# EDGAR Filing Document

**Accession Number:** 0001759136
**File Stem:** 0001731122-25-000896
**Filing Date:** 2025-6
**Character Count:** 179839
**Document Hash:** 88286d2d2929d5ee44d40ddc253066e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001731122-25-000896.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0001731122-25-000896

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250620

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Hat Interactive Entertainment Technology
- **CENTRAL INDEX KEY:** 0001759136
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-CHEMICALS & ALLIED PRODUCTS [5160]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39001
- **FILM NUMBER:** 251062117

**BUSINESS ADDRESS:**
- **STREET 1:** 7TH FLOOR, BUILDING C, NO. 1010,
- **STREET 2:** ANLING ROAD
- **CITY:** HULI DISTRICT, XIAMEN
- **STATE:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** 865922280081

**MAIL ADDRESS:**
- **STREET 1:** 7TH FLOOR, BUILDING C, NO. 1010,
- **STREET 2:** ANLING ROAD
- **CITY:** HULI DISTRICT, XIAMEN
- **STATE:** F4
- **ZIP:** 00000

**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 June 2025**

**Commission File Number 001-39001**

**Blue Hat Interactive Entertainment Technology**

(Translation of registrant's name into English)

**7th Floor, Building C, No. 1010 Anling Road**

**Huli District, Xiamen, China 361009**

(Address of principal executive office)

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

Blue Hat Interactive Entertainment Technology, a Cayman Islands exempted company (the "Company") furnishes under the cover of Form 6-K the following in connection with its extraordinary general meeting of the shareholders:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 99.1 | [Meeting Notice for the Extraordinary General Meeting of the Shareholders](e6666_ex99-1.htm) |
| 99.2 | [Form of Proxy Card\*](e6666_ex99-2.htm) |

---

\* Note to shareholders of record of the Company: The proxy card furnished hereto is a form for your reference only. You shall vote based on the proxy card you receive.

**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.

Date: June 20, 2025

---

| | |
|:---|:---|
| **BLUE HAT INTERACTIVE ENTERTAINMENT TECHNOLOGY** | **BLUE HAT INTERACTIVE ENTERTAINMENT TECHNOLOGY** |
| By: | /s/ Xiaodong Chen |
|  | Name: Xiaodong Chen |
|  | Title: Chief Executive Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**BLUE HAT INTERACTIVE ENTERTAINMENT TECHNOLOGY**

7th Floor, Building C, No. 1010 Anling Road<br> Huli District, Xiamen, China 361009

**NOTICE OF EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS**

To be held on July 10, 2025 at 9:00 p.m. (Local Time)<br> (or any adjournment or postponement thereof)

To the Shareholders of<br> Blue Hat Interactive Entertainment Technology

Notice is hereby given that the Extraordinary General Meeting of the Shareholders of Blue Hat Interactive Entertainment Technology, a Cayman Islands exempted company (the "Company") will be held on July 10, 2025 at 9:00 p.m. local time (i.e., 9:00 a.m. July 10, 2025, E.T.) at 7th Floor, Building C, No. 1010 Anling Road, Huli District, Xiamen, China 361009 ("Principal Executive Office"), and at any adjourned or postponement thereof. The Extraordinary General Meeting is called for the following purposes:

1. Proposal 1: To consider and approve by a special resolution the merger of the Company with Lanjin Technology Co., LTD (the "**Merger Sub** "), whereby the Company would be the surviving company pursuant to the terms of the Plan of Merger (as defined below) (the "**Merger**") substantially the same form as attached as Annex A to this Notice, to effect, among others, a change in par value in Company shares from US$1 to US$0.0000001 (the "**Merger Proposal** ");

2. Proposal 2: subject to the approval of Proposal 1, to consider and approve by a special resolution that an amendment and restatement of the Company's Second Amended and Restated Memorandum and Articles of Association (the "**Current M&A**") in the form of the Third Amended and Restated Memorandum and Articles of Association attached as Annex B to this Notice ()"**Third M&A** "), to reflect (i) the Merger; (ii) the removal of requirement of holding annual general meeting and other ancillary changes; and (iii) the changes in procedures for appointment and removal of directors and other ancillary changes; and that the Third M&A be adopted as the memorandum and articles of association of the Company, to the exclusion of the Current M&A, effective from the date of the registration of the Merger with the Registrar of Companies of the Cayman Islands (the "**Current M&A Amendment Proposal** ");

3. Proposal 3: To consider and approve by an ordinary resolution a share consolidation (the
" **Share Consolidation**") of the Company's ordinary shares, par value US$1 per share (or US$0.0000001 per share
if Proposal 1 is approved and the Merger has taken effect), each in the authorized share capital of the Company (including issued and
unissued share capital) at a ratio of 20-1 or 50-1, with the exact ratio to be selected at the sole discretion of the Company's
Board (the "**Share Consolidation Proposal** ").

A meeting Notice (as defined below) providing information, and a form of proxy to vote, with respect to the foregoing matters accompany this notice. The Board of Directors of the Company fixed the close of business on June 18, 2025, as the record date (the "Record Date") for determining the shareholders entitled to receive notice of and to vote at the Extraordinary General Meeting or any adjourned or postponement thereof. The register of members of the Company will not be closed. A list of the shareholders entitled to vote at the Extraordinary General Meeting may be examined at the Company's offices during the 10-day period preceding the Extraordinary General Meeting.

i

Holders of record of the Company's ordinary shares as of the Record Date are cordially invited to attend the Extraordinary General Meeting in person. Your vote is important. Whether or not you expect to attend the Extraordinary General Meeting in person, you are urged to complete, sign, date and return the accompanying proxy form as promptly as possible. We must receive the proxy form no later than noon on the day of the Extraordinary General Meeting to ensure your representation at such meeting. Shareholders who execute proxies retain the right to revoke them at any time prior to the voting thereof, and may nevertheless vote in person at the Extraordinary General Meeting. You may obtain directions to the meeting by calling our offices at +86-592-228-0081. Shareholders may obtain a copy of these materials, free of charge, by contacting the Corporate Secretary at Principal Executive Office.

---

| |
|:---|
| By Order of the Board of Directors, |
| /s/ Xiaodong Chen |
| Xiaodong Chen |
| Chairman of the Board |
| Xiamen, June 20, 2025 |

---

**IMPORTANT**

**Whether or not you expect to attend the Extraordinary General Meeting in person, you are urged to complete, sign, date and return the accompanying proxy form to ensure your representation at such meeting.**

**If your shares are held in street name, your broker, bank, custodian or other nominee holder cannot vote your shares, unless you direct the nominee holder how to vote, by marking your proxy card.**

ii

**BLUE HAT INTERACTIVE ENTERTAINMENT TECHNOLOGY**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| [Proxy Statement](#a_001) | 1 |
| [Questions and Answers about the Extraordinary General Meeting](#a_002) | 2 |
| [Proposal 1: Merger Proposal](#a_003) | 5 |
| [Proposal 2: Current M&A Amendment Proposal](#a_004) | 6 |
| [Proposal 3: Share Consolidation Proposal](#a_005) | 7 |
| [Proxy Form](#a_006) | 12 |

---

iii

**BLUE HAT INTERACTIVE ENTERTAINMENT TECHNOLOGY**

7th Floor, Building C, No. 1010 Anling Road<br> Huli District, Xiamen, China 361009

**PROXY STATEMENT**

**for**

**EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS**

To be held on July 10, 2025 at 9:00 p.m. (Local Time)<br> (or any adjournment or postponement thereof)

**PROXY SOLICITATION**

This Meeting Notice is furnished in connection with the solicitation of proxies by the Board of Directors (the "Board" or the "Board of Directors") of Blue Hat Interactive Entertainment Technology (the "Company," "we," "us," or "our") for the Extraordinary General Meeting of Shareholders to be held at 7th Floor, Building C, No. 1010, Anling Road, Huli District, Xiamen, China 361009 on July 10, 2025 at 9:00 p.m. local time (i.e., 9:00 a.m. July 10, 2025, E.T.) and for any adjournment or postponement thereof, for the purposes set forth in the accompanying Notice of Extraordinary General Meeting of Shareholders. Any shareholder giving such a proxy has the power to revoke it at any time before it is voted. Written notice of such revocation should be forwarded directly to the Secretary of the Company, at the above stated address. Proxies may be solicited through mail or direct communication with certain shareholders or their representatives by Company officers, directors, or employees, who will receive no additional compensation therefor. You may obtain directions to the meeting by calling our offices at +86-592-228-0081.

If the enclosed proxy is properly executed and returned, the shares represented thereby will be voted in accordance with the directions thereon and otherwise in accordance with the judgment of the persons designated as proxies. Any proxy on which no direction is specified will be voted in favor of the actions described in this Proxy Statement.

The Company will bear the entire cost of preparing, assembling, printing and mailing this Meeting Notice, the accompanying proxy form, and any additional material that may be furnished to shareholders. The date on which this Meeting Notice and the accompanying Proxy Form will first be mailed or given to the Company's shareholders is on or about June 23, 2025.

We have elected to provide access to our proxy materials both by sending you this full set of proxy materials, including the notice of our Extraordinary General Meeting, this Meeting Notice and a proxy card to Shareholders.

**Your vote is important**. Whether or not you expect to attend the Extraordinary General Meeting in person, you are urged to complete, sign, date and return the accompanying proxy form as promptly as possible to ensure your representation at such meeting. Shareholders who execute proxies retain the right to revoke them at any time prior to the voting thereof, and may nevertheless vote in person at the Extraordinary General Meeting. If you hold your shares in street name and wish to vote your shares at the Extraordinary General Meeting, you should contact your broker, bank, custodian or other nominee holder about getting a proxy appointing you to vote your shares.

**QUESTIONS AND ANSWERS ABOUT THE EXTRAORDINARY GENERAL MEETING**

The following is information regarding the Meeting Notice, Extraordinary General Meeting and voting is presented in a question-and-answer format.

***Q.***  ***What is the purpose of this document?***

A. This document serves as the Company's meeting Notice, which is being provided to Company shareholders of record at the close of business on June 18, 2025 (the "**Record Date**") because the Company's Board of Directors is soliciting their proxies to vote at the Extraordinary General Meeting of Shareholders ()"**Extraordinary General Meeting**") on the item of business outlined in the Notice of Extraordinary General Meeting of Shareholders (the "**Meeting Notice** ").

***Q.***  ***Why am I receiving these materials?***

A. We have sent you this Meeting Notice and the enclosed
 proxy card because the Board of Directors of the Company is soliciting your proxy to vote at the Extraordinary General Meeting, including
 at any adjournments or postponements of the meeting. You are invited to attend the Extraordinary General Meeting to vote on the proposal
 described in this proxy statement. However, you do not need to attend the meeting to vote your shares. Instead, you may simply complete,
 sign and return the enclosed proxy card.<br>
 When you sign the enclosed proxy card, you appoint the proxy holder as your representative at the meeting. The proxy holder will vote
 your shares as you have instructed in the proxy card, thereby ensuring that your shares will be voted whether or not you attend the meeting.
 Even if you plan to attend the meeting, you should complete, sign and return your proxy card in advance of the meeting just in case your
 plans change.<br>
 If you have signed and returned the proxy card and an issue comes up for a vote at the meeting that is not identified on the card, the
 proxy holder will vote your shares, pursuant to your proxy, in accordance with his or her judgment. The Company intends to mail this Meeting Notice and
 accompanying proxy card on or about June 23, 2025 to all shareholders entitled to vote at the Extraordinary General Meeting.

***Q.***  ***Who may vote and how many votes my I cast?***

A. Only shareholders on the Record Date, June 18, 2025, will be entitled to vote at the Extraordinary General Meeting. On the Record Date, there were 7,243,931 ordinary shares outstanding and entitled to vote. Each ordinary share is entitled to one vote on each matter. There are no preferred shares issued and outstanding.

***Q.***  ***How do I vote?***

A. You may vote "For" or "Against"
 the proposals, or "Abstain" from voting on such proposals. The procedures for voting are outlined below:

<u>Shareholder of Record: Shares Registered in Your Name</u>

If you are a shareholder of record, you may vote in person at the Extraordinary General Meeting or vote by proxy using the enclosed proxy card.

● To vote in person, come to the Extraordinary General Meeting and we will give you a ballot when you arrive; or

● To vote over the Internet, go to https://www.vstocktransfer.com/proxy and follow the steps outlined to complete an electronic proxy card. You will be asked to provide the control number from the enclosed proxy card. Your vote must be received by 11:59 p.m. E.T. on July 9, 2025 to be counted.

● To vote using the proxy card, simply complete, sign and date the enclosed proxy card and send a scanned copy to vote@vstocktransfer.com by 11:59 p.m. E.T. on July 9, 2025 to be counted, If you return your signed proxy card to us before the Extraordinary General Meeting, your shares will be voted as you direct.

<u>Beneficial Owner: Shares Registered in the Name of a Broker, Bank, Custodian or Other Nominee Holder</u>

If you received this Meeting Notice from your broker, bank, custodian or other nominee holder, your broker, bank, custodian or other nominee holder should have given you instructions for directing how that person or entity should vote your shares. It will then be your broker, bank, custodian or other nominee holder's responsibility to vote your shares for you in the manner you direct. Please complete, execute and return the proxy card in the envelope provided by your broker, bank, custodian or other nominee holder promptly.

Under the rules of various national and regional securities exchanges, brokers generally may vote on routine matters, such as the ratification of the engagement of an independent public accounting firm, but may not vote on non-routine matters unless they have received voting instructions from the person for whom they are holding shares. The proposals are non-routine matters and, consequently, your broker, bank, custodian or other nominee holder will not have discretionary authority to vote your shares on these matters. If your broker, bank, custodian or other nominee holder does not receive instructions from you on how to vote on this matter, your broker, bank, custodian or other nominee holder will return the proxy card to us, indicating that he or she does not have the authority to vote on these matters. This is generally referred to as a "broker non-vote" and may affect the outcome of the voting.

We therefore encourage you to provide directions to your broker, bank, custodian or other nominee holder as to how you want your shares voted on all matters to be brought before the Extraordinary General Meeting. You should do this by carefully following the instructions your broker, bank, custodian or other nominee holder gives you concerning its procedures. This ensures that your shares will be voted at the Extraordinary General Meeting.

You are also invited to attend the Extraordinary General Meeting. However, since you are not the shareholder of record, you may not vote your shares in person at the meeting unless you request and obtain a valid proxy from your broker, bank, custodian or other nominee holder.

---

| | | |
|:---|:---|:---|
| ***Q.*** | ***What if I change my mind after I vote via proxy?*** | ***What if I change my mind after I vote via proxy?*** |
|  | A. | If you hold your shares in your own name, you may revoke your proxy at any time before your shares are voted by: |

---

If you hold your shares in the name of your broker, bank, or other fiduciary, you will need to contact that person or entity to revoke your proxy.

***Q.***  ***What does it mean if I receive more than one proxy card or voting instruction form?***

A. It means that you have multiple accounts at our transfer agent or with brokers, banks, or other fiduciaries. Please complete and return all proxy cards and voting instruction forms to ensure that all of your shares are voted.

A. For us to hold a valid Extraordinary General Meeting, we must have a quorum, which means that Members holding not less than an aggregate of one-third in nominal value of the total issued voting shares in the Company that are entitled to cast a vote are present in person or by proxy at the Extraordinary General Meeting. Proxies received but marked as abstentions and Broker Non-Votes will be treated as shares that are present and entitled to vote for purposes of determining a quorum. Your shares will be counted as present at the Extraordinary General Meeting if you:

On June 18, 2025, the Record Date, there were 7,243,931 ordinary shares outstanding. Therefore, at least 2,414,644 (one third of the outstanding ordinary shares) shares need to be present in person or by proxy at the Extraordinary General Meeting in order to hold the meeting and conduct business.

