# EDGAR Filing Document

**Accession Number:** 0002046573
**File Stem:** 0001641172-25-013434
**Filing Date:** 2025-6
**Character Count:** 225829
**Document Hash:** 76f699494c54cd15605f86f0eb5eb53b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-013434.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001641172-25-013434

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pitanium Ltd
- **CENTRAL INDEX KEY:** 0002046573
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** K3
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42669
- **FILM NUMBER:** 251019557

**BUSINESS ADDRESS:**
- **STREET 1:** 30F, GRAVITY, 29 HING YIP STREET
- **STREET 2:** KWUN TONG, KOWLOON,
- **CITY:** HONG KONG
- **STATE:** F4
- **ZIP:** 0000
- **BUSINESS PHONE:** 00852-6206 2950

**MAIL ADDRESS:**
- **STREET 1:** 30F, GRAVITY, 29 HING YIP STREET
- **STREET 2:** KWUN TONG, KOWLOON,
- **CITY:** HONG KONG
- **STATE:** F4
- **ZIP:** 0000

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington**, **D**.**C**. **20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of May 2025**

**Commission File Number**: **001**-**42669**

**PITANIUM LIMITED**

**(Registrant**'**s Name)**

**30F**, **Gravity**, **29 Hing Yip Street**,

**Kwun Tong**, **Kowloon**, **Hong Kong**

**(Address of Principal Executive Offices)**

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**Entry into a Material Definitive Agreement**.

On May 29, 2025, Pitanium Limited (the "**Company**") entered into an underwriting agreement (the "**Underwriting Agreement**") with Cathay Securities, Inc., as representative of the underwriters (the "**Representative**"), relating to the Company's initial public offering (the "**IPO**") of 1,750,000 Class A ordinary shares, par value $0.0001 per share (the "**Ordinary Shares**"). The Company granted the Representative an over-allotment option, exercisable for 45 days from the closing of the IPO, to purchase up to 262,500 additional Ordinary Shares.

On February 14, 2025, the Company adopted its first amended and restated memorandum and articles of association in connection with its IPO (the "**Articles**") by special resolution passed by shareholders of the Company. The Articles became effective after pricing. On February 14, 2025, the Company filed the Articles with the Registry of Corporate Affairs in the British Virgin Islands.

On June 2, 2025, the Company closed the IPO, and the Representative, concurrently, partially exercised its over-allotment option—172,500 Ordinary Shares. The Company completed the IPO pursuant to its registration statement on Form F-1 (File No. 333-284998), which was initially filed with the U.S. Securities and Exchange Commission (the "**SEC**") on February 15, 2025, as amended, and declared effective by the SEC on May 29, 2025. The Ordinary Shares were priced at $4.00 per share, and the offering was conducted on a firm commitment basis. The Ordinary Shares were previously approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol "PTNM" on May 30, 2025.

In connection with the IPO, the Company issued a press release on May 30, 2025 announcing the pricing and trading of the IPO and a press release on June 2, 2025 announcing the closing of the IPO, respectively.

Copies of the Underwriting Agreement, the first amended and restated memorandum and articles of association, and the two press releases are attached hereto as Exhibits 1.1, 3.1, 99.1 and 99.2, respectively, and are incorporated by reference herein. The foregoing summary of the terms of the Underwriting Agreement is subject to, and qualified in its entirety by, such document.

This report does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

**Financial Statements and Exhibits.**

The following exhibits are being filed herewith:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1 | [Underwriting Agreement](ex1-1.htm) |
| 3.1 | [The First Amended and Restated Memorandum and Articles of Association](ex3-1.htm) |
| 99.1 | [Press Release, dated May 30, 2025](ex99-1.htm) |
| 99.2 | [Press Release, dated June 2, 2025](ex99-2.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **PITANIUM LIMITED** | **PITANIUM LIMITED** |
| Date: | June 3, 2025 | By: | */s/ Ying Yeung Wong* |
|  |  | Name: | Ying Yeung Wong |
|  |  | Title: | Chief Executive Officer and Director |

---

## Exhibit 1.1

**Exhibit 1.1**

**FORM OF PITANIUM LIMITED**

**UNDERWRITING AGREEMENT**

May 29, 2025

**Cathay Securities, Inc.**

40 Wall Street, Suite 3600

New York, NY 10005

*As the Representative of several Underwriters named on <u>Schedule A</u> hereto*

Ladies and Gentlemen:

The undersigned, Pitanium Limited, a British Virginia Islands company ("**Company**"), hereby confirms its agreement (this "**Agreement**" or the "**Underwriting Agreement**") with Cathay Securities, Inc. (the "**Representative**" of several underwriters as disclosed in <u>Schedule A</u> attached hereto and the term Representative as used herein shall have the same meaning as underwriter, collectively the "**Underwriters**" and each an "**Underwriter**") to issue and sell to the Underwriters an aggregate of 1,750,000 ordinary shares, par value $0.0001 per share, of the Company (the "**Firm Shares**"). The Company also agrees to issue and sell to the Underwriters not more than an additional 262,500 shares of its ordinary shares, par value $0.0001 per share (the "**Option Shares**"), if and to the extent that the Representatives shall have determined to exercise, on behalf of the Underwriters, the right to purchase such shares of Option Shares granted to the Underwriters under <u>Section 1</u> hereof. The Firm Shares and the Option Shares are hereinafter collectively referred to as the "**Securities.**" The offering and sale of securities contemplated by this Agreement is referred to herein as the "**Offering**."

**1. <u>Purchase and Sale of Shares</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Purchase of Firm Shares</u>. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriters an aggregate of 1,750,000 Firm Shares at a purchase price (net of underwriting discounts) of $3.72 per share (the "**Purchase Price**"). The Underwriters agrees to purchase from the Company the Firm Shares set forth opposite its name on <u>Schedule A</u> attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delivery of and Payment for Firm Shares</u>. Delivery of and payment for the Firm Shares shall be made at 11:00 A.M., Eastern time, on June 2, 2025 or at such time as shall be agreed upon by the Underwriters and the Company, at the offices of VCL Law LLP (the "**Underwriters' Counsel**") or at such other place as shall be agreed upon by the Underwriters and the Company. The hour and date of delivery of and payment for the Firm Shares is referred to as the "**Closing Date**." The closing of the payment of the purchase price for, and delivery of certificates representing, the Firm Shares is referred to herein as the "**Closing**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds upon delivery to the Underwriters of certificates (in form and substance reasonably satisfactory to the Underwriters) representing the Firm Shares (or if uncertificated through the full fast transfer facilities of the Depository Trust Company (the "**DTC**")) for the account of the Underwriters. The Firm Shares shall be registered in such names and in such denominations as the Underwriters may request in writing at least two (2) Business Days prior to the Closing Date. If certificated, the Company will permit the Underwriters to examine and package the Firm Shares for delivery at least one (1) full Business Day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Underwriters for all the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Option Shares</u>. The Company hereby agrees to issue and sell to the Underwriters the Option Shares, and the Underwriters shall have the option to purchase, severally and not jointly, in whole or in part, the Option Shares from the Company (the "**Over-Allotment Option**"), in each case, at a price per share equal to the Purchase Price less an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Option Shares (the "**Over-Allotment Option Purchase Price**"). The Company and the Underwriters agree that the Underwriters may only exercise the Over-Allotment Option for the purpose of covering over-allotments made in connection with the offering of the Firm Shares. The Representative may exercise the Over-Allotment Option on behalf of the Underwriters at any time in whole, or from time to time in part, on or before the forty-fifth (45th) day after effective date of the Registration Statement, by giving written notice to the Company (the "**Over-Allotment Exercise Notice**"). Each exercise date must be at least one (1) business day after the written notice is given and may not be earlier than the Closing Date nor later than ten (10) business days after the date of such notice. On each day, if any, that the Option Shares are to be purchased, each Underwriter agrees, severally and not jointly, to purchase the number of the Option Shares (subject to such adjustments to eliminate fractional shares as the Representative may determine) that bears the same proportion to the total number of the Option Shares to be purchased on such Additional Closing Date (as defined below) as the number of Firm Shares set forth in <u>Schedule A</u> hereto opposite the name of such Underwriter bears to the total number of the Firm Shares. The Representative may cancel any exercise of the Over-Allotment Option at any time prior to the Closing Date or the applicable Additional Closing Date (as defined below), as the case may be, by giving written notice of such cancellation to the Company. The Over-Allotment Exercise Notice shall set forth: (i) the aggregate number of Option Shares as to which the Over-Allotment Option is being exercised; (ii) the Over-Allotment Option Purchase Price; (iii) the names and denominations in which the Option Shares are to be registered; and (iv) the applicable Additional Closing Date. Payment for the Option Shares (the "**Option Shares Payment**") shall be made, against delivery of the Option Shares to be purchased, by wire transfer in immediately available funds to the account(s) specified by the Company to the Representative at least two (2) business day in advance of such payment at the office of VCL Law LLP on any Additional Closing Date, or at such other place on the same or such other date and time, as shall be designated in writing by the Representative (an "**Additional Closing Date**"). Delivery of the Firm Shares shall be made through the facilities of the DTC, unless the Representative shall otherwise instruct.

