underwriters (except as provided in <u>Section 5</u> hereof); *provided, however*, that if such default occurs with respect to the Option Shares, this Agreement will not terminate as to the Firm Shares; and *provided*, *further*, that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other Underwriters and to the Company for damages occasioned by its default hereunder. For the avoidance of doubt, nothing contained in this Section 6.2 shall excuse a default by the Representative (in its capacity as an Underwriter) in its obligations to purchase the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Postponement of Closing Date</u>. In the event that the Firm Shares or Option Shares to which the default relates are to be purchased by the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, the Representative or the Company shall have the right to postpone the Closing Date or any Option Closing Date for a reasonable period, but not in any event exceeding five (5) Business Days, in order to effect whatever changes may thereby be made necessary in the Registration Statement, the Pricing Disclosure Package or the Prospectus or in any other documents and arrangements, and the Company agrees to file promptly any amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus that in the opinion of Representative's Counsel may thereby be made necessary. The term ***"Underwriter"*** as used in this Agreement shall include any party substituted under this <u>Section 6</u> with like effect as if it had originally been a party to this Agreement with respect to such Firm Shares or Option Shares.

**7. <u>Additional Covenants</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Board Composition and Board Designations</u>. The Company shall ensure that: (i) the qualifications of the persons serving as members of the Board of Directors and the overall composition of the Board of Directors comply with the Sarbanes-Oxley Act, the Exchange Act and the listing rules of the Exchange or any other national securities exchange, as the case may be, in the event the Company seeks to have its Shares listed on another exchange or quoted on an automated quotation system, and (ii) if applicable, at least one member of the Audit Committee of the Board of Directors qualifies as an "audit committee financial expert," as such term is defined under Regulation S-K and the listing rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Prohibition on Press Releases and Public Announcements</u>. Except as required by law or rule of Nasdaq, the Company shall not issue press releases or engage in any other publicity, without the Representative's prior written consent, for a period ending at 5:00 p.m., Eastern time, on the first (1<sup>st</sup>) Business Day following the fortieth (40<sup>th</sup>) day after the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Right of First Refusal</u>. Provided that the Firm Shares are sold in accordance with the terms of this Agreement, the Representative shall have an irrevocable right of first refusal (the ***"Right of First Refusal"***), for a period of twelve (12) months from the closing of the Offering, to act as lead managing underwriter, placement agent, exclusive financial advisor or in any other similar capacity, at the Representative's sole discretion, for each and every future public offering for capital raising purposes registered with Commission, or private financing including all equity linked financings (each, a ***"Subject Transaction"***), during such twelve (12) months period, of the Company, or any successor to the Company, on terms and conditions customary for such Subject Transactions. For the avoidance of any doubt, the Company shall not retain, engage or solicit any additional investment banker, book-runner, financial advisor, underwriter and/or placement agent in a Subject Transaction during the twelve (12) months period referred to above without the express written consent of the Representative. The Company shall notify the Representative of its intention to pursue a Subject Transaction, including the material terms thereof, by providing written notice thereof by electronic mail or overnight courier service addressed to the Representative. If the Representative declines the terms of such Subject Transaction or fails to notify the Company of its intent to exercise its Right of First Refusal with respect to any Subject Transaction within fifteen (15) business days following notice in writing by the Company, then the Representative shall have no further claim or right with respect to the Subject Transaction. The Representative may elect, at its sole and absolute discretion, not to exercise its Right of First Refusal with respect to any Subject Transaction; *provided* that any such election, rejection, waiver or failure to respond or act, by the Representative shall not adversely affect the Representative's Right of First Refusal with respect to any other Subject Transaction during the twelve (12) months period agreed to above. The terms and conditions of any such engagements shall be set forth in separate agreements and may be subject to, among other things, satisfactory completion of due diligence by the Representative, market conditions, the absence of a material adverse change to the Company's business, financial condition and prospects, approval of the Representative's internal committee and any other conditions that the Representative may deem appropriate for transactions of such nature. The Right of First Refusal granted in this Section 7.3 may be terminated by the Company for "Cause," which shall mean a material breach by Representative or a material failure by Representative to provide the services as contemplated by the Engagement Letter, dated June 20, 2025 (the ***"Engagement Letter"***).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Tail Financing.</u> In the event this Agreement is terminated pursuant to Section 8.2, the Representative shall be entitled to compensation at the percentage set forth in Schedule 2-A hereto with respect to any public or private offering or other financing or capital raising transaction of any kind (***"Tail Financing"***) to the extent that such financing or capital is provided to the Company by investors contacted or introduced to the Company by the Representative during the period from June 20, 2025 through the termination or expiration of the Engagement Letter, if such Tail Financing is consummated at any time during the twelve (12) month period following the termination of the Engagement Letter. The Representative shall provide the Company with a list of the Identified Party and proof of such communication in connection with the public offering.

**8. <u>Effective Date of this Agreement and Termination Thereof</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Effective Date</u>. This Agreement shall become effective when both the Company and the Representative have executed the same and delivered counterparts of such signatures to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Termination</u>. The Representative shall have the right to terminate this Agreement in writing at any time prior to any Closing Date, (i) if any domestic or international event or act or occurrence has materially disrupted, or in the Representative's reasonable opinion will in the immediate future materially disrupt, general securities markets in the United States; or (ii) if trading on the New York Stock Exchange or the Nasdaq Stock Market LLC shall have been suspended or materially limited, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other government authority having jurisdiction; or (iii) if the United States shall have become involved in a new war or an increase in major hostilities; or (iv) if a banking moratorium has been declared by a New York State or federal authority; or (v) if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities markets; or (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will, in the Representative's reasonable opinion, make it inadvisable to proceed with the delivery of the Firm Shares or Option Shares; or (vii) if the Company is in material breach of any of its representations, warranties or covenants hereunder; or (viii) if the Representative shall have become aware after the date hereof of such a Material Adverse Change, or such adverse material change in general market conditions as in the Representative's reasonable judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Shares or to enforce contracts made by the Underwriters for the sale of the Shares; or (ix) if the regulatory approval (including but not limited to Nasdaq approval) for the Offering is denied, conditioned or modified and as a result it makes it impracticable for the Representative to proceed with the offering, sale and/or delivery of the Shares or to enforce contracts for the sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Expenses</u>. Notwithstanding anything to the contrary in this Agreement, except in the case of a default by the Underwriters, pursuant to <u>Section 6.2</u> above, in the event that this Agreement shall not be carried out for any reason whatsoever, within the time specified herein or any extensions thereof pursuant to the terms herein, the Company shall be obligated to pay to the Underwriters their actual and accountable out-of-pocket expenses related to the transactions contemplated herein then due and payable (including the reasonable fees and disbursements of Representative Counsel) up to $235,000, and upon demand the Company shall pay the full amount thereof to the Representative on behalf of the Underwriters; *provided, however*, that such expense cap in no way limits or impairs the indemnification and contribution provisions of this Agreement. Notwithstanding the foregoing, any advance received by the Representative will be reimbursed to the Company to the extent not actually incurred in compliance with FINRA Rule 5110(g)(4)(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Survival of Indemnification</u>. Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of <u>Section 5</u> shall remain in full force and effect and shall not be in any way affected by, such election or termination or failure to carry out the terms of this Agreement or any part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Representations, Warranties, Agreements to Survive</u>. All representations, warranties and agreements contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of any Underwriter or its Affiliates or selling agents, any person controlling any Underwriter, its officers or directors or any person controlling the Company or (ii) delivery of and payment for the Shares.

**9. <u>Miscellaneous</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Notices</u>. All communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be mailed (registered or certified mail, return receipt requested), personally delivered, or sent by electronic mail transmission, return receipt requested and shall be deemed given (i) if mailed, two (2) Business Days after such mailing, (ii), if personally delivered, when so delivered, or (iii) if sent by electronic mail transmission, upon the sending party's receipt of a confirmation email (including read receipt or other automatic delivery confirmation) from the receiving party.

If to the Representative:

Cathay Securities Inc.

40 Wall Street, Suite 3600

New York, New York 10005

Attn: Xiaoyu (Shell) Li

Email: service@cathaysecurities.com

Phone: (855) 939-3888

with a copy (which shall not constitute notice) to:

Anthony W. Basch, Esq.

Alexander W. Powell Jr., Esq.

Kaufman & Canoles, P.C.

Two James Center

1021 East Cary Street, Suite 1400

Richmond, VA 23219

Phone: (804) 771-5700

Email: tony.basch@kaufcan.com

With copy to: alex.powell@kaufcan.com

If to the Company:

Red Wisdom Creation Limited

807A on the 8th Floor

Office Tower 2 of The Harbourfront

22 Tak Fung Street

Hung Hom, Hong Kong

Tel: 852-46203591<br>

Or to its agent for service pursuant to Section 9.6 below,

with a copy (which shall not constitute notice) to:

Loeb & Loeb LLP

2206-19 Jardine House

1 Connaught Road Central

Hong Kong SAR

Attention: Lawrence S. Venick, Esq.; Jeffrey Yeung, Esq.

Phone: +1 (212) 588-0022

Email: lvenick@loeb.com; jyeung@loeb.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Headings</u>. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Entire Agreement</u>. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection with this Agreement) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Binding Effect</u>. This Agreement shall inure solely to the benefit of and shall be binding upon the Representative, the Underwriters, the Company and the controlling persons, directors and officers referred to in <u>Section 5</u> hereof, and their respective successors, legal representatives, heirs and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provisions herein contained. The term "successors and assigns" shall not include a purchaser, in its capacity as such, of securities from any of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Governing Law; Consent to Jurisdiction; Trial by Jury</u>. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.1. By the execution and delivery of this Agreement, the Company hereby irrevocably designates and appoints Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY 10168 (and shall also designate the secretary of state of the State of New York by filing of a certificate of designation) as its authorized agent upon whom process may be served in any suit, proceeding or other action against it arising out of, or relating in any way to this Agreement shall be brought and enforced in instituted by any Underwriter or by any person controlling an Underwriter as to which such Underwriter or any such controlling person is a party and based upon this Agreement, or in any other action against the Company in the New York Supreme Court, County of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which arising out of the offering made by the Preliminary Prospectus, the Prospectus, the Registration Statement or any purchase or sale of Shares in connection therewith. The Company and the Underwriters expressly accept jurisdiction shall be exclusive. The Company and the Underwriters hereby irrevocably waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in <u>Section 9.1</u> hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company agrees that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company and the Underwriters agree that any final judgment after exhaustion of all appeals or the expiration of time to appeal in any such action or proceeding arising out of the sale of the Shares or this Agreement rendered by any such federal court or state court shall be conclusive and may be enforced in any other jurisdiction by suit on the judgment or in any other manner provided by law. Nothing contained in this Agreement shall affect or limit the right of the Company, the Underwriters or any person controlling an Underwriter to serve any process or notice of motion or other application in any other manner permitted by law or limit or affect the right of the Company, the Underwriters or any person controlling an Underwriter to bring any action or proceeding against the other party or any of its properties in the courts of any other jurisdiction. The Company further agrees to take any and all action, including the execution and filing of all such instruments and documents, as may be necessary to continue such designations and appointments or such substitute designations and appointments in full force and effect. The Company and the Underwriters agree to the exclusive jurisdiction of the New York Supreme Court, County of New York or the United States District Court for the Southern District of New York in connection with any action or proceeding arising from the sale of the Shares or this Agreement brought by the Company, the Underwriters or any person controlling an Underwriter. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its shareholders and affiliates) and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.2. The Company and the Underwriters agree that in any suit (whether in a court in the United States or elsewhere) seeking enforcement of this Agreement or provisions of this Agreement, if the plaintiffs therein seek a judgment in either United States dollars, they will not interpose any defense or objection to or otherwise oppose judgment, if any, being awarded in such currencies. The Company and the Underwriters agree that it will not initiate or seek to initiate any action, suit or proceeding, in any other jurisdiction other than in the United States, seeking damages in respect of or for the purpose of obtaining any injunction or declaratory judgment against the enforcement of, or a declaratory judgment concerning any alleged breach by the Company (or the Underwriters) or other claim by the Underwriters (or by the Company), or any person controlling an Underwriter in respect of this Agreement or any of the Underwriters' rights under this Agreement, including without limitation any action, suit or proceeding challenging the enforceability of or seeking to invalidate in any respect the submission by the Company (or the Underwriters) hereunder to the jurisdiction of the courts or the designation of the laws as the law applicable to this Agreement, in each case as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.3. The Company and the Underwriters agree that if any payment of any sum due under this Agreement from the other party is made or in a currency other than freely transferable United States dollars, whether by judicial judgment or otherwise, the obligations of the payor under this Agreement shall be discharged only to the extent of the net amount of freely transferable United States dollars that the payee, in accordance with normal bank procedures, are able to lawfully purchase with such amount of such other currency. To the extent that the payee is not able to purchase sufficient United States dollars with such amount of such other currency to discharge the obligations of the Company to the Underwriters or such controlling persons, or of the Underwriters to the Company, the obligations of the Company or of the Underwriters shall not be discharged with respect to such difference, and any such undischarged amount will be due as a separate obligation and shall not be affected by payment of or judgment being obtained for any other sums due under or in respect of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.4. The Company and the Underwriter agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Execution in Counterparts</u>. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission shall constitute valid and sufficient delivery thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Waiver, etc</u>. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way effect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

*[Signature Page Follows]*

If the foregoing correctly sets forth the understanding between the Underwriters and the Company, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between us.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **RED WISDOM CREATION LIMITED** | **RED WISDOM CREATION LIMITED** |
| By: |  |
| Name: | Chen Qiu |
| Title: | Chief Executive Officer and Director |
| By: |  |
| Name: | Lin Shenghong |
| Title: | Chief Financial Officer |

---

Confirmed as of the date first written above mentioned, on behalf of itself and as Representative of the several Underwriters named on <u>Schedule 1</u> hereto:

---

| | |
|:---|:---|
| **CATHAY SECURITIES INC.** | **CATHAY SECURITIES INC.** |
| By: |  |
| Name: | Xiaoyu (Shell) Li |
| Title: | Chief Executive Officer |

---

[Underwriting Agreement Signature Page]

**<u>SCHEDULE 1</u>**

---

| | |
|:---|:---|
| **Underwriter** | **Total<br> Number of<br> Firm Shares<br> to be Purchased** |
| Cathay Securities Inc. | [●] |
| **TOTAL** | [●] |

---

**<u>SCHEDULE 2-A</u>**

**Pricing Information**

---

| | | | |
|:---|:---|:---|:---|
| Number of Firm Shares: |  | [● | ] |
| Public Offering Price per Firm Share: | $| [● | ] |
| Underwriting Discount per Firm Share: | $| [● | ] |
| Proceeds to Company per Firm Share (before expenses): | $| [● | ] |
| Number of Option Shares |  | [● | ] |

---

**<u>SCHEDULE 2-B</u>**

**Issuer General Use Free Writing Prospectuses**

**<u>SCHEDULE 3</u>**

**List of Lock-Up Parties**

---

| | |
|:---|:---|
| **Name** | **Title** |
| Chen Qiu | Chief Executive Officer and Director |
| Lin Shenghong | Chief Financial Officer |
| Liao Lingjie | Independent Director Nominee |
| Zhou Mo | Independent Director Nominee |
| Zhou Wensi | Independent Director Nominee |

---

**<u>EXHIBIT A</u>**

**Form of Lock-Up Agreement**

**Lock-Up Agreement**

[●], 2026

Cathay Securities Inc.

40 Wall Street, Suite 3600

New York, NY 10005

Ladies and Gentlemen:

The undersigned understands that Cathay Securities Inc., the representative of the underwriters, proposes to enter into an Underwriting Agreement (the ***"Underwriting Agreement"***) with Red Wisdom Creation Limited, a Cayman Islands company (the ***"Company"***), providing for the public offering (the ***"Public Offering"***) of Class A ordinary shares, of par value $0.0001 per share, of the Company (the ***"Shares"***).

To induce the Underwriters to continue their efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of the Underwriters, the undersigned will not, during the period commencing on the date hereof and ending six (6) months from the Closing Date relating to the Public Offering (the ***"Lock-Up Period"***), (1) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for Shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively, the ***"Lock-Up Securities"***); (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (3) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities; or (4) publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any Lock-Up Securities.

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Underwriters in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Public Offering; (b) transfers of Lock-Up Securities as a *bona fide* gift, by will or intestacy or to the undersigned and/or one or more family members or trust for the benefit of a family member (for purposes of this lock-up agreement, ***"family member"*** means any relationship by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution or other not-for-profit organization; or (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the case may be; <u>provided</u> that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), it shall be a condition to any such transfer that (i) the transferee/donee agrees to be bound by the terms of this lock-up agreement (including, without limitation, the restrictions set forth in the preceding sentence) to the same extent as if the transferee/donee were a party hereto; and (ii) the undersigned notifies the Underwriters at least two (2) business days prior to the proposed transfer or disposition.

In addition, the foregoing restrictions shall not apply to (i) the exercise of stock options granted pursuant to the Company's equity incentive plans existing on the date hereof or to any of the undersigned's ordinary shares issued upon such exercise, (ii) exercise of warrants; provided that it shall apply to any of the undersigned's ordinary shares issued upon such exercise, or (iii) pursuant to an existing contract, instruction or plan (a ***"Plan"***) that satisfies all of the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act, (iv) the redemption of the undersigned's Shares or any security convertible into or exercisable or exchangeable for Shares to the Company in connection with the termination of the undersigned's employment with the Company or pursuant to contractual arrangements under which the Company has the option to repurchase such shares, *provided* that no filing by any party under the Securities Exchange Act of 1934, as amended shall be required or shall be made voluntarily within 45 days after the date the undersigned ceases to provide services to the Company, and provided further that the Company does not then re-issue any of such shares during the Lock-up Period or (v) the establishment of any new Plan; *provided* that no sales of the undersigned's ordinary shares shall be made pursuant to such new Plan prior to the expiration of the Lock-Up Period, and such a Plan may only be established if no public announcement of the establishment or existence thereof and no filing with the Securities and Exchange Commission or other regulatory authority in respect thereof or transactions thereunder or contemplated thereby, by the undersigned, the Company or any other person, shall be required, and no such announcement or filing is made voluntarily, by the undersigned, the Company or any other person, prior to the expiration of the Lock-Up Period.

The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's securities subject to this lock-up agreement except in compliance with this lock-up agreement or in accordance with the exceptions set forth herein.

If the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any Shares that the undersigned may purchase in the Public Offering; (ii) the Underwriters agree that, at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Underwriters will notify the Company of the impending release or waiver; and (iii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two (2) business days before the effective date of the release or waiver. Any release or waiver granted by the Underwriters hereunder to any such officer or director shall only be effective two (2) business days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

The undersigned understands that the Company and the Underwriters are relying upon this lock-up agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns.

The undersigned understands that, if the Underwriting Agreement does not become effective on or prior to [●], 2026, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder, then this lock-up agreement shall be void and of no further force or effect, and the undersigned shall be released from all obligations under this lock-up agreement.

This lock-up agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

---

| |
|:---|
| Very truly yours, |
| (Name - Please Print) |
| (Signature) |
| (Name of Signatory, in the case of entities - Please Print) |
| (Title of Signatory, in the case of entities - Please Print) |
| Address: |

---

**<u>EXHIBIT B</u>**

**Form of Press Release**

Red Wisdom Creation Limited

[●], 202[ ]

Red Wisdom Creation Limited (the ***"Company"***) announced today that Cathay Securities Inc., acting as representative for the underwriters in the Company's recent public offering of _______ ordinary shares of the Company, is [waiving] [releasing] a lock-up restriction with respect to _________ ordinary shares of the Company held by [certain officers or directors] [an officer or director] of the Company. The [waiver] [release] will take effect on _________, 202[], and the securities may be sold on or after such date.

**This press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended.**

## Exhibit 3.1

**Exhibit 3.1**

**Companies Act (Revised)**

**Company Limited by Shares**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Red Wisdom Creation Limited**

Adopted by special resolution passed on July 5, 2025

---

| | |
|:---|:---|
|  | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 418630* | &nbsp;&nbsp;*Filed: 17-Jul-2025 12:48 EST*<br>*Auth Code: E45311063249*  |

---

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated**

**Memorandum of Association**

**of**

**Red Wisdom Creation Limited**

Adopted by special resolution passed on <u>July 5,</u> 2025

1 The name of the Company is Red Wisdom Creation Limited.

---

| | |
|:---|:---|
| 2 | The Registered Office of the Company shall be at the offices of ICS Corporate Services (Cayman) Limited, Palm Grove Unit 4, 265 Smith Road, George Town, P.O. Box 52A Edgewater Way, #1653, Grand Cayman KY1-9006, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide. |

---

3 The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands.

4 The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit.

5 Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business of a bank or trust company without being licensed in that behalf under the Banks and Trust
Companies Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insurance business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent
or broker without being licensed in that behalf under the Insurance Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the business of company management without being licensed in that behalf under the Companies Management
Act (Revised).

---

| | |
|:---|:---|
|  | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 418630* | &nbsp;&nbsp;*Filed: 17-Jul-2025 12:48 EST*<br>*Auth Code: E45311063249*  |

---

---

| | |
|:---|:---|
| 6 | Unless licensed to do so, the Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |

---

---

| | |
|:---|:---|
| 7 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

---

| | |
|:---|:---|
| 8 | The share capital of the Company is USD50,000.00 divided into 490,000,000 Class A Ordinary Shares of par value USD0.0001 each and 10,000,000 Class B Ordinary Shares of par value USD0.0001 each. Subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to redeem or repurchase any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to increase or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to issue any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with or without any preferential, deferred, qualified or special rights, privileges or conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to alter any of those rights, privileges, conditions, limitations or restrictions.

9 The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

---

| | |
|:---|:---|
|  | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 418630* | &nbsp;&nbsp;*Filed: 17-Jul-2025 12:48 EST*<br>*Auth Code: E45311063249*  |

---

**Companies Act (Revised)**

**Company Limited By Shares**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**Red Wisdom Creation Limited**

(Adopted by special resolution passed on July 5, 2025)

---

| | |
|:---|:---|
|  | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 418630* | &nbsp;&nbsp;*Filed: 17-Jul-2025 12:48 EST*<br>*Auth Code: E45311063249*  |

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**CONTENTS**

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| | | |
|:---|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | Definitions | 1 |
| Interpretation | Interpretation | 5 |
| Exclusion of Table A Articles | Exclusion of Table A Articles | 6 |
| **2** | **Shares** | **6** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 6 |
| Power to issue fractions of a Share | Power to issue fractions of a Share | 7 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 7 |
| Trusts not recognised | Trusts not recognised | 8 |
| Security interests | Security interests | 8 |
| Rights of Shares | Rights of Shares | 8 |
| Power to vary class rights | Power to vary class rights | 10 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 10 |
| No bearer Shares or warrants | No bearer Shares or warrants | 10 |
| Treasury Shares | Treasury Shares | 11 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 11 |
| Register of Members | Register of Members | 11 |
| Annual Return | Annual Return | 12 |
| **3** | **Share certificates** | **12** |
| Issue of share certificates | Issue of share certificates | 12 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 13 |
| **4** | **Lien on Shares** | **13** |
| Nature and scope of lien | Nature and scope of lien | 13 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 13 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 14 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 14 |
| Application of proceeds of sale | Application of proceeds of sale | 15 |
| **5** | **Calls on Shares and forfeiture** | **15** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 15 |
| Time when call made | Time when call made | 15 |
| Liability of joint holders | Liability of joint holders | 16 |
| Interest on unpaid calls | Interest on unpaid calls | 16 |
| Deemed calls | Deemed calls | 16 |
| Power to accept early payment | Power to accept early payment | 16 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 16 |
| Notice of default | Notice of default | 16 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 17 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 17 |
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 17 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 18 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 18 |

---

---

| | |
|:---|:---|
| i | ![](ex3-1_001.jpg) |
| *www.verify.gov.ky File#: 418630* | &nbsp;&nbsp;*Filed: 17-Jul-2025 12:48 EST*<br>*Auth Code: E45311063249*  |

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| | | |
|:---|:---|:---|
| **6** | **Transfer of Shares** | **19** |
| Form of Transfer | Form of Transfer | 19 |
| Power to refuse registration for Shares not listed on a Designated Stock Exchange | Power to refuse registration for Shares not listed on a Designated Stock Exchange | 19 |
| Suspension of transfers | Suspension of transfers | 19 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 20 |
| Notice of refusal to register | Notice of refusal to register | 20 |
| **7** | **Transmission of Shares** | **20** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 20 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 20 |
| Indemnity | Indemnity | 21 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 21 |
| **8** | **Alteration of capital** | **21** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 21 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 22 |
| Reducing share capital | Reducing share capital | 22 |
| **9** | **Redemption and purchase of own Shares** | **23** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 23 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 23 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 23 |
| **10** | **Meetings of Members** | **24** |
| Annual and extraordinary general meetings | Annual and extraordinary general meetings | 24 |
| Power to call meetings | Power to call meetings | 24 |
| Content of notice | Content of notice | 25 |
| Period of notice | Period of notice | 26 |
| Persons entitled to receive notice | Persons entitled to receive notice | 26 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 26 |
| **11** | **Proceedings at meetings of Members** | **27** |
| Quorum | Quorum | 27 |
| Lack of quorum | Lack of quorum | 27 |
| Chairman | Chairman | 27 |
| Right of a Director to attend and speak | Right of a Director to attend and speak | 28 |
| Accommodation of Members at Virtual Meeting | Accommodation of Members at Virtual Meeting | 28 |
| Security | Security | 28 |
| Adjournment, postponement and cancellation | Adjournment, postponement and cancellation | 28 |
| Method of voting | Method of voting | 29 |
| Taking of a poll | Taking of a poll | 29 |
| Chairman's casting vote | Chairman's casting vote | 29 |
| Written resolutions | Written resolutions | 29 |
| Sole-Member Company | Sole-Member Company | 31 |
| **12** | **Voting rights of Members** | **31** |
| Right to vote | Right to vote | 31 |
| Rights of joint holders | Rights of joint holders | 32 |
| Representation of corporate Members | Representation of corporate Members | 32 |
| Member with mental disorder | Member with mental disorder | 32 |
| Objections to admissibility of votes | Objections to admissibility of votes | 33 |
| Form of proxy | Form of proxy | 33 |
| How and when proxy is to be delivered | How and when proxy is to be delivered | 34 |
| Voting by proxy | Voting by proxy | 35 |

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| | | |
|:---|:---|:---|
| **13** | **Number of Directors** | **36** |
| **14** | **Appointment, disqualification and removal of Directors** | **36** |
| First Directors | First Directors | 36 |
| No age limit | No age limit | 36 |
| Corporate Directors | Corporate Directors | 36 |
| No shareholding qualification | No shareholding qualification | 36 |
| Appointment of Directors | Appointment of Directors | 36 |
| Board's power to appoint Directors | Board's power to appoint Directors | 37 |
| Removal of Directors | Removal of Directors | 37 |
| Resignation of Directors | Resignation of Directors | 37 |
| Termination of the office of Director | Termination of the office of Director | 37 |
| **15** | **Alternate Directors** | **38** |
| Appointment and removal | Appointment and removal | 38 |
| Notices | Notices | 39 |
| Rights of alternate Director | Rights of alternate Director | 39 |
| Appointment ceases when the appointor ceases to be a Director | Appointment ceases when the appointor ceases to be a Director | 39 |
| Status of alternate Director | Status of alternate Director | 39 |
| Status of the Director making the appointment | Status of the Director making the appointment | 40 |
| **16** | **Powers of Directors** | **40** |
| Powers of Directors | Powers of Directors | 40 |
| Directors below the minimum number | Directors below the minimum number | 40 |
| Appointments to office | Appointments to office | 40 |
| Provisions for employees | Provisions for employees | 41 |
| Exercise of voting rights | Exercise of voting rights | 41 |
| Remuneration | Remuneration | 42 |
| Disclosure of information | Disclosure of information | 42 |
| **17** | **Delegation of powers** | **43** |
| Power to delegate any of the Directors' powers to a committee | Power to delegate any of the Directors' powers to a committee | 43 |
| Local boards | Local boards | 43 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 44 |
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 44 |
| Borrowing Powers | Borrowing Powers | 45 |
| Corporate Governance | Corporate Governance | 45 |
| **18** | **Meetings of Directors** | **45** |
| Regulation of Directors' meetings | Regulation of Directors' meetings | 45 |
| Calling meetings | Calling meetings | 45 |
| Notice of meetings | Notice of meetings | 45 |
| Use of technology | Use of technology | 45 |
| Quorum | Quorum | 46 |
| Chairman or deputy to preside | Chairman or deputy to preside | 46 |
| Voting | Voting | 46 |
| Recording of dissent | Recording of dissent | 46 |
| Written resolutions | Written resolutions | 46 |
| Validity of acts of Directors in spite of formal defect | Validity of acts of Directors in spite of formal defect | 47 |

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| | | |
|:---|:---|:---|
| **19** | **Permissible Directors' interests and disclosure** | **47** |
| **20** | **Minutes** | **48** |
| **21** | **Accounts and audit** | **48** |
| Auditors | Auditors | 48 |
| **22** | **Record dates** | **49** |
| **23** | **Dividends** | **49** |
| Source of dividends | Source of dividends | 49 |
| Declaration of dividends by Members | Declaration of dividends by Members | 49 |
| Payment of interim dividends and declaration of final dividends by Directors | Payment of interim dividends and declaration of final dividends by Directors | 49 |
| Apportionment of dividends | Apportionment of dividends | 50 |
| Right of set off | Right of set off | 51 |
| Power to pay other than in cash | Power to pay other than in cash | 51 |
| How payments may be made | How payments may be made | 51 |
| Dividends or other monies not to bear interest in absence of special rights | Dividends or other monies not to bear interest in absence of special rights | 52 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 52 |
| **24** | **Capitalisation of profits** | **52** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | Capitalisation of profits or of any share premium account or capital redemption reserve; | 52 |
| Applying an amount for the benefit of Members | Applying an amount for the benefit of Members | 53 |
| **25** | **Share Premium Account** | **53** |
| Directors to maintain share premium account | Directors to maintain share premium account | 53 |
| Debits to share premium account | Debits to share premium account | 53 |
| **26** | **Seal** | **54** |
| Company seal | Company seal | 54 |
| Duplicate seal | Duplicate seal | 54 |
| When and how seal is to be used | When and how seal is to be used | 54 |
| If no seal is adopted or used | If no seal is adopted or used | 54 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 54 |
| Validity of execution | Validity of execution | 55 |
| **27** | **Indemnity** | **55** |
| Release | Release | 56 |
| Insurance | Insurance | 56 |

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| | | |
|:---|:---|:---|
| **28** | **Notices** | **56** |
| Form of notices | Form of notices | 56 |
| Electronic communications | Electronic communications | 57 |
| Persons entitled to notices | Persons entitled to notices | 58 |
| Persons authorised to give notices | Persons authorised to give notices | 58 |
| Delivery of written notices | Delivery of written notices | 58 |
| Joint holders | Joint holders | 58 |
| Signatures | Signatures | 58 |
| Evidence of transmission. | Evidence of transmission. | 59 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 59 |
| Date of giving notices | Date of giving notices | 59 |
| Saving provision | Saving provision | 60 |
| **29** | **Authentication of Electronic Records** | **60** |
| Application of Articles | Application of Articles | 60 |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 60 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 60 |
| Manner of signing | Manner of signing | 61 |
| Saving provision | Saving provision | 61 |
| **30** | **Transfer by way of continuation** | **62** |
| **31** | **Winding up** | **62** |
| Distribution of assets in specie | Distribution of assets in specie | 62 |
| No obligation to accept liability | No obligation to accept liability | 62 |
| **32** | **Amendment of Memorandum and Articles** | **63** |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 63 |
| Power to amend these Articles | Power to amend these Articles | 63 |

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**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated**

**Articles of Association**

**of**

**Red Wisdom Creation Limited**

(Adopted by special resolution passed on <u>July 5,</u> 2025)

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In these Articles, the following definitions apply:

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association as amended from time to time: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more particular articles of these Articles;

and **Article** refers to a particular article of these Articles;

**Auditors** means the auditor or auditors for the time being of the Company;

**Board** means the board of Directors from time to time;

**Business Day** means a day when banks in Grand Cayman, the Cayman Islands are open for the transaction of normal banking business and for the avoidance of doubt, shall not include a Saturday, Sunday or public holiday in the Cayman Islands;

**Cayman Islands** means the British Overseas Territory of the Cayman Islands;

**Class A Ordinary Share** means the class A ordinary shares of US$0.0001 par value each of the Company, which have the rights set forth in these Articles;

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**Class B Ordinary Share** means the class B ordinary shares of US$0.0001 par value each of the Company, which have the rights set forth in these Articles;

**Clear Days**, in relation to a period of notice, means that period of calendar days excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the calendar day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the calendar day for which it is given or on which it is to take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Company** means the above-named company;

**Conversion Date** means in respect of a Conversion Notice means the day on which that Conversion Notice is delivered;

**Conversion Notice** means 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 2.9(a);

**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** in relation to the conversion of Class B Ordinary Shares to Class A Ordinary Shares means, at any time, on a one-to-one basis. The foregoing Conversion Rate shall also be adjusted to account for any subdivision (by share split, subdivision, exchange, capitalisation, rights issue, reclassification, recapitalisation or otherwise) or combination (by reverse share split, share consolidation, exchange, reclassification, recapitalisation or otherwise) or similar reclassification or recapitalisation of the Class A Ordinary Shares in issue into a greater or lesser number of shares occurring after the original filing of the Articles without a proportionate and corresponding subdivision, combination or similar reclassification or recapitalisation of the Class B Ordinary Shares in issue;

**Conversion Right** in respect of a holder of Class B Ordinary Shares, 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;

**Default Rate** means ten per cent per annum;

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**Designated Stock Exchanges** means the Nasdaq Capital Market in the United States of America for so long as any class of the Company's Shares are there listed and any other stock exchange on which any class of the Company's Shares are listed for trading;

**Designated Stock Exchange Rules** means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Communication Facilities** means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all persons participating in a meeting are capable of hearing and being heard by each other;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Fully Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, means that the par value for that Share and any premium payable
in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has been fully
paid or credited as paid in money or money's worth;

**general meeting** means a general meeting of the Company duly constituted in accordance with the Articles;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board;

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**Member** means any person or persons entered on the Register of Members from time to time as the holder of a Share;

**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a general meeting passed by a simple majority of the votes by Members who (being entitled to do so) vote in person or by proxy or, in the case of corporations, by their duly authorised representatives, at that meeting. The expression includes a written resolution signed by the requisite majority in accordance with Article 11.14;

**Partly Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, that the par value for that Share and any premium payable in respect
of the issue of that Share, has not been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has not been
fully paid or credited as paid in money or money's worth;

**Register of Members** means the register of Members maintained in accordance with the Act and includes (except where otherwise stated) any branch or duplicate register of Members;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

**Share** means a share in the share capital of the Company and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes stock (except where a distinction between shares and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the context permits, also includes a fraction of a Share;

**Special Resolution** means a resolution of a general meeting or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of the votes by Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the Members entitled to vote at such meeting;

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**Treasury Shares** means Shares held in treasury pursuant to the Act and Article 2.15;

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; and

**Virtual Meeting** means any general meeting of the Members at which the Members (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Electronic Communication Facilities.