***Q.***  ***How many votes are required to approve an item of business?*** <br>
Assuming a quorum as referenced above is reached –

A. Proposal 1 will be approved if passed by at least two-thirds of the votes cast by the shareholders at the Extraordinary General Meeting.

B. Proposal 2 will be approved if passed by at least two-thirds of the votes cast by the shareholders at the Extraordinary General Meeting.

C. Proposal 3 will be approved if passed by a simple majority of the votes cast by the shareholders at the Extraordinary General Meeting.

Only shares that are voted are taken into account in determining the proportion of votes cast for the proposals. Any shares not voted (whether by broker non-vote or otherwise) will not impact any of the votes. Abstentions will have the same effect as vote against.

Broker "non-votes" are included for the purposes of determining whether a quorum of shares is present at the Extraordinary General Meeting. A broker "non-vote" occurs when a nominee holder, such as a brokerage firm, bank or trust company, holding shares of record for a beneficial owner does not vote on a particular proposal because the nominee holder does not have discretionary voting power with respect to that item and has not received voting instructions from the beneficial owner. The Company does not expect to have any broker non-votes as none of the proposals are expected to be routine, therefore the brokers cannot vote without specific voting instructions from the beneficial owner.

***Q.***  ***Who pays the cost for soliciting proxies?***

A. We will pay the cost for the solicitation of proxies by the Board of Directors. Our solicitation of proxies will be made primarily by mail. Proxies may also be solicited personally, by telephone, fax or e-mail by our officers, directors, and regular supervisory and executive employees, none of whom will receive any additional compensation for their services. We will also reimburse brokers, banks, custodians, other nominees and fiduciaries for forwarding these materials to beneficial holders to obtain the authorization for the execution of proxies.

***Q.***  ***Where can I find additional information about the Company?***

A. Our reports on 6-K, and other publicly available information, should be consulted for other important information about the Company. You can also find additional information about us on our web site at https://ir.bluehatgroup.com/. The mailing address and the location of the principal executive office of the Company is 7th Floor, Building C, No. 1010 Anling Road, Huli District, Xiamen, China 361009. The telephone number for the Company is +86-592-228-0081.

**Proposal 1**

**APPROVAL OF THE MERGER AS CONTEMPALTED UNDER THE PLAN OF MERGER** 

**General Background**

Under the Current M&A, the resolutions of the shareholders of the Company passed on February 28, 2025 and the resolutions of the directors of the Company passed on March 3, 2025, the Company's authorized share capital is US$500,000,000, divided into 500,000,000 ordinary shares of par value of US$1 each.

**Restructure of Share Capital**

Under Cayman Islands laws, a Company cannot simply reset the par value of its shares, nor can it issue shares at below par value, which is currently set at $1 per share. Additionally, Cayman Islands law does not allow companies to forward split or increase the authorized share capital to reduce par value without also forward splitting the issued and outstanding shares.

For the purpose of restructuring the share capital to reduce the par value of the Company, the Company has established a new wholly-owned Cayman Islands exempted company subsidiary, Lanjin Technology Co., LTD ("**Merger Sub**"), which has no assets or business and is established for the sole purpose of conducting capital restructuring of the Company. Pursuant to the Plan of Merger substantially in the form as attached as an Annex A, at the effective time of the merger (the "**Merger**"), the Merger Sub will merge into the Company, with the Company as the surviving company.

Subsequent to the Merger, the only change on the issued and unissued shares of the Company would be the par value of ordinary share of the Company, from US$1.00 each to US$0.0000001 each; and the number of issued and outstanding shares in the Company and the economic entitlement of Company's shareholders remain unchanged.

The purpose of the Merger is to provide the Company with ordinary shares with a lower par value, and to enable the Company to have more flexibility in future financings, and more ability to conduct Company's corporate activities. The Board is not seeking shareholders' approval of the Merger to effect a change of control, nor is any change of control transaction currently anticipated.

The Board believes it is in the best interests of the Company to merge with Merger Sub for the sole purpose of conducting capital restructuring by amending and restating the Current M&A to be effective upon the Merger, to cause an acceptable par value for the ordinary shares in the Company, without affecting the number of issued shares in the Company or the economic entitlement of the shareholders of the Company.

**Effect of the Merger**

The Merger will not alter the number of ordinary shares presently issued and outstanding, and will not change the relative rights of holders of any shares.

**You will hold the exact same number of Ordinary Shares on occurrence of the Merger.**

The Merger would not have any dilutive effect on the proportionate voting power or other rights of our existing shareholders. However, any subsequent issuance, or the possibility of such issuance, of ordinary shares would reduce each shareholder's proportionate interest in the Company, and may depress the market price of our ordinary shares. Following the Merger, the only change to your securities will be a reduction in the par value, as stated above.

At the effective time of the Merger, by virtue of the Merger and without any further action on the Company or shareholders, each share in the Company, as the surviving company, shall remain in the same number as the Company currently has in issue and shall have the rights as provided under the Third M&A, other than a change of par value from US$1 each to US$0.0000001 each.

**Dissenters' Rights**

While appraisal or dissenter rights exist as a general matter under Cayman Islands law for mergers, none exist where the consideration under the proposed merger consists of shares listed on a national securities exchange, therefore no dissenter rights are available in association with the Merger.

**Timing of Merger**

If our shareholders approve this Proposal 1, we will file the Plan of Merger and other requisite documents to implement the Merger as soon as practicable following the EGM. Upon approval and following such filing, the Merger will become effective on the date it is filed.

**Vote Required to Approve Proposal 1**

Proposal 1 will be approved only if it receives the affirmative vote of at least two-thirds of votes cast at the Extraordinary General Meeting assuming a quorum reaches.

**WE RECOMMEND A VOTE "FOR" THE PROPOSAL TO APPROVE THE MERGER AS CONTEMPLATED UNDER THE PLAN OF MERGER**

**Proposal 2**

**APPROVAL TO ADOPT A THIRD AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION**

**General Background**

Subject to the approval of Proposal 1, the Company would like the shareholders to consider and approve by special resolution the amendment and restatement of the Company's Memorandum and Articles of Association in the form of Third Amended and Restated Memorandum and Articles of Association attached as an Annex B (the "**Third M&A**") hereto to reflect (i) the Merger that has been illustrated above in Proposal 1, (ii) the removal of the requirement of holding annual general meetings and other ancillary changes, and (iii) changes on the requirements and procedures for appointment and removal of directors and other ancillary changes; and that the Third M&A will be adopted as the memorandum and articles of association of the Company, to the exclusion of the Current M&A, effective from the date of the registration of the Merger with the Registrar of Companies of the Cayman Islands.

**Provisions to be Amended other than Merger**

As a foreign private issuer and a Cayman exempted company, the Company can utilize several exemptions that are available under the Nasdaq Listing Rules by following its home country practice. Under the Cayman laws, a company is not required to hold an annual general meeting every year. Therefore, the Board deems it to be in the best interest of the company to remove the requirement of holding annual general meeting, for more efficient corporate governance.

In addition, to keep flexibility of the board composition, and to make sure smooth board operation, the Board deems it to be in the best interests to simplify the procedure of appointing and removing directors, to the extent not forbidden by Cayman laws. Therefore, certain proposed changes are made as illustrated under the Third M&A.

**Vote Required to Approve Proposal 2**

Proposal 2 will be approved only if it receives the affirmative vote of at least two-thirds votes cast at the Extraordinary General Meeting assuming a quorum reaches.

**WE RECOMMEND A VOTE "FOR" THE PROPOSAL TO APPROVE TO AMEND <br> AND RESTATE MEMORANDUM AND ARTICLES OF ASSOCIATION**

**Proposal 3**

**AUTHORIZE THE BOARD OF DIRECTORS TO EFFECT A SHARE CONSOLIDATION** 

**Purpose and Background of the Share Consolidation** 

To consider and approve by an ordinary resolution the Share Consolidation of the Company's ordinary shares, par value US$1 each (or US$0.0000001 each, if Proposal 1 is approved and the Merger has taken effect) in the authorized share capital of the Company (including issued and unissued share capital) at a ratio of 20-1 or 50-1, with the exact ratio to be selected at the sole discretion of the Company's Board on the effective date as determined by the Board.

Previously on March 17, 2025, the Company completed a share consolidation at a ratio of 100-1, to cure its minimum price deficiency as required by The Nasdaq Capital Market. However, pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv), if, in the following 12 months, the Company fails to maintain the closing price of the Ordinary Shares at or above $1.00 per share for 30 consecutive business days (the "**Minimum Bid Price Requirement**"), the Company will not be subject to any compliance period and will be subject to delisting determination immediately because the Company has conducted a reverse stock split within one year. Therefore, the Board believes that it is in the best interests of the Company to obtain stockholder approval to pre-authorize the potential reverse stock split, so that the Company can maintain, instead of curing, the compliance of Minimum Bid Price Requirement.

In approving this proposal, the Board of Directors also considered the potential positive effects of an increased market price of our ordinary shares, including improved marketability, liquidity, investors' interest and trading in our stock. At current market price, the Company's ordinary shares may not appeal to brokerage firms that are reluctant to recommend lower-priced securities to their clients. Investors may also be dissuaded from purchasing lower priced stocks because the brokerage commissions, as a percentage of the total transaction, tend to be higher for such stocks. Moreover, the analysts at many brokerage firms do not monitor the trading activity or otherwise provide coverage of lower priced stocks.

In light of the factors mentioned above, our Board of Directors approved this proposal as a means of maintaining the price of our ordinary shares above $1.00 per share to make sure the continued compliance with Price Rule.

**Determination of the Ratio for the Share Consolidation**

By approving this proposal, shareholders will approve the Board of Directors to effect a Share Consolidation at the ratio of 20-1 or 50-1, as approved by the shareholders and the time when it deems in the best interests of the Company and its shareholders.

**Principal Effects of the Share Consolidation** 

If implemented, the Share Consolidation will be effected simultaneously for all issued and unissued ordinary shares. The Share Consolidation will affect all of our shareholders uniformly and will not affect any shareholder's percentage ownership interests in the Company, except to the extent that the Share Consolidation would otherwise result in any of our shareholders owning a fractional share (in which case the fractional amount will be rounded up to the next whole share). After the Share Consolidation, the shares of our ordinary shares will have the same voting rights and rights to dividends and distributions and will be identical in all other respects to our ordinary shares now authorized. Ordinary shares issued pursuant to the Share Consolidation will remain fully paid and non-assessable. The Share Consolidation will not affect the Company continuing to be subject to the periodic reporting requirements of the Exchange Act. The Share Consolidation is not intended to be, and will not have the effect of, a "going private transaction" covered by Rule 13e-3 under the Exchange Act.

The Share Consolidation may result in some shareholders owning "odd-lots" of less than 100 shares of our Ordinary Shares. Brokerage commissions and other costs of transactions in odd-lots are generally higher than the costs of transactions in "round-lots" of even multiples of 100 shares.

Following the effectiveness of such Share Consolidation approved by the shareholders and implementation by the Board of Directors, current shareholders will hold fewer shares of ordinary shares, but the rights and ownership percentages will remain the same.

**Fractional Shares** 

No fractional shares will be issued in connection with the Share Consolidation. Instead, we will issue one full share of the ordinary shares after Share Consolidation to any shareholder who would have been entitled to receive a fractional share as a result of the Share Consolidation. Each ordinary shareholder will hold the same percentage of the outstanding ordinary shares immediately following the Share Consolidation as that shareholder did immediately prior to the Share Consolidation, except for minor adjustments due to the additional net share fractions that will need to be issued as a result of the treatment of fractional shares.

**Share Certificates**

Mandatory surrender of certificates is not required by our shareholders. The Company's transfer agent will adjust the record books of the Company to reflect the Share Consolidation as of the effective date of the Share Consolidation. New certificates will not be mailed to shareholders.

**Resolutions** 

The Board proposes to solicit shareholder approval to effect a share consolidation of the Company's ordinary shares at one of the ratios as set out below ((A) 20-1 or (B) 50-1) in the form of shareholder resolutions, the shareholders to approve each ratio and to grant the Board a discretion to determine the most appropriate ratio and such consolidation to be effective on such date as is determined by the Board, which shall be on or before a date that is in compliance with Cayman law. The resolutions be put to the shareholders to consider and to vote upon at the Meeting in relation to amending the authorized share capital of the Company are:

 

**"IT IS RESOLVED THAT** each of the following resolutions be approved as ordinary resolutions of the Company, and subject to and conditional upon that the Board determining which of the below resolutions is to be effective:

&nbsp;&nbsp;&nbsp;&nbsp;(a) subject
 to the Merger taking effect,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) every
 20 ordinary shares of par value of US$0.0000001 each in the authorized share capital of the Company (including issued and unissued
 share capital) be consolidated into 1 ordinary share of par value of US$0.000002 each, and following such consolidation the authorized
 share capital of the Company is US$500,000,000 divided into 250,000,000,000,000 ordinary shares of par value of US$0.000002 each,
 with such consolidation to be effective on such date as determined by the Directors which date must be on or before December 31,
 2026 and such date shall be announced by the Company;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Every
 50 ordinary shares of par value of US$0.0000001 each in the authorized share capital of the Company (including issued and unissued
 share capital) be consolidated into 1 ordinary share of par value of US$0.000005 each, and following such consolidation the authorized
 share capital of the Company is US$500,000,000 divided into 100,000,000,000,000 ordinary shares of par value of US$0.000005 each,
 with such consolidation to be effective on such date as determined by the Directors which date must be on or before December 31,
 2026 and such date shall be announced by the Company; and

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the event the Merger does not take place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) every
 20 ordinary shares of par value of US$1 each in the authorized share capital of the Company (including issued and unissued share
 capital) be consolidated into 1 ordinary share of par value of US$20 each, and following such consolidation the authorized share
 capital of the Company is US$500,000,000 divided into 25,000,000 ordinary shares of par value of US$20 each, with such consolidation
 to be effective on such date as determined by the Directors which date must be on or before December 31, 2026 and such date shall
 be announced by the Company;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Every
 50 ordinary shares of par value of US$1 each in the authorized share capital of the Company (including issued and unissued share
 capital) be consolidated into 1 ordinary share of par value of US$50 each, and following such consolidation the authorized share
 capital of the Company is US$500,000,000 divided into 10,000,000 ordinary shares of par value of US$50 each, with such consolidation
 to be effective on such date as determined by the Directors which date must be on or before December 31, 2026 and such date shall
 be announced by the Company."

 

**Risks Associated with the Share Consolidation**

There are risks associated with the Share Consolidation. Shareholders should note that the effect of the Share Consolidation, if any, upon the market price for our ordinary shares cannot be accurately predicted. In particular, we cannot assure you that prices for shares of our ordinary shares after the Share Consolidation will be the number of times equals exactly to the ratio multiplied by the prices for shares of our Ordinary Shares immediately prior to the Share Consolidation. Furthermore, even if the market price of our ordinary shares does rise following the Share Consolidation, we cannot assure you that the market price of our ordinary shares immediately after the proposed Share Consolidation will be maintained for any period of time. Even if an increased per-share price can be maintained, the Share Consolidation may not achieve the desired results that have been outlined above. Moreover, because some investors may view the Share Consolidation negatively, we cannot assure you that the Share Consolidation will not adversely impact the market price of our ordinary shares.