**2. <u>Representations and Warranties of the Company</u>**. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below) and as of the Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Filing of Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Pursuant to the Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company has filed with the Securities and Exchange Commission (the "**Commission**") a registration statement and an amendment or amendments thereto, on Form F-1 (File No. 333-284998), including any related prospectus or prospectuses, for the registration of the Securities under the Securities Act of 1933, as amended (the "**Act**"), which registration statement and amendment or amendments have been prepared by the Company and conform, in all material respects, with the requirements of the Act and the rules and regulations of the Commission under the Act (the "**Regulations**"). Except as the context may otherwise require, such registration statement on file with the Commission at the time the registration statement becomes effective (including the prospectus, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of the Effective Date pursuant to paragraph (b) of Rule 430A of the Regulations), is referred to herein as the "**Registration Statement**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The final prospectus in the form first furnished to the Underwriters for use in the Offering, is hereinafter called the "**Prospectus**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Registration Statement has been declared effective by the Commission on or prior to the date hereof. "**Applicable Time**" means 4:00 p.m. Eastern Time, on the date of this Agreement, or such other time as agreed to by the Company and the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Registration under the Exchange Act</u>. The Securities are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the "**Exchange Act**"), and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Securities under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration except as described in the Registration Statement and Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Listing on Nasdaq</u>. The Securities will be approved for listing on the Nasdaq Capital Market ("**Nasdaq**") by the Closing Date, subject to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, terminating the listing of the Securities on Nasdaq nor has the Company received any notification that Nasdaq is contemplating revoking or withdrawing approval for listing of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disclosures in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>10b-5 Representation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement and the Prospectus and any post-effective amendments thereto will in all material respects comply with the requirements of the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Registration Statement, when it became effective, and any amendment or supplement thereto, did not contain and, at the Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Prospectus when filed with the Commission does not contain and, at the Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The representation and warranty made in this <u>Section 2(b)(i)(B)</u> does not apply to statements made or statements omitted in reliance upon and in conformity with written information with respect to the Underwriters furnished to the Company by the Underwriters expressly for use in the Registration Statement or Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of any of the Underwriters consists solely of the disclosure contained in the "*Underwriting*" section of the Registration Statement and Prospectus (collectively, the "**Underwriters' Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The road show presentation and materials, when taken together as a whole with the Disclosure Materials, do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Materials based upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Prior Securities Transactions</u>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by, or under common control with the Company, except as disclosed in the Disclosure Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Changes After Dates in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Material Adverse Change</u>. Since the end of the period covered by the latest audited financial statements included in the Registration Statement and the Prospectus, and except as otherwise specifically stated therein: (A) to the knowledge of the Company, there has been no events that have occurred that would have a have a material adverse effect on the assets, business, conditions, financial position, results of operations or business prospects of the Company (a "**Material Adverse Effect**"); and (B) there have been no material transactions entered into by the Company not in the ordinary course of business, other than as contemplated pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Recent Securities Transactions, etc</u>. Since the end of the period covered by the latest audited financial statements or interim financial statements included in the Registration Statement and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement and the Prospectus, the Company has not, other than with respect to options to purchase the ordinary shares at an exercise price equal to the then fair market price of the ordinary shares, as determined by the Company's board of directors, granted to employees, consultants or service providers: (A) issued any securities or incurred any material liability or obligation, direct or contingent, for borrowed money other than in the ordinary course of business; or (B) 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;(d) <u>Corporate Power; Licenses; Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conduct of Business</u>. Except as described in the Registration Statement and the Prospectus, the Company has all requisite corporate power and authority, and has all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs as of the date hereof to conduct its business purpose as described in the Prospectus except, any non-compliance, in each case, would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Transactions Contemplated Herein</u>. The Company has all corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof and thereof, and all consents, authorizations, approvals and orders required in connection therewith have been obtained. No consent, authorization or order of, and no filing with, any court, government agency or other body is required for the valid issuance, sale and delivery of the Securities and the consummation by the Company of the transactions and agreements contemplated by this Agreement and as contemplated by the Prospectus, except with respect to applicable federal and state securities laws and the rules and regulations of the Financial Industry Regulatory Authority ("**FINRA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Good Standing</u>. The Company has been duly incorporated, is validly existing and is in good standing under the laws of the British Virginia Islands as of the date hereof, and is duly qualified to do business and is in good standing in each jurisdiction in which the conduct of business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Subsidiaries</u>. Exhibit 21.1 of the Registration Statement lists all the Company's subsidiaries and sets forth the ownership of all of the subsidiaries. The subsidiaries are duly organized and in good standing under the laws of the place of organization or incorporation, and each such subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not reasonably be expected to have a Material Adverse Effect. The Company's ownership and control of each subsidiary and each subsidiary's ownership and control of other subsidiaries, is as described in the Registration Statement, the Disclosure Materials and the Prospectus. The Company does not own or control, directly or indirectly, any corporation, association or entity other than the subsidiaries described in the Registration Statement, the Disclosure Materials and the Prospectus. Each of the Company and its subsidiaries has full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Materials and the Prospectus, and is duly qualified to do business under the laws of each jurisdiction which requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Board of Directors</u>. The Board of Directors of the Company is comprised of the persons set forth under the heading of the Prospectus captioned "*Management*." The qualifications of the persons serving as board members and the overall composition of the board comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of Nasdaq. At least one member of the Board of Directors of the Company qualifies as an "<u>audit committee financial expert</u>" as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of Nasdaq. In addition, at least a majority of the persons serving on the Board of Directors qualify as "<u>independent</u>" as defined under the rules of the Commission and Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to Underwriters or to Underwriters' Counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers named in the section "*Management*" in the Prospectus immediately prior to the Offering (the "**Insiders**") as well as in the Lock-Up Agreements in the form attached hereto as <u>Annex IV</u> provided to the Underwriter is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires completed by each Insider to become inaccurate or incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>MD&A</u>. The section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" in the Preliminary Prospectus included in the Disclosure Materials and the Prospectus accurately and fully describes in all material respects (i) accounting policies that the Company believes are the most important in the portrayal of the Company's financial condition and results of operations and that require management's most difficult, subjective or complex judgments ("**Critical Accounting Policies**"); (ii) judgments and uncertainties affecting the application of the Critical Accounting Policies; and (iii) the likelihood that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof; and the Company's management have reviewed and agreed with the selection, application and disclosure of the Critical Accounting Policies as described in the Disclosure Materials and the Prospectus and have consulted with its independent accountants with regard to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement and Prospectus fairly present the financial position and the results of operations of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with United States generally accepted accounting principles ("**GAAP**"), consistently applied throughout the periods involved except as disclosed therein; and the supporting schedules included in the Registration Statement and Prospectus present fairly the information required to be stated therein. The Registration Statement and Prospectus disclose 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 and the Prospectus, (i) neither the Company nor any of its 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; (ii) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its capital stock; (iii) there has not been any change in the share capital of the Company or any of its subsidiaries or any grants under any stock compensation plan; and (iv) there has not been any material adverse change in the Company's long-term or short-term debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Free Transferability of Dividends or Distributions</u>. Except as disclosed in the Disclosure Materials, Registration Statement and Prospectus all dividends and other distributions declared and payable on the ordinary shares may under current British Virgin Islands and Hong Kong and regulations be paid to the holders of Securities in United States dollars and may be converted into foreign currency that may be transferred out of the British Virgin Islands and Hong Kong in accordance with, and all such payments made to holders thereof or therein who are non-residents of the British Virgin Islands and Hong Kong, will not be subject to income, withholding or other taxes under, the laws and regulations of the British Virgin Islands and Hong Kong, or any political subdivision or taxing authority thereof or therein and will otherwise be free and clear of any other tax, duty, withholding or deduction in the British Virgin Islands and Hong Kong or any political subdivision or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization in the British Virgin Islands and Hong Kong or any political subdivision or taxing authority thereof or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Independent Accountants</u>. To the best of the Company's knowledge, Enrome LLP, whose report is filed with the Commission as part of the Registration Statement and the Prospectus, are independent registered public accountants as required by the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Authorized Capital; Options, etc</u>. The Company had the duly authorized, issued and outstanding capitalization as set forth in the Registration Statement and the Prospectus. Based on the assumptions stated in the Registration Statement and the Prospectus, the Company will have on the Closing Date the adjusted capitalization set forth therein. Except as set forth in, or contemplated by, this Agreement, the Registration Statement and the Prospectus, on the Effective Date and on the Closing Date, there will be no options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued share capital of the Company or any security convertible into share capital of the Company, or any contracts or commitments to issue or sell shares or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Valid Issuance of Securities, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <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 rights of rescission 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 of any holders of any security of the Company or similar contractual rights granted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Securities Sold Pursuant to this Agreement</u>. The Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly issued, fully paid and non-assessable; the Securities 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 foregoing Securities has been duly and validly taken. The Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Issuance of Securities</u>. Upon issuance of Securities, and subject to full payment thereof by the Underwriters in accordance with the terms thereof, such Securities will be duly and validly issued, and the persons in whose names the Securities are registered will be entitled to the rights specified in the Securities, and upon the sale and delivery of these Securities, and payment therefor, pursuant to this Agreement, the purchasers will acquire good, marketable and valid title to such Securities, free and clear of all pledges, liens, security interests, charges, claims or encumbrances of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Lock-Up Period.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Insider and each beneficial owner of the Company holding outstanding ordinary shares (or securities convertible into ordinary shares) (together with the Insiders, the "**Lock-Up Parties**") have agreed pursuant to the executed Lock-Up Agreements in the form attached hereto as <u>Annex IV</u> that for a period ending one hundred and eighty (180) days from the date of commencement of sales of this Offering (the "**Lock-Up Period**"), such persons and their affiliated parties shall not offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose of, directly or indirectly, any Securities or capital stock of the Company, including ordinary shares, or any securities convertible into or exercisable or exchangeable for such Securities or capital stock, without the consent of the Underwriters. The Underwriters may consent to an early release from the applicable Lock-Up period if, in its opinion, the market for the Securities would not be adversely impacted by sales and in cases of financial emergency of an Insider or other holders of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company, on behalf of itself and any successor entity, has agreed that, without the prior written consent of the Underwriters, it will not, for a period ending one hundred and eighty (180) days from the date of commencement of sales of this Offering, (A) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (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; 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 <u>Section 2(p)(ii)</u> shall not apply to the Securities to be sold hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement and the Prospectus, no holders of any securities of the Company or any rights 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 Act or to include any such securities in a registration statement to be filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Related Party Transactions</u>. Except as disclosed in the Registration Statement and the Prospectus, there are no business relationships or related party transactions involving the Company or any other person required to be described in the Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Scheme or Arrangement with Shareholders</u>. Neither the Company nor any of its affiliate is a party to any scheme or arrangement through which shareholders or potential shareholders are being loaned, given or otherwise having money made available for the purchase of shares whether before, in or after the Offering. Neither the Company nor any of its affiliate is aware of any such scheme or arrangement, regardless of whether it is a party to a formal agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Transactions Affecting Disclosure to FINRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Finder's Fees</u>. Except as described in the Registration Statement and the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder's, consulting or origination fee by the Company or any Insider with respect to the sale of the Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the best of the Company's knowledge, any of its shareholders that may affect the Underwriters' compensation, as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Payments Within Twelve (12) Months</u>. Except as described in the Registration Statement and the Prospectus, the Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (A) any person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (B) to any FINRA member; or (C) to any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve (12) months prior to the Effective Date, other than the prior payment to the Underwriters, as provided hereunder in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>FINRA Affiliation</u>. To the best of the Company's knowledge, and except as may have been previously disclosed in writing to the Underwriters, no Insider or any beneficial owner of 5% or more of the Company's outstanding ordinary shares has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Validity and Binding Effect of This Agreement</u>. This Agreement has been duly and validly authorized by the Company, and, when executed and delivered, will constitute, the valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as 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 therefore may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>No Conflicts.</u> The execution, delivery, and performance by the Company of this Agreement, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in a material breach of, or conflict with any of the terms and provisions of, or constitute a material default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any agreement or instrument to which the Company is a party; (ii) result in any violation of the provisions of the Company's amended and restated memorandum and articles of association or bylaws (as the same may be amended from time to time, the "**Charter**"); or (iii) violate any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or business constituted as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>No Stop Orders, etc</u>. Neither the Commission nor, to the best of the Company's knowledge, any state regulatory authority has issued any order preventing or suspending the use of the Registration Statement, any preliminary prospectus ("**Preliminary Prospectus**") or the Prospectus (collectively, the "**Disclosure Materials**") or has instituted or, to the best of the Company's knowledge, threatened to institute any proceedings with respect to such an order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>No Defaults; Violations</u>. No default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other material agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its subsidiaries, and that are not otherwise disclosed in the Disclosure Materials. The Company is not in violation of any term or provision of its Charter, or in violation in any respect of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or businesses, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its subsidiaries, and that are not otherwise disclosed in the Disclosure Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>No Material Labor Disputes</u>. No material labor dispute with the employees of the Company or any of its subsidiaries exists or, to the best of the Company's knowledge, is imminent, which would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Litigation; Governmental Proceedings</u>. There is no (i) action, (ii) suit, (iii) proceeding, (iv) inquiry, (v) arbitration, (vi) investigation, (vii) litigation, or (viii) governmental proceeding that is pending, threatened against, or involving the Company or any of its executive officers or directors. Any of the aforementioned situations that are pending or threatened have been disclosed in the Disclosure Materials and in connection with the Company's listing application for the listing of the Securities on Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>No Immunity</u>. None of the Company, its subsidiaries, or any of its or their properties or assets has any immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of the British Virgin Islands, Hong Kong or United States federal law; and, to the extent that the Company, its subsidiaries, or any of their respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, each of the Company and its subsidiaries waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement under New York law as provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Intellectual Property</u>. Except as described in the Registration Statement and the Prospectus, the Company and each of its subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("**Intellectual Property**") necessary for the conduct of the business of the Company and its subsidiaries as currently carried on and as described in the Registration Statement and the Prospectus, except for such Intellectual Property, the failure of which to own or possess, as the case may be, would not reasonably be expected to result in a Material Adverse Effect. To the best of the Company's knowledge, no action or use by the Company or any of its subsidiaries will involve or give rise to any infringement of, or material license or similar fees for, any Intellectual Property of others, that would reasonably be expected to have a Material Adverse Effect on the Company and the subsidiaries, taken as a whole, except as disclosed in the Registration Statement. Neither the Company nor any of its subsidiaries has received any notice alleging any such infringement or fee, except such infringement or fee that would not reasonably be expected to have a Material Adverse Effect on the Company or the subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Company and its subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof. Each of the Company and its subsidiaries has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all material taxes imposed on or assessed against the Company or such subsidiaries. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, for all periods to and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriters and to the knowledge of the Company, (A) no material issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its subsidiaries, and (B) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its subsidiaries. The term "**taxes**" mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term "**returns**" means all returns, declarations, reports, statements, and other documents required to be filed with relevant taxing authorities in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in the Registration Statement, the Disclosure Materials and Prospectus, no transaction, stamp, capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in China, Hong Kong, or the British Virgin Islands to any Chinese, Hong Kong, or British Virgin Islands taxing authority in connection with (A) the issuance, sale and delivery of the Securities to or for the account of the purchasers, and (B) the purchase from the Company and the sale and delivery of the Securities to purchasers thereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Data</u>. The statistical, industry-related and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived. The Company has obtained the written consent to the use of such data from such sources to the extent necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) The Company's Board of Directors has validly appointed an audit committee whose composition satisfies the requirements of the rules and regulations of Nasdaq and the Board of Directors and/or audit committee has adopted a charter that satisfies the requirements of the rules and regulations of Nasdaq. Except as described in the Registration Statement and the Prospectus, neither the Board of Directors nor the audit committee has been informed, nor is any director of the Company aware, of any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Neither the Company nor the subsidiaries has, prior to the date hereof, made any offer or sale of any securities which are required to be "<u>integrated</u>" pursuant to the Act or the Regulations with the offer and sale of the Underwriters pursuant to the Registration Statement. Except as disclosed in the Registration Statement, neither the Company nor the subsidiaries has sold or issued any ordinary shares or any securities convertible into, exercisable or exchangeable for ordinary shares, or other equity securities, or any rights to acquire any ordinary shares or other equity securities of the Company, during the six-month period preceding the date of the Prospectus, including but not limited to any sales pursuant to Rule 144A or Regulation D or S under the Act, other than ordinary shares issued pursuant to employee benefit plans, qualified stock option plans or the employee compensation plans or pursuant to outstanding options, rights or warrants as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Sarbanes-Oxley Compliance</u>. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company has taken all necessary actions to ensure that, on the Effective Date, will be in material compliance with the provisions of the Sarbanes-Oxley Act of 2002 applicable to it and has implemented or will implement such programs and taken reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all the material provisions of the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>No Investment Company Status</u>. The Company is not and, after giving effect to the Offering and sale of the Securities and the application of the net proceeds thereof as described in the Registration Statement and the Prospectus, will not be, an "<u>investment company</u>" as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Money Laundering</u>. The operations of the Company and the subsidiaries are and have been conducted at all times in all material respects in compliance with applicable financial recordkeeping and reporting requirements of money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws**") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company, or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best of the Company's knowledge, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Foreign Corrupt Practices Act</u>. Neither the Company nor any of the Insiders or employees of the Company or any other person authorized to act on behalf of the Company has, directly or indirectly, knowingly given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Office of Foreign Assets Control</u>. None of the Company, the subsidiaries, and, to the best of the Company's knowledge, any director, officer, or employee of the Company and the subsidiaries has conducted or entered into a contract to conduct any transaction with the governments or any of subdivision thereof, residents of, or any entity based or resident in the countries that are currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**"); none of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by OFAC (including but not limited to the designation as a "<u>specially designated national or blocked person</u>" thereunder), the United Nations Security Council, or the European Union or is located, organized or resident in a country or territory that is the subject of OFAC-administered sanctions, including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria; and the Company will not knowingly directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiaries, 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;(nn) <u>Foreign Private Issuer Status</u>. The Company is a "<u>foreign private issuer</u>" within the meaning of Rule 405 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Not a PFIC</u>. Except as disclosed in the Disclosure Materials, Registration Statement and Prospectus, the Company does not expect that it will be treated as a Passive Foreign Investment Company ("**PFIC**") within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its current taxable year. The Company has no plan or intention to operate in such a manner that would reasonably be expected to result in the Company becoming a PFIC in future taxable years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Choice of Law</u>. Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, the choice of law provision set forth in this Agreement constitutes a legal and valid choice of law under the laws of the British Virgin Islands and Hong Kong and will be honored by courts in the British Virgin Islands and Hong Kong, subject to compliance with relevant civil procedural requirements (that do not involve a re-examination of the merits of the claim) in the British Virgin Islands and Hong Kong. The Company has the power to submit, and pursuant <u>to Section 15</u> of this Agreement, has legally, validly, effectively and submitted, to the personal jurisdiction of each of the New York Courts, and the Company has the power to designate, appoint and authorize, and pursuant to <u>Section 15</u> of this Agreement, has legally, validly, effectively and irrevocably designated, appointed an authorized agent for service of process in any action arising out of or relating to this Agreement, or the Securities in any New York Court, and service of process effected on such authorized agent will be effective to confer valid personal jurisdiction over the Company as provided in <u>Section 15</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Recognition of Judgments</u>. Except as described under the section "*Enforceability of Civil Liabilities*" in the Time of Sale Prospectus and the Prospectus, the courts of the British Virgin Islands and Hong Kong would recognize as a valid judgment any final monetary judgment obtained against the Company in the courts of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Organization</u>. Here We Seoul Limited is duly organized under the laws of Hong Kong and possess all necessary business licenses, approvals, permits or other authorizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Dividends and Distributions</u>. Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, no subsidiaries 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.

**3. <u>Offering</u>**. Upon authorization of the release of the Securities by the Underwriters, the Underwriters propose to offer the Securities for sale to the public upon the terms and conditions set forth in the Prospectus.