**Interpretation**

1.2 In the interpretation of these Articles, the following provisions apply unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference in these Articles to a statute is a reference to a statute of the Cayman Islands as known
by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are inserted for convenience only and do not affect the interpretation of these Articles, unless
there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a day on which any act, matter or thing is to be done under these Articles is not a Business Day, the
act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A word which denotes the singular also denotes the plural, a word which denotes the plural also denotes
the singular, and a reference to any gender also denotes the other genders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A reference to a **person** includes, as appropriate, a company, trust, partnership, joint venture,
association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where a word or phrase is given a defined meaning another part of speech or grammatical form in respect
to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All references to time are to be calculated by reference to time in the place where the Company's registered
office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words **written** and **in writing** include all modes of representing or reproducing words
in a visible form, but do not include an Electronic Record where the distinction between a document in writing and an Electronic Record
is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words **including**, **include** and **in particular** or any similar expression are to be
construed without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The term "**present**" means, in respect of any person attending a meeting, such person's
presence at a general meeting of Members (or any meeting of the holders of any class of Shares), which may be satisfied by means of such
person or, if a corporation or other non-natural person, its duly authorized representative (or, in the case of any Member, a proxy which
has been validly appointed by such Member in accordance with these Articles), being: (a) physically present at the meeting; or (b) in
the case of any meeting at which Electronic Communication Facilities are permitted in accordance with these Articles, including any Virtual
Meeting, connected by means of the use of such Electronic Communication Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 The headings in these Articles are intended for convenience only and shall not affect the interpretation
of these Articles.

**Exclusion of Table A Articles**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The regulations contained in Table A in the First Schedule of the Act and any other regulations contained
in any statute or subordinate legislation are expressly excluded and do not apply to the Company.

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**Power to issue Shares and options, with or without special rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Subject to the provisions of the Act and these Articles about the redemption and purchase of the Shares,
the Directors have general and unconditional authority to allot (with or without confirming rights
of renunciation), grant options over or otherwise deal with any unissued Shares to such persons, at such times and on such terms and conditions
as they may decide. No Share may be issued at a discount except in accordance with the provisions of the Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Without limitation to the preceding Article, the Directors may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend,
voting, return of capital or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Without limitation to the two preceding Articles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company may issue rights, 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 other securities in the Company
at such times and on such terms and conditions as the Directors may decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Directors may refuse to accept any application for Shares, and may accept any application in whole
or in part, for any reason or for no reason.

**Power to issue fractions of a Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Subject to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share shall
be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise), limitations, preferences,
privileges, qualifications, restrictions, rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing or agreeing to subscribe, whether absolutely or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring or agreeing to procure subscriptions, whether absolute or conditional,

for any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid Up Shares or partly in one way and partly in another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 The Company may employ a broker in the issue of its capital and pay him any proper commission or brokerage.

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**Trusts not recognised**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Except as required by Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no person shall be recognised by the Company as holding any Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company as having any right in a Share.

**Security interests**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Notwithstanding the preceding Article, the Company may (but shall not be obliged to) recognise a security
interest of which it has actual notice over shares. The Company shall not be treated as having recognised any such security interest unless
it has so agreed in writing with the secured party.

**Rights of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Subject to Article 2.1, the Memorandum and any Special Resolution to the contrary and without prejudice
to any special rights conferred thereby on the holders of any other Shares or class of Shares, Class A Ordinary Shares and Class B Ordinary
Shares shall carry equal rights and rank pari passu with one another in all respects other than as set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Conversion Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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
in its holding. 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 such Conversion Number of fully paid Class A Ordinary Shares 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/or 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).
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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On the Conversion Date, every Class B Ordinary Share converted shall automatically be re-designated and re-classified (or in such
other manner as the Directors may direct that is not in contravention of applicable laws) as the applicable Conversion Number of Class
A Ordinary Shares with such rights and restrictions attached thereto and shall rank pari passu in all respects with the Class A Ordinary
Shares then in issue and the Company shall enter or procure the entry of the name of the relevant holder of converted Class B Ordinary
Shares as the holder of the corresponding number of Class A Ordinary Shares resulting from the conversion of the Class B Ordinary Shares
in, and make any other necessary and consequential changes to, the register of members and shall procure that, if required, 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 thereof.

&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: (A) 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 (B) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Voting Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holders of Class A Ordinary Shares and Class B Ordinary 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,
vote together as a single class on all matters submitted to a vote for Members' consent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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; whereas, each Class B Ordinary Share shall be entitled to fifty (50) votes on all matters subject to the vote
at general meetings of the Company.

**Power to vary class rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 If the share capital is divided into different classes of Shares then, unless the terms on which a class
of Shares was issued state otherwise, the rights attaching to a class of Shares may only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members holding not less than two-thirds of the issued Shares of that class consent in writing to the variation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation is made with the sanction of a Special Resolution passed at a separate general meeting of the Members holding the issued
Shares of that class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 For the purpose of Article 2.10(b), all the provisions of these Articles relating to general meetings
apply, mutatis mutandis, to every such separate meeting except that the necessary quorum shall be one or more persons holding, or representing
by proxy, not less than one third of the issued Shares of the class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of
Shares as forming one class of Shares if the Directors consider that such classes of Shares would be affected in the same way by the proposals
under consideration, but in any other case shall treat them as separate classes of Shares.

**Effect of new Share issue on existing class rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 Unless the terms on which a class of Shares was issued state otherwise, the rights conferred on the Member
holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking *pari passu* with
the existing Shares of that class.

**No bearer Shares or warrants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 The Company shall not issue Shares or warrants to bearers.

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**Treasury Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Act
shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's
assets (including any distribution of assets to Members on a winding up) may be made to the Company in respect of a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 The Company shall be entered in the Register of Members as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a Member for any purpose and shall not exercise any right in respect
of the Treasury Shares, and any purported exercise of such a right shall be void; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not
be counted in determining the total number of issued shares at any given time, whether for the purposes of these Articles or the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 Nothing in Article 2.17 prevents an allotment of Shares as Fully Paid Up bonus shares in respect of a
Treasury Share and Shares allotted as Fully Paid Up bonus shares in respect of a Treasury Share shall be treated as Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 Treasury Shares may be disposed of by the Company in accordance with the Act and otherwise on such terms
and conditions as the Directors determine.

**Register of Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 The Directors shall keep or cause to be kept a Register of Members as required by the Act and may cause
the Company to maintain one or more branch registers as contemplated by the Act, provided that where the Company is maintaining one or
more branch registers, the Directors shall ensure that a duplicate of each branch register is kept with the Company's principal Register
of Members and updated within such number of days of any amendment having been made to such branch register as may be required by the
Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 The title to Shares listed on a Designated Stock Exchange may be evidenced and transferred in accordance
with the laws applicable to the rules and regulations of the Designated Stock Exchange and, for these purposes, the Register
of Members may be maintained in accordance with section 40B of the Act.

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**Annual Return**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 The Directors in each calendar year shall prepare or cause to be prepared an annual return and declaration
setting forth the particulars required by the Act and shall deliver a copy thereof to the registrar of companies for the Cayman Islands.

3 Share certificates

**Issue of share certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 A Member shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. If the Directors
resolve that share certificates shall be issued, upon being entered in the Register of Members as the holder of a Share, the Directors
may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without payment, one certificate for all the Shares of each class held by that Member (and, upon transferring
a part of the Member's holding of Shares of any class, to a certificate for the balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon payment of such reasonable sum as the Directors may determine for every certificate after the first,
several certificates each for one or more of that Member's Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Every certificate shall specify the number, class and distinguishing numbers (if any) of the Shares to
which it relates and whether they are Fully Paid Up or Partly Paid Up. A certificate may be executed under seal or executed in such other
manner as the Directors determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Every certificate shall bear legends required under the applicable laws, including the U.S. Securities
Act (to the extent applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 The Company shall not be bound to issue more than one certificate for Shares held jointly by several persons
and delivery of a certificate for a Share to one joint holder shall be a sufficient delivery to all of them.

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**Renewal of lost or damaged share certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any)
as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred by the Company in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any for issuing a replacement share certificate,

as the Directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

4 Lien on Shares

**Nature and scope of lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Company has a first and paramount lien on all Shares (whether Fully Paid Up or not) registered in
the name of a Member (whether solely or jointly with others). The lien is for all monies payable to the Company by the Member or the Member's
estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those monies are presently payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 At any time the Board may declare any Share to be wholly or partly exempt from the provisions of this
Article.

**Company may sell Shares to satisfy lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Company may sell any Shares over which it has a lien if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists is presently payable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member holding the Share (or to the person entitled to it in consequence
of the death or bankruptcy of that Member) demanding payment and stating that if the notice is not complied with the Shares may be sold;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within fourteen (14) Clear Days after that notice is deemed to be given under these
Articles,

and Shares to which this Article 4.3 applies shall be referred to as Lien Default Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Lien Default Shares may be sold in such manner as the Board determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 To the maximum extent permitted by law, the Directors shall incur no personal liability to the Member
concerned in respect of the sale.

**Authority to execute instrument of transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 To give effect to a sale, the Directors may authorise any person to execute an instrument of transfer
of the Lien Default Shares sold to, or in accordance with the directions of, the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 The title of the transferee of the Lien Default Shares shall not be affected by any irregularity or invalidity
in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 On a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the Register of Members as the holder of those
Lien Default Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company for cancellation the certificate (if any) for those Lien Default
Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 Notwithstanding the provisions of Article 4.8, such person shall remain liable to the Company for all
monies which, at the date of sale, were presently payable by him to the Company in respect of those Lien Default Shares. That person shall
also be liable to pay interest on those monies from the date of sale until payment at the rate at which interest was payable before that
sale or, failing that, at the Default Rate. The Board may waive payment wholly or in part or enforce payment without any allowance for
the value of the Lien Default Shares at the time of sale or for any consideration received on their disposal.

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**Application of proceeds of sale**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the
sum for which the lien exists as is presently payable. Any residue shall be paid to the person whose Lien Default Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no certificate for the Lien Default Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificate for the Lien Default Shares was issued, upon surrender to the Company of that certificate for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Lien Default Shares before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Subject to the terms of allotment, the Board may make calls on the Members in respect of any monies unpaid
on their Shares including any premium. The call may provide for payment to be by instalments. Subject to receiving at least 14 Clear Days'
notice specifying when and where payment is to be made, each Member shall pay to the Company the amount called on his Shares as required
by the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Before receipt by the Company of any sum due under a call, that call may be revoked in whole or in part
and payment of a call may be postponed in whole or in part. Where a call is to be paid in instalments, the Company may revoke the call
in respect of all or any remaining instalments in whole or in part and may postpone payment of all or any of the remaining instalments
in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 A Member on whom a call is made shall remain liable for that call notwithstanding the subsequent transfer
of the Shares in respect of which the call was made. He shall not be liable for calls made after he is no longer registered as Member
in respect of those Shares.

**Time when call made**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 A call shall be deemed to have been made at the time when the resolution of the Directors authorising
the call was passed.

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**Liability of joint holders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Members registered as the joint holders of a Share shall be jointly and severally liable to pay all calls
in respect of the Share.

**Interest on unpaid calls**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 If a call remains unpaid after it has become due and payable the person from whom it is due and payable
shall pay interest on the amount unpaid from the day it became due and payable until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the rate fixed by the terms of allotment of the Share or in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no rate is fixed, at the Default Rate.

The Directors may waive payment of the interest wholly or in part.

**Deemed calls**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 Any amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise, shall
be deemed to be payable as a call. If the amount is not paid when due the provisions of these Articles shall apply as if the amount had
become due and payable by virtue of a call.

**Power to accept early payment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 The Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares held
by him although no part of that amount has been called up.

**Power to make different arrangements at time of issue of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 Subject to the terms of allotment, the Directors may make arrangements on the issue of Shares to distinguish
between Members in the amounts and times of payment of calls on their Shares.

**Notice of default**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 If a call remains unpaid after it has become due and payable the Directors may give to the person from
whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred by the Company due to that person's default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 The notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a warning that if the notice is not complied with the Shares in respect of which the call is made will
be liable to be forfeited.

**Forfeiture or surrender of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 If the notice given pursuant to Article 5.10 is not complied with, the Directors may, before the payment
required by the notice has been received, resolve that any Share the subject of that notice be forfeited. The forfeiture shall include
all dividends or other monies payable in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing, the
Board may determine that any Share the subject of that notice be accepted by the Company as surrendered by the Member holding that Share
in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such terms and in
such manner as the Board determine either to the former Member who held that Share or to any other person. The forfeiture or surrender
may be cancelled on such terms as the Directors think fit at any time before a sale, re-allotment or other disposition. Where, for the
purposes of its disposal, a forfeited or surrendered Share is to be transferred to any person, the Directors may authorise some person
to execute an instrument of transfer of the Share to the transferee.

**Effect of forfeiture or surrender on former Member**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 On forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the Register of Members as the holder of those
Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
or surrendered Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 Despite the forfeiture or surrender of his Shares, that person shall remain liable to the Company for
all monies which at the date of forfeiture or surrender were presently payable by him to the Company in respect of those Shares together
with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the rate of which interest was payable on those monies before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no interest was so payable, at the Default Rate.

The Directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 A declaration, whether statutory or under oath, made by a Director or the Secretary shall be conclusive
evidence of the following matters stated in it as against all persons claiming to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the person making the declaration is a Director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 Any person to whom the forfeited or surrendered Shares are disposed of shall not be bound to see to the
application of the consideration, if any, of those Shares nor shall his title to the Shares be affected by any irregularity in, or invalidity
of the proceedings in respect of, the forfeiture, surrender or disposal of those Shares.

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6 Transfer of Shares

**Form of Transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Subject to the following Articles about the transfer of Shares, and provided that such transfer complies
with applicable rules of the Designated Stock Exchange, a Member may freely transfer Shares to another person by completing an instrument
of transfer in a common form or in a form prescribed by the Designated Stock
Exchange (if such Shares are listed on the Designated Stock Exchange) or in any other form approved by the Directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Shares are partly paid, by or on behalf of that Member and the transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The transferor shall be deemed to remain the holder of a Share until the name of the transferee is entered
into the Register of Members.

**Power to refuse registration for Shares not listed on a Designated Stock Exchange**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Where the Shares of any class in question are not listed on or subject to the rules of any Designated
Stock Exchange, the Directors may in their absolute discretion decline to register any transfer of such Shares which are not Fully Paid
Up or on which the Company has a lien. The Directors may also, but are not required to, decline to register any transfer of any such Share
unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is lodged with the Company, accompanied by the certificate (if any) for the
Shares to which it relates and such other evidence as the Board may reasonably require to show the right of the transferor to make the
transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a transfer to joint holders, the number of joint holders to whom the Share is to be transferred
does not exceed four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shares transferred are Fully Paid Up and free of any lien in favour of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any applicable fee of such maximum sum as the Designated Stock Exchanges may determine to be payable,
or such lesser sum as the Board may from time to time require, related to the transfer is paid to the Company.

**Suspension of transfers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The registration of transfers may, on 14 Clear Days' notice being given by advertisement in such one or
more newspapers or by electronic means, be suspended and the Register of Members closed at such times and for such periods as the Directors
may, in their absolute discretion, from time to time determine, provided always
that such registration of transfer shall not be suspended nor the Register of Members closed for more than 30 Clear Days in any year.

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**Company may retain instrument of transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 All instruments of transfer that are registered shall be retained by the Company.

**Notice of refusal to register**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 If the Directors refuse to register a transfer of any Shares of any class not listed on a Designated Stock
Exchange, they shall within one month after the date on which the instrument of transfer was lodged with the Company send to each of the
transferor and the transferee notice of the refusal.

7 Transmission of Shares

**Persons entitled on death of a Member**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 If a Member dies, the only persons recognised by the Company as having any title to the deceased Members'
interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder, that Member's personal representative or representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Nothing in these Articles shall release the deceased Member's estate from any liability in respect of
any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 A person becoming entitled to a Share in consequence of the death or bankruptcy of a Member may elect
to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 That person must produce such evidence of his entitlement as the Directors may properly require.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 If the person elects to become the holder of the Share, he must give notice to the Company to that effect.
For the purposes of these Articles, that notice shall be treated as though it were an executed instrument of transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 If the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Share is Fully Paid Up, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Share is nil or Partly Paid Up, the transferor and the transferee must execute an instrument of transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 All the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate, the
instrument of transfer.

**Indemnity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 A person registered as a Member by reason of the death or bankruptcy of another Member shall indemnify
the Company and the Directors against any loss or damage suffered by the Company or the Directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 A person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall have the
rights to which he would be entitled if he were registered as the holder of the Share. But, until he is registered as Member in respect
of the Share, he shall not be entitled to attend or vote at any meeting of the Company or at any separate meeting of the holders of that
class of Shares.

8 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 To the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of the following
and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of the amount fixed by that Ordinary Resolution and with the attached rights, priorities
and privileges set out in that Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares of any
denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum,
so, however, that in the sub-division, the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall
be the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel Shares which, at the date of the passing of that Ordinary Resolution, have not been taken or agreed
to be taken by any person, and diminish the amount of its share capital by the amount of the Shares so cancelled or, in the case of Shares
without nominal par value, diminish the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Whenever, as a result of a consolidation of Shares, any Members would become entitled to fractions of
a Share the Directors may on behalf of those Members deal with the fractions as it thinks fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either round up or down the fraction to the nearest whole number, such rounding to be determined by the
Directors acting in their sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell the Shares representing the fractions for the best price reasonably obtainable to any person (including,
subject to the provisions of the Act, the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute the net proceeds in due proportion among those Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 For the purposes of Article 8.2, the Directors may authorise some person to execute an instrument of transfer
of the Shares to, in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of
the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings
in respect of the sale.

**Reducing share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.

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9 Redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or liable to be redeemed, at the option of the Company or the Member
holding those redeemable Shares, on the terms and in the manner its Directors determine before the issue of those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the consent by Special Resolution of the Members holding Shares of a particular class, vary the rights
attaching to that class of Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed at the option of
the Company on the terms and in the manner which the Directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase all or any of its own Shares of any class including any redeemable Shares on the terms and in
the manner which the Directors determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

**Power to pay for redemption or purchase in cash or in specie**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 When making a payment in respect of the redemption or purchase of Shares, the Directors may make the payment
in cash or *in specie* (or partly in one and partly in the other) if so authorised by the terms of the allotment of those Shares
or by the terms applying to those Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding those Shares.

**Effect of redemption or purchase of a Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member holding that Share shall cease to be entitled to any rights in respect of the Share other than
the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend declared in respect of the Share prior to the date of redemption or purchase;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member's name shall be removed from the Register of Members with respect to the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Share, as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 For the purpose of Article 9.3, the date of redemption or purchase is the date when the Member's name
is removed from the Register of Members with respect to the Shares the subject of the redemption or purchase.

10 Meetings of Members

**Annual and extraordinary general meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The Company may, but shall not (unless required by the applicable Designated Stock Exchange Rules) be
obligated to, in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by the Board, in accordance
with these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 All general meetings other than annual general meetings shall be called extraordinary general meetings.

**Power to call meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 The Directors may call a general meeting at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 If there are insufficient Directors to constitute a quorum and the remaining Directors are unable to agree
on the appointment of additional Directors, the Directors must call a general meeting for the purpose of appointing additional Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 The Directors must also call a general meeting if requisitioned in the manner set out in the next two
Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 The requisition must be in writing and given by one or more Members who together hold at least ten per
cent of the rights to vote at such general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be signed by or on behalf of each requisitioner (and for this purpose each joint holder shall be obliged
to sign). The requisition may consist of several documents in like form signed by one or more of the requisitioners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be delivered in accordance with the notice provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 Should the Directors fail to call a general meeting within 21 Clear Days' from the date of receipt of
a requisition, the requisitioners or any of them may call a general meeting within three months after the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 Without limitation to the foregoing, if there are insufficient Directors to constitute a quorum and the
remaining Directors are unable to agree on the appointment of additional Directors, any one or more Members who together hold at least
five per cent of the rights to vote at a general meeting may call a general meeting for the purpose of considering the business specified
in the notice of meeting which shall include as an item of business the appointment of additional Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 If the Members call a meeting under the above provisions, the Company shall reimburse their reasonable
expenses.

**Content of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 Notice of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the meeting will be held virtually, at a physical place or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the meeting is to be held in any part at a physical place, the address of such place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the meeting is to be held in two or more places, or in any part virtually, the Electronic Communication
Facilities that will be used to facilitate the meeting, including the procedures to be followed by any Member or other participant of
the meeting who wishes to utilise such Electronic Communication Facilities for the purposes of attending and participating in such meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject to paragraph (f) and the requirements of (to the extent applicable) the Designated Stock Exchange
Rules, the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a resolution is proposed as a Special Resolution, the text of that resolution.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 In each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that a Member who is entitled to attend and vote is entitled to appoint one or more proxies to attend and vote instead of that Member;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

**Period of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 At least five (5) Clear Days' notice must be given to Members for any general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 Subject to the Act, a meeting may be convened on shorter notice, subject to the Act with the consent of
the Member or Members who, individually or collectively, hold at least ninety per cent of the voting rights of all those who have a right
to vote at that meeting.

**Persons entitled to receive notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 Subject to the provisions of these Articles and to any restrictions imposed on any Shares, the notice
shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons entitled to a Share in consequence of the death or bankruptcy of a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Auditors (if appointed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 The Board may determine that the Members entitled to receive notice of, attend and vote at a meeting are
those persons entered on the Register of Members at the close of business on a day determined by the Board.

**Accidental omission to give notice or non-receipt of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 Proceedings at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an accidental failure to give notice of the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt of notice of the meeting by any person entitled to notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 In addition, where a notice of meeting is published on a website proceedings at the meeting shall not
be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for part only of the period from the date of the notification until the conclusion of the meeting to which the notice relates.

11 Proceedings at meetings of Members

**Quorum**

11.1 Save as provided in the following Article, no business shall be transacted at any meeting unless a quorum is present in person or
by proxy at the meeting. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company has only one Member: that Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has more than one Member: one or more Members holding Shares that represent not less than
one-third of the outstanding Shares carrying the right to vote at such general meeting.

**Lack of quorum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 If a quorum is not present at the meeting within fifteen minutes of the time appointed for the meeting,
or if at any time during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the meeting was requisitioned by Members, it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any other case, the meeting shall stand adjourned to the same time and place seven days hence, or to
such other time or place as is determined by the Directors. If a quorum is not present at the meeting within fifteen minutes of the time
appointed for the adjourned meeting, then the Members present in person or by proxy at the meeting shall constitute a quorum.

**Chairman**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 The chairman of a general meeting (including any Virtual Meeting) shall be the chairman of the Board or
such other Director as the Directors may determine. Absent any such person being present at the meeting within fifteen minutes of the
time appointed for the meeting, the Directors present shall elect one of their number to chair the meeting. The chairman of the meeting
shall be entitled to attend and participate at any such general meeting by means of Electronic Communication Facilities, and to act as
the chairman of such general meeting, in which event the chairman of the meeting shall be deemed to be present at the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 If no Director is present within fifteen minutes of the time appointed for the meeting, or if no Director
is willing to act as chairman, the Members present in person or by proxy and entitled to vote shall choose one of their number to chair
the meeting.

**Right of a Director to attend and speak**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 Even if a Director is not a Member, he shall be entitled to attend and speak at any general meeting and
at any separate meeting of Members holding a particular class of Shares.

**Accommodation of Members at Virtual Meeting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 A Member entitled to receive notice and attend a meeting will be deemed to be in attendance at such meeting
despite their attendance being virtual if adequate facilities are available to ensure that the Member is able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to participate in the business for which the meeting has been convened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to hear all that happens at the meeting.

Without limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting.

**Security**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 In addition to any measures which the Board may be required to take due to the location or venue of the
meeting, the Board may make any arrangement and impose any restriction it considers appropriate and reasonable in the circumstances to
ensure the security of a meeting including, without limitation, the searching of any person attending the meeting and the imposing of
restrictions on the items of personal property that may be taken into the meeting place. The Board may refuse entry to, or eject from,
a meeting a person who refuses to comply with any such arrangements or restrictions.

**Adjournment, postponement and cancellation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 A meeting may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) postponed or cancelled prior to the meeting at the discretion of the Directors by written notice provided
to all persons entitled to attend the meeting, unless the meeting was requisitioned by Members or otherwise called by Members pursuant
to Article 10; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adjourned, with or without an appointed date for resumption, at any time during the meeting at the discretion
of the chairman with the consent of the Members constituting a quorum.

The chairman must adjourn the meeting if so directed by the Members constituting a quorum at the meeting. No business, however, can be transacted at an adjourned or postponed meeting other than business which might properly have been transacted at the original meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 Should a meeting be adjourned for more than 7 Clear Days, whether because of a lack of quorum or otherwise,
Members shall be given at least 7 Clear Days' notice of the date, time and place of the adjourned meeting and the general nature of the
business to be transacted. Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 A resolution put to the vote of the meeting shall be decided on a poll.

**Taking of a poll**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not
be Members) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held as a
Virtual Meeting or in more than one place, the chairman may appoint scrutineers virtually and in more than one place; but if he considers
that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and
time when that can occur.

**Chairman's casting vote**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 In the case of an equality of votes, the Chairman of the meeting shall be entitled to a second or casting
vote.

**Written resolutions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 Without limitation to section 60(1) of the Act, Members may pass a Special Resolution in writing without
holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are given notice of the resolution as if the same were
being proposed at a meeting of Members;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed when all such Members have so signified their agreement to the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 Members may pass an Ordinary Resolution in writing without holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) given notice of the resolution as if the same were being proposed at a meeting of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notified in the same or an accompanying notice of the date by which the resolution must be passed if it
is not to lapse, being a period of 7 days beginning with the date that the notice is first given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the required majority of the Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed upon the later of these dates: (i) subject to the following Article, the date next immediately following the end of the period of 5 days beginning with the date that notice of the resolution is first given and (ii) the date when the required majority have so signified their agreement to the resolution. However, the proposed written resolution lapses if it is not passed before the end of the period of 7 days beginning with the date that notice of it is first given.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 If all Members entitled to be given notice of the Ordinary Resolution consent, a written resolution may
be passed as soon as the required majority have signified their agreement to the resolution, without any minimum period of time having
first elapsed. Save that the consent of the majority may be incorporated in the written resolution, each consent shall be in writing or
given by Electronic Record and shall otherwise be given to the Company in accordance with Article 28 (*Notices*) prior to the written
resolution taking effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 The Directors may determine the manner in which written resolutions shall be put to Members. In particular,
they may provide, in the form of any written resolution, for each Member to indicate, out of the number of votes the Member would have
been entitled to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour of the resolution and how many
against the resolution or to be treated as abstentions. The result of any such written resolution shall be determined on the same basis
as on a poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 If a written resolution is described as a Special Resolution or as an Ordinary Resolution, it has effect
accordingly.

**Sole-Member Company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 If the Company has only one Member, and the Member records in writing his decision on a question, that
record shall constitute both the passing of a resolution and the minute of it.

12 Voting rights of Members

**Right to vote**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Subject to the following, unless their Shares carry no right to vote, or unless a call or other amount
presently payable has not been paid, all Members are entitled to vote at a general meeting, and all Members holding Shares of a particular
class of Shares are entitled to vote at a meeting of the holders of that class of Shares. Unless otherwise required under the Act or by
these Articles, holders of Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all
resolutions submitted to vote by the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Members may vote in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 On a poll, each Class A Ordinary Share shall be entitled to one (1) vote on all matters subject to vote
at general meetings of the Company, and each Class B Ordinary Share shall be entitled to fifty (50) votes on all matters subject to vote
at general meetings of the Company. A fraction of a Class A Ordinary Share
shall entitle its holder to an equivalent fraction of one (1) vote, and a fraction of a Class B Ordinary Share shall entitle its holder
to an equivalent fraction of fifty (50) votes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 No Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his Shares in
the same way.

**Rights of joint holders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 If Shares are held jointly, only one of the joint holders may vote. If more than one of the joint holders
tenders a vote, the vote of the holder whose name in respect of those Shares appears first in the Register of Members shall be accepted
to the exclusion of the votes of the other joint holder.

**Representation of corporate Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 Save where otherwise provided, a corporate Member must act by a duly authorised representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 A corporate Member wishing to act by a duly authorised representative must identify that person to the
Company by notice in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 The authorisation may be for any period of time, and must be delivered to the Company before the commencement
of the meeting at which it is first used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 The Directors of the Company may require the production of any evidence which they consider necessary
to determine the validity of the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 Where a duly authorised representative is present at a meeting that Member is deemed to be present in
person; and the acts of the duly authorised representative are personal acts of that Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 A corporate Member may revoke the appointment of a duly authorised representative at any time by notice
to the Company; but such revocation will not affect the validity of any acts carried out by the duly authorised representative before
the Directors of the Company had actual notice of the revocation.

**Member with mental disorder**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 A Member in respect of whom an order has been made by any court having jurisdiction (whether in the Cayman
Islands or elsewhere) in matters concerning mental disorder may vote, by
that Member's receiver, *curator bonis* or other person authorised in that behalf appointed by that court.

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12.13 For the purpose of the preceding Article, evidence to the satisfaction of the Directors of the authority
of the person claiming to exercise the right to vote must be received not less than 24 hours before holding the relevant meeting or the
adjourned meeting in any manner specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic means.
In default, the right to vote shall not be exercisable.

**Objections to admissibility of votes**

12.14 An objection to the validity of a person's vote may only be raised at the meeting or at the adjourned
meeting at which the vote is sought to be tendered. Any objection duly made shall be referred to the chairman whose decision shall be
final and conclusive.

**Form of proxy**

12.15 An instrument appointing a proxy shall be in any common form or in any other form approved by the Directors.

12.16 The instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Member is a corporation or other body corporate, under seal or signed by an authorised officer, secretary or attorney.

If the Directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.17 The Directors may require the production of any evidence which they consider necessary to determine the
validity of any appointment of a proxy.

12.18 A Member may revoke the appointment of a proxy at any time by notice to the Company duly signed in accordance
with Article 12.16.

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12.19 No revocation by a Member of the appointment of a proxy made in accordance with Article 12.18
will affect the validity of any acts carried out by the relevant proxy before the Directors of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

12.20 Subject to the following Articles, the Directors may, in the notice convening any meeting or adjourned
meeting, or in an instrument of proxy sent out by the Company, specify the manner by which the instrument appointing a proxy shall be
deposited and the place and the time (being not later than the time appointed for the commencement of the meeting or adjourned meeting
to which the proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any such direction from the
Directors in the notice convening any meeting or adjourned meeting or in an instrument of proxy sent out by the Company, the form of appointment
of a proxy and any authority under which it is signed (or a copy of the authority certified notarially or in any other way approved by
the Directors) must be delivered so that it is received by the Company before the time for holding the meeting or adjourned meeting at
which the person named in the form of appointment of proxy proposes to vote. They must be delivered in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the registered office of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such other place within the Cayman Islands specified in the notice convening the meeting or in any
form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, pursuant to the notice provisions, a notice may be given to the Company in an Electronic Record, an
Electronic Record of an appointment of a proxy must be sent to the address specified pursuant to those provisions unless another address
for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any form of appointment of a proxy sent out by the Company in relation to the meeting; 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;(iii) in any invitation to appoint a proxy issued by the Company in relation to the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Article 12.20(a) and Article 12.20(b), the chairman of the Company may, in any event at
his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

12.21 If the form of appointment of proxy is not delivered on time, it is invalid.

12.22 When two or more valid but differing appointments of proxy are delivered or received in respect of the
same Share for use at the same meeting and in respect of the same matter, the one which is last validly delivered or received (regardless
of its date or of the date of its execution) shall be treated as replacing and revoking the other or others as regards that Share. If
the Company is unable to determine which appointment was last validly delivered or received, none of them shall be treated as valid in
respect of that Share.

12.23 The Board may at the expense of the Company send forms of appointment of proxy to the Members by post
(that is to say, pre-paying and posting a letter), or by Electronic communication or otherwise (with or without provision for their return
by pre-paid post) for use at any general meeting or at any separate meeting of the holders of any class of Shares, either blank or nominating
as proxy in the alternative any one or more of the Directors or any other person. If for the purpose of any meeting invitations to appoint
as proxy a person or one of a number of persons specified in the invitations are issued at the Company's expense, they shall be issued
to all (and not to some only) of the Members entitled to be sent notice of the meeting and to vote at it. The accidental omission to send
such a form of appointment or to give such an invitation to, or the non-receipt of such form of appointment by, any Member entitled to
attend and vote at a meeting shall not invalidate the proceedings at that meeting

**Voting by proxy**

12.24 A proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would have had
except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment of a proxy, a Member may
attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on the same resolution, unless
in respect of different Shares, shall be invalid.

12.25 The instrument appointing a proxy to vote at a meeting shall not confer any further right to speak at
the meeting, except with the permission of the chairman of the meeting.

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13 Number of Directors

13.1 There shall be a Board consisting of not less than one person provided however that the Company may by
Ordinary Resolution increase or reduce the limits in the number of Directors. Unless fixed by Ordinary Resolution, the maximum number
of Directors shall be unlimited.

14 Appointment, disqualification and removal of Directors

**First Directors**

14.1 The first Directors shall be appointed in writing by the subscriber or subscribers to the Memorandum,
or a majority of them.

**No age limit**

14.2 There is no age limit for Directors save that they must be at least eighteen years of age.

**Corporate Directors**

14.3 Unless prohibited by law, a body corporate may be a Director. If a body corporate is a Director, the Articles
about representation of corporate Members at general meetings apply, mutatis mutandis, to the Articles about Directors' meetings.

**No shareholding qualification**

14.4 Unless a shareholding qualification for Directors is fixed by Ordinary Resolution, no Director shall be
required to own Shares as a condition of his appointment.

**Appointment of Directors**

14.5 A Director may be appointed by Ordinary Resolution or by the Directors. Any appointment may be to fill
a vacancy or as an additional Director.