The market price of our ordinary shares will also be based on our performance and other factors, some of which are unrelated to the Share Consolidation or the number of shares outstanding. If the Share Consolidation is effected and the market price of our ordinary shares declines, the percentage declines as an absolute number and as a percentage of our overall market capitalization may be greater than would occur in the absence of a Share Consolidation. The total market capitalization of our ordinary shares after implementation of the Share Consolidation, when and if implemented, may also be lower than the total market capitalization before the Share Consolidation. Furthermore, the liquidity of our ordinary shares could be adversely affected by the reduced number of shares that would be outstanding after the Share Consolidation.

**Vote Required to Approve Proposal 3**

The Proposal 3 will be approved only it receives the affirmative vote of a simple majority of the votes cast at the Extraordinary General Meeting assuming a quorum reaches.

**WE RECOMMEND A VOTE "FOR" THE PROPOSAL TO AUTHORIZE THE BOARD OF DIRECTORS <br> TO EFFECT THE SHARE CONSOLIDATION** 

**Transfer Agent and Registrar** 

The transfer agent and registrar for our ordinary shares is VStock Transfer, LLC. Its address is 18 Lafayette Place, Woodmere, New York 11598, and its telephone number is +1(212)828-8436.

**Where You Can Find More Information**

We file annual report and other documents with the SEC under the Exchange Act. Our SEC filings made electronically through the SEC's EDGAR system are available to the public at the SEC's website at http://www.sec.gov. You may also read and copy any document we file with the SEC at the SEC's public reference room located at 100 F Street, NE, Room 1580, Washington, DC 20549. Please call the SEC at (800) SEC-0330 for further information on the operation of the public reference room.

---

| |
|:---|
| By Order of the Board of Directors, |
| /s/ Mr. Xiaodong Chen |
| Chairman of the Board |

---

June 20, 2025

**Annex A**

<u>Form of Plan of Merger</u>

**Blue Hat Interactive Entertainment Technology**

and

**Lanjin Technology Co., LTD**

**Plan of Merger**

______________________________________________________________________________________

![Description: Campbells logo35%](image_001.jpg)

Floor 4, Willow House,

Cricket Square

Grand Cayman KY1-9010

Cayman Islands

Campbellslegal.com

15509-33259

**This Plan of Merger** (the "**Plan**") is made this [ ]

**Between:**

(1) Blue Hat Interactive Entertainment Technology, a Cayman Islands exempted company, the registered office
of which is at Floor 4, Willow House, Cricket Square, Grand Cayman KY1-9010, Cayman Islands (hereinafter "**Parent**" or
" **surviving company** ");

(2) Lanjin Technology Co., LTD, a Cayman Islands exempted company, the registered office of which is at Floor
4, Willow House, Cricket Square, Grand Cayman KY1-9010, Cayman Islands (hereinafter "**Merger Sub** ");

**Whereas:**

(A) The parties are entering into this Plan to provide for the terms and conditions upon which Merger Sub
(being a wholly owned subsidiary of Parent) will be merged into Parent by means of a merger with Parent being the surviving company (the
" **Merger** ").

**It is Agreed** as follows:-

1 Interpretation

1.1 In this Plan, save where otherwise provided or where the context otherwise requires or admits, the following
words, terms and expressions shall have the meaning set out below:

"**Closing**" means the consummation of the transactions contemplated by this Plan;

"**Companies Act**" means the Companies Act (as revised) of the Cayman Islands, as amended and revised from time to time;

"**Conditions Precedent**" means the conditions precedent to the Merger set out in Clause 8 below;

"**constituent company**" means each party hereto, being an existing company that is participating in the merger with one or more other existing companies;

"**Dissenting Shareholder**" means a member who elects to dissent to the Merger;

"**Dissenting Shares**" means any and all shares in any constituent company held by a Dissenting Shareholder;

"**Effective Time**" means the time and date that this Plan is registered with the Cayman Islands Registrar of Companies;

"**merger**" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company;

"**Merger**" shall have the meaning ascribed thereto in the Recitals above;

"**surviving company**" means Blue Hat Interactive Entertainment Technology, being the sole remaining constituent company into which the other constituent company is merged.

"**Third Amended and Restated Memorandum and Articles**" means the memorandum of association of Parent contained in Schedule 1 hereto and the articles of association of Parent contained in Schedule 2 hereto.

1.2 In this Plan, save where otherwise provided or where the context otherwise requires or admits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) terms and expressions defined in the Companies Act shall have the same meaning whenever used herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to any law or provision of law shall include a reference to any law or provision of any law
which amends or replaces, or has amended or replaced, it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references to this Plan or any other agreement or document shall be construed as a reference to this Plan
as the same may from time to time be amended, varied or supplemented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a "Clause" or "Schedule" is a reference to a Clause hereof or Schedule hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a "sub-clause" is a reference to a sub-clause of the clause in which the reference appears;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any word, term or expression (including defined words, terms and expressions) that imports any gender
shall include all genders and words, terms and expressions (including defined words, terms and expressions) importing the singular shall
include the plural and vice versa.

1.3 In this Plan the headings are inserted for convenience only and shall not affect the construction hereof.

1.4 The schedules hereto form part of this Plan and shall have effect as if set out herein. Any reference
to this "Plan" shall include the schedules.

---

| | |
|:---|:---|
| 2 | Merger |

---

2.1 At the Effective Time and subject to and upon the terms and conditions of this Plan, Merger Sub shall
merge with and into Parent in accordance with the provisions of this Plan, the separate corporate existence of Merger Sub shall cease
and Parent shall continue as the surviving entity.

2.2 The Merger shall have the effect set forth in Section 236 of the Companies Act. Without limiting the generality
of the foregoing, and subject thereto, at the Effective Time, the rights, the property of every description including all choses in action,
and the business, undertaking, goodwill, benefits, immunities and privileges of each of the constituent companies, shall immediately vest
in Parent and Parent shall be liable for and subject, in the same manner as Merger Sub, to all mortgages, charges or security interests,
and all contracts, obligations, claims, debts, and liabilities of each of the constituent companies.

2.3 If, at any time after the Effective Time, Parent considers or is advised that any deeds, bills of sale,
assignments, assurances or any other actions or things are necessary or desirable to vest, perfect or confirm (of record or otherwise)
in Parent its right, title or interest in, to or under any of the rights, properties, or assets of Merger Sub or otherwise to carry out
the intent and purposes of this Plan, the officers and directors of Parent are authorized to execute and deliver, in the name and on behalf
of Merger Sub, all such deeds, bills of sale, assignments and assurances and to take and do, in the name and on behalf of Merger Sub,
all such other actions and things as the board of directors of Parent may determine to be necessary or desirable to vest, perfect or confirm
any and all right, title and interest in, to and under such rights, properties or assets in Parent or otherwise to carry out the intent
and purposes of this Plan.

3 Memorandum of Association and Articles of Association

3.1 At the Effective Time, the memorandum of association of Parent shall be amended and restated to be identical
to the draft memorandum of association contained in Schedule 1 hereto.

3.2 At the Effective Time, the articles of association of Parent shall be amended and restated to be identical
to the draft articles of association contained in Schedule 2 hereto.

4 Directors and Officers

4.1 At the Effective Time, the directors and officers of Parent immediately prior to the Effective Time shall
be the directors and officers of Parent as the surviving company and all such directors and officers shall hold office from the Effective
Time until their respective successors are duly elected or appointed in the manner provided in the Third Amended and Restated Memorandum
and Articles of Parent, or as otherwise provided by applicable law. Consequently, the names and addresses of the directors of Parent,
as the surviving company are and shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) CHEN Xiaodong

B-2605, 108 Taojindong Road

Yuexiu District

Guangzhou

Guangdong

China

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Caifan He

Room 606

No. 77 Lemingyi Street

Beiyun District

Guangszhou

Guangdong

China

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Jianyong Cai

Unit 104, 26 Block

Tianyuan Huayuan

No. 38 Tianquan Road

Fuzhou, Fujian

China

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Jun Ouyang

Room 2-604

No.9 Jianye Road

Xiangcheng District

Zhangzhou, Fujian

China

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Qinyi Fu

Room 1602, 5B Block

Feicui City, Dongpu Road

Siming District, Xiamen, Fujian

China

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Can Su

Room 501

No. 105 Xiaxi Road

Siming District

Xiamen, Fujian

China

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Huibin Shen

Room 606

No.96 Huguang Road

Siming District

Xiamen, Fujian

China

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) GONG Zhiyong

Room 101

Yangcheng Garden

No. 5 Second Street

Zhongshan Avenue

Tianhe District

Guangzhou

Guangdong Province

China

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) FAN Guo

5 Ash Dr

Ctr Barnstead

NH 03225

USA

4.2 The directors of each constituent company shall not receive any amount or benefit paid or payable consequent
upon the Merger.

5 Treatment of Shares and Securities upon Merger

5.1 At the Effective Time, by virtue of the Merger and without any action on the part of parties hereto or
the holders of any of their respective shares and securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all shares of Merger Sub shall cease to exist, and each shareholder thereof shall cease to have any rights
with respect thereto without consideration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each share in Parent as surviving company shall remain in the same number as Parent currently has in issue
and shall have the rights as provided under the Third Amended and Restated Memorandum and Articles. Each share in Parent as the surviving
company will have the same rights as provided under the existing Second Amended and Restated Memorandum and Articles of Association, save
as to a change of par value from USD1 each to $0.0000001 each with Parent to determine the share premium in existence as at the Effective
Time.

5.2 Notwithstanding anything to the contrary in this Plan, any Dissenting Shares shall not cease to exist,
and the holder thereof shall be entitled only to such rights as are granted by the Companies Act. Merger Sub shall give Parent prompt
notice of any written objection to the Merger upon receipt.

6 Termination and Amendment of The Plan

6.1 At any time prior to the date that the Plan becomes effective, the Plan may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) terminated and the Merger may be abandoned by notice given by the board of directors of any party hereto
to the other parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) amended by an agreement to such effect approved by the board of directors of each of the parties hereto,
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Change the effective date of the merger, provided that the new effective date complies with Section 235
of the Companies Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Effect any other changes to the Plan as the board of directors of each and all of the parties hereto may
in their sole and absolute discretion, approve.

6.2 In the event of termination of this Plan and the abandonment of the Merger pursuant to this Clause, this
Plan shall become void and of no effect with no liability on the part of any party hereto (or of any of its directors, officers, employees,
agents, legal and financial advisors or other representatives).

---

| | |
|:---|:---|
| 7 | Closing |

---

7.1 Subject to the Conditions Precedent having been satisfied, Closing shall take place at the registered
office of Parent (or any other location agreed upon by the parties) immediately following exchange of this Plan.

7.2 At Closing, the registered office provider of Merger Sub shall provide an updated register of members
of the Merger Sub reflecting cancellation of all issued and outstanding shares.

7.3 If for any reason the provisions of Clause 7.2 are not fully complied with, any non defaulting party may
(in addition and without prejudice to any other right or remedy available to it) elect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to rescind this Plan, in which case the Merger shall not proceed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fix a new date for Closing (in which case the provisions of this Clause shall apply to Closing as re-scheduled);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to proceed to Closing so far as practicable without prejudice to any rights under this Plan, other party
or parties then being obliged to use their best endeavours to perform or procure the performance of any of the outstanding provisions
of this Clause.

7.4 The parties agree that, forthwith after the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) they will cause this Plan to be registered with the Cayman Islands Registrar of Companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they will file the Third Amended and Restated Memorandum and Articles with the Cayman Islands Registrar
of Companies.

7.5 As soon as practicable after the Closing, Merger Sub shall, and (to the extent that it is within their
powers to do so) shall deliver or procure that any other person shall deliver without delay to Parent at its registered office, all records,
correspondence, documents, files, memoranda and other papers relating to Merger Sub required to be kept in the Cayman Islands.

8 Conditions Precedent

The respective obligations of the parties hereto to consummate the Merger are subject to the satisfaction at or prior to the Closing of each of the following conditions, any of which, to the extent permitted by applicable law, may be waived by the applicable party:

8.1 This Plan shall have been approved and adopted by the requisite vote of the shareholders of each party
in accordance with applicable law and the memorandum and articles of association of each of the parties;

8.2 No permanent or preliminary injunction or restraining order by any court or other governmental entity
of competent jurisdiction, or other legal restraint or prohibition, shall be in effect preventing consummation of the transactions contemplated
hereby as provided herein, or permitting such consummation subject to any condition or restriction that has had or would have a material
adverse effect on the transactions contemplated hereby.

8.3 The representations and warranties of each party contained herein shall be true and correct in all respects
as of the date of this Plan and on and as of the Closing as though made on and as of the Closing.

9 Representations, Warranties And Liability

9.1 Each party hereto represents and warrants to the others that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a validly existing company in good standing under the laws of its jurisdiction of incorporation
and is duly qualified as necessary to carry on its business in the jurisdictions in which such business is carried on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Plan has been duly authorised, executed and delivered by it and is a valid and legally binding obligation
of it enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has secured the consent of its secured creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There is no material prejudice to any issued or outstanding bonds, debentures, notes or other indebtedness
that have the right to vote (or that are convertible into other securities having the right to vote) on any matters on which shareholders
may vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Other than this Plan, it has not agreed to issue any further shares or granted any warrants, options or
other rights that, directly or indirectly, entitle any person to call for further shares to be issued or allotted by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No dividends or other distributions that have been declared or are payable with respect to its shares
are or will be outstanding as at the Effective Time.

9.2 Merger Sub represents and warrants that it has an authorised share capital of US$50,000 comprised of 50,000
shares with a par value of US$1 each of which 100 shares have been issued and is outstanding.

9.3 Parent represents and warrants that it has an authorised share capital of US$500,000,000 divided into
500,000,000 ordinary shares of par value of US$1 each of which 7,243,931 Ordinary Shares have been issued and are outstanding.

10 Force Majeure

10.1 If any party's performance of this Plan is affected by Force Majeure (as defined below) it shall
forthwith notify the other party of the nature and extent thereof.

10.2 No party shall be held to be in breach of this Plan, or otherwise be liable to the other, by reason of
any delay in its performance, or non performance, of any of its obligations under this Plan to the extent that such delay or non performance
is due to Force Majeure of which it has notified to the other parties, and the time for performance of such obligations shall be extended
accordingly.

10.3 If the Force Majeure in question prevails for a continuous period in excess of 180 days, the parties shall
enter into bona fide negotiations with a view to alleviating its effects, or to agreeing to such alternative arrangements as may be fair
and reasonable, and if no agreement is reached between the parties with respect thereto within 30 days, then either party may, upon giving
written notice to the other, terminate this Plan without prejudice to any rights, remedies or obligations which have accrued prior to
termination.

10.4 "Force Majeure" means, in relation to either party, any circumstances beyond the reasonable
control of that party (including, without limitation, acts of god, war, strike, lock out, go slow, work to rule or other form of industrial
action, fire, flood, civil disturbance, or government intervention or government failure to act).

11 Assignment

This Plan and the rights and obligations hereunder may not be assigned without the prior written consent of all the parties hereto.

12 Miscellaneous Provisions

12.1 Any waiver by either party of a breach of any provision of this Plan shall not be considered as a waiver
of any subsequent breach of the same or any other provision thereof.

12.2 Nothing in this Plan shall create or be deemed to create a partnership or relationship of principal and
agent or employer and employee between the parties.