**4. <u>Covenants of the Company</u>**. The Company acknowledges, covenants and agrees with the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement and any amendments thereto have been declared effective, and if Rule 430A is used or the filing of the Prospectus is otherwise required under Rule 424(b), the Company will file the Prospectus (properly completed if Rule 430A has been used) pursuant to Rule 424(b) within the prescribed time period and will provide evidence satisfactory to the Underwriters of such timely filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period beginning on the date hereof and ending on the later of the Closing Date or such date as, in the reasonable opinion of Underwriters' Counsel, the Prospectus is no longer required by law to be delivered (or in lieu thereof the notice referred to in Rule 173(a) under the Act is no longer required to be provided) in connection with sales by an underwriter or dealer (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Registration Statement, the General Disclosure Package or the Prospectus, the Company shall furnish to the Underwriters and Underwriters' Counsel for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriters reasonably object within 36 hours of delivery thereof to Underwriters' Counsel. The term "**General Disclosure Package**" means, collectively, the Issuer Free Writing Prospectus (es) (as defined below) issued at or prior to the date hereof, the most recent preliminary prospectus related to this offering, and the information included on <u>Schedule A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the date of this Agreement, the Company shall promptly advise the Underwriters in writing of: (i) the receipt of any comments of, or requests for additional or supplemental information from, the Commission; (ii) the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any prospectus, the General Disclosure Package or the Prospectus; (iii) the time and date that any post-effective amendment to the Registration Statement becomes effective; and (iv) the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order preventing or suspending its use or the use of any prospectus, the General Disclosure Package, the Prospectus or any issuer free writing prospectus as defined in Rule 433 of the Regulations (the "**Issuer Free Writing Prospectus**"), or the initiation of any proceedings to remove, suspend or terminate from listing the Shares from any securities exchange upon which the Shares are listed for trading, or of the threatening of initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its reasonable efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A and 430B, as applicable, under the Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Act, as now and hereafter amended, and by the Regulations, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated by the provisions hereof, the General Disclosure Package, the Registration Statement and the Prospectus. If during such period any event or development occurs as a result of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary or appropriate in the opinion of the Company or its counsel or the Underwriters or Underwriters' Counsel to amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) to comply with the Act, the Company will promptly notify the Underwriters and will promptly amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If at any time following the issuance of an Issuer Free Writing Prospectus there occurs an event or development as a result of which such Issuer Free Writing Prospectus would conflict with the information contained in the Registration Statement or the Prospectus or would include an untrue statement of a material fact or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances there existing, not misleading, the Company will promptly notify the Underwriters and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will deliver to the Underwriters and Underwriters' Counsel a copy of the Registration Statement, as initially filed, and all amendments thereto, including all consents and exhibits filed therewith, and will maintain in the Company's files manually signed copies of such documents for at least five (5) years after the date of filing thereof. The Company will promptly deliver to each of the Underwriters such number of copies of any Preliminary Prospectus, the Prospectus, the Registration Statement, and all amendments of and supplements to such documents, if any, and all documents which are exhibits to the Registration Statement and any Preliminary Prospectus or Prospectus or any amendment thereof or supplement thereto, as the Underwriters may reasonably request. Prior to 10:00 A.M., Eastern Time, on the Business Day next succeeding the date of this Agreement, and from time to time thereafter, the Company shall furnish to the Underwriters copies of the Prospectus in such quantities as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company consents to the use and delivery of the Preliminary Prospectus by the Underwriters in accordance with Rule 430 and Section 5(b) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Company elects to rely on Rule 462(b) under the Act, the Company shall both file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by the earlier of: (i) 10:00 P.M., Eastern time, on the date of this Agreement, and (ii) the time that confirmations are given or sent, as specified by Rule 462(b)(2), and pay the applicable fees in accordance with Rule 111 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company will use its best efforts, in cooperation with the Underwriters, at or prior to the time of effectiveness of the Registration Statement, to qualify the Securities for offering and sale under the securities laws relating to the offering or sale of the Securities of such jurisdictions as the Underwriters may designate and to maintain such qualifications in effect for so long as required for the distribution thereof; except that in no event shall the Company be obligated in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process or to subject itself to taxation if it is otherwise not so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the Electronic Data Gathering, Analysis and Retrieval ("**EDGAR**") system) to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company's current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Act and Rule 158 of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Except with respect to (i) securities of the Company which may be issued in connection with an acquisition of another entity (or the assets thereof), (ii) the issuance of securities of the Company intended to provide the Company with proceeds to acquire another entity (or the assets thereof), or (iii) the issuance of securities under the Company's stock option plans with exercise or conversion prices at fair market value (as defined in such plans) in effect from time to time, during the three (3) months following the Closing Date, the Company or any successor to the Company shall not undertake any public or private offerings of any equity securities of the Company (including equity-linked securities) without the prior written consent of the Underwriters, which shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Starting from the commencement of sales of this offering, any of the entities and individuals listed on <u>Schedule B</u> hereto (the "**Lock-Up Parties**"), without the prior written consent of the Underwriters, shall not sell or otherwise dispose of any securities of the Company, whether publicly or in a private placement, during their respective lock-up period in the lock-up agreements that are in effect. The Company will deliver to the Underwriters the agreements of the Lock-Up Parties to the foregoing effect on the date of this Agreement, which agreements shall be substantially in the form attached hereto as <u>Annex IV.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company will not issue press releases or engage in any other publicity without the Underwriters' prior written consent, for a period ending at 5:00 P.M., Eastern time, on the first Business Day following the forty-fifth (45th) day following the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business, or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will apply the net proceeds from the sale of the Securities as set forth under the caption "*Use of Proceeds*" in the Prospectus. Without the prior written consent of the Underwriters, except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, no proceeds of the Offering will be used to pay outstanding loans from officers, directors or stockholders or to pay any accrued salaries or bonuses to any employees or former employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company will use its best efforts to do and perform all things required to be done or performed under this Agreement by the Company prior to the Closing Date, and to satisfy all conditions precedent to the delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company will not take, and will cause its subsidiaries not to take, directly or indirectly, any action which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause or result in, the stabilization or manipulation of the price of any security to facilitate the sale or resale of any of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Company shall cause to be prepared and delivered to the Underwriters, at its expense, within two (2) Business Days from the date of this Agreement, an Electronic Prospectus to be used by the Underwriters in connection with the Offering. As used herein, the term "**Electronic Prospectus**" means a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Underwriters, that may be transmitted electronically by the Underwriters to offerees and purchasers of the Securities for at least the period during which a Prospectus relating to the Securities is required to be delivered under the Act or the Exchange Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to the extent that graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to the Underwriters, that will allow recipients thereof to store and have continuously ready access to the prospectus at any future time, without charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for online time).

**5. <u>Representations and Warranties of the Underwriters</u>**.

The Underwriters represent and agree that, unless it obtains the prior written consent of the Company, they have not made and will not make any offer relating to the Securities that would constitute a "<u>free writing prospectus</u>," as defined in Rule 405 under the Act, required to be filed with the Commission; *provided* that the prior written consent of the parties hereto shall be deemed to have been given in respect of the free writing prospectuses. Any such free writing prospectus consented to by the Underwriters is herein referred to as a "**Permitted Free Writing Prospectus**." The Underwriters represent that they have treated or agree that they will treat each Permitted Free Writing Prospectus as an "<u>issuer free writing prospectus</u>," as defined in Rule 433, and have complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.

**6. <u>Consideration; Payment of Expenses</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the services to be provided for hereunder, the Company shall pay to the Underwriters or their respective designees their pro rata portion (based on the Securities purchased) of the following compensation with respect to the Securities which they are offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an underwriting discount equal to seven percent (7%) of the aggregate gross proceeds raised in the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an accountable expense allowance of up to $235,000, including, among other things, all reasonable fees and expenses of the Underwriters' outside legal counsel; any reasonable costs and expenses incurred in conducting background checks of the Company's officers and directors by a background search firm acceptable to the Underwriters; and the costs associated with bound volumes and mementos in such quantities as the Underwriters may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a non-accountable expense allowance of one percent (1%) of the gross proceeds of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters reserve the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that the Underwriters' aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whether or not the transactions contemplated by this Agreement, the Registration Statement and the Prospectus are consummated or this Agreement is terminated, the Company hereby agrees to pay all costs and expenses incident to the Offering, which is not included in the maximum accountable expense allowance, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all expenses in connection with the preparation, printing, formatting for EDGAR and filing of the Registration Statement, any Preliminary Prospectus and the Prospectus and any and all amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all fees and expenses in connection with filings with FINRA's Public Offering System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Securities under the Act and the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all reasonable expenses in connection with the qualifications of the Securities for offering and sale under state or foreign securities or blue sky laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all fees and expenses in connection with listing the Securities on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all reasonable travel expenses of the Company's officers, directors and employees and any other expense of the Company incurred in connection with attending or hosting meetings with prospective purchasers of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all the road show expenses incurred by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any stock transfer taxes or other taxes incurred in connection with this Agreement or the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the costs associated with book building, prospectus tracking and compliance software and the cost of preparing certificates representing the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the cost and charges of any transfer agent or registrar for the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is understood, however, that except as provided in this <u>Section 6</u>, and <u>Sections 9</u>, <u>10</u> and <u>11(d)</u> hereof, the Underwriters will pay all of their own costs and expenses. Notwithstanding anything to the contrary in this <u>Section 6</u>, in the event that this Agreement is terminated pursuant to <u>Section 11(b)</u> hereof, or subsequent to a Material Adverse Change, the Company will pay, less any advances previously paid, representing an advance to be applied towards the accountable expenses allowance (the "**Advances**"), all documented out-of-pocket expenses of the Underwriters (including but not limited to fees and disbursements of Underwriters' Counsel and reasonable and accountable travel) incurred in connection herewith which shall be limited to expenses which are actually incurred as allowed under FINRA Rule 5110 and in any event, the aggregate amount of such expenses to be reimbursed by the Company shall not exceed $235,000, including the Advances. To the extent that the Underwriters' out-of-pocket expenses are less than the Advances, the Underwriters will return to the Company that portion of the Advances not offset by actual expenses.

**7. <u>Conditions of Underwriters' Obligations</u>**. The obligations of the Underwriters to purchase and pay for the Firm Shares as provided herein shall be subject to: (i) the accuracy of the representations and warranties of the Company herein contained, as of the date hereof and as of the Closing Date, (ii) the absence from any certificates, opinions, written statements or letters furnished to the Underwriters or to Underwriters' Counsel pursuant to this <u>Section 8</u> of any misstatement or omission, (iii) the performance by the Company of its obligations hereunder, and (iv) each of the following additional conditions. For purposes of this <u>Section 8</u>, the terms "**Closing Date**" and "**Closing**" shall refer to the Closing Date for the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement shall have become effective and all necessary regulatory and listing approvals shall have been received not later than 5:30 P.M., Eastern time, on the date of this Agreement, or at such later time and date as shall have been consented to in writing by the Underwriters. If the Company shall have elected to rely upon Rule 430A under the Act, the Prospectus shall have been filed with the Commission in a timely fashion in accordance with the terms thereof and a form of the Prospectus containing information relating to the description of the Securities and the method of distribution and similar matters shall have been filed with the Commission pursuant to Rule 424(b) within the applicable time period; and, at or prior to the Closing Date and the actual time of the Closing, no stop order suspending the effectiveness of the Registration Statement or any part thereof, or any amendment thereof, nor suspending or preventing the use of the General Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened; all requests of the Commission for additional information (to be included in the Registration Statement, the General Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus or otherwise) shall have been complied with to the Underwriters' satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall not have reasonably determined, and advised the Company, that the Registration Statement, the General Disclosure Package or the Prospectus, or any amendment thereof or supplement thereto, or any Issuer Free Writing Prospectus, contains an untrue statement of fact which, in the Underwriters' reasonable opinion, is material, or omits to state a fact which, in the Underwriters' reasonable opinion, is material and is required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters shall have received, in form satisfactory to the Underwriters and Underwriters' counsel of (i) favorable legal opinions from Loeb Smith Attorneys, British Virgin Islands counsel to the Company dated as of the Closing Date and addressed to the Representative, (ii) favorable legal opinions and negative assurance letter from Loeb & Loeb LLP, U.S. legal counsel for the Company, dated as of the Closing Date and addressed to the Representative, (iii) favorable legal opinions from TC & CO., Hong Kong legal counsel to the Company, dated as of the Closing Date and addressed to the Representative, and (iv) favorable legal opinions from Tian Yuan Law Firm, PRC legal counsel to the Company, dated as of the Closing Date and addressed to the Representative. A copy of such opinion shall have been provided to the Underwriters with consent from such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters shall have received certificates of each of the Chief Executive Officer and Chief Financial Officer of the Company (the "**Officers' Certificate**"), substantially in the form attached hereto as <u>Annex I</u> and dated as of the Closing Date, to the effect that: (i) the conditions set forth in subsection (a) of this <u>Section 8</u> have been satisfied, (ii) as of the date hereof and as of the Closing Date, the representations and warranties of the Company set forth in <u>Section 2</u> hereof are accurate, (iii) as of the Closing Date, all agreements, conditions and obligations of the Company to be performed or complied with hereunder on or prior thereto have been duly performed or complied with, (iv) the Company has not sustained any material loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding, (v) no stop order suspending the effectiveness of the Registration Statement or any amendment thereof has been issued and no proceedings therefor have been initiated or threatened by the Commission, (vi) there are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement and the Prospectus pursuant to the Regulations which are not so included, (vii) subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been any Material Adverse Change or any development involving a prospective Material Adverse Change, whether or not arising from transactions in the ordinary course of business, and (viii) any other conditions deemed necessary for the closing of this offering by the Underwriters' Counsel have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At each of the Closing Date, the Underwriters shall have received a certificate of the Company signed by the Secretary of the Company (the "**Secretary's Certificate**"), substantially in the form attached hereto as <u>Annex II</u> and dated the Closing Date, certifying: (i) that each of the Charter and Bylaws is true and complete, has not been modified and is in full force and effect; (ii) that the resolutions of the Company's Board of Directors relating to the Offering are in full force and effect and have not been modified; (iii) the good standing of the Company; (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;(f) On the date of this Agreement and on the Closing Date, the Company shall have furnished to the Representative, a certificate on behalf of the Company, dated the respective dates of delivery thereof and addressed to the Underwriters, of its Chief Financial Officer with respect to certain financial date contained in the Registration Statement and Prospectus (the "**CFO Certificate**"), providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representative, substantially in the form attached hereto as <u>Annex III</u>.

(g). On the date of this Agreement and on the Closing Date, the Underwriters shall have received a comfort letter from Enrome LLP (the "**Auditor Comfort Letter**") as of each such date, addressed to the Underwriters and in form and substance satisfactory to the Underwriters and Underwriters' Counsel, confirming that they are independent certified public accountants with respect to the Company within the meaning of the Act and all applicable Regulations, and stating, as of such date (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Prospectus, as of a date not more than two (2) business days prior to such date), the conclusions and findings of such firm with respect to the financial information and other matters relating to the Registration Statement covered by such letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company shall have furnished the Underwriters and Underwriters' Counsel with such other certificates, opinions or documents as they may have reasonably requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriters shall have received a lock-up agreement from each Lock-Up Party, duly executed by the applicable Lock-Up Party, in each case substantially in the form attached as <u>Annex IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date or, if earlier, the dates as of which information is given in the Registration Statement (exclusive of any amendment thereof) and the Prospectus (exclusive of any supplement thereto), there shall not have been any change in the capital stock or long-term debt of the Company or any change or development involving a change, whether or not arising from transactions in the ordinary course of business, in the business, condition (financial or otherwise), results of operations, shareholders' equity, properties or prospects of the Company, taken as a whole, including but not limited to the occurrence of any fire, flood, storm, explosion, accident, act of war or terrorism or other calamity, the effect of which, in any such case described above, is, in the reasonable judgment of the Underwriters, so material and adverse as to make it impracticable or inadvisable to proceed with the sale of Securities or Offering as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Securities are registered under the Exchange Act and, as of the Closing Date, the Securities shall be listed and admitted and authorized for trading on the Nasdaq Capital Market and satisfactory evidence of such action shall have been provided to the Underwriters. The Company shall have taken no action designed to terminate, or likely to have the effect of terminating, the registration of the Securities under the Exchange Act or delisting or suspending the Securities from trading on the Nasdaq Capital Market, nor will the Company have received any information suggesting that the Commission or the Nasdaq Capital Market is contemplating terminating such registration or listing. The Firm Shares shall be DTC eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect or potentially materially and adversely affect the business or operations of the Company.

**9. <u>Indemnification</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify and hold harmless (to the fullest extent permitted by applicable law) the Underwriters and each Person, if any, who controls the Underwriters within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Company), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon: (i) an untrue statement or alleged untrue statement of a material fact contained in (A) the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, or any amendment or supplement to any of them or (B) any Issuer Free Writing Prospectus or any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities ("**Marketing Materials**"), including any road show or investor presentations made to investors by the Company (whether in person or electronically), or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigations or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof); or (ii) in whole or in part upon any inaccuracy in the representations and warranties of the Company contained herein; or (iii) in whole or in part upon any failure of the Company to perform its obligations hereunder; *provided, however*, that the Company shall not be liable in any such case to the extent that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, or any such amendment or supplement to any of them, or any Issuer Free Writing Prospectus or any Marketing Materials in reliance upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters agree to indemnify and hold harmless the Company, each of the directors of the Company, each of the officers of the Company who shall have signed the Registration Statement, and each other Person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Underwriters), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, any amendment or supplement to any of them or any Marketing Materials, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigating or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof), in each case to the extent, but only to the extent, that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing thereof (but the failure so to notify an indemnifying party shall not relieve the indemnifying party from any liability which it may have under this <u>Section 9</u> to the extent that it is not materially prejudiced as a result thereof). In case any such claim or action is brought against any indemnified party, and it so notifies an indemnifying party thereof, the indemnifying party will be entitled to participate at its own expense in the defense of such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless: (i) the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action; (ii) the indemnifying parties have not employed counsel to have charge of the defense of such action within a reasonable time after notice of the claim or the commencement of the action; (iii) the indemnifying party does not diligently defend the action after assumption of the defense; or (iv) such indemnified party or parties shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party, or any of them, in conducting the defense of any such action or there may be legal defenses available to it or them which are different from or additional to those available to any of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the indemnifying parties and shall be paid as incurred. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) of the indemnified party or parties unless such separate representations are required under applicable ethics rules that govern the representations of the indemnified party or parties by such legal counsel. In the case of any separate firm for the Underwriters and such control persons and affiliates of any Underwriters, such firm shall be designated in writing by the Underwriters. In the case of more than one separate firm (in addition to any local counsel) for the Company, and such directors, officers and control persons of the Company, such firm shall be designated in writing by the Company. No indemnifying party shall, without the prior written consent of the indemnified parties, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been sought by an indemnified party under this <u>Section 9</u> or <u>Section 10</u> hereof (whether or not the indemnified party is an actual or potential party thereto), unless (v) such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such claim, investigation, action or proceeding and (B) does not include a statement as to or an admission of fault, culpability or any failure to act, by or on behalf of the indemnified party, and (vi) the indemnifying party confirms in writing its indemnification obligations hereunder with respect to such settlement, compromise or judgment.