14.6 A remaining Director may appoint a Director even though there is not a quorum of Directors.

14.7 No appointment can cause the number of Directors to exceed the maximum (if one is set); and any such appointment
shall be invalid.

14.8 For so long as Shares are listed on a Designated Stock Exchange, the Directors shall include at least
such number of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange Rules require as determined
by the Board.

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**Board's power to appoint Directors**

14.9 Without prejudice to the Company's power to appoint a person to be a Director pursuant to these Articles,
the Board shall have power at any time to appoint any person who is willing to act as a Director, either to fill a vacancy or as an addition
to the existing Board, subject to the total number of Directors not exceeding any maximum number fixed by or in accordance with these
Articles.

14.10 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. Each Director whose term of office expires shall be eligible for re-election at a meeting of the Members or re-appointment
by the Board.

**Removal of Directors**

14.11 A Director may be removed by Ordinary Resolution.

**Resignation of Directors**

14.12 A Director may at any time resign office by giving to the Company notice in writing or, if permitted pursuant
to the notice provisions, in an Electronic Record delivered in either case in accordance with those provisions.

14.13 Unless the notice specifies a different date, the Director shall be deemed to have resigned on the date
that the notice is delivered to the Company.

**Termination of the office of Director**

14.14 A Director may retire from office as a Director by giving notice in writing to that effect to the Company
at the registered office, which notice shall be effective upon such date as may be specified in the notice, failing which upon delivery
to the registered office.

14.15 Without prejudice to the provisions in these Articles for retirement (by rotation or otherwise), a Director's
office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is prohibited by the law of the Cayman Islands from acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is made bankrupt or makes an arrangement or composition with his creditors generally; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he resigns his office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the opinion of a registered medical practitioner by whom he is being treated he becomes physically
or mentally incapable of acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) he is given notice by the majority of the other Directors (not being less than two in number) to vacate
office (without prejudice to any claim for damages for breach of any agreement relating to the provision of the services of such Director);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) he is made subject to any law relating to mental health or incompetence, whether by court order or otherwise;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without the consent of the other Directors, he is absent from meetings of Directors for a continuous period
of six months.

15 Alternate Directors

**Appointment and removal**

15.1 Any Director may appoint any other person, including another Director, to act in his place as an alternate
Director. No appointment shall take effect until the Director has given notice of the appointment to the Board.

15.2 A Director may revoke his appointment of an alternate at any time. No revocation shall take effect until
the Director has given notice of the revocation to the Board.

15.3 A notice of appointment or removal of an alternate Director shall be effective only if given to the Company
by one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has a facsimile address for the time being, by sending by facsimile transmission to that
facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission to the facsimile address of the Company's registered
office a facsimile copy (in either case, the facsimile copy being deemed to be the notice unless Article 29.7 applies), in which event
notice shall be taken to be given on the date of an error-free transmission report from the sender's fax machine;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company has an email address for the time being, by emailing to that email address a scanned copy
of the notice as a PDF attachment or, otherwise, by emailing to the email address provided by the Company's registered office a scanned
copy of the notice as a PDF attachment (in either case, the PDF version being deemed to be the notice unless Article 29.7 applies), in
which event notice shall be taken to be given on the date of receipt by the Company or the Company's registered office (as appropriate)
in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if permitted pursuant to the notice provisions, in some other form of approved Electronic Record delivered
in accordance with those provisions in writing.

**Notices**

15.4 All notices of meetings of Directors shall continue to be given to the appointing Director and not to
the alternate.

**Rights of alternate Director**

15.5 An alternate Director shall be entitled to attend and vote at any Board meeting or meeting of a committee
of the Directors at which the appointing Director is not personally present, and generally to perform all the functions of the appointing
Director in his absence. An alternate Director, however, is not entitled to receive any remuneration from the Company for services rendered
as an alternate Director.

**Appointment ceases when the appointor ceases to be a Director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 An alternate Director shall cease to be an alternate Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director who appointed him ceases to be a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director who appointed him revokes his appointment by notice delivered to the Board or to the registered
office of the Company or in any other manner approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any event happens in relation to him which, if he were a Director of the Company, would cause his office
as Director to be vacated.

**Status of alternate Director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 An alternate Director shall carry out all functions of the Director who made the appointment.

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15.8 Save where otherwise expressed, an alternate Director shall be treated as a Director under these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 An alternate Director is not the agent of the Director appointing him.

15.10 An alternate Director is not entitled to any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

15.11 A Director who has appointed an alternate is not thereby relieved from the duties which he owes the Company.

16 Powers of Directors

**Powers of Directors**

16.1 Subject to the provisions of the Act, the Memorandum and these Articles the business of the Company shall
be managed by the Directors who may for that purpose exercise all the powers of the Company.

16.2 No prior act of the Directors shall be invalidated by any subsequent alteration of the Memorandum or these
Articles. However, to the extent allowed by the Act, Members may, by Special Resolution, validate any prior or future act of the Directors
which would otherwise be in breach of their duties.

**Directors below the minimum number**

16.3 If the number of Directors is less than the minimum prescribed in accordance with these Articles, the
remaining Director or Directors shall act only for the purposes of appointing an additional Director or Directors to make up such minimum
or of convening a general meeting of the Company for the purpose of making such appointment. If there are no Director or Directors able
or willing to act, any two Members may summon a general meeting for the purpose of appointing Directors. Any additional Director so appointed
shall hold office (subject to these Articles) only until the dissolution of the annual general meeting next following such appointment
unless he is re-elected during such meeting.

**Appointments to office**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 The Directors may appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as chairman of the Board;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any other executive office,

for such period, and on such terms, including as to remuneration as they think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 The appointee must consent in writing to holding that office.

16.6 Where a chairman is appointed he shall, unless unable to do so, preside at every meeting of Directors.

16.7 If there is no chairman, or if the chairman is unable to preside at a meeting, that meeting may select
its own chairman; or the Directors may nominate one of their number to act in place of the chairman should he ever not be available.

16.8 Subject to the provisions of the Act, the Directors may also appoint and remove any person, who need not
be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the Directors decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.9 The Secretary or Officer must consent in writing to holding that office.

16.10 A Director, Secretary or other Officer of the Company may not the hold the office, or perform the services,
of auditor.

**Provisions for employees**

16.11 The Board may make provision for the benefit of any persons employed or formerly employed by the Company
or any of its subsidiary undertakings (or any member of his family or any person who is dependent on him) in connection with the cessation
or the transfer to any person of the whole or part of the undertaking of the Company or any of its subsidiary undertakings.

**Exercise of voting rights**

16.12 The Board may exercise the voting power conferred by the Shares in any body corporate held or owned by
the Company in such manner in all respects as it thinks fit (including, without limitation, the exercise of that power in favour of any
resolution appointing any Director as a Director of such body corporate, or voting
or providing for the payment of remuneration to the Directors of such body corporate).

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**Remuneration**

16.13 Every Director may be remunerated by the Company for the services he provides for the benefit of the Company,
whether as Director, employee or otherwise, and shall be entitled to be paid for the expenses incurred in the Company's business including
attendance at Directors' meetings.

16.14 Until otherwise determined by the Company by Ordinary Resolution, the Directors (other than alternate
Directors) shall be entitled to such remuneration by way of fees for their services in the office of Director as the Directors may determine.

16.15 Remuneration may take any form and may include arrangements to pay pensions, health insurance, death or
sickness benefits, whether to the Director or to any other person connected to or related to him.

16.16 Unless his fellow Directors determine otherwise, a Director is not accountable to the Company for remuneration
or other benefits received from any other company which is in the same group as the Company or which has common shareholdings.

**Disclosure of information**

16.17 Subject to compliance with applicable laws, including the applicable federal securities laws of the United
States, the Directors may release or disclose to a third party any information regarding the affairs of the Company, including any information
contained in the Register of Members relating to a Member, (and they may authorise any Director, Officer or other authorised agent of
the Company to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company or that person, as the case may be, is lawfully required to do so under the laws of any jurisdiction to which the Company
is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such disclosure is in compliance with the Designated Stock Exchange Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Directors are of the opinion such disclosure would assist or facilitate the Company's operations.

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17 Delegation of powers

**Power to delegate any of the Directors' powers to a committee**

17.1 The Directors may delegate any of their powers to any committee consisting of one or more persons who need not be Members. Persons
on the committee may include non-Directors so long as the majority of those persons are Directors. For so long as Shares are listed on
a Designated Stock Exchange, any such committee shall be made up of such number of Independent Directors as required from time to time
by the Designated Stock Exchange Rules or otherwise required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 The delegation may be collateral with, or to the exclusion of, the Directors' own powers.

17.3 The delegation may be on such terms as the Directors think fit, including provision for the committee
itself to delegate to a sub-committee; save that any delegation must be capable of being revoked or altered by the Directors at will.

17.4 Unless otherwise permitted by the Directors, a committee must follow the procedures prescribed for the
taking of decisions by Directors.

17.5 For so long as the Shares are listed on a Designated Stock Exchange, the Board shall, if required by the
Designated Stock Exchange Rules, establish an audit committee, a compensation committee and a nominating and corporate governance committee.
Each of these committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in these Articles.
Each of the audit committee, compensation committee and nominating and corporate governance committee shall consist of at least three
Directors (or such larger minimum number as may be required from time to time by the Designated Stock Exchange Rules). The committees
shall be made up of such number of Independent Directors as required from time to time by the Designated Stock Exchange Rules or otherwise
required by applicable law, subject to any exemptions permitted under the Designated Stock Exchange Rules and other applicable laws.

**Local boards**

17.6 The Board may establish any local or divisional board or agency for managing any of the affairs of the
Company whether in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or divisional Board, or to be
managers or agents, and may fix their remuneration.

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17.7 The Board may delegate to any local or divisional board, manager or agent any of its powers and authorities
(with power to sub-delegate) and may authorise the members of any local or divisional board or any of them to fill any vacancies and to
act notwithstanding vacancies.

17.8 Any appointment or delegation under this Article 17.8 may be made on such terms and subject to such conditions
as the Board thinks fit and the Board may remove any person so appointed, and may revoke or vary any delegation.

**Power to appoint an agent of the Company**

17.9 The Directors may appoint any person, either generally or in respect of any specific matter, to be the
agent of the Company with or without authority for that person to delegate all or any of that person's powers. The Directors may make
that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by causing the Company to enter into a power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.10 The Directors may appoint any person, whether nominated directly or indirectly by the Directors, to be
the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to such conditions

as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the Directors under these Articles. The Directors may do so by power of attorney or any other manner they think fit.

17.11 Any power of attorney or other appointment may contain such provision for the protection and convenience
for persons dealing with the attorney or authorised signatory as the Directors think fit. Any power of attorney or other appointment may
also authorise the attorney or authorised signatory to delegate all or any of the powers, authorities and discretions vested in that person.

17.12 The Board may remove any person appointed under Article 17.10 and may revoke or vary the delegation.

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**Borrowing Powers**

17.13 The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its
undertaking, property and assets both present and future and uncalled capital, or any part thereof, and to issue debentures and other
securities, whether outright or as collateral security for any debt, liability or obligation of the Company or its parent undertaking
(if any) or any subsidiary undertaking of the Company or of any third party.

**Corporate Governance**

17.14 The Board may, from time to time, and except as required by applicable law or the Designated Stock Exchange
Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the Company, which shall be intended
to set forth the guiding principles and policies of the Company and the Board on various corporate governance related matters as the Board
shall determine by resolution from time to time.

18 Meetings of Directors

**Regulation of Directors' meetings**

18.1 Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think
fit.

**Calling meetings**

18.2 Any Director may call a meeting of Directors at any time. The Secretary must call a meeting of the Directors
if requested to do so by a Director.

**Notice of meetings**

18.3 Notice of a Board meeting may be given to a Director personally or by word of mouth or given in writing
or by Electronic communications at such address as he may from time to time specify for this purpose (or, if he does not specify an address,
at his last known address). A Director may waive his right to receive notice of any meeting either prospectively or retrospectively.

**Use of technology**

18.4 A Director may participate in a meeting of Directors through the medium of conference telephone, video
or any other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each other
throughout the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 A Director participating in this way is deemed to be present in person at the meeting.

**Quorum**

18.6 The quorum for the transaction of business at a meeting of Directors shall be two unless the Directors
fix some other number.

**Chairman or deputy to preside**

18.7 The Board may appoint a chairman and one or more deputy chairman or chairmen and may at any time revoke
any such appointment.

18.8 The chairman, or failing him any deputy chairman (the longest in office taking precedence if more than
one is present), shall preside at all Board meetings. If no chairman or deputy chairman has been appointed, or if he is not present within
five minutes after the time fixed for holding the meeting, or is unwilling to act as chairman of the meeting, the Directors present shall
choose one of their number to act as chairman of the meeting.

**Voting**

18.9 A question which arises at a Board meeting shall be decided by a majority of votes. If votes are equal
the chairman may, if he wishes, exercise a casting vote.

**Recording of dissent**

18.10 A Director present at a meeting of Directors shall be presumed to have assented to any action taken at
that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he has forwarded to the Company as soon as practical following the conclusion of that meeting signed dissent.

A Director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.11 The Directors may pass a resolution in writing without holding a meeting if all Directors sign a document
or sign several documents in the like form each signed by one or more of those Directors.

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18.12 A written resolution signed by a validly appointed alternate Director need not also be signed by the appointing
Director.

18.13 A written resolution signed personally by the appointing Director need not also be signed by his alternate.

18.14 A resolution in writing passed pursuant to Article 18.11, Article 18.12 and/or Article 18.13 shall be
as effective as if it had been passed at a meeting of the Directors duly convened and held; and it shall be treated as having been passed
on the day and at the time that the last Director signs (and for the avoidance of doubt, such day may or may not be a Business Day).

**Validity of acts of Directors in spite of formal defect**

18.15 All acts done by a meeting of the Board, or of a committee of the Board, or by any person acting as a
Director or an alternate Director, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate Director or member of the committee, or that any of them were disqualified or had vacated office or were
not entitled to vote, be as valid as if every such person had been duly appointed and qualified and had continued to be a Director or
alternate Director and had been entitled to vote.

19 Permissible Directors' interests and disclosure

19.1 A Director who is in any way, whether directly or indirectly, interested in a contract or transaction
or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of the 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. Subject to the Designated Stock Exchange Rules 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 provided the Director discloses to his fellow directors the nature and extent of any
material interests in respect of any contract or transaction or proposed contract or transaction 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.

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| 20 | Minutes |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 The Company shall cause minutes to be made in books of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of Officers and committees made by the Board and of any such Officer's remuneration;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of Directors present at every meeting of the Directors, a committee of the Board, the Company
or the holders of any class of shares or debentures, and all orders, resolutions and proceedings of such meetings.

20.2 Any such minutes, if purporting to be signed by the chairman of the meeting at which the proceedings were
held or by the chairman of the next succeeding meeting or the Secretary, shall be prima facie evidence of the matters stated in them.

21 Accounts and audit

21.1 The Directors must ensure that proper accounting and other records are kept, and that accounts and associated
reports are distributed in accordance with the requirements of the Act.

21.2 The books of account shall be kept at the registered office of the Company and shall always be open to
inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any account or book or document of the
Company except as conferred by the Act or as authorised by the Directors or by Ordinary Resolution.

21.3 Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in
each year and begin on 1 January in each year.

**Auditors**

21.4 The Directors may appoint an Auditor of the Company who shall hold office on such terms as the Directors
determine.

21.5 At any general meeting convened and held at any time in accordance with these Articles, the Members may,
by Ordinary Resolution, remove the Auditor before the expiration of his term of office. If they do so, the Members shall, by Ordinary
Resolution, at that meeting appoint another Auditor in his stead for the remainder of his term.

21.6 The Auditors shall examine such books, accounts and vouchers; as may be necessary for the performance
of their duties.

21.7 The Auditors shall, if so requested by the Directors, make a report on the accounts of the Company during
their tenure of office at the next annual general meeting following their appointment, and at any time during their term of office, upon
request of the Directors or any general meeting of the Company.

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22 Record dates

22.1 Except to the extent of any conflicting rights attached to Shares, the resolution declaring a dividend
on Shares of any class, whether it be an Ordinary Resolution of the Members or a Director's resolution, may specify that the dividend
is payable or distributable to the persons registered as the holders of those Shares at the close of business on a particular date, notwithstanding
that the date may be a date prior to that on which the resolution is passed.

22.2 If the resolution does so specify, the dividend shall be payable or distributable to the persons registered
as the holders of those Shares at the close of business on the specified date in accordance with their respective holdings so registered,
but without prejudice to the rights *inter se* in respect of the dividend of transferors and transferees of any of those Shares.

22.3 The provisions of this Article apply, *mutatis mutandis*, to bonuses, capitalisation issues, distributions of realised capital
profits or offers or grants made by the Company to the Members.

23 Dividends

**Source of dividends**

23.1 Dividends may be declared and paid out of any funds of the Company lawfully available for distribution.

23.2 Subject to the requirements of the Act regarding the application of a company's Share premium account
and with the sanction of an Ordinary Resolution, dividends may also be declared and paid out of any share premium account.

**Declaration of dividends by Members**

23.3 Subject to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in accordance
with the respective rights of the Members but no dividend shall exceed the amount recommended by the Directors.

**Payment of interim dividends and declaration of final dividends by Directors**

23.4 The Directors may declare and pay interim dividends or recommend final dividends in accordance with the
respective rights of the Members if it appears to them that they are justified by the financial position of the Company and that such
dividends may lawfully be paid.

23.5 Subject to the provisions of the Act, in relation to the distinction between interim dividends and final dividends, the following
applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon determination to pay a dividend or dividends described as interim by the Directors in the dividend

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon declaration of a dividend or dividends described as final by the Directors in the dividend resolution,
a debt shall be created immediately following the declaration, the due date to be the date the dividend is stated to be payable in the
resolution.

If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

23.6 In relation to Shares carrying differing rights to dividends or rights to dividends at a fixed rate, the
following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the share capital is divided into different classes, the Directors may pay dividends on Shares which
confer deferred or non-preferred rights with regard to dividends as well as on Shares which confer preferential rights with regard to
dividends but no dividend shall be paid on Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential
dividend is in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also pay, at intervals settled by them, any dividend payable at a fixed rate if it appears
to them that there are sufficient funds of the Company lawfully available for distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Directors act in good faith, they shall not incur any liability to the Members holding Shares conferring
preferred rights for any loss those Members may suffer by the lawful payment of the dividend on any Shares having deferred or non-preferred
rights.

**Apportionment of dividends**

23.7 Except as otherwise provided by the rights attached to Shares all dividends shall be declared and paid
according to the amounts Paid Up on the Shares on which the dividend is paid. All dividends shall be apportioned and paid proportionately
to the amount Paid Up on the Shares during the time or part of the time in respect of which the dividend is paid. But if a Share is issued
on terms providing that it shall rank for dividend as from a particular date, that Share shall rank for dividend accordingly.

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**Right of set off**

23.8 The Directors may deduct from a dividend or any other amount payable to a person in respect of a Share
any amount due by that person to the Company on a call or otherwise in relation to a Share.

**Power to pay other than in cash**

23.9 If the Directors so determine, any resolution declaring a dividend may direct that it shall be satisfied
wholly or partly by the distribution of assets. If a difficulty arises in relation to the distribution, the Directors may settle that
difficulty in any way they consider appropriate. For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix the value of assets for distribution and make cash payments to some Members on the footing of the value so fixed in order to adjust
the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest some assets in trustees.

**How payments may be made**

23.10 A dividend or other monies payable on or in respect of a Share may be paid in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Member holding that Share or other person entitled to that Share nominates a bank account for that purpose - by wire transfer
to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by cheque or warrant sent by post to the registered address of the Member holding that Share or other person entitled to that Share.

23.11 For the purposes of Article 23.10(a), the nomination may be in writing or in an Electronic Record and
the bank account nominated may be the bank account of another person. For the purposes of Article 23.10(b), subject to any applicable
law or regulation, the cheque or warrant shall be made to the order of the Member holding that Share or other person entitled to the Share
or to his nominee, whether nominated in writing or in an Electronic Record, and payment of the cheque or warrant shall be a good discharge
to the Company.

23.12 If two or more persons are registered as the holders of the Share or are jointly entitled to it by reason
of the death or bankruptcy of the registered holder (**Joint Holders**), a dividend (or other amount) payable on or in respect of that
Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the registered address of the Joint Holder of the Share who is named first on the Register of Members
or to the registered address of the deceased or bankrupt holder, as the case may be; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the address or bank account of another person nominated by the Joint Holders, whether that nomination
is in writing or in an Electronic Record.

23.13 Any Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable in respect
of that Share.

**Dividends or other monies not to bear interest in absence of special rights**

23.14 Unless provided for by the rights attached to a Share, no dividend or other monies payable by the Company
in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

23.15 If a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared or
both, the Directors may pay it into a separate account in the Company's name. If a dividend is paid into a separate account, the Company
shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member.

23.16 A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited
to, and shall cease to remain owing by, the Company.

24 Capitalisation of profits

**Capitalisation of profits or of any share premium account or capital redemption reserve;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 The Directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any part of the Company's profits not required for paying any preferential dividend (whether or not those
profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any sum standing to the credit of the Company's share premium account or capital redemption reserve, if
any.

24.2 The amount resolved to be capitalised must be appropriated to the Members who would have been entitled
to it had it been distributed by way of dividend and in the same proportions. The benefit to each Member so entitled must be given in
either or both of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by paying up the amounts unpaid on that Member's Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by issuing Fully Paid Up Shares, debentures or other securities of the Company to that Member or as that
Member directs. The Directors may resolve that any Shares issued to the Member in respect of Partly Paid Up Shares (**Original Shares**)
rank for dividend only to the extent that the Original Shares rank for dividend while those Original Shares remain Partly Paid Up.

**Applying an amount for the benefit of Members**

24.3 The amount capitalised must be applied to the benefit of Members in the proportions to which the Members
would have been entitled to dividends if the amount capitalised had been distributed as a dividend.

24.4 Subject to the Act, if a fraction of a Share, a debenture or other security is allocated to a Member,
the Directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction.

25 Share Premium Account

**Directors to maintain share premium account**

25.1 The Directors shall establish a share premium account in accordance with the Act. They shall carry to
the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital
contributed or such other amounts required by the Act.

**Debits to share premium account**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 The following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a Share, the difference between the nominal value of that Share and the
redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted by the Act.

25.3 Notwithstanding the preceding Article, on the redemption or purchase of a Share, the Directors may pay
the difference between the nominal value of that Share and the redemption purchase price out of the profits of the Company or, as permitted
by the Act, out of capital.

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| 26 | Seal |

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**Company seal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 The Company may have a seal if the Directors so determine.

**Duplicate seal**

26.2 Subject to the provisions of the Act, the Company may also have a duplicate seal or seals for use in any
place or places outside the Cayman Islands. Each duplicate seal shall be a facsimile of the original seal of the Company. However, if
the Directors so determine, a duplicate seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

26.3 A seal may only be used by the authority of the Directors. Unless the Directors otherwise determine, a
document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate).

**If no seal is adopted or used**

26.4 If the Directors do not adopt a seal, or a seal is not used, a document may be executed in the following
manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.5 The Directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the seal or a duplicate seal need not be affixed manually but may be affixed by some other method or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a signature required by these Articles need not be manual but may be a mechanical or Electronic Signature.

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**Validity of execution**

26.6 If a document is duly executed and delivered by or on behalf of the Company, it shall not be regarded
as invalid merely because, at the date of the delivery, the Secretary, or the Director, or other Officer or person who signed the document
or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that office and authority on behalf of the Company.

27 Indemnity

27.1 To the extent permitted by law, the Company shall indemnify each existing or former Director (including
alternate Director), Secretary and other Officer of the Company (including an investment adviser or an administrator or liquidator) and
their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by the existing or former Director (including alternate Director), Secretary or Officer in or about the conduct of the Company's business
or affairs or in the execution or discharge of the existing or former Director's (including alternate Director's), Secretary's or Officer's
duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
or former Director (including alternate Director), Secretary or Officer in defending (whether successfully or otherwise) any civil, criminal,
administrative or investigative proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court
or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

27.2 To the extent permitted by Act, the Company may make a payment, or agree to make a payment, whether by
way of advance, loan or otherwise, for any legal costs incurred by an existing or former Director (including alternate Director), Secretary
or Officer of the Company in respect of any matter identified in Article 27.1 on condition that the Director (including alternate Director),
Secretary or Officer must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Director
(including alternate Director), Secretary or that Officer for those legal costs.

---

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---

**Release**

27.3 To the extent permitted by Act, the Company may by Special Resolution release any existing or former Director
(including alternate Director), Secretary or other Officer of the Company from liability for any loss or damage or right to compensation
which may arise out of or in connection with the execution or discharge of the duties, powers, authorities or discretions of his office;
but there may be no release from liability arising out of or in connection with that person's own dishonesty.

**Insurance**

27.4 To the extent permitted by Act, the Company may pay, or agree to pay, a premium in respect of a contract
insuring each of the following persons against risks determined by the Directors, other than liability arising out of that person's own
dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an existing or former Director (including alternate Director), Secretary or Officer or auditor of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trustee of an employee or retirement benefits scheme or other trust in which any of the persons referred to in paragraph (a) is
or was interested.

---

| | |
|:---|:---|
| 28 | Notices |

---

**Form of notices**

28.1 Save where these Articles provide otherwise, and subject to the Designated Stock Exchange Rules, any notice to be given to or by any
person pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by or on behalf of the giver in the manner set out below for written notices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
Signature and authenticated in accordance with Articles about authentication of Electronic Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where these Articles expressly permit, by the Company by means of a website.

---

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---

**Electronic communications**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 A notice may only be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so resolve or otherwise accept the notice; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Director or Officer provides the giver of the notice an electronic address to which the notice may
be sent and a notice is sent to that address within a reasonable period of time.

28.3 A notice may not be given by Electronic Record to a person other than the Company unless the recipient
has provided the giver of the notice with an Electronic address to which notice may be sent.

28.4 Subject to the Act, the Designated Stock Exchange Rules and to any other rules which the Company is bound
to follow, the Company may also send any notice or other document pursuant to these Articles to a Member by publishing that notice or
other document on a website where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and the Member have agreed to his having access to the notice or document on a website (instead
of it being sent to him);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the notice or document is one to which that agreement applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Member is notified (in accordance with any requirements laid down by the Act and, in a manner for
the time being agreed between him and the Company for the purpose) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the publication of the notice or document on a website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the address of that website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the place on that website where the notice or document may be accessed, and how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the notice or document is published on that website throughout the publication period, provided
 that, if the notice or document is published on that website for a part, but not all of, the publication period, the notice or
 document shall be treated as being published throughout that period if the failure to publish that notice of document throughout
 that period is wholly attributable to circumstances which it would not be
reasonable to have expected the Company to prevent or avoid. For the purposes of this Article 28.4 "publication period" means
a period of not less than twenty-one days, beginning on the day on which the notification referred to in Article 28.4(c) is deemed sent.

---

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---

**Persons entitled to notices**

28.5 Any notice or other document to be given to a Member may be given by reference to the Register of Members
as it stands at any time within the period of twenty-one days before the day that the notice is given or (where and as applicable) within
any other period permitted by, or in accordance with the requirements of, (to the extent applicable) the Designated Stock Exchange Rules
and/or the Designated Stock Exchanges. No change in the Register of Members after that time shall invalidate the giving of such notice
or document or require the Company to give such item to any other person.

**Persons authorised to give notices**

28.6 A notice by either the Company or a Member pursuant to these Articles may be given on behalf of the Company
or a Member by a Director or company secretary of the Company ora Member.

**Delivery of written notices**

28.7 Save where these Articles provide otherwise, a notice in writing may be given personally to the recipient,
or left at (as appropriate) the Member's or Director's registered address or the Company's registered office, or posted to that registered
address or registered office.

**Joint holders**

28.8 Where Members are joint holders of a Share, all notices shall be given to the Member whose name first
appears in the Register of Members.

**Signatures**

28.9 A written notice shall be signed when it is autographed by or on behalf of the giver, or is marked in
such a way as to indicate its execution or adoption by the giver.

28.10 An Electronic Record may be signed by an Electronic Signature.

---

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---

**Evidence of transmission**

28.11 A notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
the time, date and content of the transmission, and if no notification of failure to transmit is received by the giver.

28.12 A notice given in writing shall be deemed sent if the giver can provide proof that the envelope containing
the notice was properly addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted to the recipient.

28.13 A Member present, either in person or by proxy, at any meeting of the Company or of the holders of any
class of Shares shall be deemed to have received due notice of the meeting and, where requisite, of the purposes for which it was called.

**Giving notice to a deceased or bankrupt Member**

28.14 A notice may be given by the Company to the persons entitled to a Share in consequence of the death or
bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Member, addressed
to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like description, at the address,
if any, supplied for that purpose by the persons claiming to be so entitled.

28.15 Until such an address has been supplied, a notice may be given in any manner in which it might have been
given if the death or bankruptcy had not occurred.

**Date of giving notices**

28.16 A notice is given on the date identified in the following table

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Method for giving notices** | &nbsp;&nbsp;**When taken to be given** |
| &nbsp;&nbsp;(A) Personally | &nbsp;&nbsp;At the time and date of delivery |
| (B) By leaving it at the Member's registered address | &nbsp;&nbsp;At the time and date it was left |
| (C) By posting it by prepaid post to the street or postal address of that recipient | &nbsp;&nbsp;48 hours after the date it was posted |
| (D) By Electronic Record (other than publication on a website), to recipient's Electronic address | &nbsp;&nbsp;48 hours after the date it was sent |
| &nbsp;&nbsp;(E) By publication on a website | &nbsp;&nbsp; 24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the website |

---

---

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---

**Saving provision**

28.17 None of the preceding notice provisions shall derogate from the Articles about the delivery of written
resolutions of Directors and written resolutions of Members.

29 Authentication of Electronic Records

**Application of Articles**

29.1 Without limitation to any other provision of these Articles, any notice, written resolution or other document
under these Articles that is sent by Electronic means by a Member, or by the Secretary, or by a Director or other Officer of the Company,
shall be deemed to be authentic if either Article 29.2 or Article 29.4 applies.

**Authentication of documents sent by Members by Electronic means**

29.2 An Electronic Record of a notice, written resolution or other document sent by Electronic means by or
on behalf of one or more Members shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
that Member to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

29.3 For example, where a sole Member signs a resolution and sends the Electronic Record of the original resolution,
or causes it to be sent, by facsimile transmission to the address in these Articles specified for that purpose, the facsimile copy shall
be deemed to be the written resolution of that Member unless Article 29.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

29.4 An Electronic Record of a notice, written resolution or other document sent by or on behalf of the Secretary
or an Officer or Officers of the Company shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Secretary or the Officer or each Officer, as the case may be, signed the original document, and for
this purpose **Original Document** includes several documents in like form signed by the Secretary or one or more of those Officers;
and

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
the Secretary or that Officer to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

29.5 For example, where a sole Director signs a resolution and scans the resolution, or causes it to be scanned,
as a PDF version which is attached to an email sent to the address in these Articles specified for that purpose, the PDF version shall
be deemed to be the written resolution of that Director unless Article 29.7 applies.

**Manner of signing**

29.6 For the purposes of these Articles about the authentication of Electronic Records, a document will be
taken to be signed if it is signed manually or in any other manner permitted by these Articles.

**Saving provision**

29.7 A notice, written resolution or other document under these Articles will not be deemed to be authentic
if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes that the signature of the signatory has been altered after the signatory had signed the original
document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes that the original document, or the Electronic Record of it, was altered, without the approval
of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise doubts the authenticity of the Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

---

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30 Transfer by way of continuation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1 The Company may, by Special Resolution, resolve to be registered by way of continuation in a jurisdiction
outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other jurisdiction in which it is, for the time being, incorporated, registered or existing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2 To give effect to any resolution made pursuant to the preceding Article, the Directors may cause the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an application be made to the Registrar of Companies of the Cayman Islands to deregister the Company in
the Cayman Islands or in the other jurisdiction in which it is for the time being incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation
of the Company.

31 Winding up

**Distribution of assets in specie**

31.1 If the Company is wound up the Members may, subject to these Articles and any other sanction required
by the Act, pass a Special Resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the Members the whole or any part of the assets of the Company and, for that
purpose, to value any assets and to determine how the division shall be carried out as between the Members or different classes of Members;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees for the benefit of Members and those liable to
contribute to the winding up.

**No obligation to accept liability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 No Member shall be compelled to accept any assets if an obligation attaches to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.3 The Directors are authorised to present a winding up petition

---

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---

31.4 The Directors have the authority to present a petition for the winding up of the Company to the Grand
Court of the Cayman Islands on behalf of the Company without the sanction of a resolution passed at a general meeting.

32 Amendment of Memorandum and Articles

**Power to change name or amend Memorandum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 Subject to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change the provisions of its Memorandum with respect to its objects, powers or any other matter specified in the Memorandum.

**Power to amend these Articles**

32.2 Subject to the Act and as provided in these Articles, the Company may, by Special Resolution, amend these
Articles in whole or in part.

---

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---

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | |
|:---|:---|
| **Red Wisdom Creation Limited** | **D** **+852 3656 6054** |
| **Red Wisdom Creation Limited** | **E** **nathan.powell@ogier.com** |
| **Red Wisdom Creation Limited** | **D** **+852 3656 6023** |
| **Red Wisdom Creation Limited** | **E** **janice.chu@ogier.com** |
| **Red Wisdom Creation Limited** |  |
| **Red Wisdom Creation Limited** | Reference: NMP/JTC/513962.00001 |
| **Red Wisdom Creation Limited** |  |

---

16 January 2026

Dear Sirs

**Red Wisdom Creation Limited (the Company)**

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the **Registration Statement**), as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended (the **Securities Act**). The Registration Statement relates to the offering (the **Offering**) of 3,750,000 Class A Ordinary Shares (as defined in below) (the **Public Offering Shares**), together with an underwriter's over-allotment option for a period of 45 days from the date of the closing of the Offering for the underwriters to purchase additional Class A Ordinary Shares in the amount representing fifteen percent (15%) of the Public Offering Shares sold in the Offering (collectively, the **IPO Shares**) to cover over-allotments (if any).

We are furnishing this opinion as Exhibit 5.1, Exhibit 8.1 and Exhibit 23.2 to the Registration Statement.