12.3 This Plan contains the entire agreement between the parties with respect to the subject matter hereof,
supersedes all previous agreements and understandings between the parties with respect hereto, and may not be modified except by an instrument
in writing signed by the duly authorised representatives of the parties.

12.4 Each party acknowledges that in entering into this Plan it does not do so on the basis of, and does not
rely on, any representation, warranty or other provision except as expressly provided herein, and all conditions, warranties, or other
terms implied by statute or common law are hereby excluded to the fullest extent permitted by law.

12.5 If any provision of this Plan or any agreement entered into pursuant hereto is or becomes illegal, invalid
or unenforceable in any jurisdiction, that shall not affect:-

12.6 the validity or enforceability in that jurisdiction of any other provision of this Plan or such other
agreement; or

12.7 the validity or enforceability in other jurisdictions of that or any other provision of this Plan or such
other agreement.

13 Jurisdiction

This Plan shall be governed by and construed in all respects in accordance with the laws of the Cayman Islands and each party hereby submits to the non-exclusive jurisdiction of the Cayman Islands Courts.

---

| | |
|:---|:---|
| 14 | Notices |

---

All notices or other communications required or permitted to be given hereunder shall be in writing and shall be served by delivering the same by hand or by sending the same by reputable courier service and shall be deemed given, if sent by hand, when delivered, or, if sent by courier service, on delivery by the relevant courier service, in each case, to the address for such party set out above at the beginning of this Plan or such other address as is notified by the relevant party from time to time, provided that a notice given in accordance with the above but received on a non-working day or after business hours in the place of receipt shall only be deemed to be given on the next working day in that place.

[Signature pages to follow]

**As Witness** whereof the parties have hereto set their hands the day and year first before written.

Executed as a **Deed** and Delivered by)

**Blue Hat Interactive Entertainment)**

**Technology**)

acting by its Director in the)

presence of:) ______________________

CHEN Xiaodong

Witness signature:

Witness name:

Address:

Occupation:

Executed as a **Deed** and Delivered by)

**Lanjin Technology Co., LTD**)

acting by its Director in the)

presence of:) ________________________

CHEN Xiaodong

Witness signature:

Witness name:

Address:

Occupation:

**Schedule 1**

**Third Amended and Restated Memorandum of Association**

**Schedule 2**

**Third Amended and Restated Articles of Association**

**Annex B**

<u>Fo</u> <u>rm of Third Amended and Restated Memorandum and Articles of Association</u>

**THE COMPANIES ACT (AS REVISED) <br> COMPANY LIMITED BY SHARES**

**THIRD AMENDED AND RESTATED**

**** 

<br> **MEMORANDUM**

**AND**

**ARTICLES OF ASSOCIATION OF**

**BLUE HAT INTERACTIVE ENTERTAINMENT <br> TECHNOLOGY**

**(Adopted by a Special Resolution passed on [\*])**

**THE COMPANIES ACT (AS REVISED)**

**<br> COMPANY LIMITED BY SHARES**

**THIRD AMENDED AND RESTATED <br> MEMORANDUM OF ASSOCIATION**

**OF**

**BLUE HAT INTERACTIVE ENTERTAINMENT <br> TECHNOLOGY**

**(Adopted by a Special Resolution passed on [\*])**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 name of the Company is **Blue Hat Interactive Entertainment Technology**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 registered office of the Company shall be situated at the office of Campbells Corporate Services
 Limited, Floor 4, Willow House, Cricket Square, Grand Cayman KY1-9010, Cayman Islands, or
 at such other place in the Cayman Islands as the directors may at any time decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 objects for which the Company is established are unrestricted and the Company shall have
 full power and authority to carry out any object not prohibited by any law as provided by
 Section 7(4) of the Companies Act (as revised).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Company shall have and be capable of exercising all the functions of a natural person of
 full capacity irrespective of any question of corporate benefit as provided by Section 27
 (2) of the Companies Act (as revised).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Nothing
 in the preceding paragraphs shall be deemed to permit the Company to carry on the business
 of a bank or trust company without being licensed in that behalf under the provisions of
 the Banks and Trust Companies Act (as revised), or to carry on insurance business from within
 the Cayman Islands or the business of an insurance manager, agent, sub-agent or broker without
 being licensed in that behalf under the provisions of the Insurance Act (as revised), or
 to carry on the business of company management without being licensed in that behalf under
 the Companies Management Act (as revised).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 Company will not trade in the Cayman Islands with any person, firm or corporation except
 in furtherance of the business of the Company carried on outside the Cayman Islands, but
 nothing in this paragraph shall be so construed as to prevent the Company effecting and concluding
 contracts in the Cayman Islands and exercising in the Cayman Islands any of its power necessary
 for the carrying on of its business outside the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 liability of each Member is limited to the amount, if any, unpaid on such Member's
 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The
 share capital of the Company is US$500,000,000 divided into 5,000,000,000,000,000 ordinary
 shares of US$0.0000001 par value each with power for the Company, subject to the provisions
 of the Companies Act (as revised) and the Articles of Association, to redeem or purchase
 any of its shares and to sub-divide or consolidate the said shares or any of them and to
 issue all or any part of its capital whether original, redeemed, increased or reduced, with
 or without any preference, priority or special privilege or subject to any postponement of
 rights or to any conditions or restrictions whatsoever and so that unless the conditions
 of issue shall otherwise expressly provide, every issue of shares, whether stated to be ordinary,
 preference or otherwise, shall be subject to the powers on the part of the Company hereinbefore
 provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The
 Company has power to register by way of continuation as a body corporate limited by shares
 under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the
 Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Capitalized
 terms that are not defined in this Memorandum of Association bear the same meaning as those
 given in the Articles of Association of the Company.

**THE COMPANIES ACT (AS REVISED)**

**<br> COMPANY LIMITED BY SHARES**

**THIRD AMENDED AND RESTATED ARTICLES OF**

**<br> ASSOCIATION**

**OF**

**BLUE HAT INTERACTIVE ENTERTAINMENT <br> TECHNOLOGY**

**(Adopted by a Special Resolution passed on [\*])**

**Preliminary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 regulations contained in Table A in the First Schedule of the Law shall not apply to the
 Company and the following regulations shall be the Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In
 these Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 following terms shall have the meanings set opposite if not inconsistent with the subject
 or context:

"allotment" shares are taken to be allotted when a person acquires the unconditional right to be included in the Register of Members in respect of those shares;

"Articles" these articles of association of the Company as from time to time amended by Special Resolution;

"Audit Committee" the audit committee of the Company formed by the Board pursuant to Article 102 hereof, or any successor of the audit committee;

"Board" or "Board of Directors" means the board of directors of the Company;

"clear days" in relation to a period of notice means that period excluding both the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect;

"Clearing House" a clearing house recognized by the laws of the jurisdiction in which shares in the capital of the Company (or depository receipts thereof) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction;

"Company" the above named company;

"Company's Web-site" means the website of the Company, its web-address or domain name;

"Compensation Committee" or "Remuneration Committee" the compensation committee or the remuneration committee of the Company formed by the Board pursuant to Article 102 hereof, or any successor of the compensation committee or remuneration committee;

"Designated Stock Exchange" the Nasdaq Capital Market and any other stock exchange or interdealer quotation system on which shares in the capital of the Company are listed or quoted;

"Directors" means the Directors for the time being of the Company or, as the case may be, those Directors assembled as a board or as a committee of the board;

"dividend" includes a distribution or interim dividend or interim distribution;

"electronic" has the same meaning as in the Electronic Transactions Act (as revised);

---

| | |
|:---|:---|
| "electronic communication" | a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including SEC's website) or other electronic delivery methods as otherwise decided and approved by not less than two-thirds of the vote of the Board; |

---

"electronic record" has the same meaning as in the Electronic Transactions Act (as revised);

"electronic signature" has the same meaning as in the Electronic Transactions Act (as revised);

"Equity Securities" shares and any securities convertible into or exchangeable or exercisable for shares;

"Exchange Act" the Securities Exchange Act of 1934, as amended;

"executed" means any mode of execution;

"holder" in relation to any share, the Member whose name is entered in the Register of Members as the holder of the share;

"Indemnified Person" means every Director, alternate Director, Secretary or other officer for the time being or from time to time of the Company;

"Independent Directors" means a Director who is an independent director as defined in any Designated Stock Exchange Rules or in Rule 10A-3 under the Exchange Act, as the case may be;

"Islands" the British Overseas Territory of the Cayman Islands;

"Law" the Companies Act (as revised);

"Member" has the same meaning as in the Law;

"Memorandum" the memorandum of association of the Company as from time to time amended; "month" a calendar month;

"Nomination and Governance Committee" the nomination and governance committee of the Company formed by the Board pursuant to Article 102 hereof, or any successor of the nomination and governance committee;

"officer" includes a Director or a Secretary;

---

| | |
|:---|:---|
| "Ordinary Resolution" | a resolution (i) of a duly constituted general meeting of the Company passed by a simple majority of the votes cast by, or on behalf of, the Members entitled to vote present in person or by proxy and voting at the meeting or (ii) approved in writing by all of the Members entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Members and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed; |

---

"Other Indemnitors" means persons or entities other than the Company that may provide indemnification, advancement of expenses and/or insurance to the Indemnified Persons in connection with such Indemnified Persons involvement in the management of the Company;

"paid up" means paid up as to the par value and any premium payable in respect of the issue of any shares and includes credited as paid up;

---

| | |
|:---|:---|
| "Person" | any individual, corporation, general or limited partnership, limited liability company, joint stock company, joint venture, estate, trust, association, organization or any other entity or governmental entity; |

---

"Register of Members" the register of Members required to be kept pursuant to the Law;

"Seal" the common seal of the Company including every duplicate seal;

"SEC" the United States Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act;

"Secretary" any person appointed by the Directors to perform any of the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

"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 SEC thereunder, all as the same shall be in effect at the time;

"share" a share in the share capital of the Company, and includes stock (except where a distinction between shares and stock is expressed or implied) and includes a fraction of a share;

"signed" includes an electronic signature or a representation of a signature affixed by mechanical means;

---

| | |
|:---|:---|
| "Special Resolution" | a resolution (i) which has been passed by a majority of not less than two-thirds of such Members as, being entitled to do so, vote in person or by proxy at a general meeting of which notice specifying the intention to propose the resolution as a special resolution has been duly given or (ii) approved in writing by all of the Members entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Members and the effective date of the Special Resolution so adopted shall be the date on which the instrument or the last of such instruments, if more than one, is executed; |

---

"subsidiary" a company is a subsidiary of another company if that other company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) holds
 a majority of the voting rights in it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is
 a member of it and has the right to appoint or remove a majority of its board of directors;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is
 a member of it and controls alone, pursuant to an agreement with other members, a majority
 of the voting rights in it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is
 a subsidiary of a company which is itself a subsidiary of that other company. For the purpose
 of this definition the expression "company" includes any body corporate established
 in or outside of the Islands;

---

| | |
|:---|:---|
| "Transfer" | with respect to any Equity Securities of the Company, any sale, assignment, Lien, hypothecation, pledge, conveyance in trust, gift, transfer by bequest, devise or descent, or other transfer or disposition of any kind, including, but not limited to, transfers pursuant to divorce or legal separation, transfers to receivers, levying creditors, trustees or receivers in bankruptcy proceedings or general assignees for the benefit of creditors, whether voluntary, involuntarily or by operation of law, directly or indirectly (including the Transfer of a controlling interest in any entity the assets of which consist at least in part of Equity Securities). "<u>transferor</u>" and "<u>transferee</u>" have meanings corresponding to the foregoing; |

---

"Treasury Share" means a Share held in the name of the Company as a treasury share in accordance with the Law;

"U.S. Person" means a Director who is citizen or resident of the United States of America;

"written" and "in writing" includes all modes of representing or reproducing words in visible form including in the form of an electronic record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless
 the context otherwise requires, words or expressions defined in the law shall have the same
 meanings herein but excluding any statutory modification thereof not in force when these
 Articles become binding on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unless
 the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) words
 importing the singular number shall include the plural number and vice-versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) words
 importing the masculine gender only shall include the feminine gender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) words
 importing persons only shall include companies or associations or bodies of person whether
 incorporated or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 word "may" shall be construed as permissive and the word "shall"
 shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 headings herein are for convenience only and shall not affect the construction of these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references
 to statutes are, unless otherwise specified, references to statutes of the Islands and, subject
 to paragraph (b) above, include any statutory modification or re-enactment thereof for the
 time being in force; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) where
 an Ordinary Resolution is expressed to be required for any purpose, a Special Resolution
 is also effective for that purpose.

**Commencement of Business**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 business of the Company may be commenced as soon after incorporation as the Directors shall
 see fit, notwithstanding that only some of the shares may have been allotted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Directors may pay, out of the capital or any other monies of the Company, all expenses incurred
 in or about the formation and establishment of the Company including the expenses of registration.

**Situation of offices of the Company** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. (a) The
 registered office of the Company shall be situated at the office of Campbells Corporate Services Limited, Floor 4, Willow House,
 Cricket Square, Grand Cayman KY1-9010, Cayman Islands, or at such other place in the Cayman Islands as the directors may at any time
 decide.

(b) The
 Company, in addition to its registered office, may establish and maintain such other offices, places of business and agencies in
 the Islands and elsewhere as the Directors may from time to time determine.

**Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) Subject
 to the rules of any Designated Stock Exchange and to the provisions, if any, in the Memorandum and these Articles, the Directors
 have general and unconditional authority to allot, grant options over, offer or otherwise deal with or dispose of any unissued shares
 in the capital of the Company without the approval of holders of Shares (whether forming part of the original or any increased share
 capital), either at a premium or at par, with or without preferred, deferred or other special rights or restrictions, whether in
 regard to dividend, voting, return of capital or otherwise and to such persons, on such terms and conditions, and at such times as
 the Directors may decide, but so that no share shall be issued at a discount, except in accordance with the provisions of the Law.
 In particular and without prejudice to the generality of the foregoing, the Board is hereby empowered to authorize by resolution
 or resolutions from time to time and without the approval of holders of Shares the issuance of one or more classes or series of preferred
 Shares, to cause to be issued such preferred shares and to fix the designations, powers, preferences and relative, participating,
 optional and other rights, if any, and the qualifications, limitations and restrictions thereof, if any, including, without limitation,
 the number of shares constituting each such class or series, dividend rights, conversion rights, redemption privileges, voting powers,
 full or limited or no voting powers, and liquidation preferences, and to increase or decrease the size of any such class or series
 (but not below the number of Shares of any class or series of preferred Shares then outstanding) to the extent permitted by Law.
 Without limiting the generality of the foregoing, the resolution or resolutions providing for the establishment of any class or series
 of preferred shares may, to the extent permitted by law, provide that such class or series shall be superior to, rank equally with
 or be junior to the preferred Shares of any other class or series.

(b) The
 Company shall not issue shares or warrants to bearer.

(c) Subject
 to the rules of any Designated Stock Exchange, the Directors have general and unconditional authority to issue warrants or convertible
 securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of shares
 or securities in the capital of the Company to such persons, on such terms and conditions, and at such times as the Directors may
 decide.