**10. <u>Contribution</u>**. In order to provide for contribution in circumstances in which the indemnification provided for in <u>Section 9</u> is for any reason held to be unavailable from any indemnifying party or is insufficient to hold harmless a party indemnified thereunder, the Company and the Underwriters shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by such indemnification provision (including any investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted, but after deducting in the case of losses, claims, damages, liabilities and expenses suffered by the Company, any contribution received by the Company from Persons, other than the Underwriters, who may also be liable for contribution, including Persons who control the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, officers of the Company who signed the Registration Statement and directors of the Company), as incurred, to which the Company and one or more of the Underwriters may be subject, in such proportions as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand from the Offering and sale of the Securities or, if such allocation is not permitted by applicable law, in such proportions as are appropriate to reflect not only the relative benefits referred to above but also the relative fault of the Company and the Underwriters in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Underwriters shall be deemed to be in the same proportion as (i) the total proceeds from the Offering (net of underwriting discount and commission but before deducting expenses) received by the Company bears to (ii) the underwriting discount and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company and the Underwriters shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this <u>Section 10</u> were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this <u>Section 10</u>. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this <u>Section 10</u> shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any judicial, regulatory or other legal or governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the provisions of this <u>Section 10</u>: (iii) no Underwriter shall be required to contribute any amount in excess of the underwriting discounts applicable to the Securities underwritten by it and distributed to the public and (iv) no Person guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act) shall be entitled to contribution from any Person who was not guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act). For purposes of this <u>Section 10</u>, each Person, if any, who controls an Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Underwriter, and each Person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case to clauses (iii) and (iv) of the immediately preceding sentence. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this <u>Section 10</u> or otherwise. As used herein, a "**Person**" refers to an individual or entity.

**11. <u>Effective Date of Agreement; Termination; Defaulting Underwriters</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon the later of: (i) receipt by the Underwriters and the Company of notification of the effectiveness of the Registration Statement or (ii) the execution of this Agreement. Notwithstanding any termination of this Agreement, the provisions of this <u>Section 11</u> and of <u>Sections 1</u>, <u>4</u>, <u>6</u>, <u>9</u>, <u>10</u>, <u>15</u> and <u>16</u> shall remain in full force and effect at all times after the execution hereof to the extent they are in compliance with FINRA Rule 5110(g)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall have the right to terminate this Agreement at any time prior to the consummation of the Closing if: (i) any domestic or international event or act or occurrence has materially disrupted, or in the reasonable opinion of the Underwriters will in the immediate future materially disrupt, the market for the Company's securities or securities in general; or (ii) trading on the Nasdaq Capital Market has been suspended or made subject to material limitations, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices for securities have been required, on the Nasdaq Capital Market or by order of the Commission, FINRA or any other governmental authority having jurisdiction; or (iii) a banking moratorium has been declared by any state or federal authority or any material disruption in commercial banking or securities settlement or clearance services has occurred; or (iv) (A) there has occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States or there is a declaration of a national emergency or war by the United States or (B) there has been any other calamity or crisis or any change in political, financial or economic conditions, if the effect of any such event in (A) or (B), in the reasonable judgment of the Underwriters, is so material and adverse that such event makes it impracticable or inadvisable to proceed with the offering, sale and delivery of the Firm Shares on the terms and in the manner contemplated by the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice of termination pursuant to this <u>Section 11</u> shall be in writing and delivered in accordance with <u>Section 13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, on the Closing Date or any Additional Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase the Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth (10%) of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in <u>Schedule A</u> bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representative may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; *provided* that, in no event shall the number of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 11(d) by an amount in excess of one-ninth (1/9) of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory to the Representative and the Company for the purchase of such Firm Shares are not made within thirty six (36) hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case, either the Representative or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Pricing Disclosure Package, in the Final Prospectus or in any other documents or arrangements may be effected. If, on an Additional Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Option Shares and the aggregate number of Option Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Option Shares to be purchased on such Additional Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Option Shares to be sold on such Additional Closing Date or (ii) purchase not less than the number of Option Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If this Agreement shall be terminated pursuant to any of the provisions hereof (other than pursuant to <u>Section 11(b)</u> hereof), or if the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriters set forth herein is not satisfied or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof, the Company will, subject to demand by the Underwriters, reimburse the Underwriters for only those documented out-of-pocket expenses (including the reasonable fees and expenses of their counsel), actually incurred by the Underwriters in connection herewith as allowed under FINRA Rule 5110 less any amounts previously paid by the Company); *provided, however,* that all such expenses, including the costs and expenses set forth in <u>Section 6(c)</u> which were actually paid, shall not exceed accountable expenses actually incurred in the aggregate, including any advances.

**12. <u>Survival of Representations and Agreements</u>**. All representations, warranties, covenants and agreements of the Company and the Underwriters contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, including, without limitation, the agreements contained in <u>Sections 6</u>, <u>15</u> and <u>16</u>, the indemnity agreements contained in <u>Section 9</u> and the contribution agreements contained in <u>Section 10</u>, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriters or any controlling Person thereof or by or on behalf of the Company, any of its officers or directors or any controlling Person thereof, and shall survive delivery of and payment for the Securities to and by the Underwriters. The representations and warranties contained in <u>Section 2</u> and the covenants and agreements contained in <u>Sections 4</u>, <u>6, 9</u>, <u>10</u>, <u>15</u> and <u>16</u> shall survive any termination of this Agreement, including termination pursuant to <u>Sections 11</u>. For the avoidance of doubt, in the event of termination the Underwriters will receive only out-of-pocket accountable expenses actually incurred subject to the limit in <u>Section 11(d)</u>, in compliance with FINRA Rules 5110(g)(5)(A), 5110(g)(5)(B)(i) and 5110(g)(5)(B)(ii).

**13. <u>Notices</u>**. All communications hereunder, except as may be otherwise specifically provided herein, shall be in writing, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if sent to the Representative, shall be mailed, delivered, or emailed, to:

Cathay Securities, Inc.

40 Wall Street, Suite 3600

New York, NY 10005

Attention: Shell Li

Email: shell.li@cathaysecurities.com

with a copy to Underwriter's Counsel at:

VCL Law LLP

1945 Old Gallows Rd., Suite 260

Vienna, VA 22182

Attention: Fang Liu

Email: fliu@vcllegal.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent to the Company, shall be mailed, delivered, or emailed, to:

Pitanium Limited

30F, Gravity, 29 Hing Yip Street

Kwun Tong, Kowloon, Hong Kong

Attention: Ying Yeung Wong

Email: liam@pitanium.com

with a copy to the Company's Counsel at:

Loeb & Loeb LLP

2206-19 Jardine House, 1 Connaught Place

Central, Hong Kong

Attention: Henry Yin

Email: henry.yin@loeb.com

**14.** <u>Parties; Limitation of Relationship</u>. This Agreement shall inure solely to the benefit of, and shall be binding upon, the Underwriters, the Company and the controlling Persons, directors, officers, employees and agents referred to in <u>Sections 9</u> and <u>10</u> hereof, and their respective successors and assigns, and no other Person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the parties hereto and such Persons and their respective successors and assigns, and not for the benefit of any other Person. The term "**Successors and Assigns**" shall not include a purchaser, in its capacity as such, of Securities from the Underwriter.

**15.** <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. Each of the parties hereto hereby submits to the exclusive jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York (each, a "**New York Court**") in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the parties hereto irrevocably waives any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in the New York Courts, and irrevocably waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. The Company irrevocably appoints Cogency Global Inc. as its authorized agent (the "**Authorized Agent**") in the Borough of Manhattan in The City of New York upon which process may be served in any such suit or proceeding, and agrees that service of process in any manner permitted by applicable law upon such agent shall be deemed in every respect effective service of process in any manner permitted by applicable law upon the Company in any such suit or proceeding. The Company further agrees to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of five years from the date of this Agreement.

**16.** <u>Entire Agreement</u>. This Agreement, together with the schedules and annexes attached hereto and as the same may be amended from time to time in accordance with the terms hereof, contains the entire agreement among the parties hereto relating to the subject matter hereof and there are no other or further agreements outstanding not specifically mentioned herein. This Agreement supersedes any prior agreements or understandings among or between the parties hereto.

**17.** <u>Severability</u>. If any term or provision of this Agreement or the performance thereof shall be invalid or unenforceable to any extent, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this Agreement and this Agreement shall be valid and enforceable to the fullest extent permitted by law.

**18.** <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

**19.** <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 affect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver may be sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. The parties to this Agreement hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal suit, action or proceeding arising out of or relating to this Agreement, the Registration Statement, the General Disclosure Package, the Prospectus, the offering of the Shares or the transactions contemplated hereby

**20.** <u>No Fiduciary Relationship</u>. The Company hereby acknowledges that the Underwriters are acting solely as Underwriters in connection with the offering of the Company's Securities. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm's-length basis and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of the offering of the Company's Securities, either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company hereby further confirms its understanding that the Underwriters have not assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including, without limitation, any negotiation related to the pricing of the Securities; and the Company has consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company's securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.

**21.** <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or other electronic transmission shall constitute valid and sufficient delivery thereof.

**22.** <u>Headings</u>. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

**23.** <u>Time is of the Essence</u>. Time shall be of the essence of this Agreement. As used herein, the term "**Business Day**" shall mean any day other than a Saturday, Sunday or any day on which any of the major U.S. stock exchanges are not open for business.

*[Signature Page Follows]*

If the foregoing correctly sets forth your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among us.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **Pitanium Limited** | **Pitanium Limited** |
| By: | */s/ Ying Yeung Wong* |
| Name: | Ying Yeung Wong |
| Title: | Chief Executive Officer |

---

Accepted by the Representative

as of the date first written above

Acting on behalf of itself and as Representative of the Underwriters named in <u>Schedule A</u> hereto

---

| | |
|:---|:---|
| **Cathay Securities, Inc.** | **Cathay Securities, Inc.** |
| By: | */s/ Shell Li* |
| Name: | Shell Li |
| Title: | Chief Executive Officer, Head of Investment Banking |

---

*[Signature Page to Underwriting Agreement]*

 

 

**SCHEDULE A**

Underwriters

---

| | |
|:---|:---|
| Underwriters | Number of Firm Shares to Be Purchased |
| Cathay Securities, Inc. | 1750000 |
| **Total** | 1750000 |

---

**SCHEDULE B**

Lock-Up Parties

---

| |
|:---|
| **Name** |
| Ying Yeung Wong |
| Yuen Yi Young |

---

**ANNEX I**

**PITANIUM LIMITED**

**OFFICERS' CERTIFICATE**

[Date]

The undersigned, Ying Yeung Wong, Chief Executive Officer, and Yau Mok, Chief Financial Officer, of Pitanium Limited, a British Virginia Islands exempted company (the "**Company"**), pursuant to Section 8(d) of the Underwriting Agreement, dated as of [Date], by and between the Company and Cathay Securities, Inc. as representative of the several underwriters listed on <u>Schedule A</u> thereto (the "**Underwriting Agreement**"), do hereby certify, each in his or her capacity as an officer of the Company, and not individually and without personal liability, on behalf of the Company, as follows:

1. Such
 officer has carefully examined the Registration Statement, the General Disclosure Package, any Permitted Free Writing Prospectus
 and the Prospectus and, in his or her opinion, the Registration Statement and each amendment thereto, as of [●] p.m. EST, [Date]
 (the "**Applicable Time**") 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 required to be stated therein or necessary to make the statements therein not misleading, and
 the General Disclosure Package, as of the Applicable Time and as of the Closing Date, any Permitted Free Writing Prospectus as of
 its date and as of 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 the light of the circumstances in which they were made, not misleading.

2. Subsequent
 to the respective dates as of which information is given in the Registration Statement, the General Disclosure Package, or the Prospectus,
 there has not been any Material Adverse Changes or any development involving a prospective Material Adverse Change, whether or not
 arising from transactions in the ordinary course of business.

3. To
 the best of his or her knowledge after reasonable investigation, as of the Closing Date, the representations and warranties of the
 Company in the Underwriting Agreement are true and correct in all material respects (except for those representations and warranties
 qualified as to materiality, which shall be true and correct in all respects and except for those representations and warranties
 which refer to facts existing at a specific date, which shall be true and correct as of such date) and the Company has complied with
 all agreements and satisfied all conditions on its part to be performed or satisfied under the Underwriting Agreement at or prior
 to the Closing Date.

4. To
 the best of his or her knowledge after reasonable investigation, as of the Closing Date, the Company has not sustained any material
 loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental
 proceeding.

5. There
 are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement and the Prospectus
 pursuant to the Regulations which are not so included.

6. No
 stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof
 or the qualification of the Securities for offering or sale, nor suspending or preventing the use of the General Disclosure Package,
 any Permitted Free Writing Prospectus and the Prospectus, has been issued, and no proceeding for that purpose has been instituted
 or, to the best of his knowledge, is contemplated by the Commission or any state or regulatory body.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement. This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

**IN WITNESS WHEREOF**, I have, on behalf of the Company, signed this certificate as of the date first written above.

  <br> Name: Ying Yeung Wong <br> Title: Chief Executive Officer

  <br> Name: Yau Mok <br> Title: Chief Financial Officer

*[Signature Page of Officers' Certificate]*

 

**ANNEX II**

**PITANIUM LIMITED**

**SECRETARY'S CERTIFICATE**

[Date]

The undersigned, [●], hereby certifies that he/she is the duly elected, qualified, and acting Secretary of Pitanium Limited, a British Virginia Islands exempted company (the "**Company**"), and that as such he/she is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 8(e) of the Underwriting Agreement, dated as of [Date], by Cathay Securities, Inc. as representative of the several underwriters listed on <u>Schedule A</u> thereto (the "**Underwriting Agreement**"), the undersigned further certifies in his/her capacity as Secretary of the Company and without personal liability, on behalf of the Company, the items set forth below. Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

1. Attached
 hereto as <u>Exhibit A</u> are true and complete copies of the resolutions adopted by the Board of Directors of the Company (the
 "**Board**") either at a meeting or meetings properly held or by the unanimous written consent of each member of the
 Company's Board and any committee of or designated by the Company's Board relating to the public offering contemplated
 by the Underwriting Agreement: all of such resolutions were duly adopted, have not been amended, modified or rescinded and remain
 in full force and effect; and such resolutions are the only resolutions adopted by the Board or by any committee of or designated
 by the Board relating to the public offering contemplated by the Underwriting Agreement.

2. Attached
 hereto as <u>Exhibit B</u> is a true, correct, and complete copy of the Certificate of Incorporation of the Company, together with
 any and all amendments thereto. No action has been taken to further amend, modify, or repeal such charter documents, which remain
 in full force and effect in the attached form as of the date hereof. No action has been taken by the Company, its shareholders, directors
 or officers in contemplation of the filing of any such amendment or other document or in contemplation of the liquidation or dissolution
 of the Company prior to the consummation of the transactions contemplated by the Underwriting Agreement.

3. Attached
 hereto as <u>Exhibit C</u> is a true, correct, and complete copy of the memorandum and articles of association of the Company and
 any and all amendments thereto. No action has been taken to further amend, modify, or repeal such memorandum and articles of association,
 which remain in full force and effect in the attached form as of the date hereof.

4. Attached
 hereto as <u>Exhibit D</u> is a true and complete copy of a Certificate of Good Standing, dated [Date], by the Registrar of Corporate
 Affairs in the British Virgin Islands, relating to the Company.

5. Each
 person listed below has been duly elected or appointed to the positions indicated opposite its name and is duly authorized to sign
 the Underwriting Agreement and each of the documents in connection therewith on behalf of the Company, and the signature appearing
 opposite such person's name below is its genuine signature.

---

| | | |
|:---|:---|:---|
| **<u>Name</u>** | **<u>Position</u>** | **<u>Signature</u>** |
| Ying Yeung Wong | Chief Executive Officer | |
| Yau Mok | Chief Financial Officer | |

---

This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

 

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

  <br> Name: [Name] <br> Title: Secretary

*[Signature Page of Secretary' Certificate]*

 

**ANNEX III**

**PITANIUM LIMITED**

**CHIEF FINANCIAL OFFICER'S CERTIFICATE**

[Date]

The undersigned, Yau Mok, hereby certifies that he is the duly elected, qualified, and acting Chief Financial Officer, of Pitanium Limited, a British Virginia Islands exempted company (the "**Company**"), and that as such he is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 8(f) of the Underwriting Agreement, dated as of [Date], by Cathay Securities, Inc. as representative of the several underwriters listed on <u>Schedule A</u> thereto (the "**Underwriting Agreement**"), the undersigned further certifies, solely in the capacity as an officer of the Company for and on behalf of the Company as set forth below.