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

1 Documents examined

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the certificate of incorporation of the Company dated 12 February 2025 issued by the Registrar of Companies
of the Cayman Islands (the **Registrar**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the memorandum and articles of association of the Company as adopted on incorporation;

---

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

---

Page **2** of **5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amended and restated memorandum and articles of association of the Company as adopted by special resolutions
passed on 5 July 2025 (the **Memorandum and Articles**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate of incumbency dated 14 January 2026 issued by the registered office provider of the Company
in respect of the Company (the **Certificate of Incumbency**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the register of directors of the Company as provided to us on 14 January 2026 (the **Register of Directors**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the register of members of the Company as provided to us on 14 January 2026 (the **Register of Members**,
together with the Register of Directors, the **Registers**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a copy of the written resolutions of the sole director of the Company dated 1 August 2025 and 14 January
2026 approving among others, the Company's filing of the Registration Statement and issuance of the IPO Shares (the **Board Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a certificate dated 16 January 2026 as to certain matters of fact signed by the sole director of the Company
(the **Director's Certificate**); and

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

2 Assumptions

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each of the Certificate of Incumbency, the Director's Certificate and the Registers is accurate and complete
as at the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all copies of memorandum and articles of association of the Company provided to us are in full force and
effect at relevant time and have not been amended, varied, supplemented or revoked in any respect; and the Memorandum and Articles will
continue to be in full force and effect upon closing of the Offering;

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

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

Page **3** of **5**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company is, and after the allotment and issuance of the IPO Shares will be, able to pay its liabilities
as they fall due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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.

---

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

---

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

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has been duly incorporated as an exempted company with limited liability and is validly existing
and in good standing with the Registrar.

**Authorised share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The authorised share capital of the Company is US$50,000 divided into 490,000,000 class A ordinary shares
of par value US$0.0001 each (the **Class A Ordinary Shares**) and 10,000,000 class B ordinary shares of par value US$0.0001 each (the **Class B Ordinary Shares**).

**Corporate authorisation**

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

**Valid issuance of IPO Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The IPO Shares to be offered and issued by the Company as contemplated by the Registration Statement have
been duly authorised for issue and when:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such issuance of IPO Shares have been duly registered in the Company's register of members as fully paid
shares, will be validly issued,
fully paid and non-assessable.

Page **4** of **5**

**Registration Statement - Taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The statements contained in the Registration Statement in the section headed "*Cayman Islands Taxation* ", in so far as they purport to summarise the laws or regulations of the Cayman Islands, are accurate in all material
respects and that such statements constitute our opinion.

4 Limitations and Qualifications

4.1 We offer no opinion:

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

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

4.2 Under the Companies Act (Revised) (**Companies Act**) of the Cayman Islands annual returns in respect
of the Company must be filed with the Registrar of Companies in the Cayman Islands, together with payment of annual filing fees. A failure
to file annual returns and pay annual filing fees may result in the Company being struck off the Register of Companies, following which
its assets will be vest in the Financial Secretary of the Cayman Islands and will be subject to disposition or retention for the benefit
of the public of the Cayman Islands.

4.3 In **good standing** means only that as of the date of this opinion the Company is up-to-date with
the filing of its annual returns and payment of annual fees with the Registrar of Companies. We have made no enquiries into the Company's
good standing with respect to any filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands
other than the Companies Act.

5 Governing law of this opinion

5.1 This opinion is:

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

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

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

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

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

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

---

6.1 We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the
reference to our firm under the headings "*Risk Factors* ", "*Enforcement of Civil Liabilities* ", "*Taxation* "
and "*Legal Matters*" of the Registration Statement. In giving such consent, we do not believe that we are "experts"
within the meaning of such term used in the Securities Act or the rules and regulations of the Commission issued thereunder with respect
to any part of the Registration Statement, including this opinion as an exhibit or otherwise.

6.2 This opinion may be used only in connection with the offer and sale of the IPO Shares and while the Registration
Statement is effective.

Yours faithfully

![](ex5-1_002.jpg)

**Ogier**

## Exhibit 10.1

**Exhibit 10.1**

**<u>DIRECTOR APPOINTMENT AGREEMENT</u>**

**THIS DIRECTOR APPOINTMENT AGREEMENT** (this "**Agreement**"), dated as of February 12, 2025 is by and between **Red Wisdom Creation Limited**, a company registered and incorporated in the Cayman Islands (the "**Company**"), and CHEN QIU, an individual (the "**Director**").

**<u>AGREEMENT</u>**

1 Appointment

1.1 The Director was appointed as director on February 12, 2025
and is hereby appointed as the chief executive officer / chairman of the board of directors of the Company. This Agreement will become
effective immediately prior to the effectiveness of our registration statement for the initial public offering of Class A ordinary shares
of the Company (the "**Effective Date**") and serves to regulate the employment relationship between the Company and the
Director from the Effective Date. For the avoidance of doubt, this Agreement shall not affect the effectiveness of the appointment of
the Director on February 12, 2025.

1.2 Subject to the remaining provisions of this Agreement, the term
of such appointment shall commence from the Effective Date and shall continue until the Director's successor is duly elected or
appointed and qualified or until the Director's earlier death, disqualification, resignation or removal from office, pursuant to
the terms of this Agreement, the Company's then current memorandum and articles of association (the "**Memorandum and Articles** "),
as may be amended from time to time, or any applicable laws, rules, or regulations (the "**Expiration Date** "). In the
event that the Director's successor has not been duly elected or appointed as of the Expiration Date, the Director agrees to continue
to serve hereunder until such successor has been duly elected or appointed and qualified.

1.3 The Company may terminate the appointment of the Director with immediate effect,
without advance notice or remuneration, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commits a material breach of his obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commits any serious or repeated breach or non-observance of
his obligations to the Company (which includes an obligation not to breach his duties to the Company, whether statutory, fiduciary or
common law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is guilty of any negligence, fraud or dishonesty or have acted
in a manner which, in the opinion of the Company acting reasonably, brings or is likely to bring the Director or the Company and its
subsidiaries (the "**Group**") into disrepute or is materially adverse to the interests of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is convicted of any arrestable criminal offence other than
an offence under road traffic legislation anywhere in the world for which a fine or non-custodial penalty is imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is restricted or disqualified from acting as a director of
any company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the opinion of the majority of the board of directors of
the Company (the "**Board** "), becomes incapable by reason of mental disorder of discharging his duties as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) has been absent for more than six consecutive months without
permission of the Board from meetings of the directors held during that period and his alternate director (if any) will not have attended
any such meeting in his place during such period and all of his co-directors pass a resolution that by reason of such absence the Director
has vacated his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) is required in writing (whether in electronic form or otherwise)
by all his co-directors to resign; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has not complied with the Company's anti-corruption
and bribery policy and procedures or any applicable bribery or corruption legislation.

1.4 The Company may also terminate the employment of the Director without cause upon thirty (30) days'
advance notice in writing.

1.5 The Director may resign in accordance to the Memorandum and Articles.

1.6 The Director agrees hold office for the term as stipulated in the Memorandum and Articles.

---

| | |
|:---|:---|
| **2** | **Role and Duties** |

---

2.1 The Director shall exercise all powers in good faith and in the best interests of
the Group, including but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests
and affairs of the Company in the discharge of duties of his office as a director and chief executive officer of the Company and, where
relevant, as an officer of such other members of the Group as are necessary for the proper and efficient administration, supervision,
and management of the strategic planning, corporate management and business development of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faithfully and diligently perform such duties and exercise
such powers as are consistent with his office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the discharge of such duties and in the exercise of such
powers observe and comply with all reasonable and lawful resolutions, instructions, regulations and directions from time to time passed,
made or given by the Board according to the best of his skills and ability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) perform such services for the Group and (without further remuneration
unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are
consistent with his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at all times keep the Board promptly and fully informed (in
writing if so requested) in connection with the performance of such powers and duties and provide such explanations as the Board may
require in connection with his office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) act in accordance with his powers and obligations as an director
and chief executive officer of the Company and use his best endeavours to comply with and to cause the Company to comply with (i) this
Agreement; (ii) every rule or law applicable to any member of the Group, whether in the United States, Hong Kong, or elsewhere; (iii)
the Nasdaq Stock Market Rules; (iv) amended and restated Memorandum and Articles; (v) shareholders' and board resolutions of the
Company; (vi) the United States Securities Act of 1933; and (vii) all other relevant securities regulations, rules, instructions and
guidelines as issued by the relevant regulatory authorities from time to time, in relation to dealings in shares or other securities
of the Company or any other member of the Group, and in relation to insider information or unpublished inside information affecting the
shares, debentures or other securities of any member of the Group.

2.2 The Director shall carry out his duties and exercise his powers jointly with any
other executive officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may
at any time require the Director to cease performing any of his duties or exercising any of his power under this Agreement.

2.3 The Director agrees to abide by and follow all such procedures set forth in the Company's code of
business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or
document governing the conduct of directors of the Company as may be in existence now or at any time during the term of this Agreement.

2.4 In the event that the Director has a direct or indirect financial or personal interest in a contract or
transaction to which the Company is a party, or the Director is contemplating entering into a transaction that involves use of corporate
assets or competition against the Company, the Director shall promptly disclose such potential conflict to the applicable Board committee
or the Board and proceed as directed by such committee or the Board, as applicable. The Director acknowledges the duty of loyalty and
the duty of care owed to the Company pursuant to applicable law
and agrees to act in all cases in accordance with applicable law.

2.5 Whenever the Director becomes aware of a business opportunity related to the Company's
business, which one could reasonably expect the Director to make available to the Company, the Director shall promptly disclose such opportunity
to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

2.6 The Director further agrees not to assume employment with or provide services to
any of the Company's competitors, or engage, whether as principal, partner, licensor or otherwise, any of the Company's competitors
without the Company's prior express consent.

2.7 During the term of the employment of the Director and for a period of one (1) year following the last
date of employment of the Director, the Director agrees not to, directly or indirectly, solicit or attempt to solicit any of the Company's
employees, independent contractors, contacts, clients, suppliers, customers or other persons or entities introduced to the Director in
his capacity as a representative of the Company for any purpose whatsoever, including but not limited to offering them employment or services
that compete with the Company's business or may harm the business relationship of the Company with these persons or entities.

2.8 The Director agrees to attend and participate in such number of meetings of the Board and of the Board
committees of which the Director may become a member as regularly or specially called.

3 Fees and Expenses

3.1 Upon the Effective Date and during the term of this Agreement, the Director shall receive a monthly remuneration
of 10,000.00 RMB which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the
Appointment is terminated prior to the end of a calendar month, the Director shall only be entitled to a proportionate part of such salary
in respect of the period of service during the relevant month up to the date of termination ()"**Compensation** "). The Compensation
may be reviewed during the term of this Agreement by the compensation committee of the Board pursuant to its terms of reference after
the Effective Date. Any adjustment of the Compensation shall be recommended by the compensation committee of the Board (when applicable)
and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

3.2 Upon submission of adequate documentation by the Director to the Company, the Director shall be reimbursed
for all reasonable expenses incurred in connection with the Director's positions as a member of the Board and for services as a
member of each committee of the Board to which the Director may be appointed.

4 Confidentiality

4.1 The Director agrees and acknowledges that, by reason of the nature of the Director's duties on the
Board, the Director will have or may have access to and become informed of proprietary, confidential and secret information which is a
competitive asset of the Company (the "**Confidential Information** "), including, without limitation, any lists of customers
or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets
of the Company and any of the foregoing which belong to any person or company but to which the Director has had access by reason of the
Director's relationship with the Company.

4.2 The term "Confidential Information" shall not include information which: (i) is or becomes
generally available to the public other than as a result of a disclosure by the Director or the Director's representatives; or (ii)
is required to be disclosed by the Director due to governmental regulatory or judicial process.

4.3 The Director agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to
make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential
Information.

4.4 The Director acknowledges that all manuals, instruction books, price lists, information and records and
other information and aids relating to the Company's business, and any and all other documents containing Confidential Information
furnished to the Director by the Company or otherwise acquired or developed by the Director, shall at all times be the property of the
Company.

4.5 Upon termination of the Director's services hereunder, the Director shall return to the Company
any such property or documents which are in the Director's possession, custody or control, but this obligation of confidentiality
shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Director,
generally known to the public. The obligations of the Director under this subsection are in addition to, and not in limitation or pre-emption
of, all other obligations of confidentiality which the Director may have to the Company under general legal or equitable principles.

4.6 The Director will notify the Company promptly if the Director is subpoenaed or otherwise served with legal
process in any manner involving the Company. In the event of any claim or litigation against the Company, or any officer, employee, or
director of the Company, based upon any alleged conduct, acts or omissions, the Director will cooperate with the Company and provide to
the Company such information and documents in his possession or control as are necessary and reasonably requested by the Company or its
counsel.

4.7 Nothing in paragraphs 4.1 to 4.6 will prevent the Director from disclosing information which he is entitled
to disclose under any statutory provision, provided that the disclosure is made in accordance with the provisions of such statutory provision.

5 Insurance and Indemnity

5.1 The Company and the Director agree that indemnification with respect to the Director's
service on the Board shall be governed by that certain Indemnification Agreement attached as Exhibit A hereto (the "**Indemnification Agreement** ").

6 Changes to Personal Details

The Director will advise the company secretary of the Company promptly of any change in address or other personal contact details.

7 Withholding

7.1 The Director agrees to cooperate with the Company to take all steps necessary or
appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act
unilaterally in order to comply with such laws.

8 Variation

8.1 No variation or modification of this Agreement will be effective unless it is in writing and signed by
the Director and the Company (or respective authorized representatives). The failure to enforce at any time the provisions of this letter
or to require at any time performance by the other party hereto of any of the provisions hereof shall in no way be construed to be a waiver
of such provisions or to affect either the validity of this letter or any part hereof, or the right of either party hereto to enforce
each and every provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any
provision of this letter to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at that time
or at any prior or subsequent time.

9 Governing Law and Dispute Resolution

9.1 This Agreement shall be binding upon and inure to the benefit of the Company and
its successors and assigns.

9.2 This Agreement shall be construed under the laws of the State of New York, without
application to the principles of conflicts of laws.

10 Entire Agreement

10.1 This Agreement, the Indemnification Agreement and the Offer Letter constitute the entire understanding
between the parties with respect to the Director's service on the Board and there are no prior or contemporaneous written or oral
agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set
forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions
and understandings of the parties hereto and/or their affiliates with respect to the Director's service on the Board. The Director
acknowledges that he has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement.

11 Miscellaneous

11.1 This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original
and all of which together will constitute one and the same instrument.

11.2 The recitals to this Agreement are true and correct and are incorporated herein,
in their entirety, by this reference.

11.3 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall remain in full force and effect.

11.4 The titles and captions of paragraphs and subparagraphs contained in this Agreement
are provided for convenience of reference only and shall not be considered terms or conditions of this Agreement.

[*Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Director Appointment Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Red Wisdom Creation Limited** | **Red Wisdom Creation Limited** |
| By: | /s/ CHEN QIU |
| Name: | CHEN QIU |
| Title: | DIRECTOR |

---

---

| | |
|:---|:---|
| **The Director** | **The Director** |
| Signature: | /s/ CHEN QIU |
| Name: | CHEN QIU |

---

EXHIBIT A

INDEMNIFICATION AGREEMENT

## Exhibit 10.2

**Exhibit 10.2**

**<u>INDEPENDENT DIRECTOR APPOINTMENT AGREEMENT</u>**

**THIS INDEPENDENT DIRECTOR APPOINTMENT AGREEMENT** (this "**Agreement**"), dated as of January 8, 2026, is by and between **Red Wisdom Creation Limited**, a company registered and incorporated in the Cayman Islands (the "**Company**"), and Liao Lingjie, an individual (the "**ID**").

**<u>AGREEMENT</u>**

---

| | |
|:---|:---|
| **1** | **Appointment** |

---

1.1 Subject to the provisions of this Agreement, the ID is hereby
appointed as an independent director of the Company as of the date hereof. Such appointment will become effective immediately prior to
the effectiveness of our registration statement for the initial public offering of Class A ordinary shares of the Company (the "**Effective Date** ").

1.2 The appointment of the ID is subject to the memorandum and articles of association of the Company as is
currently in effect and as may be modified or amended from time to time (the "**Memorandum and Articles** "). Nothing in
this letter will be taken to exclude or vary the terms of the Memorandum and Articles as it applies to the ID as a director of the Company.
Any continued appointment as independent director is subject to election by the Company's shareholders at the annual general meeting
(the "**AGM**") at which either the Memorandum and Articles requires, or the board of directors of the Company (the "**Board** ")
resolves, that the ID stands for re-election.

1.3 The ID agrees hold office for the term as stipulated in the Memorandum and Articles.

1.4 Continuation of service of the ID as a director is also contingent on satisfactory performance, as determined
by the nomination committee of the Board, and any relevant statutory provisions relating to the removal of a director.

1.5 The nomination committee of the Board may nominate the ID to serve for successive
term(s), in its discretion and subject to agreement of the ID and re-election at the AGM in accordance with the Memorandum and Articles.

1.6 The ID may be appointed to serve on one or more committees of the Board. The ID
has been appointed to, and has agreed to serve on, the audit, compensation and nominating and corporate governance committee during the
initial term of service of the ID, which includes all committees to which the ID is being appointed. The committee charters for each of
the committees are included as *Exhibit A* hereto.

1.7 The Company may terminate the appointment of the ID with immediate effect, without advance notice or remuneration,
if the ID:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commits a material breach of his obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commits any serious or repeated breach or non-observance of
his obligations to the Company (which includes an obligation not to breach his duties to the Company, whether statutory, fiduciary or
common law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is guilty of any negligence, fraud or dishonesty or have acted
in a manner which, in the opinion of the Company acting reasonably, brings or is likely to bring the ID or the Company and its subsidiaries
(the "**Group**") into disrepute or is materially adverse to the interests of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is convicted of any arrestable criminal offence other than
an offence under road traffic legislation anywhere in the world for which a fine or non-custodial penalty is imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is restricted or disqualified from acting as a director of
any company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the opinion of the majority of the Board, becomes incapable
by reason of mental disorder of discharging his duties as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) has been absent for more than six consecutive months without
permission of the Board from meetings of the directors held during that period and his alternate director (if any) will not have attended
any such meeting in his place during such period and all of his co-directors pass a resolution that by reason of such absence the ID
has vacated his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) is required in writing (whether in electronic form or otherwise)
by all his co-directors to resign; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has not complied with the Company's anti-corruption
and bribery policy and procedures or any applicable bribery or corruption legislation.

1.8 The Company may also terminate the employment of the ID without cause upon thirty
(30) days' advance notice in writing.

1.9 The ID may resign in accordance to the Memorandum and Articles of the Company.

1.10 On termination of the appointment the ID, the ID will at the request of the Company
resign from his office as a director of the Company.

1.11 The status of the ID during his term of service as a director will be that of an
independent contractor and not an employee of the Company.

2 Obligations as ID

2.1 The ID will be expected to spend a sufficient amount of time as may be necessary for the Board to address
matters relating to the Company's investment policy and the use of funds raised by the Company from time to time and to attend any
meetings of the Board as may be called from time to time. The ID will be expected to devote such time as is necessary for the proper performance
of his duties and the ID should be prepared to attend quarterly board meetings (at which directors will be asked to approve the filing
with the U.S. Securities and Exchange Commission (the "**SEC**") of annual and interim financial statements and the company's
annual report as well as another board meeting called for the purposes of reviewing and approving the Company's budget for the subsequent
year.

2.2 Meetings may involve the ID in some overseas travel, the expenses of which will
be reimbursed by the Company in accordance with normal payroll practices. In addition, the ID will be required to consider all relevant
papers before each meeting. Unless urgent and unavoidable circumstances prevent the ID from doing so, it is expected that the ID will
attend the meetings outlined above.

2.3 The nature of the role makes it impossible to be specific about the maximum time commitment, and there
is always the possibility of additional time commitment in respect of preparation time and ad hoc matters which may arise from time to
time, and particularly when the Company is undergoing a period of increased activity. At certain times it may be necessary to convene
additional Board, committee or shareholder meetings.

2.4 The time commitment will increase should the ID becomes a committee member or chair,
or if the ID is given additional responsibilities.

2.5 By accepting this appointment, the ID undertakes that, taking into account all
other commitments the ID may have, the ID is able to, and will, devote sufficient time to his duties as a director.

3 Roles and Duties

3.1 The Board as a whole is collectively responsible for the success of the Company. The Board's role is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide oversight of the Company within a framework of prudent
and effective controls which enable risk to be assessed and managed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in conjunction with management, set the Company's strategic
aims, ensure that the necessary financial and human resources are in place for the Company to meet its objectives, and review management
performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in conjunction with management, set the Company's values
and standards and ensure that its obligations to its shareholders and others are understood and met.

3.2 As an independent director, the ID will have the same general legal responsibilities to the Company as
any other director. The ID will be expected to perform his duties, whether statutory, fiduciary or common law, faithfully, efficiently
and diligently to a standard commensurate with both the functions of his role and his knowledge, skills and experience.

3.3 The ID will exercise his powers in his role as a director having regard to relevant obligations under
prevailing law and regulation, including, without limitation, the BVI Companies Act (the "**Act** "), the rules and regulations
of the SEC, and the rules of the Nasdaq Stock Market ()"**Nasdaq** ").

3.4 The ID agrees to abide by and follow all such procedures set forth in the Company's
code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy,
code or document governing the conduct of directors of the Company as may be in existence now or at any time during the terms of this
Agreement.

3.5 In the role of the ID as a director, the ID will be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) constructively challenge proposals on strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) scrutinize the performance of management in meeting agreed
goals and objectives and monitor the reporting of performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) satisfy himself that the Company has processes in place to
ensure the integrity of financial information and that financial controls and systems of risk management are robust and defensible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to the authority delegated to the compensation committee,
determine appropriate levels of remuneration of executive directors, if any, and have a prime role in appointing and, where necessary,
removing any executive directors, and in succession planning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) devote time to developing and refreshing his knowledge and
skills;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) uphold high standards of integrity and probity and support
the Company and the other directors in instilling the appropriate culture, values and behaviours in the boardroom and beyond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) take into account the views of shareholders where appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) exercise relevant powers under, and abide by, the Memorandum
and Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) exercise his powers as a director in accordance with the Company's
policies and procedures and internal control framework or any applicable bribery or corruption legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) not do anything that would cause him to be disqualified from
acting as a director under the Act, Memorandum and Articles, rules and regulations of the SEC, or Nasdaq rules.

3.6 The ID will disclose any direct or indirect interest which the ID may have in any matter being considered
at a Board meeting or committee meeting and, save as permitted under the Memorandum and Articles and the Company's code of ethics,
the ID will not vote on any resolution of the Board, or of one of its committees, on any matter where the ID has any direct or indirect
interest.

3.7 The ID will immediately report to the Company his own wrongdoing or the wrongdoing or proposed wrongdoing
of any employee (where any) or director of which the ID becomes aware.

3.8 Unless specifically authorized to do so by the Board, the ID will not enter into any legal or other commitment or contract on behalf of the
Company.

3.9 The ID will be entitled to request all relevant information about the Company's affairs as is reasonably
necessary to enable the ID to discharge his responsibilities as a independent director.

3.10 In the event that the ID has a direct or indirect financial or personal interest in a contract or transaction
to which the Company is a party, or the ID is contemplating entering into a transaction that involves use of corporate assets or competition
against the Company, the ID shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed
as directed by such committee or the Board, as applicable. The ID acknowledges the duty of loyalty and the duty of care owed to the Company
pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

3.11 The ID further agrees not to assume employment with or provide services to any of
the Company's competitors, or engage, whether as principal, partner, licensor or otherwise, any of the Company's competitors
without the Company's prior express consent.

3.12 During the term of the engagement of the ID and for a period of one (1) year following the last date of
engagement of the ID, the ID agrees not to, directly or indirectly, solicit or attempt to solicit any of the Company's employees,
independent contractors, contacts, clients, suppliers, customers or other persons or entities introduced to the ID in his capacity as
a representative of the Company for any purpose whatsoever, including but not limited to offering them employment or services that compete
with the Company's business or may harm the business relationship of the Company with these persons or entities.

4 Fees and Expenses

4.1 Upon the Effective Date and during the term of this Agreement, the ID shall receive a monthly remuneration
of 10,000.00 **RMB** which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that
if the Appointment is terminated prior to the end of a calendar month, the ID shall only be entitled to a proportionate part of such salary
in respect of the period of service during the relevant month up to the date of termination ()"**Compensation** "). The Compensation
may be reviewed during the term of this Agreement by the compensation committee of the Board pursuant to its terms of reference after
the Effective Date. Any adjustment of the Compensation shall be recommended by the compensation committee of the Board (when applicable)
and approved by the Board duly convened pursuant to the then current Memorandum and Articles of the Company.

4.2 Upon submission of adequate documentation by the ID to the Company, the ID shall be reimbursed for all
reasonable expenses incurred in connection with the ID's positions as a member of the Board and for services as a member of each
committee of the Board to which the ID may be appointed.

5 Independence

5.1 The Board of the Company has determined the ID to be independent, taking account
of the guidance contained in Nasdaq rules.

5.2 It is accepted and acknowledged that the ID has business interests other than those of the Company. The
Company expressly acknowledges that the ID (i) is or may become a full-time employee of another entity and that responsibilities of the
ID to such entity must have priority over the responsibilities of the ID to the Company and (ii) sit or may sit on the board of directors
of other entities, subject to any limitations set forth in the Sarbanes-Oxley Act of 2002 and the rules of Nasdaq.

5.3 Notwithstanding the foregoing, the ID acknowledges the importance of avoiding conflicts of interest and
the appearance of conflicts of interest. Accordingly, the ID has disclosed all present or currently existing conflicts and agree to disclose
to the Company any future commitments, whether such commitments create potential or actual conflicts of interest or the appearance of
any conflicts. In the event that the ID becomes aware of any further potential or actual conflicts of interest, these should be disclosed
to the Company as soon as they become apparent and the agreement of the Board may have to be sought. The ID should immediately recuse
himself from decision making on any matter on which there is a conflict.

5.4 The ID represents to the Company that his execution and performance of his duties as a director of
 the Company do not and will not violate any agreement or obligation, whether written or not, that the ID may have with or to any person, including
without limitation any prior or current employer.

6 Confidentiality

6.1 The ID agrees and acknowledges that, by reason of the nature of the ID's duties on the Board, the
ID will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset
of the Company (the "**Confidential Information** "), including, without limitation, any lists of customers or suppliers,
distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company
and any of the foregoing which belong to any person or company but to which the ID has had access by reason of the ID's relationship
with the Company.

6.2 The term "Confidential Information" shall not include information which: (i) is or becomes
generally available to the public other than as a result of a disclosure by the ID or the ID's representatives; or (ii) is required
to be disclosed by the ID due to governmental regulatory or judicial process.

6.3 The ID agrees faithfully to keep in strict confidence, and not, either directly
or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties)
any such Confidential Information.

6.4 The ID acknowledges that all manuals, instruction books, price lists, information
and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential
Information furnished to the ID by the Company or otherwise acquired or developed by the ID, shall at all times be the property of the
Company.

6.5 Upon termination of the ID's services hereunder, the ID shall return to the
Company any such property or documents which are in the ID's possession, custody or control, but this obligation of confidentiality
shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the ID, generally
known to the public. The obligations of the ID under this subsection are in addition to, and not in limitation or pre-emption of, all
other obligations of confidentiality which the ID may have to the Company under general legal or equitable principles.

6.6 The ID will notify the Company promptly if the ID is subpoenaed or otherwise served
with legal process in any manner involving the Company. In the event of any claim or litigation against the Company, or any officer, employee,
or director of the Company, based upon any alleged conduct, acts or omissions, the ID will cooperate with the Company and provide to the
Company such information and documents in his possession or control as are necessary and reasonably requested by the Company or its counsel.

6.7 Nothing in paragraphs 6.1 to 6.6 will prevent the ID from disclosing information which he is entitled
to disclose under any statutory provision, provided that the disclosure is made in accordance with the provisions of such statutory provision.

7 Insurance and Indemnity

7.1 The Company and the ID agree that indemnification with respect to the ID's service
on the Board shall be governed by that certain Indemnification Agreement attached as Exhibit B hereto (the "**Indemnification Agreement** ").

8 Changes to Personal Details

8.1 The ID will advise the company secretary of the Company promptly of any change
in address or other personal contact details.

9 Withholding

9.1 The ID agrees to cooperate with the Company to take all steps necessary or appropriate
for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally
in order to comply with such laws.

10 Variation

10.1 No variation or modification of this Agreement will be effective unless it is in writing and signed by
the ID and the Company (or respective authorized representatives). The failure to enforce at any time the provisions of this letter or
to require at any time performance by the other party hereto of any of the provisions hereof shall in no way be construed to be a waiver
of such provisions or to affect either the validity of this letter or any part hereof, or the right of either party hereto to enforce
each and every provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any
provision of this letter to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at that time
or at any prior or subsequent time.

11 Governing Law and Dispute Resolution

11.1 This Agreement shall be binding upon and inure to the benefit of the Company and
its successors and assigns.

11.2 This Agreement shall be construed under the laws of the State of New York, without
application to the principles of conflicts of laws.

12 Entire Agreement

12.1 This Agreement, the Indemnification Agreement and the Offer Letter constitute the entire understanding
between the parties with respect to the ID's service on the Board and there are no prior or contemporaneous written or oral agreements,
understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced
herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings
of the parties hereto and/or their affiliates with respect to the ID's service on the Board. The ID acknowledges that he has not
relied on any prior or contemporaneous discussions or understanding in entering into this Agreement.

13 Miscellaneous

13.1 This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original
and all of which together will constitute one and the same instrument.

13.2 The recitals to this Agreement are true and correct and are incorporated herein,
in their entirety, by this reference.

13.3 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall remain in full force and effect.

13.4 The titles and captions of paragraphs and subparagraphs contained in this Agreement
are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Independent Director Appointment Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Red Wisdom Creation Limited** | **Red Wisdom Creation Limited** |
| By: | /s/ Chen Qiu |
| Name: | Chen Qiu |
| Title: | Director |

---

---

| | |
|:---|:---|
| **The Independent Director** | **The Independent Director** |
| Signature: | /s/ Liao Lingjie |
| Name: | Liao Lingjie |

---

EXHIBIT A

COMMITTEE CHARTERS

EXHIBIT B

INDEMNIFICATION AGREEMENT

## Exhibit 10.3

**Exhibit 10.3**

**<u>INDEPENDENT DIRECTOR APPOINTMENT AGREEMENT</u>**

**THIS INDEPENDENT DIRECTOR APPOINTMENT AGREEMENT** (this "**Agreement**"), dated as of January 8, 2026, is by and between **Red Wisdom Creation Limited**, a company registered and incorporated in the Cayman Islands (the "**Company**"), and Zhou Mo, an individual (the "**ID**").

**<u>AGREEMENT</u>**

---

| | |
|:---|:---|
| **1** | **Appointment** |

---

1.1 Subject to the provisions of this Agreement, the ID is hereby
appointed as an independent director of the Company as of the date hereof. Such appointment will become effective immediately prior to
the effectiveness of our registration statement for the initial public offering of Class A ordinary shares of the Company (the "**Effective Date** ").

1.2 The appointment of the ID is subject to the memorandum and articles of association of the Company as is
currently in effect and as may be modified or amended from time to time (the "**Memorandum and Articles** "). Nothing in
this letter will be taken to exclude or vary the terms of the Memorandum and Articles as it applies to the ID as a director of the Company.
Any continued appointment as independent director is subject to election by the Company's shareholders at the annual general meeting
(the "**AGM**") at which either the Memorandum and Articles requires, or the board of directors of the Company (the "**Board** ")
resolves, that the ID stands for re-election.

1.3 The ID agrees hold office for the term as stipulated in the Memorandum and Articles.

1.4 Continuation of service of the ID as a director is also contingent on satisfactory performance, as determined
by the nomination committee of the Board, and any relevant statutory provisions relating to the removal of a director.

1.5 The nomination committee of the Board may nominate the ID to serve for successive
term(s), in its discretion and subject to agreement of the ID and re-election at the AGM in accordance with the Memorandum and Articles.

1.6 The ID may be appointed to serve on one or more committees of the Board. The ID
has been appointed to, and has agreed to serve on, the audit, compensation and nominating and corporate governance committee during the
initial term of service of the ID, which includes all committees to which the ID is being appointed. The committee charters for each of
the committees are included as *Exhibit A* hereto.

1.7 The Company may terminate the appointment of the ID with immediate effect, without advance notice or remuneration,
if the ID:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commits a material breach of his obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commits any serious or repeated breach or non-observance of
his obligations to the Company (which includes an obligation not to breach his duties to the Company, whether statutory, fiduciary or
common law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is guilty of any negligence, fraud or dishonesty or have acted
in a manner which, in the opinion of the Company acting reasonably, brings or is likely to bring the ID or the Company and its subsidiaries
(the "**Group**") into disrepute or is materially adverse to the interests of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is convicted of any arrestable criminal offence other than
an offence under road traffic legislation anywhere in the world for which a fine or non-custodial penalty is imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is restricted or disqualified from acting as a director of
any company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the opinion of the majority of the Board, becomes incapable
by reason of mental disorder of discharging his duties as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) has been absent for more than six consecutive months without
permission of the Board from meetings of the directors held during that period and his alternate director (if any) will not have attended
any such meeting in his place during such period and all of his co-directors pass a resolution that by reason of such absence the ID
has vacated his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) is required in writing (whether in electronic form or otherwise)
by all his co-directors to resign; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has not complied with the Company's anti-corruption
and bribery policy and procedures or any applicable bribery or corruption legislation.

1.8 The Company may also terminate the employment of the ID without cause upon thirty
(30) days' advance notice in writing.

1.9 The ID may resign in accordance to the Memorandum and Articles of the Company.

1.10 On termination of the appointment the ID, the ID will at the request of the Company
resign from his office as a director of the Company.

1.11 The status of the ID during his term of service as a director will be that of an
independent contractor and not an employee of the Company.

2 Obligations as ID

2.1 The ID will be expected to spend a sufficient amount of time as may be necessary for the Board to address
matters relating to the Company's investment policy and the use of funds raised by the Company from time to time and to attend any
meetings of the Board as may be called from time to time. The ID will be expected to devote such time as is necessary for the proper performance
of his duties and the ID should be prepared to attend quarterly board meetings (at which directors will be asked to approve the filing
with the U.S. Securities and Exchange Commission (the "**SEC**") of annual and interim financial statements and the company's
annual report as well as another board meeting called for the purposes of reviewing and approving the Company's budget for the subsequent
year.

2.2 Meetings may involve the ID in some overseas travel, the expenses of which will
be reimbursed by the Company in accordance with normal payroll practices. In addition, the ID will be required to consider all relevant
papers before each meeting. Unless urgent and unavoidable circumstances prevent the ID from doing so, it is expected that the ID will
attend the meetings outlined above.