(d) The
 Company may issue fractions of a share of any class and a fraction of a share shall be subject to and carry the corresponding fraction
 of liabilities (whether with respect to nominal or par value, premium, contribution, calls or otherwise howsoever), limitations,
 preferences, privileges, qualifications, restrictions, rights and other attributes of a whole share of that class of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 Company may, in so far as the Law permits, pay a commission to any person in consideration
 of his subscribing or agreeing to subscribe, whether absolutely or conditionally, or procuring
 or agreeing to procure subscriptions (whether absolute or conditional) for any shares in
 the capital of the Company. Such commissions may be satisfied by the payment of cash or the
 allotment of fully or partly paid up shares or partly in one way and partly in the other.
 The Company may also, on any issue of shares, pay such brokerage fees as may be lawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Except
 as required by law, no person shall be recognized by the Company as holding any share upon
 any trust, and the Company shall not be bound by or be compelled in any way to recognize
 (even when having notice thereof) any equitable, contingent, future or partial interest in
 any share (except only as by these Articles or by law otherwise provided) or any other rights
 in respect of any share except an absolute right to the entirety thereof in the holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. (a) If
 at any time the share capital is divided into different classes of shares, the rights attached
 to any class of shares (unless otherwise provided by these Articles or the terms of issue
 of the shares of that class) may be varied with the consent in writing of the holders of
 two-thirds of the issued shares of that class or with the sanction of a Special Resolution
 passed at a separate general meeting of the holders of the shares of that class. To every
 such separate general meeting, the provisions of these Articles relating to general meetings
 shall *mutatis mutandis* apply, but so that the necessary quorum shall be any one or
 more persons holding or representing by proxy not less than one-third of the issued shares
 of the class and that any holder of shares of the class present in person or by proxy may
 demand a poll;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 *pari passu* therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The
 Directors may accept contributions to the capital of the Company otherwise than in consideration
 of the issue of shares and the amount of any such contribution shall, unless otherwise agreed
 at the time of such contribution is made, be treated as share premium and shall be subject
 to the provisions of the Law and these Articles applicable to share premium.

**Share Certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. A
 Member shall only be entitled to a share certificate if the Directors resolve that share
 certificates shall be issued. Share certificates representing Shares, if any, shall be in
 such form as the Directors may determine. Share certificates shall be signed by one or more
 Directors or other person authorized by the Directors. The Directors may authorize certificates
 to be issued with the authorized signature(s) affixed by mechanical process. All certificates
 for Shares shall be consecutively numbered or otherwise identified and shall specify the
 Shares to which they relate. All certificates surrendered to the Company for transfer shall
 be cancelled and subject to the Articles and no new certificate shall be issued until the
 former certificate representing a like number of relevant Shares shall have been surrendered
 and cancelled. The Company shall be authorized to issue Shares in uncertificated form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Every
 share certificate of the Company shall bear legends required under the applicable laws, including
 the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. If
 a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms
 (if any) as to evidence and indemnity and payment of the expenses reasonably incurred by
 the Company in investigating evidence as the Directors may determine but otherwise free of
 charge, and (in the case of defacement or wearing-out) on delivery to the Company of the
 old certificate.

**Lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The
 Company shall have a first and paramount lien on every share (not being a fully paid share)
 for all moneys (whether presently payable or not) payable at a fixed time or called in respect
 of that share. The Directors may at any time declare any share to be wholly or in part exempt
 from the provisions of this Article. The Company's lien on a share shall extend to
 any amount in respect of it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The
 Company may sell in such manner as the Directors determine any shares on which the Company
 has a lien if a sum in respect of which the lien exists is presently payable and is not paid
 within fourteen (14) clear days after notice has been given to the holder of the share or
 to the person entitled to it in consequence of the death or bankruptcy of the holder, demanding
 payment and stating that if the notice is not complied with the shares may be sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. To
 give effect to a sale the Directors may authorize some person to execute an instrument of
 transfer of the shares sold to, or in accordance with the directions of, the purchaser. The
 title of the transferee to the shares shall not be affected by any irregularity or invalidity
 in the proceedings in reference to the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The
 net proceeds of the sale, after payment of the costs, shall be applied in payment of so much
 of the sum for which the lien exists as is presently payable, and any residue shall (upon
 surrender to the Company for cancellation of the certificate for the shares sold and subject
 to a like lien for any moneys not presently payable as existed upon the shares before the
 sale) be paid to the person entitled to the shares at the date of the sale.

**Calls on shares and Forfeiture**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Subject
 to the terms of allotment, the Directors may make calls upon the Members in respect of any
 moneys unpaid on their shares (whether in respect of nominal value or premium) and each Member
 shall (subject to receiving at least fourteen (14) clear days' notice specifying when
 and where payment is to be made) pay to the Company as required by the notice the amount
 called on his shares. A call may be required to be paid by installments. A call may, before
 receipt by the Company of any sum due thereunder, be revoked in whole or in part and payment
 of a call may be postponed in whole or in part. A person upon whom a call is made shall remain
 liable for calls made upon him notwithstanding the subsequent transfer of the shares in respect
 of which the call was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. A
 call shall be deemed to have been made at the time when the resolution of the Directors authorizing
 the call was passed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. The
 joint holders of a share shall be jointly and severally liable to pay all calls in respect
 of the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. If
 a call remains unpaid after it has become due and payable the person from whom it is due
 and payable shall pay interest on the amount unpaid from the day it became due and payable
 until it is paid at the rate fixed by the terms of allotment of the share or in the notice
 of the call or, if no rate is fixed, at an annual rate of ten percent (10%) but the Directors
 may waive payment of the interest wholly or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. An
 amount payable in respect of a share on allotment or at any fixed date, whether in respect
 of nominal value or premium or as an installment of a call, shall be deemed to be a call,
 and if it is not paid when due all the provisions of the Articles shall apply as if that
 amount had become due and payable by virtue of a call.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Subject
 to the terms of allotment, the Directors may make arrangements on the issue of shares for
 a difference between the holders in the amounts and times of payment of calls on their shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. If
 a call remains unpaid after it has become due and payable the Directors may give to the person
 from whom it is due not less than fourteen (14) clear days' notice requiring payment
 of the amount unpaid, together with any interest which may have accrued. The notice shall
 name the place where payment is to be made and shall state that if the notice is not complied
 with the shares in respect of which the call was made will be liable to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. If
 the notice is not complied with any share in respect of which it was given may, before the
 payment is required by the notice has been made, be forfeited by a resolution of the Directors
 and the forfeiture shall include all dividends or other moneys payable in respect of the
 forfeited shares and not paid before the forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Subject
 to the provisions of the Law, a forfeited share may be sold, re-allotted or otherwise disposed
 of on such terms and in such manner as the Directors determine either to the person who was
 before the forfeiture the holder or to any other person, and at any time before a sale, re-allotment
 or other disposition, the forfeiture may be canceled on such terms as the Directors think
 fit. Where for the purposes of its disposal a forfeited share is to be transferred to any
 person the Directors may authorize any person to execute an instrument of transfer of the
 share to that person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. A
 person any of whose shares have been forfeited shall cease to be a Member in respect of them
 and shall surrender to the Company for cancellation the certificate for the shares forfeited
 but shall remain liable to the Company for all moneys which at the date of forfeiture were
 presently payable by him to the Company in respect of those shares with interest at the rate
 at which interest was payable on those moneys before the forfeiture or, if no interest was
 so payable, at an annual rate of ten percent (10%) from the date of forfeiture until payment
 but the Directors may waive payment wholly or in part or enforce payment without any allowance
 for the value of the shares at the time of forfeiture or for any consideration received on
 their disposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. A
 statutory declaration by a Director or the Secretary that a share has been forfeited on a
 specified date shall be conclusive evidence of the facts stated in it as against all persons
 claiming to be entitled to the share and the declaration shall (subject to the execution
 of an instrument of transfer if necessary) constitute a good title to the share and the person
 to whom the share is disposed of shall not be bound to see to the application of the consideration,
 if any, nor shall his title to the share be affected by any irregularity in or invalidity
 of the proceedings in reference to the forfeiture or disposal of the share.

**Transfer of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Subject
 to these Articles, any Member may transfer all or any of his shares by an instrument of transfer
 in the usual or common form or in a form prescribed by any Designated Stock Exchange or in
 any other form approved by the Board and may be under hand or, if the transferor or transferee
 is a Clearing House, by hand or by electronic machine imprinted signature or by such other
 manner of execution as the Board may approve from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. The
 instrument of transfer shall be executed by or on behalf of the transferor and the transferee
 provided that the Board may dispense with the execution of the instrument of transfer by
 the transferee in any case which it thinks fit in its discretion to do so. Without prejudice
 to Article 29, the Board may also resolve, either generally or in any particular case, upon
 request by either the transferor or transferee, to accept mechanically executed transfers.
 The transferor shall be deemed to remain the holder of the share until the name of the transferee
 is entered in the Register of Members in respect thereof. Nothing in these Articles shall
 preclude the Board from recognizing a renunciation of the allotment or provisional allotment
 of any share by the allottee in favour of some other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. (1)
 The Board may, in its absolute discretion, and without giving any reason therefore, refuse
 to register a transfer of any share that is not a fully paid up share to a person of whom
 it does not approve, or any share issued under any share incentive scheme for employees upon
 which a restriction on transfer imposed thereby still subsists, and it may also, without
 prejudice to the foregoing generality, refuse to register a transfer of any share to more
 than four joint holders or a transfer of any share that is not a fully paid up share on which
 the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Board may, in its absolute discretion, and without giving any reason therefore, determine that the Company shall maintain one or more branch registers of Members in accordance with the Law. The Board may also, in its absolute discretion, and without giving any reason therefore, determine which register of Members shall constitute the principal register and which shall constitute the branch register or registers, and to vary such determination from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Without
 limiting the generality of Article 31, the Board may decline to recognize any instrument
 of transfer unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 fee of such maximum sum as any Designated Stock Exchange may determine to be payable or such
 lesser sum as the Board may from time to time require is paid to the Company in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 instrument of transfer is in respect of only one class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Shares are fully paid and free of any lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 instrument of transfer is lodged at the registered office or such other place at which the
 Register of Members is kept in accordance with the accompanied by any relevant share certificate(s)
 and/or such other evidence as the Board may reasonably require to show the right of the transferor
 to make the transfer (and, if the instrument of transfer is executed by some other person
 on his behalf, the authority of that person so to do); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 applicable, the instrument of transfer is duly and properly stamped.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. If
 the Directors refuse to register a transfer of a share, they shall within one month after
 the date on which the transfer was lodged with the Company send to the transferee notice
 of the refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. The
 registration of transfers of shares or of any class of shares may, after compliance with
 any notice requirement of any Designated Stock Exchange, be suspended and the Register of
 Members be closed at such times and for such periods (not exceeding in the whole thirty (30)
 days in any year) as the Board may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. The
 Company shall be entitled to retain any instrument of transfer which is registered, but any
 instrument of transfer which the Directors refuse to register shall be returned to the person
 lodging it when notice of the refusal is given.

**Transmission of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. If
 a Member dies the survivor, or survivors where he was a joint holder, and his personal representatives
 where he was a sole holder or the only survivor of joint holders shall be the only persons
 recognized by the Company as having any title to his interest; but nothing in the Articles
 shall release the estate of a deceased Member from any liability in respect of any share
 which had been jointly held by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. A
 person becoming entitled to a share in consequence of the death or bankruptcy of a Member
 may, upon such evidence being produced as the Directors may properly require, elect either
 to become the holder of the share or to have some person nominated by him registered as the
 transferee. If he elects to become the holder he shall give notice to the Company to that
 effect. If he elects to have another person registered he shall execute an instrument of
 transfer of the share to that person. All the Articles relating to the transfer of shares
 shall apply to the notice or instrument of transfer as if it were an instrument of transfer
 executed by the Member and the death or bankruptcy of the Member had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. A
 person becoming entitled to a share by reason of the death or bankruptcy of a Member shall
 have the rights to which he would be entitled if he were the holder of the share, except
 that he shall not, before being registered as the holder of the share, be entitled in respect
 of it to attend or vote at any meeting of the Company or at any separate meeting of the holders
 of any class of shares in the Company.

**Changes of Capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. (a) Subject
 to and in so far as permitted by the provisions of the Law, the Company may from time to
 time by Ordinary Resolution alter or amend the Memorandum to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase
 its share capital by such sum, to be divided into shares of such amount, as the resolution
 shall prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consolidate
 and divide all or any of its share capital into shares of larger amounts than its existing
 shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) convert
 all or any of its paid up shares into stock and reconvert that stock into paid up shares
 of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) sub-divide
 its existing shares, or any of them, into shares of smaller amounts than is fixed by the
 Memorandum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) cancel
 any shares which, at the date of the passing of the resolution, have not been taken or agreed
 to be taken by any person, and diminish the amount of its share capital by the amount of
 the shares so cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 so far as otherwise provided by the conditions of issue, the new shares shall be subject
 to the same provisions with reference to the payment of calls, lien, transfer, transmission,
 forfeiture and otherwise as the shares in the original share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Whenever
 as a result of a consolidation of shares any Members would become entitled to fractions of
 a share, the Directors may, on behalf of those Members, sell the shares representing the
 fractions for the best price reasonably obtainable to any person (including, subject to the
 provisions of the Law, the Company) and distribute the net proceeds of sale in due proportion
 among those Members, and the Directors may authorize some person to execute an instrument
 of transfer of the shares to, or in accordance with the directions of the purchaser. The
 transferee shall not be bound to see to the application of the purchase money nor shall his
 title to the shares be affected by any irregularity in or invalidity of the proceedings in
 reference to the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. The
 Company may by Special Resolution reduce its share capital and any capital redemption reserve
 in any manner and with, and subject to, any incident, consent, order or other matter required
 by law.

**Redemption and Purchase of Own Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Subject
 to the provisions of the Law and these Articles, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 shares on terms that they are to be redeemed or are liable to be redeemed at the option of
 the Company or the Member on such terms and in such manner as the Directors may, before the
 issue of shares, determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase
 its own shares (including any redeemable shares) in such manner and on such terms as the
 Directors may determine and agree with the relevant Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 a payment in respect of the redemption or purchase of its own shares in any manner authorized
 by the Law, including out of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. The
 Directors may, when making a payment in respect of the redemption or purchase of shares,
 if so authorized by the terms of issue of the shares (or otherwise by agreement with the
 holder of such shares) make such payment in cash or in specie (or partly in one and partly
 in the other).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Upon
 the date of redemption or purchase of a share, the holder shall cease to be entitled to any
 rights in respect thereof (excepting always the right to receive (i) the price therefore
 and (ii) any dividend which had been declared in respect thereof prior to such redemption
 or purchase being effected) and accordingly his name shall be removed from the Register of
 Members with respect thereto and the share shall be cancelled.

**Treasury Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. The
 Directors may, prior to the purchase, redemption or surrender of any Share, determine that
 such Share shall be held as a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. The
 Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms
 as they think proper (including, without limitation, for nil consideration).

**Register of Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. The
 Company shall maintain or cause to be maintained an overseas or local Register of Members
 in accordance with the Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. The
 Directors may determine that the Company shall maintain one or more branch registers of Members
 in accordance with the Law. The Directors may also determine which register of Members shall
 constitute the principal register and which shall constitute the branch register or registers,
 and to vary such determination from time to time.