1. I
 am the Chief Financial Officer of the Company and have been duly appointed to such position as of the date hereof.

2. I
 am providing this certificate in connection with the offering of the securities described in the Registration Statement and the Prospectus.

3. I
 am familiar with the accounting, operations, records systems and internal controls of the Company and have participated in the preparation
 of the Registration Statement and the Prospectus.

4. The
 Company Financial Statements present fairly, in all material respects, the financial condition of the Company and its subsidiaries
 and their results of operations for the periods presented in the Registration Statement and the Prospectus.

5. I
 have reviewed the disclosure in the Registration Statement and the Prospectus, the financial and operating information and data identified
 and circled by VCL Law LLP in the Registration Statement and the Prospectus dated [●], attached hereto as <u>Exhibit A</u>,
 and to the best of my knowledge such information is correct, complete and accurate in all material respects.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

---

| | |
|:---|:---|
|  | **Pitanium Limited** |
| By: |  |
| Name: | Yau Mok |
| Title: | Chief Financial Officer |

---

*[Signature Page of CFO's Certificate]*

 

 

**ANNEX IV**

Form of Lock-Up Agreement

[Date]

Cathay Securities, Inc.

40 Wall Street, Suite 3600

New York, NY 10005

Ladies and Gentlemen:

The undersigned understands Cathay Securities, Inc. (the "**Underwriter**") propose to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with Pitanium Limited, a British Virginia Islands exempted company (the "**Company**"), providing for the initial public offering in the United States (the "**Initial Public Offering**") of a certain number of ordinary shares, par value $[●] per share (the "**Securities**"). For purposes of this letter agreement, "Shares" shall mean shares of the Company's ordinary shares.

To induce the Underwriter to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of the Underwriter, the undersigned will not, during the period commencing on the date hereof and ending twelve months, for our directors, officers, and holders owning 5% or more of our outstanding Shares, or six months, for holders owning less than 5% of our outstanding Shares, from the date of commencement of sales of this Offering (the "**Lock-Up Period**"), (A) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for or represent the right to receive Shares, whether now owned or hereafter acquired by the undersigned (collectively, the "**Lock-Up Securities**"); (B) enter into any swap or other agreement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (A) above or this clause (B) is to be settled by delivery of Shares or such other securities, in cash or otherwise; (C) make any written demand for or exercise any right with respect to the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares; or (D) publicly disclose the intention to do any of the foregoing.

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Underwriter in connection with (A) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Initial Public Offering; (B) transfers of Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of the undersigned and/or one or more family members (for purposes of this lock-up agreement, "**family member**" means any relationship by blood, marriage or adoption, not more remote than first cousin); (C) transfers of Lock-Up Securities to a charity or educational institution or other not-for-profit organization; (D) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any such corporation, partnership, limited liability company or other business entity, or any shareholder, partner or member of, or owner of similar equity interests in, the same, as the case may be; (E) a sale or surrender to the Company of any options or Shares of the Company underlying options in order to pay the exercise price or taxes associated with the exercise of options; or (F) transfers or distributions pursuant to any *bona fide* third-party tender offer, merger, acquisition, consolidation or other similar transaction made to all holders of the Company's Shares involving a Change of Control of the Company, *provided* that in the event that such tender offer, merger, acquisition, consolidation or other such transaction is not completed, the Lock-Up Securities held by the undersigned shall remain subject to the provisions of this lock-up agreement; *provided* 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 Underwriter a lock-up agreement substantially in the form of this lock-up agreement and (iii) no filing under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended shall be required or shall be voluntarily made (collectively, "**Permitted Transfers**"). For purposes of this paragraph, the term "**Change of Control**" shall mean any transaction or series of related transactions pursuant to which any "<u>person</u>" or "<u>group</u>" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the "beneficial owner" (as such term is defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Shares of the Company on a fully diluted basis. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with this lock-up agreement.

The undersigned agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up agreement (for the avoidance of doubt, excluding any transaction or other action in connection with a Permitted Transfer) during the period from the date hereof to and including the 15 days following the expiration of the initial Lock-Up Period, the undersigned will give notice thereof to the Company and will not consummate any such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period has expired.

The undersigned agrees that (A) the foregoing restrictions shall be equally applicable to any issuer-directed or "**friends and family**" Shares that the undersigned may purchase in the Initial Public Offering, (B) 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 Underwriter will notify the Company of the impending release or waiver. Any release or waiver granted by the Underwriter hereunder to any such officer or director shall only be effective two (2) business days after the publication date of a press release by the Company for such release or waiver. The provisions of this paragraph will not apply if (A) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or in connection with any other Permitted Transfer and (B) the transferee has agreed in writing to be bound by a lock-up agreement substantially in the form of this lock-up agreement.

The undersigned agrees that except as set forth in this Lock-Up Agreement, there are no and will not have any other agreement or arrangement, either verbal or in writing, with any other individuals or entities, including but not limited to shareholders, friends and family, and other third parties, to circumvent or has an effect of circumventing the obligations set forth in this Lock-Up Agreement.

No provision in this agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable or exchangeable for or convertible into Shares, as applicable; *provided* that the undersigned does not transfer the Shares acquired on such exercise, exchange or conversion during the Lock-Up Period, unless in connection with a Permitted Transfer or in a transfer otherwise permitted pursuant to the terms of this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification of a so-called "**10b5-1**" plan at any time (other than the entry into or modification of such a plan in such a manner as to cause the sale of any Lock-Up Securities within the Lock-Up Period).

The undersigned understands that the Company and the Underwriter are relying upon this lock-up agreement in proceeding toward consummation of the Initial Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal Underwriters, successors and assigns.

The undersigned understands that, if the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder, then this lock-up agreement shall be void and of no further force or effect.

Whether or not the Initial Public Offering actually occurs depends on a number of factors, including market conditions. The Initial Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriter.

This lock-up agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof. Delivery of a signed copy of this lock-up agreement by facsimile or e-mail/.pdf transmission shall be effective as the delivery of the original hereof.

*[Signature Page Follows]*

---

| |
|:---|
| Very truly yours, |
| By: |
| Name: |
| Address: |

---

*[Signature Page of Lock-up Agreement]*

## Exhibit 3.1

**Exhibit 3.1**

TERRITORY OF THE BRITISH VIRGIN ISLANDS

The B.V.I. Business Companies Act (As Revised)

FIRST AMENDED AND RESTATED MEMORANDUM

AND

ARTICLES OF ASSOCIATION

OF

**Pitanium Limited**

Incorporated the 22<sup>nd</sup> day of October, 2024

![](ex3-1_001.jpg)

**HERMES CORPORATE SERVICES (BVI) LTD.**

Registered Agent

Sixth (6<sup>th</sup>) Floor, Water's Edge Building 1,

Wickham's Cay II, Road Town,

Tortola, British Virgin Islands.

TERRITORY OF THE BRITISH VIRGIN ISLANDS

BVI BUSINESS COMPANIES ACT (AS REVISED)

**FIRST AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Pitanium Limited**

A Company Limited by Shares

(adopted by a resolution of directors passed on 14 February 2025 and filed on 14 February 2025)

**1.** **NAME** 

The name of the Company is Pitanium Limited.

**2.** **STATUS** 

The Company is a company limited by shares.

**3.** **REGISTERED OFFICE AND REGISTERED AGENT** 

3.1 The
 first registered office of the Company is at Sixth (6th) Floor, Water's Edge Building 1, Wickham's Cay II, Road Town,
 Tortola, British Virgin Islands.

3.2 The
 first registered agent of the Company is Hermes Corporate Services (BVI) Ltd. of Sixth (6<sup>th</sup>) Floor, Water's Edge
 Building 1, Wickham's Cay II, Road Town, Tortola, British Virgin Islands.

3.3 The
 Company may, by Resolution of Shareholders or by Resolution of Directors, change the location of its registered office or change
 its registered agent.

3.4 If
 at any time the Company does not have a registered agent it may, by Resolution of Shareholders or Resolution of Directors, appoint
 a registered agent.

**4.** **CAPACITY AND POWERS** 

4.1 Subject
 to the Act and any other British Virgin Islands legislation, the Company has, irrespective of corporate benefit:

(a) full
 capacity to carry on or undertake any business or activity, do any act or enter into any transaction; and

(b) for
 the purposes of paragraph (a), full rights, powers and privileges.

4.2 For
 the purposes of section 9(4) of the Act, there are no limitations on the business that the Company may carry on.

**5.** **NUMBER AND CLASSES OF SHARES** 

5.1 The
 Company is authorised to issue a maximum of 500,000,000 Shares of in aggregate divided into Class A Ordinary Shares with a par value
 of US$0.0001 each and Class B Ordinary Shares with a par value of US$0.0001 each. The Company may by Resolution of Directors create
 and issue additional classes of Shares including by way of re-designation and re-classification of existing Shares into new classes.

5.2 The
 Company may issue fractional Shares and a fractional Share shall have the corresponding fractional rights, obligations and liabilities
 of a whole Share of the same class or series of Shares.

5.3 The
 Company may issue a class of Shares in one or more series. The division of a class of Shares into one or more series and the designation
 to be made to each series shall be determined by the directors from time to time.

**6.** **RIGHTS OF SHARES** 

6.1 Each
 Share in the Company confers upon the Shareholder:

(a) the
 right to an equal share in any dividend paid by the Company; and

(b) the
 right to an equal share in the distribution of the surplus assets of the Company.

6.2 Each
 Class A Ordinary Share confers upon its holder the right to one (1) vote at a meeting of the Shareholders or on any Resolution of
 Shareholders.

6.3 Each
 Class B Ordinary Share confers upon its holder the right to twenty (20) votes at a meeting of the Shareholders or on any Resolution
 of Shareholders.

6.4 Each
 Class B Ordinary Share confers upon its holder the Conversion Right, where:

(a) 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.

(b) On
 the Conversion Date, every Class B Ordinary Share converted shall automatically be re- designated and re-classified as the applicable
 Conversion Number of Class A Ordinary Shares with such rights and restrictions attached thereto and shall rank equally 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.

(c) 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 (if any).

**7.** **REGISTERED SHARES** 

The Company shall issue registered Shares only. The Company is not authorised to issue bearer Shares, convert registered Shares to bearer Shares or exchange registered Shares for bearer Shares.

**8.** **AMENDMENT OF THE MEMORANDUM AND THE ARTICLES** 

8.1 The
 Company may amend this Memorandum or the Articles by Resolution of Shareholders or by Resolution of Directors, save that no amendment
 may be made by Resolution of Directors:

(a) to
 restrict the rights or powers of the Shareholders to amend this Memorandum or the Articles;

(b) to
 change the percentage of Shareholders required to pass a Resolution of Shareholders to amend this Memorandum or the Articles;

(c) in
 circumstances where this Memorandum or the Articles cannot be amended by the Shareholders; or

(d) to
 this Clause 8.

8.2 Any
 amendment of this Memorandum or the Articles will take effect from the date that the notice of amendment, or restated Memorandum
 and Articles incorporating the amendment, is registered by the Registrar or from such other date as determined pursuant to the Act.

8.3 The
 rights conferred upon the holders of the Shares of any class may only be varied, whether or not the Company is in liquidation, with
 the consent in writing of the holders of a majority of the issued Shares of that class or by a resolution approved at a duly convened
 and constituted meeting of the Shares of that class by the affirmative vote of a majority of the votes of the Shares of that class
 which were present at the meeting and were voted.

8.4 The
 rights conferred upon the holders of the Shares of any class shall not, unless otherwise expressly provided by the terms of issue
 of the Shares of that class, be deemed to be varied by the creation or issue of further Shares ranking equally with such existing
 Shares.

**9.** **DEFINITIONS AND INTERPRETATION** 

9.1 In
 this Memorandum of Association and the attached Articles of Association, if not inconsistent with the subject or context:

"**Act**" means the BVI Business Companies Act (As Revised), as amended from time to time, and includes the BVI Business Companies Regulations (As Revised) and any other regulations made under the Act;

"**Articles**" means the attached Articles of Association of the Company;

"**Audit Committee**" means the audit committee of the board of directors of the Company established pursuant to the Articles, or any successor committee;

"**Class A Ordinary Shares**" means the class A ordinary Shares of a par value of US$0.0001 each in the capital of the Company;

"**Class B Ordinary Shares**" means the class B ordinary Shares of a par value of US$0.0001 each in the capital of the Company;

"**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;

"**Compensation Committee**" means the compensation committee of the board of directors of the Company established pursuant to the Articles, or any successor committee;

"**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 Clause 6.4;

"**Conversion Number**" means in relation to any Class B Ordinary Shares, such number of Class A Ordinary Shares as may, upon exercise of the Conversion Right, be issued at the Conversion Rate;

"**Conversion Rate**" means 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**" means 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;

"**Designated Stock Exchange**" means the stock exchange in the United States on which any 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 Exchange;

"**electronic communication**" means a communication sent by electronic means including electronic posting to the Company's website, transmission to any number, address or internet website (including the website of the Commission) or other electronic delivery methods as otherwise decided and approved by the board of directors;

"**Independent Director**" means a director of the Company who is an independent director as defined in the applicable Designated Stock Exchange Rules as determined by the board of directors of the Company;

"**Memorandum**" means this Memorandum of Association of the Company;

"**Nominating Committee**" means the nominating and corporate governance committee of the board of directors of the Company established pursuant to the Articles, or any successor committee;

"**Ordinary Shares**" means Class A Ordinary Shares and Class B Ordinary Shares;

"**person**" includes individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations of persons;

"**Proscribed Powers**" means the powers to: (a) amend this Memorandum or the Articles; (b) designate committees of directors; (c) delegate powers to a committee of directors; (d) appoint or remove directors; (e) appoint or remove an agent; (f) approve a plan of merger, consolidation or arrangement; (g) make a declaration of solvency or to approve a liquidation plan; or (h) make a determination that immediately after a proposed distribution the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due;

"**Registrar**" means the Registrar of Corporate Affairs appointed under the Act and any deputy or assistant thereof;

"**Resolution of Directors**" means either:

(a) a
 resolution approved at a duly convened and constituted meeting of directors of the Company or of a committee of directors of the
 Company by the affirmative vote of a majority of the directors present at the meeting who voted except that where a director is given
 more than one vote, he shall be counted by the number of votes he casts for the purpose of establishing a majority; or

(b) a
 resolution consented to in writing by the majority of directors or by the majority of members a committee of directors of the Company,
 as the case may be;

"**Resolution of Shareholders**" means either:

(a) a
 resolution approved at a duly convened and constituted meeting of the Shareholders of the Company by the affirmative vote of a majority
 of in excess of 50% the votes of the Shares entitled to vote thereon which were present at the meeting and were voted; or

(b) a
 resolution consented to in writing by a majority of in excess of 50% of the votes of Shares entitled to vote thereon;

"**Seal**" means any seal which has been duly adopted as the common seal of the Company; "**Share**" means a share issued or to be issued by the Company;

"**Shareholder**" means a person whose name is entered in the register of members of the Company as the holder of one or more Shares or fractional Shares;

"**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

"**written**" or any term of like import includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram, telex or telecopy, and "**in writing**" shall be construed accordingly.

9.2 In
 this Memorandum and the Articles, unless the context otherwise requires, a reference to:

(a) a
 "**Regulation**" or "**Sub-Regulation**" is a reference to a regulation or sub-regulation of the Articles;

(b) a
 "**Clause**" is a reference to a clause of this Memorandum;

(c) voting
 by Shareholders is a reference to the casting of the votes attached to the Shares held by the Shareholder voting;

(d) the
 Act, this Memorandum or the Articles is a reference to the Act or those documents as amended or, in the case of the Act any re-enactment
 thereof; and

(e) the
 singular includes the plural and vice versa.

9.3 Where
 a period of time is expressed as a number of days, the days on which the period begins and ends are not included in the computation
 of the number of days.