2.3 The nature of the role makes it impossible to be specific about the maximum time commitment, and there
is always the possibility of additional time commitment in respect of preparation time and ad hoc matters which may arise from time to
time, and particularly when the Company is undergoing a period of increased activity. At certain times it may be necessary to convene
additional Board, committee or shareholder meetings.

2.4 The time commitment will increase should the ID becomes a committee member or chair,
or if the ID is given additional responsibilities.

2.5 By accepting this appointment, the ID undertakes that, taking into account all
other commitments the ID may have, the ID is able to, and will, devote sufficient time to his duties as a director.

3 Roles and Duties

3.1 The Board as a whole is collectively responsible for the success of the Company. The Board's role is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide oversight of the Company within a framework of prudent
and effective controls which enable risk to be assessed and managed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in conjunction with management, set the Company's strategic
aims, ensure that the necessary financial and human resources are in place for the Company to meet its objectives, and review management
performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in conjunction with management, set the Company's values
and standards and ensure that its obligations to its shareholders and others are understood and met.

3.2 As an independent director, the ID will have the same general legal responsibilities to the Company as
any other director. The ID will be expected to perform his duties, whether statutory, fiduciary or common law, faithfully, efficiently
and diligently to a standard commensurate with both the functions of his role and his knowledge, skills and experience.

3.3 The ID will exercise his powers in his role as a director having regard to relevant obligations under
prevailing law and regulation, including, without limitation, the BVI Companies Act (the "**Act** "), the rules and regulations
of the SEC, and the rules of the Nasdaq Stock Market ()"**Nasdaq** ").

3.4 The ID agrees to abide by and follow all such procedures set forth in the Company's
code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy,
code or document governing the conduct of directors of the Company as may be in existence now or at any time during the terms of this
Agreement.

3.5 In the role of the ID as a director, the ID will be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) constructively challenge proposals on strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) scrutinize the performance of management in meeting agreed
goals and objectives and monitor the reporting of performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) satisfy himself that the Company has processes in place to
ensure the integrity of financial information and that financial controls and systems of risk management are robust and defensible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to the authority delegated to the compensation committee,
determine appropriate levels of remuneration of executive directors, if any, and have a prime role in appointing and, where necessary,
removing any executive directors, and in succession planning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) devote time to developing and refreshing his knowledge and
skills;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) uphold high standards of integrity and probity and support
the Company and the other directors in instilling the appropriate culture, values and behaviours in the boardroom and beyond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) take into account the views of shareholders where appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) exercise relevant powers under, and abide by, the Memorandum
and Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) exercise his powers as a director in accordance with the Company's
policies and procedures and internal control framework or any applicable bribery or corruption legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) not do anything that would cause him to be disqualified from
acting as a director under the Act, Memorandum and Articles, rules and regulations of the SEC, or Nasdaq rules.

3.6 The ID will disclose any direct or indirect interest which the ID may have in any matter being considered
at a Board meeting or committee meeting and, save as permitted under the Memorandum and Articles and the Company's code of ethics,
the ID will not vote on any resolution of the Board, or of one of its committees, on any matter where the ID has any direct or indirect
interest.

3.7 The ID will immediately report to the Company his own wrongdoing or the wrongdoing or proposed wrongdoing
of any employee (where any) or director of which the ID becomes aware.

3.8 Unless specifically authorized to do so by the Board, the ID will not enter into any legal or other commitment or contract on behalf of the
Company.

3.9 The ID will be entitled to request all relevant information about the Company's affairs as is reasonably
necessary to enable the ID to discharge his responsibilities as a independent director.

3.10 In the event that the ID has a direct or indirect financial or personal interest in a contract or transaction
to which the Company is a party, or the ID is contemplating entering into a transaction that involves use of corporate assets or competition
against the Company, the ID shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed
as directed by such committee or the Board, as applicable. The ID acknowledges the duty of loyalty and the duty of care owed to the Company
pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

3.11 The ID further agrees not to assume employment with or provide services to any of
the Company's competitors, or engage, whether as principal, partner, licensor or otherwise, any of the Company's competitors
without the Company's prior express consent.

3.12 During the term of the engagement of the ID and for a period of one (1) year following the last date of
engagement of the ID, the ID agrees not to, directly or indirectly, solicit or attempt to solicit any of the Company's employees,
independent contractors, contacts, clients, suppliers, customers or other persons or entities introduced to the ID in his capacity as
a representative of the Company for any purpose whatsoever, including but not limited to offering them employment or services that compete
with the Company's business or may harm the business relationship of the Company with these persons or entities.

4 Fees and Expenses

4.1 Upon the Effective Date and during the term of this Agreement, the ID shall receive a monthly remuneration
of 10,000.00 **RMB** which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that
if the Appointment is terminated prior to the end of a calendar month, the ID shall only be entitled to a proportionate part of such salary
in respect of the period of service during the relevant month up to the date of termination ()"**Compensation** "). The Compensation
may be reviewed during the term of this Agreement by the compensation committee of the Board pursuant to its terms of reference after
the Effective Date. Any adjustment of the Compensation shall be recommended by the compensation committee of the Board (when applicable)
and approved by the Board duly convened pursuant to the then current Memorandum and Articles of the Company.

4.2 Upon submission of adequate documentation by the ID to the Company, the ID shall be reimbursed for all
reasonable expenses incurred in connection with the ID's positions as a member of the Board and for services as a member of each
committee of the Board to which the ID may be appointed.

5 Independence

5.1 The Board of the Company has determined the ID to be independent, taking account
of the guidance contained in Nasdaq rules.

5.2 It is accepted and acknowledged that the ID has business interests other than those of the Company. The
Company expressly acknowledges that the ID (i) is or may become a full-time employee of another entity and that responsibilities of the
ID to such entity must have priority over the responsibilities of the ID to the Company and (ii) sit or may sit on the board of directors
of other entities, subject to any limitations set forth in the Sarbanes-Oxley Act of 2002 and the rules of Nasdaq.

5.3 Notwithstanding the foregoing, the ID acknowledges the importance of avoiding conflicts of interest and
the appearance of conflicts of interest. Accordingly, the ID has disclosed all present or currently existing conflicts and agree to disclose
to the Company any future commitments, whether such commitments create potential or actual conflicts of interest or the appearance of
any conflicts. In the event that the ID becomes aware of any further potential or actual conflicts of interest, these should be disclosed
to the Company as soon as they become apparent and the agreement of the Board may have to be sought. The ID should immediately recuse
himself from decision making on any matter on which there is a conflict.

5.4 The ID represents to the Company that his execution and performance of his duties as a director of
 the Company do not and will not violate any agreement or obligation, whether written or not, that the ID may have with or to any person, including
without limitation any prior or current employer.

6 Confidentiality

6.1 The ID agrees and acknowledges that, by reason of the nature of the ID's duties on the Board, the
ID will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset
of the Company (the "**Confidential Information** "), including, without limitation, any lists of customers or suppliers,
distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company
and any of the foregoing which belong to any person or company but to which the ID has had access by reason of the ID's relationship
with the Company.

6.2 The term "Confidential Information" shall not include information which: (i) is or becomes
generally available to the public other than as a result of a disclosure by the ID or the ID's representatives; or (ii) is required
to be disclosed by the ID due to governmental regulatory or judicial process.

6.3 The ID agrees faithfully to keep in strict confidence, and not, either directly
or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties)
any such Confidential Information.

6.4 The ID acknowledges that all manuals, instruction books, price lists, information
and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential
Information furnished to the ID by the Company or otherwise acquired or developed by the ID, shall at all times be the property of the
Company.

6.5 Upon termination of the ID's services hereunder, the ID shall return to the
Company any such property or documents which are in the ID's possession, custody or control, but this obligation of confidentiality
shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the ID, generally
known to the public. The obligations of the ID under this subsection are in addition to, and not in limitation or pre-emption of, all
other obligations of confidentiality which the ID may have to the Company under general legal or equitable principles.

6.6 The ID will notify the Company promptly if the ID is subpoenaed or otherwise served
with legal process in any manner involving the Company. In the event of any claim or litigation against the Company, or any officer, employee,
or director of the Company, based upon any alleged conduct, acts or omissions, the ID will cooperate with the Company and provide to the
Company such information and documents in his possession or control as are necessary and reasonably requested by the Company or its counsel.

6.7 Nothing in paragraphs 6.1 to 6.6 will prevent the ID from disclosing information which he is entitled
to disclose under any statutory provision, provided that the disclosure is made in accordance with the provisions of such statutory provision.

7 Insurance and Indemnity

7.1 The Company and the ID agree that indemnification with respect to the ID's service
on the Board shall be governed by that certain Indemnification Agreement attached as Exhibit B hereto (the "**Indemnification Agreement** ").

8 Changes to Personal Details

8.1 The ID will advise the company secretary of the Company promptly of any change
in address or other personal contact details.

9 Withholding

9.1 The ID agrees to cooperate with the Company to take all steps necessary or appropriate
for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally
in order to comply with such laws.

10 Variation

10.1 No variation or modification of this Agreement will be effective unless it is in writing and signed by
the ID and the Company (or respective authorized representatives). The failure to enforce at any time the provisions of this letter or
to require at any time performance by the other party hereto of any of the provisions hereof shall in no way be construed to be a waiver
of such provisions or to affect either the validity of this letter or any part hereof, or the right of either party hereto to enforce
each and every provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any
provision of this letter to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at that time
or at any prior or subsequent time.

11 Governing Law and Dispute Resolution

11.1 This Agreement shall be binding upon and inure to the benefit of the Company and
its successors and assigns.

11.2 This Agreement shall be construed under the laws of the State of New York, without
application to the principles of conflicts of laws.

12 Entire Agreement

12.1 This Agreement, the Indemnification Agreement and the Offer Letter constitute the entire understanding
between the parties with respect to the ID's service on the Board and there are no prior or contemporaneous written or oral agreements,
understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced
herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings
of the parties hereto and/or their affiliates with respect to the ID's service on the Board. The ID acknowledges that he has not
relied on any prior or contemporaneous discussions or understanding in entering into this Agreement.

13 Miscellaneous

13.1 This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original
and all of which together will constitute one and the same instrument.

13.2 The recitals to this Agreement are true and correct and are incorporated herein,
in their entirety, by this reference.

13.3 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall remain in full force and effect.

13.4 The titles and captions of paragraphs and subparagraphs contained in this Agreement
are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Independent Director Appointment Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Red Wisdom Creation Limited** | **Red Wisdom Creation Limited** |
| By: | /s/ Chen Qiu |
| Name: | Chen Qiu |
| Title: | Director |

---

---

| | |
|:---|:---|
| **The Independent Director** | **The Independent Director** |
| Signature: | /s/ Zhou Mo |
| Name: | Zhou Mo |

---

EXHIBIT A

COMMITTEE CHARTERS

EXHIBIT B

INDEMNIFICATION AGREEMENT

## Exhibit 10.4

**Exhibit 10.4**

**<u>INDEPENDENT DIRECTOR APPOINTMENT AGREEMENT</u>**

**THIS INDEPENDENT DIRECTOR APPOINTMENT AGREEMENT** (this "**Agreement**"), dated as of January 8, 2026, is by and between **Red Wisdom Creation Limited**, a company registered and incorporated in the Cayman Islands (the "**Company**"), and Zhou Wensi, an individual (the "**ID**").

**<u>AGREEMENT</u>**

---

| | |
|:---|:---|
| **1** | **Appointment** |

---

1.1 Subject to the provisions of this Agreement, the ID is hereby
appointed as an independent director of the Company as of the date hereof. Such appointment will become effective immediately prior to
the effectiveness of our registration statement for the initial public offering of Class A ordinary shares of the Company (the "**Effective Date** ").

1.2 The appointment of the ID is subject to the memorandum and articles of association of the Company as is
currently in effect and as may be modified or amended from time to time (the "**Memorandum and Articles** "). Nothing in
this letter will be taken to exclude or vary the terms of the Memorandum and Articles as it applies to the ID as a director of the Company.
Any continued appointment as independent director is subject to election by the Company's shareholders at the annual general meeting
(the "**AGM**") at which either the Memorandum and Articles requires, or the board of directors of the Company (the "**Board** ")
resolves, that the ID stands for re-election.

1.3 The ID agrees hold office for the term as stipulated in the Memorandum and Articles.

1.4 Continuation of service of the ID as a director is also contingent on satisfactory performance, as determined
by the nomination committee of the Board, and any relevant statutory provisions relating to the removal of a director.

1.5 The nomination committee of the Board may nominate the ID to serve for successive
term(s), in its discretion and subject to agreement of the ID and re-election at the AGM in accordance with the Memorandum and Articles.

1.6 The ID may be appointed to serve on one or more committees of the Board. The ID
has been appointed to, and has agreed to serve on, the audit, compensation and nominating and corporate governance committee during the
initial term of service of the ID, which includes all committees to which the ID is being appointed. The committee charters for each of
the committees are included as *Exhibit A* hereto.

1.7 The Company may terminate the appointment of the ID with immediate effect, without advance notice or remuneration,
if the ID:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commits a material breach of his obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commits any serious or repeated breach or non-observance of
his obligations to the Company (which includes an obligation not to breach his duties to the Company, whether statutory, fiduciary or
common law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is guilty of any negligence, fraud or dishonesty or have acted
in a manner which, in the opinion of the Company acting reasonably, brings or is likely to bring the ID or the Company and its subsidiaries
(the "**Group**") into disrepute or is materially adverse to the interests of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is convicted of any arrestable criminal offence other than
an offence under road traffic legislation anywhere in the world for which a fine or non-custodial penalty is imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is restricted or disqualified from acting as a director of
any company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the opinion of the majority of the Board, becomes incapable
by reason of mental disorder of discharging his duties as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) has been absent for more than six consecutive months without
permission of the Board from meetings of the directors held during that period and his alternate director (if any) will not have attended
any such meeting in his place during such period and all of his co-directors pass a resolution that by reason of such absence the ID
has vacated his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) is required in writing (whether in electronic form or otherwise)
by all his co-directors to resign; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has not complied with the Company's anti-corruption
and bribery policy and procedures or any applicable bribery or corruption legislation.

1.8 The Company may also terminate the employment of the ID without cause upon thirty
(30) days' advance notice in writing.

1.9 The ID may resign in accordance to the Memorandum and Articles of the Company.

1.10 On termination of the appointment the ID, the ID will at the request of the Company
resign from his office as a director of the Company.

1.11 The status of the ID during his term of service as a director will be that of an
independent contractor and not an employee of the Company.

2 Obligations as ID

2.1 The ID will be expected to spend a sufficient amount of time as may be necessary for the Board to address
matters relating to the Company's investment policy and the use of funds raised by the Company from time to time and to attend any
meetings of the Board as may be called from time to time. The ID will be expected to devote such time as is necessary for the proper performance
of his duties and the ID should be prepared to attend quarterly board meetings (at which directors will be asked to approve the filing
with the U.S. Securities and Exchange Commission (the "**SEC**") of annual and interim financial statements and the company's
annual report as well as another board meeting called for the purposes of reviewing and approving the Company's budget for the subsequent
year.

2.2 Meetings may involve the ID in some overseas travel, the expenses of which will
be reimbursed by the Company in accordance with normal payroll practices. In addition, the ID will be required to consider all relevant
papers before each meeting. Unless urgent and unavoidable circumstances prevent the ID from doing so, it is expected that the ID will
attend the meetings outlined above.

2.3 The nature of the role makes it impossible to be specific about the maximum time commitment, and there
is always the possibility of additional time commitment in respect of preparation time and ad hoc matters which may arise from time to
time, and particularly when the Company is undergoing a period of increased activity. At certain times it may be necessary to convene
additional Board, committee or shareholder meetings.

2.4 The time commitment will increase should the ID becomes a committee member or chair,
or if the ID is given additional responsibilities.

2.5 By accepting this appointment, the ID undertakes that, taking into account all
other commitments the ID may have, the ID is able to, and will, devote sufficient time to his duties as a director.

3 Roles and Duties

3.1 The Board as a whole is collectively responsible for the success of the Company. The Board's role is to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide oversight of the Company within a framework of prudent
and effective controls which enable risk to be assessed and managed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in conjunction with management, set the Company's strategic
aims, ensure that the necessary financial and human resources are in place for the Company to meet its objectives, and review management
performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in conjunction with management, set the Company's values
and standards and ensure that its obligations to its shareholders and others are understood and met.

3.2 As an independent director, the ID will have the same general legal responsibilities to the Company as
any other director. The ID will be expected to perform his duties, whether statutory, fiduciary or common law, faithfully, efficiently
and diligently to a standard commensurate with both the functions of his role and his knowledge, skills and experience.

3.3 The ID will exercise his powers in his role as a director having regard to relevant obligations under
prevailing law and regulation, including, without limitation, the BVI Companies Act (the "**Act** "), the rules and regulations
of the SEC, and the rules of the Nasdaq Stock Market ()"**Nasdaq** ").

3.4 The ID agrees to abide by and follow all such procedures set forth in the Company's
code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy,
code or document governing the conduct of directors of the Company as may be in existence now or at any time during the terms of this
Agreement.

3.5 In the role of the ID as a director, the ID will be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) constructively challenge proposals on strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) scrutinize the performance of management in meeting agreed
goals and objectives and monitor the reporting of performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) satisfy himself that the Company has processes in place to
ensure the integrity of financial information and that financial controls and systems of risk management are robust and defensible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to the authority delegated to the compensation committee,
determine appropriate levels of remuneration of executive directors, if any, and have a prime role in appointing and, where necessary,
removing any executive directors, and in succession planning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) devote time to developing and refreshing his knowledge and
skills;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) uphold high standards of integrity and probity and support
the Company and the other directors in instilling the appropriate culture, values and behaviours in the boardroom and beyond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) take into account the views of shareholders where appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) exercise relevant powers under, and abide by, the Memorandum
and Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) exercise his powers as a director in accordance with the Company's
policies and procedures and internal control framework or any applicable bribery or corruption legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) not do anything that would cause him to be disqualified from
acting as a director under the Act, Memorandum and Articles, rules and regulations of the SEC, or Nasdaq rules.

3.6 The ID will disclose any direct or indirect interest which the ID may have in any matter being considered
at a Board meeting or committee meeting and, save as permitted under the Memorandum and Articles and the Company's code of ethics,
the ID will not vote on any resolution of the Board, or of one of its committees, on any matter where the ID has any direct or indirect
interest.

3.7 The ID will immediately report to the Company his own wrongdoing or the wrongdoing or proposed wrongdoing
of any employee (where any) or director of which the ID becomes aware.

3.8 Unless specifically authorized to do so by the Board, the ID will not enter into any legal or other commitment or contract on behalf of the
Company.

3.9 The ID will be entitled to request all relevant information about the Company's affairs as is reasonably
necessary to enable the ID to discharge his responsibilities as a independent director.

3.10 In the event that the ID has a direct or indirect financial or personal interest in a contract or transaction
to which the Company is a party, or the ID is contemplating entering into a transaction that involves use of corporate assets or competition
against the Company, the ID shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed
as directed by such committee or the Board, as applicable. The ID acknowledges the duty of loyalty and the duty of care owed to the Company
pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

3.11 The ID further agrees not to assume employment with or provide services to any of
the Company's competitors, or engage, whether as principal, partner, licensor or otherwise, any of the Company's competitors
without the Company's prior express consent.

3.12 During the term of the engagement of the ID and for a period of one (1) year following the last date of
engagement of the ID, the ID agrees not to, directly or indirectly, solicit or attempt to solicit any of the Company's employees,
independent contractors, contacts, clients, suppliers, customers or other persons or entities introduced to the ID in his capacity as
a representative of the Company for any purpose whatsoever, including but not limited to offering them employment or services that compete
with the Company's business or may harm the business relationship of the Company with these persons or entities.

4 Fees and Expenses

4.1 Upon the Effective Date and during the term of this Agreement, the ID shall receive a monthly remuneration
of 10,000.00 **RMB** which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that
if the Appointment is terminated prior to the end of a calendar month, the ID shall only be entitled to a proportionate part of such salary
in respect of the period of service during the relevant month up to the date of termination ()"**Compensation** "). The Compensation
may be reviewed during the term of this Agreement by the compensation committee of the Board pursuant to its terms of reference after
the Effective Date. Any adjustment of the Compensation shall be recommended by the compensation committee of the Board (when applicable)
and approved by the Board duly convened pursuant to the then current Memorandum and Articles of the Company.

4.2 Upon submission of adequate documentation by the ID to the Company, the ID shall be reimbursed for all
reasonable expenses incurred in connection with the ID's positions as a member of the Board and for services as a member of each
committee of the Board to which the ID may be appointed.

5 Independence

5.1 The Board of the Company has determined the ID to be independent, taking account
of the guidance contained in Nasdaq rules.

5.2 It is accepted and acknowledged that the ID has business interests other than those of the Company. The
Company expressly acknowledges that the ID (i) is or may become a full-time employee of another entity and that responsibilities of the
ID to such entity must have priority over the responsibilities of the ID to the Company and (ii) sit or may sit on the board of directors
of other entities, subject to any limitations set forth in the Sarbanes-Oxley Act of 2002 and the rules of Nasdaq.

5.3 Notwithstanding the foregoing, the ID acknowledges the importance of avoiding conflicts of interest and
the appearance of conflicts of interest. Accordingly, the ID has disclosed all present or currently existing conflicts and agree to disclose
to the Company any future commitments, whether such commitments create potential or actual conflicts of interest or the appearance of
any conflicts. In the event that the ID becomes aware of any further potential or actual conflicts of interest, these should be disclosed
to the Company as soon as they become apparent and the agreement of the Board may have to be sought. The ID should immediately recuse
himself from decision making on any matter on which there is a conflict.

5.4 The ID represents to the Company that his execution and performance of his duties as a director of
 the Company do not and will not violate any agreement or obligation, whether written or not, that the ID may have with or to any person, including
without limitation any prior or current employer.

6 Confidentiality

6.1 The ID agrees and acknowledges that, by reason of the nature of the ID's duties on the Board, the
ID will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset
of the Company (the "**Confidential Information** "), including, without limitation, any lists of customers or suppliers,
distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company
and any of the foregoing which belong to any person or company but to which the ID has had access by reason of the ID's relationship
with the Company.

6.2 The term "Confidential Information" shall not include information which: (i) is or becomes
generally available to the public other than as a result of a disclosure by the ID or the ID's representatives; or (ii) is required
to be disclosed by the ID due to governmental regulatory or judicial process.

6.3 The ID agrees faithfully to keep in strict confidence, and not, either directly
or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties)
any such Confidential Information.

6.4 The ID acknowledges that all manuals, instruction books, price lists, information
and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential
Information furnished to the ID by the Company or otherwise acquired or developed by the ID, shall at all times be the property of the
Company.

6.5 Upon termination of the ID's services hereunder, the ID shall return to the
Company any such property or documents which are in the ID's possession, custody or control, but this obligation of confidentiality
shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the ID, generally
known to the public. The obligations of the ID under this subsection are in addition to, and not in limitation or pre-emption of, all
other obligations of confidentiality which the ID may have to the Company under general legal or equitable principles.

6.6 The ID will notify the Company promptly if the ID is subpoenaed or otherwise served
with legal process in any manner involving the Company. In the event of any claim or litigation against the Company, or any officer, employee,
or director of the Company, based upon any alleged conduct, acts or omissions, the ID will cooperate with the Company and provide to the
Company such information and documents in his possession or control as are necessary and reasonably requested by the Company or its counsel.

6.7 Nothing in paragraphs 6.1 to 6.6 will prevent the ID from disclosing information which he is entitled
to disclose under any statutory provision, provided that the disclosure is made in accordance with the provisions of such statutory provision.

7 Insurance and Indemnity

7.1 The Company and the ID agree that indemnification with respect to the ID's service
on the Board shall be governed by that certain Indemnification Agreement attached as Exhibit B hereto (the "**Indemnification Agreement** ").

8 Changes to Personal Details

8.1 The ID will advise the company secretary of the Company promptly of any change
in address or other personal contact details.

9 Withholding

9.1 The ID agrees to cooperate with the Company to take all steps necessary or appropriate
for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally
in order to comply with such laws.

10 Variation

10.1 No variation or modification of this Agreement will be effective unless it is in writing and signed by
the ID and the Company (or respective authorized representatives). The failure to enforce at any time the provisions of this letter or
to require at any time performance by the other party hereto of any of the provisions hereof shall in no way be construed to be a waiver
of such provisions or to affect either the validity of this letter or any part hereof, or the right of either party hereto to enforce
each and every provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any
provision of this letter to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at that time
or at any prior or subsequent time.

11 Governing Law and Dispute Resolution

11.1 This Agreement shall be binding upon and inure to the benefit of the Company and
its successors and assigns.

11.2 This Agreement shall be construed under the laws of the State of New York, without
application to the principles of conflicts of laws.

12 Entire Agreement

12.1 This Agreement, the Indemnification Agreement and the Offer Letter constitute the entire understanding
between the parties with respect to the ID's service on the Board and there are no prior or contemporaneous written or oral agreements,
understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced
herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings
of the parties hereto and/or their affiliates with respect to the ID's service on the Board. The ID acknowledges that he has not
relied on any prior or contemporaneous discussions or understanding in entering into this Agreement.

13 Miscellaneous

13.1 This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original
and all of which together will constitute one and the same instrument.

13.2 The recitals to this Agreement are true and correct and are incorporated herein,
in their entirety, by this reference.

13.3 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall remain in full force and effect.

13.4 The titles and captions of paragraphs and subparagraphs contained in this Agreement
are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Independent Director Appointment Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Red Wisdom Creation Limited** | **Red Wisdom Creation Limited** |
| By: | /s/ Chen Qiu |
| Name: | Chen Qiu |
| Title: | Director |

---

---

| | |
|:---|:---|
| **The Independent Director** | **The Independent Director** |
| Signature: | /s/ Zhou Wensi |
| Name: | Zhou Wensi |

---

EXHIBIT A

COMMITTEE CHARTERS

EXHIBIT B

INDEMNIFICATION AGREEMENT

## Exhibit 10.5

**Exhibit 10.5**

**<u>CHIEF FINANCIAL OFFICIAL APPOINTMENT AGREEMENT</u>**

**THIS CHIEF FINANCIAL OFFICIAL APPOINTMENT AGREEMENT** (this "**Agreement**"), dated as of July 1, 2025 is by and between **Red Wisdom Creation Limited**, a company registered and incorporated in the Cayman Islands (the "**Company**"), and LIN SHENGHONG, an individual (the "I**ndividual**").

**<u>AGREEMENT</u>**

---

| | |
|:---|:---|
| **1** | **Appointment** |

---

1.1 The Individual was appointed as chief financial officer (the "CFO") on July 1, 2025 of the
Company. This Agreement will become effective immediately prior to the effectiveness of our registration statement for the initial public
offering of Class A ordinary shares of the Company (the "**Effective Date**") and serves to regulate the employment relationship
between the Company and the CFO from the Effective Date. For the avoidance of doubt, this Agreement shall not affect the effectiveness
of the appointment of the CFO on July 1, 2025.

1.2 Subject to the remaining provisions of this Agreement, the term of such appointment shall commence from
the Effective Date and shall continue until the CFO's successor is duly elected or appointed and qualified or until the CFO's
earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then
current memorandum and articles of association (the "**Memorandum and Articles** "), as may be amended from time to time,
or any applicable laws, rules, or regulations (the "**Expiration Date** "). In the event that the CFO's successor
has not been duly elected or appointed as of the Expiration Date, the CFO agrees to continue to serve hereunder until such successor has
been duly elected or appointed and qualified.

1.3 The Company may terminate the appointment of the CFO with immediate effect, without
advance notice or remuneration, if the CFO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commits a material breach of his obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commits any serious or repeated breach or non-observance of
his obligations to the Company (which includes an obligation not to breach his duties to the Company, whether statutory, fiduciary or
common law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is guilty of any negligence, fraud or dishonesty or have acted
in a manner which, in the opinion of the Company acting reasonably, brings or is likely to bring the CFO or the Company and its subsidiaries
(the "**Group**") into disrepute or is materially adverse to the interests of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is convicted of any arrestable criminal offence other than
an offence under road traffic legislation anywhere in the world for which a fine or non-custodial penalty is imposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is restricted or disqualified from acting as a director of
any company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the opinion of the majority of the board of directors of
the Company (the "**Board** "), becomes incapable by reason of mental disorder of discharging his duties as a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) is required in writing (whether in electronic form or otherwise)
by all his co-directors to resign; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) has not complied with the Company's anti-corruption
and bribery policy and procedures or any applicable bribery or corruption legislation.

1.4 The Company may also terminate the employment of the CFO without cause upon thirty (30) days' advance
notice in writing.

1.5 The CFO may resign in accordance to the Memorandum and Articles.

1.6 The CFO agrees hold office for the term as stipulated in the Memorandum and Articles.

2 Role and Duties

2.1 The CFO shall exercise all powers in good faith and in the best interests of the
Group, including but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests
and affairs of the Company in the discharge of duties of his office as a chief financial officer of the Company and, where relevant,
as an officer of such other members of the Group as are necessary for the proper and efficient administration, supervision, and management
of the strategic planning, corporate management and business development of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faithfully and diligently perform such duties and exercise
such powers as are consistent with his office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the discharge of such duties and in the exercise of such
powers observe and comply with all reasonable and lawful resolutions, instructions, regulations and directions from time to time passed,
made or given by the Board according to the best of his skills and ability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) perform such services for the Group and (without further remuneration
unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are
consistent with his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at all times keep the Board promptly and fully informed (in
writing if so requested) in connection with the performance of such powers and duties and provide such explanations as the Board may
require in connection with his office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) act in accordance with his powers and obligations as a chief
financial officer of the Company and use his best endeavours to comply with and to cause the Company to comply with (i) this Agreement;
(ii) every rule or law applicable to any member of the Group, whether in the United States, Hong Kong, or elsewhere; (iii) the Nasdaq
Stock Market Rules; (iv) amended and restated Memorandum and Articles; (v) shareholders' and board resolutions of the Company;
(vi) the United States Securities Act of 1933; and (vii) all other relevant securities regulations, rules, instructions and guidelines
as issued by the relevant regulatory authorities from time to time, in relation to dealings in shares or other securities of the Company
or any other member of the Group, and in relation to insider information or unpublished inside information affecting the shares, debentures
or other securities of any member of the Group.

2.2 The CFO shall carry out his duties and exercise his powers jointly with any other
executive officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any
time require the CFO to cease performing any of his duties or exercising any of his power under this Agreement.

2.3 The CFO agrees to abide by and follow all such procedures set forth in the Company's
code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy,
code or document governing the conduct of directors of the Company as may be in existence now or at any time during the term of this Agreement.

2.4 In the event that the CFO has a direct or indirect financial or personal interest in a contract or transaction
to which the Company is a party, or the CFO is contemplating entering into a transaction that involves use of corporate assets or competition
against the Company, the CFO shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed
as directed by such committee or the Board, as applicable. the CFO acknowledges the duty of loyalty and the duty of care owed to the Company
pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

2.5 Whenever the CFO becomes aware of a business opportunity related to the
 Company's business, which one could reasonably expect the
CFO to make available to the Company, the CFO shall promptly disclose such opportunity to the applicable Board committee or the Board
and proceed as directed by such committee or the Board, as applicable.

2.6 The CFO further agrees not to assume employment with or provide services to any
of the Company's competitors, or engage, whether as principal, partner, licensor or otherwise, any of the Company's competitors
without the Company's prior express consent.

2.7 During the term of the employment of the CFO and for a period of one (1) year following the last date
of employment of the CFO, the CFO agrees not to, directly or indirectly, solicit or attempt to solicit any of the Company's employees,
independent contractors, contacts, clients, suppliers, customers or other persons or entities introduced to the CFO in his capacity as
a representative of the Company for any purpose whatsoever, including but not limited to offering them employment or services that compete
with the Company's business or may harm the business relationship of the Company with these persons or entities.

3 Fees and Expenses

3.1 Upon the Effective Date and during the term of this Agreement, the CFO shall receive a monthly remuneration
of 10,000.00 RMB which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the
Appointment is terminated prior to the end of a calendar month, the CFO shall only be entitled to a proportionate part of such salary
in respect of the period of service during the relevant month up to the date of termination ()"**Compensation** "). The Compensation
may be reviewed during the term of this Agreement by the compensation committee of the Board pursuant to its terms of reference after
the Effective Date. Any adjustment of the Compensation shall be recommended by the compensation committee of the Board (when applicable)
and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

4 Confidentiality

4.1 The CFO agrees and acknowledges that, by reason of the nature of the CFO's
duties on the Board, the CFO will have or may have access to and become informed of proprietary, confidential and secret information which
is a competitive asset of the Company (the "**Confidential Information** "), including, without limitation, any lists of
customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other
trade secrets of the Company and any of the foregoing which belong to any person or company but to which the CFO has had access by reason
of the CFO's relationship with the Company.

4.2 The term "Confidential Information" shall not include information
 which: (i) is or becomes generally available to the public other than as a result of a disclosure by the CFO or the CFO's
 representatives; or (ii) is required to be disclosed by the CFO due to governmental
regulatory or judicial process.

4.3 The CFO agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make
known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential
Information.

4.4 The CFO acknowledges that all manuals, instruction books, price lists, information and records and other
information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished
to the CFO by the Company or otherwise acquired or developed by the CFO, shall at all times be the property of the Company.

4.5 Upon termination of the CFO's services hereunder, the CFO shall return to the Company any such property
or documents which are in the CFO's possession, custody or control, but this obligation of confidentiality shall survive such termination
until and unless any such Confidential Information shall have become, through no fault of the CFO, generally known to the public. The
obligations of the CFO under this subsection are in addition to, and not in limitation or pre-emption of, all other obligations of confidentiality
which the CFO may have to the Company under general legal or equitable principles.

4.6 The CFO will notify the Company promptly if the CFO is subpoenaed or otherwise served with legal process
in any manner involving the Company. In the event of any claim or litigation against the Company, or any officer, employee, or director
of the Company, based upon any alleged conduct, acts or omissions, the CFO will cooperate with the Company and provide to the Company
such information and documents in his possession or control as are necessary and reasonably requested by the Company or its counsel.

4.7 Nothing in paragraphs 4.1 to 4.6 will prevent the CFO from disclosing information which he is entitled
to disclose under any statutory provision, provided that the disclosure is made in accordance with the provisions of such statutory provision.

5 Insurance and Indemnity

5.1 The Company and the Director agree that indemnification with respect to the CFO's service on the
Board shall be governed by that certain Indemnification Agreement attached as Exhibit A hereto (the "**Indemnification Agreement** ").