**Closing Register of Members or Fixing Record Date**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. For
 the purpose of determining Members entitled to notice of, or to vote at any meeting of Members
 or any adjournment thereof, or Members entitled to receive payment of any dividend or other
 distribution, or in order to make a determination of Members for any other purpose, the Directors
 may provide that the Register of Members shall be closed for transfers for a stated period
 which shall not in any case exceed forty (40) clear days. If the Register shall be so closed
 for the purpose of determining those Members that are entitled to receive notice of, attend
 or vote at a meeting of Members, the Register shall be so closed for at least ten (10) clear
 days immediately preceding such meeting and the record date for such determination shall
 be the date of the closure of the Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. In
 lieu of, or apart from, closing the Register of Members, the Directors may fix in advance
 or arrears a date as the record date for any such determination of Members entitled to notice
 of, or to vote at any meeting of the Members or any adjournment thereof, or for the purpose
 of determining the Members entitled to receive payment of any dividend or other distribution,
 or in order to make a determination of Members for any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. If
 the Register of Members is not so closed and no record date is fixed for the determination
 of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled
 to receive payment of a dividend or other distribution, the date on which notice of the meeting
 is sent or posted or the date on which the resolution of the Directors resolving to pay such
 dividend or other distribution is passed, as the case may be, shall be the record date for
 such determination of Members. When a determination of Members entitled to vote at any meeting
 of Members has been made as provided in this Article, such determination shall apply to any
 adjournment thereof.

**General Meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. All
 general meetings other than annual general meetings shall be called extraordinary general
 meetings and the Company shall specify the meeting as such in the notices calling it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. The
 Company may, but shall not (unless required by the Law) be obliged to, in each year hold
 a general meeting as its annual general meeting, and shall specify the meeting as such in
 the notices calling it. Any general meeting shall be held at such time and place as the Directors
 shall appoint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. At
 the annual general meeting, the report of the Directors (if any) shall be presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. The
 Directors may, whenever they think fit, convene an extraordinary general meeting of the Company,
 and they shall on a Members' requisition in accordance with the Articles forthwith
 proceed to convene an extraordinary general meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. A
 Members' requisition is a requisition of Members holding at the date of deposit of
 the requisition not less than two-thirds, in par value of the issued shares which as at that
 date carry the right to vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. The
 Members' requisition must state the objects of the meeting and must be signed by the
 requisitionists and deposited at the registered office, and may consist of several documents
 in like form each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. If
 there are no Directors as at the date of the deposit of the Members' requisition or
 if the Directors do not within twenty-one days from the date of the deposit of the Members'
 requisition duly proceed to convene a general meeting to be held within a further twenty-one
 days, the requisitionists, or any of them representing more than one-half of the total voting
 rights of all of the requisitionists, may themselves convene a general meeting, but any meeting
 so convened shall be held no later than the day which falls three months after the expiration
 of the said twenty-one day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. A
 general meeting convened as aforesaid by requisitionists shall be convened in the same manner
 as nearly as possible as that in which general meetings are to be convened by Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. Notwithstanding
 any other provision of the Articles, the Members who requisition a meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) May
 propose only Ordinary Resolutions to be considered and voted upon at such meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Shall
 have no right to propose any resolutions with respect to the election, appointment or removal
 of Directors or with respect to the size of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. Save
 as set out in Articles 52 to 60, the Members have no right to propose resolutions to be considered
 or voted upon at annual general meetings or extraordinary general meetings of the Company.

**Notice of General Meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. At
 least ten (10) clear days' notice specifying the place, the day and the hour of each
 general meeting and the general nature of such business to be transacted thereat shall be
 given in the manner hereinafter provided, or in such other manner (if any) as may be prescribed
 by Ordinary Resolution, to such persons as are entitled to vote or may otherwise be entitled
 under these Articles to receive such notices from the Company; provided that a general meeting
 of the Company shall, whether or not the notice specified in this Article has been given
 and whether or not the provisions of the Articles regarding general meetings have been complied
 with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of an annual general meeting, by all of the Members entitled to attend and vote
 thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of an extraordinary general meeting, by a majority in number of the Members having
 a right to attend and vote at the meeting, together holding not less than 95%, in par value
 of the Shares giving that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. The
 accidental omission to give notice of a general meeting to, or the non-receipt of notice
 of a meeting by, any person entitled to receive notice shall not invalidate the proceedings
 at that general meeting.

**Proceedings at General Meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. No
 business shall be transacted at any meeting unless a quorum is present at the time when the
 meeting proceeds to business. Members holding not less than an aggregate of one-third in
 nominal value of the total issued voting shares in the Company entitled to vote upon the
 business to be transacted, shall be a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. If
 a quorum is not present within half an hour from the time appointed for the meeting to commence
 or if during such a meeting a quorum ceases to be present, the meeting, if convened upon
 a Members' requisition, shall be dissolved and in any other case it shall stand adjourned
 and shall reconvene on the same day in the next week at the same time and/or place or to
 such other day, time and/or place as the Directors may determine, and if at the reconvened
 meeting a quorum is not present within half an hour from the time appointed for the meeting
 to commence, the Members present shall be a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. If
 the Directors wish to make this facility available for a specific general meeting or all
 general meetings of the Company, participation in any general meeting of the Company may
 be by means of a telephone or similar communication equipment by way of which all Persons
 participating in such meeting can communicate with each other and such participation shall
 be deemed to constitute presence in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. The
 chairman of the board of Directors or in his absence some other Director nominated by the
 Directors shall preside as chairman of the meeting, but if neither the chairman nor such
 other Director (if any) is present within fifteen minutes after the time appointed for holding
 the meeting and willing to act, the Directors present shall elect one of their number to
 be chairman and, if there is only one Director present and willing to act, he shall be chairman.
 If no Director is willing to act as chairman, or if no Director is present within fifteen
 minutes after the time appointed for holding the meeting, the Members present in person or
 by proxy and entitled to vote shall choose one of their number to be chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. The
 order of business at each such meeting shall be as determined by the chairman of the meeting.
 The chairman of the meeting shall have the right and authority to prescribe such rules, regulations
 and procedures and to do all such acts and things as are necessary or desirable for the proper
 conduct of the meeting, including, without limitation, the establishment of procedures for
 the maintenance of order and safety, limitations on the time allotted to questions or comments
 on the affairs of the Company, restrictions on entry to such meeting after the time prescribed
 for the commencement thereof, and the opening and closing of the polls. The chairman of the
 meeting shall announce at each such meeting the date and time of the opening and the closing
 of the polls for each matter upon which the Members will vote at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. A
 Director shall, notwithstanding that he is not a Member, be entitled to attend and speak
 at any general meeting and at any separate meeting of the holders of any class of shares
 in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. The
 chairman may, with the consent of any meeting at which a quorum is present (and shall if
 so directed by the meeting), adjourn the meeting from time to time and from place to place,
 but no business shall be transacted at any adjourned meeting other than business which might
 properly have been transacted at the meeting had the adjournment not taken place. When a
 meeting is adjourned for fourteen days or more, at least seven (7) clear days' notice
 shall be given specifying the time and place of the adjourned meeting and the general nature
 of the business to be transacted. Otherwise it shall not be necessary to give any such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. At
 each meeting of the Members, all corporate actions, including the election of Directors,
 to be taken by vote of the Members (except as otherwise required by applicable law and except
 as otherwise provided in these Articles) shall be authorized by Ordinary Resolution. Where
 a separate vote by a class or classes or series is required, the affirmative vote of the
 majority of Shares of such class or classes or series present in person or represented by
 proxy at the meeting shall be the act of such class or series (unless provided otherwise
 in the resolutions providing for the issuance of such series).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. At
 any general meeting a resolution put to the vote of the meeting shall be decided on a poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. A
 poll shall be taken in such manner as the chairman directs and he may appoint scrutineers
 (who need not be Members) and fix a place and time for declaring the result of the poll.
 The result of the poll shall be deemed to be the resolution of the meeting at which the poll
 was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. In
 the case of equality of votes, the chairman shall be entitled to a casting vote in addition
 to any other vote he may have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. Any
 action required or permitted to be taken at any annual or extraordinary general meetings
 of the Company may be taken only upon the vote of the Members at an annual or extraordinary
 general meeting duly noticed and convened in accordance with these Articles and the Law and
 may not be taken by written resolution of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. If
 for so long as the Company has only one Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to a general meeting, the sole Member or a proxy for that Member or (if the Member
 is a corporation) a duly authorized representative of that Member is a quorum and Article
 64 is modified accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 sole Member may agree that any general meeting be called by shorter notice than that provided
 for by the Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 other provisions of the Articles apply with any necessary modification (unless the provision
 expressly provides otherwise).

**Votes of Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. Subject
 to any rights or restrictions attached to any shares, every Member who (being an individual)
 is present in person or by proxy or (being a corporation) is present by a duly authorized
 representative not being himself a Member entitled to vote, shall have one vote, and on a
 poll every Member and every person representing a Member by proxy shall have one vote for
 every share of which he is the holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. In
 the case of joint holders, the vote of the senior joint holder who tenders a vote, whether
 in person or by proxy, shall be accepted to the exclusion of the votes of the other joint
 holders; and seniority shall be determined by the order in which the names of the holders
 stand in the Register of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. A
 Member in respect of whom an order has been made by any court having jurisdiction (whether
 in the Islands or elsewhere) in matters concerning mental disorder may vote, by his receiver, *curator bonis* or other person authorized in that behalf appointed by that court, and
 any such receiver, *curator bonis* or other person may vote by proxy. Evidence to the
 satisfaction of the Directors of the authority of the person claiming to exercise the right
 to vote shall be received at the registered office of the Company, or at such other place
 as is specified in accordance with the Articles for the deposit or delivery of forms of appointment
 of a proxy, or in any other manner specified in the Articles for the appointment of a proxy,
 not less than forty-eight eight hours before the time

appointed for holding the meeting or adjourned meeting at which the right to vote is to be exercised and in default the right to vote shall not be exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. No
 Member shall, unless the Directors otherwise determine, be entitled to vote at any general
 meeting or at any separate meeting of the holders of any class of shares in the Company,
 either in person or by proxy, in respect of any share held by him unless all moneys presently
 payable by him in respect of that share have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. No
 objection shall be raised to the qualification of any voter except at the meeting or adjourned
 meeting at which the vote objected to is tendered, and every vote not disallowed at the meeting
 shall be valid. Any objection made in due time shall be referred to the chairman whose decision
 shall be final and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. Votes
 may be given either personally or by proxy. Deposit or delivery of a form of appointment
 of a proxy does not preclude a Member from attending and voting at the meeting or at any
 adjournment of it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. A
 Member entitled to more than one vote need not, if he votes, use all his votes or cast all
 votes he uses the same way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. Subject
 as set out herein, an instrument appointing a proxy shall be in writing in any usual form
 or in any other form which the Directors may approve and shall be executed by or on behalf
 of the appointor save that, subject to the Law, the Directors may accept the appointment
 of a proxy received in an electronic communication at an address specified for such purpose,
 on such terms and subject to such conditions as they consider fit. The Directors may require
 the production of any evidence which they consider necessary to determine the validity of
 any appointment pursuant to this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. The
 form of appointment of a proxy and any authority under which it is executed or a copy of
 such authority certified notarially or in some other way approved by the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of an instrument in writing, be left at or sent by post to the registered office
 of the Company or such other place within the Islands as is specified in the notice convening
 the meeting or in any form of appointment of proxy sent out by the Company in relation to
 the meeting at any time before the time for holding the meeting or adjourned meeting at which
 the person named in the form of appointment of proxy proposes to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of an appointment of a proxy contained in an electronic communication, where an
 address has been specified by or on behalf of the Company for the purpose of receiving electronic
 communications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 any form of appointment of a proxy sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 any invitation contained in an electronic communication to appoint a proxy issued by the
 Company in relation to the meeting;

be received at such address at any time before the time for holding the meeting or adjourned meeting at which the person named in the form of appointment of proxy proposes to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 the case of a poll taken more than forty-eight eight hours after it is demanded, be deposited
 or delivered as required by paragraphs (a) or (b) of this Article after the poll has been
 demanded and at any time before the time appointed for the taking of the poll; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where
 the poll is taken immediately but is taken not more than forty-eight eight hours after it
 was demanded, be delivered at the meeting at which the poll was demanded to the chairman
 or to the secretary or to any Director;

and a form of appointment of proxy which is not deposited or delivered in accordance with this Article is invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. Any
 corporation or other non-natural person which is a Member of the Company may in accordance
 with its constitutional documents, or in the absence of such provision by resolution of its
 directors or other governing body, authorize such person as it thinks fit to act as its representative
 at any meeting of the Company or of any class of Members, and the person so authorized shall
 be entitled to exercise the same powers on behalf of the corporation which he represents
 as the corporation could exercise if it were an individual Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. A
 vote or poll demanded by proxy or by the duly authorized representative of a corporation
 shall be valid notwithstanding the previous determination of the authority of the person
 voting or demanding a poll unless notice of the determination was received by the Company
 at the registered office of the Company or, in the case of a proxy, any other place specified
 for delivery or receipt of the form of appointment of proxy or, where the appointment of
 a proxy was contained in an electronic communication, at the address at which the form of
 appointment was received, before the commencement of the meeting or adjourned meeting at
 which the vote is given or the poll demanded or (in the case of a poll taken otherwise than
 on the same day as the meeting or adjourned meeting) the time appointed for taking the poll.

**Number of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. The
 Board shall consist of such number of Directors as a majority of the Directors then in office
 may determine from time to time, and subject always to the rights (if any) of the holders
 of preferred shares (if any) to elect additional directors under specified circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. The
 Board of Directors may elect to have a chairman of the Board of Directors elected and appointed
 by a majority of the Directors then in office. The Directors may also elect a vice-chairman
 of the Board of Directors. The period for which the chairman and the vice- chairman shall
 hold office shall also be determined by a majority of all of the Directors then in office.
 The chairman of the Board of Directors shall preside as chairman at every meeting of the
 Board of Directors. To the extent the chairman of the Board of Directors is not present at
 a meeting of the Board of Directors, the vice-chairman of the Board of Directors (if any),
 or in his absence, the attending Directors may choose one Director to be the chairman of
 the meeting. Observed Article 122 below, the chairman of the Board of Directors' voting
 rights as to the matters to be decided by the Board of Directors shall be the same as other
 Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. The
 Board may, from time to time, and except as required by applicable law or the listing rules
 of any Designated Stock Exchange, adopt, institute, amend, modify or revoke the corporate
 governance policies or initiatives, which shall be intended to set forth the policies of
 the Company and the Board on various corporate governance related matters as the Board shall
 determine by resolution from time to time.

**Alternate Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. Any
 Director (but not an alternate Director) may by writing appoint any other Director, or any
 other person willing to act, to be an alternate Director and by writing may remove from office
 an alternate Director so appointed by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. An
 alternate Director shall be entitled to receive notice of all meetings of Directors and of
 all meetings of committees of Directors of which his appointor is a member, to attend and
 vote at every such meeting at which the Director appointing him is not personally present,
 to sign any written resolution of the Directors, and generally to perform all the functions
 of his appointor as a Director in his absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. An
 alternate Director shall cease to be an alternate Director if his appointor ceases to be
 a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. Any
 appointment or removal of an alternate Director shall be by notice to the Company signed
 by the Director making or revoking the appointment or in any other manner approved by the
 Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. Subject
 to the provisions of the Articles, an alternate Director shall be deemed for all purposes
 to be a Director and shall alone be responsible for his own acts and defaults and shall not
 be deemed to be the agent of the Director appointing him.

**Proxy Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. (a) A
 Director but not an alternate Director may be represented at any meetings of the Board of
 Directors by a proxy appointed by him in which event the presence or vote of the proxy shall
 for all purposes be deemed to be that of the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 provisions of Articles 82 to 87 shall *mutatis mutandis* apply to the appointment of
 proxies by Directors.

Any person appointed as a proxy pursuant to paragraph (a) above shall be the agent of the Director, and not an officer of the Company.