9.4 Any
 reference to a "**month**" shall be construed as a reference to a period starting on one day in a calendar month and
 ending on the numerically corresponding day in the next calendar month and a reference to a period of several months shall be construed
 accordingly.

9.5 Any
 words or expressions defined in the Act bear the same meaning in this Memorandum and the Articles unless the context otherwise requires
 or they are otherwise defined in this Memorandum or the Articles.

9.6 Headings
 are inserted for convenience only and shall be disregarded in interpreting this Memorandum and the Articles.

Signed for Hermes Corporate Services (BVI) Ltd. of Sixth (6<sup>th</sup>) Floor, Water's Edge Building 1, Wickham's Cay II, Road Town, Tortola, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands on the 22<sup>nd</sup> day of October 2024.

---

| |
|:---|
| Incorporator |
| */s/ Gary A. Smith* |
| Gary A. Smith |
| Authorised Signatory For and on behalf of: |
| **Hermes Corporate Services (BVI) Ltd.** |

---

TERRITORY OF THE BRITISH VIRGIN ISLANDS

BVI BUSINESS COMPANIES ACT (AS REVISED)

**FIRST AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**Pitanium Limited**

A Company Limited by Shares

(adopted by a resolution of directors passed on 14 February 2025 and filed on 14 February 2025)

**1.** **DISAPPLICATION OF THE ACT** 

The following sections of the Act shall not apply to the Company:

(a) section
 46 (*Pre-emptive rights*);

(b) section
 60 (*Process for purchase, redemption or other acquisition of own shares*);

(c) section
 61 (*Offer to one or more shareholders*);

(d) section
 62 (*Shares redeemed otherwise than at the option of company*); and

(e) section
 175 (*Disposition of assets*).

**2.** **SHARES** 

2.1 Every
 Shareholder is entitled to a certificate signed by a director or officer of the Company, or any other person authorised by Resolution
 of Directors, or under the Seal specifying the number of Shares held by him and the signature of the director, officer or authorised
 person and the Seal may be facsimiles.

2.2 Any
 Shareholder receiving a certificate shall indemnify and hold the Company and its directors and officers harmless from any loss or
 liability which it or they may incur by reason of any wrongful or fraudulent use or representation made by any person by virtue of
 the possession thereof. If a certificate for Shares is worn out or lost it may be renewed on production of the worn-out certificate
 or on satisfactory proof of its loss together with such indemnity as may be required by Resolution of Directors.

2.3 If
 several persons are registered as joint holders of any Shares, any one of such persons may give an effectual receipt for any distribution.

2.4 Nothing
 in these Articles shall require title to any Shares or other securities to be evidenced by a certificate if the Act and the Designated
 Stock Exchange Rules on which the Shares or other securities are listed (if so listed) permit otherwise.

2.5 Subject
 to the Act and the Designated Stock Exchange Rules on which any Shares or other securities may be listed (if applicable), the directors
 without further consultation with the holders of any Shares or securities may resolve that any class or series of Shares or other
 securities in issue or to be issued from time to time may be issued, registered or converted to uncertificated form and be subject
 to the practices instituted by the operator of the relevant system. No provision of these Articles will apply to any uncertificated
 shares or securities to the extent that they are inconsistent with the holding of such shares or securities in uncertificated form
 or the transfer of title to any such shares or securities by means of a relevant system.

2.6 Conversion
 of Shares held in certificated form into Shares held in uncertificated form, and vice versa, may be made in such manner as the board
 of directors, in its absolute discretion, may think fit (subject always to the requirements of the relevant system concerned). The
 Company or any duly authorised transfer agent shall enter on the Register of Member show many Shares are held by each member in uncertificated
 form and certificated form and shall maintain the register of members in each case as is required by the relevant system concerned.
 Notwithstanding any provision of these Articles, a class or series of Shares shall not be treated as two classes by virtue only of
 that class or series comprising both certificated shares and uncertificated shares or as a result of any provision of these Articles
 which applies only in respect of certificated shares or uncertificated shares.

2.7 Subject
 to the provisions of these Articles and, where applicable, the Designated Stock Exchange Rules on which any Shares or other securities
 are listed (if applicable), the unissued Shares of the Company shall be at the disposal of the directors and Shares and other securities
 may be issued and option to acquire Shares or other securities may be granted at such times, to such persons, for such consideration
 and on such terms as the directors may by Resolution of Directors determine.

2.8 Shares
 and other securities may be issued at such times, to such persons, for such consideration and on such terms as the directors may
 by Resolution of Directors determine.

2.9 A
 Share may be issued for consideration in any form, including money, a promissory note, or other written obligation to contribute
 money or property, real property, personal property (including goodwill and know- how), services rendered or a contract for future
 services.

2.10 No
 Shares may be issued for a consideration other than money, unless a Resolution of Directors has been passed stating:

(a) the
 amount to be credited for the issue of the Shares;

(b) the
 determination of the directors of the reasonable present cash value of the non-money consideration for the issue; and

(c) that,
 in the opinion of the directors, the present cash value of the non-money consideration for the issue is not less than the amount
 to be credited for the issue of the Shares.

2.11 The
 Company shall keep a register of members containing:

(a) the
 names and addresses of the persons who hold Shares;

(b) the
 number of each class and series of Shares held by each Shareholder;

(c) the
 date on which the name of each Shareholder was entered in the register of members; and

(d) the
 date on which any person ceased to be a Shareholder.

2.12 The
 register of members may be in any such form as the directors may approve, but if it is in magnetic, electronic or other data storage
 form, the Company must be able to produce legible evidence of its contents. Until the directors otherwise determine, the magnetic,
 electronic or other data storage form shall be the original register of members.

2.13 A
 Share is deemed to be issued when the name of the Shareholder is entered in the register of members.

2.14 For
 so long as any of the Shares is listed on a Designated Stock Exchange, the Company may keep a register of members containing the
 information referred to in Regulation 2.11 or such other information as these Articles permit or as may be approved by a Resolution
 of Shareholders.

**3.** **REDEMPTION OF SHARES AND TREASURY SHARES** 

3.1 The
 Company may purchase, redeem or otherwise acquire and hold its own Shares save that the Company may not purchase, redeem or otherwise
 acquire its own Shares without the consent of Shareholders whose Shares are to be purchased, redeemed or otherwise acquired unless
 the Company is permitted by the Act or any other provision in the Memorandum or Articles to purchase, redeem or otherwise acquire
 the Shares without their consent.

3.2 The
 Company may only offer to purchase, redeem or otherwise acquire Shares if the Resolution of Directors authorising the purchase, redemption
 or other acquisition contains a statement that the directors are satisfied, on reasonable grounds, that immediately after the acquisition
 the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

3.3 Shares
 that the Company purchases, redeems or otherwise acquires may be cancelled or held as treasury shares provided that the number of
 Shares purchased, redeemed or otherwise acquired and held as treasury shares, when aggregated with shares of the same class already
 held by the company as treasury shares, may not exceed 50% of the Shares of that class previously issued by the Company, excluding
 Shares that have been cancelled. Shares which have been cancelled shall be available for reissue.

3.4 All
 rights and obligations attaching to a treasury share are suspended and shall not be exercised by the Company while it holds the Share
 as a treasury share.

3.5 Treasury
 shares may be transferred by the Company on such terms and conditions (not otherwise inconsistent with the Memorandum and the Articles)
 as the Company may by Resolution of Directors determine.

**4.** **MORTGAGES AND CHARGES OF SHARES** 

4.1 Shareholders
 may mortgage or charge their Shares.

4.2 There
 shall be entered in the register of members at the written request of the Shareholder:

(a) a
 statement that the Shares held by him are mortgaged or charged;

(b) the
 name of the mortgagee or chargee; and

(c) the
 date on which the particulars specified in sub-paragraphs (a) and (b) are entered in the register of members.

4.3 Where
 particulars of a mortgage or charge are entered in the register of members, such particulars may be cancelled:

(a) with
 the written consent of the named mortgagee or chargee or anyone authorised to act on his behalf; or

(b) upon
 evidence satisfactory to the directors of the discharge of the liability secured by the mortgage or charge and the issue of such
 indemnities as the directors shall consider necessary or desirable.

4.4 Whilst
 particulars of a mortgage or charge over Shares are entered in the register of members pursuant to this Regulation:

(a) no
 transfer of any Share the subject of those particulars shall be effected;

(b) the
 Company may not purchase, redeem or otherwise acquire any such Share; and

(c) no
 replacement certificate shall be issued in respect of such Shares, without the written consent of the named mortgagee or chargee.

4.5 The
 directors may not resolve to refuse or delay the transfer of a Share pursuant to the enforcement of a valid security interest created
 over the Share.

**5.** **FORFEITURE** 

5.1 Shares
 that are not fully paid on issue are subject to the forfeiture provisions set forth in this Regulation and for this purpose Shares
 issued for a promissory note, other written obligation to contribute money or property or a contract for future services are deemed
 to be not fully paid.

5.2 A
 written notice of call specifying the date for payment to be made shall be served on the Shareholder who defaults in making payment
 in respect of the Shares.

5.3 The
 written notice of call referred to in Sub-Regulation 5.2 shall name a further date not earlier than the expiration of fourteen (14)
 days from the date of service of the notice on or before which the payment required by the notice is to be made and shall contain
 a statement that in the event of non-payment at or before the time named in the notice the Shares, or any of them, in respect of
 which payment is not made will be liable to be forfeited.

5.4 Where
 a written notice of call has been issued pursuant to Sub-Regulation 5.2 and the requirements of the notice have not been complied
 with, the directors may, at any time before tender of payment, forfeit and cancel the Shares to which the notice relates.

5.5 The
 Company is under no obligation to refund any moneys to the Shareholder whose Shares have been cancelled pursuant to Sub-Regulation
 5.4 and that Shareholder shall be discharged from any further obligation to the Company.

**6.** **TRANSFER OF SHARES** 

6.1 Subject
 to Regulation 6.2, Shares may be transferred by a written instrument of transfer signed by the transferor and containing the name
 and address of the transferee, which shall be sent to the Companyfor registration.

6.2 For
 so long as the Shares are listed on a Designated Stock Exchange, Shares may be transferred without the need for a written instrument
 of transfer if the transfer is carried out in accordance with the laws, rules, procedures and other requirements applicable to shares
 registered on the Designated Stock Exchange.

6.3 The
 transfer of a Share is effective when the name of the transferee is entered on the register of members.

6.4 If
 the directors of the Company are satisfied that an instrument of transfer relating to Shares has been signed but that the instrument
 has been lost or destroyed, they may resolve by Resolution of Directors:

(a) to
 accept such evidence of the transfer of Shares as they consider appropriate; and

(b) that
 the transferee's name should be entered in the register of members notwithstanding the absence of the instrument of transfer.

6.5 The
 personal representative of a deceased Shareholder may transfer a Share even though the personal representative is not a Shareholder
 at the time of the transfer.

6.6 The
 directors may not resolve to refuse or delay the transfer of a Share unless the Shareholder has failed to pay an amount due in respect
 of the Share.

**7.** **MEETINGS AND CONSENTS OF SHAREHOLDERS** 

7.1 Any
 director of the Company may convene meetings of the Shareholders at such times and in such manner and places within or outside the
 British Virgin Islands as the director considers necessary or desirable.

7.2 Holders
 of Class A Ordinary Shares and Class B Ordinary Shares have the right to receive notice of, attend, speak and vote at meetings of
 the Shareholders. Unless otherwise required by the Act, the Memorandum or these Articles, 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 consent of Shareholders.

7.3 Upon
 the written request of Shareholders entitled to exercise 30% or more of the voting rights in respect of the matter for which the
 meeting is requested the directors shall convene a meeting of Shareholders.

7.4 The
 director convening a meeting shall give not less than seven (7) days' notice of a meeting of Shareholders to:

(a) those
 Shareholders whose names on the date the notice is given appear as Shareholders in the register of members of the Company and are
 entitled to vote at the meeting; and

(b) the
 other directors.

7.5 The
 director convening a meeting of Shareholders may fix as the record date for determining those Shareholders that are entitled to vote
 at the meeting the date notice is given of the meeting, or such other date as may be specified in the notice, being a date not earlier
 than the date of the notice.

7.6 A
 meeting of Shareholders held in contravention of the requirement to give notice is valid if Shareholders holding at least 90% of
 the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose,
 the presence of a Shareholder at the meeting shall constitute waiver in relation to all the Shares which that Shareholder holds.

7.7 The
 inadvertent failure of a director who convenes a meeting to give notice of a meeting to a Shareholder or another director, or the
 fact that a Shareholder or another director has not received notice, does not invalidate the meeting.

7.8 A
 Shareholder may be represented at a meeting of Shareholders by a proxy who may speak and vote on behalf of the Shareholder.

7.9 The
 instrument appointing a proxy shall be produced at the place designated for the meeting before the time for holding the meeting at
 which the person named in such instrument proposes to vote. The notice of the meeting may specify an alternative or additional place
 or time at which the proxy shall be presented.

7.10 The
 instrument appointing a proxy shall be in substantially the following form or such other form as approved by the directors or as
 the chairman of the meeting shall accept as properly evidencing the wishes of the Shareholder appointing the proxy.

[ COMPANY NAME ]

I/We being a Shareholder of the above Company HEREBY APPOINT ____________ of ______________ or failing him _____________ of ______________ to be my/our proxy to vote for me/us at the meeting of Shareholders to be held on the ___ day of ________, 20___ and at any adjournment thereof.

(Any restrictions on voting to be inserted here.)

Signed this ____ day of _______, 20____

  <br> Shareholder

7.11 The
 following applies where Shares are jointly owned:

(a) if
 two or more persons hold Shares jointly each of them may be present in person or by proxy at a meeting of Shareholders and may speak
 as a Shareholder;

(b) if
 only one of the joint owners is present in person or by proxy he may vote on behalf of all joint owners; and

(c) if
 two or more of the joint owners are present in person or by proxy they must vote as one.

7.12 A
 Shareholder shall be deemed to be present at a meeting of Shareholders if he participates by telephone or other electronic means
 and all Shareholders or their authorised representatives participating in the meeting are able to hear each other.

7.13 A
 meeting of Shareholders is duly constituted if, at the commencement of the meeting, there are present in person or by proxy not less
 than 50% of the votes of the Shares entitled to vote on Resolutions of Shareholders to be considered at the meeting. A quorum may
 comprise a single Shareholder or proxy and then such person may pass a Resolution of Shareholders and a certificate signed by such
 person accompanied where such person be a proxy by a copy of the proxy instrument shall constitute a valid Resolution of Shareholders.

7.14 If
 within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of
 Shareholders, shall be dissolved; in any other case it shall stand adjourned to the next business day in the jurisdiction in which
 the meeting was to have been held at the same time and place or to such other time and place as the directors may determine, and
 if at the adjourned meeting there are present within one hour from the time appointed for the meeting in person or by proxy not less
 than one third of the votes of the Shares or each class or series of Shares entitled to vote on the matters to be considered by the
 meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved.

7.15 At
 every meeting of Shareholders, the chairman of the board of directors shall preside as chairman of the meeting. If there is no chairman
 of the board of directors or if that chairman is not present at the meeting, the Shareholders present shall choose one of their number
 to be the chairman. If the Shareholders are unable to choose a chairman for any reason, then the person representing the greatest
 number of voting Shares present in person or by proxy at the meeting shall preside as chairman failing which the oldest individual
 Shareholder or representative of a Shareholder present shall take the chair.

7.16 The
 chairman may, with the consent of the meeting, adjourn any meeting from time to time, and from place to place, but no business shall
 be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

7.17 At
 any meeting of the Shareholders the chairman is responsible for deciding in such manner as he considers appropriate whether any resolution
 proposed has been carried or not and the result of his decision shall be announced to the meeting and recorded in the minutes of
 the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution, he shall cause a poll to be taken
 of all votes cast upon such resolution. If the chairman fails to take a poll then any Shareholder present in person or by proxy who
 disputes the announcement by the chairman of the result of any vote may immediately following such announcement demand that a poll
 be taken and the chairman shall cause a poll to be taken. If a poll is taken at any meeting, the result shall be announced to the
 meeting and recorded in the minutes of the meeting.