6 Changes to Personal Details

The CFO will advise the company secretary of the Company promptly of any change in address or other personal contact details.

7 Withholding

7.1 The CFO agrees to cooperate with the Company to take all steps necessary or appropriate
for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally
in order to comply with such laws.

8 Variation

8.1 No variation or modification of this Agreement will be effective unless it is in writing and signed by
the CFO and the Company (or respective authorized representatives). The failure to enforce at any time the provisions of this letter or
to require at any time performance by the other party hereto of any of the provisions hereof shall in no way be construed to be a waiver
of such provisions or to affect either the validity of this letter or any part hereof, or the right of either party hereto to enforce
each and every provision in accordance with its terms. No waiver by either party hereto of any breach by the other party hereto of any
provision of this letter to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at that time
or at any prior or subsequent time.

9 Governing Law and Dispute Resolution

9.1 This Agreement shall be binding upon and inure to the benefit of the Company and
its successors and assigns.

9.2 This Agreement shall be construed under the laws of the State of New York, without
application to the principles of conflicts of laws.

10 Entire Agreement

10.1 This Agreement, the Indemnification Agreement and the Offer Letter constitute the entire understanding
between the parties with respect to the CFO's service on the Board and there are no prior or contemporaneous written or oral agreements,
understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced
herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings
of the parties hereto and/or their affiliates with respect to the CFO's service on the Company. the CFO acknowledges that he has
not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement.

11 Miscellaneous

11.1 This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together
will constitute one and the same instrument.

11.2 The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by
this reference.

11.3 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

11.4 The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for
convenience of reference only and shall not be considered terms or conditions of this Agreement.

[*Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Chief Financial Officer Appointment Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Red Wisdom Creation Limited** | **Red Wisdom Creation Limited** |
| By: | /s/ Chen Qiu |
| Name: | CHEN QIU |
| Title: | DIRECTOR |

---

---

| | |
|:---|:---|
| **The Chief Financial Officer** | **The Chief Financial Officer** |
| Signature: | /s/ Lin Shenghong |
| Name: | LIN SHENGHONG |

---

EXHIBIT A

INDEMNIFICATION AGREEMENT

## Exhibit 10.6

**Exhibit 10.6** 

**<u>INDEMNIFICATION AGREEMENT</u>**

**THIS INDEMNIFICATION AGREEMENT** (the "**Agreement**"), dated as of [***date***], is by and between **Red Wisdom Creation Limited**, a company registered and incorporated in the Cayman Islands (the "**Company**"), and ________, a member of the Company's board of director (the "**Board**") (the "**Indemnitee**").

**<u>RECITAL</u>**

**WHEREAS**, highly competent persons have become more reluctant to serve corporations as directors or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;

**WHEREAS**, the amended and restated memorandum and articles of association of the Company (the "**Memorandum and Articles**") require indemnification of the officers and directors of the Company (each an "**Indemnified Person**") indemnified and secured harmless against all actions, proceedings, 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 or in the execution or discharge of his duties, powers, authorities or discretions (including as a result of any mistake of judgment), including without prejudice to the generality of the foregoing, any costs, expenses (including reasonable attorneys' fees), 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;

**WHEREAS**, the Memorandum and Articles and the Act expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board and other persons with respect to indemnification;

**WHEREAS**, the Company desires to provide the Indemnitee with specific contractual assurance of the Indemnitee's rights to full indemnification against litigation risks and expenses (regardless, among other things, of any amendment to or revocation of the Memorandum and Articles); and

**WHEREAS**, the Indemnitee agrees to serve as a director from and after the date hereof, provided that he is furnished the indemnification provided for herein.

**<u>AGREEMENT</u>**

**NOW, THEREFORE**, in consideration of the Indemnitee's agreement to serve as a director from and after the date hereof, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Indemnity of the Indemnitee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The Company hereby agrees to hold harmless and indemnify the Indemnitee to the fullest extent permitted by law, as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Proceedings Other Than Proceedings by or in the Right of the Company** 

The Indemnitee shall be entitled to the rights of indemnification provided in this <u>Section l.1(a)</u> if, by reason of his Corporate Status (as hereinafter defined), the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the Company. Pursuant to this <u>Section 1.1(a)</u>, the Indemnitee shall be indemnified against all Expenses (as hereinafter defined), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted honestly and in good faith and in a manner the Indemnitee believed to be in the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Proceedings by or in the Right of the Company.** 

The Indemnitee shall be entitled to the rights of indemnification provided in this <u>Section 1.1(b)</u> if, by reason of his Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this <u>Section 1.1(b)</u>, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee's behalf, in connection with such Proceeding if the Indemnitee acted honestly and in good faith and in a manner the Indemnitee believed to be in the best interests of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which the Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the courts of the Cayman Islands shall determine that such indemnification may be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Indemnification for Expenses of a Party Who is Wholly or Partly Successful.** 

Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. If the Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Indemnification for Expenses of a Witness.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is, by reason of his Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which the Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Advancement of Expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of the Indemnitee in connection with any Proceeding by reason of the Indemnitee's Corporate Status within thirty (30) days after the receipt by the Company of a statement or statements from the Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by the Indemnitee and shall include or be preceded or accompanied by a written undertaking by or on behalf of the Indemnitee to repay any Expenses advanced if it shall ultimately be determined that the Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this <u>Section 3</u> shall be unsecured and interest free.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Procedures and Presumptions for Determination of Entitlement to Indemnification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 It is the intent of this Agreement to secure for the Indemnitee rights of indemnity that are as favorable as may be permitted under the Act and public policy of the Cayman Islands.

Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether the Indemnitee is entitled to indemnification under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To obtain indemnification under this Agreement, the Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that the Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of the Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to the Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon written request by the Indemnitee for indemnification pursuant to the first sentence of <u>Section 4.1(a)</u> hereof, a determination with respect to the Indemnitee's entitlement thereto shall be made in the specific case by one of the following four methods, which shall be at the election of the Board (1) by a majority vote of the Disinterested Directors, even though less than a quorum, (2) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, (3) if there are no Disinterested Directors or if the Disinterested Directors so direct, by independent legal counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (4) if so directed by the Board, by the shareholders of the Company. For purposes hereof, Disinterested Directors are those members of the Board who are not parties to the action, suit or proceeding in respect of which indemnification is sought by the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to <u>Section 4.1(b)</u> hereof, the Independent Counsel shall be selected as provided in this <u>Section 4.1(c)</u>. The Independent Counsel shall be selected by the Board. The Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company 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 "**Independent Counsel**" as defined in <u>Section 11</u> 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 twenty (20) days after submission by the Indemnitee of a written request for indemnification pursuant to <u>Section 4.1(a)</u> hereof, no Independent Counsel shall have been selected and not objected to, either the Company or the Indemnitee may petition the applicable court in the Cayman Islands or other court of competent jurisdiction for resolution of any objection which shall have been made by the Indemnitee to the Company'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 under <u>Section 4.1(b)</u> hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to <u>Section 4.1(b)</u> hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this <u>Section 4.1(c)</u>, 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;(d) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that the Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because the Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel) that the Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the Indemnitee has not met the applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indemnitee shall be deemed to have acted honestly and in good faith if the Indemnitee's action is based on the records or books of account of the Enterprise (as hereinafter defined), including financial statements, or on information supplied to the Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions of this <u>Section 4.1(e)</u> are satisfied, it shall in any event be presumed that the Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the person, persons or entity empowered or selected under <u>Section 4</u> to determine whether the Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be entitled to such indemnification absent (i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; <u>provided</u>, <u>however</u>, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and <u>provided further</u>, that the foregoing provisions of this <u>Section 4.1(f)</u> shall not apply if the determination of entitlement to indemnification is to be made by the shareholders pursuant to <u>Section 4.1(b)</u> of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the shareholders for their consideration at an annual meeting thereof to be held within seventy five (75) days after such receipt and such determination is made thereat, or (B) a special general meeting of shareholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Indemnitee shall cooperate with the person, persons or entity making such determination with respect to the 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 the Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board or shareholder of the Company shall act reasonably and in good faith in making a determination regarding the Indemnitee's entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys' fees and disbursements) incurred by the 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 the Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees to hold the Indemnitee harmless therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or 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 the Indemnitee to indemnification or create a presumption that the Indemnitee did not act honestly and in good faith and in a manner which he reasonably believed to be in the best interests of the Company or, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that his conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Remedies of the Indemnitee.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that (i) a determination is made pursuant to <u>Section 4</u> of this Agreement that the Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to <u>Section 3</u> of this Agreement, (iii) no determination of entitlement to indemnification is made pursuant to <u>Section 4.1(b)</u> of this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within ten (10) days after a determination has been made that the Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to <u>Section 4</u> of this Agreement, the Indemnitee shall be entitled to an adjudication in an appropriate court of the Cayman Islands , or in any other court of competent jurisdiction, of the Indemnitee's entitlement to such indemnification. the Indemnitee shall commence such proceeding seeking an adjudication within one hundred eighty (180) days following the date on which the Indemnitee first has the right to commence such proceeding pursuant to this <u>Section 5.1(a)</u>. The Company shall not oppose the Indemnitee's right to seek any such adjudication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6**. **Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which the Indemnitee may at any time be entitled under applicable law, the Memorandum and Articles, any agreement, a vote of shareholders, a resolution of directors of the Company, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of the Indemnitee under this Agreement in respect of any action taken or omitted by such the Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the Act, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Memorandum and Articles and this Agreement, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, the 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 director, officer, employee, agent or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has directors and officers liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that the Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company's obligation to indemnify or advance Expenses hereunder to the Indemnitee who is or was serving at the request of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount the Indemnitee has actually received as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Exception to Right of Indemnification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against the Indemnitee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for which payment has actually been made to or on behalf of the Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing shall not affect the rights of the Indemnitee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by the Indemnitee of securities of the Company within the meaning of <u>Section 16.1(b)</u> of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in connection with any Proceeding (or any part of any Proceeding) initiated by the Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by the Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Duration of Agreement.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 All agreements and obligations of the Company contained herein shall continue during the period the Indemnitee is an officer or 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 the Indemnitee shall be subject to any Proceeding (or any proceeding commenced under <u>Section 5</u> hereof) by reason of his Corporate Status, whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Security.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 To the extent requested by the Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to the Indemnitee for the Company's obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to the Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Enforcement.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order to induce the Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that the Indemnitee is relying upon this Agreement in serving as an officer or director of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 The Company shall not seek from a court, or agree to, a "bar order" which would have the effect of prohibiting or limiting the Indemnitee's rights to receive advancement of expenses under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Definitions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Corporate Status**" describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Disinterested 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 the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Enterprise**" shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that the Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Expenses**" shall include all reasonable attorneys' fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by the Indemnitee or the amount of judgments or fines against the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Independent Counsel**" 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 the 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 the Indemnitee in an action to determine the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Proceeding**" includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which the Indemnitee was, is or will be involved as a party or otherwise, by reason of his or her Corporate Status, by reason of any action taken by him or of any inaction on his part while acting in his or her Corporate Status; in each case whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to <u>Section 5</u> of this Agreement to enforce his rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Severability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon the Indemnitee indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Modification and Waiver.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Notice By the Indemnitee.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 The Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Notices.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the Indemnitee at the address set forth below the Indemnitee signature hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the Company at:

Red Wisdom Creation Limited

807A on the 8th Floor

Office Tower 2 of The Harbourfront

22 Tak Fung Street

Hung Hom, Hong Kong

or to such other address as may have been furnished to the Indemnitee by the Company or to the Company by the Indemnitee, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Counterparts.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, *e.g.*, www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Headings.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Governing Law and Consent to Jurisdiction.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 This Agreement shall be governed by the internal law of the Cayman Islands, without regard to its conflict of laws rules. Any unresolved controversy or claim arising out of or relating to this Agreement, except as (i) otherwise provided in this Agreement, or (ii) any such controversies or claims arising out of either party's intellectual property rights for which a provisional remedy or equitable relief is sought, shall be submitted to arbitration by one arbitrator mutually agreed upon by the parties, and if no agreement can be reached within thirty (30) days after names of potential arbitrators have been proposed by the American Arbitration Association (the "**AAA** "), then by one arbitrator having reasonable experience in corporate finance transactions of the type provided for in this Agreement and who is chosen by the AAA. The arbitration shall take place in New York, New York, in accordance with the AAA rules then in effect, and judgment upon any award rendered in such arbitration will be binding and may be entered in any court having jurisdiction thereof. There shall be limited discovery prior to the arbitration hearing as follows: (a) exchange of witness lists and copies of documentary evidence and documents relating to or arising out of the issues to be arbitrated, (b) depositions of all party witnesses and (c) such other depositions as may be allowed by the arbitrators upon a showing of good cause. Depositions shall be conducted in accordance with the New York Code of Civil Procedure, the arbitrator shall be required to provide in writing to the parties the basis for the award or order of such arbitrator, and a court reporter shall record all hearings, with such record constituting the official transcript of such proceedings. Each party will bear its own costs in respect of any disputes arising under this Agreement. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District Court for the Southern District of New York or any court of the State of New York having subject matter jurisdiction.

[*Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Indemnification Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Red Wisdom Creation Limited** | **Red Wisdom Creation Limited** |
| By: |  |
| Name: | Chen Qiu |
| Title: | Director |

---

---

| |
|:---|
| **The Indemnitee** |
| Signature: |
| Name: |

---

## Exhibit 10.7

**Exhibit 10.7**

![](ex10-7_001.jpg)

![](ex10-7_002.jpg)

![](ex10-7_003.jpg)

## Exhibit 10.8

**Exhibit 10.8**

![](ex10-8_001.jpg)

![](ex10-8_002.jpg)

![](ex10-8_003.jpg)

## Exhibit 10.9

**Exhibit 10.9**

**Human Resource Service Agreement**

Party A: <u>MIAO HONG TRADING CO., LIMITED</u>

Party B: <u>Hong Kong BangMang Outsourcing Co., Limited</u>

Party A intends to engage Party B to provide advisory services, and Party B is willing to offer such services. Through amicable consultation, both parties have reached the following agreement regarding Party B's provision of professional services to Party A:

**Chapter 1: Scope of Cooperation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Party A is a professional service provider with extensive experience in information flow distribution and influencer marketing, serving a broad client base. To adapt to its rapidly evolving business scale, Party A plans to hire specialized personnel to ensure timely responses to its needs and deliver high-quality professional services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Party B, a professional team with extensive industry experience, agrees to serve as Party A's consultant in accordance with this agreement and provide advisory services to Party A.

**Chapter 2: Term of Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 This agreement shall be valid from <u>2023 October 1 to 2025 September 30</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 If neither Party A nor Party B raises any objections within 30 days prior to the expiration of this agreement, the agreement shall be automatically renewed for one year, with the automatic renewal period not exceeding three years. During the execution of the agreement, if either party wishes to terminate it, they shall notify the other party one month in advance. Upon mutual agreement and completion of financial settlement with clearly defined responsibilities, the agreement shall be terminated.

The agreement may only be terminated upon fulfillment. Should either party terminate the agreement without authorization in violation of its terms, thereby causing losses to the other party, such party shall compensate for the losses incurred.

**Chapter 3 Rights and Obligations of Party A**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1 Party A shall pay Party B the full service fee in full and on time, based on the professional services provided by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Party A guarantees that the services arranged for Party B shall comply with all applicable laws, uphold public order and good morals, and ensure the physical and mental well-being and safety of the professionals assigned by Party B, thereby fully safeguarding the effective realization of the rights and interests of both the professionals and Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Party A shall not engage in any acts violating laws or administrative regulations (including but not limited to suspected money laundering, tax evasion, or tax avoidance), or otherwise improperly utilize Party B's services (including but not limited to cases where the nature or scope of activities arranged by Party A's professionals does not align with Party B's service scope).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Party A shall maintain confidentiality regarding any personal information disclosed by professionals. Without Party B's authorization or pursuant to legally binding laws, regulations, court orders, regulatory requirements, or to comply with applicable laws, fulfill cybersecurity obligations, or address cybersecurity incidents, Party A shall not disclose such personal information to any third party.

**Chapter 4 Rights and Obligations of Party B**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Party B shall review the written materials submitted by the professionals and verify their identity through third-party authentication. Party B shall be held liable for any concealment of facts or submission of false materials by the professionals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Party B shall have the right to establish corresponding service standard guidelines for production and operational activities provided by professionals, based on Party A's business requirements and service arrangements. Professionals shall comply with these guidelines, and Party B shall ensure they adhere to relevant laws, regulations, and the aforementioned service standards. Party B shall bear legal liability for any disputes arising from the services rendered by professionals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.3 Party B shall be entitled to charge Party A the corresponding service fees for the professional services provided under this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Party B shall, in the interest of Party A's maximization, diligently perform this agreement, uphold Party A's reputation, and shall not infringe upon Party A's lawful rights and interests.

**Chapter 5: Fees and Service Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Party A shall pay Party B the service fee for the professional services provided under this agreement, as stipulated herein, with the exact amount to be determined in each settlement statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Party A shall remit all fees to Party B's designated bank account before the 25th of the <u>month</u> (advance if it falls on a holiday). Any disputes shall be adjusted in the next bill.

Bank of Party B: <u>BANK OF CHINA (HONG KONG) LIMITED, HONG KONG</u>

Bank account number of Party B: <u>01273710247676</u>

Name of Party B: <u>Hong Kong BangMang Outsourcing Co., Limited</u>

**Chapter 6 Liability for Breach of Contract and Dispute Resolution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Any party that breaches or unilaterally modifies the terms of this agreement shall be liable for all economic losses incurred by the other party as a result.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 During the execution of this Agreement, any changes in the names, legal representatives, principal officers, or investors of either Party A or B shall not affect the performance hereof. Should any Party A or B undergo mergers or divisions, this Agreement shall remain valid and shall be performed by the successor entity, including but not limited to all obligations arising from labor disputes and financial transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 If Party A fails to settle the fees as stipulated in this agreement and delays payment, a late fee of 2% of the outstanding amount shall be charged to Party B for each day of delay, and Party B shall not be held liable for any service delays.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Should Party A delay payment, Party B shall issue a written demand. If Party A fails to make payment within three days after receiving such demand, it shall be deemed a breach of contract by Party A, and Party B shall have the right to terminate this contract. Party B also reserves the right to claim compensation for losses and late payment fees from Party A.

**Chapter VII Appendix**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 All matters related to "notice", "consent", "confirmation" and similar terms herein shall be executed in writing and shall constitute the basis for reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Any amendments to this agreement shall be made by mutual agreement in writing and shall take effect upon being executed and sealed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.3 This agreement is executed in duplicate, with each party holding one copy, both being legally binding.

---- (No content below) - - --

---

| | | | |
|:---|:---|:---|:---|
| Party A (Seal) | ![](ex10-9_001.jpg) | Party B (seal): | ![](ex10-9_002.jpg) |
| 29 September 2023 | 29 September 2023 | 2023 September 30 | 2023 September 30 |

---

![](ex10-9_003.jpg)

## Exhibit 14.1

**Exhibit 14.1**

**RED WISDOM CREATION LIMITED** 

**CODE OF CONDUCT AND ETHICS**

(Conditionally adopted by a board resolution dated [ ], 2026

with effect from the effective date of the registration statement of the Company)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| I. | Introduction | 1 |
| II. | Standards of Conduct | 1 |
| III. | Compliance with Laws, Rules and Regulations | 1 |
| IV. | Insider Trading | 2 |
| V. | Conflicts of Interest | 2 |
| VI. | No Loans to Executive Officers or Directors | 3 |
| VII. | Outside Directorships and Other Outside Activities | 3 |
| VIII. | Corporate Opportunities | 3 |
| IX. | Fair Dealing | 4 |
| X. | Customer Relationships | 4 |
| XI. | Supplier Relationships | 4 |
| XII. | Export Controls | 5 |
| XIII. | Gifts and Entertainment | 5 |
| XIV. | Government Business | 5 |
| XV. | Political Contributions | 6 |
| XVI. | Protection and Proper Use of Company Assets | 6 |
| XVII. | Use of Computers and Other Equipment | 6 |
| XVIII. | Use of Software | 7 |
| XIX. | Use of Electronic Communications | 7 |
| XX. | Confidentiality | 7 |
| XXI. | Recordkeeping | 7 |
| XXII. | Records on Legal Hold | 8 |
| XXIII. | Disclosure | 8 |
| XXIV. | Outside Communications | 8 |
| XXV. | Discrimination and Harassment | 9 |
| XXVI. | Health and Safety | 9 |
| XXVII. | Compliance Standards and Procedures | 9 |
| XXVIII. | General Compliance Guidelines | 11 |
| XXIX. | Amendment, Modification and Waiver | 11 |

---

-i-

**<u>I. INTRODUCTION</u>**

This Code of Conduct and Ethics (the "**Code**") summarizes the ethical standards and key policies that guide the business conduct of Red Wisdom Creation Limited (the "**Company**").

The purpose of this Code is to promote ethical conduct and deter wrongdoing. The policies outlined in this Code are designed to ensure that the Company's employees, including its officers (collectively referred to herein as "**employees**"), and members of its board of directors ("**directors**") act in accordance with not only the letter but also the spirit of the laws and regulations that apply to the Company's business. The Company expects its employees and directors to exercise good judgment to uphold these standards in their day-to-day activities and to comply with all applicable policies and procedures in the course of their relationship with the Company.

Employees and directors are expected to read the policies set forth in this Code and ensure that they understand and comply with them. All employees and directors are required to abide by the Code. The Code should also be provided to and followed by the Company's agents and representatives, including consultants. The Code does not cover every issue that may arise, but it provides general guidelines for exercising good judgment. Employees and directors should refer to the Company's other policies and procedures for implementing the general principles set forth below. Any questions about the Code or the appropriate course of conduct in a particular situation should be directed to the Company's Chief Executive Officer, Chief Financial Officer, Director of Human Resources or General Counsel, as appropriate. Any violations of laws, rules, regulations or this Code should be reported immediately. The Company will not allow retaliation against an employee or director for such a report made in good faith. Employees and directors who violate this Code will be subject to disciplinary action.

Each employee and director must sign the acknowledgement form at the end of this Code and return the form to the Company's Human Resources Department indicating that he or she has received, read, understood and agreed to comply with the Code. The signed acknowledgment form will be placed in the individual's personnel file.

**<u>II. STANDARDS OF CONDUCT</u>**

The Company expects all employees and directors to act with the highest standards of honesty and ethical conduct. The Company considers honest conduct to be conduct that is free from fraud or deception and is characterized by integrity. The Company considers ethical conduct to be conduct conforming to accepted professional standards of conduct. Ethical conduct includes the ethical handling of actual or apparent conflicts of interest between personal and professional relationships, as discussed below.

**<u>III. COMPLIANCE WITH LAWS, RULES AND REGULATIONS</u>**

Employees and directors must comply with all laws, rules and regulations applicable to the Company and its business, as well as applicable Company policies and procedures. Each employee and director must acquire appropriate knowledge of the legal requirements relating to his or her duties sufficient to enable him or her to recognize potential problems and to know when to seek advice from the Company's Chief Financial Officer or General Counsel. Violations of laws, rules and regulations may subject the violator to individual criminal or civil liability, as well as to discipline by the Company. These violations may also subject the Company to civil or criminal liability or the loss of business. Any questions as to the applicability of any law, rule or regulation should be directed to the Company's Chief Financial Officer or General Counsel.

**<u>IV. INSIDER TRADING</u>**

The purpose of the Company's insider trading policy is to establish guidelines to ensure that all employees and directors comply with laws prohibiting insider trading. No employee or director in possession of material, non-public information may trade the Company's securities (or advise others to trade) from the time they obtain such information until after adequate public disclosure of the information has been made. Employees and directors who knowingly trade Company securities while in possession of material, non-public information or who tip information to others will be subject to appropriate disciplinary action up to and including termination. Insider trading is also a crime.

Employees and directors also may not trade in the shares of other companies about which they learn material, non-public information through the course of their employment or service with the Company.

Any questions as to whether information is material or has been adequately disclosed should be directed to the Company's Chief Financial Officer or General Counsel. Additional information regarding insider trading can be found in the Company's Insider Trading Policy.

**<u>V. CONFLICTS OF INTEREST</u>**

A "conflict of interest" occurs when a person's private interest interferes in any way – or even appears to interfere – with the interests of the Company as a whole.

A conflict situation can arise when an employee or director takes actions or has interests that may make it difficult to perform his or her Company work objectively and effectively. Conflicts of interest may also arise when an employee or director, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Company. Loans to, or guarantees of obligations of, such persons are of special concern.

Conflicts of interest are prohibited as a matter of Company policy. The mere existence of a relationship with outside firms is not automatically prohibited. Nonetheless, conflicts of interest may not always be clear, so if a question arises, higher levels of management or the Company's Audit Committee should be consulted. Any employee or director who becomes aware of a conflict or a potential conflict should bring it to the attention of a supervisor, manager or other appropriate persons within the Company.

In certain exceptional circumstances, a situation involving a conflict of interest may be permitted. See Section XXVIII regarding waivers of this Code.

**<u>VI. NO LOANS TO EXECUTIVE OFFICERS OR DIRECTORS</u>**

It is the policy of the Company not to extend or maintain credit, to arrange for the extension of credit, or to renew an extension of credit, in the form of a personal loan to or for any director or executive officer of the Company. Any questions about whether a loan has been made to a director or executive officer in violation of this policy should be directed to the Company's Chief Executive Officer or Chief Financial Officer.

**<u>VII. OUTSIDE DIRECTORSHIPS AND OTHER OUTSIDE ACTIVITIES</u>**

Although an employee's activities outside the Company are not necessarily a conflict of interest, a conflict could arise depending upon the employee's position with the Company and the Company's relationship with the other employer or activity. Outside activities may also be a conflict of interest if they cause, or are perceived to cause, an employee to choose between that interest and the interests of the Company.

An employee may not serve as a director, partner, employee of or consultant to, or otherwise work for or receive compensation for personal services from, any affiliate, customer, partner, supplier, distributor, reseller, licensee or competitor of the Company or any other business entity that does or seeks to do business with the Company. In certain exceptional circumstances, an executive officer may be permitted to serve as a director of such an entity (but in no circumstances will an employee be permitted to serve as a director of a competitor of the Company). See Section XXVIII regarding waivers of this Code. Serving in such a capacity for a company that is not an affiliate, customer, partner, supplier, distributor, reseller, licensee or competitor of the Company may be permitted, but such activities must be approved in advance by the employee's supervisor, the Human Resources Department and the Company's Chief Financial Officer.

Employees are encouraged to serve as a director, trustee or officer of non-profit organizations in their individual capacity and on their own time, but they must obtain prior approval from the Company's Chief Financial Officer to do so as a representative of the Company.

The guidelines in this Section VII are not applicable to directors that do not also serve in management positions within the Company.

**<u>VIII. CORPORATE OPPORTUNITIES</u>**

Employees and directors are prohibited from:

● Personally taking for themselves opportunities that are discovered through the use of corporate property, information or position;

● Using corporate property, information or position for personal gain; and

● Competing with the Company.

In the interest of clarifying the definition of "Competing with the Company," if any member of the Board of Directors of the Company who is also a partner or employee of an entity that is a holder of the Company's Ordinary Shares, or an employee of an entity that manages such an entity (each, a "Fund"), acquires knowledge of an opportunity of interest for both the Company and such Fund other than in connection with such individual's service as a member of the Board of Directors (including, if applicable, such board member acquiring such knowledge in such individual's capacity as a partner or employee of the Fund or the manager or general partner of a Fund), then, provided that such director has acted in good faith, such an event shall be deemed not to be "Competing with the Company" under this Section VIII.

Employees and directors owe a duty to the Company to advance its legitimate interests when the opportunity to do so in a legal and ethical manner arises.

**<u>IX. FAIR DEALING</u>**

The Company seeks to excel while operating fairly and honestly, never through unethical or illegal business practices. Each employee and director should endeavor to deal fairly with the Company's customers, suppliers, competitors and employees. No employee or director should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practices.

**<u>X. CUSTOMER RELATIONSHIPS</u>**

Employees must act in a manner that creates value for the Company's customers and helps to build a relationship based upon trust. The Company and its employees have provided products and services for many years and have built up significant goodwill over that time. This goodwill is one of our most important assets, and Company employees must act to preserve and enhance the Company's reputation.

**<u>XI. SUPPLIER RELATIONSHIPS</u>**

The Company's suppliers make significant contributions to the Company's success. To create an environment where the Company's suppliers have an incentive to work with the Company, suppliers must be confident that they will be treated lawfully and in an ethical manner. The Company's policy is to purchase supplies based on need, quality, service, price and terms and conditions. The Company's policy is to select significant suppliers or enter into significant supplier agreements though a competitive bid process where possible. In selecting suppliers, the Company does not discriminate on the basis of race, color, religion, sex, national origin, age, sexual preference, marital status, medical condition, veteran status, physical or mental disability, or any other characteristic protected by applicable law. A supplier to the Company is generally free to sell its products or services to any other party, including Company competitors. In some cases where the products or services have been designed, fabricated, or developed to the Company's specifications, the agreement between the parties may contain restrictions on sales.

**<u>XII. EXPORT CONTROLS</u>**

The Company requires compliance with laws and regulations governing export controls in both the United States and in the countries where the Company conducts its business. A number of countries maintain controls on the destinations to which products may be exported. Some of the strictest export controls are maintained by the United States against countries that the U.S. government considers unfriendly or as supporting international terrorism. The U.S. regulations are complex and apply both to exports from the United States and to exports of products from other countries, when those products contain U.S.-origin components or technology. In some circumstances, an oral presentation containing technical data made to foreign nationals in the United States may constitute an export subject to control. Any questions about export control laws and regulations should be directed to the General Counsel.

**<u>XIII. GIFTS AND ENTERTAINMENT</u>**

Business gifts and entertainment are designed to build goodwill and sound working relationships among business partners. A problem may arise if:

● The receipt by one of our employees of a gift or entertainment would compromise, or could reasonably be viewed as compromising, that person's ability to make objective and fair business decisions on behalf of the Company; or

● The offering by one of our employees of a gift or entertainment would appear to be an attempt to obtain business through improper means or to gain any special advantage in our business relationships, or could reasonably be viewed as such an attempt.

Employees must use good judgment and ensure there is no violation of these principles. No gift or entertainment should be given or accepted by any Company employee, family member of an employee or agent unless it: (1) is not a cash gift, (2) is consistent with customary business practices, (3) is not excessive in value, (4) cannot be construed as a bribe or payoff, (5) does not violate any laws or regulations and (6) is not one of a series of small gifts or entertainments that can be construed as part of a larger, expensive gift. Any questions about whether any gifts or proposed gifts are appropriate should be directed to the Company's Chief Financial Officer. You should also review the Company's Foreign Corrupt Practices Act Compliance Policy regarding the specific conditions for gifts and entertainment.

**<u>XIV. GOVERNMENT BUSINESS</u>**

Employees should understand that special requirements might apply when contracting with any governmental body (including national, state, provincial, municipal, or other similar governmental divisions on local jurisdictions). Because government officials are obligated to follow specific codes of conduct and laws, special care must be taken in government procurement. Some key requirements for doing business with government are:

● Accurately representing which Company products are covered by government contracts;

● Not improperly soliciting or obtaining confidential information, such as sealed competitors' bids, from government officials prior to the award of a contract; and

● Hiring present and former government personnel may only occur in compliance with applicable laws and regulations (as well as consulting the Company's Chief Financial Officer or General Counsel and the Human Resources Department).

When dealing with public officials, employees and directors must avoid any activity that is or appears illegal or unethical. Promising, offering or giving of favors, gratuities or gifts, including meals, entertainment, transportation, and lodging, to government officials in the various branches of U.S. government, as well as state and local governments, is restricted by law. Employees and directors must obtain pre-approval from the Company's Chief Executive Officer or Chief Financial Officer, as appropriate, before providing anything of value to a government official or employee. The foregoing does not apply to lawful personal political contributions.

In addition, the U.S. Foreign Corrupt Practices Act prohibits giving anything of value, directly or indirectly, to officials of foreign governments or foreign political candidates in order to obtain or retain business. Illegal payments to government officials of any country are strictly prohibited. Additional information regarding the Foreign Corrupt Practices Act can be found in the Company's Foreign Corrupt Practices Act Compliance Policy.

**<u>XV. POLITICAL CONTRIBUTIONS</u>**

It is the Company's policy to comply fully with all local, state, federal, foreign and other applicable laws, rules and regulations regarding political contributions. The Company's funds or assets must not be used for, or be contributed to, political campaigns or political practices under any circumstances without the prior written approval of the Company's Chief Financial Officer and, if required, the Company's Board of Directors. You should also consult the Company's Foreign Corrupt Practices Act Compliance Policy.

**<u>XVI. PROTECTION AND PROPER USE OF COMPANY ASSETS</u>**

Theft, carelessness and waste have a direct impact on the Company's profitability. Employees and directors should protect the Company's assets and ensure their efficient use. All Company assets should be used for legitimate business purposes.

Company assets include intellectual property such as patents, trademarks, copyrights, business and marketing plans, engineering and manufacturing ideas, designs, salary information and any unpublished financial data and reports. Unauthorized use or distribution of this information is a violation of Company policy.

**<u>XVII. USE OF COMPUTERS AND OTHER EQUIPMENT</u>**

The Company strives to furnish employees with the equipment necessary to efficiently and effectively perform their jobs. Employees must care for that equipment and use it responsibly and only for Company business purposes. If employees use Company equipment at their home or off site, precautions must be taken to protect such Company equipment from theft or damage. Employees must immediately return all Company equipment when their employment relationship with the Company ends. While computers and other electronic devices are made accessible to employees to assist them to perform their jobs and to promote our interests, all such computers and electronic devices, whether used entirely or partially on the Company's premises or with the aid of the Company's equipment or resources, must remain fully accessible to the Company and will remain the sole and exclusive property of the Company.

Employees should not maintain any expectation of privacy with respect to any electronic communications made using Company equipment. To the extent permitted by applicable law, the Company retains the right to gain access to any such information, at any time, with or without your knowledge, consent or approval.

**<u>XVIII. USE OF SOFTWARE</u>**

All software used by employees to conduct Company business must be appropriately licensed. Employees should never make or use illegal or unauthorized copies of any software, whether in the office, at home, or on the road, since doing so may constitute copyright infringement and may expose the employee and the Company to potential civil and criminal liability. The Company's information technology department will inspect Company computers periodically to verify that only approved and licensed software has been installed. Any non-licensed/supported software will be removed.