**Powers of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. Subject
 to the provisions of the Law, the Memorandum and the Articles, and to any directions given
 by Ordinary Resolution and the listing rules of any Designated Stock Exchange, the business
 of the Company shall be managed by the Directors who may exercise all the powers of the Company.
 No alteration of the Memorandum or Articles and no such direction shall invalidate any prior
 act of the Directors which would have been valid if that alteration had not been made or
 that direction had not been given. The powers given by this Article shall not be limited
 by any special power given to the Directors by the Articles and a meeting of Directors at
 which a quorum is present may exercise all powers exercisable by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. The
 Board may exercise all the powers of the Company to raise capital or borrow money and to
 mortgage or charge all or any part of the undertaking, property and assets (present and future)
 and uncalled capital of the Company and, subject to the Law, to issue debentures, bonds and
 other securities, whether outright or as collateral security for any debt, liability or obligation
 of the Company or of any third party.

**Delegation of Directors' Powers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. Subject
 to these Articles, the Directors may from time to time appoint any Person, whether or not
 a director of the Company, to hold such office in the Company as the Directors may think
 necessary for the administration of the Company, including without prejudice to the foregoing
 generality, the office of the chief executive officer, chief technology officer and chief
 financial officer, one or more vice presidents, managers or controllers, and for such term
 and at such remuneration (whether by way of salary or commission or participation in profits
 or partly in one way and partly in another), and with such powers and duties as the Directors
 may think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. The
 Directors may, by power of attorney or otherwise, appoint any person to be the agent of the
 Company for such purposes and on such conditions as they determine, including authority for
 the agent to delegate all or any of his powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. Subject
 to applicable law and the listing rules of any Designated Stock Exchange, the Directors may
 delegate any of their powers to any committee (including, without limitation, an Audit Committee,
 Compensation Committee or Remuneration Committee and Nomination and Governance Committee),
 consisting of one or more Directors. They may also delegate to any managing Director or any
 Director holding any other executive office such of their powers as they consider desirable
 to be exercised by him. Any such delegation may be made subject to any conditions the Directors
 may impose, and either collaterally with or to the exclusion of its own powers and may be
 revoked or altered. Subject to any such conditions, the proceedings of a committee with two
 or more Members shall be governed by the provisions of the Articles regulating the proceedings
 of Directors so far as they are capable of applying. Where a provision of the Articles refers
 to the exercise of a power, authority or discretion by the Directors and that power, authority
 or discretion has been delegated by the Directors to a committee, the provision shall be
 construed as permitting the exercise of the power, authority or discretion by the committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. The
 Board may establish an Audit Committee, a Compensation Committee or Remuneration Committee
 and a Nomination and Governance Committee and, if such committees are established, it shall
 adopt formal written charters for such committees and 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 these Articles
 and shall have such powers as the Board may delegate pursuant to Article 101. Each of the
 Audit Committee, the Compensation Committee or the Remuneration Committee and the Nomination
 and Governance Committee, if established, shall consist of such number of directors as the
 Board shall from time to time determine (or such minimum number as may be required from time
 to time by any Designated Stock Exchange). For so long as any class of Shares are listed
 on a Designated Stock Exchange, the Audit Committee, the Compensation Committee or the Remuneration
 Committee and the Nomination and Governance Committee shall be made up of such number of
 Independent Directors as required from time to time by any Designated Stock Exchange Rules
 or otherwise required by applicable law.

**Appointment, Disqualification and Removal of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. The
 first directors shall be appointed in writing by the subscriber or subscribers to the Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. The
 Company may by Ordinary Resolution appoint any person to be a Director or may by Ordinary
 Resolution remove any Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. Any
 vacancies on the Board arising other than upon the removal of a Director by Ordinary Resolution
 can be filled by the remaining Director(s) (notwithstanding that the remaining Director(s)
 may constitute fewer than the number of Directors required by Article 88 or fewer than is
 required for a quorum pursuant to Article 121). Any such appointment shall be as an interim
 Director to fill such vacancy until the next general meeting of the Company (and such appointment
 shall terminate at the commencement of such general meeting of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. [Intentionally
 left blank]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. There
 is no age limit for Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. No
 shareholding qualification shall be required for a Director. A Director who is not a Member
 shall nevertheless be entitled to receive notice of and to attend and speak at general meetings
 of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. The
 Board must at all times comply with the residency and citizenship requirements of U.S. securities
 laws applicable to foreign private issuers and shall at no time have a majority of Directors
 who are U.S. Persons. Notwithstanding any other provision in these Articles, no appointment
 or election of a U.S. Person as a Director shall be permitted if such appointment or election
 would have the effect of creating a majority of Directors who are U.S. Persons, and any such
 appointment or election shall be disregarded for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. The
 office of a Director shall be vacated if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 becomes prohibited by law from being a Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 becomes bankrupt or makes any arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he
 dies, or is, in the opinion of all his co-Directors, incapable by reason of mental disorder
 of discharging his duties as Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he
 resigned his office by notice to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) he
 has for more than six months been absent without permission of the Directors from meetings
 of Directors held during that period and the Directors resolve that his office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. [Intentionally
 left blank]

**Remuneration of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. The
 Directors shall be entitled to such remuneration as the Board may determine and, unless otherwise
 determined, the remuneration shall be deemed to accrue from day to day. If established, the
 Compensation Committee or the Remuneration Committee will assist the Board in reviewing and
 approving compensation decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. A
 Director who, at the request of the Directors, goes or resides outside of the Islands, makes
 a special journey or performs a special service on behalf of the Company may be paid such
 reasonable additional remuneration (whether by way of salary, percentage of profits or otherwise)
 and expenses as the Directors may decide.

**Directors' Expenses**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. The
 Directors may be paid all traveling, hotel and other expenses properly incurred by them in
 connection with their attendance at meetings of Directors or committees of Directors or general
 meetings or separate meetings of the holders of any class of shares or of debentures of the
 Company or otherwise in connection with the discharge of their duties.

**Directors' Appointments and Interests**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. The
 Directors may appoint one or more of their body to the office of managing Director or to
 any other executive office under the Company, and the Company may enter into an agreement
 or arrangement with any Director for his/her employment, subject to applicable law and any
 listing rules of the SEC or any Designated Stock Exchange, or for the provision by him of
 any services outside the scope of the ordinary duties of a Director. Any such appointment,
 agreement or arrangement may be made upon such terms as the Directors determine and they
 may remunerate any such Director for his services as they think fit. Any appointment of a
 Director to an executive office shall terminate automatically if he ceases to be a Director
 but without prejudice to any claim to damages for breach of the contract of service between
 the Director and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. Subject
 to the Law and listing rules of any Designated Stock Exchange, if he has disclosed to the
 Directors the nature and extent of any material interest of his, a Director notwithstanding
 his office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may
 be a party to, or otherwise interested in, any transaction or arrangement with the Company
 or in which the Company is otherwise interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may
 be a Director or other officer of, or employed by, or a party to any transaction or arrangement
 with, or otherwise interested in, any body corporate promoted by the Company or in which
 the Company is otherwise interested; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall
 not, by reason of his office, be accountable to the Company for any benefit which he derives
 from any such office or employment or from any such transaction or arrangement or from any
 interest in any such body corporate and no such transaction or arrangement shall be liable
 to be avoided on the ground of any such interest or benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117. For
 the purposes of the preceding Article:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 general notice given to the Directors that a Director is to be regarded as having an interest
 of the nature and extent specified in the notice in any transaction or arrangement in which
 a specified person or class of persons is interested shall be deemed to be a disclosure that
 the Director has an interest in any such transaction of the nature and extent so specified;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 interest of which a Director has no knowledge and of which it is unreasonable to expect him
 to have knowledge shall not be treated as an interest of his.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. A
 Director must disclose any material interest pursuant to the Articles, and such Director
 may not vote at any meeting of Directors or of a committee of Directors on any resolution
 concerning a matter in which he has, directly or indirectly, an interest or duty. The Director
 shall be counted in the quorum present at a meeting when any such resolution is under consideration
 and such resolution may be passed by a majority of the disinterested Directors present at
 the meeting even if such disinterested Directors together constitute less than a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. Notwithstanding
 the foregoing, no "Independent Director" as defined in the rules of any Designated
 Stock Exchange or in Rule 10A-3 under the Exchange Act, and with respect of whom the Board
 has determined constitutes an "Independent Director" for purposes of compliance
 with applicable law or the Company's listing requirements, shall without the consent
 of the Audit Committee take any of the foregoing actions or any other action that would reasonably
 be likely to affect such Director's status as an "Independent Director"
 of the Company.

**Directors' Gratuities and Pensions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. The
 Directors may provide benefits, whether by the payment of gratuities or pensions or by insurance
 or otherwise, for any existing Director or any Director who has held but no longer holds
 any executive office or employment with the Company or with any body corporate which is or
 has been a subsidiary of the Company or a predecessor in business of the Company or of any
 such subsidiary, and for any member of his family (including a spouse and a former spouse)
 or any person who is or was dependent on him, and may (as well before as after he ceases
 to hold such office or employment) contribute to any fund and pay premiums for the purchase
 or provision of any such benefit.

**Proceedings of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. The
 quorum for the transaction of the business of the Directors may be fixed by the Directors,
 and unless so fixed shall be equal to a majority of the Directors then holding office if
 there are two or more Directors, and shall be one if there is only one Director. A person
 who holds office as an alternate Director shall, if his appointor is not present, be counted
 in the quorum. A Director who also acts as an alternate Director shall, if his appointor
 is not present, count twice towards the quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. Subject
 to the provisions of the Articles, the Directors may regulate their proceedings as they determine
 is appropriate. Questions arising at any meeting shall be decided by a majority of votes.
 In the case of an equality of votes, the chairman shall have a second or casting vote. A
 Director who is also an alternate Director shall be entitled in the absence of his appointor
 to a separate vote on behalf of his appointor in addition to his own vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. Meetings
 of the Directors shall be held at least once every calendar quarter and shall take place
 either in China or in the United States or elsewhere previously agreed among the Directors.
 A person may participate in a meeting of the Directors or any committee of Directors by conference
 telephone or other communications equipment by means of which all the persons participating
 in the meeting can communicate with each other at the same time. Participation by a person
 in a meeting in this manner is treated as presence in person at that meeting and is counted
 in a quorum and entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. A
 resolution in writing (in one or more counterparts) signed by all the Directors or all the
 members of a committee of the Directors (an alternate Director being entitled to sign such
 a resolution on behalf of his appointor and if such alternate Director is also a Director,
 being entitled to sign such resolution both on behalf of his appointer and in his capacity
 as a Director) shall be as valid and effectual as if it had been passed at a meeting of the
 Directors, or committee of Directors as the case may be, duly convened and held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. A
 Director or alternate Director may, or other officer of the Company on the direction of a
 Director or alternate Director shall, call a meeting of the Directors by at least five (5)
 clear days' notice in writing to every Director and alternate Director which notice
 shall set forth the general nature of the business to be considered unless notice is waived
 by all the Directors (or their alternates) either at, before or after the meeting is held.
 To any such notice of a meeting of the Directors all the provisions of the Articles relating
 to the giving of notices by the Company to the Members shall apply *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. The
 continuing Directors (or a sole continuing Director, as the case may be) may act notwithstanding
 any vacancy in their body, but if and so long as their number is reduced below the number
 fixed by or pursuant to the Articles as the necessary quorum of Directors the continuing
 Directors or Director may act for the purpose of increasing the number of Directors to be
 equal to such fixed number, or of summoning a general meeting of the Company, but for no
 other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. The
 Directors may elect a chairman of their board and determine the period for which he is to
 hold office; but if no such chairman is elected, or if at any meeting the chairman is not
 present within thirty minutes after the time appointed for the meeting to commence, the Directors
 present may choose one of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. All
 acts done by any meeting of the Directors or of a committee of the Directors (including any
 person acting as an alternate Director) shall, notwithstanding that it is afterwards discovered
 that there was some defect in the appointment of any Director or alternate Director, and/or
 that they or any of them were disqualified, and/or had vacated their office and/or were not
 entitled to vote, be as valid as if every such person had been duly appointed and/or not
 disqualified to be a Director or alternate Director and/or had not vacated their office and/or
 had been entitled to vote, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. A
 Director who is present at a meeting of the Directors at which action on any Company matter
 is taken shall be presumed to have assented to the action taken unless his dissent shall
 be entered in the minutes of the meeting or unless he shall file his written dissent from
 such action with the person acting as the secretary of the meeting before the adjournment
 thereof or shall forward such dissent by registered mail to the Company immediately after
 the conclusion of the meeting. Such right to dissent shall not apply to a Director who voted
 in favour of such action.

**Secretary and other officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. The
 Directors may by resolution appoint a Secretary and may by resolution also appoint such other
 officers as may from time to time be required upon such terms as the duration of office,
 remuneration and otherwise as they may think fit. Such Secretary or other officers need not
 be Directors and in the case of the other officers may be ascribed such titles as the Directors
 may decide. The Directors may by resolution remove any Secretary or other officer appointed
 pursuant to this Article.

**Minutes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. The
 Directors shall cause minutes to be made in books kept for the purposes of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 appointments of officers made by the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 resolutions and proceedings of meetings of the Company, of the holders of any class of shares
 in the Company, and of the Directors, and of committees of Directors, including the names
 of the Directors present at each such meeting.

**Seal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. (a)
 The Company may, if the Directors so determine, have a Seal. The Seal shall only be used
 by the authority of the Directors or of a committee of Directors authorized by the Directors.
 The Directors may determine who shall sign any instrument to which the Seal is affixed, and
 unless otherwise so determined every such instrument shall be signed by a Director and by
 the Secretary or by a second Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company may have for use in any place or places outside the Islands a duplicate Seal or Seals,
 each of which shall be a reproduction of the Seal of the Company and, if the Directors so
 determine, shall have added on its face the name of every place where it is to be used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Directors may by resolution determine (i) that any signature required by this Article need
 not be manual, but may be affixed by some other method or system of reproduction or mechanical
 or electronic signature and/or; (ii) that any document may bear a printed reproduction of
 the Seal in lieu of affixing the Seal thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 document or deed otherwise duly executed and delivered by or on behalf of the Company shall
 be regarded as invalid merely because at the date of the delivery of the deed or document,
 the Director, Secretary or other officer or person who shall have executed the same or affixed
 the Seal thereto, as the case may be, for and on behalf of the Company shall have ceased
 to hold such office and authority on behalf of the Company.