7.18 Subject
 to the specific provisions contained in this Regulation for the appointment of representatives of persons other than individuals
 the right of any individual to speak for or represent a Shareholder shall be determined by the law of the jurisdiction where, and
 by the documents by which, the person is constituted or derives its existence. In case of doubt, the directors may in good faith
 seek legal advice from any qualified person and unless and until a court of competent jurisdiction shall otherwise rule, the directors
 may rely and act upon such advice without incurring any liability to any Shareholder or the Company.

7.19 Any
 person other than an individual which is a Shareholder may by resolution of its directors or other governing body authorise such
 individual as it thinks fit to act as its representative at any meeting of Shareholders or of any class of Shareholders, and the
 individual so authorised shall be entitled to exercise the same rights on behalf of the Shareholder which he represents as that Shareholder
 could exercise if it were an individual.

7.20 The
 chairman of any meeting at which a vote is cast by proxy or on behalf of any person other than an individual may call for a notarially
 certified copy of such proxy or authority which shall be produced within seven (7) days of being so requested or the votes cast by
 such proxy or on behalf of such person shall be disregarded.

7.21 Directors
 of the Company may attend and speak at any meeting of Shareholders and at any separate meeting of the holders of any class or series
 of Shares.

7.22 An
 action that may be taken by the Shareholders at a meeting may also be taken by a resolution consented to in writing, without the
 need for any notice, but if any Resolution of Shareholders is adopted otherwise than by the unanimous written consent of all Shareholders,
 a copy of such resolution shall forthwith be sent to all Shareholders not consenting to such resolution. The consent may be in the
 form of counterparts, each counterpart being signed by one or more Shareholders. If the consent is in one or more counterparts, and
 the counterparts bear different dates, then the resolution shall take effect on the earliest date upon which Shareholders holding
 a sufficient number of votes of Shares to constitute a Resolution of Shareholders have consented to the resolution by signed counterparts.

**8.** **DIRECTORS** 

8.1 The
 first directors of the Company shall be appointed by the first registered agent within six (6) months of the date of incorporation
 of the Company; and thereafter, the directors shall be elected by Resolution of Shareholders or by Resolution of Directors. If, before
 the Company has any members, all of the directors appointed by the registered agent resign or die or otherwise cease to exist, the
 registered agent may appoint one or more further persons as directors of the Company.

8.2 No
 person shall be appointed as a director or alternate director, or nominated as a reserve director, of the Company unless he has consented
 in writing to be a director or alternate director, or to be nominated as a reserve director.

8.3 Subject
 to Sub-Regulation 8.1, the minimum number of directors shall be one and there shall be no maximum number of directors. For as long
 as the Shares are listed or quoted on any Designated Stock Exchange, the board of directors shall include at least such number of
 Independent Directors as applicable Designated Stock Exchange Rules require as determined by the directors.

8.4 Each
 director holds office for the term, if any, fixed by the Resolution of Shareholders or the Resolution of Directors appointing him,
 or until his earlier death, resignation or removal. If no term is fixed on the appointment of a director, the director serves indefinitely
 until his earlier death, resignation or removal.

8.5 A
 director may be removed from office:

(a) with
 or without cause, by Resolution of Shareholders passed at a meeting of Shareholders called for the purpose of removing the director
 or for purposes including the removal of the director or by a written resolution passed by at least 75% of the votes of the Shares
 of the Company entitled to vote; or

(b) with
 cause, by Resolution of Directors passed at a meeting of directors called for the purpose of removing the director or for purposes
 including the removal of the director.

8.6 A
 director may resign his office by giving written notice of his resignation to the Company and the resignation has effect from the
 date the notice is received by the Company or from such later date as may be specified in the notice. A director shall resign forthwith
 as a director if he is, or becomes, disqualified from acting as a director under the Act.

8.7 The
 directors may at any time appoint any person to be a director either to fill a vacancy or as an addition to the existing directors.
 Where the directors appoint a person as director to fill a vacancy, the term shall not exceed the term that remained when the person
 who has ceased to be a director ceased to hold office.

8.8 A
 vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office prior to the expiration of his term
 of office.

8.9 Where
 the Company only has one Shareholder who is an individual and that Shareholder is also the sole director of the Company, the sole
 Shareholder/director may, by instrument in writing, nominate a person who is not disqualified from being a director of the Company
 as a reserve director of the Company to act in the place of the sole director in the event of his death.

8.10 The
 nomination of a person as a reserve director of the Company ceases to have effect if:

(a) before
 the death of the sole Shareholder/director who nominated him,

(i) he
 resigns as reserve director, or

(ii) the
 sole Shareholder/director revokes the nomination in writing; or

(b) the
 sole Shareholder/director who nominated him ceases to be able to be the sole Shareholder/director of the Company for any reason other
 than his death.

8.11 The
 Company shall keep a register of directors containing:

(a) the
 names and addresses of the persons who are directors of the Company or who have been nominated as reserve directors of the Company;

(b) the
 date on which each person whose name is entered in the register was appointed as a director, or nominated as a reserve director,
 of the Company;

(c) the
 date on which each person named as a director ceased to be a director of the Company;

(d) the
 date on which the nomination of any person nominated as a reserve director ceased to have effect; and

(e) such
 other information as may be prescribed by the Act.

8.12 The
 register of directors may be kept in any such form as the directors may approve, but if it is in magnetic, electronic or other data
 storage form, the Company must be able to produce legible evidence of its contents. Until a Resolution of Directors determining otherwise
 is passed, the magnetic, electronic or other data storage shall be the original register of directors.

8.13 The
 directors may, by Resolution of Directors, fix the emoluments of directors with respect to services to be rendered in any capacity
 to the Company.

8.14 A
 director is not required to hold a Share as a qualification to office.

**9.** **POWERS OF DIRECTORS** 

9.1 The
 business and affairs of the Company shall be managed by, or under the direction or supervision of, the directors of the Company.
 The directors of the Company have all the powers necessary for managing, and for directing and supervising, the business and affairs
 of the Company. The directors may pay all expenses incurred preliminary to and in connection with the incorporation of the Company
 and may exercise all such powers of the Company as are not by the Act or by the Memorandum or the Articles required to be exercised
 by the Shareholders.

9.2 Each
 director shall exercise his powers for a proper purpose and shall not act or agree to the Company acting in a manner that contravenes
 the Memorandum, the Articles or the Act. Each director, in exercising his powers or performing his duties, shall act honestly and
 in good faith in what the director believes to be the best interests of the Company.

9.3 If
 the Company is the wholly owned subsidiary of a parent, a director of the Company may, when exercising powers or performing duties
 as a director, act in a manner which he believes is in the best interests of the parent even though it may not be in the best interests
 of the Company.

9.4 Any
 director which is a body corporate may appoint any individual as its duly authorised representative for the purpose of representing
 it at meetings of the directors, with respect to the signing of consents or otherwise.

9.5 The
 continuing directors may act notwithstanding any vacancy in their body.

9.6 The
 directors may by Resolution of Directors exercise all the powers of the Company to incur indebtedness, liabilities or obligations
 and to secure indebtedness, liabilities or obligations whether of the Company or of any third party.

9.7 All
 cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts for moneys paid to the Company
 shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as shall from time to time be
 determined by Resolution of Directors.

**10.** **PROCEEDINGS OF DIRECTORS** 

10.1 Any
 one director of the Company may call a meeting of the directors by sending a written notice to each other director.

10.2 The
 directors of the Company or any committee thereof may meet at such times and in such manner and places within or outside the British
 Virgin Islands as the directors may determine to be necessary or desirable.

10.3 A
 director is deemed to be present at a meeting of directors if he participates by telephone or other electronic means and all directors
 participating in the meeting are able to hear each other.

10.4 A
 director shall be given not less than three (3) days' notice of meetings of directors, but a meeting of directors held without
 three (3) days' notice having been given to all directors shall be valid if all the directors entitled to vote at the meeting
 who do not attend waive notice of the meeting, and for this purpose the presence of a director at a meeting shall constitute waiver
 by that director. The inadvertent failure to give notice of a meeting to a director, or the fact that a director has not received
 the notice, does not invalidate the meeting.

10.5 A
 director of the company (the "**appointing director**") may appoint any other director or any other eligible person
 as his alternate to exercise the appointing director's powers and carry out the appointing director's responsibilities
 in relation to the taking of decisions by the directors in the absence of the appointing director.

10.6 The
 appointment and termination of an alternate director must be in writing, and written notice of the appointment and termination must
 be given by the appointing director to the Company as soon as reasonably practicable.

10.7 An
 alternate director has the same rights as the appointing director in relation to any directors' meeting and any written resolution
 circulated for written consent. An alternate director has no power to appoint a further alternate, whether of the appointing director
 or of the alternate director, and the alternate does not act as an agent of or for the appointing director.

10.8 The
 appointing director may, at any time, voluntarily terminate the alternate director's appointment. The voluntary termination
 of the appointment of an alternate shall take effect from the time when written notice of the termination is given to the Company.
 The rights of an alternate shall automatically terminate if the appointing director dies or otherwise ceases to hold office.

10.9 A
 meeting of directors is duly constituted for all purposes if at the commencement of the meeting there are present in person or by
 alternate not less than one-half of the total number of directors, unless there are only two directors in which case the quorum is
 two.

10.10 If
 the Company has only one director the provisions herein contained for meetings of directors do not apply and such sole director has
 full power to represent and act for the Company in all matters as are not by the Act, the Memorandum or the Articles required to
 be exercised by the Shareholders. In lieu of minutes of a meeting the sole director shall record in writing and sign a note or memorandum
 of all matters requiring a Resolution of Directors. Such a note or memorandum constitutes sufficient evidence of such resolution
 for all purposes.

10.11 The
 directors may appoint a director as chairman of the board of directors. At meetings of directors at which the chairman of the board
 of directors is present, he shall preside as chairman of the meeting. If there is no chairman of the board of directors or if the
 chairman of the board is not present, the directors present shall choose one of their number to be chairman of the meeting.

10.12 An
 action that may be taken by the directors or a committee of directors at a meeting may also be taken by a Resolution of Directors
 or a resolution of a committee of directors consented to in writing by a majority of directors or a majority of members of the committee,
 as the case may be, without the need for any notice. The consent may be in the form of counterparts each counterpart being signed
 by one or more directors. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution
 shall take effect on the date upon which the last director has consented to the resolution by signed counterparts.

**11.** **COMMITTEES** 

11.1 The
 directors may, by Resolution of Directors, designate one or more committees (including, without limitation, the Audit Committee,
 the Compensation Committee and the Nominating Committee), each consisting of one or more directors, and delegate one or more of their
 powers, including the power to affix the Seal, to the committee.

11.2 The
 directors may adopt formal written charters for committees and, if so adopted, shall review and assess the adequacy of such formal
 written charters on an annual basis. Each of these committees shall be empowered to do all things necessary to exercise the rights
 of such committee set forth in the Articles and shall have such powers as the directors may delegate pursuant to the Articles and
 as required by the Designated Stock Exchange Rules, the Commission and/or any other competent regulatory authority or otherwise under
 applicable law. Each of the Audit Committee, the Compensation Committee and the Nominating Committee, if established, shall consist
 of such number of directors as the directors shall from time to time determine for such minimum number as may be required from time
 to time by the Designated Stock Exchange Rules, the Commission and/or any other competent regulatory authority or otherwise under
 applicable law). For so long as any class of Shares is listed on the Designated Stock Exchange, the Audit Committee, the Compensation
 Committee and the Nominating Committee, if established, shall be made up of such number of Independent Directors as is required from
 time to time by the Designated Stock Exchange Rules, the Commission and/or any other competent regulatory authority or otherwise
 under applicable law.

11.3 The
 directors have no power to delegate to a committee of directors any of the Proscribed Powers.

11.4 A
 committee of directors, where authorised by the Resolution of Directors appointing such committee or by a subsequent Resolution of
 Directors, may appoint a sub-committee and delegate powers exercisable by the committee to the sub-committee.

11.5 The
 meetings and proceedings of each committee of directors consisting of two (2) or more directors shall be governed *mutatis mutandis* by the provisions of the Articles regulating the proceedings of directors so far as the same are not superseded by any provisions
 in the Resolution of Directors establishing the committee.

11.6 Where
 the directors delegate their powers to a committee of directors they remain responsible for the exercise of that power by the committee,
 unless they believed on reasonable grounds at all times before the exercise of the power that the committee would exercise the power
 in conformity with the duties imposed on directors of the Company under the Act.

**12.** **OFFICERS AND AGENTS** 

12.1 The
 Company may by Resolution of Directors appoint officers of the Company at such times as may be considered necessary or expedient.
 The officers shall perform such duties as are prescribed at the time of their appointment subject to any modification in such duties
 as may be prescribed thereafter by Resolution of Directors.

12.2 The
 emoluments of all officers shall be fixed by Resolution of Directors.

12.3 The
 officers of the Company shall hold office until their successors are duly appointed, but any officer elected or appointed by the
 directors may be removed at any time, with or without cause, by Resolution of Directors. Any vacancy occurring in any office of the
 Company may be filled by Resolution of Directors.

12.4 The
 directors may, by Resolution of Directors, appoint any person, including a person who is a director, to be an agent of the Company.

12.5 An
 agent of the Company shall have such powers and authority of the directors, including the power and authority to affix the Seal,
 as are set forth in the Articles or in the Resolution of Directors appointing the agent, except that no agent has any power or authority
 with respect to the following:

(a) the
 Proscribed Powers;

(b) to
 change the registered office or agent;

(c) to
 fix emoluments of directors; or

(d) to
 authorise the Company to continue as a company incorporated under the laws of a jurisdiction outside theBritish Virgin Islands.

12.6 The
 Resolution of Directors appointing an agent may authorise the agent to appoint one or more substitutes or delegates to exercise some
 or all of the powers conferred on the agent by the Company.

12.7 The
 directors may remove an agent appointed by the Company and may revoke or vary a power conferred on him.

**13.** **CONFLICT OF INTERESTS** 

13.1 A
 director of the Company shall, forthwith after becoming aware of the fact that he is interested in a transaction entered into or
 to be entered into by the Company, disclose the interest to all other directors of the Company.

13.2 For
 the purposes of Sub-Regulation 13.1, a disclosure to all other directors to the effect that a director is a member, director or officer
 of another named entity or has a fiduciary relationship with respect to the entity or a named individual and is to be regarded as
 interested in any transaction which may, after the date of the entry into the transaction or disclosure of the interest, be entered
 into with that entity or individual, is a sufficient disclosure of interest in relation to that transaction.

13.3 A
 director of the Company who is interested in a transaction entered into or to be entered into by the Company may:

(a) vote
 on a matter relating to the transaction;

(b) attend
 a meeting of directors at which a matter relating to the transaction arises and be included among the directors present at the meeting
 for the purposes of a quorum; and

(c) sign
 a document on behalf of the Company, or do any other thing in his capacity as a director, that relates to the transaction,

and, subject to compliance with the Act shall not, by reason of his office be accountable to the Company for any benefit which he derives from such transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit.

**14.** **INDEMNIFICATION** 

14.1 Subject
 to the limitations hereinafter provided the Company shall indemnify against all expenses, including legal fees, and against all judgments,
 fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings
 any person who:

(a) is
 or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal,
 administrative or investigative, by reason of the fact that the person is or was a director of the Company; or

(b) is
 or was, at the request of the Company, serving as a director of, or in any other capacity is or was acting for, another body corporate
 or a partnership, joint venture, trust or other enterprise.

14.2 The
 indemnity in Sub-Regulation 14.1 only applies if the person acted honestly and in good faith with a view to the best interests of
 the Company and, in the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful.

14.3 For
 the purposes of Sub-Regulation 14.2 and without limitation, a director acts in the best interests of the Company if he acts in the
 best interests of the Company's parent in the circumstances specified in Sub- Regulation 9.3.

14.4 The
 decision of the directors as to whether the person acted honestly and in good faith and with a view to the best interests of the
 Company and as to whether the person had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud,
 sufficient for the purposes of the Articles, unless a question of law is involved.