**<u>XIX. USE OF ELECTRONIC COMMUNICATIONS</u>**

Employees must use electronic communication devices in a legal, ethical, and appropriate manner. Electronic communications devices include computers, e-mail, connections to the Internet, intranet and extranet and any other public or private networks, voice mail, video conferencing, facsimiles, telephones or future types of electronic communication. Employees may not post or discuss information concerning Company products or business on the Internet without the prior written consent of the Company's Chief Executive Officer or Chief Financial Officer. It is not possible to identify every standard and rule applicable to the use of electronic communications devices. Employees are therefore encouraged to use sound judgment whenever using any feature of the Company's communications systems.

**<u>XX. CONFIDENTIALITY</u>**

Employees and directors should maintain the confidentiality of information entrusted to them by the Company or its affiliates, customers, partners, distributors and suppliers, except when disclosure is specifically authorized by the Company's Chief Executive Officer or Chief Financial Officer or required by law.

Confidential information includes all non-public information that might be of use to competitors, or harmful to the Company or its affiliates, customers, partners, distributors and suppliers if disclosed. Any questions about whether information is confidential should be directed to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel.

**<u>XXI. RECORDKEEPING</u>**

All of the Company's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the transactions and matters to which they relate and must conform both to applicable legal requirements and to the Company's system of internal controls. All assets of the Company must be carefully and properly accounted for. The making of false or misleading records or documentation is strictly prohibited. Unrecorded funds or assets should not be maintained.

The Company complies with all laws and regulations regarding the preservation of records. Records should be retained or destroyed only in accordance with the Company's document retention policies. Any questions about these policies should be directed to the Company's Chief Financial Officer or General Counsel, as appropriate. You should also consult the Company's Foreign Corrupt Practices Act Compliance Policy.

**<u>XXII. RECORDS ON LEGAL HOLD</u>**

A legal hold suspends all document destruction procedures in order to preserve appropriate records under special circumstances, such as litigation or government investigations. The General Counsel determines and identifies what types of Company records or documents are required to be placed under a legal hold and will notify employees if a legal hold is placed on records for which they are responsible. Employees must not destroy, alter or modify records or supporting documents that have been placed under a legal hold under any circumstances. A legal hold remains effective until it is officially released in writing by the General Counsel. If an employee is unsure whether a document has been placed under a legal hold, such employee should preserve and protect that document while the Legal Department is contacted.

**<u>XXIII. DISCLOSURE</u>**

The information in the Company's public communications, including filings with the Securities and Exchange Commission, must be full, fair, accurate, timely and understandable. All employees and directors are responsible for acting in furtherance of this policy. In particular, each employee and director is responsible for complying with the Company's disclosure controls and procedures and internal controls for financial reporting. Any questions concerning the Company's disclosure controls and procedures and internal controls for financial reporting should be directed to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, as appropriate.

Anyone that believes that questionable accounting or auditing conduct or practices have occurred or are occurring should refer to the Company's Policy Regarding Reporting of Financial and Accounting Concerns.

**<u>XXIV. OUTSIDE COMMUNICATIONS</u>**

The Company has established specific policies regarding who may communicate information to the public, the press and the financial analyst communities:

● The Company's Chief Executive Officer, Chief Financial Officer and investor relations personnel are official spokespeople for financial matters.

● The Company's corporate communications personnel are official spokespeople for public comment, press, marketing, technical and other such information.

● All communications made to public audiences, including formal communications and presentations made to investors, customers or the press, require prior approval in accordance with the Company's established policies for such communications, including review by investor relations or corporate communications personnel, as applicable, with final review by the Company's Chief Executive Officer or Chief Financial Officer, who will ensure that all necessary review is undertaken.

These designees are the only people who may communicate externally on behalf of the Company. Employees and directors should refer all inquiries or calls from the press, from shareholders or from financial analysts to the investor relations department or the Company's Chief Financial Officer, who will see that the inquiry is directed to the appropriate authority within the Company.

Employees and directors may not publish or make public statements outside the scope of employment with or service to the Company that might be perceived or construed as attributable to the Company without preapproval from the Company's Chief Executive Officer or Chief Financial Officer, as appropriate. Any such statement must include the Company's standard disclaimer that the publication or statement represents the views of the specific author and not of the Company.

**<u>XXV. DISCRIMINATION AND HARASSMENT</u>**

The diversity of the Company's employees is a tremendous asset. We are firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment of any kind. Examples include derogatory comments based on racial or ethnic characteristics and unwelcome sexual advances.

**<u>XXVI. HEALTH AND SAFETY</u>**

The Company strives to provide each employee with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy workplace for all employees by following safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions.

Violence and threatening behavior are not permitted. Employees should report to work in condition to perform their duties, free from the influence of illegal drugs or alcohol. The use or possession of illegal drugs in the workplace will not be tolerated.

**<u>XXVII. COMPLIANCE STANDARDS AND PROCEDURES</u>**

No code of conduct and ethics can replace the thoughtful behavior of an ethical employee or director or provide definitive answers to all questions. Since the Company cannot anticipate every potential situation, certain policies and procedures have been put in place to help employees and directors approach questions or problems as they arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Designated Ethics Officer**

The Company's Chief Financial Officer has been designated as the Company's Ethics Officer with responsibility for overseeing and monitoring compliance with the Code. The Ethics Officer reports directly to the Chief Executive Officer with respect to these matters and also will make periodic reports to the Company's Audit Committee regarding the implementation and effectiveness of this Code as well as the policies and procedures put in place to ensure compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Seeking Guidance**

Employees and directors are encouraged to seek guidance from supervisors, managers or other appropriate personnel when in doubt about the best course of action to take in a particular situation. In most instances, questions regarding the Code should be brought to the attention of the Company's Director of Human Resources, General Counsel or Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Reporting Violations**

If an employee or director knows of or suspects a violation of the Code, or of applicable laws and regulations, he or she must report it immediately to the Company's Chief Executive Officer, Chief Financial Officer or General Counsel, as appropriate. If the situation warrants or requires it, the reporting person's identity will be kept anonymous to the extent legally permitted and practical.

Anyone that believes that questionable accounting or auditing conduct or practices have occurred or are occurring should refer to the Company's Policy Regarding Reporting of Financial and Accounting Concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. No Retaliation**

Any employee or director who observes possible unethical or illegal conduct is encouraged to report his or her concerns. Reprisal, threats, retribution or retaliation against any person who has in good faith reported a violation or suspected violation of law, this Code or other Company policies, or against any person who is assisting in any investigation or process with respect to such a violation, is prohibited.

Any employees involved in retaliation will be subject to serious disciplinary action by the Company. Furthermore, the Company could be subject to criminal or civil actions for acts of retaliation against employees who "blow the whistle" on U.S. federal securities law violations and other federal offenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Investigations**

Reported violations will be promptly investigated. The Board of Directors or its designated committee will be responsible for investigating violations and determining appropriate disciplinary action for matters involving members of the Board of Directors or executive officers. The Board of Directors or its designated committee may designate others to conduct or manage investigations on its behalf and recommend disciplinary action. Subject to the general authority of the Board of Directors to administer this Code, the Chief Financial Officer and the General Counsel will be jointly responsible for investigating violations (including the initiating of any such investigation) and determining appropriate disciplinary action for other employees, agents and contractors. The Chief Financial Officer and the General Counsel may designate others to conduct or manage investigations on their behalf and recommend disciplinary action. The Board of Directors reserves the right to investigate violations and determine appropriate disciplinary action on its own or to designate others to do so in place of, or in addition to, the Chief Financial Officer and the General Counsel. It is imperative that the person reporting the violation not conduct an investigation on his or her own. However, employees and directors are expected to cooperate fully with any investigation made by the Company into reported violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Discipline/Penalties**

Employees and directors who violate the laws or regulations governing the Company's business, this Code, or any other Company policy, procedure or requirement may be subject to disciplinary action, up to and including termination. Employees and directors who have knowledge of a violation and fail to move promptly to report or correct it, or who direct or approve violations, may also be subject to disciplinary action, up to and including termination.

Furthermore, violations of some provisions of this Code are illegal and may subject the employee or director to civil and criminal liability.

**<u>XXVIII. GENERAL COMPLIANCE GUIDELINES</u>**

We must all work to ensure prompt and consistent action against violations of this Code. However, in some situations it is difficult to know if a violation has occurred. Since we cannot anticipate every situation that will arise, it is important that we have a way to approach a new question or problem. These are the steps to keep in mind:

● Make sure you have all the facts possible. To reach the right solutions, we must be as fully informed as possible.

● Ask yourself: What specifically am I being asked to do? Does it seem unethical or improper? This will enable you to focus on the specific question you are faced with, and the alternatives you have. Use your judgment and common sense; if something seems unethical or improper, follow up on it.

● Clarify your responsibility and role. In most situations, there is shared responsibility. Are your colleagues informed? It may help to get others involved and discuss the problem.

● Discuss the problem with your manager. This is the basic guidance for all situations. In many cases, your manager will be more knowledgeable about the question, and will appreciate being brought into the decision-making process. Remember that it is your manager's responsibility to help solve problems.

● Seek help from Company resources. If you do not feel comfortable approaching your manager with your question, discuss it with your local Human Resources representative.

● You may report ethical violations in confidence and without fear of retaliation. If you find yourself in a situation that requires that your identity be kept confidential, your anonymity will be protected to the extent possible. The Company does not permit retaliation of any kind against employees for good faith reports of ethical violations.

● Always ask first, act later when confronted with an ethical issue: If you are unsure of what to do in any situation, seek guidance before you act.

**<u>XXIX. AMENDMENT, MODIFICATION AND WAIVER</u>**

This Code may be amended or modified by the Board of Directors or a committee of the Board of Directors.

Any amendment or waiver of this Code for a director, executive officer or any financial or accounting officer at the level of the principal accounting officer or controller or above, may be made only by the Board of Directors, and must be promptly disclosed to shareholders if and as required by applicable law or the rules of the share exchange on which the Company's shares are traded. Waivers with respect to other employees or applicable contractors may be made only by the Company's Chief Executive Officer. Any waiver of this Code with respect to a conflict of interest transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated under the Securities Act of 1933, as amended, must be approved in advance by the Company's Audit Committee.

\* \* \* \* \*

## Exhibit 21.1

**Exhibit 21.1**

List of Subsidiaries

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| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| Miaohong Creation Limited | BVI |
| Red Wisdom Creation (Hong Kong) Limited | Hong Kong |

---

## Exhibit 23.2

**Exhibit 23.2**

![](ex23-2_001.jpg)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated August 12, 2025, with respect to the consolidated financial statements of Red Wisdom Creation Limited, as of and for the years ended March 31, 2025 and 2024 in this Registration Statement on Form F-1 and the related Prospectus of Red Wisdom Creation Limited filed with the Securities and Exchange Commission.

![????????? ????????????????????????????????????](ex23-2_002.jpg)

Singapore<br> January 16, 2026

## Exhibit 23.3

**Exhibit 23.3**

Xiamen Flashstone Investment Management Consulting Co., Ltd.

January 16, 2026

Red Wisdom Creation Limited

The Hong Kong Special Administrative Region

People's Republic of China

Re: Consent of Xiamen Flashstone Investment Management Consulting Co., Ltd.

Dear Sirs,

We refer to the registration statement on Form F-1 (the "Registration Statement") to be filed by Red Wisdom Creation Limited (the "Company") 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 use of our name and the inclusion of information, data and statements from our industry report commissioned by the Company, entitled "Global MCN and Digital Targeted Advertising Market Research Report" dated July 16, 2025 (the "Flash-Stone Report"), and any amendments or updates thereto, in the following: (i) the Registration Statement and any amendments, including under "Prospectus Summary," "Industry," and "Business"; (ii) written correspondence with the SEC; (iii) future SEC filings by the Company, including Forms 20-F, 6-K and other filings (collectively, the "SEC Filings"); (iv) the Company's and its affiliates' websites and publicity materials; (v) institutional and retail roadshows and related activities for the Proposed IPO; and (vi) other marketing materials in connection with the Proposed IPO.

We further consent to the filing of this letter as an exhibit to the Registration Statement, any amendments thereto, and any other SEC Filings for the purposes stated above.

For and on behalf of

Xiamen Flashstone Investment Management Consulting Co., Ltd.

---

| |
|:---|
| /s/ Wu Zongtian |
| Name: Wu Zongtian |
| Title: Executive Director |

---

## Exhibit 23.4

**Exhibit 23.4**

![](ex23-4_001.jpg)

January 16, 2026

Red Wisdom Creation Limited

807A on the 8th Floor

Office Tower 2 of The Harbourfront

22 Tak Fung Street

Hung Hom, Hong Kong

Dear Sirs,

---

| | |
|:---|:---|
| &nbsp;&nbsp;Re: | &nbsp;&nbsp;**Red Wisdom Creation Limited (the "Company") – Legal Opinion on Certain Hong Kong Legal Matters** |

---

**A. INTRODUCTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We, Loeb & Loeb LLP, were engaged as Hong Kong counsel to the Company (together with its subsidiaries, the "**Group**") on matters of the laws of the Hong Kong Special Administrative Region of the People's Republic of China ()"**Hong Kong**") in connection with the Company's registration statement on Form F-1 to be filed with the Securities and Exchange Commission (the "**Commission**") on or about January 16, 2026 under the United States Securities Act of 1933, as amended (the "**Act**") (the "**Registration Statement** "), relating to the initial public offering of a certain number of Class A ordinary shares of the Company (the "**Class A Ordinary Shares**") (including the Class A Ordinary Shares issuable upon exercise by the underwriters of their over-allotment option) (the "**Transaction** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This letter is limited to the laws of Hong Kong of general application on the date hereof. We have made no investigation of, and do not express or imply any views on, the laws of any jurisdiction other than Hong Kong. Accordingly, we express or imply no opinion directly or indirectly as to the laws of any jurisdiction other than Hong Kong, or as to factual matters. The laws of Hong Kong referred to herein are 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. We have assumed that there is nothing in the laws of any other jurisdiction which affects the opinions in this letter. In this letter, a reference to "laws" or "law" is a reference to the common law, principles of equity and laws and regulations constituted or evidenced by documents available to the public generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In giving the opinion below, we have examined only the Registration Statement and no other document, and we have relied upon the assumptions set out in paragraph 5 or elsewhere herein, which we have not independently verified, and the opinion is subject to the qualifications and reservations set out in paragraph 6 or elsewhere herein.

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| | |
|:---|:---|
| ![](ex23-4_002.jpg) | Page 2 |

---

**B. OPINION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Based solely on the Registration Statement and the qualifications, assumptions and limitations set forth herein and subject to any matters not disclosed to us, and having regard to such considerations of the laws of Hong Kong in force as at the date this letter as we consider relevant, we are of the view that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the description of Hong Kong laws, if any, set forth in the Registration Statement under the captions "Prospectus Summary", "Risk Factors", "Business", "Regulations" and "Enforceability of Civil Liabilities", in each case insofar as such statements summarize Hong Kong laws, correctly and fairly summarizes the matters referred to therein in all material respects, and nothing has been omitted from such description which would make the same misleading in any material aspect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the description of Hong Kong laws set forth in the Registration Statement under the caption "Taxation —Hong Kong Taxation" insofar as such statements summarize Hong Kong tax laws, correctly and fairly summarizes Hong Kong laws with respect to profit tax applicable to the business operation of the subsidiary of the Group incorporated in Hong Kong in all material respects.

**C. ASSUMPTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The opinions set out in this letter are based upon the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all statements of fact contained in the Registration Statement are true, accurate and complete and not misleading in any respect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no laws other than Hong Kong laws would affect the opinions stated herein but that, insofar as the laws of any jurisdiction other than Hong Kong may be relevant, such laws have been complied with.

**D. QUALIFICATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The opinions set out in this letter is subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the description of Hong Kong laws as referred to in paragraph 4 in this letter only set out the relevant Hong Kong laws and regulations in a general sense and does not constitute a comprehensive legal opinion on such matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) we express no view as to whether any or all of the members of the Group have been or will be in compliance with any or all of the laws of Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) we express no view on the due incorporation and current legal status of the subsidiary of the Company incorporated in Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) we expressly disclaim any of our liabilities in any part of the Registration Statement other than the description of Hong Kong laws as referred to in paragraph 4 in this letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the opinions in this opinion letter are given based solely on the description of the business and activities of the Group set out in the Registration Statement and we express no opinion on the accuracy and completeness thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) we express no opinion as to the past, present or future financial performance or good standing or the business prospect of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) we express no opinion as to taxation (other than the opinions stated in paragraph 4(b) of the letter) or accounting matters.

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| | |
|:---|:---|
| ![](ex23-4_002.jpg) | Page 3 |

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**E. OTHERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. For the purposes of the opinions set out in this letter, we do not express or imply any opinion herein as to the laws of any jurisdiction other than those of Hong Kong. This opinion is delivered solely for the purpose of and in relation to the Transaction and the Registration Statement publicly filed with the U.S. Securities and Exchange Commission on the date of this opinion and may not be used and may not be relied upon for any other purpose without our prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. We hereby consent to the use of this opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the reference to our name in such Registration Statement under the caption "Legal Matters." In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the regulations promulgated thereunder. Except with our prior written consent or consented herein, this opinion is not to be transmitted or disclosed to or used or relied upon by any other person or used or relied upon by the Company for any other purpose and may not be filed with any governmental agency or authority or quoted in any public document, save that to the extent required by any law or regulation or court order or in connection with any judicial proceeding or in seeking to establish any defence in any legal or regulatory proceeding or investigation relating to the matters set out herein. Our lability under this letter shall not exceed the amount of legal fees received by us from the Company in relation to the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This opinion is given in respect of the laws of Hong Kong which are in force at, and is based upon facts and circumstances in existence at 8:00 am Hong Kong time on the date of this opinion. We assume no obligation to update this opinion for any changes in the laws of Hong Kong or other events or circumstances that occur after 8:00 am Hong Kong time on the date of this opinion.

Yours faithfully,

---

| |
|:---|
| */s/ Loeb & Loeb LLP* |
| **Loeb & Loeb LLP** |

---

## Exhibit 23.5

**Exhibit 23.5**

![](ex23-5_001.jpg)

**Consent Form**

We are a qualified law firm and lawyers in the People's Republic of China ("PRC"). and we have been engaged by **<u>Red Wisdom Creation Limited</u>** (the "Company"), to advise on certain legal matters related to the PRC laws and regulations.

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. We further consent to the use of our name and to all references made to us in the Registration Statement and in the prospectus forming a part thereof.

---

| | |
|:---|:---|
| *Chen wenqi*： | /s/ Chen wenqi |
| Zeng jiaming： | /s/ Zeng jiaming |
| Tenet & Partners | Tenet & Partners |
| **Date:** January 16th, 2026 | **Date:** January 16th, 2026 |

---

Tenet & Partners

27F, Block A, Haiyi Building, 666 Xiahe Road, Siming District, Xiamen (361004)

Tel: +86 0592-5883666

## Exhibit 99.1

**Exhibit 99.1**

**CHARTER OF THE AUDIT COMMITTEE** 

**OF THE BOARD OF DIRECTORS OF** 

**Red Wisdom Creation Limited**

(Conditionally adopted by a board resolution dated [ ], 2026 with effect from the effective date of the registration statement of the Company)

**PURPOSE**

The purpose of the Audit Committee of the Board of Directors (the "**Board**") of Red Wisdom Creation Limited (the "**Company**") shall be to:

● provide oversight of the Company's accounting and financial reporting processes and the audit of the Company's financial statements;

● assist the Board in monitoring (i) the integrity of the Company's financial statements, (ii) the Company's internal accounting and financial controls, (iii) the Company's compliance with legal and regulatory requirements, and (iv) the independent auditor's qualifications, independence and performance; and

● provide to the Board such information and materials as it may deem necessary to make the Board aware of significant financial matters that require the attention of the Board.

**MEMBERSHIP REQUIREMENTS**

The Audit Committee members will be appointed by, and will serve at the discretion of, the Board. The Audit Committee will consist of at least three (3) members of the Board. Members of the Audit Committee must meet the following criteria (as well as any additional criteria required by the rules of the NASDAQ Capital Market ("**NASDAQ**") and Securities and Exchange Commission (the "**SEC**")):

● each member must be an independent director in accordance with (i) the Corporate Governance Standards of the NASDAQ, and (ii) the rules of the SEC;

● each member must not have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three (3) years;

● each member must be financially literate as determined by the Board in accordance with applicable law; and

● at least one (1) member must have accounting or related financial management expertise, as the Board interprets such qualifications in its business judgment, by virtue of such member's past employment experience in finance or accounting, requisite professional certification in finance or accounting, or any other comparable experience or background that results in such individual's financial sophistication.

The Board may designate one (1) member of the Audit Committee as its chairperson. In the absence of that designation, the Audit Committee may designate a chairperson by majority vote of the committee members.

**AUTHORITY AND RESPONSIBILITIES**

● The Audit Committee shall appoint and oversee the work of the independent auditors, approve the compensation of the independent auditors, and review and, if appropriate, discharge the independent auditors. In this regard, the independent auditors shall report directly to the Audit Committee, and the Audit Committee shall have the sole authority to approve the hiring and discharging of the independent auditors, all audit engagement fees and terms and all permissible non-audit engagements with the independent auditors.

● The Audit Committee shall pre-approve (or, where permitted under the rules of the SEC, subsequently approve) engagements of the independent auditors to render audit services and/or establish pre-approval policies and procedures for such engagements, provided that (i) such policies and procedures are detailed as to the particular services rendered, (ii) the Audit Committee is informed of each such service, and (iii) such policies and procedures do not include delegation to management of the Audit Committee's responsibilities under the Securities Exchange Act of 1934, as amended. The Audit Committee shall also pre-approve any non-audit services proposed to be provided to the Company by such independent auditors.

● The Audit Committee shall review the independence of the independent auditors, including (i) obtaining on a periodic basis a formal written statement from the independent auditors delineating all relationships between the independent auditors and the Company, consistent with Independence Standards Board Standard No. 1, (ii) maintaining an active dialogue with the independent auditors regarding any disclosed relationship or services that may impair the objectivity and independence of the independent auditors, and (iii) to the extent there are any such relationships, monitoring and investigating them and, if necessary, taking, or recommending to the Board that the Board take, appropriate action to oversee the independence of the independent auditors.

● The Audit Committee shall evaluate, at least annually, the independent auditors' qualifications, performance and independence, which evaluation shall include a review and evaluation of the lead partner of the independent auditors and consideration of whether there should be rotation of the lead audit partner or the auditing firm, and take appropriate action to oversee the independence of the independent auditors.

● The Audit Committee shall review, in consultation with the independent auditors, the annual audit plan and scope of audit activities and monitor such plan's progress.

● The Audit Committee shall (i) discuss and, as appropriate, review with management and the independent auditors the Company's annual financial statements and annual reports on Form 20-F, including the Company's disclosures under "Management's Discussion and Analysis of Financial Condition and Results of Operations," (ii) discuss with the independent auditors any other matters required to be discussed by Statement on Auditing Standards No. 114, and (iii) recommend to the Board whether the audited financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations should be included in the Company's Form 20-F.

● The Audit Committee shall discuss with management and the independent auditors significant financial reporting issues raised and judgments made in connection with the preparation of the Company's financial statements, including the review of (i) major issues regarding accounting principles and financial statement presentation, including any significant changes in the Company's selection or application of accounting principles, (ii) major issues as to the adequacy of the Company's internal controls and any special audit steps adopted in light of material control deficiencies, (iii) analyses prepared by management and/or the independent auditors setting forth significant financial reporting issues raised and judgments made in connection with the preparation of the financial statements, including analyses of the effects of alternative GAAP methods on the financial statements, (iv) the effect of regulatory and accounting initiatives, as well as off-balance sheet arrangements, on the Company's financial statements, and (v) the type and presentation of information to be included in earnings press releases, as well as any financial information and earnings guidance to be provided to analysts and rating agencies, including any proposed use of "pro forma" or "adjusted" non-GAAP information.

● The Audit Committee shall receive, review and discuss reports from the independent auditors on (i) the major critical accounting policies and practices to be used, (ii) significant alternative treatments of financial information within GAAP that have been discussed with management, (iii) ramifications of the use of such alternative disclosures and treatments, (iv) any treatments preferred by the independent auditors, and (v) other material written communications between the independent auditors and management, such as any management letter or schedule of unadjusted differences.

● The Audit Committee shall review on a regular basis with the Company's independent auditors any problems or difficulties encountered by the independent auditors in the course of any audit work, including management's response with respect thereto, any restrictions on the scope of the independent auditors' activities or on access to requested information, and any significant disagreements with management. The Audit Committee shall resolve any disagreements between management and the independent auditors regarding financial reporting.

● The Audit Committee shall discuss with management and the independent auditors any correspondence with regulators or governmental agencies and any published reports that raise material issues regarding the Company's financial statements or accounting policies.

● The Audit Committee shall discuss guidelines and policies with respect to risk assessment and risk management.

● The Audit Committee shall appoint the director of internal audit for the Company, approve the compensation of the director of internal audit and review and, if appropriate, discharge the director of internal audit. In this regard, the Audit Committee shall have the sole authority to approve the hiring and discharging of the director of internal audit.

● The Audit Committee shall discuss with the Company's general counsel legal matters that may have a material impact on the financial statements or the Company's compliance procedures.

● The Audit Committee shall review the adequacy and effectiveness of the Company's internal control policies and procedures on a regular basis, including the responsibilities, budget and staffing of the Company's audit function, as well as the need for any special audit procedures in response to material control deficiencies, through inquiry and discussions with the Company's independent auditors and management. In addition, the Audit Committee shall review the reports prepared by management, and attested to by the Company's independent auditors, assessing the adequacy and effectiveness of the Company's internal controls and procedures, prior to the inclusion of such reports in the Company's periodic filings as required under SEC rules. The Audit Committee shall review disclosure regarding the Company's internal controls that are required to be included in SEC reports.

● The Audit Committee shall establish procedures for receiving, retaining and treating complaints received by the Company regarding accounting, internal accounting controls or auditing matters and procedures for the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters.

● The Audit Committee shall review, approve and monitor the portions of the Company's code of ethics applicable to its senior financial officers.

● The Audit Committee shall review and approve in advance any proposed related party transaction.

● The Audit Committee shall oversee compliance with the SEC requirements for disclosure of auditor's services and Audit Committee member qualifications and activities.

● The Audit Committee shall make regular reports to the Board, which reports shall include any issues that arise with respect to the quality or integrity of the Company's financial statements, the Company's compliance with legal or regulatory requirements, the performance and independence of the Company's independent auditors.

● The Audit Committee shall set hiring policies with regard to employees and former employees of the Company's independent auditor.

● The Audit Committee shall review and reassess the adequacy and scope of this Charter annually and recommend any proposed changes to the Board for approval.

● At least annually, the Audit Committee shall evaluate its performance.

● The Audit Committee shall have the authority to engage independent counsel and other advisers, as it determines necessary to carry out its duties. The Company shall provide for appropriate funding, as determined by the Audit Committee, for payment of (i) compensation to the independent auditors engaged for the purpose of preparing or issuing an audit report or performing other audit review or attest services for the Company, (ii) compensation to any advisers employed by the Audit Committee, and (iii) ordinary administrative expenses of the Audit Committee that are necessary or appropriate for carrying out its duties.

● Periodically, the Audit Committee shall meet separately with the Company's management, with internal auditors (or other personnel responsible for the internal audit function) and with the independent auditors.

● The Audit Committee may form subcommittees for any purpose that the Audit Committee deems appropriate and may delegate to such subcommittees such power and authority as the Audit Committee deems appropriate. The Audit Committee shall not delegate to a subcommittee any power or authority required by law, regulation or listing standard to be exercised by the Audit Committee as a whole.

● The Audit Committee will set its own schedule of meetings and will meet at least quarterly, with the option of holding additional meetings at such times as it deems necessary. The Audit Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

● The Audit Committee shall perform such other functions as assigned by law, the Company's articles of association or the Board.

**LIMITATION OF AUDIT COMMITTEE'S ROLE**

While the Audit Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company's financial statements and disclosures are complete, accurate and in accordance with GAAP and applicable rules and regulations. These are the responsibilities of management and the independent auditors.

It is recognized that the members of the Audit Committee are not full-time employees of the Company, that it is not the duty or responsibility of the Audit Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures or to set auditor independence standards, and that each member of the Audit Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Company from which the Audit Committee receives information, and (ii) the accuracy of the financial and other information provided to the Audit Committee, in either instance absent actual knowledge to the contrary.

## Exhibit 99.2

**Exhibit 99.2**

**CHARTER OF THE COMPENSATION COMMITTEE** 

**OF THE BOARD OF DIRECTORS OF**

**Red Wisdom Creation Limited** 

(Conditionally adopted by a board resolution dated [ ], 2026 with effect from the effective date of the<br> registration statement of the Company)

**PURPOSE**

The purpose of the Compensation Committee of the Board of Directors (the "**Board**") of Red Wisdom Creation Limited (the "**Company**") shall be to discharge the Board's responsibilities relating to compensation of the Company's directors and executive officers. The Compensation Committee has overall responsibility for evaluating and approving the Company's compensation plans, policies and programs. The Compensation Committee shall undertake the specific responsibilities and duties set forth in this Charter and such other duties as the Board may from time to time prescribe.

**MEMBERSHIP REQUIREMENTS** 

The Compensation Committee members will be appointed by the Board. The Compensation Committee shall consist of at least three (3) members of the Board. Members of the Compensation Committee must meet the following criteria (as well as any additional criteria required by the rules of the NASDAQ Capital Market ("**NASDAQ**") and Securities and Exchange Commission (the "**SEC**")):

● each member must be an independent director in accordance with (i) the Corporate Governance Standards of the NASDAQ, and (ii) the rules of the SEC; and

● each member must (i) be a "Non-employee Director" for purposes of Rule 16b-3 under the Securities Exchange Act of 1934, as amended, and (ii) satisfies the requirements of an "outside director" for purposes of Section 162(m) of the Internal Revenue Code.

The members of the Compensation Committee shall serve until such member's successor is duly elected and qualified or until such member's earlier resignation or removal. The members of the Compensation Committee may be removed, with or without cause, by a majority vote of the Board. The Board may designate one (1) member of the Compensation Committee as its chairperson.

**MEETINGS**

The Compensation Committee shall meet at least annually, and more often as it deems appropriate to fulfill the responsibilities set forth in this Charter. The Compensation Committee may establish its own schedule, which it shall provide to the Board in advance.

**AUTHORITY AND RESPONSIBILITIES**

● The Compensation Committee shall review and approve the corporate goals and objectives relevant to the Chief Executive Officer's and other executive officers' compensation.

● The Compensation Committee shall evaluate the performance of the Chief Executive Officer and other executive officers of the Company and, based on such evaluation, review and recommend to the full Board, the annual salary, bonus, stock options and other benefits, direct and indirect, of the Chief Executive Officer and other executive officers. The Chief Executive Officer may not be present during voting or deliberations on her compensation.

● The Compensation Committee shall review and recommend to the full Board compensation of directors, as well as director's and officer's indemnification and insurance matters.

● The Compensation Committee shall review and make recommendations to the Board with respect to the Company's incentive-compensation plans and equity-based plans, and oversee the activities of the individuals responsible for administering those plans.

● The Compensation Committee shall cause to be prepared, and then review and approve, the annual report on executive compensation for inclusion in the Company's proxy statement, pursuant to and in accordance with applicable rules and regulations of the SEC.

● The Compensation Committee shall retain or obtain the advice of a compensation consultant, if needed.

● The Compensation Committee shall report regularly to the Board including with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such other matters as are relevant to the Compensation Committee's discharge of its responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such recommendations as the Compensation Committee may deem appropriate.

● The Compensation Committee shall maintain minutes or other records of meetings and activities of the Compensation Committee.

● The Compensation Committee shall review and reassess this Charter annually.

This above list of responsibilities is presented for illustrative purposes and is not intended to be exhaustive. The Compensation Committee may conduct additional activities as appropriate in light of changing business, legislative, regulatory, legal or other conditions. The Compensation Committee shall also fulfill other responsibilities delegated to it from time to time by the Board.

## Exhibit 99.3

**Exhibit 99.3**

**CHARTER OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**Red Wisdom Creation Limited**

(Conditionally adopted by a board resolution dated [ ], 2026 with effect from the effective date of the registration statement of the Company)

**PURPOSE**

The purpose of the Nominating and Corporate Governance Committee (the "**Committee**") of the Board of Directors (the "**Board**") of Red Wisdom Creation Limited (the "**Company**") shall be to:

● identify individuals qualified to become Board members consistent with criteria approved by the Board;

● recommend that the Board select the director nominees for the next annual meeting of shareholders;

● develop and recommend to the Board a set of Corporate Governance Guidelines; and

● oversee the evaluation of the Board and management.

**MEMBERSHIP REQUIREMENTS** 

The Committee members must be appointed and may be removed, with or without cause, by the Board. The Committee shall consist of at least three (3) members of the Board, each of whom must an independent director in accordance with (i) the Corporate Governance Standards of NASDAQ Capital Market, and (ii) the rules of the SEC. The Board may designate one (1) member of the Committee as its chairperson. In the absence of that designation, the Committee may designate a chairperson by majority vote of the committee members.

**AUTHORITY AND RESPONSIBILITIES** 

● The Committee shall identify individuals qualified to become members of the Board and ensure that the Board has the requisite expertise and that its membership consists of persons with sufficiently diverse and independent backgrounds. The Committee shall also recommend to the Board the nominees for election to the Board at the next annual meeting of shareholders.

● The criteria to be used by the Committee in recommending directors and by the Board in nominating directors are as set forth in the Corporate Governance Guidelines.

● The Committee shall annually review the Board committee structure and recommend to the Board for its approval directors to serve as members of each committee.

● The Committee shall develop and recommend to the Board the Corporate Governance Guidelines. The Committee shall, from time to time as it deems appropriate, review and reassess the adequacy of such guidelines and recommend any proposed changes to the Board for approval.

● The Committee shall review the Company's Code of Conduct and Business Ethics, and shall, from time to time as deems appropriate, make any changes it deems necessary. Any changes will be recommended to the Board for its approval.

● The Committee shall oversee the annual self-evaluations of the Board and may assist the Board (and/or its other committees) in periodically reviewing the performance of the Company's officers.

● The Committee may make recommendations to the Board regarding governance matters, including, but not limited to, the Company's certificate of incorporation, bylaws, and the charters of the Company's other committees.

● The Committee shall report regularly to the Board regarding the activities of the Committee.

● The Committee shall at least annually perform an evaluation of the performance of the Committee.

● The Committee shall periodically review and reassess this Charter and submit any recommended changes to the Board for its consideration.

The Committee has the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Company's bylaws that are applicable to the Committee.

The Committee has sole authority to retain and terminate any search firm to be used to identify director candidates, including sole authority to approve such search firm's fees and other retention terms. The Committee has the authority to retain any other advisors that the Committee believes to be desirable and appropriate and has the authority to approve related fees and retention terms.