**Dividends**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. Subject
 to the provisions of the Law, the Company may by Ordinary Resolution declare dividends (including
 interim dividends) in accordance with the respective rights of the Members, but no dividend
 shall exceed the amount recommended by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. Subject
 to the provisions of the Law, the Directors may declare dividends in accordance with the
 respective rights of the Members and authorize payment of the same out of the funds of the
 Company lawfully available therefore. If at any time the share capital is divided into different
 classes of shares the Directors may pay dividends on shares which confer deferred or non-preferred
 rights with regard to dividends as well as on shares which confer preferential rights with
 regard to dividends, but no dividend shall be paid on shares carrying deferred or non-preferred
 rights if, at the time of payment, any preferential dividend is in arrears. The Directors
 may also pay at intervals settled by them any dividend payable at a fixed rate if it appears
 that there are sufficient funds of the Company lawfully available for distribution to justify
 the payment. Provided the Directors act in good faith they shall not incur any liability
 to the holders of shares conferring preferred rights for any loss they may suffer by the
 lawful payment of a dividend on any shares having deferred or non- preferred rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. The
 Directors may, before recommending or declaring any dividend, set aside out of the funds
 legally available for distribution such sums as they think proper as a reserve or reserves
 which shall, at the discretion of the Directors, be applicable for meeting contingencies,
 or for equalising dividends or for any other purpose to which those funds may be properly
 applied and pending such application may, at the like discretion, either be employed in the
 business of the Company or be invested in such investments (other than shares in the capital
 of the Company) as the Directors may from time to time think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. Except
 as otherwise provided by the rights attached to shares, all dividends shall be declared and
 paid according to the amounts paid up on the shares on which the dividend is paid. All dividends
 shall be paid in proportion to the number of shares a Member holds during any portion or
 portions of the period in respect of which the dividend is paid; but, if any share is issued
 on terms providing that it shall rank for dividend as from a particular date, that share
 shall rank for dividend accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. The
 Directors may deduct from a dividend or other amounts payable to a person in respect of a
 share any amounts due from him to the Company on account of a call or otherwise in relation
 to a share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. Any
 Ordinary Resolution, or Directors' resolution declaring a dividend may direct that
 it shall be satisfied wholly or partly by the distribution of assets and, where any difficulty
 arises in regard to such distribution, the Directors may settle the same and in particular
 may issue fractional certificates and fix the value for distribution of any assets and may
 determine that cash shall be paid to any Member upon the footing of the value so fixed in
 order to adjust the rights of Members and may vest any assets in trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Any
 dividend or other moneys payable on or in respect of a share may be paid by cheque sent by
 post to the registered address of the person entitled or, if two or more persons are the
 holders of the share or are jointly entitled to it by reason of the death or bankruptcy of
 the holder, to the registered address of that one of those persons who is first named in
 the Register of Members or to such person and to such address as the person or persons entitled
 may in writing direct. Subject to any applicable law or

regulations, every cheque shall be made payable to the order of the person or persons entitled or to such other person as the person or persons entitled may in writing direct and payment of the cheque shall be a good discharge to the Company. Any joint holder or other person jointly entitled to a share as aforesaid may give receipts for any dividend or other moneys payable in respect of the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. No
 dividend or other moneys payable in respect of a share shall bear interest against the Company
 unless otherwise provided by the rights attached to the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. Any
 dividend which has remained unclaimed for six years from the date when it became due for
 payment shall, if the Directors so resolve, be forfeited and cease to remain owing by the
 Company.

**Accounting Records and Audit**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. The
 books of account relating to the Company's affairs shall be kept in such manner as
 may be determined from time to time by the Directors. The books of account shall be kept
 at the registered office, or at such other place or places as the Directors think fit, and
 shall always be open to the inspection of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. The
 Directors may from time to time determine whether and to what extent and at what times and
 places and under what conditions or regulations the accounts and books of the Company or
 any of them shall be open to the inspection of Members not being Directors, and no Member
 (not being a Director) shall have any right of inspecting any account or book or document
 of the Company except as conferred by applicable law, listing rules of any Designated Stock
 Exchange, or authorized by the Directors or by Ordinary Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. [Intentionally
 left blank]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. [Intentionally
 left blank]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Respected
 Article 147 below, subject to the applicable law and rules of any Designated Stock Exchange,
 the accounts relating to the Company's affairs shall be audited in such manner as may
 be determined from time to time by the Company by Ordinary Resolution or failing any such
 determination by the Directors or failing any determination as aforesaid shall not be audited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. The
 Audit Committee (or in the absence of such an Audit Committee, the Board) shall appoint an
 auditor of the Company who shall hold office until removed from office by a resolution of
 the Audit Committee (or the Board, as applicable) and shall fix his or their remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. Every
 auditor of the Company shall have a right of access at all times to the books and accounts
 of the Company and shall be entitled to require from the Directors and officers of the Company
 such information and explanation as may be necessary for the performance of the duties of
 the auditors.

**Capitalization of Profits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. The
 Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject
 as provided in this Article, resolve to capitalize any undivided profits of the Company not
 required for paying any preferential dividend (whether or not they are available for distribution)
 or any sum standing to the credit of the Company's share premium account or capital
 redemption reserve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate
 the sum resolved to be capitalized to the Members who would have been entitled to it if it
 were distributed by way of dividend and in the same proportions and apply such sum on their
 behalf either in or towards paying up the amounts, if any, for the time being unpaid on any
 shares held by them respectively, or in paying up in full unissued shares or debentures of
 the Company of a nominal amount equal to such sum, and allot the shares or debentures credited
 as fully paid to those Members, or as they may direct, in those proportions, or partly in
 one way and partly in the other;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resolve
 that any shares so allotted to any Member in respect of a holding by him of any partly-paid
 shares rank for dividend, so long as such shares remain partly paid, only to the extent that
 such partly paid shares rank for dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make
 such provision by the issue of fractional certificates or by payment in cash or otherwise
 as they determine in the case of shares or debentures becoming distributable under this Article
 in fractions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) authorize
 any person to enter on behalf of all the Members concerned into an agreement with the Company
 providing for the allotment of them respectively, credited as fully paid, of any shares or
 debentures to which they may be entitled upon such capitalization, any agreement made under
 such authority being binding on all such Members.

**Share Premium Account**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. The
 Directors shall in accordance with Section 34 of the Law establish a share premium account
 and shall carry to the credit of such account from time to time a sum equal to the amount
 or value of the premium paid on the issue of any share or capital contributed as described
 in Article 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. There
 shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 the redemption or purchase of a share the difference between the nominal value of such share
 and the redemption or purchase price provided always that at the discretion of the Directors
 such sum may be paid out of the profits of the Company or, if permitted by Section 37 of
 the Law, out of capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other amounts paid out of any share premium account as permitted by Section 34 of the Law.

**Notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. Except
 as otherwise provided in these Articles, and subject to the rules of any Designated Stock
 Exchanges, any notice or document may be served by the Company or by the Person entitled
 to give notice to any Member either personally, or by posting it airmail or air courier service
 in a prepaid letter addressed to such Member at his address as appearing in the Register,
 or by electronic mail to any electronic mail address such Member may have specified in writing
 for the purpose of such service of notices, or by advertisement in appropriate newspapers
 in accordance with the requirements of any Designated Stock Exchange, or by facsimile or
 by placing it on the Company's Website. In the case of joint holders of a Share, all
 notices shall be given to that one of the joint holders whose name stands first in the Register
 in respect of the joint holding, and notice so given shall be sufficient notice to all the
 joint holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. Notices
 posted to addresses outside the Cayman Islands shall be forwarded by prepaid airmail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. Any
 notice or other document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post,
 shall be deemed to have been served five days after the time when the letter containing the
 same is posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) facsimile,
 shall be deemed to have been served upon production by the transmitting facsimile machine
 of a report confirming transmission of the facsimile in full to the facsimile number of the
 recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) recognized
 courier service, shall be deemed to have been served 48 hours after the time when the letter
 containing the same is delivered to the courier service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) electronic
 mail, shall be deemed to have been served immediately upon the time of the transmission by
 electronic mail; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) placing
 it on the Company's Website, shall be deemed to have been served one (1) hour after
 the notice or document is placed on the Company's Website.

In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. A
 Member present, either in person or by proxy, at any meeting of the Company or of the holders
 of any class of shares in the Company shall be deemed to have received notice of the meeting,
 and, where requisite, of the purpose for which it was called.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. Any
 notice or document delivered or sent by post to or left at the registered address of any
 Member in accordance with the terms of these Articles shall notwithstanding that such Member
 be then dead or bankrupt, and whether or not the Company has notice of his death or bankruptcy,
 be deemed to have been duly served in respect of any Share registered in the name of such
 Member as sole or joint holder, unless his name shall at the time of the service of the notice
 or document, have been removed from the Register as the holder of the Share, and such service
 shall for all purposes be deemed a sufficient service of such notice or document on all Persons
 interested (whether jointly with or as claiming through or under him) in the Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. Notice
 of every general meeting of the Company shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Members holding Shares with the right to receive notice and who have supplied to the Company
 an address, facsimile number or email address for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every
 Person entitled to a Share in consequence of the death or bankruptcy of a Member, who but
 for his death or bankruptcy would be entitled to receive notice of the meeting.

No other Person shall be entitled to receive notices of general meetings.

**Winding Up**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. If
 the Company is wound up, the liquidator may, with the sanction of a Special Resolution and
 any other sanction required by the Law, divide among the Members in specie the whole or any
 part of the assets of the Company and may, for that purpose, value any assets and determine
 how the division shall be carried out as between the Members or different classes of Members.
 The liquidator may, with the like sanction, vest the whole or any part of the assets in trustees
 upon such trusts for the benefit of the Members as he with the like sanction determines,
 but no Member shall be compelled to accept any assets upon which there is a liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. If
 the Company shall be wound up and the assets available for distribution amongst the Members
 as such shall be insufficient to repay the whole of the paid up capital, such assets shall
 be distributed so that, as nearly as may be, the losses shall be borne by the Members in
 proportion to the capital paid up, or which ought to have been paid up, at the commencement
 of the winding up, on the shares held by them respectively. And if in a winding up the assets
 available for distribution amongst the Members shall be more than sufficient to repay the
 whole of the capital paid up at the commencement of the winding up, the excess shall be distributed *pari passu* amongst the Members in proportion to the capital paid up at the commencement
 of the winding up on the shares held by them respectively. This Article is to be without
 prejudice to the rights of the holders of shares issued upon special terms and conditions.

**Indemnity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. (a) Every
 Indemnified Person for the time being and from time to time of the Company and the personal
 representatives of the same shall be indemnified and secured harmless out of the assets and
 funds of the Company against all actions, proceedings, costs, charges, expenses, losses,
 damages, liabilities, judgments, fines, settlements and other amounts (including reasonable
 attorneys' fees and expenses and amounts paid in settlement and costs of investigation
 (collectively "Losses") incurred or sustained by him otherwise than by reason
 of his own dishonesty in or about the conduct of the Company's business or affairs
 (including as a result of any mistake of judgment) or in the execution or discharge of his
 duties, powers, authorities or discretions, including without prejudice to the generality
 of the foregoing, any Losses incurred by him in defending or investigating (whether successfully
 or otherwise) any civil, criminal, investigative and administrative proceedings concerning
 or in any way related to the Company or its affairs in any court whether in the Islands or
 elsewhere. Such Losses incurred in defending or investigating any such proceeding shall be
 paid by the Company as they are incurred upon receipt, in each case, of an undertaking by
 or on behalf of the Indemnified Person to repay such amounts if it is ultimately determined
 by a non-appealable order of a court of competent jurisdiction that such Indemnified Person
 is not entitled to indemnification hereunder with respect thereto. However, the Company will
 not indemnify its directors, officers, or persons controlling it for liabilities arising
 under the Securities Act, because it is the SEC's opinion that such indemnification
 is against public policy as expressed in such act and is, therefore, unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 such Indemnified Person of the Company and the personal representatives of the same shall
 be liable (i) for the acts, receipts, neglects, defaults or omissions of any other Director
 or officer or agent of the Company or (ii) by reason of his having joined in any receipt
 for money not received by him personally or in any other act to which he was not a direct
 party for conformity or (iii) for any loss on account of defect of title to any property
 of the Company or (iv) on account of the insufficiency of any security in or upon which any
 money of the Company shall be invested or (v) for any loss incurred through any bank, broker
 or other agent or any other party with whom any of the Company's property may be deposited
 or (vi) any loss, damage or misfortune whatsoever which may happen in or arise from the execution
 or discharge of the duties, powers, authorities or discretions of his office or in relation
 thereto or (vii) for any loss occasioned by any negligence, default, breach of duty, breach
 of trust, error of judgement or oversight on such Person's part, unless he has acted
 dishonestly, with willful default or through fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company hereby acknowledges that certain Indemnified Persons may have certain rights to indemnification,
 advancement of expenses and/or insurance from or against (other than directors' and
 officers' or similar insurance obtained or maintained by or on behalf of the Company
 or any of its subsidiaries, including any such insurance obtained or maintained pursuant
 to Article 161 hereof) the Other Indemnitors. The Company hereby agrees (i) that it is the
 indemnitor of first resort (*i.e.*, its obligations to an Indemnified Person are primary
 and any obligation of the Other Indemnitors to advance expenses or to provide indemnification
 for the same expenses or liabilities incurred by such Indemnified Person are secondary),
 (ii) that it shall be required to advance the full amount of expenses incurred by an Indemnified
 Person and shall be liable for the full amount of all Losses to the extent legally permitted
 and as required by the terms of these Articles (or any other agreement between the Company
 and an Indemnified Person), without regard to any rights an Indemnified Person may have against
 the Other Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases the
 Other Indemnitors from any and all claims against the Other Indemnitors for contribution,
 subrogation or any other recovery of any kind in respect thereof. The Company further agrees
 that no advancement or payment by the Other Indemnitors on behalf of an Indemnified Person
 with respect to any claim for which such Indemnified Person has sought indemnification from
 the Company shall affect the foregoing, the Other Indemnitors shall have a right of contribution
 and/or be subrogated to the extent of such advancement or payment to all of the rights of
 recovery of such Indemnified Person against the Company. For the avoidance of doubt, no Person
 or entity providing Directors' or officers' or similar insurance obtained or
 maintained by or on behalf of the Company or any of its subsidiaries, including any Person
 providing such insurance obtained or maintained pursuant to Article 161 hereof shall be an
 Other Indemnitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. The
 Directors may exercise all the power of the Company to purchase and maintain insurance for
 the benefit of a Person who is or was (whether or not the Company would have the power to
 indemnify such Person against such liability under the provisions of Article 160 or under
 applicable law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Director, alternate Director, Secretary or auditor of the Company or of a company which is
 or was a subsidiary undertaking of the Company or in which the Company has or had an interest
 (whether direct or indirect); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 trustee of a retirement benefits scheme or other trust in which a person referred to in the
 preceding paragraph is or has been interested, indemnifying him against any liability which
 may lawfully be insured against by the Company.

**Financial Year**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. Unless
 the Directors otherwise prescribe, the financial year of the Company shall end on 31st of
 December in each year.

**Amendment of Memorandum and Articles**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. (a) Subject
 to the Law, the Company may by Special Resolution change its name or change the provisions
 of the Memorandum with respect to its objects, powers or any other matter specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the Law
 and as provided in these Articles, the Company may at any time and from time to time by Special Resolution, alter or amend these
 Articles in whole or in part.

**Transfer by way of Continuation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. The
 Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction
 outside the Islands or such other jurisdiction in which it is for the time being incorporated,
 registered or existing. In furtherance of a resolution adopted pursuant to this Article,
 the Directors may cause an application to be made to the Registrar of Companies to deregister
 the Company in the Islands or such other jurisdiction in which it is for the time being incorporated,
 registered or existing and may cause all such further steps as they consider appropriate
 to be taken to effect the transfer by way of continuation of the Company.

**Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. No
 Member shall be entitled to require discovery of or any information respecting any detail
 of the Company's trading or any matter which is or may be in the nature of a trade
 secret or secret process which may relate to the conduct of the business of the Company and
 which in the opinion of the Directors it will be inexpedient in the interests of the Members
 of the Company to communicate to the public.

**Proxy Form**<br>Refer to Exhibit 99.2 to the Report on Form 6-K filed by Blue Hat Interactive Entertainment Technology, Inc. on June 20, 2025<br>

## Exhibit 99.2

**EXHIBIT 99.2**

![](ex99-2_001.jpg)

![](ex99-2_002.jpg)