14.5 The
 termination of any proceedings by any judgment, order, settlement, conviction or the entering of a *nolle prosequi* does not,
 by itself, create a presumption that the person did not act honestly and in good faith and with a view to the best interests of the
 Company or that the person had reasonable cause to believe that his conduct was unlawful.

14.6 Expenses,
 including legal fees, incurred by a director in defending any legal, administrative or investigative proceedings may be paid by the
 Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of the director to
 repay the amount if it shall ultimately be determined that the director is not entitled to be indemnified by the Company in accordance
 with Sub-Regulation 14.1.

14.7 Expenses,
 including legal fees, incurred by a former director in defending any legal, administrative or investigative proceedings may be paid
 by the Company in advance of the final disposition of such proceedings upon receipt of an undertaking by or on behalf of the former
 director to repay the amount if it shall ultimately be determined that the former director is not entitled to be indemnified by the
 Company in accordance with Sub-Regulation 14.1 and upon such terms and conditions, if any, as the Company deems appropriate.

14.8 The
 indemnification and advancement of expenses provided by, or granted pursuant to, this section is not exclusive of any other rights
 to which the person seeking indemnification or advancement of expenses may be entitled under any agreement, Resolution of Shareholders,
 resolution of disinterested directors or otherwise, both as to acting in the person's official capacity and as to acting in
 another capacity while serving as a director of the Company.

14.9 If
 a person referred to in Sub-Regulation 14.1 has been successful in defence of any proceedings referred to in Sub-Regulation 14.1,
 the person is entitled to be indemnified against all expenses, including legal fees, and against all judgments, fines and amounts
 paid in settlement and reasonably incurred by the person in connection with the proceedings.

14.10 The
 Company may purchase and maintain insurance in relation to any person who is or was a director, officer or liquidator of the Company,
 or who at the request of the Company is or was serving as a director, officer or liquidator of, or in any other capacity is or was
 acting for, another body corporate or a partnership, joint venture, trust or other enterprise, against any liability asserted against
 the person and incurred by the person in that capacity, whether or not the Company has or would have had the power to indemnify the
 person against the liability as provided in the Articles.

**15.** **RECORDS** 

15.1 The
 Company shall keep the following documents at the office of its registered agent:

(a) the
 Memorandum and the Articles;

(b) the
 register of members, or a copy of the register of members;

(c) the
 register of directors, or a copy of the register of directors; and

(d) copies
 of all notices and other documents filed by the Company with the Registrar in the previous ten (10) years.

15.2 Until
 the directors determine otherwise by Resolution of Directors, the Company shall keep the original register of members and original
 register of directors at the office of its registered agent.

15.3 If
 the Company maintains only a copy of the register of members or a copy of the register of directors at the office of its registered
 agent, it shall:

(a) within
 fifteen (15) days of any change in either register, notify the registered agent in writing of the change; and

(b) provide
 the registered agent with a written record of the physical address of the place or places at which the original register of members
 or the original register of directors is kept.

15.4 The
 Company shall keep the following records at the office of its registered agent or at such other place or places, within or outside
 the British Virgin Islands, as the directors may determine:

(a) minutes
 of meetings and Resolutions of Shareholders and classes of Shareholders; and

(b) minutes
 of meetings and Resolutions of Directors and committees of directors.

15.5 The
 Company shall keep the following records at the office of its registered agent or at such other place or places, within or outside
 the British Virgin Islands, as the directors may determine: (a) records and underlying documentation with respect to transactions
 entered by the Company; and (b) records and underlying documentation of business relationships entered by the Company. Such records
 shall be sufficient to explain and show the Company's transactions and enable the financial position of the Company to be determined
 with reasonable accuracy. Such documents shall be retained by the Company for a period of at least five (5) years from the date of
 completion of the relevant transaction or termination of the relevant business relationship to which they relate.

15.6 Where
 any original records referred to in this Regulation are maintained other than at the office of the registered agent of the Company,
 and the place at which the original records is changed, the Company shall provide the registered agent with the physical address
 of the new location of the records of the Company within fourteen (14) days of the change of location.

15.7 The
 records kept by the Company under this Regulation shall be in written form or either wholly or partly as electronic records complying
 with the requirements of the Electronic Transactions Act (As Revised) as from time to time amended or re-enacted.

**16.** **SEAL** 

The Company shall have a Seal an impression of which shall be kept at the office of the registered agent of the Company. The Company may have more than one Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided herein the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one director or other person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or specific and may refer to any number of sealings. The directors may provide for a facsimile of the Seal and of the signature of any director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.

**17.** **DISTRIBUTIONS BY WAY OF DIVIDEND** 

17.1 The
 directors of the Company may, by Resolution of Directors, authorise a distribution by way of dividend at a time and of an amount
 they think fit if they are satisfied, on reasonable grounds, that, immediately after the distribution, the value of the Company's
 assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.

17.2 Dividends
 may be paid in money, shares, or other property.

17.3 Notice
 of any dividend that may have been declared shall be given to each Shareholder as specified in Regulation 19 and all dividends unclaimed
 for three (3) years after having been declared may be forfeited by Resolution of Directors for the benefit of the Company.

17.4 No
 dividend shall bear interest as against the Company and no dividend shall be paid on treasury shares.

**18.** **ACCOUNTS AND AUDIT** 

18.1 The
 Company shall keep records that are sufficient to show and explain the Company's transactions and that will, at any time, enable
 the financial position of the Company to be determined with reasonable accuracy.

18.2 The
 Company may by Resolution of Shareholders call for the directors to prepare periodically and make available a profit and loss account
 and a balance sheet. The profit and loss account and balance sheet shall be drawn up so as to give respectively a true and fair view
 of the profit and loss of the Company for a financial period and a true and fair view of the assets and liabilities of the Company
 as at the end of a financial period.

18.3 The
 Company may by Resolution of Shareholders call for the accounts to be examined by auditors.

18.4 The
 first auditors shall be appointed by Resolution of Directors; subsequent auditors shall be appointed by Resolution of Shareholders
 or by Resolution of Directors.

18.5 The
 auditors may be Shareholders, but no director or other officer shall be eligible to be an auditor of the Company during their continuance
 in office.

18.6 The
 remuneration of the auditors of the Company may be fixed by Resolution of Directors or the Audit Committee (if one exists).

18.7 The
 auditors shall examine each profit and loss account and balance sheet required to be laid before a meeting of the Shareholders or
 otherwise given to Shareholders and shall state in a written report whether or not:

(a) in
 their opinion the profit and loss account and balance sheet give a true and fair view respectively of the profit and loss for the
 period covered by the accounts, and of the assets and liabilities of the Company at the end of that period; and

(b) all
 the information and explanations required by the auditors have been obtained.

18.8 The
 report of the auditors shall be annexed to the accounts and shall be read at the meeting of Shareholders at which the accounts are
 laid before the Company or shall be otherwise given to the Shareholders.

18.9 Every
 auditor of the Company shall have a right of access at all times to the books of account and vouchers of the Company, and shall be
 entitled to require from the directors and officers of the Company such information and explanations as he thinks necessary for the
 performance of the duties of the auditors.

18.10 The
 auditors of the Company shall be entitled to receive notice of, and to attend any meetings of Shareholders at which the Company's
 profit and loss account and balance sheet are to be presented.

18.11 For
 so long as the Shares are listed or quoted on the Designated Stock Exchange, and if required by the Designated Stock Exchange Rules,

(a) the
 directors shall establish and maintain an audit committee as a committee of the board of directors, the composition and responsibilities
 of which shall comply with the rules and regulations of the Commission and the Designated Stock Exchange subject to any available
 exemptions therefrom and the operation of the Act. In such case, the directors shall adopt a formal written audit committee charter
 and review and assess the adequacy of the formal written charter on an annual basis; and

(b) the
 Company shall conduct an appropriate review of all related party transactions on an ongoing basis and shall utilise the Audit Committee
 for the review and approval of potential conflicts of interest in accordance with the audit committee charter.

**19.** **NOTICES** 

19.1 Any
 notice, information or written statement to be given by the Company to Shareholders shall be in writing and may be given by personal
 service, mail, courier, email, fax or other similar means of electronic communications to such Shareholder's address as shown
 in the register of members or to such Shareholder's email address or fax number as notified by the Shareholder to the Company
 in writing from time to time.

19.2 Any
 summons, notice, order, document, process, information or written statement to be served on the Company may be served by leaving
 it, or by sending it by registered mail addressed to the Company, at its registered office, or by leaving it with, or by sending
 it by registered mail addressed to the Company at the offices of the registered agent of the Company.

19.3 Where
 a notice is sent by post, service of the notice shall be deemed to be effected by properly addressing, prepaying and posting a letter
 containing notice, and shall be deemed to be received on the fifth business day following the day on which the notice was posted.
 Where a notice is sent by fax or email, notice shall be deemed to be effected by transmitting the email or fax to the address or
 number provided by the intended recipient and service of the notice shall be deemed to have been received on the same day that it
 was transmitted.

**20.** **VOLUNTARY LIQUIDATION** 

Subject to the Act, the Company may by Resolution of Shareholders or by Resolution of Directors appoint an eligible individual as voluntary liquidator alone or jointly with one or more other voluntary liquidators.

**21.** **CONTINUATION** 

The Company may by Resolution of Shareholders or by a resolution passed unanimously by all directors of the Company continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws.

Signed for Hermes Corporate Services (BVI) Ltd. of Sixth (6<sup>th</sup>) Floor, Water's Edge Building 1, Wickham's Cay II, Road Town, Tortola, British Virgin Islands for the purpose of incorporating a BVI Business Company under the laws of the British Virgin Islands on the 22<sup>nd</sup> day of October, 2024.

---

| |
|:---|
| Incorporator |
| */s/ Gary A. Smith* |
| Gary A. Smith |
| Authorised Signatory For and on behalf of: |
| **Hermes Corporate Services (BVI) Ltd.** |

---

## Exhibit 99.1

**Exhibit 99.1**

**Pitanium Limited Announces Pricing of Initial Public Offering**

HONG KONG, May 30, 2025 (GLOBE NEWSWIRE) — Pitanium Limited ("**Pitanium**" or the "**Company**"), a company that retails its proprietary brand focusing on beauty and personal care products, announced today that it priced its initial public offering of 1,750,000 Class A ordinary shares (the "**Class A Ordinary Shares**") at $4.00 per Class A Ordinary Share (the "**Offering**").

Cathay Securities, Inc. acted as the sole underwriter to the Offering (the "**Underwriter**"). The Company granted the Underwriter a 45-day option to purchase up to 262,500 additional Class A Ordinary Shares, at US$4.00 per Class A Ordinary Share (the "**Over-allotment**"), less underwriting commissions.

The Class A Ordinary Shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on May 30, 2025, under the ticker symbol "PTNM." The Offering is expected to close on or about June 2, 2025, subject to the satisfaction of customary closing conditions.

Proceeds from the Offering will be used for: (i) enhancing customer experience through launching a mobile application; (ii) developing a new line of products solely for home treatment; (iii) expanding the Company's product portfolio and exploring new suppliers; (iv) further enhancing the Company's marketing strategies; and (v) working capital and other general corporate purposes.

Loeb Smith Attorneys, Loeb & Loeb LLP, TC & CO., and Tian Yuan Law Firm acted as British Virgin Islands legal counsel, U.S. legal counsel, Hong Kong legal counsel, and PRC legal counsel to the Company, respectively. VCL Law LLP as U.S. securities counsel for the Underwriter in connection to the Offering.

The Offering was conducted pursuant to the Company's Registration Statement on Form F-1 (File No. 333-284998) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission ("**SEC**") on May 29, 2025. The Offering was made by means of a prospectus. Copies of the prospectus may be obtained, for free, by visiting EDGAR on the SEC's website at <u>www.sec.gov</u>. Alternatively, copies of the final prospectus related to the Offering may be obtained, when available, from Cathay Securities, Inc. at 40 Wall Street, Suite 3600, New York, NY 10005, or by telephone at +1 (855) 939-3888.

This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

**About Pitanium Limited ("Pitanium")**

Pitanium Limited, incorporated in British Virgin Islands, is a retailer in Hong Kong focusing on the sale of its proprietary brand products in the field of beauty and personal care, namely PITANIUM and BIG PI online. It also generates revenue from the offline sale at six retail stores situated in Hong Kong's premier shopping destinations. The Company emphasizes product design and development with an in-house product development team working closely with its original equipment manufacturing ("**OEM**") and original design manufacturing ("**ODM**") suppliers. It takes a proactive approach in expanding its product portfolio with a view to staying ahead of market trends and showcasing its ability to cater to the evolving needs of its customers. For more information, please refer to the Company's website: <u>http://www.pitanium.com/</u>.

**Forward-Looking Statements**

This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. These forward-looking statements include, without limitation, the Company's statements regarding the expected trading of its Ordinary Shares on the Nasdaq Capital Market and the closing of the Offering. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

**For more information, please contact:**

**Pitanium Limited**

Investor Relations Department

Phone: +852 6297 5255

Email: <u>US@pitanium.com</u>

**Ascent Investor Relations LLC**

Tina Xiao

Phone: +1 646-932-7242

Email: <u>investors@ascent-ir.com</u>

## Exhibit 99.2

**Exhibit 99.2**

**Pitanium Limited Announces Closing of Initial Public Offering**

HONG KONG, June 2, 2025 (GLOBE NEWSWIRE) — Pitanium Limited (Nasdaq: PTNM) ("**Pitanium**" or the "**Company**"), a company that retails its proprietary brand focusing on beauty and personal care products, announced today that it closed its initial public offering of 1,750,000 Class A ordinary shares (the "**Class A Ordinary Shares**") at $4.00 per Class A Ordinary Share (the "**Offering**").

Cathay Securities, Inc. acted as the sole underwriter to the Offering (the "**Underwriter**"). The Company granted the Underwriter a 45-day option to purchase up to 262,500 additional Class A Ordinary Shares, at US$4.00 per Class A Ordinary Share (the "**Over-allotment**"), less underwriting commissions.

The Class A Ordinary Shares began trading on the Nasdaq Capital Market on May 30, 2025, under the ticker symbol "PTNM."

Proceeds from the Offering will be used for: (i) enhancing customer experience through launching a mobile application; (ii) developing a new line of products solely for home treatment; (iii) expanding the Company's product portfolio and exploring new suppliers; (iv) further enhancing the Company's marketing strategies; and (v) working capital and other general corporate purposes.

Loeb Smith Attorneys, Loeb & Loeb LLP, TC & CO., and Tian Yuan Law Firm acted as British Virgin Islands legal counsel, U.S. legal counsel, Hong Kong legal counsel, and PRC legal counsel to the Company, respectively. VCL Law LLP acted as U.S. securities counsel for the Underwriter in connection to the Offering.

The Offering was conducted pursuant to the Company's Registration Statement on Form F-1 (File No. 333-284998) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission ("**SEC**") on May 29, 2025. The Offering was made by means of a prospectus. Copies of the prospectus may be obtained, for free, by visiting EDGAR on the SEC's website at <u>www.sec.gov</u>. Alternatively, copies of the final prospectus related to the Offering may be obtained from Cathay Securities, Inc. at 40 Wall Street, Suite 3600, New York, NY 10005, or by telephone at +1 (855) 939-3888.

This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

**About Pitanium Limited ("Pitanium")**

Pitanium Limited, incorporated in British Virgin Islands, is a retailer in Hong Kong focusing on the sale of its proprietary brand products in the field of beauty and personal care, namely PITANIUM and BIG PI online. It also generates revenue from the offline sale at six retail stores situated in Hong Kong's premier shopping destinations. The Company emphasizes product design and development with an in-house product development team working closely with its original equipment manufacturing ("**OEM**") and original design manufacturing ("**ODM**") suppliers. It takes a proactive approach in expanding its product portfolio with a view to staying ahead of market trends and showcasing its ability to cater to the evolving needs of its customers. For more information, please refer to the Company's website: <u>http://www.pitanium.com/</u>.

**Forward-Looking Statements**

This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

**For more information, please contact:**

**Pitanium Limited**

Investor Relations Department

Phone: +852 6297 5255

Email: <u>US@pitanium.com</u>

**Ascent Investor Relations LLC**

Tina Xiao

Phone: +1 646-932-7242

Email: <u>investors@ascent-ir.com</u>