In addition to the duties and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities consistent with this Charter, the purposes of the Committee, and the Company's bylaws.

In fulfilling its responsibilities, the Committee has the authority to delegate any or all of its responsibilities to a subcommittee of the Committee.

## Exhibit 99.4

**Exhibit 99.4**

Consent to Being Named as an Independent Director Nominee

In connection with the filing by Red Wisdom Creation Limited (the "Company") of the Registration Statement on Form F-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of the Company in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | |
|:---|:---|
| Dated: January 16, 2026 | /s/ Liao Lingjie |
|  | Liao Lingjie |

---

## Exhibit 99.5

**Exhibit 99.5**

Consent to Being Named as an Independent Director Nominee

In connection with the filing by Red Wisdom Creation Limited (the "Company") of the Registration Statement on Form F-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of the Company in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | |
|:---|:---|
| Dated: January 16, 2026 | /s/ Zhou Mo |
|  | Zhou Mo |

---

## Exhibit 99.6

**Exhibit 99.6**

Consent to Being Named as an Independent Director Nominee

In connection with the filing by Red Wisdom Creation Limited (the "Company") of the Registration Statement on Form F-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of the Company in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | |
|:---|:---|
| Dated: January 16, 2026 | /s/ Zhou Wensi |
|  | Zhou Wensi |

---

## Exhibit 99.7

**Exhibit 99.7**

**RED WISDOM CREATION LIMITED ("the Company")**

**CLAWBACK POLICY**

**<u>Introduction</u>**

The Board of Directors of the Company (the "**Board**") believes that it is in the best interests of the Company and its shareholders to create and maintain a culture that emphasizes integrity and accountability and that reinforces the Company's pay-for-performance compensation philosophy. The Board has therefore adopted this policy which provides for the recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws (the "**Policy**"). This Policy is designed to comply with Section 10D of the Securities Exchange Act of 1934 (the "**Exchange Act**").

**<u>Administration</u>**

This Policy shall be administered by the Board or, if so designated by the Board, the Compensation Committee, in which case references herein to the Board shall be deemed references to the Compensation Committee. Any determinations made by the Board shall be final and binding on all affected individuals.

**<u>Covered Executives</u>**

This Policy applies to the Company's current and former executive officers, as determined by the Board in accordance with Section 10D of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed, and such other senior executives/employees who may from time to time be deemed subject to the Policy by the Board ("**Covered Executives**").

**<u>Recoupment; Accounting Restatement</u>**

In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, the Board will require reimbursement or forfeiture of any excess Incentive Compensation received by any Covered Executive during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an accounting restatement.

**<u>Incentive Compensation</u>**

For purposes of this Policy, Incentive Compensation means any of the following; provided that, such compensation is granted, earned, or vested based wholly or in part on the attainment of a financial reporting measure:

● Annual bonuses and other short- and long-term cash incentives.

● Stock options.

● Stock appreciation rights.

● Restricted stock.

● Restricted stock units.

● Performance shares.

● Performance units.

Financial reporting measures include:

● Company stock price.

● Total shareholder return.

● Revenues.

● Net income.

● Earnings before interest, taxes, depreciation, and amortization (EBITDA).

● Funds from operations.

● Liquidity measures such as working capital or operating cash flow.

● Return measures such as return on invested capital or return on assets.

● Earnings measures such as earnings per share.

**<u>Excess Incentive Compensation: Amount Subject to Recovery</u>**

The amount to be recovered will be the excess of the Incentive Compensation paid to the Covered Executive based on the erroneous data over the Incentive Compensation that would have been paid to the Covered Executive had it been based on the restated results, as determined by the Board.

If the Board cannot determine the amount of excess Incentive Compensation received by the Covered Executive directly from the information in the accounting restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement.

**<u>Method of Recoupment</u>**

The Board will determine, in its sole discretion, the method for recouping Incentive Compensation hereunder which may include, without limitation:

(a) requiring reimbursement of cash Incentive Compensation previously paid;

(b) seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards;

(c) offsetting the recouped amount from any compensation otherwise owed by the Company to the Covered Executive;

(d)) cancelling outstanding vested or unvested equity awards; and/or

(e) taking any other remedial and recovery action permitted by law, as determined by the Board.

**<u>No Indemnification</u>**

The Company shall not indemnify any Covered Executives against the loss of any incorrectly awarded Incentive Compensation.

**<u>Interpretation</u>**

The Board is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act and any applicable rules or standards adopted by the Securities and Exchange Commission or any national securities exchange on which the Company's securities are listed.

**<u>Effective Date</u>**

This Policy shall be effective as of the date it is adopted by the Board (the "**Effective Date**") and shall apply to Incentive Compensation that is approved, awarded or granted to Covered Executives on or after that date.

**<u>Amendment; Termination</u>**

The Board may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to reflect final regulations adopted by the Securities and Exchange Commission under Section 10D of the Exchange Act and to comply with any rules or standards adopted by a national securities exchange on which the Company's securities are listed. The Board may terminate this Policy at any time.

**<u>Other Recoupment Rights</u>**

The Board intends that this Policy will be applied to the fullest extent of the law. The Board may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

**<u>Impracticability</u>**

The Board shall recover any excess Incentive Compensation in accordance with this Policy unless such recovery would be impracticable, as determined by the Board in accordance with Rule 10D-1 of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed.

**<u>Successors</u>**

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.

## Exhibit 99.8

**Exhibit 99.8**

**RED WISDOM CREATION LIMITED**

**WHISTLEBLOWER POLICY**

As adopted [\*], 2026

Procedures for the Submission of Complaints or Concerns Regarding Financial Statement Disclosures, Accounting, Internal Accounting Controls, Auditing Matters, or Violations of the Company's Code of Ethics or Corporate Code of Business Conduct

Section 301 of the Sarbanes-Oxley Act requires the Board of Directors of RED WISDOM CREATION LIMITED (the "Company") to establish procedures for: (a) the receipt, retention, and treatment of complaints received by the Company regarding accounting, internal accounting controls, or auditing matters; and (b) the submission by employee, vendor or customers of the Company and others, on a confidential and anonymous basis, of concerns regarding questionable accounting or auditing matters.

In accordance with Section 301, the Company has adopted the following procedures:

I. The Company shall promptly forward to the Designee any complaints that it has received regarding financial statement disclosures, accounting, internal accounting controls or auditing matters.

II. Any employee, vendor or customer of the Company may submit, on a confidential, anonymous basis if the employee, vendor or customer so desires, any concerns regarding financial statement disclosures, accounting, internal accounting controls, auditing matters or violations of the Company's Code of Business Conduct and Ethics. All such concerns shall be set forth in writing and forwarded in a sealed envelope to the Designee "To be opened by the Designee only. Being submitted pursuant to the "whistleblower policy" adopted by the Company." If an employee, vendor or customer would like to discuss any matter with the Designee, the employee, vendor or customer should indicate this in the submission and include a telephone number at which he or she might be contacted if the Designee deems it appropriate. Any such envelopes received by the Company's General Counsel shall be forwarded promptly and unopened to the Designee. The Designee shall be the Chairperson of the audit committee.

III. Following the receipt of any complaints submitted hereunder, the Designee will investigate each matter so reported and take corrective and disciplinary actions, if appropriate, which may include, alone or in combination, a warning or letter or reprimand, demotion, loss of merit increase, bonus or stock options, suspension without pay or termination of employment.

IV. The Designee may enlist employee, vendor or customers of the Company and/or outside legal, accounting or other advisors, as appropriate, to conduct any investigation of complaints regarding financial statement disclosures, accounting, internal accounting controls, auditing matters or violation of the Company's investigation, the Designee shall use reasonable efforts to protect the confidentiality and anonymity of the complaint.

V. The Company does not permit retaliation of any kind against employees for complaints submitted hereunder that are made in good faith.

## Exhibit 99.9

**Exhibit 99.9**

**Red Wisdom Creation Limited** 

Statement of Policy Concerning Trading in Company Securities

Adopted [\*], 2026

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  | | **Page No.** |
| I | Summary of Policy Concerning Trading in Company Securities | 1 |
| II | The Use of Inside Information in Connection with Trading in Securities | 1 |
| A | General Rule | 1 |
| B | Who Does the Policy Apply To? | 2 |
| C | Other Companies' Stock | 3 |
| D | Hedging and Derivatives | 3 |
| E | Pledging of Securities, Margin Accounts | 3 |
| F | General Guidelines | 3 |
| G | Applicability of U.S. Securities Laws to International Transactions | 5 |
| III | Other Limitations on Securities Transactions | 6 |
| A | Public Resales – Rule 144 | 6 |
| B | Private Resales | 7 |
| C | Restrictions on Purchases of Company Securities | 7 |
| D | Filing Requirements | 7 |

---

i

**I. SUMMARY OF POLICY CONCERNING TRADING IN COMPANY SECURITIES**

It is the policy of Red Wisdom Creation Limited and its subsidiaries (collectively, the "**Company**") that it will, without exception, comply with all applicable laws and regulations in conducting its business. Each employee, each executive officer and each director is expected to abide by this policy. When carrying out Company business, employees, executive officers and directors must avoid any activity that violates applicable laws or regulations. In order to avoid even an appearance of impropriety, the Company's directors, officers and certain other employees are subject to pre-approval requirements and other limitations on their ability to enter into transactions involving the Company's securities. Although these limitations do not apply to transactions pursuant to written plans for trading securities that comply with Rule 10b5-1 under the Securities Exchange Act of 1934 (the "**Exchange Act**"), the entry into, amendment or termination of any such written trading plan is subject to pre-approval requirements and other limitations.

**II. THE USE OF INSIDE INFORMATION IN CONNECTION WITH TRADING IN SECURITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A. General Rule.***

The U.S. securities laws regulate the sale and purchase of securities in the interest of protecting the investing public. U.S. securities laws give the Company, its officers and directors, and other employees the responsibility to ensure that information about the Company is not used unlawfully in the purchase and sale of securities.

All employees, executive officers and directors should pay particularly close attention to the laws against trading on "inside" information. These laws are based upon the belief that all persons trading in a company's securities should have equal access to all "material" information about that company. Information is considered to be "material" if its disclosure would be reasonably likely to affect (1) an investor's decision to buy or sell the securities of the company to which the information relates, or (2) the market price of that company's securities. While it is not possible to identify in advance all information that will be deemed to be material, some examples of such information would include the following: earnings; financial results or projections; dividend actions; mergers and acquisitions; capital raising and borrowing activities; major dispositions; major new customers, projects or products; significant advances in product development; new technologies; major personnel changes in management or change in control; expansion into new markets; unusual gains or losses in major operations; major litigation or legal proceedings; granting of stock options; and major sales and marketing changes. When doubt exists, the information should be presumed to be material. If you are unsure whether information of which you are aware is inside information, you should consult with the Company's Chief Financial Officer. No individuals other than specifically authorized personnel may release material information to the public or respond to inquiries from the media, analysts or others. If you are contacted by the media or by a research analyst seeking information about the Company and if you have not been expressly authorized by the Company's Chief Financial Officer to provide information to the media or to analysts, you should refer the call to the Chief Financial Officer. On occasion, it may be necessary for legitimate business reasons to disclose inside information to outside persons. Such persons might include investment bankers, lawyers, auditors or other companies seeking to engage in a potential transaction with the Company. In such circumstances, the information should not be conveyed until an express understanding has been reached that such information is not to be used for trading purposes and may not be further disclosed other than for legitimate business reasons. For example, if an employee, an executive officer or a director of a company knows material non-public financial information, that employee, executive officer or director is prohibited from buying or selling shares in the company until the information has been disclosed to the public. This is because the employee, executive officer or director knows information that will probably cause the share price to change, and it would be unfair for the employee or director to have an advantage (knowledge that the share price will change) that the rest of the investing public does not have. In fact, it is more than unfair; it is considered to be fraudulent and illegal. Civil and criminal penalties for this kind of activity are severe.

The general rule can be stated as follows: It is a violation of federal securities laws for any person to buy or sell securities if he or she is in possession of material inside information. Information is material if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision. It is inside information if it has not been publicly disclosed in a manner making it available to investors generally on a broad-based non-exclusionary basis. Furthermore, it is illegal for any person in possession of material inside information to provide other people with such information or to recommend that they buy or sell the securities. (This is called "**tipping**"). In that case, they may both be held liable.

The Securities and Exchange Commission (the "**SEC**"), the stock exchanges and plaintiffs' lawyers focus on uncovering insider trading. A breach of the insider trading laws could expose the insider to criminal fines up to three times the profits earned and imprisonment up to ten years, in addition to civil penalties (up to three times of the profits earned), and injunctive actions. In addition, punitive damages may be imposed under applicable state laws. Securities laws also subject controlling persons to civil penalties for illegal insider trading by employees, including employees located outside the United States. Controlling persons include directors, officers, and supervisors. These persons may be subject to fines up to the greater of $1,000,000 or three times profit (or loss avoided) by the insider trader.

Inside information does not belong to the individual directors, officers or other employees who may handle it or otherwise become knowledgeable about it. It is an asset of the Company. For any person to use such information for personal benefit or to disclose it to others outside the Company violates the Company's interests. More particularly, in connection with trading in the Company's securities, it is a fraud against members of the investing public and against the Company.

All directors, executive officers and employees of the Company must observe these policies at all times. Your failure to do so will be grounds for internal disciplinary action, up to and including termination of your employment or directorship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B. Who Does the Policy Apply To?***

The prohibition against trading on inside information applies to directors, officers and all other employees, and to other people who gain access to that information. The prohibition applies to both domestic and international employees of the Company and its subsidiaries. Because of their access to confidential information on a regular basis, Company policy subjects its directors and certain employees (the "**Window Group**") to additional restrictions on trading in Company securities. The restrictions for the Window Group are discussed in Section F below. In addition, directors and certain employees with inside knowledge of material information may be subject to ad hoc restrictions on trading from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C. Other Companies' Stock.***

Employees, executive officers and directors who learn material information about suppliers, customers, or competitors through their work at the Company, should keep it confidential and not buy or sell stock in such companies until the information becomes public. Employees, executive officers and directors should not give tips about such stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D. Hedging and Derivatives.***

Employees, executive officers and directors are prohibited from engaging in any hedging transactions (including transactions involving options, puts, calls, prepaid variable forward contracts, equity swaps, collars and exchange funds or other derivatives) that are designed to hedge or speculate on any change in the market value of the Company's equity securities.

Trading in options or other derivatives is generally highly speculative and very risky. People who buy options are betting that the stock price will move rapidly. For that reason, when a person trades in options in his or her employer's stock, it will arouse suspicion in the eyes of the SEC that the person was trading on the basis of inside information, particularly where the trading occurs before a company announcement or major event. It is difficult for an employee, executive officer or director to prove that he or she did not know about the announcement or event.

If the SEC or the Nasdaq were to notice active options trading by one or more employees, executive officers or directors of the Company prior to an announcement, they would investigate. Such an investigation could be embarrassing to the Company (as well as expensive), and could result in severe penalties and expense for the persons involved. For all of these reasons, the Company prohibits its employees, executive officers and directors from trading in options or other derivatives involving the Company's stock. This policy does not pertain to employee stock options granted by the Company. Employee stock options cannot be traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***E. Pledging of Securities, Margin Accounts.***

Pledged securities may be sold by the pledgee without the pledgor's consent under certain conditions. For example, securities held in a margin account may be sold by a broker without the customer's consent if the customer fails to meet a margin call. Because such a sale may occur at a time when an employee, executive officer or a director has material inside information or is otherwise not permitted to trade in Company securities, the Company prohibits employees, executive officers and directors from pledging Company securities in any circumstance, including by purchasing Company securities on margin or holding Company securities in a margin account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F. General Guidelines.***

The following guidelines should be followed in order to ensure compliance with applicable antifraud laws and with the Company's policies:

&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. <u>Nondisclosure</u>. Material inside information must not be disclosed to anyone, except to persons within the Company whose positions require them to know it. Tipping refers to the transmission of inside information from an insider to another person. Sometimes this involves a deliberate conspiracy in which the tipper passes on information in exchange for a portion of the "tippee's" illegal trading profits. Even if there is no expectation of profit, however, a tipper can have liability if he or she has reason to know that the information may be misused. Tipping inside information to another person is like putting your life in that person's hands. So the safest choice is: Don't tip.

&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. <u>Trading in Company Securities</u>. No employee, executive officer or director should place a purchase or sale order, or recommend that another person place a purchase or sale order in the Company's securities when he or she has knowledge of material information concerning the Company that has not been disclosed to the public. This includes orders for purchases and sales of stock and convertible securities, including engaging in any "short sales" of the Company's securities. The exercise of employee stock options is not subject to this policy. However, stock that was acquired upon exercise of a stock option will be treated like any other stock, and may not be sold by an employee who is in possession of material inside information. Any employee, executive officer or director who possesses material inside information should wait until the start of the third business day after the information has been publicly released before trading.

&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. <u>Avoid Speculation</u>. Investing in the Company's common stock provides an opportunity to share in the future growth of the Company. But investment in the Company and sharing in the growth of the Company does not mean short range speculation based on fluctuations in the market. Such activities put the personal gain of the employee, executive officer or director in conflict with the best interests of the Company and its stockholders. Although this policy does not mean that employees, executive officers or directors may never sell shares, the Company encourages employees, executive officers and directors to avoid frequent trading in Company stock. Speculating in Company stock is not part of the Company culture.

&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. <u>Trading in Other Securities</u>. No employee, executive officer or director should place a purchase or sale order, or recommend that another person place a purchase or sale order, in the securities of another corporation (such as a supplier, an acquisition target or a competitor), if the employee, executive officer or director learns in the course of his or her employment confidential information about the other corporation that is likely to affect the value of those securities. For example, it would be a violation of the securities laws if an employee, executive officer or director learned through Company sources that the Company intended to purchase assets from a company, and then placed an order to buy or sell stock in that other company because of the likely increase or decrease in the value of its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Restrictions on the Window Group</u>. The Window Group consists of (i) directors, executive officers and vice presidents of the Company and their assistants and household members, (ii) subset of employees in the financial reporting, business development or legal groups and (iii) such other persons as may be designated from time to time and informed of such status by the Company's Chief Financial Officer and general counsel or an officer with similar duties and responsibilities of the Company (the "**General Counsel**"). The Window Group is subject to the following restrictions on trading in Company securities:

● trading is permitted from the start of the third business day following the release of the Company's quarterly and annual earnings until the 16th calendar day of the last month of the then current fiscal quarter (the "**Window** "), subject to the restrictions below;

● all trades are subject to prior review;

● The Window Group must submit a request for approval in a form set forth in Annex B hereto from the Company's Chief Financial Officer and General Counsel before making any trade in Company Securities; requests for approval of trades by the Chief Financial Officer and General Counsel should be submitted to the Chief Executive Officer;

● no trading is permitted outside the Window except for reasons of exceptional personal hardship and subject to prior review by the Chief Financial Officer and General Counsel; provided that, if one of these individuals wishes to trade outside the Window, it shall be subject to prior review by the other; and

● individuals in the Window Group are also subject to the general restrictions on all employees.

Note that at times Chief Financial Officer and the General Counsel may determine that no trades may occur even during the Window when clearance is requested. No reasons may be provided and the closing of the Window itself may constitute material inside information that should not be communicated.

The foregoing Window Group restrictions do not apply to transactions pursuant to written plans for trading securities that comply with Rule 10b5-1 under the Exchange Act ("**10b5-1 Plans**") described in <u>Annex A</u> hereto. However, Window Group members may not enter into, amend or terminate a 10b5-1 Plan relating to Company securities without the prior approval of Chief Financial Officer and the General Counsel, which will only be given during a Window period.

The Company from time to time may also impose an *ad hoc* trading freeze on all officers, directors, and other members of the Window Group due to significant unannounced corporate developments. These trading freezes may vary in length.

Executive officers, directors or any other member of the Window Group must promptly report to the Chief Financial Officer and General Counsel any transaction in any of the Company's securities by his or her or any of their respective assistants or family members other than transactions made pursuant to an approved 10b5-1 Plan (as defined below).

***In summary, every employee of the Company is subject to trading restrictions when in possession of inside information regarding the Company. In addition, officers, directors, and other members of the Window Group are subject to paragraph 5 above restricting their trading to window periods and requiring pre-clearance.***

***You must promptly report to the chief financial officer and the general counsel any trading in the company's securities by anyone or disclosure of inside information by COMPANY personnel that you have reason to believe may violate this Policy or the securities laws of the United States.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G. Applicability of U.S. Securities Laws to International Transactions.***

All employees of the Company' and its subsidiaries are subject to the restrictions on trading in Company securities and the securities of other companies. The U.S. securities laws may be applicable to the securities of the Company's subsidiaries or affiliates, even if they are located outside the United States. Transactions involving securities of PRC, Hong Kong, Australia, Malaysia, the Middle East, or Singapore subsidiaries or affiliates should be carefully reviewed by counsel for compliance not only with applicable PRC, Hong Kong, Australia, Malaysia, the Middle East, or Singapore law but also for possible application of U.S. securities laws.

**III. OTHER LIMITATIONS ON SECURITIES TRANSACTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A. Public Resales – Rule 144.***

The U.S. Securities Act (the "**Securities Act**") requires every person who offers or sells a security to register such transaction with the SEC unless an exemption from registration is available. Rule 144 under the Securities Act is the exemption typically relied upon for (i) public resales by any person of "restricted securities" (*i.e.*, unregistered securities acquired in a private offering or sale) and (ii) public resales by directors, officers and other control persons of a company (known as "**affiliates**") of any of the Company's securities, whether restricted or unrestricted.

The exemption in Rule 144 may only be relied upon if certain conditions are met. These conditions vary based upon whether the Company has been subject to the SEC's reporting requirements for 90 days (and is therefore a "reporting company" for purposes of the rule) and whether the person seeking to sell the securities is an affiliate or not.

&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. <u>Holding Period</u>. Restricted securities issued by a reporting company (i.e., a company that has been subject to the SEC's reporting requirements for at least 90 days) must be held and fully paid for a period of six months prior to their sale. Restricted securities issued by a non-reporting company are subject to a one-year holding period. The holding period requirement does not apply to securities held by affiliates that were acquired either in the open market or in a public offering of securities registered under the Securities Act. Generally, if the seller acquired the securities from someone other than the Company or an affiliate of the Company, the holding period of the person from whom the seller acquired such securities can be "tacked" to the seller's holding period in determining if the holding period has been satisfied.

&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. <u>Current Public Information</u>. Current information about the Company must be publicly available before the sale can be made. The Company's periodic reports filed with the SEC ordinarily satisfy this requirement. If the seller is not an affiliate of the Company issuing the securities (and has not been an affiliate for at least three months) and one year has passed since the securities were acquired from the issuer or an affiliate of the issuer (whichever is later), the seller can sell the securities without regard to the current public information requirement.

Rule 144 also imposes the following additional conditions on sales by persons who are "affiliates." A person or entity is considered an "affiliate," and therefore subject to these additional conditions, if it is currently an affiliate or has been an affiliate within the previous three months:

&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. <u>Volume Limitations</u>. The amount of debt securities which can be sold by an affiliate during any three-month period cannot exceed 10% of a tranche (or class when the securities are non-participatory preferred stock), together with all sales of securities of the same tranche sold for the account of the affiliate. The amount of equity securities that can be sold by an affiliate during any three-month period cannot exceed the greater of (i) one percent of the outstanding shares of the class or (ii) the average weekly reported trading volume for shares of the class during the four calendar weeks preceding the time the order to sell is received by the broker or executed directly with a market maker.

&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. <u>Manner of Sale</u>. Equity securities held by affiliates must be sold in unsolicited brokers' transactions, directly to a market-maker or in riskless principal transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notice of Sale</u>. An affiliate seller must file a notice of the proposed sale with the SEC at the time the order to sell is placed with the broker, unless the amount to be sold neither exceeds 5,000 shares nor involves sale proceeds greater than $50,000. See "Filing Requirements".

*Bona fide* gifts are not deemed to involve sales of shares for purposes of Rule 144, so they can be made at any time without limitation on the amount of the gift. Donees who receive restricted securities from an affiliate generally will be subject to the same restrictions under Rule 144 that would have applied to the donor, depending on the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B. Private Resales.***

Directors and officers also may sell securities in a private transaction without registration. Although there is no statutory provision or SEC rule expressly dealing with private sales, the general view is that such sales can safely be made by affiliates if the party acquiring the securities understands he is acquiring restricted securities that must be held for at least six months (if issued by a reporting company that meets the current public information requirements) or one-year (if issued by a non-reporting company) before the securities will be eligible for resale to the public under Rule 144. Private resales raise certain documentation and other issues and must be reviewed in advance by the Company's General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C. Restrictions on Purchases of Company Securities.***

In order to prevent market manipulation, the SEC adopted Regulation M under the U.S. Exchange Act. Regulation M generally restricts the Company or any of its affiliates from buying Company stock, including as part of a share buyback program, in the open market during certain periods while a distribution, such as a public offering, is taking place. You should consult with the Company's General Counsel, if you desire to make purchases of Company stock during any period that the Company is making conducting an offering or buying shares from the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D. Filing Requirements.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Schedule 13D and 13G</u>. Section 13(d) of the Exchange Act requires the filing of a statement on Schedule 13D (or on Schedule 13G, in certain limited circumstances) by any person or group which acquires beneficial ownership of more than five percent of a class of equity securities registered under the Exchange Act. The threshold for reporting is met if the stock owned, when coupled with the amount of stock subject to options exercisable within 60 days, exceeds the five percent limit.

A report on Schedule 13D is required to be filed with the SEC and submitted to the Company within ten days after the reporting threshold is reached. If a material change occurs in the facts set forth in the Schedule 13D, such as an increase or decrease of one percent or more in the percentage of stock beneficially owned, an amendment disclosing the change must be filed promptly. A decrease in beneficial ownership to less than five percent is per se material and must be reported.

A limited category of persons (such as banks, broker-dealers and insurance companies) may file on Schedule 13G, which is a much abbreviated version of Schedule 13D, as long as the securities were acquired in the ordinary course of business and not with the purpose or effect of changing or influencing the control of the issuer. A report on Schedule 13G is required to be filed with the SEC and submitted to the Company within 45 days after the end of the calendar year in which the reporting threshold is reached.

A person is deemed the beneficial owner of securities for purposes of Section 13(d) if such person has or shares voting power (*i.e.*, the power to vote or direct the voting of the securities) or dispositive power (*i.e.*, the power to sell or direct the sale of the securities). A person filing a Schedule 13D or 13G may disclaim beneficial ownership of any securities attributed to him or her if he or she believes there is a reasonable basis for doing so.

&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. <u>Form 144</u>. As described above under the discussion of Rule 144, an affiliate seller relying on Rule 144 must file a notice of proposed sale with the SEC at the time the order to sell is placed with the broker unless the amount to be sold during any three-month period neither exceeds 5,000 shares nor involves sale proceeds greater than $50,000.

**<u>Annex A</u>**

***Overview of 10b5-1 Plans***

Under Rule 10b5-1, large stockholders, directors, officers and other insiders who regularly possess material nonpublic information (MNPI) but who nonetheless wish to buy or sell stock may establish an affirmative defense to an illegal insider trading charge by adopting a written plan to buy or sell at a time when they are not in possession of MNPI. A 10b5-1 plan typically takes the form of a contract between the insider and his or her broker.

The plan must be entered into at a time when the insider has no MNPI about the company or its securities (even if no trades will occur until after the release of the MNPI). The plan must:

1. specify the amount, price (which may include a limit price) and specific dates of purchases or sales; or

2. include a formula or similar method for determining amount, price and date; or

3. give the broker the exclusive right to determine whether, how and when to make purchases and sales, as long as the broker does so without being aware of MNPI at the time the trades are made.

Under the first two alternatives, the 10b5-1 plan cannot give the broker any discretion as to trade dates. As a result, a plan that requests the broker to sell 1,000 shares per week would have to meet the requirements under the third alternative. On the other hand, under the second alternative, the date may be specified by indicating that trades should be made on any date on which the limit price is hit. The affirmative defense is only available if the trade is in fact made pursuant to the preset terms of the10b5-1 plan (unless the terms are revised at a time when the insider is not aware of any MNPI and could therefore enter into a new plan). Trades are deemed not to have been made pursuant to the plan if the insider later enters into or alters a corresponding or hedging transaction or position with respect to the securities covered by the plan (although hedging transactions could be part of the plan itself).

***Guidelines for 10b5-1 Plans***

***When can a plan be adopted or amended?*** Because Rule 10b5-1 prohibits an insider from adopting or amending a plan while in possession of MNPI, allegations of insider trading despite the existence of a 10b5-1 plan are likely to focus on what was known at the time of plan adoption or amendment. It is recommended that companies permit an executive to adopt or amend a 10b5-1 plan only when the executive can otherwise buy or sell securities under the company's insider trading policy, such as during an open window immediately after the announcement of quarterly earnings.

***Should a plan impose a waiting period before trading can begin?*** Because an insider cannot have MNPI when a plan is adopted or amended, Rule 10b5-1 does not require the plan to include a waiting period before trading can begin. And importantly, including a waiting period (even a lengthy delay) will not correct the fatal flaw of adopting or amending a plan while in possession of MNPI. Many companies, however, require 10b5-1 plans to include a waiting period as a matter of risk management, in order to decrease the likelihood of the scrutiny that can occur when an executive's trading activity suddenly commences before material news is announced. Practice varies as to length (anywhere from 10 days to the next open window), although the rationale for including a waiting period is usually stronger when the period is long enough to be able to say that any information currently in the insider's possession should either be stale or public by the time trading commences. This has no bearing on the effectiveness of a 10b5-1 plan, but a longer delay can, as a matter of optics, help an insider demonstrate that he or she was not motivated to make trades by nonpublic information available at the time of plan adoption or amendment.

***Should adoption of a plan be announced publicly?*** Generally speaking, there is no requirement to publicly disclose the adoption, amendment or termination of a 10b5-1 plan, although in some cases public announcement may be advisable due to the identity of the insider, the magnitude of the plan, or other special factors. That said, announcing the adoption of a 10b5-1 plan may be a useful way to head off future public relations issues, since announcing a plan's adoption prepares the market and should help investors understand the reasons for insider sales when trades are later reported. If a company decides to announce the adoption of a 10b5-1 plan, we do not generally recommend disclosing plan details, other than, perhaps, the aggregate number of shares involved; this is to diminish the ability of market professionals to front-run the insider's transactions. It is unusual to announce the suspension or termination of a plan.

***What else should we consider when amending or modifying a plan?*** As noted above, an insider may only modify or amend a 10b5-1 plan when he or she is not in possession of MNPI. Even if an insider is not in possession of MNPI at the time of amendment, a pattern of amending or modifying one's plan raises the question of whether the insider is using the plan as a legitimate tool to diversify his or her risk exposure and monetize assets, or as a way to opportunistically step in and out of the market. Because Rule 10b5-1 provides an affirmative defense but not a safe harbor, insiders and their companies should be aware that the effectiveness of the affirmative defense could be diminished by a pattern of plan amendments and modifications.

***Can a plan be terminated or suspended?*** Unlike amending a plan, a 10b5-1 plan may legally be terminated before its predetermined end date even though the insider is in possession of MNPI (although some brokers' forms prohibit this as a contractual matter). Because plan sales shortly before the announcement of bad news can generate unwanted attention, an insider may decide to terminate a plan in the face of an impending negative announcement, even though as a technical matter the affirmative defense would be expected to cover the sales. On the other hand, terminating a selling plan before an impending positive announcement may raise the suspicion that the insider is using Rule 10b5-1 as a way to opportunistically time the market, thereby risking the likelihood that his or her future use of the affirmative defense will be successful.

It is generally suggested that plan terminations initiated by an insider take place during an open window, absent special circumstances and approval by the general counsel. It may also make sense for the general counsel to have the ability, but not the responsibility, to terminate the plan. Plans should also allow for mandatory suspension if legally required, for example due to Regulation M or tax reasons.

***How long should a plan last?*** In order to minimize the need for early termination, the term of the plan should be carefully weighed at the outset. An optimal plan term will be long enough to distance the insider, and any current knowledge that he or she may have, from a particular trade but short enough that it will not require termination should the insider's financial planning strategies change. A short "one-off" 10b5-1 plan can appear to be timed to take advantage of MNPI. On the other hand, the longer the plan term, the greater the likelihood that it will need to be modified or terminated. Most plans tend to have a term of six months to two years.

***Should the company pre-clear or review an executive's plan?*** It is generally recommended that the company pre-clear or review a proposed 10b5-1 plan, which may provide assurance that the plan complies with best practices. Certain companies disallow the third type of plan (one that gives the broker the right to determine whether, how and when to make purchases) in order to avoid the evidentiary difficulty associated with proving that the executive did not communicate with the broker with respect to trades under the plan. While this is not required, this is a prudent option to consider.

In addition to requiring a 10b-5 plan to be pre-approved by the Company, other limits that are sometimes considered are whether to set a maximum percentage of holdings that can be subject to a 10b5-1 plan, and rules for setting price floors.

**<u>Annex B</u>**

**Request for Approval to Trade in the Securities of Red Wisdom Creation Limited**

To: Chief Financial Officer / General Counsel

From:_____________________________

Print Name

I hereby request approval for myself (or a member of my immediate family or household or a family member whose transactions regarding securities of Red Wisdom Creation Limited are directed by me or are subject to my influence or control) to execute the following transaction relating to the securities of Red Wisdom Creation Limited.

Type of transaction (check one):

☐ PURCHASE

☐ SALE

☐ EXERCISE OPTION (AND SELL SHARES)

☐ OTHER

Securities involved in transaction: ____________________________________

Number of securities: ____________________________________

Other (please explain): ____________________________________

Name of beneficial owner if other than yourself: ____________________________________

Relationship of beneficial owner to yourself: ____________________________________

Signature: __________________________ Date: __________________________

**This Authorization is valid until the earlier of thirty (30) calendar days after the date of this Approval or until the commencement of a "blackout" period.**

Approved by: ____________________________________

Name:_________________________

Date: __________________________ Time: __________________________

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Red Wisdom Creation Limited**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | A Ordinary Shares, par value $0. 0001 per share | (1) | 457(o) | 4312500 | $5.00 | $21562500.00 | 0.0001381 | $2977.78 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $21562500.00 |  | 2977.78 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $2977.78 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for the purpose of calculating the amount of the registration fee in accordance with Rules 457(o) under the Securities Act of 1933, as amended. Includes the shares that the underwriters have the option to purchase to cover over-allotments, if any. Calculated pursuant to Rule 457(o) under the Securities Act based on an estimate of the proposed maximum aggregate offering price.